Publishing group Vitesse Media (LON:VIS) has raised around £18.7 million to fund its planned acquisition of InvestmentNews, it was announced on Wednesday.

The group raised the funds from a discounted share placing launched on Tuesday, with the aim of raising around £22.5 million. New shares in the company were issued at 2 pence each, a 41 percent discount to the closing price of Vitesse shares on Monday.

“We are delighted with the interest and support we have received in the placing,” chief executive Simon Stilwell said.

“We welcome our new shareholders and thank our existing shareholders for their ongoing support.”

Vitesse Media organise events focusing on enterprise technology, growth business, investment and diversity, as well as running several magazines both digitally and in print. The acquisition of InvestmentNews will be the group’s first foray into the US market.

Stillwell, who was appointed CEO of Vitesse in August 2017, said the acquisition is part of the company’s ongoing strategy to expand in the following areas: providing business information, live events and data & insights in the technology, financial services and diversity and inclusion sectors.

“Since I joined Vitesse last year we have overhauled the board and management team as well as the strategy and this is the first major step in executing on our growth plan,” he said.