18 Apr 2013

SLI Sytems seeks up to $27m

3:05 pm on 18 April 2013

Software company SLI Systems plans to raise up to $27 million in early May ahead of listing on the stock market.

SLI sells its services to retailers on a subscription basis and its software enables their customers to refine product searches on those retailers' websites.

The company was founded in Christchurch in 2001 and counts The Warehouse, Mitre 10 and Harrods in London among its clients. It also has clients in Australia, the US and Brazil.

Of the money raised, $15 million will be used for expanding the business while the rest will go to a number of existing shareholders wanting to cash up their investment.

The company says it wants to recruit additional sales and marketing staff to expand into new markets and to fund the development of both new and existing products.

SLI has not said what percentage of the company is being offered for sale.

Lead joint managers of the offer are broking firms Craigs Investment Partners and Forsyth Barr.