BlueFreeway Hits Global Highway
By Martin Kelly, Editor, Search Engine Room
BlueFreeway CEO Richard Webb, who has orchestrated the purchase of stakes in 10 Australian digital media outfits, says the company has “another 18 acquisitions in the pipeline – half of them offshore”.
“Primarily we are looking at best-of-breed distribution technology whether it’s mobile, email or some future innovation,” Webb told Search Engine Room.
He believes there is scope for a “huge technology play” in the digital marketing space and that search will have a “big role” as the company evolves.
Meanwhile, Webb said the IPO of BlueFreeway, scheduled to list on the Australian Stock Exchange on December 22, looks like closing at least three times oversubscribed.
Institutions will take around 75% of the A$36 million capital raising, with the balance largely being taken up by high net worth individuals.
“Almost all the blue chips have signed up,” he said.
Webb is the mastermind behind BlueFreeway, which includes Search Engine marketing company Cogentis (see separate story), and considers it his best opportunity yet.
Over the past few years Webb has had a lot of success, building and selling two businesses: web analytics firm Red Sheriff, and Citect, an industrial automation software company.
He will end up with around 13% of the company following the IPO, while Chairman Greg Daniel will have around 4%
The IPO funds will be used to acquire interests in the BlueFreeway partner companies: FortyTwo, destra Hosting, MassMedia, Spin, Deepend, Agency Fusion, IXION, Communicator Interactive, Cogentis and eHound.
Webb said the company will list debt-free – although it does have a $30 million credit facility with NAB to assist with future acquisitions.
BlueFreeway may also opt for a second capital raising if extra funds are required.
6 December, 2006
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