Controlant raises $10m equivalent in convertible bonds

Controlant, which offers IT supply chain solutions and services, primarily for the pharmaceutical industry, just closed a private placement of convertible bonds, amounting to 1,250m ISK, equivalent to approximately $10m. Arion Bank Corporate Finance managed the placement. Current shareholders subscribed for approximately 40% of the offering. The bonds are partly convertible into equity. 

Controlant develops real-time solutions that monitor the temperature, location, and other environmental conditions of temperature-controlled products while they are in transit and during storage. Controlant’s data analytics are enabling enterprises to prevent waste, ensure product quality and safety, and deliver a return on investment. The company aims to have contracts with six to eight of the world‘s largest pharmaceutical companies by the end of 2020.