Published on the 28/08/2013 | Written by Newsdesk

Indications from cloud-based company GeoOP and its bank investors, who led the Xero IPO, suggest the company has the potential to be the next major Kiwi cloud-computing success story…

Auckland-based mobile workforce management technology company GeoOP has indicated that it intends to explore a compliance listing on the New Zealand Alternative Stock Exchange (NZAX), which is designed for small to medium-sized, fast growing businesses seeking a safe and efficient capital raising facility. Prior to any potential compliance listing, however, GeoOP is looking at raising new equity of around $8 million through a private investment offer.

These are just two of many steps forward that the company has taken in this year. In February Leanne Graham, who was previously the country manager of Xero, took up the role of CEO, investing $700,000. Graham has a strong history in propelling businesses to new heights. She grew Xero’s customers from 4000 to over 120,000 in three years after devising its global strategy. Prior to that, she grew her own company Enprise from a start-up to SAP Business One’s leading add-on partner globally.

Graham believes that cloud computing and SaaS are the technology of the future and has big plans for GeoOP, which was founded in 2009 and now has more than 4000 paying users. Since her appointment, she has assisted the company to raise approximately $3 million of further capital and 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.”

As part of this “ecosystem” GeoOP signed in June this year a partnership deal with Telstra, Australia’s leading telecommunications and information services company, to distribute GeoOP via Telstra’s T-Suite platform.

GeoOP has also opened a Sydney office in addition to its established Melbourne office to support the Australian market growth and recently opened an office in the UK.

The SaaS nature of GeoOP’s business has also been welcomed by investment bank Cameron Partners Limited, which GeoOP has appointed and which also led the IPO of Xero. Cameron Partners also recently advised, along with Rothschild its global alliance partner, on the IPO of the Fonterra Shareholders’ Fund, raising $525 million.

“We are delighted to be working with GeoOP, which has a pure SaaS delivery model and the key ingredients and leadership to successfully list on the stock exchange,” says Ross Christie, Partner from Cameron Partners. “The NZAX market is a platform for growth companies to efficiently raise capital, scale and achieve further milestones. It also offers investors wider investment choices.”

GeoOP has also appointed Bell Gully as its legal adviser.