GeoOp Limited,an online mobile workforce management company, commences trading today on the NZ Alternative Market (NZAX) at $1.00 per share, under the code ‘GEO’. According to the company, the listing will help it expand into Australia and the US.
“Our users have grown from 1,600 in January 2013 to 4,500 in September 2013. Our customers are truly global, with just over 55 per cent of our market in Australia, followed by 17 per cent in Northern America,” said GeoOp CEO Leanne Graham.
“We’ve employed 28 people this year and opened offices in Melbourne, Sydney and have staff in the UK and US. Our recent private share offering prior to listing was oversubscribed by more than three times and raised $10 million of new equity at $1.00 per share.”
“Listing on the NZAX is the next stage to give us the ability to drive the success of the company forward. We’ll be raising our sales and marketing efforts and bringing on the right talent to help us capture the US and Australian markets as well as investing further in the technology development of GeoOp,” said Graham.
GeoOp, which targets sole traders to SMBs with up to 200 field staff, provides mobile software that can help these firms equip field staff with smart phones and devices for efficient information exchange. It runs on a software-as-a-service (SaaS) model at $20 per month per mobile user.
Mark Weldon, GeoOp chairman said, “With 85 per cent of GeoOp’s users already offshore, GeoOp has a very significant international growth opportunity in that it has the right team and right product to execute. Being listed is a key milestone and will allow further rapid integration with key channel partners in global markets, such as telcos and other cloud products that our customers also use."
GeoOp was advised by investment bank, Cameron Partners, which is its NZAX sponsorl, and law firm, Bell Gully.