- Family Zone Cyber Safety (FZO) has completed the acquisition of UK-based digital safety solutions company, Smoothwall
- The combination of the two companies is believed to provide significant revenue opportunities and a “world-leading” portfolio of cyber safety products
- Family Zone is paying £75.5 million (A$143 million) to acquire Smoothwall which it’s funding through a $146 million capital raise
- FZO will now pay £65 million (A$123.1 million) and the other £10.5 million (A$19.8 million) will be paid on September 1
- Company shares ended the day trading steady at 66.5 cents at market close
Family Zone Cyber Safety (FZO) has completed the acquisition of UK-based company, Smoothwall.
The company first announced the acquisition at the start of the month alongside a $146 million capital raise.
Smoothwall provides K-12 digital safety solutions for more than six million students and 12,400 schools.
It has a comprehensive portfolio of digital safety products, including the Smoothwall Monitor, which FZO considers highly complementary.
Family Zone’s platform allow schools, parents and educators to collaborate through a patented cyber safety ecosystem.
When paired with Smoothwall’s products, the combined offering may provide significant revenue opportunities and a “world-leading” portfolio of safety products.
FZO Managing Director, Tim Levy, said he was pleased to have completed the acquisition.
“This acquisition establishes Family Zone as a global cyber safety company with significantly increased scale, a global market presence and a leading portfolio of K-12 online safety products,” Mr Levy said.
“I look forward to working together to capitalise on the synergies presented through this acquisition to continue the global growth of our business and to protect every child’s digital journey.”
Family Zone is paying £75.5 million (A$143 million) to acquire Smoothwall which it’s funding through its recently announced capital raise.
Around $114.1 million is being raised through a placement and institutional entitlement offer and another $32.3 million will be raised through a retail entitlement offer.
Of the £75.5 million consideration, £65 million (A$123.1 million) is payable when the deal is completed and the other £10.5 million (A$19.8 million) will be paid on September 1, once the retail offer has closed.
Company shares ended the day trading steady at 66.5 cents at market close.