Moore Australia, congratulates long-time client DUG Technology Limited (“DUG”) for making its debut on the ASX today.
“We are very excited for DUG, and for being part of their journey thus far” says Moore Australia (WA) Managing Partner, David Tomasi.
“The wider Moore Global network is also pleased to be able to assist DUG with their global expansion by providing services to their subsidiaries across the globe. The initial public offering (IPO) provides a perfect platform to launch future growth for DUG,” says David.
Moore Australia (WA) Partners, Neil Pace and Shaun Williams, led the client service team which provided listing related assurance services, with Neil being a key member of the DUG Due Diligence Committee for the ASX listing.
“It has been a pleasure working with DUG since 2014 and watching them grow from a small business (way back in 2003) to an international business with more than 300 staff across four international offices,” says Neil.
DUG has experienced continued growth over the last 12 months, with the prospectus highlighting the recent progress that has been achieved in respect of its expansion plans to provide services to non-resources sector clients. The prospectus also shows almost half of the IPO proceeds - $12 million – has been earmarked for increasing compute power, with another $4 million going towards storage. $3 million will also be spent on network expansion, $4 million for working capital and $3 million on the costs of the offer.
Led by founder and managing director Dr Matthew Lamont, DUG has strong roots in the oil and gas sector. DUG now also owns and operates some of the largest and greenest high-performance supercomputers in the world and provides high performance computing as a service, scientific data analysis services and software solutions for the global technology and resource sectors. The 2019 financial year saw DUG with over 230 clients, including some of the largest Fortune 500 companies.