OSLO, Norway - June 28, 2006: CAMO AS, today announced that it has secured $1.6 million USD (NOK 9.3 million) through private equity from existing and new investors.
"The new funds will enable us to expand faster in emerging geographical markets, accelerate our product development and extend the IT outsourcing and staffing services to meet the demands of our growing number of enterprise customers," said a spokesperson from CAMO AS. "It is great that our investors share our vision for our business plans and will help us realize CAMO's potential."
The funds will be utilised to hire a new CEO and sales & marketing resources for its software business and its organic growth. A part of the funds will be used to retire short term maturing debts.
The CAMO group consists of two operational divisions; CAMO Software develops and sells advanced multivariate statistical software worldwide whereas CAMO IT Services is offering IT Consulting Services to companies in US, Europe and India. CAMO has its global headquarters in Oslo , Norway , with regional offices in Woodbridge , NJ US , and Bangalore , India . CAMO's stock is currently listed at the Norwegian OTC-list.