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‘Creative use of technology’ on display in start-up IPO

‘Creative use of technology’ on display in start-up IPO


New York-based start-up Updater has launched on the ASX.

Firms: Clifford Chance (Moelis Advisory Australia Pty Ltd and Euroz Securities Limited); DLA Piper (Updater)

Deal: Moelis Advisory Australia Pty Ltd and Euroz Securities Limited acted as underwriters to the initial public offering (IPO) of Updater, Inc on the Australian Stock Exchange (ASX).

Area: IPO

Value: Undisclosed

Key players: Clifford Chance partner Lance Sacks led the deal, with support from associates Terence Kwong and Alexandra Boxall.

The DLA Piper team was led by corporate partner Catherine Merity, supported by senior associates Kelly Morrison and Rosamond Sayer, and graduate Luke Vancliffe-Davies.

Deal significance: Updater, founded in 2010, is a New York-based start-up that has developed an online platform to coordinate the relocation process for consumers moving into and around the US. 

Specifically, the platform helps users manage the resource-heavy tasks of transferring utility companies, amenities and updating contact details when relocating premises.

Mr Sacks said: "The increasingly prevalent demand economy is driving growth for a number of technology-based service companies.

“It is exciting for us to work on these types of transactions, as we're seeing a real upswing in the creative use of technology to address the needs of consumers."

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