Tech: Once focused just on sharks, this $8m Aussie company is diversifying its offering
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Smart Marine Systems (ASX:SM8) made its name on the ASX by providing software and hardware warning people about sharks — but a new acquisition proves it is successfully diversifying its product offering.
The company formerly known as Shark Mitigation Systems told the market this morning that it was acquiring remote communications tech business Advanced Offshore Streaming (AOS) for an initial $3.5 million, potentially $6.5 million and 60 million shares, if all milestones are met.
AOS owns software algorithms that allow for the secure transfer of data, including high-definition video and audio, from offshore or remote locations via satellite at much lower bandwidths than previously possible, Smart Marine says. It is currently operating in offshore environments in Australia, New Zealand and Europe, servicing blue chip clients including Fugro and Beach Energy. It is making money and is profitable.
Smart Marine says the acquisition represents a “massive leap forward” for its existing offerings, which mostly centre around its Clever Buoy marine monitoring system, an autonomous marine monitoring platform that is designed to enhance beach safety, monitor environmental changes and increase safety for commercial divers with autonomous technology that can be relayed back to data centres in real time.
“AOS is paramount to the long-term potential of the Clever Buoy Technology, and the realisation of real-time remote environment communications and data transfer for our clients,” said Paul Guilfoyle, managing director of Smart Marine Systems. “This technology currently forms the backbone of groundbreaking remote inspection services in Australia and will allow us the opportunity to further develop into the resource sector with a range of offshore Data Buoy activities.”
The company hopes to expand AOS’ reach of video streaming to vessels, rigs, platforms and buoys on a global basis, as well as continue research and development in the field of artificial intelligence. It says it could open opportunities in the emergency, defence, airline and surveillance industries in future.
The acquisition will be funded mostly through convertible notes, with around half a million coming from an entitlement offer to existing shareholders.
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