Vancouver, British Columbia--(Newsfile Corp. - April 23, 2013) - Canaccord Genuity has updated coverage on Redknee Solutions (TSX: RKN). Analyst Robert Young reiterated his speculative buy recommendation and $3.80 target price, a premium of 32% over the $2.87 price the day the report was issued.
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This report followed the recent closing of an offering of 14.5 million special warrants, priced at $3.10 per warrant, which raised gross proceeds of $45 million. The offering was completed on a private placement basis and was underwritten by a syndicate of underwriters co-led by GMP Securities and TD Securities, and included Canaccord Genuity and M. Partners.
Redknee is a global provider of innovative communication software products, solutions and services. The company addresses the full billing system for voice, messaging, content and data across virtually any communications platform. The company's global customer base consists of more than 200 service providers in over 90 countries.
Redknee intends to use the proceeds for its general working capital requirements, including the integration of the Nokia Seimens Network business support system business.
Canaccord Genuity believes this acquisition will propel the company's profile, customer, and geographic footprint.
Analyst Robert Young stated, "We continue to believe that Redknee is well positioned to benefit from cloud based BSS trends and increasingly complex real-time billing requirements across multiple voice, messaging, and data products."
Redknee trades at $3.00, and with 96 million shares outstanding, is capitalized at $288 million.
For more information, please visit the company's website www.redknee.com, or call 905-625-2622 or email contact@redknee.com.
The company's investor relations is handled by the Liolios Group, which can be contacted at 949-574-3860 or email info@liolios.com.
For more information about Canaccord Genuity or to obtain a copy of their research report, contact your nearest Canaccord Genuity office. Their branches are listed on their website at www.canaccord.com.
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