Australian data collaboration software provider, IXUP (ASX:IXU), has publicly-listed on the Australian Securities Exchange (ASX) just days after raising $12.5 million in an initial public offering (IPO).
Founded in 2011, IXUP claims former Oracle Australia and New Zealand managing director and former SAP Australia and New Zealand CEO, Tim Ebbeck, as its executive chairman.
The market capitalisation of the Sydney-based tech player, which describes its core offering as a “disruptive software platform designed for secure, fast, and valuable data collaboration between organisations,” stands at around $31.7 million.
IXUP (pronounced “eyes-up”) told shareholders on 15 November that the $12.5 million in new funds raised will be used to further develop the IXUP data collaboration platform, and drive commercialisation and the development of relationships with existing and new partners.
The company’s technology is software-based and allows two or more organisations to connect data without necessarily sharing all their information. It’s business model is based on a recurring software-as-a-service (SaaS) model with services provided by partners.
“IXUP has the potential to become the global technology standard in data collaboration and listing on the ASX is the next exciting step in the path to realising that potential,” Ebbeck, said.
“We appreciate the tremendous support the IPO has attracted from retail and institutional investors who share our vision and belief in the future of data collaboration,” he said.
In its statement to shareholders, IXUP said that its patented technology lets “each collaborator” load data onto its platform without the need to de-personalise that data or involve third party data brokers in the process.
The data is encrypted in the platform with the encryption keys residing with the data owners, who retains complete control of that data during “collaboration”.
The idea is to give users a greater capability to match data across silos for new insights in a secure environment. According to the company, “almost every organisation that deals in large amounts of business data is a potential user”.
IXUP claims to have already secured agreements with a number of Australian financial institutions and service providers, along with “leading management consultants".
These include Microsoft, Dimension Data, Empirics and KPMG, according to IXUP.
At present, the company is set to release the third generation of its platform, at least six years after creating its first prototypes in 2011.