Crowdfunding Australia

Readiitel 2022

  • Type: Retail
  • Total Round Size (min): AUD$500,000
  • Total Round Size (max): AUD$1,500,000
  • Price per share: AUD$1.165

Powering business growth with human technology

Offer Live


  • Fees Paid by Issuer
    : 6% of funds raised
  • Cooling-Off Rights
    : 5 working days
  • Minimum Parcel Size
    : $1,001.9

Terms of Offer

Key Documents

What is Readiitel?

ReadiiTel Pty Ltd is a 100% Australian-owned telecommunications and Managed Information Technology (IT) Services company providing our clients with a fast, flexible and reliable private network, Australia-wide.  

Each and every client’s business deserves the same level of care regardless of their monthly spend - simply because, in a lot of cases, their businesses succeed or fail because of Internet access and IT support. This is how and why ReadiiTel was born. 

We focus on serving the small to medium businesses who have slipped through the cracks of the larger telecommunications companies (telcos). In order to achieve this, ReadiiTel‘s customer service model has been designed around the ability to individualise our solutions, giving our customers genuine one-to-one care with personalised business team looking after small groups of customers to genuinely understand each customer, their needs and business.  

During covid lockdowns we also diversified into the B2C market with our ReadiiNet NBN offering. This allowed us to work with our business customers sending their employees to work from home. This grew the IT portion of the business whilst also allowing us to create a B2C arm. 

Products & Services

  1. Internet Service Provider (ISP)

    ISP activities simply comprise the provision of Internet connectivity to business clients for initial installation fees and ongoing recurring costs. ReadiiTel currently generates ISP revenue as a provider of optic fibre Internet connectivity and recently incorporated NBN Co services into our network.

  2. Voice over IP (VoIP)

    VoIP also called IP telephony, is a method and group of technologies for the delivery of voice communications and multimedia sessions over Internet Protocol (IP) networks, such as the Internet. The terms Internet telephony, broadband telephony, and broadband phone service specifically refer to the provisioning of communications services over the public Internet, rather than via the plain old telephone service.

  3. Managed Service Provider (MSP)

    ReadiItel’s MSP offerings enables us to leverage existing connections and substantially increase ongoing monthly revenue by providing a higher level of service and client care than the traditional telcos. Readiitel’s range of MSP offerings include (but are not limited to):

    - IT Support both Remote & Onsite – Simple day-to-day IT help

    - Endpoint Security – Proactively monitored anti-virus

    - Remote Monitoring & Management (RMM) – Monitoring and maintenance of hardware and software in computers

    - Platform as a Service (PaaS) – Cloud based servers and storage

    - Security as a Service (SECaaS) – Proactive firewall management and reporting etc

Investment Highlights

  1. Strong growth trajectory

    Readiitel’s customer base has increased from 40 to over 350 during the past 3 years. Sales revenue has grown 4.8x from $539k FY19 to $2.6m FY22, with sales revenue forecast to increase over 100% in FY23 to $5.5m.

  2. Highly Profitable Business Model

    Readiitel is now delivering strong, consistent profit with $555k in EBITDA achieved in FY22 on $2.6m in revenue. Profit margins will continue to increase and grow as Readiitel achieves additional scale. 

  3. Differentiated approach to customer service

    Readiitel utilizes a “pod” based customer service system to provide dedicated customer service support to clients. This approach has been a large contributor to Readiitel maintaining a customer retention rate at 99%.

  4. End to end service delivery

    Readiitel provides total control of our customers IT and Telco environments by utilising a combination of software hardware and human technology. This simplifies and consolidates companies' technology requirements.

  5. Key Strategic Acquisitions

    We are targeting strategic acquisitions across the sector that compliment our current competency and services. We have recently acquired 32 Byte which specialises in IT services to the Dental sector.

  6. Planned ASX Listing

    Following our strong operational and financial performance, Readiitel is preparing for a listing on the ASX in 2024. This pre-IPO raise provides a tremendous opportunity for incoming investors backed by our strong track record in creating shareholder value.

Customer Testimonials

Growth Strategy

Readiitel truly wants to overhaul existing players and become the number one service provider nationwide. To achieve this vision, we have established key strategic tactics that will bolster our growth.

Outlined below is a small snapshot of these growth streams, for further detail please see Section 2.5.2 of the Offer Document.

IT Manager as a Service (ITMaaS)

During the Covid lockdowns, businesses had to quickly adapt to a new way of working. ReadiiTel made a pivot to supporting businesses who had employees working from home. ReadiiTel identified this trend early and ITMaaS (IT Manager as a service) was created. This has turned into a key product of ReadiiTel’s and we look to market this to more businesses looking to outsource their IT leadership but without losing the day-to-day human contact provided by someone who is hired “in house”.

Industry specific growth

ReadiiTel enjoyed impressive successes with the acquisition of 32 Byte, hence we would like to continue our growth into specific market verticals giving us not only industry leading technology but industry leading IT expertise.

Established sales and marketing function

ReadiiTel to date has grown sales revenue and customer numbers with a very small sales team and on a 1:1 basis which is not scalable. Funding raised will allow a larger business development structure, supported by a focused marketing strategy that will be established to learn from prior ReadiiTel successes, leveraging the advocation of existing customer’s and target similar SME’s in need of a growth focused technology partner.

