AnyTech365, a Leader in IT Security and Support, to Go Public Through Merger with DUET Acquisition Corp
AnyTech365 Offers a One-Point Solution for all Customer IT and Cybersecurity Needs.
Transaction Represents Proforma Enterprise Value of $287 Million for AnyTech365.
AnyTech365 Expects to Have up to $77.1 Million in Cash to Fund Growth and Operations, assuming no redemptions.
Anteco Systems, S.L, a leader in IT security and support, and DUET Acquisition Corp, a special purpose acquisition company focused on disruptive high-growth, middle market technology companies, announced that they have entered into a definitive business combination agreement (the “Transaction”) that will result in AnyTech365 becoming a publicly traded company. The Transaction is expected to be completed in the fourth quarter of 2022, subject to regulatory approvals and other customary closing conditions. After closing, AnyTech365 expects to trade on NASDAQ under ticker symbol ANYT.
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AnyTech365: An Efficient, Customer-First Approach to IT Security and Support
Founded in 2014, AnyTech365 offers subscription-based Technical Support as a Service (“TSaaS”), covering everything from IoT home devices to PC and software related issues. As cybersecurity rises in prominence and IT devices and software become increasingly complex systems for consumers and small businesses to navigate, AnyTech365 is simplifying the user experience, offering reliable and trustworthy support around the clock.
As a one-stop-shop, AnyTech365 addresses consumer tech issues in an efficient and comprehensive manner with both support service and extensive product features. Customers can choose from tiered subscription-based packages, which include around the clock access to the Company’s qualified technicians with extensive IoT knowledge. In addition, the Company offers best-in-class IT security technology leveraging artificial intelligence to proactively prevent cybersecurity threats combined with a fully compliant internal procedure certified by AppEsteem.
AnyTech365 intends to use the proceeds from the transaction to accelerate its growth strategy, including expanding its core business to meet increased demand, accelerating its strategic partnership with Media Markt, and pursuing strategic acquisitions.
Capitalizing on Favorable Market Tailwinds: The growing complexity of IoT technologies, alongside increased cybersecurity risk, has made it an opportune time for AnyTech365 to expand its legacy TSaaS business. With the devices with which we interact every day becoming increasingly complex and connected and digital operations migrating to the cloud, small businesses and consumers are increasingly looking for high-quality technical support. AnyTech365’s customer-first service offering is uniquely positioned to capitalize on the rising demand stemming from these trends. With a strong existing B2C presence and market resonance, the Company also has a tremendous opportunity to extend B2B applications serving small and medium enterprises across expanded end markets and geographies.
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Expanding Strategic Partnerships: AnyTech365 is poised to scale its reach throughout Europe by expanding its recently announced partnership with Media Markt, Europe’s largest electronic retailer with over 1,000 stores and a leading ecommerce platform. The agreement will allow AnyTech365 to position technical personnel at each of Media Markt’s more than 100 stores in Spain to provide on-site technical support to customers and the opportunity to introduce the Company’s TSaaS services. Beyond Spain, the partnership is expected to roll out across additional EU territories where Media Markt operates.
Pursuing Complementary Acquisitions: The strong demand for TSaaS and the fragmented market presents a considerable opportunity for AnyTech365 to rapidly expand its service offerings and capabilities across end markets and geographies. With an industry leading compliance platform and scalable AI systems, AnyTech365 is positioned to achieve greater reach through consolidation in this nascent and fast-growing environment.
Janus Nielsen, Founder of AnyTech365, and Tero Turunen, Executive Chairman, said:
“Since our founding, AnyTech365 has been focused on simplifying the IT security and support industry for consumers who are overwhelmed by the complexity and noise of the space. We understand the frustration that consumers feel, which is why we set out to create a one-point solution for exceptional service and first-class IT security technology. Our recently announced partnership with Media Markt, coupled with the heightened degree of cybersecurity risk across the globe, has created a favorable environment for us to accelerate our growth. This merger with DUET will provide us with greater opportunity to capitalize on our momentum, expand our offerings, and take advantage of improved access to capital markets. DUET’s expertise in high-growth, disruptive technologies make them an ideal partner to take AnyTech365 through its next phase of growth and we look forward to working with them as strategic investors.”
Yeoh Oon Lai and Dharmendra Magasvaran, Co-CEOs of DUET, said:
“We launched DUET with the intention of finding a disruptive change-maker technology enterprise and have found an ideal partner in AnyTech365. The Company is reimagining customer care, disrupting the complex IT support industry, and providing consumers with a reliable and trustworthy partner. This business combination will accelerate AnyTech365’s ability to scale effectively and expand its service offerings across Europe and into new geographies. We are excited to partner with Tero, Janus, and the entire AnyTech365 team.”
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