The tech downturn hasn’t scared everyone off listing on the stock market. Bridge SaaS, a Sydney-based software-as-a-service company, says it will open an initial public offering on Tuesday, hoping to raise $4.5 million to fund its push into the ever-growing National Disability Insurance Scheme.
, because it had already given itself a modest valuation when it embarked on the IPO process a year ago, and the downturn had not forced the company to lower that valuation any further. “A lot of tech companies at a very high multiple, and they have to because of the VC involvement. The VCs have to get a return on their money. But we don’t have to because we’ve had organic growth funding us,” he said.
“There are 17,000 providers , and unless your systems are really streamlined, you can’t bring in a lot of customers, fast, unless it’s all automated,” he said. Mr Hoffman declined to be interviewed, but said in an email: “I believe technology like Bridge’s has a big role to play in reducing complexity and overhead costs, and enabling providers to focus on delivering great service”.