Citing what he says is unprecedented growth in the Australian market over the past 12 months, Neto chief executive and founder Ryan Murtagh says, “when you consider the total available market in the US is 30-times the size of Australia, we’re anticipating a very healthy start and ongoing growth trajectory come September”.
According to Neto, unprecedented growth across a number of performance metrics include its largest year-on-year increase in revenues across its entire nine-year history.
“Not only is Neto growing, but what’s really pleasing to see is our customers sales transaction activity has increased significantly by 41% year-on-year to be more than $1.5 billion annually,” said Murtagh.
Murtagh said Neto had chosen Denver as its US base for a number of reasons “but primarily because Denver is culturally aligned to Brisbane in terms of its strong start-up tech community and the experienced talent available”.
Under its US expansion plans, Murtagh says he will relocate for several months to Denver to set up operations and spearhead the company’s US growth.
Murtagh says Neto’s initial focus in the US market is on customer acquisition and it will be marketplace sellers across its entire stable of industry verticals including tools and hardware, health and beauty, giftware and motor parts.
“We want to deliver the same service offering in the US that we offer here in Australia. That is people on the ground, accessible in local time-zones, who are experts in servicing our customers. Neto is much more than a software company. We’re the service that wraps around our software, and this truly sets us apart," he said.
“Human capital takes time to build and I will be personally involved in the hiring process of every candidate. We’re simply not willing to compromise on the talent of our team as its essential we build a high level of capacity and deep levels of expertise in a relatively short time frame.”
Murtagh said the US was “step one in our international growth strategy and will complement our focus on Australian customers and growing business in this market”.
“That said, the rise of the global marketplace saw it cross the trillion-dollar mark in 2016 and Australia represents roughly one percent of that global retail trade. The international opportunity ahead for us is incredible.”