Five years after it controversially quit the ASX in search of a better valuation in private markets, Updater appears to have achieved the polar opposite.
James Baillieu was another early investor with a $20 million stake in 2019, although he publicly complained about the company’s poor valuation that yearRyder Capital values its stake in Updater at $10.1 million, or 9.1 per cent of its entire portfolio, second only to ASX-listed SRG Global. Sources said the company was fundraising to pay for a lucrative new contract with the US military known as the HomeSafe Alliance. Updater is part of a consortium to secure the contract, but will have to spend up to $50 million to build out the software required to deliver it. Once that is done, however, it could bring in annual revenues of $80 million, sources said. That would put the company on track for profitability by 2024.
Updater helps people move home by allowing them to submit in bulk change of address notifications, update accounts at thousands of businesses and switch over pay-TV services as well as electricity and other utilities. It operates across a number of brands including Updater, Dolly and MoveHQ. It also owns a significant stake in Milestones, a real estate portal, after leading an $US10.3 million Series A funding round last year.