Prescriptive Analytics software provider, Veriluma Limited (ASX: VRI) will commence trading on the Australian Securities Exchange (ASX) at 10:00AM today.
The Company’s listing on the ASX represents a significant milestone for Veriluma and follows the successful completion of a $3.5m capital raising as part of the Parmelia Resources Limited (ASX: PML) Reverse Takeover (RTO) process. The Company under the raising issued 50 million new fully paid ordinary shares at a price of $0.07 per share indicating an undiluted market capitalisation prior to the commencement of trading of $25.137 million.
Developed by a Commonwealth Research Centre for the Australian Defence Intelligence Organisation, which has been utilising Veriluma’s technology since 2013, Veriluma’s software assists decision makers with rapid and accurate assessments of terrorism and national security threats using its proprietary technology based on Prescriptive Analytics.
Prescriptive Analytics is a form of advanced, forward-looking analytics, which provides assessments about future outcomes. Although most types of analytics aim to assist and improve in the decision making process, only Prescriptive Analytics delivers a preferred course of action. In complex decision making situations, the ability to comprehensively manage incomplete or uncertain inputs is highly valuable for businesses, governments and individuals. The Prescriptive Analytics software market is expected to reach $1.1 billion in the next 3 years, with a 22% Compound Annual Growth Rate (CAGR) from 2016. Currently, 10% of organisations have some form of prescriptive analytics and this is expected to grow to 35% by 2020.
Commenting on the milestone listing of Veriluma, the Company’s Chief Executive Officer Elizabeth Whitelock said: “Thank you to everyone who participated in the capital raise. We have been humbled by the enthusiasm and support shown. Veriluma’s listing on the ASX is a significant milestone for the Company and recognition of our innovative and unique Prescriptive Analytics software.
We look forward to capitalising on this achievement by delivering shareholder value as a listed company. The Board and management will work diligently to apply the newly raised funds towards commercialisation: business development, marketing, awareness and further product development. We will continue to work hard on building solid, scalable commercial partnerships with applications that will deliver significant and effective results across business and government.”
Veriluma’s software has wide applications across multiple industries including banking and financial services, government, defence and national security, insurance, legal, health, pharmaceutical and resources.