ASX Tech Stocks: PARKD up 35% on $8.2m car park deal and Gentrack ups revenue despite customer insolvencies

PARKD signs $8.2 million car park deal
GTK says B2C supplier failures driven by global energy crisis
Cipherpoint acquires VIT Cyber Security

PARKD (ASX:PKD)

Up 35.6% today was construction tech player PARKD

The company signed a head of agreement for a $8.2 million multi-level car park with the Coxon Group at their Kewdale complex.

The new building will deliver 8,400m2 gross floor area consisting of 257 vehicle bays, 1,000m2 of office space on Level 4 and a pedestrian bridge allowing access to an existing office building on site.

“The signing of this contract comes at an exciting phase in the company’s development and illustrates the value of our unique IP and the ability of our team to produce outcomes,” CEO Peter McUtchen said.

“Following the awarded contract last month from the John Hughes Group to provide an 80 bay mezzanine within an existing facility this project presents PARKD with the perfect opportunity to further showcase the benefits and versatility of our unique modular system with this multi-level car park and commercial construction.”

The binding undertaking will allow PARKD to immediately commence design and documentation for the manufacturing of modular elements and construction works of the project – which is expected to be completed by Q1, 2022.

Stage 2 is expected to commence in Q2 CY 2022.

Gentrack Group (ASX:GTK)

Up 9.4% today was utilities and airports clean-tech software player Gentrack.

The company released its results for the full year to 30 September, with revenue at $105.7 million (up 5.2% on FY20) and EBITDA slightly ahead of guidance at $12.7 million (up 5.0% on FY20).

The company says over the past 12 months it has won 7 new contracts, including 3 new B2B energy retailers.

However, the number of B2C supplier failures in the UK has accelerated in the last 3 months due to the global energy crisis and Government-enforced price cap for the B2C segment, Gentrack said.

A total of 9 customer insolvencies occured since the beginning of FY21, compared to 6 in total from FY17 through FY20.

“We anticipate there may be some further supplier failures in the coming winter months after which our expectation is that the market will stabilise,” the company said.

“We have made allowances for a reasonable scenario for these additional potential failures.”

Traffic Technologies (ASX:TTI)

The company was unchanged in early morning trade today.

TTI has been awarded contracts of up to $9 million by the Queensland Department of Transport and Main Roads which it says will support long term recurring revenue growth and secure group’s position in the Queensland market.

“The term contracts are significant as they provide an important source of long-term recurring revenue and secure the group’s position in the Queensland market to supply a wide range of traffic management solutions for the next five years with the potential of two additional three-year extensions,” TTI managing director Con Liosatos said.

“The group has been able to significantly strengthen its position in the Queensland market following the acquisition of the iTS (Intelligent Transport Systems) business acquired in June 2021.”

Life360 (ASX:360)

Down 9.7% today was family friendly communications app Life360.

The company has completed the institutional component of its fully underwritten $280m capital raising to fund the acquisition of Tile, Inc. which it said was strongly supported by existing shareholders and new investors.

$88.7 million was raised in the institutional entitlement offer, with a take up rate of 94.3% by eligible institutional securityholders, and $160.2 million was raised through the institutional placement.

“[Our shareholders] have demonstrated pleasing confidence in our vision of integrated location solutions for all life stages, enabling a seamless experience for families that integrates people, pets and things,” founder and CEO Chris Hulls said.

“We are excited to welcome the Tile team into the Life360 circle and look forward to working together to deliver our market leading solutions so that families can live fully.”

The company’s retail entitlement offer will open on 30 November to raise an additional $31.1 million.

Serko (ASX:SKO)

Travel booking and expensive provider Serko was down 11.6% in early morning trade.

The company completed its NZ$75 million placement at NZ$7.05 per share -which represents a 10.2% discount to the closing price of NZ$7.85 on 23 November 2021.

Serko CEO Darrin Grafton said the capital raising enables Serko to continue to invest to capture the growth opportunities across key markets, and “realise our vision of transforming from an online booking tool into a global marketplace.”

4DS Memory (ASX:4DS)

Semiconductor player 4DS was down 11.9% today in early morning trade.

The company has raised $2.5 million via a placement at $0.048 per share and has launched an SPP to raise a further $2.5 million – with the ability to accept subscriptions for an additional $1 million worth of shares.

Mac Equity Partners will underwrite the SPP to $2.5 million.

4DS plans to use the funds to develop its Interface Switching ReRAM technology with imec in 2022 as well as for the maintenance of intellectual property and for working capital purposes.

Cipherpoint (ASX:CPT)

Down 12.8% today was Cipherpoint, with the company announcing the acquisition of Virtual Information Technology (VIT Cyber Security).

VIT Cyber Security provides managed IT and security solutions to agencies of the Tasmanian Government and enterprise businesses including digital forensics and incident response services, identity protection and security and Citrix and Red Hat consulting.

CPT chairman Ted Pretty said the VIT team and its capabilities gives CPT the opportunity to leverage the Group’s capabilities not only into the Tasmanian market, but also Victoria and South Australia.