Aussie Oracle partner, PrimeQ, has just received a major financial boost from the UXC Limited founder and former chairman, Geoff Lord, as it eyes a run for the Australian Securities Exchange (ASX) in 2018.
PimeQ revealed on 12 September that Belgravia Group, chaired by Lord, had stepped up as a cornerstone investment in the company.
In addition to founding UXC, Lord also happens to be the inaugural Chair of Melbourne Victory. His Belgravia Group organisation provides services across a number of industries, including local government, corporates and the health sector.
The fresh investment injection will see Lord take on yet another role, this time as the chair of the PrimeQ Victoria advisory board, which was created to ensure the Oracle start-up continues to create “focus and success” for its customers.
“Belgravia’s support and Geoff’s involvement is a continued reflection of our position in the market,” PrimeQ CEO, Andrew McAdams, said. “We welcome Geoff’s involvement as we move to creating more value for our customers.”
For Lord, PrimeQ “ticks all of the boxes” for investment. Lord said he is looking forward to getting more involved in the company as he works to support the company’s success.
“What PrimeQ has achieved in a short period is extraordinary and the number of customers supporting them is why this was a comfortable choice for me. I think their plan and focus will ensure they win the core of the Oracle market,” Lord said.
News of the investment comes just days after PrimeQ was appointed by a joint venture of major Australian beverage suppliers to build the IT that will support New South Wales’ Container Deposit Scheme.
A joint venture of five Australian beverage companies recently won the NSW Government tender to coordinate the Scheme, tasking PrimeQ to use cloud technology to help reduce litter across the state.
In June, the company struck a five-year deal with publicly-listed cemetery and cremation operator, InvoCare, as part of a major upgrade of its operating system aimed at providing greater customer service.
Earlier this year, PrimeQ, revealed it was on a mission to raise $10 million on the ASX, in a bid to kick-off an acquisition-powered pathway to growth.
The company, which at the time anticipated a listing price of $0.50 per share, said it expected to list on the ASX by early 2018, in an initial public offering (IPO) likely to value the Australian-based business at around $50 million.