Business management startup WORK[etc] announces ASX listing ahead of push into US market
Australian startup WORK[etc] has today announced its listing on the ASX. The business management startup, which has an annualised revenue run rate of almost $2.5 million, will look to use the capital raised to launch an aggressive push into the US market.
Founded in 2009 by Daniel Barnett, son of Western Australia premier Colin Barnett, WORK[etc] is a CRM, project management, and collaboration platform for small businesses that manages the entire customer lifecycle from sales to delivery, billing, and customer service. With Barnett running a business remotely at the time, he said it was created out of the necessity to have a program that would easily manage staff on the road.
“I created the business six years ago and built it from cash flow only and we’ve got to the point now with the growth of the business there are a number of opportunities to rapidly scale our sales and marketing as well as build our partner program,” he said.
Barnett calls his company a ‘micro multinational’, based out of Sydney with support and development teams around the world. The startup integrates with Xero, Quickbooks, Google Apps, and Microsoft Online, helping to power 1,200 businesses across 14 countries. It provides a one software solution for entire businesses through a single cloud computing platform to enhance efficiency and productivity for small businesses. The platform has a number of tools including: billing, help desk, online chat and document sharing.
“A business can use just one tool to manage their business rather than the frustration that goes with endlessly switching between five or six different apps all day to get your work done,” explained Barnett. “For the business owner this means that they’re saving on paying for just one business management tool rather than having to pay for multiple subscriptions.”
The platform was built from scratch three years ago by Barnett, who turned every dollar earned by the business into growth and thus didn’t have to never raise capital. The startup was listed at number 75 on Deloitte’s Fast 500 in 2013.
WORK[etc] was one of the early adopters of integrating into the Google Apps for work product line. One of the key tools the startup built was a plugin for Gmail to give customers the ability to run their entire business without leaving their inbox. The platform has grown through strategic partnerships and aims to continue forming relationships with global businesses.
WORK[etc] runs a subscription based model that gives customers an all in one package starting from USD$78 a month. Barnett said the its addressable market is over 250,000 businesses in Australia and over six million in North America.
As such, Barnett said that the capital raised through the listing will be used to aggressively to expand in Australia and the US, a market which he has been eyeballing since day one.
“We already have customers in 29 countries. We’ve managed to get those customers without any dedicated sales and marketing; most of those customers are in the US, around 65 percent, and the rest are split between Australia and the UK,” Barnett said.
“The opportunity post-listing and with investment capital is to actually build the sales and marketing function within the business. If we’ve managed to grow to 841 customers from just focusing on delivery of product and local customer support in our main market than it becomes really interesting if the sales and marketing function is put on top of the business.”
Image: Daniel Barnett. Source: Supplied.