SaaS company Simble Solutions completes $7.5 million IPO to list on ASX
Australian software company Simble Solutions has listed on the Australian Securities Exchange (ASX), having raised $7.5 million in an initial public offering (IPO) from institutions including Regal Funds Management and Tribeca Investment Partners.
With shares priced at $0.20 each, the funds raised from the IPO will go towards the commercialising of Simble’s SimbleEnergy solution, in Australia and the United Kingdom.
Originally founded by CEO Fadi Geha in 2009 as Acresta, Simble was formed in 2016 through the merger of Acresta and Vietnamese tech company Incipient IT, which has a research and development facility in Da Nang.
Headquartered in Sydney, Simble now has offices in Da Nang, Melbourne, Auckland, Da Nang, Dubai, and London providing businesses software solutions across scope of the mobility and energy.
Among its mobility products are SimbleTrack, which works through the installation of Internet of Things devices including sensors and beacons to help clients monitor and manage facilities, and SimbleForms, allowing businesses to create drag and drop forms.
SimbleSense, meanwhile, is a combined IoT hardware and software solution that allows clients to visualise and control their energy system, helping them to find and automate opportunities for energy savings.
Geha said the support from investors is “a testament” to the company’s offering.
“As energy prices continue to increase both in Australia and internationally, the market opportunity for Simble is enormous and we are in a sweet spot to take advantage of the rising demand for energy management solutions,” he said.
“We have a clear strategy to rapidly take our products to market in a cost-effective manner by leveraging our long-term channel partnerships.”
Among the company’s existing channel partners are Optus and Vodafone, with Simble stating that just under 15 percent of its revenue is derived from customers introduced by channel partners.
As it looks to grow its channel partnership network, Simble will look to target telcos, utilities, and financial and energy service providers.
Among the enterprise customers of its various products are Auckland Council, Bayer Australia, and Tasmanian Ports, with Simble recording $1.6 million in revenue for the half year to 30 June, 2017.
As the market for energy management software grows, Geha said the company is looking to add over 200 small to medium enterprise (SME) customers a month, based on its existing sales pipeline.
Meanwhile, the pain keeps coming for fellow ASX-listed software company GetSwift. With trading resuming for the company on Monday morning, at which point its shares were down to $1.23, the company is trading $0.66 on Thursday afternoon.
GetSwift’s shares traded as high as $4.60 in December off the back of its announcement of a deal with Amazon, before dropping to $2.92 in January as questions grew and trading was halted.
Image: Fadi Geha. Source: Supplied.