The company plans to grow its user base and reach a cash flow positive operating position in 2017, subject to business and market risks it said in an announcement made via Australian Securities Exchange (ASX) yesterday.
The disclosure further stated said that company has agreed to extend the offer to other sophisticated and institutional investors who are keen to participate in the capital raising exercise. To provide them with sufficient time to participate, its securities will remain suspended until Thursday, August 4. Trading in Migme’s stock has been on hold since June 30th.
Listed on the ASX in 2014, Migme delivers social entertainment services – chat, content, and microblogging. It has been expanding to emerging markets of Asia – Indonesia, Philippines, India acquiring a handful of startups for the same.
Collaboration with Mobile Only Accelerator (MOX)
Migme also announced that it has formed an alliance with Taipei-based accelerator MOX to promote its platform to Android users by including it in MOX’s software development kits. In return, it will issue SOSV with 1% of its issued shares and share revenues earned on the MOX Platform. Both, migme and MOX will work together across a range of initiatives that will be extended to other migme partners.
MOX, which stands for “Mobile-Only Accelerator”, enables apps from around the world to reach over 135 million Android mobile users through its strategic partnerships in the mobile industry. It is one of six global accelerators operated by SOSV, a venture capital fund managing US$250 million in assets.
SOSV is a leading accelerator venture capital fund with US$250 million in assets under management, operating six global accelerators, including Taipei-based MOX for mobile software. MOX enables mobile apps, platforms and services from around the world to reach over 135 million Android mobile users, growing at over 10 million per month.
Steven Goh, CEO of migme, is counting on this collaboration and other expected strategic partnerships that are to be formed with other MOX participants to further fuel company’s growth.
William Bao Bean, SOSV Investment Partner and MOX Managing Director said,
We are pleased to be welcoming the migme platform to our MOX Accelerator and we look forward to working with the company in their further expansion with this next wave of emerging smartphone users.