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Current as of 29/04/16 07:39PM NZST
Business reporter for the NZ Herald

Tech voucher firm lists on NZAX

VMob builds software for mobile companies allowing them to distribute vouchers from big brands to their customers. Photo / Thinkstock
VMob builds software for mobile companies allowing them to distribute vouchers from big brands to their customers. Photo / Thinkstock

Technology start-up VMob has undertaken a back-door listing on the NZAX in an attempt to attract overseas investors.

The Auckland-based firm builds software for mobile companies allowing them to distribute vouchers from big brands - like fast food chains - to their customers.

Founder Scott Bradley says the location-based software is also designed to learn what a particular mobile user is interested in and target vouchers at them individually.

VMob was founded in 2010 and is looking to expand into developing markets such as Indonesia and India where telcos have 100 million customers.

Its reverse listing - also known as a back-door listing - on the NZX Alternative Market, via an acquisition by shell company Velo Capital, would help it attract "strategic offshore investors", Bradley said.

"We're a small New Zealand start-up going out to a global stage," Bradley said.

"We've got an office in Indonesia already and [are] dealing with some of the largest telcos in the world.

"So for a small New Zealand start-up to be publicly listed just really gives us a lot more profile ... it definitely makes capital raising easier."

Velo Capital announced the acquisition yesterday and will change its name to VMob Group on the NZAX this Friday.

VMob posted a loss of $699,000 in the 12 months ended March 31, its first full-year of trading, on operating revenue of $28,000.

- additional reporting BusinessDesk

- NZ Herald

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