Brisbane Fast50 company SOCO to list on ASX

Brisbane-based Microsoft partner and IT consultancy SOCO Corporation is set to list on the Australian Securities Exchange, looking to raise $5 million for its initial public offering (IPO).

The Fast50 firm, which specialises in cloud solutions, business applications, enterprise information management, support services and integration projects, is offering 25 million shares at $0.20 per share in its IPO starting this week.

SOCO chief executive Simon Forth said the company saw year on year growth since its incorporation in 2013 and the ASX listing would deliver many benefits for both the business and investors.

“Our impressive revenue growth of 61 percent over the past three years has been driven by the demand for our services in the government and corporate sectors as well as our ability to retain a strong client and employee base,” Forth said. “And FY23 is set to be even better, with another record forecast of $18.5 million organic revenue.”

“Buoyed by the positive outlook for IT services and digital solutions, the ASX listing in the coming weeks will support our continued organic growth, provide transparency and liquidity for acquisition targets that align with our strong culture and values, as well as new technical expertise and increased geographic expansion across Australia.”

SOCO stated that it worked with some 120 clients across Australia, including government, ASX-listed firms, enterprises and non-profits over the 2022 financial year, with 59 percent of revenue coming from Federal Government clients.

Forth added that staff and client retention were important for SOCO in addition to the numbers, and that the company founders believed the retention of high-performing teams was fundamental to performance, delivery and business growth.

“While we may be an IT consultancy – we are far more than that – we are a technology company that never forgets that people are the beating heart and soul of every organisation.”

SOCO was founded by Arnie Raju, Carlo Liviani, Sebastian Rizzo, Stevan Simovic and Tom Rock. The company is a Microsoft Gold partner, offering services around Microsoft 365, Power Apps, Business Central and more.