Search engine looking for local interest

While the company will not be selling any new shares as part of the local listing, the move would make it easier for LookSmart to raise funds through the local market in the future, according to LookSmart International co-founder and CEO Evan Thornley.

Speaking from the US, Thornley said he expected the compliance listing to increase the liquidity of LookSmart's stock as Australian investors take advantage of selling via the ASX. This would allow more Australians to become stakeholders in the company, he said.

"While we already have a lot of Australian shareholders, there are a lot of other institutions and individuals that we believe would like to take an interest in the company," Thornley said.

Thornley, who with his wife Tracey Ellery founded LookSmart in Melbourne in 1995 before relocating to San Francisco in 1997, said it was a fundamental part of the company's strategy to build its profile as a provider of search and navigation tools to other Websites - as well as building on the brand.

Chris Smith, associate director with corporate finance company Ord Minnett, said he could see only two reasons behind the compliance listing -- to boost the company's local profile, and allow it easier access to raise capital through the ASX in the future. He said he did not believe LookSmart's share market tactics would set a standard for future Australian Net startups.

Smith claimed prohibitive costs (approximately $1 million in legal fees alone), strict entry criteria, and a lack of investor interest in stocks valued under the $100 million mark, would restrict a majority of local companies from trying to emulate LookSmart and look for an initial listing on the Nasdaq.

"Every company has aspirations to list on Nasdaq, but only a small number of companies are likely to be successful in their attempts," Smith said.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

David Smedley

PC World
Show Comments



Victorinox Werks Professional Executive 17 Laptop Case

Learn more >



Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles


PCW Evaluation Team

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?