Wellington-based software company Syl Semantics has announced that on the back of a successful capital raising, it has appointed two non-executive directors to its board, Murray Nash and Gene Turner.
After raising $1 million by way of a rights issue to existing shareholders, which was fully subscribed, the new capital will fund the company’s 2015/16 business plan to increase market share of its flagship enterprise search product in the New Zealand and Australian markets.
“Syl Semantics has now secured sufficient capital to underpin the company’s growth ambitions for the foreseeable future,” says James Fowler, Director of Sales and Marketing, Syl Semantics.
“Our focus over the next 12 to 18 month will be to continue to grow our New Zealand business, whilst increasing our presence in the Australian market, where demand for enterprise search solutions is high.
“Having completed a successful capital raise, we are pleased to welcome two talented directors to the board, both with strong experience and capability for assisting technology companies achieve their growth ambitions.”
Also appointed board Chairman, Nash is Managing Director of Zusammen, an advisory firm specialising in strategy, finance and capital markets, risk management, and public policy.
In 2013 Nash was manager of the Establishment Unit and subsequently the acting Chief Executive of Callaghan Innovation.
Nash has been a senior manager in three financial risk management start-ups in New York - supplying technology solutions to global leaders in banking, insurance, asset management and prudential supervision.
On the other hand, Turner is an experienced corporate and finance adviser.
A former partner of law firm Buddle Findlay, Turner advised on a wide range of corporate and finance transactions including assisting Infratil and the NZ Super Fund acquire Shell's New Zealand business and the Ministry of Business, Innovation and Employment on the ‘All of Government’ banking tender.
“Murray and Gene have contributed to the success of businesses in many sectors and geographies,” Fowler adds.
“Their skills and experience add considerable strength and depth to the Syl board, and provide further endorsement for Syl’s unique technology offerings, as we continue to grow our business in our primary markets of New Zealand and Australia."