Newly listed Enprise eyeing expansion
Auckland software company Enprise Group plans to expand after listing today on National Stock Exchange of Australia.
Enprise was merged with cloud computing firm EMS-Cortex until the EMS side of the business was sold in September to US technology leader Citrix for a reported $18 million.
Enprise developed the Exonet business management system which was eventually sold to MYOB and renamed MYOB Exo. It continues to provide support to those system users.
Chief executive Mark Loveys said the company was seeing considerable demand for MYOB Exo and the long-term vision was to have offices in each Australian state.
"In the short term we're not looking to do any fund raising because we're a profitable company and don't need cash at this time."
Enprise also has a software arm based on the SAP Business One platform and those products are being sold by nearly 100 resellers, primarily in North America, Australasia, South Africa and Britain.
"Up until now we've limited ourselves to English-language countries and we're now starting to branch out into some of the very large European markets," Loveys said.
Enprise has 40 staff and is 30 per cent owned by Loveys and fellow co-founder Elliot Cooper.
Other investors include the Neiser Capital Investment fund and Sydney-based Nightingale Partners, whose manager, Christian Bernecker, is Enprise's chairman.
Loveys said the board considered listing on the NZX but half the board was Australian-based and there were costs and regulations to consider.
"Listing in Australia has quite a bit of logic because we have quite a lot of operations, both present and future, set up for there and because a number of investors are based there as well."