The Dermot Smurfit jnr-led online gaming technology company Game Account Network (GAN) has raised £1.3 million (€1.5 million) through the placement of 3.25 million ordinary shares at 40p each with Dermot Desmond's International Investment and Underwriting (IIU).

The sale represents 4.6 per cent of the enlarged issued share capital of the company, in which Mr Desmond’s IIU was already a major investor.

GAN said it plans to use the net proceeds to accelerate product development and new client delivery following a surge in US corporate demand for its products.

Technical capability

Mr Smurfit said: "Additional capital allows us to accelerate the development of our technical capability to deliver the product requirements of our growing list of corporate clients and bring new clients online."

“The positive and unexpected surge in US corporate demand for GAN’s unique services requires increased delivery capability,” he added.

Mr Smurfit also welcomed Mr Desmond’s continued investment.

“Mr Desmond is an astute investor with a long track record participating in the internet gambling market, and we believe this investment validates our strategy and technology which will deliver significant incremental value for shareholders over time.”