SmartPay considers ASX listing

Kiwi electronics payment firm targets Australian market

New Zealand electronics payment firm SmartPay (NZX:SPY) is contemplating a bid to list on the Australian Stock Exchange.

In a statement to the NZX, managing director, Ian Bailey, said the company is reviewing the Australian market and the opportunities it may offer to increase shareholder value and provide growth opportunities.

“It is clear the Australian market is growing with significant niche opportunities for our core technologies and knowledge base," he said. "We already have a good business in Australia and wish to expand it to at least the same size as our New Zealand business.”

SmartPay operates an Australian subsidiary, Cadmus Australia Pty Ltd. Its customers include Bank of Bendigo and taxi payments company Live Group.

The provider has also entered into joint marketing agreements with Westpac and co-operations agreements with Suncorp to extend its Australian footprint.

Bailey said that in a market with 600,000 installed payment devices, the company is confident it can succeed.

“Our product set is linked into banking and third party applications, where we already have strong relationships," he said.

According to Bailey, the board will look at options and then prepare a recommendation along with a timetable which will outline the key milestones and take those recommendations back to shareholders.

"Ultimately this will increase the liquidity and diversity of SmartPay by introducing more shareholders on both sides of the Tasman,” he said.

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