SLATTERY'S MEGAPORT TO LIST ON ASX

Written on the 23 November 2015 by Laura Daquino

SLATTERY'S MEGAPORT TO LIST ON ASX THERE'S soon to be a new software company on Brisbane's ASX block, with Megaport today lodging a prospectus with ASIC to raise $25 million and applying to list on the ASX.

The software-based elastic connectivity provider was founded in 2013 by leading technology entrepreneur and its current executive chairman, Bevan Slattery, with the aim of becoming a global leader in the fast-growing elastic interconnection services market.

Megaport's Offer is fully underwritten by Morgans Corporate Limited and will see the company commence trading on the ASX around mid-December this year.

There are a total of 20 million shares under offer at a price of $1.25 per share.

Slattery says Megaport cuts out the middleman, so companies no longer need to purchase long term, fixed bandwidth circuits between data centres and their cloud providers.

"Megaport has developed a platform that uses Software Defined Networking (SDN) to enable our customers to provision secure, dedicated, and highly scalable circuits otherwise known as 'elastic interconnects' between their network and other networks connected to the Megaport Fabric," says Slattery.

"With Megaport, customers can provision elastic interconnects for as long as a year and as short as one day, as slow as one megabit per second or as fast as 100 gigabits per second."

The company began operations in January 2014 and now operates in 34 data centres across six markets in Australia, New Zealand, Singapore and Hong Kong. It now has over 200 active customers and has partnered with some of the world's major cloud service providers, network operators and content providers.

Megaport CEO Denver Maddux (pictured) says the IPO would deepen the company's platform in existing markets and aid expansion into new key markets within North America, Europe and Asia.

An IPO intends to take this number up to 45 data centres in areas including New York, Los Angeles, Dallas, Seattle, San Francisco, Toronto, London, Dublin, Amsterdam and Stockholm.

Maddux believes the company is at 'the centre of a revolution'.

"This is a tremendously exciting time for Megaport as I believe we are at the centre of a revolution brought about by the rise of software defined networking and cloud computing," he says.

Founder Bevan Slattery is also the founder of listed company NEXTDC (ASX: NXT) and PIPE Networks, which was sold to TPG for $420 million in 2010.

He most recently founded Superloop Limited (ASX: SLC), which listed on the ASX earlier this year following a successful IPO that raised $17.5 million.



Author: Laura Daquino Connect via: Twitter LinkedIn

Latest News

REBRANDING AND RESTRUCTURING LIFTS HELLOWORLD TO SOLID FY RESULTS

HELLOWORLD Travel Limited (ASX: HLO) has posted a profit before tax of $31 million for FY17, an 800 per cent incre...

THE MOTHER OF THREE WHO HAS SHARK TANK'S ANDREW BANKS AND STEVE BAXTER FIGHTING TO INVEST WITH HER

NOT every entrepreneur on Shark Tank Australia convinces the 'sharks' that their business is worthy of inv...

CORPORATE TRAVEL MANAGEMENT NOTCHES UP 23 YEARS OF CONSECUTIVE GROWTH

CORPORATE Travel Management (ASX: CTD) has reported its strongest ever full-year results, with a net profit increa...

REPORTING SEASON WRAP: TUESDAY HIGHLIGHTS

* BHP Billiton (ASX: BHP) reported full year net profit of $7.42 billion compared to a $8 billion loss in the previou...

Related News

THE MOTHER OF THREE WHO HAS SHARK TANK'S ANDREW BANKS AND STEVE BAXTER FIGHTING TO INVEST WITH HER

NOT every entrepreneur on Shark Tank Australia convinces the 'sharks' that their business is worthy of inv...

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

* FORTESCUE Metals (ASX: FMG) reported net profit after tax (NPAT) of $2.64 billion for the year to June 30, up fr...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter