Excite secures $2.8M raise for cyber and training

Publicly listed Excite Technology Services has secured $2.8 million through a capital raise that will be used towards enhancing its digital forensics, cyber training and offensive cyber skills. 

The funds will be raised by issuing around 233 million new fully paid ordinary shares in Excite through a single round of placement. These shares will be offered to eligible sophisticated and institutional investors at a price of $0.012 each.

The issue price represents a 9.1 per cent premium to the previous closing price of Excite’s fully paid ordinary shares.   

“The funds will enhance our core capabilities in digital forensics, cyber training, and offensive security whilst directly supporting revenue-generating opportunities already in play,” Excite managing director and CEO Bryan Saba said. 

“We’re building momentum across defence, government and critical infrastructure sectors, and this investment accelerates our ability to scale and deliver nationally significant outcomes.”

Out of the $2.8 million raised, $1.12 million will be strategically invested in its tactical training facility and $700,000 will go towards the development of offensive security services capability that will work closely with existing cyber security consultants. The rest will go towards general working capital and the costs of the raise. 

These investments support Excite’s mission to become a national leader in cyber security and digital forensics, delivering high margin recurring revenues through government contracts and expanding the Company’s commercial cyber capability.

Excite is also evaluating several acquisition opportunities that are aimed to strengthen cross-sell opportunities, increase customer engagement, and deliver EBITDA accretion.

Last year, the company bought CBIT Digital Forensic Services (CDFS).