Publicly-listed data encryption provider IXUP has appointed Marcus Gracey as its new CEO and managing director, filling in the spot vacated by Peter Leihn in May.
Gracey joined IXUP as an executive director in October and was previously the COO for Perth-based robotics company FBR. He has also worked in management roles in the legal sector, energy and resources, and gaming and wagering.
Recently appointed director and non-executive chairman Julian Babarczy said it was the right time to elevate Gracey to the CEO post considering it was exploring new verticals in gaming and wagering.
Until now, the CEO role was temporarily filled by IXUP founder and executive director Dean Joscelyne. Babarczy’s appointment comes as current chairman, Grant Patterson retires.
“There are well understood near term applications of IXUP’s core encryption technology in existing market verticals, although increasingly obvious applications in exciting high growth market verticals such as wagering and gaming, with use cases that have potential to become fundamental to industry operations and regulations,” Babarczy said.
Additionally, IXUP has inked a strategic collaboration agreement with US-based digital gaming company Tekkorp Capital, which will provide specific sector services including identifying, assessing and recommending applications, technologies and commercial opportunities.
“Signing a strategic collaboration agreement with Tekkorp and the involvement of an executive and consultant of the calibre of its founder, Matthew Davey, brings together the technology of IXUP with the wagering and gaming network, which should fast track commercialisation of IXUP’s various technology solutions as well as open up exciting, aligned corporate opportunities,” he said.
In the meantime, IXUP has also secured a further $5.75 million in capital raising, an effort led by Cygnet Capital.
For the year ending 30 June, IXUP posted a net loss of $3.8 million, a reduction of 42.7 per cent from its FY19 net loss of $6.6 million.
Revenue also dropped of 44.2 per cent, to $88,500, from the previous financial year’s $158,000.
The results however were impacted by COVID-19, with the provider taking a number of steps during the year to reduce cash outflows and extend its cash operating runway.