Paritech goes public, as an unlisted company

Paritech goes public, as an unlisted company

Melbourne-headquartered distributor and software developer Paritech plans to raise $2.5 million from floating as an unlisted public company.

The company has decided against listing as a public company to better use private investor funds on business development rather than on the costs associated with listing.

"Most young technology companies which do not have a strong record of profits list publicly because they need underwriters to give them access to a bigger base of investors, and they pay a considerable fee for this.

Because Paritech has a strong record of year-on-year profits, we prefer to stand on our own two feet [when it comes to seeking investors]," said Leo Pennacchia, Paritech's director.

Paritech is also opposed to "the stream of recent listings of technology-based companies, with many of them unable to show profits to their investors," the company said. However, it has also hinted that it may in the future list on a stock exchange.

Paritech plans to raise the $2.5 million through the issue of five million shares at 50 cents per share.

The company will use the funds raised by the float to finance its international growth and to further develop products for the retail and corporate market, Pennacchia said. "We are focusing on high-growth regions such as the Asian markets, as well markets in Europe and the US."

Incorporated in July 1997, Paritech develops share market analysis software and investor training services. Besides its own brand, it also distributes the MetaStock, OmniTrader, Tradestation, and OptionVue brands.

It has offices in Sydney, London, Singapore and the US, and had $4.2 million in sales orders in its last financial year. Paritech recently set up Paritech Sweden, a joint venture company with Swedish company STOCKWORDS to resell its products and training services.

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