Advising Shore Capital, N+1 & Stifel on $115m capital raise for digital security provider Kape Technologies

We have advised three banks – Shore Capital (Global Co-Ordinator & Joint Bookrunner), N+1 (Joint Bookrunner) and Stifel (Joint Bookrunner - USA) – who carried out a USD$115 million (£89 million) placing and retail offer for Kape Technologies plc, a leading B2C privacy-first digital security software provider.

The deal was structured as an accelerated bookbuild cashbox placing, adopting a mechanic which allows companies to raise money expeditiously by issuing shares for non-cash consideration.

The capital raise was supported by existing shareholders and new institutional investors from the UK, US, Israel and Asia. Of the net proceeds of the capital raise, USD$72 million will be used to buy out the co-founders of Private Internet Access, a company acquired by Kape in 2019. The balance will be used to fund future M&A and organic growth.

Toby Gibbs, Director, Shore Capital said: "We are delighted with the strong support shown by both new and existing investors. Taylor Wessing provided outstanding commercial advice throughout and were a pleasure to work with."

Commenting on the deal, corporate partner Tandeep Minhas said: "The digital privacy and cybersecurity market has significant investor interest and the significantly oversubscribed placing for Kape shows this. As a leading firm in the TMC sector, we help advise investors on many of the most significant financings and deals in the space such as this one."

Our team was led by Tandeep Minhas, with support from Amy Coburn (senior associate) and Tom Benjamin (associate) in the corporate finance team.