Journeys & Transactions
September 2017
Start of x10 Partners involvement
WA Kaolin mandates x10 Partners as business and corporate advisors to identify the best path and to support the business through to commercialisation.
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WA Kaolin mandates x10 Partners as business and corporate advisors to identify the best path and to support the business through to commercialisation.
WA Kaolin focus pivots from capital intensive wet process and paper industry markets to less capital-intensive dry processing with a focus on ceramics/porcelain, fibreglass, plastics, paint and pigments and polymer/rubber
WA Kaolin finalises financial model and business plan in support of the new focus
The Company engages lead brokers and professional services and creates a timeline and plan to IPO
WA Kaolin secures offtakes and cornerstone investment from a major global kaolin distributor
WA Kaolin undertakes a pre-IPO, raising $7.65 million
The Company is admitted to the Official List of the ASX on the back of a heavily oversubscribed $22m IPO
WA Kaolin was initially established in 1998 to acquire a 10,000Ha kaolin project and tenements from Rio Tinto.
Having acquired these tenements, WA Kaolin developed proprietary wet and dry process methods for refining kaolin. During this period, in the absence of access to equity funding, the Company invested $42 million into the project by way of loans and personal guarantees. In 2017, x10 Partners first began working with WA Kaolin to assist with attracting the equity funding necessary to take the business into volume production. Today, WA Kaolin is an ASX-listed entity, fully funded through to volume production and cashflow positive operations. WA Kaolin is targeting a progressive ramp-up of production over the coming years to become a leading supplier of kaolin.
For more information visit https://www.wakaolin.com.au/
x10 Partners’ initial focus involved a review of the WA Kaolin business plan and an end-to-end value chain analysis. x10 Partners identified and proposed a significantly less capital-intensive, lower risk and swifter pathway to profitable cashflow and positive operations. This resulted in the business pivoting away from capital intensive wet processing targeted at paper and packaging markets to dry processing targeting other kaolin end market verticals such as ceramics, fibreglass, paint, rubber, and other materials. x10 Partners also identified the optimum capital pathway that best served the business and the owner’s interest would be via an ASX listing. x10 Partners helped WA Kaolin develop an investment-grade business plan, financial model and supporting materials to guide and prepare the business for the public environment. x10 Partners assisted in the negotiation of offtakes and a cornerstone investment by a major global kaolin distributor in the lead up to pre-IPO.
“x10 Partners has been instrumental in enabling WA Kaolin to understand the capital market options and to access the capital necessary to fund our world class kaolin project through to volume production. x10’s guidance in optimising our product mix and go to market strategy, assistance with the negotiation of a key strategic off-take agreement and advice on company structure changes in preparation for the public capital markets has greatly contributed to our success to date.”
-Andrew Sorensen, CEO
Paul first engages with Bulletproof, a small privately held business critical managed website company
Bulletproof lists on the ASX by way of a reverse takeover of Spencer Resources, with annual revenues of $18m
Bulletproof acquires Pantha Corp to expand its consulting and managed services
Bulletproof acquires Infoplex for $3.55m cash to build out its private cloud offering
Bulletproof achieves full year revenues of $47.2m
Macquarie Telecom launches off market takeover bid for Bulletproof
Bulletproof merges (by way of scheme of arrangement) with AC3 to form a major specialist cloud supplier to Government and private industry
Bulletproof was a leading mission critical cloud provider in Australia, providing Managed Public and Private Cloud services to business, enterprise and Government customers. Consistently been first to market with public and private cloud-based services and innovations, Bulletproof was the first company in Australia to launch a public cloud service in 2006 and the first to launch a managed Amazon Web Services (AWS) offering in 2012. Bulletproof merged with Australian technology group AC3 in 2018 to form one of the leading hybrid cloud suppliers in Australia.
https://www.ac3.com.au
The successful listing of Bulletproof in 2014 was the culmination of several years of work with x10 Executive Director Paul Lowry. Paul initially assisted Bulletproof by reviewing the Company’s business goals and advising on areas of focus, ultimately refining, and aligning the business strategy with those goals. It was determined that a public listing process was a key element of the Company’s future strategy and Paul was mandated to assist the Company in executing its listing plans by way of a reverse listing under the ASX listing rules. This involved finding a short list of shell companies, helping with the negotiation and selection of the appropriate vehicle, and then driving and executing the transaction, including a capital raising under prospectus, and the acquisition of Bulletproof Networks by the listed shell (which was renamed to Bulletproof Group Limited in the process). Following this, Paul provided ongoing guidance through a number of acquisitions and ultimately assistance with the sale of the complete business.
