Freestyle Technology will list on the Australian Securities Exchange (ASX) later this year, following the closing of an A$5.8 million ($4.36 million) contract to provide smart meters and a management platform to the rural South Korean province of Gochang.
Incepted in 2006, Freestyle Technology is backed by the Macquarie Group and specialises in machine-to-machine technology. It operates across several markets, including utilities, healthcare, agriculture and finance. According to the Australian Financial Review, which first reported this development, the firm had raised A$50 million and was valued at A$85 million in 2014.
Since then, it is likely to have reached centaur territory (i.e. firms valued between $100 million and below $1 billion)
The deployment of its smart water meter technology and associated management platform will aid in detecting leaks and enable council workers to determine a solution for fixing the problem, based on the external environment and temperature. It will also alert relevant authorities in the case of an elderly resident not using water for a number of days.
In a statement to AFR regarding the IPO, the firm’s chief executive, Mohan Jesudason, said, “It’s time to accelerate growth. We’ve done the work, built out the platform and the bespoke products on top of that and we have real customers. “We’re approaching a range of professional lead managers with a request for information. That will kick off the process and we will take their advice and then form a view as to the precise timing, valuation and size of the raise.”