Move over XERO FPO NZX (ASX: XRO) and Volpara Health Technologies Ltd (ASX: VHT), there's another hot Kiwi tech share about to hit the ASX boards.
This morning New Zealand-based software-as-a-service company GeoOp Limited (ASX: GEO) announced that it plans to ditch the New Zealand Exchange and raise $6 million ahead of an ASX IPO.
The software company chose to take this step after becoming frustrated with the New Zealand Exchange's efforts to support emerging technology companies.
Furthermore, according to the release, being on the ASX makes a lot of sense for the company as the majority of its revenue, staff, and larger shareholders are in Australia.
What does Geo do?
Geo makes software that helps businesses with workers in the field manage their workflow end-to-end.
This includes such activities such as workforce job and costings management, creating and scheduling jobs, and invoicing.
Geo's platform is integrated with Xero, Quickbooks, and MYOB, and is being used by companies such as AGL Energy Ltd (ASX: AGL), Alinta, and Red Energy.
Last year the company was ranked 29th on Deloitte New Zealand's Fast50 index after registering growth of 300.6% over three years. Fellow tech share PUSHPAY FPO NZX (ASX: PPH) topped the list.
Should you invest?
This year Geo expects to report pro-forma revenue of $4.2 million, which is double FY 2016's revenue of $2.1 million.
And management appears confident that there's still plenty of growth ahead for the fledgling company.
It believes there is a global opportunity for Geo's suite of productivity tools driven by the ever growing adoption of cloud-based products and services by businesses both large and small.
I think this could make Geo one to watch when it lands on the ASX in the near future. According to its prospectus, it expects to commence trading on the local share market by the end of the month.
