The tech downturn hasn’t scared everyone off listing on the stock market. The tech minnow Bridge says it’s going to list, despite the doom and gloom.
The tech downturn hasn’t scared everyone off listing on the stock market. Bridge SaaS, a Sydney-based software-as-a-service company, says it will open an initial public offering on Tuesday, hoping to raise $4.5 million to fund its push into the ever-growing National Disability Insurance Scheme.
, because it had already given itself a modest valuation when it embarked on the IPO process a year ago, and the downturn had not forced the company to lower that valuation any further. “A lot of tech companies at a very high multiple, and they have to because of the VC involvement. The VCs have to get a return on their money. But we don’t have to because we’ve had organic growth funding us,” he said.
“There are 17,000 providers , and unless your systems are really streamlined, you can’t bring in a lot of customers, fast, unless it’s all automated,” he said. Mr Hoffman declined to be interviewed, but said in an email: “I believe technology like Bridge’s has a big role to play in reducing complexity and overhead costs, and enabling providers to focus on delivering great service”.
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