The Sausage Software Group has been boosted by a placement of $17.3 million by Macquarie Bank's Direct Investment Trust and MGB Equity.
The placement, purchased at 48 cents per share, sees Macquarie Bank buying 24 million shares (7.4 per cent) in the company, while MGB Equity will own a further 12 million shares, equal to a 3.7 per cent stake in the company. The funds will be used for working capital.
The company has also announced its intention to appoint Laurie Cox as chairman of Sausage Software, while MGB's John Murphy will become a non-executive director.
Sausage plans to hold a shareholder's meeting in the near future to vote on its management's plans to change the name of the company to SMS Management and Technology.