Jumping the ditch is the focus of latest IT forum

By Aimee McClinchy

Friday 12th May 2000

SPRINGBOARD: Telemedia boss Chris Jones (left) and venture capitalist Roger Allen have funds to invest

The Australian technology scene and its stock exchange provide the scale many young local companies need to jumpstart their international fortunes, more than 300 investors and entrepreneurs heard this week.

Although companies had to stick to tough listing and reporting rules on the Australian Stock Exchange (ASX), it had proved a valuable base for companies such as Telemedia Network International and Sausage Software, speakers at the IT Investment Network forum said.

Telemedia boss Chris Jones - named the country's second-richest person only weeks before the April Nasdaq crash - said listing on the ASX last October had allowed his company to springboard into relationships with global telcos.

"By listing we have been able to become top of the second division of telco service providers," he said.

"And this has given us the mandate to cherry-pick staff from the first-tier division."

Mr Jones, whose wealth is still estimated at $125 million, said Telemedia had won the business of two telcos a month since its listing.

Telemedia had embarked on a fully-funded acquisition programme he said would not be affected by the sharemarket ructions.

"Our acquisition programme has been purely a bonus [of our profitability]. We don't need to acquire for revenue purposes. These two companies - US-based Phoenix and Donia Telecom - complement us."

Telemedia was now focusing on growth in the Japanese market, where the retail sector for mobile phones was exploding. Telemedia was testing "unified messaging" in Japan where mobile phones converted the first lines of email data into speech.

"It will lead wireless application protocol development; that's what we are focusing on," Mr Jones said.

Mr Jones joined Steve Outtrim, founder of Sausage Software, and Roger Allen, co-chairman of Allen & Buckeridge, one of Australia's largest venture capitalists (NBR, April 28), as a keynote speaker.

Mr Allen said his company was seeking companies to invest in, as part of a new $A175 million investment fund.

The next forum is likely to focus on Silicon Valley and the opportunities for entrepreneurs there.

Comments from our readers

No comments yet