“The value Paul brought to Bulletproof through the process was far in excess of what a good adviser would be expected to bring, including the thorough education of the Bulletproof owners into the world of listed companies. We found that Paul always acted in our best interests rather than just closing a deal and Paul has continued to be regarded as a partner inside our business as we grow.”
-Anthony Woodward, CEO
Imaging Experts and Healthcare Services (IMEXHS) established in Bogota, Colombia
Nuance partnership agreement. Annual revenue $2 million. Business model begins to transition to Software as a Service (SaaS)
First zero footprint HTML product released to market. SaaS business model dominates revenue
The Company listed on the ASX via an RTO accessing $7.5 million in capital
23 distributors in 15countries throughout Latin America and Australia
IMEXHS received FDA clearance to sell its products in the US
IMEXHS announced its first customer in Australia following a successful trial
The Company completed a successful two-tranche placement raising $10 million
136% recurring Revenue growth in 2019 on previous corresponding period
124% Compound Annual Growth rate (CAGR) in Annual Recurring Revenue since inception
Imaging Experts and Healthcare Services (IMEXHS) is a provider of next generation SaaS solutions for the healthcare industry. IMEXHS’s suite of web-based cloud solutions allow healthcare facilities to maximise return on investment in radiology, cardiology and pathology facilities through optimised digital workflows and enterprise image management. IMEXHS is leading the digital transformation of the medical imaging industry by providing advanced technologies for hospitals and clinics that are scalable, adaptable, accessible and can offer seamless interoperability while maintaining data integrity.
For more information visit: https://imexhs.com/
x10 Partner’s Seamus Woulfe initially helped IMEXHS in developing and refining its business plan and strategy. A public listing was identified early on as the optimal funding path for IMEXHS’s growth ambitions, and three key factors were identified as pre-requisites to that listing. IMEXHS needed to demonstrate that it had proven technology, a proven business model and a proven ability to scale into international markets. During the two years that Seamus worked with IMEXHS, these three key milestones were demonstrated, and x10 Partners was then engaged to manage the journey to the capital markets. IMEXHS listed in September 2018 via an RTO of Omni Market Tide accessing approximately $7.5 million in capital, including $500k by convertible note and $5.5 million by way of a re-compliance capital raise. Three years on, IMEXHS has expanded its footprint into 15 countries, extended its product range to include radiology, cardiology and anatomical pathology. x10 Partners assisted with a follow on $10 million capital raise in 2019.
“x10 Partners created an opportunity for IMEXHS to significantly accelerate both the scope and speed of our global expansion plans compared with previous private funding options. Seamus and the x10 Partners team added real value to the IMEXHS business, prepared us for the public capital markets and organised staged funding along the way. They always worked with our best interests in mind.”
– Dr. German Arango, CEO
Founders engage Stephen Rice to commercialise aerial imagery technologies
Spookfish awarded Australian Industry Grant. Technology Roadmap commences
$500k seed raising completed. Stephen Rice appointed Chairman
Whitestar Resources invests $2 million in Spookfish
ASX Listing via RTO of White Star Resources. Stephen Rice appointed inaugural CEO
SFI commences with $6.5 million cash after re-compliance raising
Stephen Rice resigns from Spookfish and forms x10 Partners corporate advisory
Spookfish undertakes a $6 million capital raising
Spookfish signs license and royalty agreement with Eagleview, who commits $6million equity investment
Spookfish successfully completes $9.3 million placement
Eagle View orders five additional camera systems
Eagleview Technologies acquires Spookfish for $140 million
Spookfish was formed in 2013 to develop and commercialise next generation geospatial imagery technology designed by the founders. The revolutionary technology enables rapid imaging of entire countries in high resolution from multiple angles at a fraction of the cost of contemporary systems. Today, Spookfish is owned by USA geospatial giant Eagleview Technologies, which acquired the ASX listed Spookfish in 2018.
For more information visit: https://www.eagleview.com/
x10 Partners’ Stephen Rice led the Company through the development of its technology roadmap and charted the business model and growth strategy. Stephen applied for and received Government commercialisation grant funding and then effectively raised early-stage and seed funding. Stephen was successful in guiding the business through to the capital markets including negotiating, preparing and steering the reverse take-over transaction. Stephen was then subsequently appointed CEO and providing a stable and systematic approach to establishing the business as a public company. Stephen was responsible for hiring the team with the right expertise, leading the establishment of business systems and processes and led the culture of the organisation, establishing the foundations of a substantial enterprise.
