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- Local services outsourcing specialist Airtasker (ART) has completed a $20.7 million share placement to help fund its recent buyout of U.S.-based Zaarly Inc
- The company announced the purchase and placement last week, with 20.7 million shares to institutions and professional investors at $1 each
- Airtasker said the funds would support the $3.4 million Zaarly buyout and help with ART’s international expansion plans
- Airtasker is an online marketplace specialising in unique services such as furniture assembly, home moving, party hosting and more
- Zaarly offers similar services but to the addressable U.S. market, which touted by Airtasker to be worth more than $500 billion
- Following the completion of today’s placement, Airtasker shares tacked on 12 per cent to close at $1.21 each
Local services outsourcing specialist Airtasker (ART) has completed a $20.7 million share placement to help fund its recent buyout of U.S.-based Zaarly Inc.
The company announced the acquisition and share placement last week, with 20.7 million shares on offer to institutional, sophisticated and professional investors at $1 each.
This price represented a 7.4 per cent discount to Airtasker’s last closing price before the placement was announced. The 20.7 million new shares increase the company total share issue by just under 5 per cent.
Airtasker said the new funds will go to funding the $3.4 million Zaarly buyout and to help support ART’s international expansion plans.
Why the buy?
Airtasker is an online marketplace specialising in unique services such as furniture assembly, home moving, party hosting and more.
It works much like a typical eCommerce marketplace, but with skills on offer instead of conventional products.
If, for example, a person needs their lawn mowed or bed frame assembled, they can post a job with an amount they are willing to pay on the Airtasker platform. Someone else can then view the job and, if they feel up to the task, apply to complete it and negotiate their payment.
According to Airtasker, its platform has helped create more than $1.1 billion worth of work opportunities.
Zaarly’s platform offers the same services but to the U.S. addressable market touted by Airtasker to be worth over $500 billion.
Zaarly’s business model allows for a strong repeat customer base through re-booking and easy communication, as well as low customer acquisition costs. As such, the Zaarly platform is highly complementary to Airtasker’s business.
Following the completion of today’s $20.7 million placement, Airtasker shares tacked on 12.04 per cent to close at $1.21 each. The company has a $475.6 million market cap.
