SmartPay mulls Australian listing

Local payments firm looks at Australian Stock Exchange for expansion

SmartPay is considering listing on the Australian Stock Exchange.

Ian Bailey, Managing Director SmartPay, says in a statement to the NZX that the electronic payments provider is "reviewing the Australian market and the opportunities it may offer to increase shareholder value and provide growth opportunities.

“It is clear the Australian market is growing with significant niche opportunities for our core technologies and knowledge base. We already have a good business in Australia and wish to expand it to at least the same size as our New Zealand business.

“In a market with 600,000 installed payment devices, we are confident that we can succeed. Our available product set is linked into banking and third party applications, where we already have strong relationships.

SmartPay already has an Australian subsidiary, Cadmus Australia Pty Ltd. Australian customers include Bank of Bendigo and taxi payments provider Live Group.

According to the NZX statement, Smartpay "has also reached joint marketing agreements with Westpac and co-operation agreements with Suncorp providing a basis for extending the reach of SmartPay into the Australian market.

Bailey continues: “In terms of growing the business, we will be putting significant emphasis into the Australian market making SmartPay a truly Australasian company. An ASX listing is an appropriate and logical next step.

“The Board will look at all the options and then prepare a recommendation along with a timetable which will outline the key milestones and take those recommendations back to shareholders.

“Ultimately this will increase the liquidity and diversity of SmartPay by introducing more shareholders on both sides of the Tasman,” Bailey says.

In New Zealand, SmartPay customers include Postie Plus, Paper Plus Group, Restaurant Brands, Foodstuffs Auckland, Noel Leeming Group and Mitre 10, and major taxi providers.

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Tags ian baileySmartPayASX

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