Enverro expects to list on the ASX on 5 December after changing its name from PRM just over a week ago to reflect the company's focus on its flagship workforce management product built specifically for the resources sector.
Enverro CEO Leigh Kelson, who started PRM Cloud Solutions in 1996, said the funds raised through the IPO will support the continued expansion of the Enverro product and planned international expansion, with a particular focus on North America.
Kelson said the expansion has already begun with Enverro setting up an office in Austin, Texas, which has a growing high-tech economy, and adjacent to Houston which is known for its strong oil & gas industry.
"Enverro implementations are under way at multiple large resources enterprises validating the market need for this solution and solidifying our strategic direction.
"It’s an exciting time to be in the resources industry. There is an acute market demand for a modern, workforce management solution that supports the complexity of the mobilisation process. We are focused on structuring the company to quickly respond to this opportunity."
Kelson said the PRM Cloud Solutions brand is associated with custom software development and salesforce.com implementations. "That brand and line of business will operate as a subsidiary of Enverro Ltd and the team will continue to provide the innovative, custom applications and consulting services that our customers have come to expect."