Datasquirt exceeds minimum in ASX float

Kiwi company raises A$7.2 million

Kiwi software company Datasquirt has raised around A$7.2 million (NZ$8.5 million), slightly more than targeted in its reduced ASX offering. The company originally targeted a A$10 million capital raising but reduced that to A$7 million and extended its subscription period last month after international stock markets tumbled. Australian merchant banker Macquarie Bank took a A$2 million stake earlier this month Director and co-founder Mark Loveys says the offer closed on Friday with a last minute flurry of investment interest. “With late subscriptions totalled over the weekend we are very pleased to have raised around $A7.2 million,” Loveys says. “This is just over the minimum subscription sought of $A7 million and is viewed as sufficient to fund the international expansion plans outlined in the prospectus. “Official listing on the ASX will take place in approximately two weeks time, allowing for share issue and listing requirements to be completed.” The maximum subscription amount in the offer was A$12 million. Datasquirt develops software that allows call centres to integrate text, fax and email messages into their services. The company says customers include Fonterra, Yellow Pages, Auckland Regional Council, The Ministry of Justice, Cerebos Greggs, Coca Cola Amatil NZ, The Election Enrolment Centre, Amway Australia New Zealand and the Auckland City Council.

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