New Jersey, USA - June 29, 2007: CAMO AS, today announced that it has secured $6 million USD (NOK 35 million) through convertible bonds. The funds will be utilised for Acquisition, Working Capital, Capital Expenditure and IT services growth.
"India is one of the fastest-growing economies in the world, and an important marketplace for CAMO. This investment is indicative of our commitment to supporting our clients and leveraging local capabilities to extend our leadership position in the rapidly growing IT services marketplace." said a spokesperson from CAMO AS.
The company had earlier announced its plan to acquire another IT services company to supplement its organic growth in this segment.
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.
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