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Appointment of Strategic Advisor and Successful Capital Raising
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to announce the appointment of Mr Harry Karelis as a Strategic Advisor to the Company. Mr Karelis will be retained as the Company’s Strategic Advisor with a focus on identifying and securing strategic partnerships, assisting with investor relations and general business development activities. This lays the foundation for the identification of new opportunities for the Company that have the potential for strong revenue growth over coming years.
Highlights:
- Appointment of Strategic Advisor to pursue a range of opportunities
- Successful capital raising to provide additional working capital
- Adisyn laying the foundations for future growth
Adisyn’s Managing Director, Blake Burton, commented on this appointment, saying: “We are pleased to appoint Harry as a Strategic Advisor to the Company. Over the past twelve months we have focused on completely restructuring the operations of Adisyn, and I am excited to welcome Harry to be a part of our next stage. He brings with him a wealth of experience in the early stage technology space as well as an extensive network in the cyber security and national intelligence sectors, all of which are expected to enjoy significant growth in coming years.”
The key terms of the engagement are summarised in an annexure to this announcement, and include performance rights, the issue of which will be subject to shareholder approval at a future general meeting of the Company.
Share Placement
In conjunction with the appointment of Harry Karelis as Strategic Advisor, the company has received binding commitments to successfully raise $298,000 through a Company led placement. The Placement will see the Company issue 14,900,000 new fully paid ordinary shares at an issue price of
$0.02 per share, representing a 16.67% to Adisyn’s 15 day VWAP. The Placement has been conducted pursuant to the Company’s existing placement capacity, with strong support from new high net worth and strategic investors. 13,950,000 shares are to be issued pursuant to ASX Listing Rule 7.1, and 950,000 shares are to be issued pursuant to ASX Listing Rule 7.1A.
Funds will be used primarily to expand the Company’s business development in existing and new areas within the business, along with general working capital.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Overview
The world of business technology has evolved. Driven by the shift towards distributed work and cloud application delivery, enterprise infrastructure is undergoing a transformation. Legacy infrastructure is rapidly giving way to hybrid cloud data center models, and businesses are increasingly embracing cloud microservices in lieu of monolithic software platforms.
For the uninitiated, microservices represent a unique approach to application development and design. Rather than being inextricable parts of a unified whole, microservices architecture reimagines an application's various functions as a collection of independent, loosely-coupled services supported by application programming interfaces — definitions and protocols through which software components can communicate with one another.
Owing to their agility, flexibility and ease of deployment, microservices are quickly eclipsing monolithic applications. As a result, the microservices architecture market is projected to reach US$21.61 billion by 2030 at a compounded annual growth rate of 18.6 percent.
Adisyn Ltd. (ASX:AI1) intends to take full advantage of this growth, leveraging its team of experienced technology specialists and engineers. Originally offering a suite of vertically integrated services covering every aspect of data center and cloud technologies, the company has pivoted its business strategy, focusing on the development of advanced, AI-powered microservices.
Through strategic acquisitions, Adisyn will allow customers to capitalize on a fast-evolving market and access advanced software and IT capabilities — all without the need for in-house developers. With a fully configurable platform, the company also empowers customers to build their ideal software solutions.
Adisyn has charted out an extensive growth strategy consisting of multiple phases. The first phase, completed in 2022, included its ASX listing, the establishment and design accreditation of its advanced Tier III Bibra Lake Data Centre, and ISO 27001 certification for data security. The company is currently in its second phase, expected to conclude in 2025.
Adisyn has completed two acquisitions, acquiring managed services provider Attained and Cyber security company, Thomas Cyber. From here, it plans to seek out further complementary acquisitions and partnerships in the microservices tech space while expanding across Australia and Asia-Pacific (APAC). Another key focus in this phase is to leverage its existing assets to grow revenue as it continues a broader technological restructuring.
Its third and final phase, set to commence from 2025 to 2027, will see the company target global expansion and establish itself as a key player in the microservices space through the development of a unique end-to-end enterprise offering.
