Software developer CommSoft will list on the ASX and New Zealand stock exchange tomorrow in a bid to gain $68 million worth market capitalisation, and support growth plans into the low-end data communication and CRM markets.
The former New Zealand telecommunications software developer allocated 15.4 million shares at $1.10 each, which according to Rodney Martin, CommSoft's chief operating officer, would be oversubscribed.
The $117 million proceeds would be used to acquire up to six local technology companies, Martin said, declining to comment on planned acquisitions.
Meanwhile, CommSoft plans to shift its traditional computer telephony integration (CTI) focus into the data management and CRM fields, with aggressive growth plans for the US in 2001, he said.
According to Martin, CommSoft will also broaden its local reseller base, expanding from alliances with pure voice systems and PABX resellers into larger computer firms and systems integrators.
CommSoft posted $6.6 million profit in the last financial year, up $5.5 from the previous year.