Count (ASX:CUP) completed a AU$35.9 million fully underwritten institutional placement of about 34.2 million ordinary shares to institutional investors at a price of AU$1.05 per share, according to a Wednesday filing with the Australian bourse.

The price represented a 7.5% discount to the stock's March 30 closing price, and the placement received "strong support" from existing and new investors, the company said.

Count plans to use the proceeds to partially finance its acquisition of Oracle Advisory Group, which is expected to close late in the first half of the year.

The company's shares were down more than 2% in recent Australia trading.