The Phorm system, which controversially works with UK broadband ISPs (e.g. BT WebWise) to monitor what websites you visit for use in targeted advertising campaigns, has managed to raise £15m by selling 3,333,333 new common shares in the company at a price of £4.50 per share.

Phorm said that it intends to use the proceeds from the Placing to continue the implementation of its service in the UK and Korean markets, and for general working capital purposes, as the Company continues its discussions with other ISPs both in the UK and internationally.


To date only BT (WebWise) , Virgin Media and TalkTalk ( The Carphone Warehouse ) have shown a clear public interest in using Phorm's technology, with BT in particular having already said that it plans to deploy the service sometime this year. To date BT remains the only UK ISP with any kind of plan to do so and others are believed to be awaiting a conclusion to the EU's investigation of Phorm and DPI before choosing whether or not to proceed.