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MSL Solutions raises $16 million ahead of public trading

MSL Solutions raises $16 million ahead of public trading
November 18, 2016

Sport and venue software company MSL Solutions has closed a $16 million capital raising exercise in advance of an initial public offering (IPO) on the Australian Stock Exchange in the first half of 2017.

The Brisbane-based firm had previously planned to raise $5 million in a pre-IPO round and completed that round in late March, however, it sought further funds in order to acquire British hospitality software provider Verteda and golf tournament software firm Golf Box.

Commenting on the capital raising MSL Chief Executive Craig Kinross told the Australian Financial Review “in March we were looking at how to enter international markets and we’d had some long term partners in that space who integrate our technology and understood their customers very well.

“It made sense for us to work with them and by acquiring these businesses it lets us go into international markets with a lower risk strategy. We’re able to bring the companies together in a very complimentary way.”

In the latest funding round MSL has brought on board four institutions – Acorn Capital, Regal Funds Management, Ellerston Capital and Eight Investment Partners – and it had strong support from its existing shareholder base of 120 high net worth individuals.

MSL provides cloud-based and on-site software services to clients across the leisure including the MCG and ANZ Stadium, more than 50% of Australia's yacht clubs and large market shares among golf clubs and private clubs such as the Melbourne Club and the Athenaeum Club.

With more than 600 clients, MSL has also expanded into universities and retirement villages, and also supplies business analytics platform and connections to media channels.

Through the listing in the first half of next year it will seek another $10 million, but unlike most technology companies that raise a relatively modest amount of capital through the initial public offering, the business already has substantial revenue.

MSL recorded about $12 million in revenue this financial year and with the acquisitions Kinross said the firm was now tracking toward $35 to $40 million in the 2019 financial year.

In addition to the recent acquisition of UK-based Verteda, which provides a food and beverage hospitality platform to stadiums, Golf Box provides complimentary services to MSL and it is intended to leverage cross-selling opportunities with their strong client bases.

Kinross added "the next 12 months are going to be a very exciting time, but we're under no illusions about the effort required to ensure these companies are successfully transitioned into the group.

"For the customers it will be business as usual and we won't look at major changes to the staffing or products, we want to add cross-selling opportunities across the markets. One of our MSL executives will also relocate to the UK, as well as a mergers and acquisitions manager... to ensure a smooth transition."

The company will use the money it will raise through listing to further enhance the platform and position the company to be a market leader in the sports clubs space globally, with Kinross tipping the market to undergo a period of consolidation, which will result in a focus on better industry standards.

Click here to read the Australian Financial Review’s article.

Click here to contact MSL Solutions via their entry in the Australasian Leisure Management Supplier Directory.

Images: Craig Kinross (top) and MSL access at the MCG (below).





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