ASX Tech Stocks: Hotel platform SiteMinder jumps 35% on $627 million IPO
Open hotel commerce platform SiteMinder jumped 35.77% today after a $627 million oversubscribed IPO today – with 123,913,043 shares offered at $5.06 per share.
The $1.36 billion market cap company was founded in 2006, and its technology provides a platform to integrate the internal management systems of individual hotels with booking sites.
The company says the IPO represents a significant milestone, placing it in an even stronger position to pursue further growth and further extend its leadership in the large hotel market of more than one million accommodation providers with significant potential for improved online connectivity.
“The global hotel industry has experienced evolution like never before in recent times,” SiteMinder CEO and managing director Sankar Narayan said.
“The need for technology like SiteMinder’s hotel commerce platform is of substantial relevance as hotels have had to digitally transform with haste, while adjusting to their customers’ changing needs and behaviours.”
The company achieved a total annual revenue of $101.0 million in FY2021, and a total annual recurring revenue of $104.9 million in June 2021.
Cosol was up 5.35% today after acquiring Clarita Solutions Pty Ltd, an IT and Enterprise Asset Management (EAM) services business which specialises in the implementation, management and business exploitation of IBM’s Maximo EAM platform
The company says complementary nature of the combined portfolio further positions its position as a global leader in the digital transformation market, giving it the ability to expand both project and support services and capabilities across additional EAM platforms (i.e. Ellipse, SAP, IBM Maximo) and establishing COSOL as the exclusive ANZ reseller of EZMaxMobile – the leading suite of digital mobile applications integrating seamlessly with IBM Maximo.
Upfront consideration for the acquisition consists of $7 milloon in cash and 7,951,123 COSOL shares, with up to a further $3.75 million payable based on increases in Clarita’s audited EBIT for FY22 and FY23 above an agreed FY21 baseline.
Up 2.5% was Zeotech, off the back of a new research partnership with Griffith University to develop products using its synthetic zeolites for carbon markets and agricultural nutrient management.
Griffith will undertake two streams of agricultural product development over 22 months including:
Down 6.25% today was cloud software company Activeport after releasing ActivePortal Compute, a private cloud orchestration software solution for high-performance, GPU-centric computing.
Using this software, customers can build private clouds anywhere in the world and connect them via ActivePort’s Global Edge SD-WAN network.
“The release of this new product is the culmination of almost two years of R&D,” ActivePort founder and CTO said Mark Middleton.
“GPU’s capable of running multiple users on a single card and streaming their output across a network are relatively new and they paved the way for GPU clouds to be possible.
“We have extended our software to make it simple to deploy and manage GPU servers, integrated by our SD-WAN, all from one screen”
The company is currently conducting performance trials with several technology solution providers globally and is already tapping into the cloud gaming market – which it says is expected to grow at a CAGR of 48.2 per cent between 2021 and 2027, to reach a total global market size of US$7.2 billion