Last vestige of billion-dollar dot com Sausage Software disappears from ASX
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One of the last vestiges of Australia’s dot com era — Sausage Software — will finally depart the ASX today.
Sausage Software — known since 2000 as SMS Management & Technology — was one of the brightest burning Aussie dot coms in the turn-of-the-century tech boom.
At its peak, just before the dot com crash in April 2000, Sausage shares hit $40, briefly valuing the company at close to $1 billion.
A year later the stock had fallen to $1.80.
Sausage was founded in 1995 by a rarely-interviewed, enigmatic entrepreneur, Steve Outtrim.
Outrrim came to prominence after creating a program called HotDog, which became one of the first out-of-the-box software solutions to make building a website easy.
He was just 23 when Sausage went public in 1996.
Outtrim cashed in most of his Sausage shares in 2000 for about $66 million and invested in several start-ups including EkoLiving, a modular emergency relief shelter provider which he still manages today.
The April 2000 dot com crash scuttled a $1.6 billion takeover offer by another dot com darling, accounting software maker Solution 6.
Sausage later merged with SMS in a $220 million deal.
“The SMS acquisition creates an organisation that has the technology, skill and people to e-enable business around the world,” then Sausage chief Wayne Bos said at the time.
SMS fell on hard times in recent years as its sales pipeline dried up.
In the late 2000s the stock ran up to the $5 to $7 range but it has rested at $1 to $2 in the past year.
SMS reported a $42.1 million loss for 2016-17. Revenue fell $24.2 million to $304.5 million.
Earlier this month its shareholders overwhelmingly approved a $124 million acquisition by ASG Group.
Today the ASX released a “Removal from Official List” notice for SMS, indicating the company would be delisted at the end of the day.