9 Spokes after support for ASX listing

New Zealand-based cloud app integrator 9 Spokes is launching a roadshow in Melbourne and Sydney this week to drum up support for a $A25 million listing on the ASX.

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9 Spokes’ platform allows small businesses to aggregate their various cloud computing applications on a single dashboard, helping them track and peer-review their performance more cheaply than a corporate ERP (enterprise resource planning) system. They also get a single bill that covers all subscriptions to apps transferred in, or purchased, through 9 Spokes.

It recently built Deloitte Private’s Connect cloud application platform.

Rumours of the planned IPO first surfaced in Australian media in late 2015 when the company was holding investor meetings in a $A4 million pre-IPO fundraising.

The company, founded in 2011 by Adrian Grant and current chief executive Mark Estall, wants to raise up to $A25 million at 20 Australian cents a share, valuing the business at $A80 million.

The pre-IPO fundraising was priced at a 25 per cent discount to the current offering.

Australian-based Foster Stockbroking, lead manager of the listing, said the company hopes to be trading on the ASX by May or June. A spokesman said they were unconcerned about high share prices for tech stocks being revalued downwards in recent months saying “markets ebb and flow and that’s out of our control”.

The money raised will help fund the company’s international expansion plans.

9 Spokes has a number of international directors including former Telecom New Zealand chief executive Paul Reynolds, who holds a small stake in the company, and former Walt Disney and Ticketmaster executive Wendy Webb, who is also an independent director of cloud-based software-as-a-service TV content provider TiVo.

The company plans to take its roadshow to New Zealand and Asia next week.