Meet Australia's newest $1 billion tech firm

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Meet Australia's newest $1 billion tech firm
WiseTech's ASX debut. Source: Yahoo Finance.

WiseTech shares up 16 percent on ASX debut.

Logistics software company WiseTech Global cracked the $1 billion mark just minutes after listing on the Australian stock exchange today, with shares jumping more than 5 percent on debut.

The company's shares opened at $3.45 - a 3 percent premium on WiseTech's $3.35 offer price - and cracked the $1 billion valuation mark when they hit $3.51 about 20 minutes after listing.

Its shares were sitting at a peak of $3.67 just under an hour after listing. They hit a high of 16 percent up on the offer price yesterday. 

WiseTech's core offering, its CargoWise logistics software platform, is used by 6000 companies globally, according to the tech vendor.

The company brought in revenue of $70 million in its most recent full fiscal year, and $10 million in net profit.

WiseTech has forecast revenue of $102 million and $13 million in net profit for the 2016 financial year. It employs around 420 people and has net assets worth around $72 million.

Likely to buoy the FY2016 results is the recent signing of logistics giant DHL under a 4.5 year deal for CargoWise One. WiseTech at the time said it expected the contract to deliver revenue of over $60 million.

The company's strong listing sees it join the exclusive $1 billion+ tech IPO club on the ASX, among the likes of MYOB, Technology One, Aconex and Xero.

Aconex, which provides collaboration software to project managers in the construction, mining and utilities sectors, debuted on the ASX for $300 million and is now valued at $1.2 billion.

Queensland-based Technology One has a current market capitalisation of $1.5 billion, and Xero is sitting at around $2.23 billion.

Australia's biggest technology export, Atlassian, listed on the NASDAQ last year for US$5 billion (A$6.6 billion).

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