Company Highlights
- Hybrid cloud is transforming enterprise infrastructure and driving investment decisions, including around the development of microservices.
- The microservices architecture market is expected to reach US$21.6 billion by 2030, driven by the need for digital transformation, the shift to microservices infrastructure and the growing prominence of artificial intelligence.
- Adisyn, an Australian technology company specializing in microservices powered by AI, is positioned to become the only ASX-listed company focused primarily on the design and delivery of vertically integrated end-to-end microservices.
- A world-class cloud and managed service provider, Adisyn is leveraging a state-of-the-art data center to provide next-gen microservices architecture powered by artificial intelligence.
- The company’s ISO-27001 certification ensures that all its services are protected with industry-leading cybersecurity standards.
- Adisyn's growth strategy will focus on strategic mergers and acquisitions that align with its goals to:
- Expand its intellectual property, technology and expertise
- Improve customer experiences and offer new services
- Acquire new clients
- Improve efficiency and reduce operational costs
- Expand its geographic reach across Australia and the Asia-Pacific region
- The company's December 2022 acquisition of managed service provider Attained fits well with its new business strategy, which prioritizes direct and collaborative client relationships.
Key Assets and Technologies
Attained Group
Acquired by Adisyn in December 2022, Attained is one of Australia's premier providers of managed services. Based in Perth, the company writes, implements and manages a range of IT solutions, including cybersecurity, cloud services, network management and voice solutions. More recently, the company has shifted its focus to the delivery of microservices for which it is internally developing AI capabilities.
Highlights:
- Highly Profitable: Attained has been operational for over 15 years and provides services for over a hundred business clients. From 2020 to 2023, it averaged $3 million in unaudited annual revenue.
- Experienced Management: Several members of Attained's leadership have since joined Adisyn, including veteran COO Paul Arch and expert technologist Liam Gale.
- A Strategic Cornerstone: Attained is a critical pillar of Adisyn's current plan to build a multi-layered, end-to-end microservices offering. The acquisition has also provided Adisyn with financial, technology and management benefits for its next phase of growth.
Thomas Cyber
Acquired by Adisyn in July 2023, Thomas Cyber operates an established cyber security business, catering to a diverse client base that includes ASX-listed companies, government organizations, and private entities across Australia and internationally.
Operating as Adisyn Cyber, a division of Adisyn Ltd, the team delivers enhanced cybersecurity services ensuring the protection and integrity of digital assets in an evolving landscape.
Highlights:
- The acquisition of Thomas Cyber is aligned with Adisyn’s strategy to acquire technology and attract talented individuals, enhance capabilities and market position to drive continued organic growth.
- Through this transaction, Adisyn achieves an additional milestone in its strategy to create an end-to-end market offering in the broader cloud microservices sector.
Core Infrastructure
Adisyn's focus was originally on physical infrastructure and cloud services. Over the years, it has created world-class capabilities in the cloud space, stemming from its managed cloud services. Although the company has now pivoted to microservices, its existing technology and technical expertise will serve it incredibly well in supporting the coming market shift.
Highlights:
- State-of-the-art Data Centre: Adisyn's robust data center is designed with both power and reliability front-of-mind, built to accommodate a wide range of customer requirements. They will form the backbone of its new microservices architecture.
- Cloud Environments: The company operates its own ISO 27001 cloud platform in both Perth and Darwin, and regularly creates and maintains hybrid clouds for its clientele.
Leadership Team
Shane Wee - Non-executive Chairman
Shane Wee has extensive ASX experience and has worked in the financial services industry for the past 30 years. He was a founding director of Alto Capital, until his retirement in June 2021, where he held multiple corporate and advisor roles with various ASX entities and built a network of contacts across Australia and South East Asia.
Blake Burton - Managing Director
Blake Burton has served as managing director of Adisyn since July 2022. He has extensive experience in the IT industry, having founded his own web hosting company which he took to a successful trade sale to Australia’s largest privately owned web host.
Paul Arch - Chief Operating Officer
Paul Arch has an extensive background in emerging technologies and leadership. He has brought several successful opportunities to the Australian technology space. Arch served as founder of Datamate Backups Services and Adisyn West data center in Perth and also played a key role in the founding of Attained Group.
