Activeport's bold capital strategy fuels path to innovation and growth

SYDNEY,Nov. 14, 2024/PRNewswire/ -- Activeport Group Ltd (ASX:ATV) has successfully closed its renounceable rights issue, raising approximately$3.1 millionbefore costs. With a possible$1.5Moffered into the placement by fund manager MWP Partners and its associates inHong Kong, the total of up to$4.6Mis close to the maximum possible under the offer of$5.3M.

This significant new capital inflow paves the way for Activeport to rapidly expand sales capacity to generate new revenue from its network orchestration software. Notably Activeport Company Directors and management demonstrated confidence by fully subscribing to their entitlements, underscoring their commitment to Activeport's long term vision.

Activeport Chairman and CEO Peter Christie"We would like to extend our gratitude to existing shareholders for their participation, and warmly welcome our new investors. This is an exciting time in Activeport's growth, and we look forward to realising our strategic goals with their support."

Activeport recently launched its SaaS business inAustraliain conjunction with FibreconX. The combination of Activeport's software and the FibreconX network offers new connectivity solutions for consumers of data centre capacity inAustralia, a market that is booming from the AI revolution. Internationally, Activeport is deploying its software to major telecommunications carriers, data centre operators and sub-sea fibre owners that are also growing exponentially with the demand generated from AI.

The funds raised in this Rights issue will be strategically allocated to scale Activeport's operational capabilities to take advantage of the unprecedented growth in demand for its network orchestration software across the data centre and telecommunications industries.

New securities will be issued onNovember 13th, 2024, with the Directors holding the flexibility to place any shortfall within three months.

About Activeport

Headquartered inAustralia, Activeport develops automation software and customer self-service portals for global telecommunication providers. The Activeport product suite enables network automation, minimising operational costs, accelerating'time to revenue; and improving customer experience. 

For more information:https://www.activeport.com.au 

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SOURCE ActivePort