Scalability and risk management tools “key” as Brisbane’s Felix lines up to be the first 2020 ASX tech listing

Felix   |   January 11, 2021

Leading Australian cloud-based software-as-a-service (SaaS) enterprise platform Felix (ASX: FLX) is expected to list on the Australian Securities Exchange (ASX) tomorrow, 12 January 2021, following a $A12million Initial Public Offering (IPO) at $.36c a share, giving Felix a market capitalisation of $A47million.

The Brisbane-based software company will be the first tech company to land on the ASX in 2021.

Felix connects commercial construction companies to a marketplace of vendors from which to source for projects and capital works. The Felix enterprise solution enables customers to efficiently manage their supply chain and streamline vendor prequalification.

Felix completed its roadshow in November 2020 with the oversubscribed round supported by leading Australian institutional investors Perennial Value Management, Thorney, Regal, Pendal, Endeavour, and Aconex co-founder Rob Phillpot.

Felix plans to use the investment to bolster product development and grow sales, including a push into international markets, after securing its first offshore customer Ports of Auckland in July 2020.

Felix CEO Mike Davis said customers turn to Felix improve their scalability, digitise processes and manage third-party risk and compliance to deliver jobs safely and profitably.

“Delivering projects on time, on budget and to safety standards and are the highest strategic imperatives for any construction and engineering organisation, and Felix assists them to do that. Construction companies have a critical dependence on third-party vendors to successfully deliver projects, and we noticed that technology to manage supply chains had been traditionally clunky.

“The need to effectively manage third-party risk and match the right vendor to the right job is more urgent than ever as we see a spike in infrastructure projects to boost the economy following COVID-19,” Mr Davis said.

Felix’s key customers include major contractors such as CIMIC Group, Monadelphous and Veolia, and is used on some of Australia’s largest infrastructure projects. The modular platform also enables smaller businesses to license specific solutions and only pay for what they need.

Felix’s Vendor Marketplace has grown to host almost 40,000 vendors across 43 countries in September 2020, up from 10,035 vendors in June 2017.

“Felix is playing into the large global construction software market and addressing the need to connect organisations with their vendors to manage risk and compliance. Felix provides a unique solution to the market by combining a world-class enterprise solution with the power of a large marketplace,” Mr Davis said.

Felix was assisted in its IPO by Australian firms Bell Potter Securities and Kidder Williams. Early investors in Felix included Melbourne-based investor David Williams, and the New Zealand Rolleston family.

—ENDS—

About Felix

Felix operates a cloud-based enterprise Software as a Service (SaaS) and marketplace platform for the commercial construction and related industries. Felix connects Contractors and their third-party Vendors, automating and streamlining a range of critical procurement-related business processes.

Further information contact Sophie Frayne 0413305248 or sophie.frayne@outlook.com.

Felix
Felix operates a cloud-based enterprise Software as a Service (SaaS) and marketplace platform for the commercial construction and related industries. Felix connects Contractors and their third-party Vendors, automating and streamlining a range of critical procurement-related business processes.
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