Kal raises $3.5 million in first round

Investee Company – KAL

Investee Company Business Type – Develops software for developing interoperable ATM and Kiosk applications.

Type of Financing – Expansion

Equity Providers – Royal Bank Ventures (RBV), Scottish Equity Partners, CA Nominees

Equity Leader (Individual) – Bill Troup

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – $3.5 million

Total Deal Value – $3.5 million

Other Advisors – N/A

Comments – A consortium of investors including Royal Bank Ventures, Scottish Equity Partners and CA Nominees, a group of Asian based investors, have announced a $3.5million investment in KAL, a Scottish based company with offices in the USA, Japan and Australia.

KAL is a software company that have been writing ATM applications and tools for the ATM vendor community and for major financial institutions since 1988. Their software suite, called Kalignite?, provides a powerful framework for developing interoperable ATM and Kiosk applications and has recently announced record sales figures.

This investment in KAL was one of the first for both Royal Bank Ventures and Scottish Equity Partners from their new funds established at the beginning of this year.

Managing Director at Royal Bank Ventures, Bill Troup, commented: “We are pleased to be able to make an investment in an established business that combines an opportunity to invest in a core sector with the chance to utilise the Bank’s in-house technology expertise. KAL operates in markets that we understand well. We are very excited about the software that they are deploying, and the way in which they are expanding market share.”