Physical security and compliance tech company RightCrowd made a steady ASX debut on Monday after a failed reverse takeover attempt earlier in the year.

Shares in RightCrowd (ASX:RCW) remained steady at their 30c listing price on Monday, after a $10 million raise underwritten by Morgans.

In February the ASX rejected Brisbane-based Omni Market Tide’s (ASX:OMT) takeover attempt.

Gold Coast-based RightCrowd has developed software to automate large scale projects incorporating elements of human resources, IT, physical security, finance and compliance.

“This enables organisations to address compliance gaps, mitigate security risk and safety issues, and achieve increased operational efficiency and reduced transactional overhead cost for the provision of security,” their prospectus reads.

The company boasts clients across technology, resources and oil and gas industries including two in the ASX 10 and several in the Fortune 50, including “one of the world’s top producers of major commodities”.

Chairman Rob Baker told shareholders the company was well-placed given evolving regulatory requirements.

“The proceeds of this capital raising will, in part, assist the company to boost its marketing and sales collateral and personnel, ensuring it is well-place to pursue near term growth opportunities,” he said.

“Growth in the company’s market segment is being driven by evolving regulatory environments and increasing security concerns for many organisations.”

The successful float comes despite estimated revenues decreasing to approximately $4 million in the last financial year, from $7 million in 2016.

In the prospectus, RightCrowd attributed the decrease to a change of direction.

“This is principally as a result of the completion of a substantial professional services project in the 2016 period and the absence of a replacement project or projects in the 2017 period, aligning with the decision to invest more of the Company’s resources into additional research and development activities in this period.”

The company operates in Australia and North America.

A first attempt to float was under a backdoor listing with Omni Market Tide (ASX:OMT) announced last October, including a proposed $35 million capital raise however the ASX did not grant the necessary approvals.