Remote meetings software specialist LoopUp (LOOP) is expanding into the Australian market, which is worth $275m (£196m) by one estimate, after months of market research and testing. During this preparatory phase, the group has already won six new customers including an Australian private equity firm and an investment management company with more than $100bn under management.
The launch will entail two new ‘pods’ – regional sales teams – comprising five current UK and US employees, supported by local recruits. Co-chief executive Steve Flavell points out that Australia is an attractive market because it has various cities with high levels of conferencing activity, and average selling prices here are “materially higher” than the world average.
Broker Panmure Gordon notes that the new Australian pipeline will need to be developed, meaning financial performance during 2018 could be second-half weighted.
