DLA Piper acts on US tech company’s AU$50 million equity raising

by Paolo Taruc18 Sep 2017
DLA Piper has advised New York-based technology company Updater on its AU$50 million equity raising via an institutional placement, the law firm announced on Tuesday.

The DLA Piper team was led by Sydney Corporate partner Catherine Merity, supported by senior associate Rosa Sayer. Corporate partner Joe Bauerschmidt and senior associate Oscar Tan from DLA Piper's Singapore office advised on the US aspects of the capital raising.

DLA Piper first advised Updater on its IPO and ASX listing in December 2015. At the time, Updater was the smallest venture capital-backed US technology company to list on a public market.

"Since we first advised Updater on its IPO and ASX listing, their value has increased by 600 per cent and this transaction takes their market value to over AU$700 million – and the company shows no signs of slowing,” Merity said.

Updater has developed technology that facilitates home relocation processes in the US, allowing users to transfer utilities, update accounts, and redirect mail, among other things.

"The proceeds of this placement will finance the acquisition of leading moving software companies, fund the rollout of Updater’s new insurance division, and provide additional working capital to fund the company’s growth," Merity said.

Goldman Sachs Australia acted as the lead manager for the placement, while Foster Stockbroking acted as co-manager for the placement.