Avoka Technologies raises $16m to fuel further expansion and add 100-plus staff

Customer acquisition software vendor Avoka Technologies is looking to increase its 220-person staff by a further 50 percent by the end of the financial year folllowing a $16 million equity raising.

The hiring spree will help the $36 million-turnover company support current and projected customers in Australia, North America and Europe, and to fuel further expansion.

“Our planned pace of growth continues across all three of our target geographies, and this financing allows us to maintain an aggressive expansion in our technology, sales, partner and customer success organisations,” Avoka chief executive Phil Copeland said.

“We are continuing to expand and hire new employees in our offices in Sydney, Denver, London and Frankfurt.”

The company completed a similar equity raising in June last year for the same amount, part of which was used to support its expansion into Germany, Austria and Switzerland earlier this year, with the Frankfurt office as its headquarters in the region.

Investment bank Moelis Australia managed both transactions.

“The successful completion of this equity raising from existing investors reflects the phenomenal progress made by the Avoka team and their ability to deliver on their forecasts,” Moelis Australia managing director Angus Murnaghan said.

“The opportunity ahead of them is significant and investors are excited to continue to support the team at Avoka”

Avoka grew revenue by 79 percent during the year ended 30 June, driven by widespread adoption of the company’s Transact platform. This helped the company lock in the No.21 spot on this year's CRN Fast50.

“Avoka is confident it will make further inroads into the global financial services sector as major banks and other companies acknowledge the need to provide customers with the best digital access to their products,” Copeland said.

“We are very excited about the opportunity to work with current and new clients to ensure they have the most functional and modern systems in place to keep costs in check and remain competitive.”