Published on the 17/10/2013 | Written by Newsdesk
The mobile job costing company could be shaping up to be the next Kiwi cloud darling as it makes moves to float on the stock market…
In August this year Kiwi mobile workforce management technology company GeoOP indicated its intention to raise $8 million equity prior to a compliance listing on the NZAX.
After a successful round of capital raising, the company’s private share offering has been significantly oversubscribed (greater than three times more) and it has raised $10 million in funds. As a result of the response the offer has been heavily scaled.
GeoOp sought funding under a private offer from habitual investors and eligible persons. After closing the capital raising round GeoOp now has 280 shareholders, which include: four well-established New Zealand institutional investors; strategic investors from the trades and services market, as well as from key channel partners such as accounting networks; and a number of high net worth investors and habitual investors.
“We aimed to raise $8 million and are tremendously pleased to have been able to close the offer at the full amount sought of $10 million,” says GeoOp’s CEO Leanne Graham. “This funding provides GeoOp with the ability to further reach small and micro trades and services businesses, to make a material impact on how they operate. GeoOp is part of the disruptive mobility shift and the focus for our sales growth efforts will be on international markets, in particular Australia and the US.”
Mark Weldon, Chairman for GeoOp says, “We have had a great capital raising outcome. We are now in the fortunate position of having a strong share register, including a number of value-add investors from our target customer segments in the trades and services sectors, as well as some leading technology and capital market players. Other investors will have an opportunity to invest further in GeoOp after we list the company on the NZAX.”
GeoOp is a mobile solution for job costing and scheduling that aims to be a global leader in mobile job management for the trades and services sectors. It takes full advantage of smart devices to replace manual, inefficient, paper-based and hard to manage workflow systems and is part of the mobile cloud technology revolution that is making sweeping changings to the way we do business today.
In February this year the GeoOp founders attracted Leanne Graham, who was previously the New Zealand country manager of Xero, to invest in the company and take on the role of CEO, investing. She was responsible for Xero’s global strategy and means to turn GeoOp into a similar success.
The company has clearly also generated significant interest form other investors, surpassing its goal of $8 million in capital raised to reach the full $10 million required.
