What do we think about the latest capital raising?

As a shareholder, I can't help but feel "itchy" knowing that my "ownership" in the company has just been diluted.

However, I think the underlying business remains unchanged with ~$25m in cash reserves and no debt.

Looking at their spending over the last five years, on top of the traditional capex, FINEOS has been spending on average $20m-$25m and $35m on investing activities, mostly IP, and R&D respectively. Hence, the additional $45m through the recent fundraising appears to be a deliberate measure to strengthen its balance sheet and support its growth.