DLA Piper advises Updater Inc. on AU$50 million equity raising

DLA Piper has advised US technology company Updater Inc. (ASX: UPD) on its AU$50 million equity raising via an institutional placement.

Headquartered in New York, Updater has developed technology that makes moving easier. Founded in 2011, the company’s innovative tools have transformed the home relocation process in the US, allowing users to seamlessly transfer utilities, update accounts, redirect mail and more.

The DLA Piper team was led by Sydney Corporate partner Catherine Merity, supported by senior associate Rosa Sayer. Corporate partner Joe Bauerschmidt and senior associate Oscar Tan from DLA Piper's Singapore office advised on the US aspects of the capital raising.

Catherine Merity said: "We are delighted to again partner with Updater to support this next phase of their impressive growth strategy. Since we first advised Updater on its IPO and ASX listing, their value has increased by 600 per cent and this transaction takes their market value to over AU$700 million – and the company shows no signs of slowing.

"The proceeds of this placement will finance the acquisition of leading moving software companies, fund the rollout of Updater’s new insurance division, and provide additional working capital to fund the company’s growth."

Goldman Sachs Australia acted as the Lead Manager for the Placement. Foster Stockbroking acted as Co-Manager for the Placement.

DLA Piper first advised Updater on its IPO and ASX listing in December 2015. At the time, Updater was the smallest VC-backed US technology company to list on a public market.