Altitude Software, the Portugal-based systems developer which postponed a €100.8m ($91.2m) initial public offering in November last year, raised €31.6m in a private placement of shares on Tuesday.

Altitude was the first company to cancel plans for a listing on the Amsterdam arm of the Euronext exchange. ABN Amro Rothschild and Merrill Lynch were joint global co-ordinators of the planned IPO.