Syntonic debuts on the ASX

Syntonic debuts on the ASX

Mobile platform services provider raises $2.2 million during its IPO

Mobile platform services provider, Syntonic, has began trading on the ASX after raising $2.2 million during its IPO and a market capitalisation of $60.5 million.

Using the ticker, SYT, the US-based company started out in 2013 and has two products in its portfolio - Freeway and DataFlex.

Freeway allows free mobile internet access on smartphones through having advertisers sponsoring data; and DataFlex allows businesses to manage split billing expenses for employees when using their personal mobile phones at work.

“Our mission is to transform the mobile industry with an entirely new way of capitalising the value of mobile apps, content, and network traffic. We are going to aggressively expand our Syntonic DataFlex solution in the US and our Freeway by Syntonic solution in Southeast Asia and Latin America,” Syntonic CEO and managing director, Gary Greenbaum, said.

“We believe 2016 is the year of sponsored data, and Southeast Asia and Latin America are emerging as the largest and most active prepaid data markets, where consumers have demonstrated an enormous appetite for accessing mobile content and apps.”

Greenbaum highlighted the phenomenon behind Pokemon Go as a perfect use case for sponsored data.

The company has a partnership with AT&T and is currently running a promotion for the first 10,000 Android users with 1GB of free mobile data that can be used to access Pokemon Go anywhere in the US on the AT&T network.

"The game is more compelling outside of physically limited Wi-Fi networks, providing a great experience over cellular networks as part of its geographic discovery, which bridges the real world with a virtual world, but can also quickly eat away at a user's monthly mobile data limits.

By delivering access through sponsored data with Freeway by Syntonic, users can freely engage with the game without impacting data usage," he said.

Following Freeway’s commercial launch in the US, a pilot was recently deployed in Malaysia and will be followed by expansion to other geographies in Southeast Asia and Latin America.

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