RedstoneConnect (AIM: REDS), a leading provider of technology and services for smart buildings and commercial spaces, will be holding its Annual General Meeting ("AGM") at 11am today.
At the meeting, Frank Beechinor, Non-executive Chairman of RedstoneConnect, will make the following statement:
"2016 was a year of substantial progress for RedstoneConnect as we completed the Company's restructuring and set out a new strategy to become a leading provider of software technology and services in the Smart Buildings and Commercial Spaces market. I am pleased to report the momentum achieved in the previous year has continued into the current financial year.
"The Company has also made excellent progress against all of its strategic priorities including targeting selective acquisitions which complement our existing products and services. Following two bolt-on acquisitions in 2016, Connect IB and Commensus, in May 2017 we acquired Anders + Kern, a meeting room management and audio visual integrator. Alongside the Anders + Kern transaction, the Company successfully raised £6.5 million, which part-funded the acquisition as well as strengthening the Group's balance sheet enabling us to accelerate the development of OneSpace, our occupancy management software solution.
"Looking forward, we believe we are well-placed to accelerate the implementation of our strategy to focus on developing and growing RedstoneConnect's annuity revenue streams across the Group, as well as continuing to build on the Company's established presence in the high growth Smart Buildings and Smart Technologies arena."