WA stocks absent from tech index

21/02/2020 - 15:25

Bookmark

Save articles for future reference.

The ASX has launched a technology index with 46 constituent companies and while several, such as Nearmap and ResApp Health, have a WA connection, none are based in Perth.

Rob Newman has spent most of his working life in Perth as an executive and venture capital investor. Photo: Attila Csaszar

The ASX has launched a technology index with 46 constituent companies and while several, such as Nearmap and ResApp Health, have a Western Australian connection, none are based in Perth.

ASX chief executive Dominic Stevens said the All Tech Index would enhance the profile and understanding of listed technology companies in Australia.

“The All Tech Index recognises the critical mass of technology companies listed on ASX,” he said.

“It provides investors with an opportunity to see how the sector is tracking and gives them a benchmark to measure its performance.”

The 46 constituent companies have a combined market capitalisation of more than $100 billion.

The largest are accounting software firm Xero, with a market cap of $12.4 billion, global share registry operator Computershare ($9.4 billion), and finance platform Afterpay.

The biggest company with a WA link is Sydney-based Nearmap, valued at $860 million.

Its aerial imagery technology was developed in WA and its chief executive, Rob Newman, has spent most of his working life in Perth as an executive and venture capital investor.

Nearmap’s board includes Perth-based non-executive directors Ross Norgard and Tracey Horton.

Sydney-based PainChek (formerly ePAT Technologies) also has a strong WA link as its IP was developed at Curtin University and some of its key R&D staff are based here.

ResApp Health was based in Perth when it first listed on the ASX but its chief executive is now based in Brisbane.

The company retains a strong investor base in Perth, as well as having directors (Nathan Buzza) and executives (Brian Leedman) based here.

Today, ResApp Health announced a $5 million capital raising at 20 cents per share to help fund the commercial roll-out of its smartphone-based medical diagnosis technology.

Perth-based Ashanti Capital and Brisbane-based Morgans Corporate were joint lead managers for the raising.

As well as the 46 companies in the new index, there are 150 smaller technology companies listed on ASX, with a combined valuation of about $15 billion. 

The criteria for companies to be included in the new tech index include a market cap of $120 million and minimum daily trades of $120,000.

Perth-based PYC Therapeutics (formerly Phylogica) is likely to be a contender, as it already meets the market cap criteria, with a valuation of $187 million.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options