Capital Increase for the Advancement of a Key Project
On November 15, 2018, MAX21 AG (ISIN DE000A0D88T9, Open Market, MA1 GY) announced a capital increase in cash of 601,670 new shares in the context of a non-public, private placement. The issuance price is fixed at €1.20 entailing proceeds of maximal T€722.
Upon discussion with CEO Nils Manegold, the proceeds are earmarked for the optimization of the new product MIRA (Managed Identity Role Access) and acceleration of the project. MIRA is being developed by MAX21´s 100% subsidiary Key Identity GmbH (KI) together with a globally acting partner, who has direct access to the top management level of its customers. The partner´s reach is beyond the scope which KI would be able to address by itself. This joint development and marketing of IT governance and access management thus extends the value chain and creates a new and highly efficient sales channel.
KI and its partner are aiming to gain at least two larger beta clients until summer 2019. The implementation of the technology would be the proof-of-concept and provide a meaningful and reliable reference for other potential clients.
By raising new capital, the company preserves its current funds for the ongoing operating business which shall not be affected by an investment into the strategically important advancement of MIRA.
Since the result of the planned investment into the MIRA project will become evident not before summer 2019, we have not adjusted our projections. We maintain our basic scenario and therefore adhere to our recent valuation as of September 5, 2018, of €1.79 per MAX21 share and reiterate our “Buy” rating.
Max 21 AG, formerly MAX21 Management und Beteiligungen AG, is a Germany-based technology holding that specializes in the areas of information security and digital communications. Among others, the Company holds interests in Binect GmbH and KeyIdentity GmbH. Binect GmbH is a provider of encrypted communication, and develops software that allows or collect and coordinate e-mails from various platforms. In cooperation with Deutsche Post AG, Binect GmbH offers a hybrid business communication and postal distribution solution, including printing, enveloping, franking and delivery. KeyIdentity GmbH provides digital access and identity security solutions. It is a supplier of the LinOTP Product Suite, which is used in adaptive multi-factor authentication.
Since 2007, BankM AG (Frankfurt am Main, Germany) is the partner of small and medium-sized enterprises and specializing in capital market financing with its experienced, interdisciplinary team. SME customers benefit from individual service and rapid access to selected investors that fit their needs. BankM's services include capital market advisory, arranging IPOs and capital increases for equity financing, debt advisory and debt capital mediation, designated sponsoring and research as well as M&A, hereby specializing in the identification of suitable strategic partners in China.
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