{"id":2481,"date":"2023-11-29T18:30:09","date_gmt":"2023-11-29T18:30:09","guid":{"rendered":"https:\/\/economicherald.net\/?p=2481"},"modified":"2023-11-29T18:30:09","modified_gmt":"2023-11-29T18:30:09","slug":"senetas-launches-5m-capital-raise-for-high-growth-subsidiary-votiro","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=2481","title":{"rendered":"Senetas launches $5M capital raise for high-growth subsidiary Votiro"},"content":{"rendered":"

Senetas Corporation (ASX: SEN) announces a capital raise of up to A$5 million to support the growth of its cybersecurity portfolio
\nThe capital raise is partially underwritten with significant commitments from entities associated with Senetas\u2019 leadership
\nFunds raised will accelerate Votiro\u2019s growth, capitalising on expanding sales and targeting increases in annual recurring revenue<\/p>\n

\u00a0<\/p>\n

Senetas (ASX:SEN)<\/strong><\/a> , an ASX-listed leader in encryption and cybersecurity solutions, has a $5 million capital raise to seize growth opportunities in the cybersecurity sector.<\/p>\n

The raise signals a strategic pivot. The company now turns to expanding its market reach and the development of its subsidiary Votiro, a distinctly different cybersecurity venture from its encryption-focused parent company and a key part of Senetas\u2019s portfolio.<\/p>\n

Senetas specialises in encryption technologies that act as a fail-safe for data, while Votiro focuses on anti malware content disarm technologies that neutralise any malicious code in documents before they can even reach a user\u2019s inbox.<\/p>\n

Votiro\u2019s potential is clear, with an impressive sales pipeline, which more than doubled during the 2023 financial year. The company has added US$10 million to its pipeline in the first half of 2023 alone and is targeting annual recurring revenue of up to US$10 million by year-end.<\/p>\n

As of September 2023, Votiro has already achieved a 60% increase in annual recurring revenue since the previous year. Its performance is a testament to the burgeoning demand for more modern and advanced cybersecurity solutions, particularly those that can effectively prevent malware and ransomware attacks.<\/p>\n

\u00a0<\/p>\n

A strategic capital raise<\/strong><\/h2>\n

The company plans to raise up to $3.5 million through a partially underwritten non-renounceable pro rata entitlement offer to eligible Australian and New Zealand shareholders. The offer is priced at $0.014 per share, with shareholders entitled to 1 new share for every 4.86 shares held. In addition, for every 3 new shares subscribed, shareholders will receive 1 option, exercisable at $0.025 per share, valid for 12 months.<\/p>\n

Complementing this, Senetas has secured commitments for an additional $1.5 million through a placement to institutional and sophisticated investors. These funds are earmarked for accelerating the development of Votiro\u2019s business and bolstering general working capital, a strategic move for Senetas as it diversifies its portfolio.<\/p>\n

\u00a0<\/p>\n

Director commitment and partial underwriting<\/strong><\/h2>\n

This capital raise is partially underwritten, with commitments already in place for $2.05 million of the target amount.<\/p>\n

Notably, entities closely associated with the company\u2019s leadership, including Southbank Capital (linked to Senetas chairman, Francis Galbally) and MST Financial Services, are co-underwriters. The directors\u2019 decision to participate in the offer, either through entitlement take-up or sub-underwriting, reflects their confidence in the company\u2019s strategic direction.<\/p>\n

\u00a0<\/p>\n

Growth through diversity<\/strong><\/h2>\n

Votiro\u2019s anti-malware and ransomware solutions represent a significant opportunity, with a larger addressable market than Senetas\u2019s traditional encryption offerings.<\/p>\n

Senetas\u2019 decision to undertake this capital raise is a calculated step to capitalise on recent growth in the cybersecurity sector. For investors and shareholders, this represents a unique opportunity to be part of a pivotal growth phase in a company at the forefront of cybersecurity innovation. The offer is due to close on 15 December 2023.<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Senetas, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Senetas launches $5M capital raise for high-growth subsidiary Votiro<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Senetas Corporation (ASX: SEN) announces a capital raise of up to A$5 million to support the growth of its cybersecurity portfolio The capital raise is [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":2482,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nSenetas launches $5M capital raise for high-growth subsidiary Votiro - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=2481\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senetas launches $5M capital raise for high-growth subsidiary Votiro - 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