Yojee gets billionaire cred as tech investor Alex Waislitz gets onboard
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Billionaire tech investor Alex Waislitz has put his weight behind global logistics tech Yojee, becoming a substantial holder.
The influential broker has taken a 5.11 per cent stake in the company through his star-studded investor base of Thorney Technologies (ASX:TEK) and privately held Thorney group — a move that pushed shares up 6 per cent.
Yojee (ASX:YOJ) closed at 18c on Friday, valuing the company at $118 million.
Yojee is using artificial intelligence to build a collaborative supply chain network similar to Amazon – but with a layer of blockchain to enhance security and network trust.
Blockchain is a technology that provides a public ledger of transactions and is best known as the foundation of digital currencies such as Bitcoin. Each “block” is like a bank statement that is connected to other blocks to form a chain.
At Yojee’s inaugural AGM, Mr Waislitz told shareholders Thorney (TEK) was focused on tech companies with disruptive effects on existing industries.
“The main thrust of our investment remains in the listed and pre-IPO opportunities in Australia and while I anticipate that will continue to be the investment themes as it is a market we understand well, we do have a number of exposures to earlier stage opportunities, some of which have been sourced overseas,” he said.
The AGM was jointly held with his second listed investment company, Thorney Opportunities (ASX:TOP).
TEK raised $15 million in September, and TOP $18.4 million this month. Mr Waislitz is the biggest shareholder in each.
Successful investments in GetSwift, Afterpay Touch and Updater have boosted his portfolio across each of his companies, where he is known to be actively involved.
Speaking of his investment in Austin Engineering, Mr Waislitz said: “We were instrumental in helping Austin fix its leadership team, and fix its balance sheet and with a recovering operating environment, the earnings outlook for this company, and with it, potential value accretion, remains compelling.”
When companies don’t listen to his advice, he is not afraid to speak his mind.
In a chairman’s note in September, Mr Waislitz slammed cloud recording software Dubber (ASX:DUB) for a lack of progress.
“We have made consistent efforts to engage with DUB and have strongly recommended significant changes to their board to better position the company,” he said.
“To date progress has been less than satisfactory. For example, one newly appointed director resigned after only a few months and the other has a close relationship with the existing CEO.
“In our view there is a clear and urgent need for further changes in DUB’s leadership if the company is to achieve its potential.”