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American Virtual Cloud Technologies, Inc. (Nasdaq: AVCT) announced the sale of its Computex Technology Group to Calian Group Ltd. (TSX: CGY), marking a strategic transition to a cloud communications focus centered around its Kandy platform. This transaction is anticipated to leave AVCtechnologies debt-free and provide more than $40 million from exercised warrants to support its growth initiatives. With significant year-over-year subscriber growth projected for the Kandy platform, the company aims to capitalize on the expanding cloud communications market.
American Virtual Cloud Technologies (AVCT) has appointed Michael Tessler as the new Chairman of its Board of Directors. Tessler, a veteran in the technology and telecommunications sector, previously co-founded and served as CEO of BroadSoft, leading it to a $1.9 billion acquisition by Cisco. His experience includes navigating significant transitions and overseeing numerous acquisitions. AVCtechnologies is currently focusing on its cloud communications business, Kandy, to fuel growth. The company aims to enhance its service offerings in unified cloud communications, cybersecurity, and managed services.
American Virtual Cloud Technologies (AVCT) has filed a resale registration statement on Form S-3, registering 37,916,668 shares underlying warrants from previous financing transactions. This step aims to enhance liquidity and support strategic growth initiatives, including partnerships with Braidio and Etisalat. The exercise of these warrants could bring in approximately $41 million, on top of the $35 million already raised. The company also anticipates revenue growth from its Kandy Business Unit, projecting revenues to increase from $14.3 million in 2020 to over $37 million in 2022.
American Virtual Cloud Technologies (AVCT) has expanded its partnership with Etisalat to enhance CloudTalk Enterprise Collaboration Solutions. This initiative introduces advanced real-time communications capabilities for large enterprises in the region. The new offerings include a secure, cloud-based platform serving over 50,000 users, facilitating features such as HD video conferencing and toll-free audio conferencing. This collaboration aims to improve services, particularly in the TeleHealth sector, driving digital transformation and enhancing patient care.
Kandy Communications, a unit of American Virtual Cloud Technologies (AVCT), has expanded its Public Switched Telephone Network (PSTN) replacement services to Brazil and China, increasing its coverage to 40 countries. This expansion allows Kandy to serve regions that comprise 78% of the global GDP. The services include local dial tones, number porting, toll-free services, and emergency services. Kandy’s offerings aim to facilitate the migration of telephony networks to cloud-based solutions, enhancing global business connectivity.
American Virtual Cloud Technologies (AVCT) announced a securities purchase agreement with an institutional investor, aiming to raise $25 million in gross proceeds. Combined with a prior equity raise, potential cash could reach $76 million if all warrants are exercised. The funds will support growth initiatives and facilitate the planned divestiture of Computex Technology Group, expected to eliminate the company's debt. Leadership emphasizes improved liquidity and a stronger balance sheet, anticipating revenue growth from existing clients like IBM and AT&T.
American Virtual Cloud Technologies (AVCT) announces an expanded partnership between its Kandy Communications unit and Braidio, aimed at enhancing customer engagement in various sectors, including healthcare and pet wellness. This collaboration will support an 80,000-user telehealth application and services for over 25,000 customers. Braidio's platform, backed by Kandy's CPaaS capabilities, enables real-time communication solutions, positioning both companies to capitalize on the growing $20 billion CPaaS market projected by 2025.
American Virtual Cloud Technologies (AVCT) projects a significant revenue growth from $14.3 million in 2020 to approximately $18.8 million in 2021, aiming for over $37 million in 2022. This growth is fueled by a remarkable 505% year-over-year increase in subscribers since January 2019. The company emphasizes its position as a leading white-label cloud communications provider, leveraging relationships with major clients like IBM and AT&T. Strategic acquisitions and organic growth are also part of its business plan, including plans to divest Computex Technology Group.
American Virtual Cloud Technologies (AVCT) announced a significant advancement in its collaboration with ConnX, enhancing cloud communications for retailers. The Kandy Communications unit has successfully transformed a national retail communications network, serving over 80,000 endpoints across physical stores and eCommerce platforms. Kandy offers comprehensive Unified Communications as a Service (UCaaS) solutions, and ConnX plans to expand its services globally. This partnership aims to improve customer experience and drive digital transformation in the retail sector.
American Virtual Cloud Technologies (Nasdaq: AVCT) has entered into a definitive agreement for a registered direct offering of 2,500,000 shares of common stock at $2.00 per share. This offering will yield gross proceeds of $5.0 million, with an additional potential $5.0 million if a Series B Warrant is fully exercised. The company plans to utilize approximately $4.5 million from this offering for debt reduction and working capital. Northland Capital Markets is the sole placement agent for the transaction, which follows an effective shelf registration statement with the SEC.
