TV text-pollster Lateral votes for the NZAX
The rash of technology floats is continuing with Auckland mobile payment intermediary Lateral Corporation set to join the junior NZAX market.
The company supplies the technology used to support television entertainment text polls such as the one used by NZ's Got Talent and mobile chat services such as Australia's OZchat.
Chief executive Roger Grice said the volume of financial transactions billed directly to people's mobile accounts was sharply rising and was expected to hit US$12 billion within three years.
While its roots were in text polling and Lateral had managed the text-voting for "almost every large-scale TV interactive programme for the last 10 years", its newer Viaduct platform has been designed for the smartphone market.
Lateral said it would not seek to raise fresh capital through its initial public offering (IPO) on the NZAX. However, it would to raise $1.5 million from professional investors once it was listed to fund growth ambitions across several markets including Australia, Britain and United States.
Grice said the company employed 11 staff and was operating about break-even at the moment.