Document Security Systems raises $3.4m in public offering

Brand protection firm Document Security Systems has raised $3.4m in a stock offering that it says will fund growth of “new business lines, acquisition opportunities, and general corporate and working capital.”

Around $2m of that total is earmarked for potential acquisitions, according to the prospectus for the offering filed with the US Securities & Exchange Commission (SEC). The placement was for a little over 450,000 shares of common stock at a price of $7.50 per share. Aegis Capital acted as the sole book-running manager for the offering.

Last month, DSS made its flagship AuthentiGuard authentication platform available on the App Store as a Software as a Service (SaaS) iOS product, saying that an Android version will be available Google Play soon.