Jesper Sentow - Chief Financial Officer
Jesper Sentow has more than 25 years’ experience as a chief financial officer, company secretary of public and private Australian and international companies across Europe, India, and Southeast Asia. Sentow specialises in corporate financial management and strategic planning, corporate governance and commercial improvement.
Liam Gale - Chief Information Officer
Liam Gale is a highly skilled and experienced technical leader with a strong background in managed IT services. He has served as managing director of specialist IT solutions provider Aviso IT and more recently as CTO of Attained Group.
Justin Thomas - Chief Technology Officer and Director
Justin Thomas has over 20 years experience in the IT Industry. Prior to Adisyn, in 2007 he successfully established and sold a real estate software business to RP Data. In 2012, he built and sold a data center to Amcom (now known as Vocus).
Thomas Jreige - Chief Security Officer
With more than 20 years of experience, Thomas Jreige is a trusted cybersecurity consultant and advisor. His expertise covers various sectors, including national security, health, finance and resources. As the chief security officer at Adisyn, Jreige brings a wealth of knowledge from his previous roles in management consultancy and principal advisory.
March 2024 (Q3 FY24) Activities and Cashflow Report
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to provide its quarterly report and Appendix 4C cash flow statement for the period ended 31 March 2024, as it continues to build on it’s unique technology offering and sovereign IT capability.
Highlights:
- Commenced new strategic focus towards creating a compelling value proposition to SMEs operating in the Australian defence industry supply chain
- Appointment of Strategic Advisor to pursue a range of opportunities
- Quarterly cash receipts increasing by ~42% vs Q3 FY23
- Quarterly revenue increasing by ~57% to ~$1,725m vs Q3 FY23
- Net cash used in operating activities decreasing by ~72% to ($60k) vs Q3 FY23
The Company has conducted a comprehensive review of its various operations and has prioritised high growth, high margin sectors to focus its future business development activities. In particular, the development of a comprehensive suite of products and services as part of a compelling value proposition to SMEs operating in the fast growing Australian defence industry supply chain. Over time, we expect this to result in growth in longer term recurring revenues with associated higher margins.
Appointment of Strategic Advisor
On 19 February 2024 the Company announced the appointment of a strategic advisor, Mr Harry Karelis. Mr Karelis will be retained as the Company’s Strategic Advisor with a focus on identifying and securing strategic partnerships, assisting with investor relations and general business development activities.
On 15 April 2024 the Company outlined it’s new strategic direction, with a focus on using the Company’s strategic edge in supporting the growing defence industry supply chain.
The Australian Government is investing an additional $5.7 billion in defence capability over the next four years to 2027-28 and $50.3 billion over the next decade to 2033-34, above the previous trajectory over that period. This investment will see the Defence budget grow over the next ten years to an estimated $100 billion by 2033-34, with total funding of $765 billion over the decade. The Australian Government will invest $15-$20 billion in enhanced cyber domain capabilities alone over the decade.1
The Company has recently formed a new advisory board as it looks to expand and focus it’s unique service offering towards the growing defence industry in Western Australia (ASX: 15 April 2024). Mr Karelis has been appointed Chairman of the advisory board, and will spearhead the expansion of the advisory board with defence industry experienced members.
Adisyn Cyber
The Company continues to explore new partnership opportunities to expand it’s cybersecurity offering, reducing the need to spend significant funding and time on developing new products in- house. The cybersecurity offering of the Company will remain a key component of the business as it targets the defence industry supply chain sector, with the Company’s in-house cybersecurity and AI capability allowing it to build niche AI enabled tools for business’ sovereign and personally identifiable data where the necessary tools cannot be supplied through partnerships.
On 17 July 2023, the Company announced that it had completed the successful acquisition of Thomas Cyber. The consideration for the acquisition was for nil cash consideration and included performance rights with various revenue and time-based milestones for the Thomas Cyber management team (ASX: 17 July 2023). On 19 April 2024 the Thomas Cyber management team resigned from the Company, and have agreed to provide services to the Company on a contract basis per customer project where required. All performance rights relating to the acquisition will be forfeited. The Company retains all assets and intellectual property from the acquisition.
