Spike gets dollars to go public

Spike gets dollars to go public

Sydney Web developer and self proclaimed information futurist Spike, has raised $13.75 million in a pre-IPO arrangement with finance and investment group Hunter Bay Partners, the company announced earlier this week.

Raised by way of a convertible preference share issue, the funds will be used to support Spike's offshore expansion and plans to move into media content production while leveraging the company's experience in the provision of Web development services and infrastructure.

Although their plans to list at the Australian Stock Exchange have been public for some time now, the four-year-old company is keeping tight-lipped about the details of the forthcoming IPO. Industry sources speculate that recent desertion of around a dozen of Spike's developers and art directors in Sydney might delay the company's IPO plans.

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