Technology Strategy

Crowdfunding Australia

ReadiiTel’s technology strategy was developed with three key criteria as a foundation. These criteria have been employed in each instance where ReadiiTel has selected an equipment or software vendor across the following areas:

- Core Network Switching and Routing Platforms

- Network Performance Monitoring System

- Customer Premise Equipment (Firewalls, Routers, LAN Switches) and Security Services

- MSP: Asset Monitoring and Management

Guiding ReadiiTel in the growth of our network and the adoption of further technologies as our focus on delivering the highest quality service at the best possible price point. This philosophy has been key in the design and deployment of our ReadiiNet NBN services – maximising customer experience whilst ensuring profitability.

Why Equity Crowdfunding?

Readiitel completed a successful Equity Crowdfund in 2019 via Equitise. Since then we have been able to grow shareholder value significantly.

However we are only just getting started.

There is tremendous opportunity ahead and we want to provide those investors that have supported us early, plus new investors, the opportunity to share in this journey.

Key Team Members

Team Member

Daniel Li


Daniel has put his Information System Degree obtained from Melbourne University to good use. He has leveraged his early career experience gained whilst working in Telstra to identify gaps in the market on how businesses could be better served. Being constrained by the rigid processes of a large organisation, Daniel decided he can ‘do better’, and decided to start ReadiiTel with a dream to humanise business IT. He is dedicated to helping keep Australian businesses connected and providing the service they deserve.

Team Member

Daniel Foden

Managing Director

Daniel has over 12 years in the technology industry dealing with all level of clients from SMEs to enterprise customers. Daniel has experience working in the UK consumer telephony market before joining Telstra where he worked in consumer and business facing sales roles. Daniel helped found ReadiiTel back in 2017 and has been instrumental in growing the business through his strong customer focus and detailed knowledge of the Australian technology.

Team Member

Tim Smith

Board Adviser

Tim is a board advisor and experienced fintech and financial services executive with over 30 years’ experience working across multiple industries and geographies. Tim has a deep knowledge of business and financial management, technology and strategy for early stage businesses looking for that next level of growth.

Team Member

Mile Medjedovic

IT Manager (ReadiiTel)

Mile has a proven track record in IT project management, stakeholder management, driving process Improvements, problem-solving, development & delivery of technical strategy and improving operational efficiencies. Mile is a collaborative Manager who mentors with purpose and understands that strong working relationships create great teams and produce exceptional results.

Team Member

Mike Collishaw

IT Manager (32 Byte)

Mike has over 10 years' experience within the IT industry and has led the team at 32 Byte since 2014. He has always ensured the team have the support they need, while also specialising heavily in dental technology with a keen focus on X-Ray and CBCT technologies as well as various practice management softwares such as Oasis, D4W, Core Practice and many more. With his famous Practice as a Service focus, Mike intends expanding his reach nationally within the dental sector.

Team Member

Craig Laurie

Lead Network Engineer

Craig is an industry veteran having spent lengthy periods with Telstra, SingTel Optus and Verizon before coming to join ReadiiTel. For the past 20 years, Craig has been primarily focused on IP networking (both Public and Private) and security, working with large national and multi-national organisations. Craig has responsibilities for leading the company’s technological advancement, managing vendor relationships to advising other internal departments and managing quality assurance.

Financial Information

For further detail please see Section 2.9 of the Offer Document.

Use of Funds

For further detail please see Section 3.2 of the Offer Document.

Key Risks

For further detail see Section 2.11 of the Offer Document.

Strategic Risk

ReadiiTel has launched three expansion strategies at the same time: the NBN project, the MSP development and the new Sydney office. There is risk in the sales volume of MSP services after purchasing monitoring software as well as the performance of the new interstate office.

This will be mitigated by continual monitoring of strategic progress and assessing if growth is in line with long term development plan. This will be supplemented by scenario analysis and stress testing to analyse the positive and negative effects brought by the changes.

Operational Risk

ReadiiTel has a number of key people that are important in the daily operation of the business. If these key people suddenly resign, they will need to be replaced within a short time frame. Due to ReadiiTel’s plans to setup an interstate office in Sydney, it is difficult to manage employee’s interstate. The conduct of the employees is monitored remotely by the management team on a day-to-day basis. Readiitel addresses this by screening for high quality talent on recruitment, implementing a robust employee contract & establishing a code of conduct to ensure staff satisfaction and reduce risks of employee turnover.

Market risk

The telecommunications market is currently dominated by a number of large ISPs, such as Telstra, Optus, TPG, etc. Readiitel needs to leverage sustained competitive advantages to develop within the industry. Even lower prices and better services do not necessarily mean popularity among clients. Furthermore, given the rapid advancement of technology in the telecommunications industry, if Readiitel cannot adapt to the changes in a short timeframe, it will be hard to provide attractive products and services to customers. We mitigate this risk by ensuring that we maintain affordable prices and high-quality customer service, whilst also actively seeking to innovate by up to date on the latest trends in ISP and MSP (even seeking external professional advice on technology and trends in the market).

Financing Risk

Readiitel’s current cash reserves (plus the net proceeds of the Offer) are inadequate to meet funding requirements beyond the next 36 months. We will need to obtain additional funding for further development and expansion. However, the minimum subscription can support development and expansion over the next 12-24 months; If we fail to obtain additional funds after 12 months, Readiitel can slow down the pace of development to ensure the normal operation of business.