LONDON (ShareCast) - Hamsard, the security software outfit, is expanding its business through a couple of new acquisitions.

The group has agreed to pay £1.72m for Blue River, the managed internet security connections firm, to be satisfied by a payment of £220,000 in cash with the rest paid by the issue of shares.

Hamsard is also paying £600,000 for managed network applications provider NSA to be satisfied by the issue of new shares.

The group added that it is also looking to raise £2m in additional working capital through another placing.

In addition Hamsard said it has also entered into non-binding heads of agreement for another acquisition, adding that it is seeking approval to allot up to 66m new shares to help fund it.

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