Rob Phillpot-backed SaaS enterprise Felix to be first ASX tech listing of 2021

Rob Phillpot-backed SaaS enterprise Felix to be first ASX tech listing of 2021

Brisbane-based software-as-a-service (SaaS) platform Felix is poised to list on the ASX tomorrow following a $12 million IPO at $0.36 per share.

Under the ticker FLX the cloud computing enterprise that services the construction sector will be the first ASX tech listing this year, and will launch with a market capitalisation of $47 million.

Backed by high profile investors, including Aconex co-founder Rob Phillpot who sold his company to Oracle for $1.2 billion in 2017, Felix connects construction companies to a marketplace of vendors from which to source for projects and capital works.

The solution enables customers to manage supply chains and streamline vendor pre-qualification.

Felix completed an oversubscribed funding round in November 2020, supported by leading Australian institutional investors Perennial Value Management, Thorney Regal, Pendal, Endeavour and Rob Phillpot.

The company's 'Vendor Marketplace' has grown to host almost 40,000 vendors across 43 countries at September 2020, up from 10,035 vendors in June 2017.

Felix CEO Mike Davis (pictured) plans to bolster product development and push into new markets post-listing. This follows from the group securing its first offshore customer Ports of Auckland in July 2020.

"Felix is playing into the large global construction software market and addressing the need to connect organisations with their vendors to manage risk and compliance," Davis said.

"Construction companies have a critical dependence on third-party vendors to successfully deliver projects, and we noticed that technology to manage supply chains had been traditionally clunky. 

"The need to effectively manage third-party risk and match the right vendor to the right job is more urgent than ever as we see a spike in infrastructure projects to boost the economy following COVID-19."

Felix currently boats a raft of major companies as clients including CIMIC Group, Monadelphous and Veolia.

The group's modular platform also enables smaller businesses to licence specific solutions and only pay for what they need.

"Delivering projects on time, on budget and to safety standards and are the highest strategic imperatives for any construction and engineering organisation, and Felix assists them to do that," Davis said.

Felix was assisted in its IPO by Australian firms Bell Potter Securities and Kidder Williams.

Early investors in Felix included Melbourne-based investor David Williams, and the New Zealand Rolleston family.

Update 21 Jan 2021: Further to a press release from Felix the original version of this story incorrectly stated a $0.30 per share IPO when in fact it was $0.36 cents as per the prospectus.

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