Perth software developer bags $35m funding

Vistime developer, Firmware Technologies has secured €25 million ($A35 million) in funding from Cayman Islands-Equity Partners Fund SPC.

The transaction was based on a draw down facility arrangement over three years and facilitated by the FMS Group, based in Singapore. 

"We've been dealing with the [FMS Group] for two to three months," Glenn Weiland, Firmware's senior vice president of global marketing, told CRN. 

"The funding will enable us to list on the Frankfurt stock exchange by mid-November, facilitate the funding required to lock-in major contracts that we have in America and Europe, and set us on an acquisition program," he said. 

Weiland said the company was "desperately seeking funding in the last year" to drive growth plans.

"We will be doing a white-label [deal] for a telco in America. We've got major [global] contracts just about ready to be signed, and the funds coming in will obviously facilitate the fast tracking of those contracts.

The Perth software development company has developed a collaboration program, Vistime that allows users to share, manipulate and view large video and graphics files online with no pixelation or breakdown of the image.

Firmware targeted verticals including medical, engineering, mining, education, architecture, agriculture, media and advertising and has raised $7 million from Australian investors over five years to pay for development.

In July the company told CRN that it was seeking US$5 million to float on the Frankfurt stock exchange.

Channel

Weiland said the company's sales structure was based on channel partners.

It was in negotiations with channel partners in Hamburg and had recently signed Zernike Australia.

"They are very big in Europe, in Germany and they have major contracts, particularly in the medical and healthcare space. We are at the moment looking at concepts in our platform around the iPad to create the paperless hospital," he said.

Weiland said Firmware regarded itself as a global company and Australia represented 4 to 5 percent of its customers.

"Current Australian partners included Sydney-based StormFX in the media and entertainment space and then we have Zernike Australia.

"In the education field we're in the process of signing Ciderhouse in Australia," he said.