Bigtincan Holdings Ltd

Take5 with OnMarket: CEO, David Keane answers 5 questions about Bigtincan and the IPO (4:31min).

Fixed Priced IPOType of Offer
17 Feb 17Offer Open
10 Mar 17Pay By
$0.26Price
$12 millionSize of Offer
$2,000Minimum Bid
Baillieu HolstLead Manager
78
1263

Overview

IPO is fully underwritten by Baillieu Holst and OnMarket has a limited allocation.

Bigtincan Holdings Limited (ASX: BTH) is a leading provider of enterprise mobility software, which enable sales and service organisations to increase sales and improve customer satisfaction through better mobile worker productivity.

On a pro forma basis, Bigtincan generated $7.9 million of revenue in CY16, and has a forcecast pro forma revenue of $11.7 million in CY17 representing an annualised growth rate of in excess of 48% from CY16 to CY17.

The company provides software solutions as a service to customers who can access the software as needed. This is referred to as Software as a Service or SaaS. Bigtincan’s application suite comprises its current generation product known as Bigtincan Hub. Bigtincan Hub is powered by a machine learning and artificial intelligence system that enables sales and service organisations and their employees to better engage with customers.

Bigtincan currently has approximately 300 customers and 100,000 users in 35 countries. Customers include leading brands such as AT&T, GUESS, Merck, Palo Alto Networks and Telefonica. Bigtincan also has Channel Partner agreements with prominent international companies including Apple, AT&T, and Singtel Optus to promote and resell Bigtincan Hub to their customers.

Bigtincan also recently announced that Bigtincan Hub is now avaialble via Salesforce AppExchange, the world's leading leading enterprise apps marketplace.

Bigtincan Hub is sold on a subscription basis where customers pay a service fee typically measured on a per user per month basis. BTH has a diverse customer base, with the top 10 customers representing approximately 49% of CY16 pro forma revenue. A key metric for SaaS companies is the Monthly Recurring Revenue (MRR) retention rate. Bigtincan’s average MRR retention rate in CY16 was 99%.

The $12 million raised via the IPO will be used primarily to expand existing US sales and marketing activities.

The IPO is fully underwritten by Baillieu Holst. Post raising, the Company is expected to have a market capitalisation of $45.9 million at the offer price, with an enterprise valuation of 2.68x EV/CY 2017 forecast revenue.

As set out in Section 5 of the Prospectus, Bigtincan is subject to a range of risks, including historical and forecast financial losses, operating in a competitive industry and competition from new entrants, failure to retain existing customers and attract new customers, reliance on a single product and expansion of the Company’s international footprint may not achieve intended goals.

 

Section 734(6) disclosure: The issuer of the securities is Bigtincan Holdings Limited ACN 154 944 797. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).‚Äč

The company reserves the right to close the offer early.

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