The group helps its customers to streamline retail offerings to passengers.
In a statement published today ahead of the company’s annual general meeting, Datalex said that the potential fundraising in the coming months would be used to repay its existing loan facility with Tireragh Limited.
Datalex added that the planned fundraising could also provide sufficient working capital for investment in the group’s product roadmap and activation projects, while it also continues to compete for new revenue opportunities.
Datalex secured a loan facility of €5m last year from Tireragh, a company controlled by billionaire Dermot Desmond.
This brings its total loan facility to €15m with a repayment date set for the end of this year, according to annual results published last month.
Around €13m has been drawn down so far.
Datalex reported in June that it is working with advisers on planned equity funding to pay back this loan facility.
The move is supported by Mr Desmond, who owns just over 40pc of the stock market-listed software firm. Mr Desmond has told the group that he will procure support for the planned fundraising.
If Datalex does not complete this fundraising, Mr Desmond’s Tireragh vehicle has confirmed that it will extend the termination date of the loan facility to the beginning of July next year and will provide a new loan of €10m if needed.
“In the company’s annual report for the year ended 31 December 2023, which was published on 20 June 2024, the board reiterated its focus on positioning the business to repay the Tireragh Limited loan facility and announced that its was actively working with its financial advisors to advise on and commence an equity fundraising process,” Datalex chairman David Hargaden said.
He confirmed that a process is now ongoing to launch the equity fundraising “in the early autumn.”
“There is no certainty at this stage that the potential fundraising will complete, nor the timing or terms of the potential fundraising,” Mr Hargaden concluded.
The group recorded total revenue of $28.9m (€26.06m) in 2023, up 23pc from a year earlier.
Datalex also reported an adjusted loss in earnings before interest, tax, amortisation and depreciation (Ebitda) of $2.9m.
This was an improvement of $2.4m from the 2022 loss of $5.3m.
