Nitro Software blasts onto the ASX
11 December 2019, Written by David Simmons
Document management software developer Nitro has landed on the ASX today following a $110 million IPO.
The company, which owns PDF productivity and eSignature tool Nitro Productivity Suite, will list under the ticker NTO.
At the IPO listing price Nitro Software (ASX: NTO) has a market capitalisation of $324.9 million and an enterprise value of $263.1 million.
Founded in Melbourne in 2005 the company initially sought to offer an alternative solution to Adobe Acrobat called Nitro Pro.
Since then the company has expanded to specialise in document productivity, digital transformation and change management.
The company has sold approximately 1.8 million licences in its lifetime and has more than 10,400 business customers in 114 countries globally. Some high-profile customers include ExxonMobil, T-Mobile, Caterpillar, and Chubb.
The group is now headquartered in San Francisco, and has offices in Dublin, London, and Melbourne.
The company's founders Sam Chandler (pictured) and Richard Wenzel are still in charge of the company, employed as Nitro's CEO and senior vice president of tax and treasury respectively.
CEO Chandler says launching on the ASX today is a major milestone for the group.
"Having founded the Nitro business in Melbourne a decade and a half ago, I am thrilled that we are listing Nitro in the Australian market today," says Chandler.
"I am proud of the business we have built, based on a foundation of making document productivity easy, powerful, affordable and available to all. Our ambition has always been strong, and our potential is enormous as we support customers around the world, both large and small, in their digital transformation journey."
"Along with our team, I am excited about the opportunities we have ahead of us and look forward to delivering great outcomes for our customers and shareholders."
Business News Australia
Author: David Simmons