Singapore's Dropsuite debuts in backdoor ASX listing

The streets of Singapore. Roslan Rahman/AFP/Getty Images

Dropsuite, a cloud software platform for small businesses to backup their digital assets, opened on the ASX today in a backdoor listing via Excalibur Mining Corporation Limited.

The Singapore-based company’s shares were trading at 9 cents after raising $5.3 million at 10 cents a share to accelerate the commercialisation of its cloud backup platform.

The software as a service business has grown to more than 125,000 users from 200 in 2014.

“With the funds raised, we will continue to work to expand our already impressive partnership network and persist at developing our products to provide small businesses with the most secure platform to protect their data,” says Charif Elansari, CEO of Dropsuite.

Dropsuite partners include GoDaddy, the world’s largest domain name registrar, and Ingram Micro, the world’s largest distributor of computer and technology products.

Technology companies took over from resources as the most active capital-raising sector on the ASX, according to analysis by OnMarket BookBuilds,

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