X2M Connect Limited, the Australian Internet of Things (IoT) company rang the bell with the successful completion of an initial public offering (IPO) and listing on the ASX.
The company issued 32 million shares and raised $8 million in an oversubscribed public offer.
X2M Connect Ltd, the Melbourne tech firm is disrupting traditional business service models in the Asia Pacific utilities market, a category that represents millions of households.
X2M Connect brings global expertise to APAC
X2M Connect has won multiple mandates over local and well credentialed suppliers and established operators with representation in South Korea, Japan, Taiwan, and Australia.
South Korea is currently the largest market with 16 municipalities on the company’s platform.
X2M Connect Ltd has achieved 82% growth in revenue growth to $5.7m from pro-forma FY2020 in its first full year of trading with 93% growth in connected devices to 123,256.
X2M Connect Ltd has experienced an increase in enterprise customers from 25 to 34.
Taiwan is the company’s incubation hub and has commercial deployments across the gas, water, and energy sectors, making its first commercial entry into the energy sector in 2021.
China has generated its first contracts and Japan has over 60,000 households connected to their platform, monitoring bottled gas usage, and facilitating replacement logistics.
Executive commentary on X2M Connect’s IPO
“Whilst this technology can be taken into any virtual market, we are currently focused on digitising utilities in the APAC region,” said Hon. Alan Stockdale AO, X2M Chairman.
“Asia Pacific region is exciting for X2M Connect Ltd because it’s the largest population cluster in the world and the fastest growing with strong adopters of technologies.”
“The Company’s strategy is to invest in growth and scale the business internationally.”
X2M Connect’s proprietary technology uses the internet to deliver productivity improvements, cost savings and improved public safety to enterprise and government customers.
The X2M Connect platform collects data and communicates between analogue and digital technologies without requiring major system upgrades for the avid customers.
The utility sector is moving from analogue to digital with communication control capability.
A unique application of the innovative X2M Connect Ltd technology for instance is that it can gauge the wellbeing of customers by detecting water usage patterns.
Alerts are generated to trigger a phone call or visit to the residence of a vulnerable citizen. X2M reports over 200 incidents of citizens requiring help following alerts in South Korea.
“The company has made a tremendous start with a foothold in South Korea, Japan and Taiwan,” said Mohan Jesudason, Chief Executive Officer at X2M Connect Ltd.
“We have more than 30 customers who together have an addressable market in excess of 25 million households who are adding thousands of devices to the X2M platform weekly.”
Whilst the 2021 financial year was pleasing, 2022 has gotten off to a very good start with five new enterprise and government orders secured in the first couple of months.
