Tesserent Quarterly Report June 2016: Blue Reef Acquired Successfully, On Track to Deliver New Technology, Cash Position at $3.45m

29th July 2016, ASX Announcement

Tesserent Limited (ASX: TNT) had a productive quarter, successfully completing the acquisition of the Blue Reef business, recruiting two new members to the Tesserent Executive team and continuing to grow the business with an expanding customer base.

Key highlights during the quarter 

• Successful completion and integration of the Blue Reef business acquisition funded with a combination of cash and equity consisting of $1.0 million in cash ($500,00 paid on completion, with two subsequent payments of $250,00 to be paid in November 2016 and May 2017), 12,875,00 ordinary fully paid shares and sundry acquisition costs. The assets acquired from this transaction are a key element to Tesserent’s strategy within the Education sector to provide a specialised security and cyber safety offering to schools. Moving forward, this part of the business will go to market under the Tesserent Education brand.
• Tesserent continues to place an emphasis on the development of our won technology, enabling us to offer our proprietary services to our customers. Tesserent’s development team, headed-up by Nick Conolly, continues to drive our R&D programs ad is on track to deliver new technology releases as scheduled in our prospectus.

To view the full announcement, please click on the button below.