Investor Cities plans for listing.
Account aggregator InvestorCities will aim to list on the Australian Stock Exchange in June to raise $3.5 million and position it to service financial planners.
News of the listing comes as InvestorCities fine tune plans to roll out a pilot service through dealer group Australian Financial Security.
InvestorCities chair Brad McGougan says InvestorCities is one of the few groups to target financial planners and institutions with its screen scraping product. The screen scraping technology is based on the planners' own system.
"This allows them to maintain and protect their clients data and they can be confident taking the program to their clients," McGougan says.
The service will be offered primarily to banks and large dealer groups. At the moment it can scrape more than 30 sites.
The float will be the third injection of capital for InvestorCities. The first $1 million came from private investors about a year ago. The second injection of $2.5 million was seed capital, with shares issued to a number of investors at 25 cents each in October last year.
McGougan says this next round of funds would be used to improve the system in the lead up to, and after release onto the market.
"We want to list to take the InvestorCities product to the next level, offering such things as full transaction capabilities without leaving the one web page," McGougan says.
AUTHOR
Jason Spits
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