NEW YORK--(BUSINESS WIRE)--Burgundy Technology Acquisition Corporation (the “Company”), which is co-founded and led by tech industry veterans Léo Apotheker and Jim Mackey, announced today that it closed its initial public offering of 30,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $300,000,000. The underwriters have been granted a 45-day option to purchase up to an additional 4,500,000 units offered by the Company to cover over-allotments, if any.

The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “BTAQU” on August 27, 2020. Each unit consists of one of the Company’s Class A ordinary shares and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants will trade and are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be traded on Nasdaq under the symbols “BTAQ” and “BTAQW,” respectively.

Mr. Apotheker, the former CEO of German software company SAP SE and The Hewlett-Packard Company, serves as Chairman and Co-CEO of the Company. Mr. Mackey, who previously worked as a Managing Director, Chairman of Software, Technology Investment Banking team at Citigroup and held senior leadership roles at SAP SE, OpenText and BlackBerry, serves as Co-CEO and CFO. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus on public and private opportunities in the technology sector, particularly companies in enterprise software or technology-enabled services.