NZ-based mobile job management technology vendor, GeoOP, is looking to raise new equity of $8 million through a private investment offer to pursue a compliance listing on the New Zealand Alternative Stock Exchange (NZAX).
GeoOP is a software-as-a-service (SaaS) business with international uptake across 13 countries. Its mobile-based product aims to replace business processes which involve paperwork and hard-to-manage workflow systems, providing the ability to complete and invoice work in real time via smart devices. GeoOP integrates with Xero, Freshbooks, Unleashed, Navman, and Snitch.
GeoOP chief executive officer (CEO), Leanne Graham, who has invested more than $700,000 into the company and helped with raising around $2m of capital to date, said a listing on the NZAX would bring another growth company to the local stock market.
"Job costing, scheduling and invoicing is at the heart of every business in the trades and services sectors," Graham said. "We estimate more than 60m people 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."
Since its 2009 launch, GeoOP has grown its customer base to more than 4000 paying users. Around 85 per cent of these are offshore. Key markets are Australia (56 per cent), NZ (15 per cent), the UK (six per cent), and the US and Canada (19 per cent), with its other markets accounting for four per cent.
GeoOP has appointed Bell Gully as its legal advisor, as well as investment bank, Cameron Partners.