GetSwift to call Canada home

GetSwift to call Canada home

Software group GetSwift (ASX: GSW) has announced plans to re-domicile in Canada in order to realign its business with the North American market.

As part of the move, the company will list its new holding company, GetSwift Technologies Limited ("Holdco"), on the NEO Exchange in Canada, and delist from the ASX.

The company says being based in North America will open it up to new opportunities, considering a significant proportion of its customers and shareholder base are located there.

Further, the company hopes the move will position it for continued international growth and increase the attractiveness of the company to a broader range of investors in a market more likely to invest in early to mid-stage technology companies.

If the re-domiciliation is implemented, Holdco will acquire all of the shares in GSW and become the new holding company of GetSwift and its subsidiaries.

Current GSW shareholders will receive one Holdco common share for every seven GSW shares they hold as at the record date for the scheme.

"We have made no secret of the fact that our customers and shareholders across North America have supported our focus on the region with increased business and continued investor support," says GetSwift CEO Bane Hunter (pictured left).

"Our focus on the world's leading markets as we continue seeking growth in all regions is simply good for business."

The company's board has unanimously recommended that all shareholders vote in favour of the proposal at a meeting expected to be held in early November 2020.

Earlier this year GetSwift continued on its acquisition path by purchasing the majority stake in Serbia-based IT firm Logo d.o.o. for 5.5 million euros (AUD$9.1 million).

The acquisition came a year after GSW purchased two US businesses Delivery BIZ Pro and Scheduling+ for $8.2 million, catering to the North American market where the majority of new customers were acquired in the 2019 fiscal year.

The company is also currently embroiled in a long-running class action lawsuit in relation to ASX announcements made in 2017 about high-profile deals that sent GSW stock skyrocketing.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

AI-driven Evitat platform creates pathway to a more sustainable building and renovation industry
Partner Content
Evitat, an AI-driven data platform, is empowering design and build professionals in the...
Evitat
Advertisement

Related Stories

Top Gear's James May joins forces with Gold Coast distillery Wildflower Gin

Top Gear's James May joins forces with Gold Coast distillery Wildflower Gin

Gold Coast-headquartered, award-winning distillery Wildflower Gin w...

SEEK hit by $141m impairment for Chinese jobs site Zhaopin

SEEK hit by $141m impairment for Chinese jobs site Zhaopin

Online employment marketplace SEEK (ASX: SEK) has taken a hit from ...

"End of an era": me&u founder Stevan Premutico steps down from board

"End of an era": me&u founder Stevan Premutico steps down from board

Stevan Premutico, a pioneer in QR code restaurant ordering and digi...

ANZ is embroiled in allegations it manipulated government bond sales – what exactly does that mean?

ANZ is embroiled in allegations it manipulated government bond sales – what exactly does that mean?

ANZ is being investigated by the Australian Securities and Investme...