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- Data intelligence company Skyfii (SKF) has raised another $700,000 under a share purchase plan to help fund its acquisition of CrowdVision
- Skyfii had originally sought to raise up to $1 million, but ultimately issued just over four million shares at 16.5 cents each
- With the share purchase plan complete the company has a total of around $10.7 million on hand
- Skyfii will now need to make a deferred payment to the vendors of CrowdVision of between US$6 million and US$7 million (between A$7.72 million and A$9.01 million) within the next three months
- Skyfii remains steady at $0.16 per share
Data intelligence company Skyfii (SKF) has raised another $700,000 under a share purchase plan to help fund its acquisition of CrowdVision.
Skyfii had originally sought to raise up to $1 million, but ultimately issued just over four million shares at 16.5 cents each.
With the share purchase plan complete — combined with the proceeds from an earlier placement — the company has a total of around $10.7 million on hand.
Having made an upfront payment of US$1 million (roughly A$1.29 million) and completed the acquisition of all CrowdVision’s issued capital, Skyfii is required to pay a deferred consideration of between US$6 million and US$7 million (between A$7.72 million and A$9.01 million) within the next three months.
The acquisition of CrowdVision — a U.S.- and U.K.-based AI, computer vision and video analytics company — was unveiled on April 6 this year as part of Skyfii’s effort to capitalise on. the reopening of air travel and infrastructure investment.
Focussed on airports, stadiums, transportation hubs and large-scale resort hotels and casinos, a large part of CrowdVision’s business is the output of live data related to passenger and visitor flows, queue management and wait times.
The company generated US$3.1 million (roughly A$3.99 million) in 2020, US$1.7 million (roughly A$2.19 million) of which came from software-as-a-service subscription revenues.
“The combination of our technology and CrowdVision’s range of blue-chip airport customers provides the opportunity for Skyfii to leverage our broader product portfolio to the CrowdVision customer base and extend CrowdVision’s technology into our existing customer base,” said Wayne Arthur, Managing Director and CEO of Skyfii.
“Our ability to leverage the CrowdVision platform to drive and execute on a range of new business development opportunities will deliver significant upside to existing revenue levels, underpinning the strategic rationale for the transaction.”
Skyfii remains steady at $0.16 per share as of 4:07 pm AEST.
