Cipherpoint raises $750K to drive commercial growth

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Cipherpoint raises $750K to drive commercial growth

Cyber security services firm Cipherpoint said it has completed a $750,000 capital raise in order to bolster commercial activities.

The capital raising was through an offering of 150 million shares at $0.005 and resulted in $750,000 from investors, many of whom are existing top shareholders in the Company. Cumulus Wealth and Peak Asset Management were joint lead managers in the capital raising.

In an ASX announcement, Cipherpoint said the funds raised under the capital raising will be applied to bolstering the business’ groups as they ramp up commercial activities, following key customer wins, with Lend Lease Retirement Living and Healius.

Cipherpoint chief executive Bryan Saba said, “this capital raise will deliver funds to the group’s businesses to enable us to ramp up resources on the delivery of a number of key commercial projects.”

“I am pleased with the support received by our existing top investors and look forward to providing further updates on our turn-around journey as we continue to execute on a strategy of cost focus and commercial growth.”

Last year in July, Cipherpoint announced it will acquire Sydney-based managed service provider Excite IT for $3.25 million.

The Healius deal occurred in December 2022, where Cipherpoint’s company Excite IT scored a $540,000 contract to deploy VOIP to 274 healthcare centres.

The Lend Lease Retirement Living deal also occurred in December 2022, where Excite IT scored a $1.73m for hardware, software, discovery, security and design services to be delivered in the next 6 months.

In March 2022, Cipherpoint launched new MSP offerings for small and medium businesses and local government customers.

Cipherpoint completed a $1 million acquisition of Hobart-based managed security services provider VIT Cyber Security (Virtual Information Technology Pty Ltd) in late 2021.

In September 2021, Cipherpoint sold its software division to Canberra-based security software vendor ArchTIS for $1.4 million.

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