Bambuu Limited, a specialist investor in Australian developed software, has relisted on the ASX this week, falling just short of its target capitalisation of $8 million.
The new business is listing through the company formerly known as Ocean Resources, a former mining company which suspended trading 15 months ago, and with the shares holding steady at 25-27 cents Bambuu chairman, Craig Welch, says they are very satisfied with the outcome.
Bambuu's plan is to provide equity capital and management and marketing assistance to software developers who have innovative solutions, in exchange for a significant shareholding in their company.
It has already announced their first investment, a product range developed by East Coast Property Software to assist retail centre owners and managers with property leasing management. Bambuu has taken a 41 per cent share of the company and Welch says it won't be long before it unveils its next venture.
"We have some criteria in mind which doesn't lock us into any particular sort of software products," he says. "We want Australian companies so we can keep an eye on them, practically. We want something unique. I think we have enough MYOBs, Quickens, and Web browsers in the market. The company itself needs to have a strong, focussed management and, probably most importantly, the product needs to be just about ready. We are not looking for a couple of kids in a garage who have an idea."
Welch says that Bambuu expects to have a further three to four investments in the coming 12 months. "There are some extraordinarily good software applications written in the Australia today and we intend to build a diversified portfolio of promising products," he says. "Our skill, if we are successful, will be in choosing the right companies in which to invest."