Mopoke Cloud Index - 2022 Round Up

How did the ASX's emerging tech companies go over 2022?

We’re updating the Mopoke Cloud Index - an index of emerging tech companies listed on the ASX - to kick off 2023. 

As you’ll see in the analysis almost every company we tracked performed poorly over 2022.

But before we jump into the analysis, here is a recap.

Recap

The Mopoke Cloud Index was first published in July 2021 as a framework for analysing and tracking emerging technology leaders on the ASX. Over 2021 this newsletter gave monthly analysis of the index and companies that stood out.

The Index was last updated at the beginning of 2022 by Mopoke’s original creator, Andy Crebar. A few of us at Terem (Claire, James and Scott), who share Andy’s passion for tech, will be taking over the analysis and the newsletter from here. 

A big thank you to Andy for bringing this to life.

So, after a bit of a gap, we’re updating the index for 2023 and giving an overview of what happened over 2022.

From here on we’ll be reviewing the index each month and covering an interesting trend or company every two weeks.

Mopoke Cloud Index for 2023

The companies tracked in the Mopoke Cloud Index in 2022 and now 2023

How have they performed over 2022?

Overall the Mopoke Index performed poorly over 2022 with 89% of the index suffering a fall in share price. Almost half (47%) of the index lost 50% or more of their value.

The only companies that gained were:

1. Proptech Group

2. Gentrack

3. MSL Solutions

4. DUG Technology

5. ELMO Software

Three companies were acquired (PayGroup, iCar Sales and Nearmap). One was delisted (Zebit). 

In January 2022 there were 95 companies on the index, there are now 91.

Mopoke Cloud Index performance over 2022

Changes on the Mopoke Index

Companies that have been removed or renamed on the Mopoke Index are:

• MyNetFone (ASX:MNF) is now ASX:SYM or Symbio Holdings. Part of this group of companies was sold to VN8 over 2021/2022. MyNetFone was then renamed to that of it’s subsidiary, Symbio. Symbio a subsidiary acquired in 2011 owns and operates Australia’s largest VoIP network. 

• PayGroup Limited (ASX:PYG) was acquired by Deel Inc for total consideration of $119.8m in August 2022.

• iCar Sales (ASX:ICQ) was acquired by Carsome Group for $200m. While the acquisition was announced in 2021, ICQ wasn’t removed from the ASX until February 2022.

• Bill Identity (ASX:BID) is now ASX:OPA or Optima Technology Group, changing its name in November 2022. The change appears to be due to acquisition of Optima by Bill Identity over 2021/2022 and Optima having a stronger global brand for the future direction of the combined business.

• Zebit (ASX:ZBT) was voluntarily delisted citing key reasons of low liquidity, cost of being listed, management time, unlikely to raise capital as a listed entity and (under)valuation. 

• CV Check (ASX:CV1) is now Kinatico (ASX:KYP) as of October 2022. This appears to be to reflect that they’ve acquired multiple workforce regulation and compliance technologies.

• Nearmap (ASX:NEA) was acquired by private equity firm Thoma Bravo for $1.055bn and delisted in December 2022.

• Plexure (ASX:PX1) is now TASK Group (ASX:TSK) as a result of TASK and Plexure merging over 2021/2022. The acquisition of TASK was valued at $120m.

• Zip (ASX:Z1P) is now ASX:ZIP, just a change to their ticker.

There will be a part two to this post where we look at companies that could be added to the index.

What’s next for the Mopoke Cloud Index?

We love technology and the business of technology. The Mopoke Cloud Index was started with the belief that ASX tech and Australian tech generally, is under-followed and under-loved compared to its potential.

We’ll be sharing 2 analysis pieces each month along with a monthly summary of the index itself. 

Next week we will be looking at the technology stocks added to the ASX in 2022 and considering whether to include them in the index.