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Syntonic shares ride higher on signing Verizon Wireless deal

Syntonic app offers sponsored data to mobile subscribers.
Syntonic shares ride higher on signing Verizon Wireless deal
Contract revenue to be recognised this quarter

Syntonic (ASX:SYT) has granted Verizon Wireless the license to deploy Syntonic’s Freeway software to enable data-free content services for Verizon’s mobile subscribers.

Syntonic’s shares were last trading circa 15% higher intra-day, at $0.031.

The Freeway by Syntonic app offers sponsored data to mobile subscribers by letting content providers pay for data on behalf of customers.

Importantly, Syntonic will receive a guaranteed initial license grant and recurring monthly revenues for the use of Freeway software distributed across Verizon’s 100+ million subscriber base.

Syntonic is expected to recognise the initial revenue from the new agreement starting this quarter.

The company has also launched the Freeway Campaign Manager 2.0, an online self-service creation and management solution designed for content providers and application developers.

Freeway Campaign Manager can be used to develop quick-to market sponsored data and data reward offerings across multiple mobile networks in Freeway deployed geographies.

The new announcements demonstrate Freeway’s multi-sided market opportunities:

- licensing to mobile operators to enable differentiated new content-centric business models to grow revenue; and
- licensing to content providers to increase customer acquisition, engagement, and monetization using sponsored data and data rewards.

Syntonic is well funded with a cash balance of $7 million as at 31 December 2016.

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Syntonic Ltd Timeline

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