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Advertising company Phorm has raised millions of pounds by selling one fifth of its shares.

Phorm revealed yesterday (June 10th) that it had sold 3.3 million of its shares, worth £4.50 each, to raise £15 million.

It is thought that the company will now target more UK-based internet service providers (ISPs) that it thinks could benefit from its services.

Phorm's technology is designed to help deliver targeted advertising by tracking the various different websites that users visit.

According to pcpro.co.uk, it is planning 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".

The firm recently announced the launch of a new product, Webwise Discover, which it claims is the "ultimate recommendation engine".

Phorm currently has a relationship with a number of broadband providers, including Virgin Media, Carphone Warehouse and BT.

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