Press Release - 27 Oct 2016
The integrated technology and services property platform provider, Equiem, is poised for its next growth spurt, locally and overseas, following a successful capital raising.
The offer, which was only available to existing shareholders and selected parties, including Leigh Jasper and Rob Philpott, founders of the Australian property-tech success story Aconex, closed in a week heavily oversubscribed.
Equiem CEO Gabrielle McMillan says the strong investor interest in the capital raising is testimony to the fact that the company not only continues to perform strongly in Australia, but has an exciting vision for strategic growth in overseas markets with the new funds earmarked for global expansion, product development and building the leadership team.
Jasper says he welcomed the opportunity to become an investor in Equiem at this phase in its development. “From what we have seen to date in terms of growth, meeting targets, and looking overseas for fresh opportunities, we believe the Equiem team is doing a great job. This is a business with enormous potential on a global scale and, in this regard, we see strong parallels with Aconex.”
McMillan says: “On the overseas front, we are targeting the US, UK and Singapore, and expect to have a presence in two new countries by June 2017. We are also establishing a New York office in December, with our first building expected to start rolling out early next year.
“Equiem remains focussed on building the leadership team to service existing customers and underpin the global strategy. In the past 12 months, the positions of CFO, CTO and COO have been added to the management structure, and in the past two weeks there have four new senior appointments, People and Culture, Head of Business Development, Asia-Pacific, General Counsel, and a Vice-President, Sales, to be based in New York.”
McMillan says product development remains a priority with an immediate focus on preparing the platform for global scalability, including a number of infrastructure upgrades, such as security and server capacity.
“We are also working on new features and products with key clients here in Australia to improve retail systems, flexible space and reporting/analytics, all of which requires the ongoing recruiting of engineers. In addition, we are exploring the opportunity of expanding our engineering team into Asia.”
Equiem remains on an exponential growth path with the value of the business more than doubling in the 10 months since the first capital raising.
“We have 20% market penetration rolled out across more than 2.5 million square metres of Premium and A Grade office space, nine of the 11 largest REITs are clients, and there has been a 130% increase in contracted monthly recurring revenues in this period.
“The platform continues to enjoy strong engagement with 47,000 active users, and we are committed to continue helping our Australian customers enjoy new levels of engagement with their tenants,” McMillan said.
Photo by Pat Scala