Digital debt management company Credit Clear (ASX:CCR) has appointed a new chairman after completing the final stage of a $29.5 million fundraising round to fund its previously announced acquisition of the collections entity of Australasian receivables ARMA Group Holdings.
Hugh Robertson has joined Credit Clear’s board as non-executive chairman to support the company in pursuing its growth strategy.
Mr. Robertson has over 35 years of financial services and equity market experience.
He is currently Director of Equity Capital Markets at Bell Potter Securities and has served on the boards of numerous ASX listed entities including AMA Group (ASX:AMA), Centrepoint Alliance (ASX:CAF), Hub24 (ASX : HUB) and OAMPS.
Mr. Robertson is currently a member of the board of Maggie Beer Holdings (ASX:MBH), Envirosuite (ASX:EVS) and Touch Ventures (ASX:TVL).
According to Credit Clear, Robertson has been a “strong supporter” of the company for many years. In recent months, he has increased his own stake in Credit Clear through a staggered capital increase.
Former chairman Gerd Schenkel will remain on Credit Clear’s board as a non-executive director.
Robertson’s appointment follows the arrival of ARMA co-founder Andrew Smith as chief executive earlier this month.
“With revenues hitting an annualized run rate of over $30 million, and with Andrew Smith as Managing Director and Hugh Robertson as Chairman, Credit Clear is in good hands and poised for success” , said Mr. Schenkel.
Mr. Robertson’s appointment to Credit Clear follows a $4 million fundraising round, which included a stock purchase plan and a deficit placement.
The stock purchase plan closed last Friday and raised $2.14 million from existing shareholders. An additional $1.86 million was raised through a placement with wholesale investors.
This was the final stage of a $29.5 million fundraising round to fund Credit Clear’s acquisition of ARMA.
Credit Clear says the ARMA acquisition enables the two companies to provide an “enhanced hybrid offering” to entities around the world, with services including frictionless digital engagement and empathetic human interactions driven by artificial intelligence and technology based on data from Credit Clear.