Software as-a-service communications workflow platform Whispir has started trading on the ASX following an oversubscribed initial public offering (IPO) of $47 million.
The IPO involved a primary raise of $27 million and a $20 million secondary sell-down of existing shareholders.
The Melbourne-based company listed with 29.4 million shares at $1.60 each and now has a market capitalisation of $163 million.
Whispir’s software platform provides two-way interactions at scale using automated multi-channel communication workflows with the aim of reducing development time of drag-and-drop templates and mobile engagement.
The platform also offers real-time data insights from different sources and increases critical responsiveness for customers. Multi-channel capabilities include text and voice messaging, email and social media channels.
“The Whispir platform simplifies complex communications processes with automated workflows that require little to no coding. Using our platform, companies can ensure their stakeholders receive accurate, timely, useful and actionable information that accounts for their individual circumstances,” Whispir CEO and founder, Jeromy Wells, said.
“Whispir’s platform integrates with pre-existing IT systems, which increases our value proposition to customers of all sizes, industries and regions. Our ASX listing today is a key step towards us harnessing these competitive advantages to increase our presence in growth markets globally.”
The platform is sold both directly through channel partners including IBM, Telstra and StartHub, counting more than 500 enterprise customers in Australia, New Zealand, Asia and North America.
Some of its customers include Walt Disney Company, Virgin Australia Group, Department of Jobs and Small Business, AGL, AIA, The Department of Fire and Emergency Services WA, Takata Airbag Recall, Foxtel and Fire and Rescue NSW.
Following the IPO, the company intends to pursue overseas growth opportunities in Asia and North America.
“Our success has been built on our ability to solve crucial communication challenges for our customers, demonstrated by our high customer retention rate," added Wells. "We are excited to be offering Australian investors the opportunity to invest in a local tech company with a global footprint and an aspirational attitude.”
Total revenue in the 2018 financial year was $27.8 million, which is predicted to grow to $37.8 million in FY2020.