Perth business executive Tim Brady is planning to list his new software business AssetOwl on the ASX through a $6 million reverse takeover of Regalpoint Resources.
Perth business executive Tim Brady is planning to list his new software business AssetOwl on the ASX through a $6 million reverse takeover of Regalpoint Resources.
Regalpoint told the ASX today it has executed a binding term sheet to buy AssetOwl, which has developed cloud-based software designed to help retailers manage their assets.
Mr Brady, who lives in Perth but commutes to Melbourne for work, started working on AssetOwl in early 2014 and became full-time managing director in September last year.
He established the new business after spending the previous 12 years running Credo Group, which provides staffing and project management services to the retail sector.
Mr Brady, who was a 40under40 award winner, had continued as chairman of Credo until earlier this month, when the business was sold to a third party and all employees offered employment by the new owner.
The Credo Group shell company, and several related entities, were placed into administration this month, under the control of Cor Cordis partners Jeremy Nipps and Dino Travaglini.
AssetOwl’s technology is described as an enterprise asset visibility and change platform for retail site management and analysis.
Regalpoint chairman Shane Stone said AssetOwl had done a remarkable job developing the system on a very tight timeline, and successfully trialling it with major retail groups.
Mr Brady said AssetOwl’s software would meet the requirements of large retailers with diversified property assets.
“The genesis of AssetOwl derived from the extensive retail and spatial mapping software experience of its founders and our exposure to the issues faced by retailers with large geographically dispersed stores and a large number of ageing company assets,” he said.
The software solution provides an internal visualisation system that combines geographic information systems and virtual reality technologies to enable retailers to visualise, question, analyse and interpret data at each site and collectively across all properties within a network.
AssetOwl’s board includes Perth-based company director Chris Indermaur.
Regalpoint is 25 per cent owned by the Trevisan family’s Transcontinental Investments.
Its executive directors are Simon Trevisan, along with Bruce McCracken who has a broad commercial and mining background.
Mr Brady is expected to become managing director of Regalpoint upon completion of the reverse takeover.
As part of the deal, Regalpoint plans to raise $4.5 million at not less than 20 cents a share.
It also plans to issue 30 million post-consolidation shares to the current owners of AssetOwl, valuing the reverse takeover at $6 million.
The current owners will emerge with a 37 per cent stake in the company.
Further payments worth up to $7 million are tied to the future performance of the business.
