Australian software and consulting company Axiom Information Systems has secured $5 million in financial backing to expand its overseas operations.
The investment, underwritten by local venture capital firm Hambro-Grantham, will be used to grow Axiom's market presence in the US and position the company for global expansion.
"The raising of this capital provides us with resources to develop our flagship product [Consulting Management System] to its full potential in the US, Australia and worldwide," Axiom's CEO, Stephen Watt, said. He also revealed that the company will increase its development resources to support further product innovations and in particular Internet developments.
Strength of investment
But Axiom is not the only company rejoicing in the deal.
According to Hambro-Grantham's director, Steve Baldwin, the agreement has a special significance for the Australian venture capital industry as it "shows that there is a strength of investment in Australia and that opportunities do exist for [technology-oriented] companies such as Axiom" to secure financial backing.
"We are keen to invest in similar companies seeking to expand their businesses both here and overseas," Baldwin said.
Hambro-Grantham is currently seeking a US venture capital partner willing to provide half the funding for the Axiom deal.