International legal business DWF has advised software and communications company CloudCall Group plc on a successful fundraising of over £5million which will allow the company to accelerate and introduce new product development initiatives.

The AIM-listed company raised the money via a placing of shares with institutional and existing investors. The transaction was oversubscribed and represented a 5.3 per cent discount to the company's closing price.

The Leicester-based firm which specialises in cloud-based software and telephony products has continued to demonstrate its effective sales strategy over the past 12 months through its successful partnership with key customer related management (CRM) providers, particularly Bullhorn. This partnership has driven significant growth for the company. Cloudcall can now accelerate further sales through new product development initiatives including the launch of its new Microsoft Dynamic CRM. This will continue to drive significant growth for the Company and provide wider opportunities to access new customers and work with new partners.

DWF ’s corporate team in Newcastle advised CloudCall on the transaction. The team was led by DWF corporate partner Jeremy Swift alongside senior associate Jemil Visram, with support from solicitor Jordan Roberts and trainee solicitor Mandeep Sahota.

Jeremy Swift said: "It has been a pleasure to once again work with Cloudcall on this fundraising deal. It is a very exciting time for the Company and this fundraise will crucially allow CloudCall to expand its user base thorough new initiatives including the launch of its new Microsoft Dynamics CRM integration. We are proud to support CloudCall's ambitious commercial strategy which supports our values of disrupt to progress which aims to seek opportunities for improvement and growth. We look forward to working with them again in the future. "

Simon Cleaver, chief executive officer at Cloudcall, added: "We are delighted with this successful fundraising which was oversubscribed. The funds issued will allow us to further expand our relationships with key CRM partners and build on our customer base. Jeremy and the team at DWF have supported us for a number of years and we have been impressed both with their ability to provide efficient and trusted advice, and understand the sector within which we operate. We look forward to working with this high quality team in the future. "