The Company expects to be announcing a series of key strategic partnerships to significantly expand the Company’s existing suite of cyber capabilities and through these partnerships clearly differentiate Adisyn in the marketplace.
Share placement
As announced on 19 February 2024, the Company completed a share placement to raise $298,000 to expand the Company's business development in existing and new areas within the business, along with general working capital. The Placement was conducted pursuant to the Company’s existing placement capacity. 13,950,000 shares were issued pursuant to ASX Listing Rule 7.1, and 950,000 shares were issued pursuant to ASX Listing Rule 7.1A. All shares were issued at an issue price of $0.02.
Update on the Miner Hosting business
For the December 2023 quarter, total unaudited revenue for the Company’s non-core Miner Hosting division was ~$278k, which was up ~1% from the December 2023 quarter and down ~52% from the March 2023 quarter. As announced on 25 January 2024, the Company has implemented a new pricing structure for the division, with a focus on organic customer acquisition.
The Company continues to explore options for the division, including potential strategic partnerships or divestment.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sovereign IT Capability Empowering the Defence Industry Supply Chain
Investor Presentation – April 2024
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to present its investor presentation.
This information contained in this presentation has been prepared by Adisyn Ltd (ACN 155 473 304) (ASX:AI1 or ‘the Company’) and makes statements about it as well as its subsidiaries, the presentation is for information purposes only. This presentation does not constitute financial product or investment advice or a recommendation to acquire AI1 shares and has been prepared without taking into account the objectives, financial situation or needs of individuals. This presentation does not purport to contain all of the information that a prospective investor may require to make an evaluation of the Company or its business activities. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. AI1 is not licensed to provide financial product advice in respect of AI1 shares. Certain information in this presentation has been derived from third parties and though AI1 has no reason to believe that it is not accurate, reliable or complete it has not been independently audited or verified by AI1.
AI1, its subsidiaries and their respective logos, are trademarks or registered trademarks of AI1, or its subsidiaries. All other registered or unregistered trademarks mentioned in this presentation are the property of their respective owners, and no trademark rights to the same are claimed.
Financial Data - All dollar values are in AUD dollars (AUD or $) and are unaudited (unless otherwise presented). This presentation has been authorised for release on the ASX by the Board of Directors of AI1.
Future performance any forward looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions at the date of this presentation. Forward looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. An investment in AI1 shares is subject to investment and other known and unknown risks, some of which are beyond the control of AI1.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, Adisyn Ltd and its officers, employees, related bodied corporate and disclaim all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this Presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Appendix 4D & Half Year Financial Report to 31 December 2023
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to present its Half Year Report.
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Adisyn Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2023.
Principal activities
The Group is a technology and data sciences company that provides a suite of vertically integrated solutions driven by cutting- edge AI powered microservices. With divisions focused on cybersecurity, development, infrastructure, and managed services, Adisyn gives businesses the necessary tools to enhance control, flexibility, and automation. The Group is actively working to create proprietary solutions built on generative AI models which are focused on contextual data that is unique to each business.
Review of operations
During the period, the Group continued to build upon its FY23 next phase of growth strategy (ASX: 31 October 2022). Revenue from ordinary activities for the half year increased by 72% to $3.747m (31 December 2022: $2.176m), while Net Loss attributable to members decreased by 50% to $0.841m (31 December 2022: Net Loss $1.684m).
In October 2023, the name of the group changed to Adisyn Ltd (ASX: AI1) to provide a new corporate identity as the Group expands its product offering beyond data centre and cloud services.
Under the Group’s new strategy, Adisyn has concentrated its attention on developing solutions focused on cybersecurity and generative AI. The Group is confident that these two verticals will provide strong growth avenues moving forward as the data centre and cloud markets evolve, allowing the Group to adapt swiftly to emerging technologies, client demands, and regulatory changes, while positioning itself as an aspiring leader in the industry.
