Media services firm Zoo Digital has raised nearly £12.5m ($15m) in a share placing to fund the acquisition of a Japanese partner.
The Sheffield-based provider of subtitling and media localisation services expects to close the deal in the third quarter of this year. Zoo says the target firm has worked on its cloud based services for some time and the move will give it the ability to provide Japanese language services which it has so far done through outsourcing.
The fundraise came through an oversubscribed share placing with support from existing and new shareholders. In an update to investors explaining the rationale for the acquisition, Zoo said Japan is a leading growth market in global media streaming services and Japanese subtitling is charged at the highest rate of any language with Japanese dubbing as the sixth most expensive.
