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Impressive debut for Commsoft

By Nicholas Bryant

Friday 22nd September 2000

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Many tech floats have been delayed or cancelled since Nasdaq's April correction but not Commsoft Group which listed on the Australian Stock Exchange this week.

Started in Auckland in 1997, Commsoft's share price has bucked Australian market sentiment since its Tuesday listing, the stock up 17Ac to $A1.27 in two days.

How long favoured status will continue is unclear as the market showed it was by no means seeing all new tech stocks as good punts this week.

High-tech communications company Sofcom, which had twice the hype of Commsoft due to having former Victorian premier Jeff Kennett as its chairman, was dumped hard on its first day in public.

Its 35Ac shares finished 18.5% down at 28.5Ac.

Some of the positive sentiment for Commsoft can be put down to it making a major announcement late on its first day's trading.

After a tentative start, which saw the price slip 5c below its $A1.10 issue, Commsoft bosses announced they had secured an Australian distribution deal for its NetMaster software with US-based Ingram Micro.

That saw the deficit bridged and a 2Ac profit on the day.

The following day, after investors had time to digest the importance of the deal, the stock went up again.

NetMaster is an internet tool designed to eradicate "cyberbludging" by tracking employees' internet usage.

Commsoft has signed distribution agreements with British Telecom and Panasonic in the UK, Telstra in Australia, and has operations in Australia, South Africa and the UK as well as here.

At press time Commsoft was trading at $1.25.

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