Rewardle up 40% on first trading day

07/10/2014 - 13:56


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Rewardle up 40% on first trading day
Rewardle founder Ruwan Weerasooriya

The latest technology company to list on the ASX has closed up 40 per cent after its first day of trading.

Rewardle Holdings, founded by former Perth entrepreneur Ruwan Weerasooriya, officially began trading today with the opening offer of shares at 20 cents each.

Strong interest quickly escalated the price to a high of 30 cents each during the day, but settled to close 40 per cent higher than the initial price at 28 cents each.

Rewardle targets small and medium enterprises by offering a digital customer rewards system linked to social media, mobile ordering and payments and prepayments.

The biggest benefit is the data collected on customers, which businesses can then take advantage of to improve sales.

Mr Weerasooriya co-founded Perth web development Method+Madness alongside Quickflix founder Stephen Langsford in 1998 before it was sold three years later to listed company Sausage Software, now SMS Management and Technology.

Mr Weerasooriya then relocated to Melbourne where he has founded startups TouchTaxi, CafeScreen and Pugnacious George as well as the startup incubator Huge.

The initial public offering of Rewardle brought him back to Perth to drum up investor interest, which was successful with a range of local institutional and private investors coming on board.

Mr Weerasooriya has retained a 64 per cent stake in Rewardle.


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