Entrepreneur to list company on NZAX

Updated at 6:32 am on 10 November 2012

Entrepreneur Derek Handley intends to list one of his companies on the low cost alternative NZAX market.

Snakk Media, which Mr Handley co-founded with Australian Andrew Jacobs in 2010, specialises in helping clients advertise on smartphones and tablets to reach their target audiences.

Mr Handley says the NZAX is the right platform to help reach the company's growth target in Australia and Asia, though it's not intending to raise any money until next year.

He says the market was designed for small companies that, like Snakk, are doing exciting things and have high growth prospects.

The firm operates in Australia, and Mr Handley says it holds an estimated 15% to 20% of the money spent on mobile advertising. He says revenue has more than quadrupled in the March 2012 year.

The market is predicted to expand from $A15 million last year to $A177 million between now and 2016, and Mr Handley says Snakk's strategy is to increase its share of the market and expand into Asia, where a mobile phone is a consumer's first screen.

Mr Handley co-founded mobile marketing company The Hyperfactory which was bought by US-based Meredith Corporation in 2010.

Next story in Business: NZ market makes slight gain