SYDNEY, AUSTRALIA: FirstWave Cloud Technology Limited (ASX: FCT), a global software company, announced today that it has acquired all the assets of Saisei Networks Inc., a network automation software company founded in Silicon Valley.
The acquisition will enhance FirstWave’s network management offering, bring over 50 new clients from North America and Latin America, increase its cash reserves by $200,000, add six new software engineers to its team, and expand its intellectual property and technical management.
Saisei is a leading provider of patented software for real-time network visibility, analytics and control. Its technology allows network managers to effectively manage their end users’ experience without incremental capital expenditure.
Saisei’s software is compatible with FirstWave’s NMIS (Network Management Information System) platform, which is a leading network management system that assists with fault, performance and configuration management.
FirstWave will issue 40,571,428 new shares to Saisei as payment for the assets of the business. The transaction will add approximately $AUD1 million to FirstWave’s annual revenue while providing a range of product and marketing enhancements.
Boris Rozenvasser, majority owner of Saisei and ex Dodo CEO, said: “I believe FirstWave has an exciting future and is the right home for Saisei to continue to grow. I look forward to being part of the company’s journey.”
John Harper, Saisei CTO, will remain with the business, along with a majority of the Saisei team. He will support the successful merger of intellectual property and solutions post-acquisition and will continue playing an important role in the business moving forward.
FirstWave CEO Danny Maher said Saisei was a highly scalable digital software business with considerable growth opportunities. “Having developed a proven, stable and scalable software solution, with a broad base of commercial customers, the business is well-positioned to add to our growth. Saisei’s leading software provides network managers with the ability to dynamically apply network controls based on pre-configured rule sets together with machine learning delivering a highly-automated solution that increases capability while reducing operational expenditure. The company already has over 50 customers worldwide with strong channel partner relationships that we will be able to leverage to grow our ARR.”
The acquisition of Saisei is expected to accelerate FirstWave’s growth in its key target market of North American telecommunications providers. FirstWave is a global software company that delivers cloud-based security solutions for enterprises and governments.