- NetLinkz (NET) has finalised a $3.25 million raise through a share placement to sophisticated and professional investors
- Funds raised will be used via the software company’s joint venture with iSoftStone in China
- The company partnered up with the iSoftStone to distribute and sell NetLinkz’s VIN and VSP software
- Additionally, funds will go to establishing a second IoT Lab in Tokyo
- NetLinkz is up 11.1 per cent today and shares are trading for 15 cents each
NetLinkz (NET) has raised $3.25 million through a share placement to sophisticated and professional investors.
Capital raised under the placement will be put to use through the software company’s joint venture with iSoftStone in China for the establishment of its IoT (Internet-of-Things) Lab in Tokyo.
The joint venture was signed via a memorandum of understanding back in July. NetLinkz is partnering up with the China company to distribute and sell NetLinkz’s VIN and VSP software.
iSoftStone is considered an expert in creating software in-a-box solutions and will do so from its Beijing IoT Lab. In due time, another lab will be established in Tokyo.
The cloud-based software produced at the Beijing-based lab was actually awarded the Innovative Cloud Service Platform by the China Software Industry Association in August 2019.
This association is a significant representative for the software industry in China and is looking to develop the software industry to provide a “hub” for overseas markets.
NetLinkz will issue 25,000,000 new fully paid ordinary shares at a price of $0.13 per share.
EverBlu Capital was lead manager to the placement and will be paid a six per cent cash fee on the funds raised by NetLinkz under the placement.
NetLinkz is up 11.1 per cent today and shares are trading for 15 cents each at 11:01 am AEDT.