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Lateral looking at strategic Thred stake

Lateral looking at strategic Thred stake

Lateral | 9/01/2017
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Lateral looking at strategic Thred stake
Thred Limited (ASX: THD), developer of a unified social messaging and social e-commerce platform,  has confirmed the well credentialed Australian technical company it is talking to regarding a strategic stake in Thred is Lateral Pty Ltd, an established Australian custom software development company it has been working with since August 2016.
 
 
Thred Limited (ASX: THD), developer of a unified social messaging and social e-commerce platform,  has confirmed the well credentialed Australian technical company it is talking to regarding a strategic stake in Thred is Lateral Pty Ltd, an established Australian custom software development company it has been working with since August 2016.
 
In an announcement to the ASX earlier today Thred said the intended investment by Lateral is initially expected to be up to $400,000 and would be made through participation in the current capital raising, where Thred is looking to raise $3.1 million via a 1 for 5 Rights Issue. The non-renounceable pro rata offer to eligible shareholders of up to 154,968,856 shares at an issue price of $0.02 per share is fully underwritten by Hunter Capital.
 
The issue was recently extended so as to allow to negotiations with Lateral to complete and is now expected to close on 24 January 2017.
 
The funds raised via the Rights Issue will be primarily applied to accelerating the commercialisation of the Thred platform, including opportunities in the IoT space, social e-commerce and the ongoing Microsoft Office 365 partnership developments. On 6 December 2016 Thred confirmed the early release of the Beta version of its core Thred platform, which is initially available to a closed user group for tuning and feedback. The  Beta release is available via the two most prolific operating systems, iOS and Android.
 
Lateral was established in 1987 as a providing professional software development services and developing proprietary intellectual property in the software cloud and app space. It provides world-class technology capabilities such as custom software development, app development, complex integrated solutions, modernising legacy systems, UI/UX consultancy, cloud computing solutions and mobile solutions, as well as business analysis and Project Management. It has a large team spread across two Australian offices and boasts high profile clients including Wesfarmers, Samsung, Curtin University of Technology, AHG, Crown Perth, Honda Australia and CBH Group.
 
Commenting on the potential strategic investment, Lateral CEO and Western Australian entrepreneur, Mr Tommy Shin, said in a statement, “Thred will be a game changer to the social media and messaging sectors. Working closely across technical and commercial spheres will be beneficially mutual for both Thred and Lateral, which will in turn provide a greater result to Thred shareholders.
 
“Our investment in Thred, as a committed shareholder, and our leading role in the development of technology that drives the Thred platform ensures we are 100% aligned with the company and its shareholders in the delivery of a world class technology product and driving shareholder value. We welcome this important strategic partnership and look forward to being more involved with this disruptive platform.”
 
Mr Geoff Marshall, Thred Managing Director, added, “Laterals consideration of this investment and bolstered partnership, reinforces Thred’s value proposition and potential. Having a technology partner as a shareholder ticks several important boxes for both parties, including but not limited to enhanced access to technical advice, expertise and resources. We foresee successfully concluding our negotiations with Lateral and look forward to welcoming them as an important, aligned and contributory shareholder”.
 
Thred has developed systems that unify and centralise users’ contacts while providing a centralised communication hub. Thred aims to empower anyone, anywhere to easily connect with anyone else or any group across social networks, contact databases, email and more to create, manage and archive communications around relevant content.
 
 
Investor Relations:
David Tasker
National Director, Capital Markets, PPR
 
David.Tasker@ppr.com.au

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