Home Hotel industry ASX Tech Stocks: Hotel platform SiteMinder jumps 35% on $ 627 million...

ASX Tech Stocks: Hotel platform SiteMinder jumps 35% on $ 627 million IPO

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  • Hotel commerce platform SiteMinder up 35% following $ 627 million IPO
  • Cosol gains momentum with complementary acquisition of Clarita Solutions EAM
  • Zeotech partners with Griffith University to develop carbon capture products

Open hotel trading platform SiteMinder jumped 35.77% today after an oversubscribed $ 627 million IPO today – with 123,913,043 shares offered at $ 5.06 per share.

The $ 1.36 billion market-capitalization company was founded in 2006 and its technology provides a platform for integrating the internal management systems of individual hotels with reservation sites.

The company says the IPO is an important milestone, putting it in an even stronger position to continue growing and further expanding its leadership in the large hotel market of over one million accommodation providers with potential. significant improvement in online connectivity.

“The global hotel industry has evolved like never before in recent times,” said SiteMinder CEO and Managing Director Sankar Narayan.

“The need for technology like SiteMinder’s hotel commerce platform is of paramount importance, as hotels have had to rapidly transform digitally, while adapting to the changing needs and behaviors of their guests. “

The company achieved total annual revenue of $ 101.0 million in fiscal 2021 and total recurring annual revenue of $ 104.9 million in June 2021.

Cosol is up 5.35% today after acquiring Clarita Solutions Pty Ltd, an IT services and enterprise asset management (EAM) company specializing in the implementation, management and commercial exploitation of IBM’s Maximo EAM platform.

The company claims that the complementary nature of the combined portfolio strengthens its position as a global leader in the digital transformation market, giving it the ability to expand both project and support services and capabilities on other platforms. forms EAM (i.e. Ellipse, SAP, IBM Maximo) and establishing COSOL as the exclusive ANZ reseller of EZMaxMobile – the leading suite of digital mobile applications that integrate seamlessly with IBM Maximo.

The initial consideration for the acquisition consists of $ 7 million in cash and 7,951,123 COSOL shares, with up to an additional $ 3.75 million payable based on Clarita’s audited EBIT increases for fiscal years 22 and 23 above an agreed baseline for fiscal year 21.

Zeotech rose 2.5%, thanks to a new research partnership with Griffith University to develop products using its synthetic zeolites for carbon markets and agricultural nutrient management.

Griffith will undertake two 22-month agricultural product development streams, including:

  • Zeotech products for carbon markets: Improved carbon storage in soils and climate change mitigation in agricultural landscapes, targeting a substantial share of the carbon mitigation market – around 15-20% of total human emissions of greenhouse gases. greenhouse effect ; and
  • Zeotech products to improve the management of agricultural nutrients: interception, elimination and recycling of agricultural pollutants.

Cloud software company Activeport lost 6.25% today after launching ActivePortal Compute, a private cloud orchestration software solution for GPU-centric high-performance computing.

Using this software, customers can create private clouds anywhere in the world and connect them through ActivePort’s Global Edge SD-WAN network.

“The release of this new product is the culmination of almost two years of R&D,” said Mark Middleton, Founder and CTO of ActivePort.

“GPUs that can run multiple users on a single card and broadcast their output over a network are relatively new and have paved the way for the creation of GPU clouds.

“We have extended our software to simplify the deployment and management of GPU servers, integrated by our SD-WAN, all from a single screen”

The company is currently conducting performance testing with several technology solution providers around the world and is already tapping into the cloud gaming market – which it says is expected to grow at a CAGR of 48.2% between 2021 and 2027, to reach a total global market size of US $ 7.2 billion


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