A proud Australian IT consultancy, SOCO recently ranked 49 on the Australian Financial Review’s Fast 100 and is seeking to raise $5M through the offer of 25 million shares at $0.20c per share from 5 December 2022 in the Initial Public Offering (IPO).
SOCO Chief Executive Officer Simon Forth said the business had experienced year-on-year growth since its incorporation in 2013 and the ASX listing would deliver many benefits, including the opportunity for investors to share in SOCO’s success.
Our impressive revenue growth of 61 per cent over the past three years has been driven by the demand for our services in the government and corporate sectors as well as our ability to retain a strong client and employee base.
And FY23 is set to be even better, with another record forecast of $18.5M organic revenue.
Buoyed by the positive outlook for IT services and digital solutions, the ASX listing in the coming weeks will support our continued organic growth, provide transparency and liquidity for acquisition targets that align with our strong culture and values, as well as new technical expertise and increased geographic expansion across Australia.
– Simon Forth, SOCO CEO
Over the past financial year (FY22), SOCO worked with more than 120 clients across Australia, including, all levels of government, ASX listed corporates, private enterprise, and not-for-profits – with 59 per cent of revenue coming from the federal government.
But it’s not only about the numbers for us, Mr Forth said, it’s about staff and client retention.
The company’s five founders Arnie Raju, Carlo Liviani, Sebastian Rizzo, Stevan Simovic and Tom Rock – who have vast experience working in technology companies for multinationals and the Australian government – discovered that retention of high-performing teams was fundamental to performance, delivery and business growth.
“While we may be an IT consultancy – we are far more than that – we are a technology company that never forgets that people are the beating heart and soul of every organisation,” Mr Forth said.
Disclaimer: SOCO Corporation Ltd ACN 660 362 201 (SOCO) is the issuer of securities being offered under a disclosure document dated 2 December 2022 (Prospectus). A copy of the Prospectus can be downloaded at www.soco.com.au/investors-information. The offer of securities in SOCO is made in, and is accompanied by, a copy of the Prospectus. Investors should consider the Prospectus in deciding whether to acquire securities in SOCO. Any person who wants to acquire securities in SOCO must complete the application form that accompanies the Prospectus.
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