In July 2023, the Group announced the acquisition (ASX:10 July 2023) and completion (ASX: 17 July 2023) of Thomas Cyber, with the formation of a new cyber division within the Group. The acquisition has allowed the Group to expand the current cyber security services offered through Thomas Cyber by utilising the Group’s existing infrastructure and AI capabilities. This includes developing new systems using AI technology.
The Group has continued working on integrating various functions between its business divisions, consolidating a number of suppliers and terminating duplicate services which is expected to result in $750,000 per annum of costs savings moving forward. As announced on 25 January 2024, these restructuring initiatives are now complete, and are in addition to the more than $500,000 in annual cost savings implemented in FY23.
As announced on 12 October 2023, the Group terminated the sale agreement with DComm for the sale of the Group's DC Modular assets. During the period, the Group has worked to streamline the operations of the DC Modular business to create a separate operational division within the Group under the banner ‘Miner Hosting Australia’.
Outlook
The Group continues to focus on its next phase of growth strategy. A considerable amount of restructuring has been undertaken by the Group to ensure all new initiatives are scalable and can be optimised for profitable delivery. A strong emphasis is being placed on partnerships in order to allow the Group to grow the scope of it’s services and the Group will continue to assess value accretive M&A transactions to acquire technology and talented individuals, expand its capabilities and enhance its market position.
Separately, an ongoing internal review is being conducted to assess the potential for disposal of any non-core assets within the Group which do not align with the Group's new strategy.
The Group is continuing to assess options for the ‘Miner Hosting Australia’ division, predominately focusing on strategic partnerships which may add further value to the division.
Results for the period
The Group incurred a net loss after tax for the half-year ended 31 December 2023 of $841,162 (31 December 2022: $1,683,690). As at 31 December 2023, the Group recorded a net asset position of $2,376,597 (30 June 2023: $2,483,861). Net operating cash inflows of $170,144 (31 December 2022: outflows of $802,465). Adisyn ends the financial period with a cash balance of $286,185 (30 June 2023: $676,806).
Significant changes in the state of affairs
During the period, the Group raised $400,000 as part of a capital raising and provided details on the use of funds to the market in the announcement dated 24 November 2023.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
December 2023 (Q2 FY24) Activities and Cashflow Report
Highlights:
- Continued growth in quarterly cash receipts, increasing by ~68% vs Q2 FY23
- Continued growth in quarterly revenue increasing by 60% to ~$1,765m vs Q2 FY23
- Completed successful placement of $400k to expand newly formed cybersecurity division
- Restructuring initiatives completed with ~$112k in one-off costs incurred during the quarter, resulting in annual savings of more than $750k
- Restructure of ~$736k of deferred consideration to unrelated parties from acquisition of Attained Group Pty Ltd
- Cash receipts for the quarter of $1,977m, increasing by ~68%
- Total revenue for the quarter of ~$1,757m, up by 60%
Pleasingly, revenue for the quarter from the Companys core divisions (excluding Miner Hosting) increased ~3% from the September 2023 quarter, to $1,481m. During the quarter the Company continued to execute its plan to cross-sell services between its existing business units to drive further organic growth.
Generative AI offering
The Company continues to work on leveraging it's existing assets with a focus on offering generative AI driven solutions. These solutions are being developed as individual AI powered microservices, eventually leading to the Company selling a suite of different AI powered solutions. The Company plans to initially use these solutions internally to further drive operational efficiencies, and then offer them to it’s existing customer base and the broader market as a new product offering.
The Company is continuing to develop it’s first AI microservice, a de-identification tool for Personally Identifiable Information (PII), to remove or anonymise PII data before sending sensitive information to any AI Large Language Model (LLM) (ASX: 26 Oct 2023).
The PII microservice being developed and tested by the Company will allow PII data to be found and either masked, redacted, encrypted or replaced to ensure data that is sent to the LLM is private and secure. Once developed, the PII microservice will be the first AI powered microservice offered by the Company to existing and new clients. It will also provide the Company with the initial toolset to develop further AI products and services.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Adisyn Announces Share Placement to Support Cybersecurity Growth
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to announce it has received binding commitments to successfully raise $400,000 through a Company led placement (“Placement”).
