Airmarket, a mobile phone advertising platform, will emerge from a backdoor listing on the ASX through Cabral Resources, a resources company which once wanted to be a significant iron ore producer.
Falling iron ore prices have made it difficult for junior miners to compete with larger players such as Fortescue Metals.
The first step is for the former mining company to buy Tapit Media, a Near Field Communication (NFC) technology startup, and turn that into Airmarket.
Airmarket gives advertisers a global network to deliver personalised, targeted advertising to consumers based on their real-time location.
The product is connected to 600 trading desks servicing more than 17,000 advertisers. By the end of the year those advertisers will have access to consumers in an initial 2000 locations in Australia and the UK.
“At the moment, it’s difficult for advertisers to buy location-based notifications on people’s phones,” says Jamie Conyngham, Airmarket co-founder and CEO.
“They need to find someone with beacons, time it with their campaign and then have a widely downloaded app. Airmarket has made this process simple.”
Beacons are small devices attached to objects such vending machines, phone booths, awnings and supermarket fridges, which communicate with nearby smartphones and tablets via Bluetooth.
Globally, Airmarket is the first marketplace to offer programmatic advertising traders the ability to use beacons for the delivery of location-based mobile phone notifications.
As part of the backdoor listing, the company plans an equity raising of $3 million. PAC Partners is the lead manager.
“To compete on a global scale you need capital to enable fast growth,” says Conyngham.
“This isn’t an organic growth playground — to win here you need to have the best people, the best tech and capital to win markets.”
Cabral Resources shares are in a halt. They last traded at 3 cents each.