Tomizone, an Australia-listed connectivity, analytics and location based services company, has entered into a conditional arrangement to acquire the Philippine-based technology solutions firm Social Light Inc for an undisclosed sum. Star Light CEO Francis Simisim said they have so far raised $1 million fresh capital from the deal. Tomizone will acquire 100 per cent of the issued capital in Social Light through the issue of up to 24,500,300 Tomizone ordinary shares, which equates to about 19.97 per cent of its current total share capital. Social Light completed its last capital raise in mid-2016 at a valuation of around $2.5 million.
“Proceeds of the equity capital raise will be used to fund growth and working capital,” the Auckland-based firm added. Headquartered in Manila, Social Light has more than 10 years of experience in providing development services across the connectivity, digital marketing, and retail technology space. Tomizone believes Social Light will accelerate its growth through bolstering and accelerating technology and product development. Tomizone also does software to enterprises, brands and public venues. “Social Light provides enhanced technological and operational capabilities which will enable Tomizone to provide additional revenue generating services to current and potential customers, while reducing Tomizone’s existing operating cost structure and improving operating efficiency,” Tomizone explained.