The stock exchange is set to acquire a rare new listing in the form of technology acquisition firm Black Pearl Group, which is looking for a platform for future growth.
Blackpearl bills itself as a technology company that builds, acquires and sells data-driven cloud services to deliver applications for small businesses.
The company is a compliance listing only and is not seeking funding or a sale of shares.
Founder and CEO Nick Lissette said this is done with an eye to the future.
“A direct listing on the NZX offers us the fastest and lowest cost means of moving to a public platform to support future growth,” he said.
“The intended goal of the listing is to accelerate acquisitions by allowing us to offer shares in listed companies as part of our offer to companies that wish to acquire them,” he said, noting that the listing could be a capital investment in the future. provided the opportunity to procure .
The company will be capitalized at about $45 million, Lissette said.
The company has 83 shareholders, with VTPE Investments of Scottsdale, Arizona, USA holding a 12.9% stake and Lissette-linked Teamwork Group holding a 10.2% stake, according to company office records. .
Other significant shareholders include prominent businessman Sir Owen Glenn and Accident Compensation Corporation, with a broad spread of smaller investors based in New Zealand, the US and the UK. .
Founded in 2012, Blackpearl has offices in New Zealand and Phoenix, Arizona.
The company currently has two major email products, Blackpearl Mail and the recently acquired New Old Stamp, offering email products and applications for small businesses.
Lissette said the company’s strategy is not to acquire for revenue, but to acquire technology companies that provide access to new products, talent and markets.
“Our private platform will allow us to accelerate the growth and development of the companies we acquire.”
He said sector acquisitions and mergers tend to have a mix of cash and equity in the acquiring company.
Black Pearl is expected to list around December 2nd, subject to final approvals from NZX and NZ RegCo.
https://www.rnz.co.nz/news/business/479418/technology-acquisition-company-blackpearl-group-to-list-on-nzx Technology acquirer Blackpearl Group to list on NZX