Cybersecurity company Archtis has raised $8 million in an initial public offering to help fund the commercialisation of its information sharing platform.
The Canberra-based company, which develops secure platforms where clients can share and edit top secret information, plans to list on the ASX on September 21.
It closed early on an initial raising of $8 million, offered at 20 cents per share, giving it a market value of about $24 million.
The company rejected an option to raise a further $2 million through oversubscriptions in the hope shareholders who missed out will flock to invest on its market debut.
Founded in 2006, Archtis was born out of the need for secure information sharing among intelligence agencies.
“After 9/11 and the Bali bombings we learnt agencies were reticent to share information,” Archtis’ chief executive Daniel Lai told AAP on Thursday.
The company developed its cloud-based Kojensi project with the department of defence, which uses it to share intelligence between Australian and US security agencies.
But cybersecurity needs have grown beyond the government sector in the past 12 years as the world becomes more information-driven, Mr Lai says.
“There’s much greater knowledge of security, and the impact of security breaches not just in dollars but social stability.”
“Security is a human issue, not just a technological problem.”
By going public the firm hopes to take Kojensi into commercial sectors, including finance, healthcare and legal.
Archtis’ new direction will be driven by former Rudd-Gillard government defence minister Stephen Smith as chair and non-executive director.
“I think Stephen is excited by the prospect of marketing something beyond government,” Mr Lai said.