Sierra Wireless Inc. (TSX:SW; Nasdaq:SWIR) is looking for potential acquisitions after raising $85.1 million in a bought-deal share offering.
The Richmond-based wireless PC card developer sold 3.5 million common shares at US$22.40 each using a syndicate of underwriters that included CIBC World Markets Inc., Piper Jaffray Co. and RBC Capital Markets.
The company said the offering's net proceeds will be used for future acquisitions, working capital and general corporate purposes.
Sierra Wireless' second quarter revenue jumped 95% to US$107.4 million compared with US$55.2 million in 2006's second quarter. Quarterly profit rose 77% to $6.7 million from $3.8 million.
Sierra Wireless's share price range during the past week: between $20.19 and $22.40; 52-week high: $29.37; 52-week low: $12.50.