Highlights:
- Placement will see the Company issue 20,000,000 new fully paid ordinary shares at an issue price of $0.02 per share, representing a nil discount to 15 day VWAP.
- Funds will be used to expand newly formed cybersecurity division, with an increase in sales and marketing efforts as well as the development of new AI powered cybersecurity services.
- Adisyn Cyber has entered into a Memorandum of Understanding (MOU) with Al Nasr Technical Trading Agencies (ATTA Group).
Funds will be used to expand the Companys newly formed cybersecurity division, Adisyn Cyber, with an increase in sales and marketing efforts as well as the development of a number of new AI
powered cybersecurity services.
The new cybersecurity services being developed are focused on assisting businesses to manage their obligations for the handling of personal data under the new Privacy Legislation Amendment (Enforcement and Other Measures) Act 2022. These services include threat intelligence and
contextual security operations, and an AI powered Personally Identifiable Information (PII) de- identification tool (ASX: 26 October 2023).
Since the completion of the acquisition of Thomas Cyber (ASX: 17 July 2023), the Company has been successfully engaged to perform cybersecurity services for a number of new and existing clients including EMVision Medical Devices (ASX: EMV), Hazer Group (ASX: HZR), The Agency (ASX: AU1) and the Fremantle Football Club.
The Company plans to continue to execute on it’s plan to cross-sell cybersecurity services to existing clients across the Companys other business units, and will focus it’s sales and marketing efforts on the acquisition of new cybersecurity clients.
Furthermore, Adisyn Cyber has entered into a Memorandum of Understanding (MOU) with Al Nasr Technical Trading Agencies (ATTA Group) to explore the supply of IT and Cybersecurity systems in UAE, Saudi Arabia and Oman. ATTA Group is a UAE based corporation in the Oil & Gas industry, specialising in the provision of trading services.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Update on Sale of Modular Assets
DC Two Limited (ASX: DC2) (“DC Two” or the “Company”), a vertically integrated revenue generating data centre, cloud, and software business, refers to the ASX announcement released on 27 February 2023 with regards to the sale agreement for the disposal of its non-core infrastructure assets (“Modular Assets”) to D Comm Infrastructure Pty Ltd (“DComm”).
As announced on 8 June 2023, the agreement achieved satisfaction of buyer’s due diligence but remained subject to the satisfaction of the remaining conditions precedent. As announced on 31 July 2023 the Company provided DComm with continued exclusivity and an extension to the completion date. In exchange for the continued exclusivity and completion date extension the total non-refundable deposit increased from
$20,000 to $100,000, however in accordance with the terms of the agreement, the Company has today provided DComm with notice terminating the sale agreement on the basis that the remaining conditions precedents to completion have not been satisfied in a reasonable timeframe.
Since the announcement on 27 February 2023, the sale agreement was subject to unexpected delays with key suppliers agreeing to novate supply agreements on successful completion of the transaction. During this time a number of customers associated with the Modular Assets, and whose agreements were to be novated across under the terms of the sale agreement, provided notice that they did not intend to renew their agreement with the Company at the end of their agreement expiry.
The Company still considers the Modular Assets as non-core to its strategy. DComm and the Company have agreed to continue discussions for the potential of a new sale agreement if a reasonable timeframe can be met with satisfactory terms as the modular assets remain a large part of their portfolio strategy, however both parties have agreed that the announced transaction will not proceed as it stands, and the current sale agreement to be terminated.
The Company is aware of other unrelated parties interested in acquiring the assets. On termination of the agreement with DComm the Company will be free to actively engage with these parties. Given the revenue contribution from the assets, the Company has determined that, at this stage, it will retain the assets. Moving forward the focus will be firmly on selecting projects with a high internal rate of return (IRR).
The Company will continue to update the market with any material developments, including providing details of any binding transactions which may eventuate.
Click here for the full ASX Release
This article includes content from DC Two, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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