Kiwi technology company Blackbird Group (BPG) will list on the New Zealand Stock Exchange next month – the only IPO for the NZX in the second half of 2022.
BlackPearl builds, acquires and markets data-driven cloud services, productivity and demand generation applications for small and medium-sized businesses (SMB). Perl Engine, a proprietary data platform, is at the core of its development strategy.
Founder and CEO Nick Lisette has said he wants to go public to support future growth and acquisitions, but surprisingly, there is no capital increase attached to the listing.
The 10-year-old company is expected to list around next Friday.
“A direct listing on the NZX provides us with the fastest and lowest cost means of moving to the public platform to support future growth,” said Lisette.
“Our goal for the target listing is to accelerate acquisitions by offering shares in the listed entity as part of the companies we want to acquire. Being a listed company provides opportunities to raise future capital on the public market.
The company is led by a US entrepreneur and investor. Tim Crown, founder of Insight Enterprises, a Nasdaq-listed Fortune 500 company.
A local listing appealed because the NZX is a low-cost and low-friction listing platform.
“BlackPearl Group is both a technology company and an investment company with great potential,” he said.
“If we invest in creating a unique technology platform that can add value to a variety of applications, we have the opportunity to create new digital markets.”
Lysett told The Startup Daily Show that the software as a service (SaaS) company is currently eyeing an Australian business acquisition, and Sydney is its favorite city in the world. BlackPearl’s founder believes that the market slowdown and declining value of private businesses due to the pressures of the global recession have created unprecedented opportunities for a company like his. His latest acquisition is the HTML email signatures generator NewOldStamp.
“Our strategy is more about finding new talent and markets than simply acquiring technology businesses for their revenue, and most importantly, accelerating organic growth,” Lisette said.
“Our private platform allows us to help the businesses we acquire accelerate their growth and development.”