06/12/2017 - 12:04

$5m tech placements

06/12/2017 - 12:04

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Technology companies Syntonic and Family Zone are planning to grow their respective international customer bases after announcing separate $5 million share placements today.

$5m tech placements
Tim Levy says proceeds from the placement will support ​​expansion into the New Zealand market. Photo: Attila Csaszar

Technology companies Syntonic and Family Zone Cyber Safety are planning to grow their respective international customer bases after announcing separate $5 million share placements today.

Perth-based Family Zone will issue about 8 million shares at 60 cents each and received strong demand from sophisticated and institutional investors.

BW Equities and Morgans Financial acted as joint lead managers to the placement.

Family Zone has developed cloud-based technology focused on cyber-safety for young children.

Family Zone managing director Tim Levy said proceeds from the placement would support ​expansion into the New Zealand market.

“​Our ​Linewize ​division ​has ​already ​brought ​us ​a ​beachhead ​in ​this ​attractive ​market, with ​its ​cloud-managed ​firewall ​technology ​now ​covering ​more ​than ​11 per cent ​of ​NZ’s schools ​and ​15 per cent ​of ​its ​students," he said.

“We ​are ​now ​grasping ​the ​opportunity ​to ​rapidly ​expand ​Linewize ​and ​Family ​Zone’s ​presence ​in NZ.”

Shares in Family Zone were steady at 64 cents at 3pm AEDT.

Meanwhile, Seattle-based mobile platform and services provider Syntonic will issue 250 million shares at 2 cents each, a 26 per cent discount, with support from new and existing shareholders.

CPS Capital Group acted as lead manager to the placement. ​

The company has developed a mobile technology service known as Freeway, which provides consumers with unlimited mobile access to content and applications.

Syntonic chief executive Gary Greenbaum said the company was pleased with the strong interest in the placement.

“The straightforward success of this raise reflects confidence in Syntonic’s achievements and expedited capitalisation of new markets, including China, Turkey, Vietnam and others to follow shortly,” he said

Syntonic is rapidly expanding Freeway’s global installed base, with quarter-over-quarter growth in this key metric of more than 25 per cent.

“As the installed base grows, increased and ongoing consumer adoption of our sponsored and unlimited data content plans will drive value for customers, carriers and investors.

“We expect this growth to continue as we leverage Syntonic’s first mover advantage beyond the U.S. with deployments of Freeway in Latin America, Southeast Asia, Africa, China and Europe.”

Shares in Syntonic were down 11 per cent at 2.4 cents at 3pm AEDT.

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