Firstwave Cloud Technology Limited acquired Opmantek Pty Ltd from Danny Maher and others.
January 14, 2022
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Firstwave Cloud Technology Limited (ASX:FCT) offer to acquire Opmantek Pty Ltd from Danny Maher and others on November 29, 2021. For consideration, approximately 690 million new FirstWave shares will be issued to Opmantek's shareholders. Foreign Shareholders whose addresses in Opmantek's Register are not in Australia or New Zealand, who accept the Offer will be paid cash consideration. Following completion of the transaction and Equity Raising, Opmantek shareholders will hold approximately 42% of FirstWave's issued shares. In a related transaction, FirstWave today also launched an equity offering to raise up to AUD 14 million (Equity Raising) comprising, AUD 7 million non-renounceable pro-rata entitlement offer and AUD 7 million institutional placement. Opmantek borrowing to be repaid by AUD 0.112 million through conversion to equity pre acquisition and AUD 1.5 million from proceeds of capital raise. For the year ending on June 30, 2021, Opmantek reported revenue of AUD 4 million, earnings before interest, taxes, depreciation and amortization loss of AUD 0.8 million, Total assets of AUD 2.478 million and Net Liabilities of AUD 1.272 million. Opmantek team of 26 experienced staff will join Firstwave. Danny Maher, Opmantek's Executive Chairman will become FirstWave's Managing Director and Chief Executive Officer. Craig Nelson will assume the role of Chief Revenue Officer and Head of Global Sales. Ray Kiley will join the Board as a non-executive director. The transaction has been unanimously approved by Board Firstwave Cloud Technology. The transaction is expected to close by January 4, 2022. The transaction will add AUD 4 million of additional revenue at 100% gross margin and around AUD 3.4 million of fast-growing ARR. Baker McKenzie acted as legal advisor to Opmantek Pty Ltd. As of January 6, 2022 Firstwave Cloud Technology Limited (ASX:FCT) acquired 98% of Opmantek Pty Ltd.
Firstwave Cloud Technology Limited (ASX:FCT) acquired Opmantek Pty Ltd from Danny Maher and others on January 14, 2022. FirstWave will also be issuing an additional 60 million shares being the second tranche of
the institutional placement to raise a further AUD 4.2 million. FirstWave will lodge a substantial shareholder notice in recognition of its relevant interest in its own shares through the escrow agreements now in place with the Opmantek holders. Danny Maher will lodge a substantial shareholder notice in recognition of his approximately 16% shareholding in FirstWave.
Firstwave Cloud Technology Limited is an Australia-based technology company. The Company is engaged in the development and sale of network monitoring and Internet security software. The Company is engaged in offering a comprehensive end-to-end solution for network discovery, management and cybersecurity. The Open-AudIT scans an organizationâs network and stores the configurations of the discovered devices. Its networking management and monitoring software includes Network Management Information System (NMIS), opEvents, opReports, opHA, opCharts, opConfig, and opAddress. The Companyâs cybersecurity solutions include CyberCision Platform, Email Security, Web Security, and Firewall Security. CyberCision is a cybersecurity-as-a-service platform that enables service providers to sell, provision, and deliver security services to their customers. The Company offers solutions to the industries, such as Telco and Internet service providers, large enterprises, among others.
FIRSTWAVE CLOUD TECHNOLOGY LIMITED 
