ASX-listed Tesserent Limited has raised $25 million to fund strategic acquisitions with a focus on the federal government market.
The offer price was priced at $0.21 per share representing a 9.3 per cent discount to 10-day VWAP of $0.232. The placement will result in the issue of up to approximately 119 million new ordinary shares, representing approximately 11.1 per cent of TNT’s existing securities on issue.
According to a statement issued by Tesserent on Tuesday, the net proceeds from the raise will fund strategic acquisitions and deferred acquisition payments comprising approximately of $11 million relating to the first half of the 40 per cent cash consideration of strategic acquisitions under an acquisition strategy previously disclosed to the market; and approximately $3 million relating to planned investments executed through Tesserent Innovation, transaction and costs of raising capital.
Importantly, none of the cash raised is required for operational cash flow as the business has been generating positive operational cash flows since January 2021.
Tesserent upped its turnover in financial year 2021 by 370 per cent to $96.7 million. Moving forward, the company's goal is to generate EBITDA of $17.9 million for the financial year 2022.
In financial year 2021, Tesserent made six acquisitions and announced in August that it would consolidate its portfolio of acquired companies under its own brand name to help improve and ultimately increase the number of Tesserent services utilised per customer.
Colonial First State has appointed BlackRock to help manage investments in its MySuper investment products FirstChoice Employer Super (FCES)...
Zenith Group – including Zenith Investment Partners and Chant West – has been acquired by a global fund data and tech company. ...