Home Telecoms & NBN Syntonic’s placement to raise $5.4 million

Syntonic’s placement to raise $5.4 million

Mobile platform services provider Syntonic, founded by major US tech players, is set to raise $5.4 million to "accelerate the company’s expansion plans".

iTWire first wrote about Syntonic in July in an article with video interview entitled: “VIDEO Interview: ASX-listed Syntonic delivering mobile harmony to users in APAC and the Americas,’ which explained exactly what the Syntonic service was, the tech "royalty" behind the system and the genius of how it worked, and why it was different from virtually anything else out there. 

We then followed this up in early August with an article entitled "Syntonic’s Tata agreement extended, revenue share increased by 50%" and then in October with an article entitled: "Are you paying employees too much on BYOD reimbursements? Some US employers are."

There have been more developments since, with the latest being Syntonic’s announcement of successfully completing ‘a bookbuild for a placement of 160,000,000 shares at an issue price of $0.034 per share to sophisticated investors to raise gross proceeds of $5,440,000 (“Placement”).’

The company reports this Placement was "significantly oversubscribed and the company will welcome a number of new investors to its share register".

We are told that proceeds from the Placement will be "used to accelerate the company’s expansion plans, driven from the emergence of three new business opportunities: Syntonic’s deepening engagement with Verizon Wireless for the Syntonic platform services; demand for mobile Over-the-Top video services from US mobile subscribers; and further planned expansion in Southeast Asia".

Gary Greenbaum, managing director and chief executive of Syntonic, said: “We are extremely pleased by the strong demand we received for the Placement — from both existing and new investors — which reflects the strong confidence in Syntonic’s business model. This capital injection strengthens our position, our current momentum and accelerates the commercialisation of our partner deals.

“We have signed agreements with large customers and our revenue pipeline is progressing faster than we anticipated. We have made rapid progress and, as a result, ramping up these three projects is now a key priority. We are keen to aggressively push ahead to ensure our efforts quickly reach full maturity and that we’re positioned to efficiently capture market share with our technology.

“We’re confident that Syntonic is in an excellent position to capitalize on the existing opportunities in sponsored data and mobile split billing markets with our tier-1 corporate partnerships, and look forward to providing further updates in the near future.”

More detail at the company’s ASX announcement here.

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Alex Zaharov-Reutt

One of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

 

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