MSI Data Corp. to Seek Funding for Acquisitions

MSI Data Corp. said it expects to raise $13.7 million for possible acquisitions from its sale of 750,000 shares of common stock, offered last Thursday at $18.375 per share.

The shares were offered at the closing market price for the company on Wednesday. MSI, which manufactures and markets hand-held electronic devices used for inventory counts, has 3.25 million shares outstanding.

Although proceeds from the sale might be used for acquisitions, the company has no potential targets in mind, said Paul Schneider, an MSI vice president.

“We want to be strategically positioned to take advantage of opportunity,” Schneider said. “We don’t know yet what that is,” but it would most likely be an MSI competitor or company in a similar line of business, he said.