Christchurch software corp to seek listing

By Phil Boeyen, ShareChat Business News Editor

Sunday 18th November 2001

One of New Zealand's most successful software companies, Christchurch-based Aoraki Corp, has announced it will go public in around a year's time.

Aoraki is known for its successful Jade software and a range of other products for industries and business services.

Founder and chief executive officer, Sir Gil Simpson, says the company will offer shares publicly by early 2003 and has also announced an initial round of $12.2 million in financing from the issue of convertible notes to a number of New Zealand and offshore investors.

The major investors are specialist private equity funds management firm i-cap equity partners limited and a US businessman called Roger Bhole.

Aoraki says Mr Bhole, an orthopaedic surgeon by training, is an entrepreneur with interests in several software companies including Filevision, a company that uses Aoraki's Jade programming tool to build its products.

Other investors are Active Equities and a number of close business associates of Sir Gil. I-cap partners limited have also been appointed as Aoraki's corporate advisers for its IPO.

Sir Gil says it is an exciting time for the company.

"We have made an incredible transition in less than five years from a company producing mainframe computer software to one leading the industry with Jade.

"We are experiencing considerable international growth for Jade and our other products, and the intellectual and financial capital supplied by our initial investors will be critical to us expanding on this success."

Aoraki Corporation now earns 100% of its revenue from Jade or Jade-based solutions and services.

"Four years ago this figure was 5%, representing an average annual growth rate of almost 200% underlying flat revenue numbers over that period," the company says.

Aoraki was founded in 1978 and employs 350 people. It built its business on its first successful product called Linc, a programming tool for Unisys mainframe computers.

Comments from our readers

No comments yet