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About Bailador Technology Investments Limited:
Bailador Technology Investments Limited (ASX:BTI) is a specialist investor in businesses within the sectors like information technology and media. The company invests in those businesses that look for growth stage investment. These businesses have generally below mentioned characteristics:
- They are into the business from 2 to 6 years.
- These are operated by the founders of the company.
- They have proven business model along with attractive KPIs.
- These businesses are capable of generating revenue on a recurring basis.
- These businesses have enormous market opportunity.
- They require funds to grab the opportunity.
The company has dedicated resources to support its investee entities in achieving their goals and emerging out as global leading enterprises in their respective industries.
Within the technology sector, the important verticals for the company include:
- eCommerce
- Subscription-based internet businesses
- Online marketplaces
- Software
- Software as a Service
- High value data
- Online education
- Telecommunication applications
- Services
BTIâs Investment Approach:
The company injects funds in the range of $2 million to $10 million into an investee entity. Bailador Technology Investments focuses minority investments along with highly motivated founders as well as management of the entity with superior technology or business systems.
Before making any investment, the company carries out a 4 to 8 weeks due diligence process on an average. During the process, the company focuses on financial, technical and legal due diligence. Additionally, the company has an investment team, whose one member joins the Board of investee players, aimed towards supporting the founders and assisting the management in executing their growth plans.
BTIâs Portfolio Companies:
- Brosa: Powered by technology, Brosa serves as a furniture brand and online retailer.
- DocsCorp: DocsCorp is a hybrid desktop/Software as a Service productivity software that combines with more than 30 document management systems. It is being utilised by professionals who belong to sectors such as services, corporate and government.
- Instaclustr: Instaclustr is a provider of a cloud-based solution, which focuses on the demand of businesses with huge data management requirements. The company provides managed solutions, enterprise support as well as consulting for complex data technologies like Apache Cassandra and Spark.
- Viostream: Viostream is a cloud-based end-to-end platform, which supports in the development, management as well as supply of video content.
- SiteMinder: SiteMinder is known as the global leader in hotel channel management as well as distribution solutions for lodging reservations (online).
- Standard Media Index: Standard Media Index is a big data aggregation and analysis platform, which has access to advertising expenses data.
- Lendi: Lendi is a fast-growing financial technology company, which provides home loan platform that utilises smart technology to fit all kinds of home loan borrowers to the right lender along with the right loan product followed by the grant of online approval.
- Rezdy: Rezdy offers a package of tools for tour operators as well as agents.
- Stackla: Visual content engine, Stackla is used by consumer brands.
- Straker Translations: Straker offers a cloud-based hybrid translation platform that utilises a blend of machine translation along with human refinement for a speedy language translation.
Recent Updates:
Bailador Technology Investments Limited is scheduled to hold its annual general meeting on 22 October 2019.
Update on Stackla:
The company, on 26 September 2019, released an update related to its portfolio company, Stackla. On 2 September 2019, Stacklaâs CEO Damien Mahoney unveiled regarding the suspension of the Stackla access to the Facebook platform. It was believed that there was some misunderstanding from within Facebook and the investee entity would be working with it to get the access restored.
The CEO also clarified that Stackla being a content marketing platform is used by consumer brands for identifying the best photos as well as videos posted by the users. Before using the photos and videos, permission is obtained from the users to use them in the marketing activities. Stackla works with Facebook, Twitter, YouTube, Instagram and other large social networks. It is engaged in collecting the public content from these networks; however, it does not store or sell data or create fake profile of data.
On 19 September 2019, Stackla filed a motion for a temporary restraining order, under which Stackla would have logged on to Facebook as well as Instagram. As per the hearing on 26 September 2019 in the Northern District Court of California, the motion filed by Stackla got denied for a temporary restraining order. However, the court allowed the company to apply for a motion for an initial injunction. It was also suggested by the court that the related parties should meet commercially to resolve the issue.
Based on the ruling of the court, Stackla would not be able to log in to Facebook as well as Instagram for the time being. Also, the courtâs ruling resulted in Bailador to make a decision to write-down its investment in Stackla to nil amount.
BTIâs current minority interest in Stackla is valued at $12.6 million, which signifies 7.7% of pre-tax NTA of the company, as at 31 August 2019.
FY2019 Highlights:
FY2019 or the year ended 30 June 2019 remained a productive year for the company.
- NTA per share as on 30 June 2019 increased by 18.2% as compared to the previous corresponding period.
- The company reported an increase of 282% in growth for financial assets to $32 million.
- Net profit after tax grew by 367% year-on-year to $17.1 million.
- SiteMinder, one of the portfolio companies of BTI, exceeded $100 million in revenue. It shows the success of the companyâs largest holding. Its revenue is at 19.4 times the amount invested by the company.
- There were two cash realisations during the period, which happened due to partial sales of portfolio company investments. These include Lendi ($0.4 million) and Straker ($1.2 million).
Image Source: Companyâs Report
- The companyâs profit during the period increased from $3.654 million in FY2018 to $17.053 million in FY2019.
- The balance sheet of the company remained strong. Its net assets increased from $128.051 million to $145.104 million, as a result of increased total assets.
- The company used $3.586 million in its operating activities.
- Net cash inflow from investing activities of the company was $1.236 million.
- Net cash and cash equivalents by the end of 30 June 2019 stood at $1.423 million.
Stock Information:
The stock of Bailador Technology Investments Limited has generated a decent YTD return of 23.68%. The stock on 30 September 2019 (AEST 01:51 PM) was trading at a price of $0.925 per share, down 1.596% from its previous closing price. BTI has a market capitalisation of $113.03 million with approximately 120.25 million outstanding shares and a PE ratio of 6.630x.
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