Updater, a US technology company that aims to make the moving process easier, has received commitments to raise AUD30 million via a private placement of 60,000,000 CDIs on the Australian Stock Exchange (ASX), led by Fidelity International.
The proceeds of the placement will be used to accelerate growth, as Updater plans to expand its sales, client support, product and engineering teams.
Updater’s CEO David Greenberg says, “We are thrilled to have the support of Fidelity International, one of the world’s preeminent investors, and we are very grateful to Thorney and our other existing shareholders for their strong continued support as we enter a new stage of growth.
“Over the past nine months since listing on the ASX, we have more than doubled our market share in the US. In addition, we have seen significant interest in our business products from some of the largest companies in the world that are already spending billions of dollars each year trying to communicate with movers. Therefore, we see a clear opportunity to emerge as the industry leader. With additional capital in place, we are now in a position to fully capitalise on this opportunity by solidifying a dominant market position as soon as possible and establishing our company as the partner of choice for the businesses that seek to communicate on a contextual, real-time basis with movers.”
Fidelity International led the placement and was joined by Thorney Investment Group and other existing supportive Australian institutional shareholders.
Prior to listing on the ASX, Updater received investments from US venture capital investors who remain supportive shareholders, including SoftBank Capital, IA Ventures, Second Century Ventures (the strategic investment division of the National Association of REALTORS) and Commerce Ventures.
Alex Waislitz, executive chairman of Thorney Investment Group, who will become a substantial shareholder following the settlement of the placement, says, “We are very pleased to be a substantial investor in Updater, as the company is well positioned to execute on the large opportunities ahead.”
Foster Stockbroking acted as the sole lead manager and Moelis Australia acted as financial adviser to the company for the placement.
