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FirstWave Cloud Technology ( (AU:FCT) ) just unveiled an announcement.
FirstWave Cloud Technology has secured a $2.5 million loan facility from Partners for Growth VII, L.P., enhancing its access to growth capital following a recent $2.85 million equity raise. This financial boost will support the company’s strategic initiatives, including the rollout of NMIS Cloud with Telmex and converting Open-AudIT users into paying subscribers, potentially unlocking significant annual recurring revenue opportunities. The facility will also repay an existing convertible note, reflecting improved terms and market confidence in FirstWave’s growth strategy, as evidenced by successful equity raising and due diligence by lenders.
More about FirstWave Cloud Technology
FirstWave Cloud Technology is a global software company established in 2004, specializing in enterprise-grade network management, automation, audit, and cybersecurity software. It serves approximately 150,000 organizations across 178 countries, with notable clients including Microsoft, Telmex, Telstra, Claro, and NASA.
Average Trading Volume: 570,564
Technical Sentiment Signal: Sell
Current Market Cap: A$25.7M
For a thorough assessment of FCT stock, go to TipRanks’ Stock Analysis page.