Who's on Location goes looking for cash
By Pattrick Smellie
Sept. 26 (BusinessDesk) - Wellington visitor management software firm WhosonLocation is looking to raise up to $3 million in private equity as it seeks the next phase of growth since it launched five years ago.
Founder Darren Whitaker-Barnett told BusinessDesk the company, which operates in nine countries and boasts 61,000 users globally, is seeking high net worth individuals rather than an initial public offering, with funding likely to be sought in two tranches.
Investment bank Cameron Partners is advising, with Deloitte Private.
While sales figures and customers are commercially sensitive, Whitaker-Barnett says revenues are growing at a compound annual growth of 80 percent and are projected to grow to 100 percent CAGR following the establishment of a reseller network for the WhosonLocation system in Australasia, Canada, and the UK.
The system, which won a Red Herring Asia innovation award in 2011, replaces bespoke site visitor management systems with a low cost, cloud-enabled service that allows the presence of staff, contractors and visitors on work sites.
"We've got a well established product, a proven commercial model, and fantastic cashflow, so the company is seeking investment, but not through an IPO listing," he said.
Among identified users are a clutch of large local and international firms, including 3M, Unilever Canada, ASSA ABLOY, Meridian Energy, Armourguard, the New Zealand Red Cross, the Australian Sports Commission and Darwin International Airport. Casinos, schools and major manufacturers are also among users.
"We're very strong in central and local government in both countries (New Zealand and Australia) and very strong in energy and utilities," said Whitaker-Barnett.
The company is looking to raise "up to $3 million in two rounds over the next 18 months."