NZ software firm SwipedOn sells for $11 million

Kiwi software firm SwipedOn has been sold to UK company SmartSpace Software for $11 million. 

The British company provides workspace management software and has wanted to expand that offering through an acquisition since July.

Tauranga-based SwipedOn's software helps visitors sign in when visiting an organisation. Its backers included Ice Angels, Enterprise Angels, New Zealand Venture Investment Fund and K1W1. 

The Kiwi firm's annual recurring revenue - a favoured measure among software-as-a-service companies - was $1.6 million in August, up from $846,000 in September 2017. It reported a loss of $450,000 in the year ended March 31 on revenue of $1 million. 

"We decided on SwipedOn as we felt it met our criteria of offering good value, had a scalable technology, a worldwide customer base, a strong team and established SaaS management processes with the potential for significant growth," SmartSpace chief executive Frank Beechinor said. 

SmartSpace will pay $8.6 million in cash. SwipedOn chief executive Hadleigh Ford, head of product Ben Scott, CTO Matt Cooney and marketing head Paul Hansen will receive shares in SmartSpace, which has applied to the London Stock Exchange to list on the AIM market for small, growth-focused companies. 

(BusinessDesk)

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

MARKET CLOSE: NZ shares follow Asian markets higher on renewed hopes for China-US resolution
Housing Ministry head hints he acted against departed KiwiBuild head Stephen Barclay
NZ dollar heading for 1% weekly slide as outlook weakens
Currency frozen in multi-million dollar Cryptopia theft
NZ manufacturing activity hits highest level since April
Tilt affirms guidance; Dec qtr production misses long-term expectations
NZ dollar extends slide as Philly Fed lifts sentiment in US
January 18th Morning Report
MARKET CLOSE: NZ shares get further lift from positive offshore markets
NZ dollar extends decline amid mixed data