Technology company Bartercard gears up for initial public offer

Written on the 03 August 2014 by Sophin Foster- The Courier-Mail  
A GOLD Coast technology firm hopes to raise $28 million to help its payment platform become standard fare across global barter exchanges.

BPS Technology, whose prospectus was lodged with the Australian Stock Exchange last Friday, was hoping for approval early this week to open its $1 a share offer to the public.

The firm has big plans for global expansion off its Bartercard exchange, its software as a service (Saas) business - Tess - which powers the exchange and Bucqi a mobile loyalty and payments application.
BPS Technology chief executive Trevor Dietz whose firm expects to raise $28 million from listing on the stock exchange.

Mr Dietz said the barter market across the world was estimated to do about $20 billion worth of transactions a year.

“Bartercard is the largest exchange at $600 million transaction value so there’s substantial opportunity to be able to share our Australian technology,” he said. “Our DNA is all about assisting small to medium enterprises and bringing customers to merchants.”

He said there was a good opportunity to “whitelabel” Australian technology to use across the barter trade industry - something that did not exist at present.

“The goal is to become the global standard,” Mr Dietz said. “If there’s a common set of technology across all exchanges, the ability for members to transact simply, in a reliable and dependent way, means it’s good for all parties concerned.”

He said the team had so far visited institutions in New York, Chicago and Hong Kong to promote the business.

“We were warmly received, they liked our story. We’ve had a good response here in Australia so we’re confident of making sure (the listing) gets away on time. We expect about September 4.”

Media Source: The Courier-Mail