Complexica’s AI makes growth strategy simple
ARTIFICIAL intelligence outfit Complexica, which is looking to list on the ASX in the medium term, is on the hunt for software companies it can acquire and inject its AI smarts into.
The Adelaide company, which has attracted pre-IPO investments from Microequities Asset Management and listed fund manager MA Financial, specialises in process and sales optimisation, and counts Pfizer, Pernod Ricard and Dulux Group among its clients.
Complexica co-founder and managing director Matt Michalewicz said the company was putting together an M&A strategy that would augment its organic growth over the next two financial years.
It is on the hunt nationally for software firms with up to about $15m in revenue, which have an established product and customer base, but which are yet to realise the gains that can be delivered from AI and machine learning.
Mr Michalewicz said it was still early days in terms of the digitalisation of many business processes, and there was a lot of opportunity still to come in applying AI to logistics, sales, and other applications where there were complex decisionmaking processes at play.
Mr Michalewicz said 2021 was a transformational year for Complexica, “where we raised close to $20m in capital, expanded our management team with some very experienced and seasoned hires, and added several dozen new staff along with a Sydney office”.
“All of this groundwork has prepared the business for accelerated growth in 2022 and beyond, which will come from overseas expansion, increased investment in sales & marketing, channel partnerships, entry into new market verticals, as well as M&A activity with synergistic software companies,” he said.
“I am excited about where Complexica has got to, and what the immediate future holds for the company, its staff, customers, and investors.”
Complexica also last year received a $5m investment from South Australian ports operator Flinders Ports, which became an investor after first becoming a client.
The company has raised $19m in pre-IPO growth funding since late last year, with a view to listing potentially later this year. While revenue figures for Complexica are not public, the company says it now employs more than 100 staff and is growing at 50 per cent a year, with overseas expansion plans on the cards.
The company also recently won the Kellogg’s account across Australia and New Zealand to optimise its trade promotion activities.
The Complexica team, including Mr Michalewicz’s father Zbigniew and chief software architect Constantine Chiriac, previously founded SolveIt Software.