Kiwi developer Datasquirt opts for ASX over NZX

Access to a greater number of investors draws listing offshore

Auckland-based contact centre software company Datasquirt has taken the unusual step of launching a public offering on the ASX while retaining its identity as a New Zealand company.

Underwritten by Bell Potter Securities, the offer seeks to raise a minimum of $A10 million (NZ$10.96 million) at A$0.90 per share.

Datasquirt director and co-founder Mark Loveys says the funds raised will be used for product development and international sales and marketing of Datasquirt’s Contact software, as well as satisfying working capital requirements.

“We looked at both the ASX and the NZX but we had access to more investors in Australia,” he says.

“We’ve had a very good reaction and we’re confident of reaching our target. The majority of the share holding will be New Zealand-based and we will retain our New Zealand identity.”

Loveys says Datasquirt had to make some changes to its constitution to make it compatible with Australian requirements.

Contact is designed to enable call centres to integrate text, fax and email messages into existing processes when handling both inbound and outbound communications. 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.

The latest projects in Australia during 2007 include a pilot implementation for account receivable management at Dun & Bradstreet; and in the United Kingdom at Silverjet, a fully automated SMS and email self-service handling flight bookings, travel confirmation, seat selection and flight cancellations and delays.

The offer opened to Australian and New Zealand investors on July 16, with offer documents available for download from the Datasquirt website. www.datasquirt.co.nz. and the Bell Potter website at www.bellpotter.com.au.

The offer closes on August 16. Minimum application size is 2250 shares at $0.90 cents per share with additional shares applied for in multiples of 500 shares.

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