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Tesserent Announces Sale of Education-Focused IP for $3.8M in Cash and Shares Completed

Highlights:

- Tesserent successfully completes the sale of Sonar/MyNet IP to Family Zone Cyber Safety Limited (ASX:FZO) for $3.8m, consisting of $3.5m cash and $0.3m in FZO shares.

- Substantial cash injection of $3.5m allows Tesserent to optimise market opportunities by making investments in its managed security service platform.

- Tesserent continues to sell and support Sonar/MyNet services globally and is the exclusive reseller of Sonar/MyNet in Australia and New Zealand.

- Tesserent retains all its education-sector clients and associated ongoing revenue and remains focused on servicing education providers.

- With the sale, Tesserent significantly reduces its ongoing software development and staff overheads, allowing the business to scale profitably on a variable-cost, on-demand basis.

- Tesserent and Family Zone’s working relationship provides an exciting opportunity to expand the cyber safety market, with technologies designed for use within schools and the home environment.

Tesserent Limit (ASX:TNT), a specialist in managed cyber security, is pleased to announce that it has completed the sale of Sonar/MyNet IP to Family Zone Cyber Safety Limited (ASX:FZO) following approval from Family Zone’s shareholders.


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