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


CORRECT: SLI Systems CEO Ryan takes innovation role

CORRECT: SLI Systems CEO Ryan takes new role as chief innovation officer, Brennan named CEO

(Corrects IPO sale price to $1.50 in fourth paragraph)

By Jonathan Underhill

Sept. 30 (BusinessDesk) - SLI Systems said founding chief executive Shaun Ryan will move into a role as chief innovation officer and named Chris Brennan as the new head of the online retail search engine developer.

Brennan will start at the company's San Jose office on Oct. 9 while Ryan will retain his position on the company's board, the Christchurch-based company said in a statement. Ryan held 11.35 percent of the company's stock as at June 30, according to SLI's annual report.

The leadership changes come just a month after Ryan said SLI's shares were "significantly under-priced" compared to other software-as-a-service companies, which were valued at upwards of four times annualised recurring revenue. With ARR of $34.6 million, that suggested a market value of at least $138 million for SLI, he said on Aug. 25.

SLI shares traded at 83 cents yesterday, valuing the company at $51 million, and have shed a third of their value in the past 12 months. They sold at $1.50 apiece in the company's May 2013 initial public offering.

SLI chairman Greg Cross said his board had concluded the best way to accelerate the company's growth was to recruit a US-based CEO with a track record in growing early-stage companies. Brennan was "widely respected" in Silicon Valley, with experience in the technology sector ranging from pre-IPO start-ups to multinationals. He also had "a strong history of integrating well with existing founders and management teams to best use their talents for the company's benefit," Cross said.

SLI's annual loss widened to $7.1 million in the year ended June 30, from $5.7 million a year earlier, while operating revenue rose 27 percent to $28 million, in line with guidance. At balance date the company had $5.6 million of funds on hand and it said it was on track to be cash-flow breakeven in the near term and won’t require further investment.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>

Commerce Commission: News Publishers’ Association Seeks Authorisation To Engage In Collective Bargaining

News Publishers’ Association of New Zealand Incorporated seeks authorisation and provisional authorisation to engage in collective bargaining with Facebook and Google. The Commerce Commission has received applications from News Publishers’ Association of New Zealand Incorporated (NPA) seeking authorisation and provisional authorisation on behalf of itself... More>>

Reserve Bank: MPC Continues To Reduce Monetary Stimulus
The Monetary Policy Committee agreed to raise the Official Cash Rate (OCR) to 0.75 per cent. The Committee agreed it remains appropriate to continue reducing monetary stimulus so as to maintain price stability and support maximum sustainable employment... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>

REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>

BNZ: Auckland Retail Card Spending Bounces Back In Step Two
Bank of New Zealand (BNZ) card spending data released today shows one week of retail therapy at Alert Level 3 Step 2 has been enough to raise card spending in Auckland to levels greater than before the Delta lockdown... More>>