Our Auckland team, led by Julie Fowler, has advised the shareholders of SwipedOn Limited on the sale of their shares to Smartspace Software Limited, a wholly owned subsidiary of Smartspace Software Plc, for $11m in cash and shares.
Launched by founder Hadleigh Ford in 2013, Tauranga-based SwipedOn has developed an innovative SaaS based visitor management platform, which is now used in more than 2,000 cities worldwide. Simmonds Stewart assisted SwipedOn with its $1m capital raise in late 2017, when Tauranga’s Enterprise Angels, Quayside Holdings, NZVIF and K1W1 all invested.
Smartspace is listed on the Alternative Investment Market of the London Stock Exchange and provides smart workplace software and technology. Smartspace is in expansion mode, and sees the SwipedOn acquisition as a good opportunity to expand its customer base. Hadleigh and the rest of the management team will continue to work in the business.
The sale has resulted in a positive outcome for all of the shareholders of SwipedOn. The founders have achieved a successful exit and will continue to be involved in the success of the business, and the investors have realised a positive return on their investment, less than 12 months after investing.
We have been thrilled to share this journey with SwipedOn, through its capital raise and culminating in this successful exit transaction.
by julie fowler, 24 October 2018