Kiwi tech company Blackpearl Group (BPG) will list on the New Zealand stock exchange next month – the only IPO for the NZX in the second half of 2022.
Blackpearl builds, acquires and sells data-driven cloud services with productivity and demand generation applications for small and medium-sized businesses (SMBs). The proprietary data platform, the Pearl Engine, is at the heart of the growth strategy.
Founder and CEO Nick Lissette said he wants to go public to support future growth and acquisitions, but surprisingly there is no capital raise associated with the listing.
The 10-year-old company is expected to list around Friday next week.
“A direct listing on the NZX gives us the fastest and cheapest way to move to a public platform to support future growth,” said Lisette.
“Our goal for the proposed listing is to accelerate acquisitions by offering equity in a publicly traded entity as part of our offering to companies we want to acquire. Becoming a listed company also offers future opportunities to raise capital in the public market.”
The company is chaired by an American entrepreneur and investor Tim Crown, co-founder of Nasdaq-listed Fortune 500 company Insight Enterprises.
A local listing was in appeal, he said, because the NZX is a low-cost and low-friction listing platform
“Blackpearl Group is both a technology company and an investment company with tremendous opportunity,” he said.
“Having invested in creating a unique technology platform that can add value to a range of applications, we have an opportunity to innovate in new digital markets.”
Lisette told the Startup Daily show that the Software as a Service (SaaS) company is currently targeting an Australian company for acquisition and that Sydney is its favorite city in the world. Blackpearl’s founder believes that market slowdown and falling private company valuations due to global recessionary pressures have created unprecedented opportunities for a company like his. Its latest addition is the HTML email signature generator NewOldStamp.
“Our strategy is about much more than just acquiring tech companies for revenue, it’s about gaining access to new talent and new markets, and most importantly, accelerating organic growth,” said Lisette.
“Our private platform enables us to help the companies we acquire accelerate their growth and development.”