SYDNEY, AUSTRALIA: Family Zone Cyber Safety has entered into an unconditional share purchase agreement to acquire the Smoothwall business through the acquisition of 100% shares in TopCo Oasis Limited and its subsidiaries for £75.5 million.

The consideration includes £65 million payable at completion of the Acquisition (scheduled for Monday 12 August 2021, UK time following the closing of the Institutional Entitlement Offer) and a further £10.5 million in deferred consideration payable on 1 September 2021 (following the closing of the Retail Entitlement Offer).

TopCo is a UK based company which together with its wholly owned subsidiaries owns and operates the Smoothwall business.

The acquisition of Smoothwall represents a unique opportunity for Family Zone as a highly complementary business of significant scale with an attractive target market customer base.

Family Zone secured the acquisition through a competitive process managed by the corporate advisors of the Smoothwall shareholders. This process included comprehensive due diligence being undertaken by both the vendor and the Company’s representatives.

The sale and purchase agreement provides comprehensive warranties in relation to the Smoothwall business. Family Zone will purchase warranty and indemnity insurance for the Smoothwall Acquisition which is customary for a transaction of this nature.

The combination of Family Zone and Smoothwall delivers a world leading portfolio of K-12 online safety products inclusive of compliance/filtering, classroom management, data analytics, monitoring and case management.

With in excess of 6 million students associated with Smoothwall’s UK client base, a significant opportunity is available to promote Family Zone’s world leading parental control services through UK school communities.

Family Zone, supporting and protecting every child’s digital journey, is an ASX-listed technology company and an emerging leader in the fast growing global cyber safety industry.

Family Zone’s unique innovation is its patented cyber safety ecosystem, a platform enabling a world-first collaboration between schools, parents and cyber safety educators. Family Zone’s unique approach is delivering rapid growth in the education sector, as well as through direct sales and scalable reseller arrangements with telco providers

Family Zone Cyber Safety Ltd share price

0.60 AUD

30 Jul, 4:10 pm GMT+10 ·Disclaimer

www.familyzone.com