Contracts Beat Concepts: Vection and DataWorks Rally as Capital Raising Weighs on TWL
A volatile week for ASX tech saw a steep sell-off in freight software, while defence AI and RegTech contract wins pulled buyers back into smaller names. Big corporate actions kept attention on what’s real: signed deals, cash timelines, and who pays whom, and when.
- TradeWindow (ASX:TWL) slid -18.00% after launching a NZ$1m share purchase plan and failing to hold its reopening jump.
- Vection (ASX:VR1) surged 20.69% on a $2.2m defence order for its new FEDRA edge appliance.
- DataWorks (ASX:DWG) rose 16.67% after extending its Ontario contract by about A$14m, adding recurring managed contact centre revenue.
- Aura/Qoria’s proposed $3b merger pushed Qoria (ASX:QOR) up 13.43%, but the stock gave back a chunk of initial reopening gains.
- Caterpillar’s RPMGlobal (ASX:RUL) takeover moved into the final timetable, with shares set to be suspended and cash paid in February.
TradeWindow (ASX:TWL) fell -18.00%, Vection Technologies (ASX:VR1) jumped 20.69%, and DataWorks (ASX:DWG) climbed 16.67%. The common thread was simple: investors punished dilution and uncertainty, and rewarded signed revenue and clear near-term delivery.
Capital raising reality check
TradeWindow (ASX:TWL) launched a NZ$1 million share purchase plan at NZ$0.25 per share, pitched as fuel for its Freight AI operating system and regional growth. The shares didn’t respond well. After reopening, selling kept going and the week ended down sharply. In plain terms, the company is asking shareholders for more money, and the market worried about how quickly that new capital will translate into sales. Codeifai (ASX:CDE) also raised money, $1.1 million via a placement at $0.0076, but the key issue there was process. The company said it had met ASX disclosure rules after a price surge inquiry. For beginners: the exchange asked, “Did everyone get the same information at the same time?” and the company said yes.Contracts that pay: defence, data centres, and regulated markets
Vection (ASX:VR1) rallied after reporting a $2.2 million order for its FEDRA edge data appliance from a repeat European military customer. Investors cared because it is not just a concept. It is a paid order under a larger $22.3 million framework agreement, with defence program totals also disclosed. DataWorks (ASX:DWG) gained after it expanded work with iGaming Ontario via a change order worth over C$12.5 million (about A$14 million). The update matters because it adds managed contact centre services to an existing program. That usually means steadier, repeatable revenue rather than a one-off project. SKS Technologies (ASX:SKS) rose 11.05% after lifting FY26 profit guidance on $60 million in contract wins, including work tied to NEXTDC and Ernst & Young. Investors tend to pay up when a contractor shows a bigger order book and then upgrades profit, because it points to more work already locked in.Big deals reshuffle the board
Qoria (ASX:QOR) stayed in focus on the proposed $3 billion merger with Aura to form a new ASX listing (AXQ). The plan includes a US$75 million equity placement and a combined annual recurring revenue figure of US$316 million as at December 2025. Even with the weekly gain, trading was choppy. Early gains after the stock reopened evaporated, which suggests some holders used the news to sell into strength. RPMGlobal (ASX:RUL) inched up 0.20% as the Caterpillar takeover moved through the final legal steps. The plain-English takeaway is timing. The scheme becomes effective after ASIC lodgement on 4 February 2026, shares are set to be suspended after that date, and eligible holders are due A$5.00 per share on 18 February 2026.AI is everywhere, but the share price still wants proof
Xero (ASX:XRO) fell -12.79% despite upbeat AI messaging and progress on integrating Melio to push harder into the US. The company pointed to strong pro forma US revenue growth, better gross margins, and a target for Melio to reach EBITDA breakeven by the second half of FY28. Investors still sold the stock this week. That can happen when the news is long-dated. People often prefer profits now rather than profits promised in a few years. Elsewhere, several smaller companies pushed AI updates with a more “build and sell” angle. FirstWave (ASX:FCT) talked up an AI pivot for compliance management and flagged restructuring savings, plus a small RUIC grant-backed collaboration with UniSC and CSIRO. ION Video (ASX:IOV) leaned into its patented video personalisation technology with board changes and a planned showcase on 9 February. Sparc Technologies (ASX:SPN) and AIML progressed an AI corrosion-testing tool aimed at labs, with a commercial rollout targeted within 12 months. Not every AI-related move landed cleanly in trading. Where the market could see paid orders (like VR1), buying was sustained. Where outcomes depend on future product launches or future adoption, the share price response was mixed.
Bottom Line?
The next two weeks have clear, dated catalysts. RPMGlobal (ASX:RUL) heads toward ASIC lodgement on 4 February 2026, a record date on 11 February 2026, and cash payment on 18 February 2026. TradeWindow’s (ASX:TWL) share purchase plan opens around 2 February 2026, which will test how much support existing holders are willing to provide at NZ$0.25.
Questions in the middle?
- TradeWindow (ASX:TWL): how much of the NZ$1m share purchase plan will be taken up, and will the cash be enough to cut debt while still building Freight AI?
- Qoria/Aura (ASX:QOR): will shareholders and regulators wave the deal through on schedule, and can the combined group hit its 2026 cost savings and cash targets?
- Xero (ASX:XRO): what milestones will investors get before H2 FY28 to prove Melio is tracking to breakeven rather than slipping?
