News and Announcements
Tesserent Sale of Sonar/MyNet IP
- Published November 09, 2016 10:50AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
8th November 2016, ASX Announcement
- Tesserent sells Sonar/MyNet IP to Family Zone Cyber Safety Limited (ASX:FZO) for $3.8m, consisting of $3.5m cash and $0.3m in FZO shares, subject to condition precedent.
- Tesserent continues to sell and fully support Sonar/MyNet services globally and has been appointed as the exclusive reseller of Sonar/MyNet in Australia.
- Tesserent retains existing education client base and remains focused on education-sector.
- Substantial cash injection of $3.5m allows Tesserent to optimise market opportunities by making significant investments in its core business as a managed security service provider.
- Sonar/MyNet sale significantly reduces Tesserent’s overheads for the continued development of the software, through headcount reduction.
- Model allows Tesserent’s offering to scale profitably on a variable-cost, on-demand basis.
- Tesserent and Family Zone’s working relationship provides an exciting opportunity to expand the cyber safety market, with technologies designed for use within schools and the home environment.
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