ESW Capital to back stop Redknee's $54 mln rights offering

Redknee Solutions Inc (TSX: RKN) has entered into an agreement with an affiliate of U.S. private equity firm ESW Capital to back stop the company's launch of a US$54 million rights offering. The proceeds of the offering, expected to close in September, will be used to fund a restructuring of the business, including a reduction of global personnel. Redknee, a Toronto-based provider of software and services to the telecommunications industry, also announced changes in its senior leadership as part of the restructuring. Earlier in 2017, ESW invested US$83.2 million in the company.

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