- FirstWave Cloud Technology has completed a $6.6 million placement to institutional and sophisticated investors
- FirstWave is a leading Australian cloud security technology company
- The company is focused on expanding globally and delivering strong revenue growth
- Multiple agreements have been signed this year with international businesses
FirstWave Cloud Technology has completed a $6.6 million placement to institutional and sophisticated investors.
Under the placement, FirstWave will issue 34,683,567 new fully paid ordinary shares at an issue price of $0.19 cents per share.
The company has announced a share purchase plan offer for eligible shareholders, by applying for up to $30,000 of fully paid ordinary shares in FirstWave.
The offer will be at the same prices of the shares issued under the placement.
“The company has a significant opportunity ahead of it as shareholders will have seen from recent briefings and the Board would like to thank existing and new shareholders who participated in the just completed and fully subscribed capital raise,” Executive Chairman John Grant said.
FirstWave is a leading Australian cloud security technology company. It provides safety through the most accessible and adaptive cloud-based cyber-security solutions.
The technology company revealed feedback from shareholders who claimed ongoing funding is reliant on FirstWave demonstrating progress on its business model to expand internationally and deliver strong revenue growth.
FirstWave struck a partnership announced on August 30 2019, with MobiFone Global in Vietnam.
MobiFone is a subsidiary of MobiFone Telecommunications Corporation (MobiFone Corporation) and is one of the three largest mobile operators in Vietnam.
Earlier this year, FirstWave achieved a reseller agreement with SHELT to be its first Middle East Africa reseller.
Just one week later, on February 20, the company announced a partnership with NTT DATA U.K. to accelerate expansion in the U.K., Europe, U.S., Canada, India and the Asia Pacific.
The agreement included NTT DATA U.K. offering its customer base, of over 1000, FirstWave’s Cloud Content Security Platform.
NTT DATA U.K is a top 10 global business and IT services provider, making it a highly strategic partnership deal for FirstWave.
FirstWave will provide shareholders with confidence on how its funding is being applied in each of its quarterly updates, commencing in October.
“Thanks once again to shareholders who participated in the raise and to all shareholders for their continued support. You can be assured the entire company is committed to making every effort to meet the reasonable expectations you have of us,” John stated.