International law firm Reed Smith LLP (Reed Smith) today announced its role in advising ServicePower Technologies plc on raising £5.9 million by means of a placing of 14,772,727 shares at a price of 44p per share. The placing has been fully underwritten by Evolution Beeson Gregory.

Capital raised has enabled ServicePower to acquire certain assets from Keyprestige Inc., including their ClaimWorks software which will speed up the company’s ability to deliver under a major agreement with General Electric Consumer and Industrial (GEC&I).

ServicePower has also signed another major agreement with a Fortune 250 appliance manufacturer and will soon be managing services dispatches for part of the manufacturer’s major appliance service needs.

The proceeds of the Placing will generate additional working capital which will further consolidate ServicePower’s domination of this growing new market.

The combination of the UK fund raising and the US acquisition demonstrate the strength of Reed Smith’s trans-Atlantic offer. The fund raising was handled by Giles Beale, Partner (UK) assisted by Katherine Heath and Chris Lewis. The acquisition was handled by Deborah Gunney, Partner (US) assisted by Annie Luu.

Travers Smith Braithwaite acted for Evolution Beeson Gregory, ServicePower’s sponsor and broker in connection with the fund raising.