Island Pacific lands $4.9 million in new funding

Island Pacific, provider of multi-channel application software and services for the retail industry, has received $4.9 million from a private placement of 3.18 million shares of stock, the company has reported. The company says it will use the proceeds to finance the acquisition of Page Digital Inc. and to accelerate product marketing.

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"The addition of Page Digital will expand our product offerings and enhance our core business," said Harvey Braun, CEO of Island Pacific. "This funding allows us to pursue opportunities that were non-existent for us a year ago. We are aggressively developing initiatives to become the preeminent provider of solutions for the retail industry."

Island Pacific announced Oct. 9 that it is acquiring Page Digital for $7 million. Page Digital supplies multi-channel commerce software to such retailers as Michaels Stores, Hershey Chocolate Direct, Lands’ End, FAO Schwarz, Mason Shoe Company, A&E Television, IBM’s catalog and Internet direct sales channels, Calyx and Corolla, and Crazy Shirts. Island Pacific reports nearly 200 customers with more than 30,000 stores worldwide.