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Norwood Systems raises $5m for continued service expansion

Norwood Systems raises $5m for continued service expansion

Will be used to complete the successful initial build-out of OTT apps and platforms

Telecommunications provider, Norwood Systems (ASX: NOR), has raised a proposed capital injection of up to $5 million.

A prospectus will be lodged with ASIC today, which comprises a placement to institutional investors to raise $3.5 million, along with a priority offer to eligible shareholders to raise $1 million with oversubscriptions of up to a further $0.5 million accepted.

Up to $5.0 million in new capital will be offered at $0.035 per share.

This funding will be used to complete the successful initial build-out of “Over-the-Top” (OTT) apps and platforms delivering communications services to consumers and businesses, for sales and marketing spend to attract corporate and telco customers, along with necessary working capital.

Norwood expects the proposed funding, at the minimum raising amount, to meet expected budgets for operating expenses through FY2017, including the development and completion of anticipated apps and associated service platforms.

Norwood Systems CEO and founder, Paul Ostergaard, said he sees significant interest across the company’s range of current and future apps and platforms for consumers, corporates and potential telco partners.

The company aims to soon address multiple needs, including BYOD expenses management solutions, long-distance calling on mobile or fixed lines, roaming voice, travelling data and messaging across multiple customer segments from telco, corporates and individuals.

“This capital secures our continued ability to make rapid inroads into the market opportunities we have identified across consumer, corporate and telco target customers, addressing needs in both fixed and mobile long distance calling, travelling users for both voice and data and messaging.

“This is all tied together by our fundamental ‘sharing economy’ approach with an underlying core federated network delivering all these services,” he said.

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Tags investmentnorwood systemsappsASICASXcapitalTelecommunications

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