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 stocks fall on renewed Brexit uncertainty, dividend payouts
NZ dollar heads for 1.3% weekly gain as investors wind back expectations of further weakness
NZSA pans Kathmandu's lack of disclosure on directors' fee increase
Refining NZ eyes low-carbon opportunities
Mercury storage slides to two-year low
NZSA says time's up for Keith Smith on Warehouse board
October manufacturing activity strongest since May
Blis Technologies narrows 1H loss, upbeat about FY19
Foley Family Wines migrates to NZX's main board
Craigs becomes NZX Wealth Technologies' first customer