DLA Piper advises Life360 on AUD820 million IPO

Global law firm DLA Piper has advised US tech company Life360 on its AUD820 million IPO and ASX listing – the largest IPO on the ASX this year and one of the largest tech debuts on the ASX ever in Australia.

Founded in 2007 by Chris Hulls, San Francisco-based Life360’s core offering is their market leading app for families, with features ranging from communications to driving safety and location sharing. Life360 has 18.5 million monthly active users across 160 countries.

This listing gives ASX a big boost in achieving its aspiration of become a junior Nasdaq board for global fast-growth tech stocks. With the addition of Life360, ASX continues to grow its list of US tech companies on its way to becoming a global tech centre (with a strong pipeline of US tech companies expected to go public in 2019) by offering a very compelling alternative to later stage capital in the US.  

The DLA Piper team was led by Head of Corporate Sydney David Ryan with special counsel Kelly Morrison, Head of Technology Sector Australia Sinead Lynch, partner Nicholas Boyle, senior associate Elliott Cheung, solicitors Claudia McEwen and Amina Karcic and senior consultant James Philips. Lawyers from DLA Piper New Zealand, Hong Kong, Singapore and the United Kingdom were also involved. This transaction showcases the strength of the firm in global capital markets transactions in the technology sector and builds on DLA Piper's expertise in advising US tech companies on their ASX listings, including Credible Labs Inc and Updater Inc.

The DLA Piper team worked very closely with Life360's Chief Business Officer, Itamar Novick, in project managing the transaction. Itamar praised the team, stating: "The DLA Piper team is developing a strong reputation in the Australian market as being the go-to firm in helping list US tech companies on ASX. We can now attest to this having witnessed first-hand how they expertly guided us through all the twists and turns of our IPO and listing process. The team is very commercial and always adopts a pragmatic solutions-focussed approach. We quickly knew we could trust them to help us successfully execute our vision."

David Ryan said: "We are delighted to work with Life360 on this important milestone. Their addressable market is limited only by the number of people who have smartphones, and we look forward to assisting Life360 as it works to expand its user base and service offering. 

"DLA Piper has been fortunate to advise a number of US tech companies on their ASX listing journey. With a deep heritage in Silicon Valley and one of the most active technology practices globally, DLA Piper has become the go-to law firm for tech based equity raisings and IPOs in Australia."

Life360 listed on the ASX on 10 May with an indicative market capitalisation of approximately AUD820 million.

The deal is fully underwritten by joint lead managers Credit Suisse and Bell Potter.

Contacts