Aura and Qoria Unite to Form ASX’s New Digital Safety Powerhouse AXQ

A Strategic Union in Digital Safety

In a significant move for the cybersecurity and digital safety sector, Aura Consolidated Group, Inc. and Qoria Limited have agreed to merge, creating a combined entity to be listed on the Australian Securities Exchange (ASX) under the ticker AXQ. This merger aims to establish a global leader in online safety by integrating complementary product suites and leveraging advanced AI capabilities.

The transaction, structured as a scheme of arrangement, will see Aura acquire 100% of Qoria’s shares, with Qoria shareholders receiving CHESS Depository Interests (CDIs) representing 35% of the merged company on a fully diluted basis before an equity placement. The deal is supported by a US$75 million equity placement from existing Aura shareholders, including key executives, at an indicative price of approximately A$12.38 per AXQ CDI.

Financial Strength and Growth Prospects

The combined group boasts an annual recurring revenue (ARR) exceeding US$316 million as of December 2025, with a strong growth trajectory targeting over 20% growth in calendar year 2026. The merger is expected to accelerate the path to positive free cash flow within 2026, driven by anticipated cost efficiencies and revenue synergies.

Post-merger, the group will hold approximately US$65-70 million in cash, with net debt estimated between zero and US$5 million, alongside an undrawn US$50 million debt facility. The transaction is projected to enhance the company’s market capitalisation and elevate its standing within the ASX200 Index.

Harnessing AI and Connected Intelligence

At the heart of the merger’s strategic rationale is the integration of Aura’s proprietary AI platform, Aura Intelligence, with Qoria’s extensive digital safety ecosystem. This fusion, branded as Connected Intelligence, promises a continuous, holistic digital protection experience spanning family, school, and workplace environments.

The combined product portfolio covers a wide spectrum of digital safety needs, including identity protection, parental controls, K12 student safety, device security, and employee benefits solutions. The merger unlocks powerful cross-selling opportunities and global market expansion, with established channels such as MetLife’s employee benefits platform and managed service providers (MSPs) for small and medium businesses.

Leadership and Market Positioning

The merged entity will be led by a blend of Aura and Qoria executives, with Aura’s founder and CEO Hari Ravichandran appointed as Chairman and Qoria’s founder and Managing Director Tim Levy continuing in his leadership role. The board will also include seasoned technology and industry veterans, supported by top-tier institutional investors.

This merger addresses a growing global market estimated at over US$120 billion, encompassing consumer security, family safety, K12 cybersecurity, and SME managed security services, all sectors experiencing double-digit growth driven by escalating digital risks and regulatory focus.

Risks and Next Steps

While the merger presents a compelling growth story, it is subject to customary conditions including shareholder and court approvals, as well as regulatory clearances across multiple jurisdictions. Integration risks, cybersecurity threats, and competitive pressures remain key considerations for investors.

The companies plan to dispatch the Scheme Booklet in early May 2026, with shareholder meetings and regulatory milestones scheduled through mid-2026, aiming for trading commencement of AXQ shares by late June.