US start-up on the move in Aus
ASX-listed tech company Updater Inc has launched a multimillion-dollar capital raising.
Firm: DLA Piper (Updater Inc)
Deal: Updater Inc launched an institutional placement to raise $50 million.
Value: $50 million
Area: Equity capital markets
Key players: The DLA Piper team advising Updater Inc was led by Sydney corporate partner Catherine Merity (pictured), supported by senior associate Rosa Sayer. Corporate partner Joe Bauerschmidt and senior associate Oscar Tan from DLA Piper’s Singapore office advised on the US aspects of the capital raising.
Deal significance: Updater Inc is an ASX-listed tech start-up headquartered in New York.
The company’s centralised tool enables people who are moving houses to manage tasks such as mail forwarding, transferring utilities and updating addresses.
It is available for professionals in the US such as real estate agents, mortgage brokers and removalists to offer to their clients.
Updater has launched a $50 million equity raising via an institutional placement.
DLA Piper partner Catherine Merity said the equity raising will help fund the company’s growth.
“We are delighted to again partner with Updater to support this next phase of their impressive growth strategy,” she said.
“Since we first advised Updater on its IPO and ASX listing, their value has increased by 600 per cent and this transaction takes their market value to over $700 million – and the company shows no signs of slowing.
“The proceeds of this placement will finance the acquisition of leading moving software companies, fund the rollout of Updater’s new insurance division, and provide additional working capital to fund the company’s growth.”
Pictured: DLA Piper partner Catherine Merity