9 Spokes International (ASX:9SP) is preparing to enter the U.S. market through the 9 Spokes Direct platform, prompted by the strong response to the platform in Britain.
9 Spokes software helps small and medium businesses (SMEs) connect all their software to one cloud-based dynamic interface, giving them a clear overview of their business.
The U.S. represents a major opportunity for 9 Spokes as it is home to about 29 million SMEs, and accordingly is around five times the size of the company’s largest existing market, the UK.
9 Spokes already has partnerships in Britain with some of the leading apps required for a U.S. entry, including Intuit QuickBooks, Expensify and Sage.
The extensive app roster coupled with their global nature will help enhance the entry into the U.S.
9 Spokes listed on the ASX in June 2016 after successfully raising the maximum amount of A$25 million.
The company is gaining traction in the market with cash receipts of NZ$1.2 million in the December 2016 quarter, up from NZ$150,000 in the previous quarter.
Interestingly, Mark Estall (chief executive officer, co-founder), Adrian Grant (co-founder) and Brendan Roberts (chief operating officer) collectively own 37% of the company.
9 Spokes’ share price increased by about 13% since the start of 2017, last trading at $0.18.