Tesserent Achieves FY20 Financial Objectives And Locks In Additional $10M for potential future acquisitions

What's happened?

Tesserent Ltd (ASX:TNT) has announced that it has met its FY20 financial objectives and has also locked in an additional $10m for future acquisitions.

What are the key highlights?

1. The FY20 objective of reaching a $40M rev run rate has been met (this is revenue during the June 2020 quarter annualised).
2. Other objectives met include achieving an EBITDA positive in June (unaudited, subject to audit) and achieving a cash flow positive result from operations in June (unaudited, subject to audit).
3. The Company has also signed an agreement with its existing debt provider, PURE Asset Management (PURE), for a new $15M Facility.
4. The funds will be drawn down as required to support earnings-accretive acquisitions (three of which are well progressed), as previously set out in TNT’s Cyber-360 Strategy.

For further information, please refer to the announcement provided below.