Monday, 23 November 2015 12:14

Slattery to take Megaport public Featured

By
Bevan Slattery, Megaport founder and Executive Chairman Bevan Slattery, Megaport founder and Executive Chairman

Network interconnection company Megaport, a business founded by high profile tech entrepreneur Bevan Slattery, is going public with a listing on the ASX planned for next month.

The company plans to raise $25 million, lodging a prospectus with ASIC today with an Offer Price of A$1.25, giving it a market capitalisation of A$87.5 million on listing. The Offer is fully underwritten by Morgans Corporate.

The company, which will list on 17 December, says it will use the funding to complete the construction of the North American and European networks, operate and maintain those networks, hire additional sales professionals and continue to evaluate new growth opportunities.

Megaport CEO Denver Maddux said expansion into the two markets will take place in 2016, with expansion into 45 data centres in North America and Europe in key markets including New York, Los Angeles, Dallas, Seattle, San Francisco Bay Area, Toronto, London, Dublin, Amsterdam, and Stockholm.

“To achieve our vision we plan to extend the platform deeper into existing markets and expand into new markets, particularly key markets within North America, Europe, and Asia. The capital raising under the IPO helps the business accelerate those plans.

“This is a tremendously exciting time for Megaport as I believe we are at the centre of a revolution brought about by the rise of software defined networking and cloud computing. We have built a great platform and a great team, and I look forward to expanding the Megaport platform into North America and Europe, as well as further into our existing markets in the Asia Pacific."

Megaport was founded in 2013 by Bevan Slattery – currently execjutive chairman - with the stated aim of taking the company to global leadership in the fast-growing elastic interconnection services market.

Officially starting business operations in January last year, Megaport now operates in 34 data centres across six markets in Australia, New Zealand, Singapore, and Hong Kong and the company claims that, in less than two years, it already has over 200 active customers and has partnered with some of the world’s “major cloud service providers, network operators, and content providers”.

Ever the serial entrepreneur, the impending listing of Megport follows Slattery’s listing in April this year of dark fibre infrastructure and network provider, Superloop, to raise A$17.5 million to fund expansion in the AAPCa region. Slattery aslso founded NEXTDC and co-founded Pipe Networks,

With the announcement of the proposed Megaport listing, Slattery said today, “Rather than enterprises needing to purchase long term, fixed bandwidth circuits between data centres and their cloud providers, Megaport has developed a platform that uses Software Defined Networking SDN) to enable our customers to provision secure, dedicated, and highly scalable circuits otherwise known as ‘elastic interconnects’ between their network and other networks connected to the Megaport Fabric.

“With Megaport, customers can provision elastic interconnects for as long as a year and as short as one day, as slow as one megabit per second or as fast as 100 gigabits per second.”

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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