Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Lateral Corp to list on NZAX before seeking $1.5 mln

Lateral Corp to list on NZAX before seeking $1.5 mln for growth

By Suze Metherell

Aug. 8 (BusinessDesk) - Lateral Corp, the mobile technology developer, will list on the New Zealand Alternative Index before tapping eligible investors for capital to fund growth in international markets.

The Auckland-based company, which makes user-pay mobile product as well as providing mobile payment and marketing services, will join the NZAX via a compliance listing, meaning it won't raise any new money, on Aug. 18. It will then raise $1.5 million in capital from qualifying investors to fund growth plans in the Australian, US and UK markets, it said in a statement.

Over the past decade, Lateral has managed the text voting for most of New Zealand's large television shows, like New Zealand's Got Talent. The majority of its business comes from Australia, where it owns OZchat, a subscription based chat service, which charges directly to the user's phone bill, rather than their credit card. Its latest platform, Vidauct, is a cloud-based host for digital products, services and applications and can also manage sales and bill customers.

"Rather than building a single app to distribute through the Apple or Google app stores we're developing a digital supply chain," chief executive Roger Grice said. "We have spent the past five years developing our Vidauct platform, which not only develops apps, but can host other apps, enabling us to distribute and bill for third party digital products."

Lateral will follow next week's NZAX compliance listing by Pushpay, another Auckland-based mobile payment app developer, on Aug. 14. Pushpay raised $9 million in new equity issuing shares at $1 each, boosting the total number of company shares to 50 million, and valuing it at $50 million. The capital raise was underwritten by cornerstone shareholders Christopher and Banks Private Equity, an investment vehicle for the Huljich family.

Last December, Pushpay raised $5.1 million in two tranches, which saw the Huljich family take a 23 percent stake. Established in 2011, PushPay last year also attracted $1 million in backing from Douglas Kemsley, the Hamilton-based former chairman of internet and cloud services provider Maxnet, and a $253,000 development grant from the government’s Callaghan Innovation Fund.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news