Financial software firm First Derivatives is to raise about £4.74 million (€5.54 million) from a new share placement.

Some 840,000 new ordinary shares have been placed with investors, priced at 564 pence per share. The new shares are expected to be admitted to trading on London’s AIM and Dublin’s ESM on July 3rd.

The company said the decision to place the shares was a result of strong investor demand following its annual results announced in February. The funding raised will bolster the firm’s working capital as it continues to expand.

The placing was “significantly oversubscribed”, it said.

Chief executive Brian Conlon said the placing had attracted investment from both existing and new blue chip investors, and said the oversubscription for the shares was “a great vote of confidence” in the company and its management strategy.