ASX-listed Excite Technology Services secures $2.8 million funding

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ASX-listed Excite Technology Services secures $2.8 million funding
Bryan Saba, Excite.
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Sydney-based Excite Technology Services Limited has secured binding commitments from investors to raise $2.8 million, through a single tranche placement of new shares.

The funds will be directed towards organic growth initiatives, including strategic investments in the ASX-listed company's digital forensics training capabilities and offensive security services.

"The funds will enhance our core capabilities in digital forensics, cyber training, and offensive security whilst directly supporting revenue-generating opportunities already in play," Bryan Saba, Excite's managing director and chief executive, said.

A significant portion of the funds - $1.12 million - will be allocated to CBIT's Nangu Tactical Centre, providing digital forensics training equipment to implement advanced training courses for Defence and State law enforcement agencies.

CBIT Digital Forensic Services (CDFS) was acquired by Excite in 2024.

The company expects this investment to be highly accretive within the first 12 months.

An additional $700,000 will support the development of Excite's offensive security services, which will work alongside the company's existing cyber security consultants to support new sales initiatives expected within the next quarter.

The remaining funds include $800,000 for general working capital to bolster the company's balance sheet for high-profile tender work, and $168,000 for capital raise costs.

The placement will issue approximately 233 million new fully paid ordinary shares at $0.012 per share, representing a 9.1 per cent premium to the previous closing price of Excite's shares.

Shares for the placement are expected to be settled on Thursday, 8 May 2025, with allotment the following day.

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