A new firm formed by the mega-merger of eight separate companies, including tech players, 3wks, Digital Moshi and Jtribe, has made its public debut following a $70 million initial public offering (IPO).
The new group, named Trimantium GrowthOps Limited (ASX:TGO), listed on the Australian Securities Exchange (ASX) on 16 March, with the company valued at approximately $143 million, and an estimated $95 million market cap.
The IPO was priced at $1.00 per share and raised $70 million, and found strong backing from international and strategic cornerstone investors.
The legacy businesses comprising the new group include enterprise cloud and software solutions provider, 3wks, mobile applications developer, Jtribe, enterprise IT consulting, cloud and software solutions provider, Digital Moshi.
The other companies making up the new entity include digital marketing and technology player, KDIS, creative agency, AJF Partnership, content producer, Khemistry, branding and graphic design firm, Voodoo Creative, and the Institute of Executive Coaching and Leadership (IECL).
“Through the IPO, 15 entrepreneurs have merged their eight successful, specialist businesses to create GrowthOps,” GrowthOps founder and managing director, Phillip Kingston, said.
“Our clients want a single, accountable, execution partner spanning creativity, technology and leadership to solve complex challenges and develop new products, services and growth strategies.”
“Since the announcement of the IPO, we have continued to deliver strong operational performance for our clients and maintained positive momentum in building GrowthOps,” he said.
The IPO is expected to fund ongoing historical growth rates, increase the size of projects they can undertake, and complete the acquisition of eight independently profitable and growing businesses into a single company.
As a united force, the company is set to pursue the "evolving and fast-growing business transformation services market," which it estimates is worth approximately $85 billion in Australia alone, and includes the converging industries of management consulting, technology, and advertising and creative.
The public listing comes after a considerable delay to Trimantium Capital’s initial plans for the formation and public listing of its GrowthOps entity. The investment group missed a key settlement deadline in February on the road to its public listing, after lodging its initial prospectus in November last year.
The public listing comes roughly three months after the ASX welcomed another local tech mega-merger, with CommsChoice Group (ASX:CCG), the entity formed from the merger of five different telco resellers, admitted to the official list of the ASX on 18 December.
As the company began trading publicly on the ASX, it released a statement to shareholders, referring to itself a “comprehensive ICT managed services business with a proprietary Adaptive Connectivity-as-a Service (ACaaS) platform that delivers optimised solutions”.
The largest single company making up the new entity is CommsChoice itself, which has offices in Sydney, Melbourne, Singapore and the Philippines. It was known as an enterprise-focused telco and IT services, specialising in managed data and voice solutions, and unified communications service.
The other entities making up the merger – Woffle, Telegate, Telaustralia and Oracle Telecom – all provided telco services, including Voice over IP systems, along with other voice, data, phone and cloud hosting services.