Excite Technology Services has received "firm commitments" to raise $3.26 million, before costs, via a placement to existing and new institutional and professional investors of fully paid ordinary shares.
Funds raised from the issue of the placement shares are proposed to be applied to sales enablement and further productisation of the company's offering; recruitment of additional salespeople; marketing activities, including roundtables, digital marketing campaigns and exhibitions; and working capital in order to strengthen the company's balance sheet.
The raise follows a pair of similar moves last year that netted Excite $2.1 million in October and $2.8 million in May.
"We are delighted with the strong support shown by both new and existing investors in this raising, with participation from sophisticated and professional investors across Australia, Asia, the United Kingdom and Germany," Excite executive director and CEO Bryan Saba said.
"This funding is a significant vote of confidence in Excite and our strategy. We thank our shareholders for their continued support as we move into this next phase of growth."
In 2025, the company secured a contract to supply advanced Nuix software licensing and solutions to a major Australian regulator; won a $2.14 million contract renewal with Keyton Retirement Living to deliver a suite of managed cyber security and managed IT services; and was awarded a $676,000 contract with the Department of Home Affairs.
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