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Family Zone to accelerate NZ expansion on back of $5 million raising - TechInvest Magazine Online

Written by Tech Invest | Dec 6, 2017 2:11:38 PM

Family Zone Cyber Safety Limited (ASX:FZO) has raised $5 million in an oversubscribed placement after receiving overwhelming demand from international and domestic institutional investors and a large number of existing shareholders.

Family Zone Managing Director Tim Levy said Net proceeds of the capital raising will support aggressive expansion in New Zealand market and accelerate integration of the Linewize and Family Zone platforms.

“This capital raising will primarily support an aggressive expansion for Family Zone into New Zealand.

Our Linewize division has already brought us a beachhead in this attractive market, with its cloud-managed firewall technology now covering more than 11% of New Zealand’s schools and 15% of its students.

“We are now grasping the opportunity to rapidly expand Linewize and Family Zone’s presence in New Zealand. Linewize’s technology empowers us to execute this expansion at relatively low cost, and we expect these endeavour to be cashflow and value accretive in rapid time.

“As we expand in New Zealand, we look forward to implementing Australia’s successful ‘School Zone’ partner sales model in this market. We view this model as a blueprint for larger-scale international deployment in 2018 and beyond.”