Aliso Viejo’s Smith Micro Software Inc. on Friday completed a private sale of $22.4 million worth of its shares to fund an expansion and possible acquisitions.
Smith Micro makes a range of software for sending faxes, videoconferencing and for placing phone calls via the Internet.
The company, which counts yearly sales of $13 million, has seen its shares buoyed by interest in its software for wireless networking.
The company’s market value is $120 million at recent check.
Smith Micro sold 3.5 million shares directly to investors instead of selling them publicly in a follow-on offering. C.E. Unterberg, Towbin LLC handled the placement.
