Israeli-based cyber security company Votiro Cybersec Ltd. plans to raise $7.75 million (A$ 10 million) in a private placement and list on the ASX within the next 12 months. Roughly $5.5 million of Votiro’s fundraising round has already been underwritten by Sydney-based Redfield Asset Management & Advisory. Redfield are investing an additional $2.25 million alongside the raising. The latest round follows an investment in Votiro made by Redfield Asset Management and Daniel Sekers’ Divergent Group last year, and comes as the company begins a roadshow for potential investors in Sydney, Melbourne, Hong Kong and Singapore starting March 27.
Votiro’s latest raise will be used by the company to expand into the Asia-Pacific region, followed by the US. The reason it is targeting these areas is because of recent government guidelines dictating corporates and government agencies in the region to use the type of technology offered by Votiro to protect themselves against cyber threats. Votiro protects organizations against Zero-Day cyber security threats.
Founded in 2010 by Itay Glick and Aviv Grafi, Votiro is based in Israel and plans to expand its R&D facilities to Australia following its ASX IPO.
At present, 65% of Votiro’s sales come from the Asia Pacific region. Its main customers are from financial institutions, local, state and federal governments, health and medical, critical infrastructure providers and defense contractors and government departments. Most of the company’s clients do not wish to be named, but Israeli Aerospace Industries is known to use the company’s products.
Votiro has 500+ customers, with 1.5 million + users within those organizations. Worldwide revenue for secure email gateway solutions is expected to grow from nearly $1.7 billion in 2016, to over $1.9 billion by 2020, according to Market research firm Radicati.
Published by Globes [online], Israel business news - www.globes-online.com - on March 29, 2017
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