Mr Bartolotta said that GoCatch already has a strong presence in the industry with a mature technology solution, operations team and driver/fleet access system.
“GoCatch is pursuing a sensible business model by applying its point to point transport technology to business to business problems in the wholesale ground transport sector. Some of those problems need a mixed high and low tech solution such as a physical ‘meet & greet’ for quality of service. GoCatch is focused on customizing its technology to solve those problems which is what excites me about GoCatch” – said Mr Bartolotta
Preparation for IPO
GoCatch announces plans to make an Initial Public Offering in June this year with a pre-IPO funding round currently being concluded and a short-list of brokers in review. GoCatch currently intends to cap its capital raising to under $5 million on IPO and will give priority allocations to drivers and fleet owners in the space to ensure that those Australian small business owners are able to participate. GoCatch expects to be one of the first point to point transport apps globally to be cash flow positive and float. Proceeds from the float will be used to accelerate servicing of an existing pipeline of wholesale revenue opportunities.
Andrew Campbell, CEO of GoCatch said that the business is on track to break even by June this year.
“The reason we have decided to list on the ASX is to provide an opportunity for the fragmented market of vehicle owners, operator and drivers to invest in the distribution channel that originates their bookings. With less than $12.5 million of capital investment to date since 2011, GoCatch has developed a user base of 59,000 drivers and is executing on a sustainable business to business model that is close to break even.” – GoCatch CEO, Andrew Campbell
The GoCatch IPO will provide Australian investors with a rare opportunity to obtain exposure to the wholesale point to point transport sector via a technology-based business which has low capital expenditure.
GoCatch has evolved to become one of the lowest cost, quality of service focused operators in the space. With no debts and current monthly expenses below $220,000 a month, proceeds from the IPO will be focused primarily on accelerating revenue growth. GoCatch has a monthly burn rate of below AUD40K a month in stark comparison to publicly disclosed burn rates of between $30M to $200M for some of the large off-shore foreign operators.”
With access to a large driver group and fleet that is able to service over 2M trips a day, GoCatch has the immediate opportunity to service large portions of wholesale demand in the $5.6 billion taxi, hire car and ridesharing market. In the medium term GoCatch plans on providing alternative wholesale products in competition with participants in the $181 billion car rental market.
GoCatch offers customers access to on-demand and pre-booked transport options that range from Economy private vehicles, Taxis and Maxis through to Premium, luxury rides. GoCatch is 100% Australia and its business and trip data is located on-shore in Australia.
-ENDS-
Available for Comment: Andrew Campbell – GoCatch CEO
Contact: Sarah Ung 0423540049 | media@gocatch.com
About GoCatch
GoCatch provides pre-booked and on-demand transport nationwide. Founded in 2011, GoCatch has 59,000 Taxi, Maxi, Economy and Premium drivers registered on the platform. GoCatch enables users to book, track and pay for their transport with ease and provides a business solution that improves efficiency and reduces ground transport cost. Corporate and wholesale enquiries can be made at http://gocatch.com/business/ Passengers and drivers can download the GoCatch app in the App Store or via Google Play.
About Mr John Bartolotta
Mr John Bartolotta is the Managing Director of Royale Limousines, Australia’s leading ground transport provider. He has over 27 years experience in the hire car and shuttle transfer industry servicing corporate businesses, government agencies, travel wholesalers and conference/event planners. Mr Bartolotta is the Chairman of the NSW Hire Car Association, a member of the Tourism & Transport Forum (TTF), BESydney, and Exhibition & Event Association of Australia (EEAA). Graduating from the University of Sydney in 1987 with a Bachelor of Science, he majored in Computer Science and Mathematics.
