Accounting software company exo-net says its own scouting trip to Singapore twelve months ago “was the start of it all”.
Exo-net’s year culminated in its $A30 million sale to Solution 6 and a part-and-parcel $3 million injection towards exo-net’s creation of an application service provider (ASP) business.
The ASP is in beta testing with Telstra and is due out early next year.
But chief executive David McKee Wright says the company’s growth was kick-started after its trip to Singapore as part of last year’s mission led by TradeNZ.
Then, exo-net secured $5 million in direct investment, a Southeast Asian distribution deal and opened offices there.
As the doorway into Asia, Singapore’s government e-commerce policies for small and medium businesses – exo-net’s target customer base – offered a massive market.
Local staff were told to tailor the product to local accounting standards, a strategy which worked well, McKee Wright says.
Exo-net has now opened an office in Malaysia.
McKee Wright says since the sale of exo-net to Solution 6 in August, staff numbers have gone from 60 to 100.
Exo-net is to expand into the UK in the first quarter of next year.