(MENAFN- ProactiveInvestors - Australia) Etherstack (ASX: ESK) has been admitted to the official list of the ASX today following a successful IPO which raised over $3 million from the issue of Chess Depositary Interests.
The London-headquartered company will hit the ASX boards at 11am (AEST) this Friday 7 September 2012.
Etherstack specialises in wireless technology, specifically the development of software for use in transceivers enabling them to communicate with a radio network and other transceivers.
The company licences its software and designs to companies who manufacture telecommunication equipment primarily for government agencies and utilities.
Etherstack has previously inked technology, distribution and licensing contracts with the likes of Cisco Systems, Raytheon Company, Rockwell Collins, General Dynamics C4 Systems, Thales Communications and Lockheed Martin.
While the company's Sydney and London operations have been the largest software engineering and development centres within the group for the past five years, Etherstack has historically had little to no domestic business in either Australia or the UK, managing instead to export over $50 million of defence, avionics and government communications technology over this time.
In 2011, through subsidiary Auria Wireless, Etherstack signed its first major contract in Australia with a systems integrator company, Airwave Solutions (Australia), to deliver to Ergon Energy Corporation a digital radio network in Queensland.
The first stage of this contract is well underway and, subject to approval by Ergon Energy, it is expected that subsequent stages of the contract will continue for at least another eight years as Etherstack's equipment is used to build a network covering a service area of 1.7 million square kilometres.
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