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GeoOp seeks $8m investment ahead of NZX listing

26 Aug 13

GeoOP has revealed it will explore a compliance listing on the New Zealand Alternative Stock Exchange.

But prior to any potential compliance listing, the company is looking to raise new equity of around $8m through a private investment offer.

The New Zealand-based mobile job management technology firm already has international uptake and is used across 13 countries, integrating with other business products such as Xero, Freshbooks, Unleashed, Navman and Snitch.

As a software as a service (SaaS) business, GeoOP’s mobile-based technology replaces business processes which involve paperwork and hard to manage workflow systems.

Appointed CEO for GeoOP in February 2013, Leanne Graham has invested over $700,000 and assisted the company to raise around $3m of capital to date.

Graham says a listing on the NZAX market would enable GeoOP to effectively raise further capital to expand globally and bring another growth company to the New Zealand stock market.

“Job costing, scheduling and invoicing is at the heart of every business in the trades and services sectors,” she says.

“We estimate that over 60 million people (being around 25% of the working population) in selected Western countries operate in these sectors.

"Taking into account the prolific uptake of mobile devices by the large market of mobile workers, coupled with the reducing costs of mobile data, GeoOP provides these businesses with a solution that’s simple to use, well-designed and assists them to make money.

“GeoOP aims to be the market leader in mobile job management for the trade and service sectors. We have a highly skilled management team and the company is well governed with experienced Directors.

"We are also building a valued ecosystem of telcos, GPS providers, accountants / bookkeepers, partner apps, associations and micro and small businesses.”

With 27 years’ experience in sales, marketing and global channel enablement in the SaaS sector, prior to her GeoOP appointment Graham was Country Manager for Xero, where she designed and developed its global sales strategy.

In 2002, Graham co-founded Enprise, a business management software company and grew it from a start-up to becoming SAP Business One’s leading add-on partner globally. The company went on to raise capital and purchase a provisioning platform Cortex, which was successfully sold to Citrix. Graham has since sold her shareholding in the other divisions of Enprise.

Since its start-up in 2009, the company has grown to have over 4,000 paying users, with around 85% of its current paying users located offshore. Key markets include 56% in Australia, 15% in New Zealand, 6% in the UK, 19% in the US/Canada and 4% in other countries.

Two months ago, GeoOP also signed a partnership deal with Telstra to distribute GeoOP via Telstra’s T-Suite platform. As a result, the firm has opened a Sydney office in addition to its established Melbourne office to support the Australian market growth, while recently opening an office in the UK.