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Startup OtherLevels Has Strong ASX Debut

Startup OtherLevels Has Strong ASX Debut
Mar 31, 2015 By Wise-owl

The San Francisco based startup OtherLevels Holdings (ASX:OLV) has had a strong ASX debut on Tuesday. Founded by Australian Brendan O’Kane in 2012, the company is a mobile marketing firm with offices in San Francisco, London and Melbourne. It is currently looking to open a fourth office in Brisbane. OtherLevels uses its SaaS technology to help international companies automate their mobile advertising and stay up to date with changing online audiences. The initial share price of 20c surged 33 per cent to 26.5c per share in the opening hours of trading on Tuesday. OLV has since retreated to 23c around 2:00pm on Tuesday, up around 15 per cent.  Although the company looked for funding opportunities in the US, it found it easier to list on the ASX where it raised $7.5m from investors.

OtherLevels grew its revenue by over 100 per cent in the last half of 2014. Some of the company’s backers include Halfbrick Studios, Steve Baxer, the founder of PIPE Networks and a director at Vocus Communications and Indoor SkyDive Australia Group. Some of their customers include Tatts Group, Coles, Sega, DeNA, InterContinental Hotels, and UK companies Camelot, BetFred, Racing Post and BlinkBox. OtherLevels has primarily seen funding and growth in Australia, the US and the UK. CEO Ramsey Masri said the IPO in Australia was the best chance for rapid growth of the company. “Our listing on the Australian Securities Exchange provides us with the launch pad to deliver on our mission to be the worldwide leader in the next generation of digital marketing platforms,” Mr. Masri said.

 

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Wise-owl Author: Wise-owl Mar 31, 2015

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