Enprise Group is to list on the National Stock Exchange of Australia later this year, following its sale to DSQ (Datasquirt) Holdings.
Enprise has two divisions – Enprise Solutions which specialises in MYOB EXO enterprise software and has a 33 percent holding in 2Cloud.biz, and Enprise Software which develops applications for SAP’s Business One software.
CEO Mark Loveys, who earlier this year led a management buy-out of the company, offered Enprise Group to DSQ Holdings, which had become a shell company following the sale of its software to US-based LiveOps in 2009.
“Following the sale of the Datasquirt business, the DSQ board announced to the market that it would be looking for a suitable business to acquire in order to build shareholder value beyond what could be achieved by holding on to the cash and liquidating. Loveys offered Enprise Group to the DSQ Board at an equivalent price as that paid for Enprise plus incurred costs,” says a statement announcing the sale.
DSQ shareholders voted to accept the offer. Loveys and Enprise Group CFO Elliot Cooper, who are also directors of DSQ Holdings, abstained.
The sale enables Enprise Group to list on the NSX, which allows investors trade shares electronically and is home to 69 listed equities and 50 debt equities with a combined market capitalisation of A$3.5 billion ($4.4 billion).
Mark Loveys and Enprise Group CFO Elliot Cooper now hold around 30 percent of the share capital of Enprise Group. Other significant investors include Neiser Capital Investment Fund, managed by former Boston Consulting Group partner Dr Jens Neiser, and Nightingale Partners of Sydney, managed by Christian Bernecker.