Hot on the heels of the Prospa Group (ASX: PGL) initial public offering last week, another growing tech company has listed on the Australian share market this morning.
That company is Whispir Limited (ASX: WSP), a leading SaaS communications workflow platform that automates interactions between businesses and people.
Following an oversubscribed initial public offering (IPO), Whispir raised $47 million via the issue of 29.4 million shares at $1.60 each. This comprised a primary raise of $27 million and a secondary sell down by existing shareholders of $20 million.
Based on the total number of shares outstanding, this gives the company a $163 million market capitalisation.
What does Whispir do?
Whispir provides an industry-leading software platform that allows governments and organisations to deliver actionable two-way interactions at scale using automated multi-channel communication workflows.
This allows organisations to manage, automate, and optimise their communication processes without requiring specialised technical expertise.
The prospectus explains that its easy-to-use software platform significantly reduces development time with drag-and-drop templates and app-like mobile engagement so users can build customised two-way communications and actions based on certain events to optimally engage with people everywhere.
Some of its customers include AGL Energy Limited (ASX: AGL), Foxtel, and Virgin Australia Holdings Ltd (ASX: VAH).
What are its growth drivers?
The company has been growing very strongly and management believes there is still a significant growth opportunity ahead.
This is because businesses are increasingly utilising digital technologies to improve efficiency, support growth, and enhance customer experience. The adoption of strategies to effect this transformation, such as cloud computing and agile operating models, have resulted in a global rise in IT budgets.
Management believes Whispir's market-proven capabilities address this digital transformation trend, fulfilling three key technology objectives – modernising legacy systems; managing security, identity, and privacy; and creating digital capability.
The company's CEO Jeromy Wells said: "Today's consumers demand seamless and contextually-relevant experiences. They expect brands and organisations they interact with to respond to them at the right time, at the right place and with the right messaging. Whispir's specialist WCaaS platform has been designed specifically to meet this demand."
He added: "Whispir's platform integrates with pre-existing IT systems, which increases our value proposition to customers of all sizes, industries and regions. Our ASX listing today is a key step towards us harnessing these competitive advantages to increase our presence in growth markets globally."
At the last count the company had over 500 enterprise customers in Australia, New Zealand, Asia, and North America, and generated $27.8 million in revenue in FY 2018. It expects this to grow to $37.8 million by the end of FY 2020, with sustainable breakeven operations in June 2020.
Day one on the ASX boards.
It has been a mixed start to life as a listed company for Whispir. After launching almost 9% higher to $1.74 this morning, the tech company's shares have given back these gains and are now down almost 1% to $1.59 in afternoon trade.
