Snakk Media to list on NZAX in March
Snakk Media, a "new screen" media company headed by Hyperfactory founder Derek Handley, will list on the alternative NZAX board on March 6.
The company helps advertisers to reach consumers on tablets and mobile phones, using its technology and media channels.
Handley, who is Snakk's chairman, said the listing was mainly aimed at improving liquidity and raising capital.
It already had a broad shareholder base of about 2000, including venture capital stakeholders.
Handley said the move would open Snakk up to others who wanted a grass-roots investment.
"Snakk is not about dividends, it's about scale and capital appreciation," he said.
There was "a space to fill" on the NZAX for technology start-ups after the growth of Xero and Diligent.
"We want to be another one of those companies," he said.
Snakk would regularly seek small amounts, in the "low millions", rather than a large amount of money up front, Handley said.
With the cash, it would continue to invest in its key Australian operation, but was also scoping out opportunities in Asia.
Indonesia and India were promising for their high uptake of mobile phones and lagged use of mobile marketing.
Handley also announced two new board members for Snakk - Jucy rental vehicle entrepreneur Tim Alpe and Telecom executive Michelle Kong who replace Sean Joyce and Xero's chairman Phil Norman.
Handley co-founded Snakk after meeting Australian Andrew Jacobs, now the firm's general manager, in 2010.
In its interim results released today, Snakk's unaudited revenue rose 48 per cent to $1.22 million in the six months to September.
In its previous full year, the company made a net loss of $610,000 on sales of $1.99m.
Handley and his brother Geoffrey made their name by creating the Hyperfactory, a mobile advertising company which drew big-name brand support overseas and was eventually sold to US-based Meredith Corporation.
As well as launching Snakk on the NZAX, Handley is also preparing to launch a book outlining his thoughts about motivation and success. The book would be published by Random House mid-year, he said.
- © Fairfax NZ News