News: Invigor Group inks contract with The Australia Traffic Network

Invigor Group (ASX:IVO) subsidiary Invigor Digital Solutions has entered into a development contract with Australia Traffic Network to assist with its digital commerce strategy.

Australia Traffic Network is a media provider of traffic news and information. Its reports are heard 365 days a year on all metro commercial radio stations.

Development of the application will assist ATN to use data to deliver business intelligence and insights for its activities, and indicates Invigor Digital Solutions' capability as a provider of business intelligence products.

IVO is an information technology and digital solutions company, which is currently raising up to $7 million to finance the initial payment required for its acquisition of Search Results Group.

Invigor in July signed a Foundation Agreement to acquire the Search Results Group for $5.8 million.

Search Results Group is an Australian online media agency offering search, web development and marketing products to small and medium enterprises.

This will consist of a placement of shares at $0.08 each, or 80% of a 5 day average closing price, to raise up to $6.5 million, as well as a share purchase plan.

Proceeds will also be used to finance the proposed investment in My Verified ID Corp announced in July and retire outstanding debt obligations.

IVO is capitalised at around $10 million.