Acquisition-driven growth targeting smaller organisations: PrimeQ, an Oracle start-up that provides innovative Oracle Cloud, Applications, Technology and Managed Services solutions for customers in Australia and New Zealand, is making headlines with a $50 million Initial Public Offering (IPO) that the company aims to bring to the table early next year. The group has developed its own “IP factory”, which develops applications for the Oracle, and is like an app store for enterprises. It has a diversified client base including clients from sectors such as construction, manufacturing, transportation, and logistics (local and international brands with a turnover of between $200 million and $1 billion); and is estimated to generate $24-36 million of revenue by FY18. PrimeQ has completed around 30 enterprise resource planning (ERP) implementations in the last few months. Notably, Oracle’s former managing director for Australia and New Zealand, Ian White, joined the PrimeQ board early this year to further strengthen the business. As per media reports, the company has already raised $5.4 million through private equity funds and expects to raise $10 million by listing its shares on the ASX at $0.50 per share, valuing the business at around $50 million. Further, by listing, the company intends to capitalize on the growing business opportunities for cloud-based software solutions, while using the funds for acquisitions in the customer relationship management, human capital management, and enterprise performance management cloud applications.
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