“Stephen Rice showed outstanding leadership during the early-stage development of Spookfish Pty Ltd and subsequent reverse take-over of the ASX-listed Whitestar Resources Ltd. Stephen performed the role of Chairman of the private company and was then appointed the inaugural CEO of the listed company. Having created the platform for the founders to realise their dream and to globalise the technology, Stephen resigned to pursue others interests and hopefully to assist other entrepreneurs and inventors to realise their dreams and ambitions. I wholeheartedly admire, respect and value the multiplicity of facets to Stephen’s expertise and capabilities. My endorsement of Stephen to any individual or organisation wishing to grow is unconditionally extended.”
-Mike von Bertouch, Director
Innovaero engages x10 to assist it with strategies for identifying and creating enterprise value
Innovaero Technologies corporate entity formed as the umbrella company to manage the various lines of business and journey the group to the public capital markets.
Acquisition of 5D Systems - Sovereign Tactical Unmanned Aerial System (TUAS) designed initially to meet the requirements of the Australian Defence Force
The company successfully completes a share placement raising $4.0m equity capital, which included ASX listed Cfoam Limited (ASX:CFO) acquiring a 10% stake
Acquisition of Aviation Composites, a fully CASA Approved AMO (CASR - Part 145) with a dedicated composite workshop and specialised technicians
Innovaero participates in Land Forces exposition, an international industry event to showcase equipment, technology, and services for the armies of Australia and the Indo-Asia-Pacific
Insitu Pacific, a Boeing Company signs Memorandum of Understanding with Innovaero Technologies to collaborate on the development of tactical unmanned aircraft
ASX listed Cfoam (ASX:CFO) increases its stake in Innovaero to 17.24% with a further $2m investment
Innovaero Technologies enters into a Teaming Agreement with a significant Australian company involved in surveillance and border protection
Innovaero Technologies is a CASA-Certified ,world-class organisation that designs and manufactures complex aeronautical products and systems, with an emphasis on geospatial aerial imaging, survey systems, and defence applications.
The company’s airborne technologies are supported by ground-based operations management, and through life support services.
Innovaero has a proven track record of delivering innovative technologies and significant commercial outcomes both in Australia and internationally. It is a multi-disciplinary, multi-faceted organisation proud of its unique culture and talented and experienced people. Innovaero has been recognised by multiple industry awards over a 20+ year period.
x10 Partners assisted Innovaero in developing, evolving, and refining its business plan and strategy.
Following this, the company pivoted its business model away from being primarily a projects-based business towards becoming a products business with a functional corporate structure incorporating multiple “lines of business”, each of which is focused on an identified market opportunity that fits the company’s criteria for creating enterprise value.
R&D commences on the MAID concept and methodology
MAID commences patent filing
MAID awarded its first patent in the United States
Field testing of algorithms conducted in Palm Beach USA
MAID demonstrated its system in action via comprehensive trials conducted in Baltimore USA
x10 commences working with MAID Systems and conducted a review of its business plan to become a manufacturer and provider of autonomous docking systems to the global marine industry
x10 Partners mandated by MAID Systems to assist in the creation and maximisation of enterprise value. MAID business plan pivots to licensing and or selling its Intellectual Property asset portfolio.
x10 Partners assist MAID in a capital raise
x10 Partners assist MAID with a further capital raise which was oversubscribed
FISH and Richardson, one of the world’s largest and most respected IP assertion and monetisation firms agrees to represent MAID Systems on a 100% contingency fee basis
MAID Systems’ patent portfolio covers USA, Australia, Singapore, Taiwan, Europe, Panama, Hong Kong and Japan with pending patents filed in Singapore, Australia, Europe (38 countries), Korea, Japan, China, USA, UAE and Hong Kong
MAID Systems has devoted ten years developing and patenting a comprehensive suite of IP, which underpins solutions that allow vessels to be docked and positioned autonomously, increasing safety, and eliminating human error from the process. 80% of all marine accidents involve human error and MAID Systems’ IP is expected to make a major contribution to accident avoidance in the industry.
The company’s IP and methodology also provides the key missing link in enabling end-to-end autonomous shipping. Marine vessels can follow GPS waypoints through shipping lanes as they navigate from port to port. GPS however is not a viable solution for docking due to fundamental limitations on its accuracy and variability. The company’s patented Marine Autonomous Intelligent Docking IP and methodology solves this problem for the marine industry given it’s non reliance on GPS.
x10 Partners has assisted MAID Systems in developing and pivoting its business plan and strategy. The company’s business plan has evolved from commercialising its IP though becoming a systems manufacturer to maximizing its enterprise value through the sale or licensing of its Intellectual Property assets.
Subsequent to this business plan pivot x10 Partners have assisted in execution though working with the company to identify and mandate a global tier 1 IP monetisation firm to sell or license the IP on its behalf.
x10 partners have also assisted the company in rationalising its cash burn and raising funding to see it through to an exit.