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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news