Trading company Trimantium GrowthOps headed for the ASX with AJF Partnership and Khemistry
Entrepreneurial operations partner – Trimantium GrowthOps – is headed for the ASX as part of a $70 million IPO valuing the company at between $142 million and $166 million. The company is pursuing the rapidly evolving and fast-growing business transformation services market.
The businesses that will comprise the GrowthOps team include AJF Partnership, Khemistry, 3wks, jtribe, Digital Moshi, KDIS, Voodoo Creative, and the Institute of Executive Coaching and Leadership (IECL).
Says Andrew Fabbro, co-founder, AJF Partnership: “Since we founded AJF in 2005, we’ve grown to become one of Australia’s largest and most effective independent creative agencies, with over 100 talented and dedicated staff.
“We’ve been looking for opportunities to expand our offering to clients and move into new geographies. GrowthOps provides us with these benefits, and importantly protects the creative DNA in our culture. We’re excited to be joining with like-minded entrepreneurs who have built and run successful businesses.”
Estimated at a combined addressable market in Australia of approximately $85 billion, and with additional addressable markets in Asia, the business transformation services market includes the converging industries of management consulting, technology, and advertising and creative.
Says Phillip Kingston, founder and managing director, GrowthOps: “Our clients want advice from a single, accountable provider with entrepreneurial and management consulting skills to identify opportunities, tech and ops skills to build innovative products, and creative talents to reach consumers and gain mindshare.
“We’re giving organisations a new way to achieve quantifiable revenue and market share growth.”
Australia Post non-executive director, chair of the Victorian Government’s innovation expert Panel, and co-founder, executive chair and chief executive officer of Paddl Co, Dominique Fisher join the Trimantium GrowthOps board as non-executive chairman.
Fisher and Kingston met while serving as non-executive directors of LaunchVic, the Victorian Government’s organisation charged with building the state’s entrepreneurial and startup ecosystem.
Says Fisher: “These include existing technologies such as cloud computing, growth in automation, high levels of mobile engagement, corporate and government investment in technology and innovation, and fast-growing Asian markets that currently have limited options for business transformation services.”
GrowthOps lodged its prospectus on 10 November with an offer of between 60 million and 70 million shares at an indicative issue price range of $1.00 to $1.17 per share to fund its ongoing historical growth rates, give the company the balance sheet strength to increase the size of projects it can undertake, and complete the consolidation of eight businesses being acquired through the IPO.
Paul Mansfield, managing partner of GrowthOps, has founded and exited multiple technology companies, including Weblinc, which sold to Cloud Sherpas in 2012 and then itself sold to Accenture in 2015 while he was Asia Pacific managing director. Mansfield and Kingston met at a ServiceNow conference in the U.S.
Says Mansfield: “Directors and CEOs aren’t worried their businesses will be eaten by one of their historical competitors but rather by an outsider whose motives, playbook and investment horizon they do not fully understand.
“We think it won’t be the strongest or biggest organisations that will survive continual technological change and the rise and mobility of international insurgents, but the organisations most willing and able to adapt.
“Consumers expect seamlessly integrated products, services, support and engagement, and organisations need a seamlessly integrated partner to help them meet these expectations.
“GrowthOps provides an end-to-end, entrepreneurial partner for companies seeking to develop a new product, service or growth strategy.
“We are a group of entrepreneurs applying our experience and knowhow to corporates and the public sector.”
GrowthOps brings together eight independently profitable and growing businesses with skills and relationships across the entrepreneurial value chain, including management consulting, technology, and advertising and creative services. Their average trading history is 11 years.
Former deputy chief executive officer and chief financial officer at eChoice Limited, Dustine Pang, has joined GrowthOps in the role of chief financial officer.
Says Pang: “GrowthOps will include one of Australia’s largest and most effective independent creative agencies. They’ve won two Grand Effie awards – one of the most prestigious awards in the advertising industry.
“We have Australia’s first Google Cloud Platform partner, and one of Australia’s foremost providers of change leadership services. They are working at every level of an organisation to embed the leadership skills required to successfully communicate, implement and lead transformative change.”
“GrowthOps will also include several boutique solutions providers with a strong execution focus and unique service offerings. Together, their capabilities provide a compelling end-to-end solution for the development and execution of new products, services and growth strategies.”
With around 270 personnel operating across 14 offices in Australia and Asia, GrowthOps capabilities will include: analysis of market threats and opportunities; leadership development; change management training; cloud services; software development; system integration; positioning and brand strategy; and marketing communications.
GrowthOps is forecast to generate pro forma revenue of $61.3 million, pro forma EBITDA of $14.3 million and pro forma NPATA of $9.8 million in Financial Year 2018.
Non-executive director and former EY executive director, Melissa Field joins Dominique Fisher, Paul Mansfield and Phillip Kingston on the Board.
Kait McCann has joined GrowthOps as head of investor relations, having previously worked for J.P Morgan in New York and SpaceX in California.