- Family Zone (FZO) pays the remaining amount to purchase UK-based digital safety solutions company Smoothwall
- Last month, the company completed the purchase, but a deferred payment of £10.5 million (nearly A$20 million) still remained
- This has now been paid by Family Zone, following a recent retail entitlement issue
- Family Zone says the integration is well underway and is running smoothly
- On the market today, Family Zone is up 0.68 per cent and is trading at 74.5 cents per share
Family Zone (FZO) have paid the remaining amount to purchase UK-based digital safety solutions company, Smoothwall.
Last month, the company completed the purchase, but a deferred payment of £10.5 million (nearly A$20 million) still remained.
This has now been paid by Family Zone, following the retail entitlement issue.
Smoothwall provides K-12 digital safety solutions for more than six million students and 12,400 schools.
Family Zone said the integration with Smoothwall is well underway with a short-term emphasis on maintaining market momentum.
Marketing and business development strategies are currently being developed for the upselling and cross selling opportunties within the combined group.
“Following completion of the acquisition and engagement with the Smoothwall team, the company has been extremely pleased with the dedication and passion shown by the Smoothwall team to ensure a smooth transition into the Family Zone Group as well as their commitment to our underlying mission to protect every child’s digital journey,” the company said.
On the market today, Family Zone was up 0.68 per cent and is trading at 74.5 cents per share at 1.36 pm AEST.