Two tech firms to list on NZX

TOM PULLAR-STRECKER
Last updated 10:47 26/05/2014

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Auckland software firm Gentrack will announce details of its NZX float this afternoon.

It is expected to be the second technology company to announce today that it will list on the exchange.

Corporate travel software firm Serko is expected to announce details of its initial public offering (IPO) two hours before Gentrack at 11am.

Years have often gone by without fresh technology listings on the exchange, but the sharemarket success of Xero has whetted the appetite of company owners and investors alike.

Several software companies - young and old - are now queuing up to tap the public market.

Gentrack was founded in 1988 and employs 180 staff making business software for utilities.

It competes with products from the likes of SAP and Oracle. It had a five-year spell under Australian private-equity ownership between 2007 and 2012, when it was known as Talgentra, before it returned to local ownership through a management buyout.

Gentrack's revenues have risen by an average annual compound rate of 15 per cent a year over the past five years, topping $40 million in 2014.

Serko's main product is Serko Online, a cloud-based corporate travel booking engine used by clients across the Asia-Pacific region including most Australian federal government agencies.

Serko won the innovative product award and the export award for companies with a turnover of less than $5m at the New Zealand Hi-Tech Awards in 2011.

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