Expanding GeoOp set for NZAX listing...

31 Oct 13

GeoOp Limited today commences trading at 11.00am on the NZ Alternative Market (NZAX) at $1.00 per share, in a bid rapidly scale and carry out its global expansion strategies, particularly in Australia and the US.

Listing under the code 'GEO', the online mobile workforce management company's CEO Leanne Graham says that listing is a momentous day for GeoOp, which caps off an extraordinary year of growth for the company.

“Our users have grown from 1,600 in January 2013 to 4,500 in September 2013. Our customers are truly global, with just over 55 per cent of our market in Australia, followed by 17 per cent in Northern America," Graham says.

"We’ve employed 28 people this year and opened offices in Melbourne, Sydney and have staff in the UK and US.

"Our recent private share offering prior to listing was oversubscribed by more than three times and raised $10 million of new equity at $1.00 per share.

“What makes GeoOP a standout, is that it works in the field through to the office, it’s easy to use and intuitive and is scalable. Listing on the NZAX is the next stage to give us the ability to drive the success of the company forward.

"We’ll be raising our sales and marketing efforts and bringing on the right talent to help us capture the US and Australian markets as well as investing further in the technology development of GeoOp.”

Echoing Graham's comments, chairman Mark Weldon emphasises GeoOp’s opportunity for rapid growth, in particular in international markets.

“The prevalence of smart phones and devices and fixed price data plans available to mobile workers means that, for the first time, there is an opportunity to bring simple, value-add software into the field for small and medium sized trades and services businesses," he says.

"Before deep smartphone penetration, this was not possible. With 85 per cent of GeoOp’s users already offshore, GeoOp has a very significant international growth opportunity in that it has the right team and right product to execute.

"Being listed is a key milestone and will allow further rapid integration with key channel partners in global markets, such as telcos and other cloud products that our customers also use."

GeoOp was advised by investment bank, Cameron Partners (which is the NZAX Sponsor for GeoOp) and law firm, Bell Gully.

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