Local tech company Dreamscape Networks has agreed to a $20 million cash advance facility with an undisclosed major Australian bank, to fund potential acquisitions.
Dreamscape managing director Mark Evans said the facility would allow the business, which provides internet hosting and domain name registration services, to preserve its equity capital while it pursues acquisition plans.
“The additional funding available will enable us to continue building on our market leadership in Australia and Singapore, as we strive to become South-East Asia’s leading trusted and affordable online solutions provider,” he said.
“The facility will allow us to make our balance sheet work harder for shareholders.
“Once implemented, the facility will improve the company’s overall structure to better enable us to execute on the exciting opportunities we see for Dreamscape via complementary businesses and products.
“Having successfully acquired and integrated Net Logistics and Vodien Group, we are in a strong position to drive continued growth.”
Dreamscape acquired Singapore-based hosting and domain services business Vodien in June, for $30 million.
Shares in Dreamscape were 2.3 per cent higher to 21.5 cents each at 10am.
