Plexure Group lists on ASX after raising A$30 million in private placement

Plexure Group Ltd (ASX:PX1) (NZE:PX1) started trading on the ASX today under a foreign exempt listing following an oversubscribed private placement that raised $30 million. The placement was strongly supported by institutional as well as sophisticated and professional investors in Australia and New Zealand. Funds raised will be used to accelerate global expansion, product development and further enhance Plexure’s technology platform particularly in the areas of analytics, advanced artificial intelligence (AI) and machine learning. Founded in New Zealand in 2010, Plexure is one of the world’s leading specialist mobile engagement providers, enabling brands to connect with consumers through deeply personalised offers. Plexure has been allocated the ASX ticker code of PX1 and its NZX ticker code also changed today from PLX to PX1. “Listing on ASX next major step” Plexure CEO Craig Herbison said the secondary listing on the ASX was the next major step in Plexure’s strategy, supporting the acceleration of its overseas growth. “Adding an ASX foreign exempt listing is great news for local investors as it allows us to accelerate the strong international growth trajectory we have achieved in recent years through investment in our people and technology. “We welcome our new Australian and New Zealand institutional, sophisticated and professional investors. “The additional Australian listing provides us with a new and deep source of capital for the future and from today Plexure shareholders can trade their shares on either the NZX or the ASX provided they are registered on the share register for the particular jurisdiction.” Oversubscribed placement Completion of Plexure’s recent oversubscribed placement was conditional on Plexure’s successful application for an ASX foreign exempt listing, as announced on November 11 and 13, 2020. Under the placement approximately 26.55 million shares were offered at NZ$1.20 a share ($1.13), giving Plexure a current market capitalisation of NZ$223.5 million. Funds raised will be used to accelerate global expansion, product development and further enhance Plexure’s technology platform, particularly in the areas of analytics, advanced AI and machine learning. Revenue model Plexure generates revenue through a licence, usage, support and managed service fees and services such as integration, funded development and consulting. The company has continued to build on the financial foundations of the previous three years. Total revenue from customers in FY2020 was NZ$25.5 million with a gross margin of 70 per cent and net profit of $1 million. The company’s business model is globally scalable with 70 per cent of the revenue of a recurring nature. Its revenue is forecasted to increase in FY21 to NZ$29 million, a 14 per cent rise compared to the previous year. The company Plexure is a mobile engagement software company. Global brands use Plexure’s products to engage consumers on mobile devices and drive them to store with personalised offers, mobile order and pay and loyalty programs. Plexure has more than 210 million users on its platform across 60 countries in 40 languages with major clients such as McDonald's, Super Indo and White Castle. The software integrates with operational systems to remove friction and create a seamless purchase experience for consumers.