WELCOME TO THE 2020 TIN REPORT - 16th Edition A special thank you to our 2020 sponsors - Technology Investment ...

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WELCOME TO THE 2020 TIN REPORT - 16th Edition A special thank you to our 2020 sponsors - Technology Investment ...
WELCOME
TO THE 2020
TIN REPORT
16th Edition

A special thank you to our 2020 sponsors.
WELCOME TO THE 2020 TIN REPORT - 16th Edition A special thank you to our 2020 sponsors - Technology Investment ...
Introduction 01

Introduction

Kia Ora Welcome to the 2020 TIN Report
The word ‘unprecedented’ has been used so often to describe         a critical mass of success in this sector which will provide a
the events of the past year that it has become something            bedrock of resilience for this country in the years to come.
of a cliché. Still, not for a century has the world experienced
                                                                    The key phrase that has resonated with me throughout 2020,
an existential and economic shock of the magnitude of the           as TIN has conducted its annual survey and collated the
COVID-19 pandemic that hit in 2020, and certainly not since         data received, is this – we may not have all the answers, but
the Global Financial Crisis of 2008 has the New Zealand tech        we do have purpose. In the midst of this difficult year, and
sector encountered circumstances such as these which                certainly for the years ahead, TIN’s purpose has never been
have posed such potent challenges to its very survival.             clearer to me than it is now. We pursue a simple mission: to
Although the COVID-19 pandemic arrived in New Zealand               help facilitate the growth of the tech sector in New Zealand.
at the very end of our financial year, the coronavirus              This year, perhaps more than any other, putting together
that causes the disease had begun causing ripples in                the TIN Report has been an incredible challenge. I warmly
the global economy as early as November 2019, when                  congratulate the entire TIN team for the energy and
it first appeared. As a result, this year’s TIN Report will         cohesiveness they have brought to the task of delivering the
provide a partial view of the impact the pandemic has               TIN Report over the last few months as we – along with every
had on the tech sector’s performance in 2020 so far.                other business and organisation in New Zealand – moved
However, what we do see in this year’s TIN Report is                to working remotely, utilising every technological tool we
immensely encouraging, as it shows the tech sector has              had at our fingertips to stay connected and progressing
continued its upward trajectory of growth for another               our research during lockdowns and alert levels.
financial year. As such, it is not only strongly positioned to      In many ways it could be said that technology itself has
weather this current storm but also to take advantage of New        been a force for good, bringing people together to work
Zealand’s unique global position to harness the slingshot           on solutions for tackling the pandemic itself, as well as
effect that such circumstances provide for innovation and           keeping people safe and ensuring that surviving and thriving
growth. In the TIN Report, as always, you will see data that        economically does not come at the expense of our humanity.
provides a map of the landscape that the New Zealand tech           Again even more so this year, we are deeply grateful for the
sector has traversed for the last financial year, which will        support of our sponsors, who in the midst of the ongoing
provide guidance for navigating the unfamiliar territory of a       financial impacts of the pandemic have remained committed
world affected by a global pandemic in 2021, and beyond.            to backing TIN and our mission. Our warmest thanks to
This year we can report that TIN200 revenue reached                 New Zealand Trade and Enterprise, Absolute IT, BNZ, EY,
$12.7B, up 8.3% – or $973m – on 2019, which hasn’t quite            James & Wells, and NZX for helping us keep the NZ tech sector        Greg Shanahan
matched the $1B annual growth recorded in the previous              informed and equipped with data for travelling the road ahead.         Managing Director
                                                                                                                                     Technology Investment Network
two reports, but is still an impressive result. Included in that    And to those entrepreneurs, investors, company leaders
revenue is $9.4B worth of exports, up 10.6% on last year, to        and their employees that we encounter every day and
an increasingly diverse international market that is hungry         who make this sector the powerhouse of inspiration
for Kiwi-designed and manufactured tech products.                   that it is; thank you and may you be encouraged by
The NZ tech sector also continues to be an engine for               the wealth of information contained in this Report.
significant job creation, adding over 4,000 jobs in the last
financial year, taking the TIN200’s total number of staff at home
and abroad to a record breaking 55,167. Add to this the fact
that New Zealand now has 56 tech exporting companies each           Kia kaha! Ngā mihi nui.
reporting revenues of over $50m, and it’s clear that there is       Greg Shanahan
WELCOME TO THE 2020 TIN REPORT - 16th Edition A special thank you to our 2020 sponsors - Technology Investment ...
Introduction 03

Contents
Welcome from Greg Shanahan...................................................................01                             Market Sectors                                                                                          33       Absolute IT Supreme Scale-Ups 2020                                                                                    65
Foreword: New Zealand Trade and Enterprise...................................05                                             TIN200 Primary Sector Overview..............................................................34                   TIN Absolute IT Supreme Scale-Ups 2020..........................................66
Data Source & Key Terms................................................................................06                   TIN200 Primary Sector Markets.................................................................35                 Next100 High-Growth Award Winners 2016-2020.........................70
                                                                                                                            TIN200 Secondary Sectors Overview....................................................36
2020 TIN Report Overview                                                                                          07                                                                                                                         NZX Early Stage Companies 2020                                                                                         71
                                                                                                                            TIN200 Secondary Sectors ..........................................................................37
Key Highlights.........................................................................................................08                                                                                                                    NZX Early Stage Companies 2020............................................................72
2020 – An Unprecedented Year for NZ Tech Exporters...............09                                                         Ownership & Investor Environment                                                                         41      Spotlight on the Regions: Funding Early Stage Growth...............73
Revenue Band Comparison...........................................................................10                        Ownership Overview..........................................................................................42   Tracking Start-up Success:
Resilience and Scale.......................................................................................... 11                                                                                                                            TIN Early Stage Companies 2018-2019................................................. 74
                                                                                                                            Private TIN200 Companies ...........................................................................44
Key Markets – Top 200 TIN Companies 2020....................................12                                                                                                                                                               NZX Early Stage Company Profiles 2020..............................................76
                                                                                                                            Investment-Backed Private TIN200 Companies..............................45
TIN Rising Star Companies 2020...............................................................14                             TIN200 Foreign Owned Companies ........................................................46                        Company Profiles                                                                                                       81
TIN Drivers of Success.....................................................................................15               Public TIN200 Companies..............................................................................47          Index: TIN200 Company Profiles by
ICT Companies Continue to Drive Growth in the                                                                               An Especially Challenging Year for TIN200 Firms ...........................48                                    Secondary Market Sector..............................................................................82
Tech Export Sector.............................................................................................16
                                                                                                                            TIN200 Companies Buy Up............................................................................49            TIN100 Company Profiles...............................................................................84

In-Depth / The TIN200                                                                                              17       Year in Review: Māori-owned Technology Companies................50                                               Next100 Company Profiles.........................................................................104

Overview: Changes and New Companies ...........................................18                                                                                                                                                            Early Stage Company Profiles....................................................................111
                                                                                                                            Mavericks                                                                                               53
Movements: TIN200 Ranking Scale and
Rocket Award Winner 2020...........................................................................19                       Mavericks: The Series So Far.......................................................................54            About Us                                                                                                             117
                                                                                                                            Dr. Sean Simpson, Co-founder and                                                                                 About TIN................................................................................................................ 118
TIN200 Rankings 2020.....................................................................................20
                                                                                                                            Chief Scientific Officer, LanzaTech...........................................................55                 Team TIN................................................................................................................. 119
Business Impact...................................................................................................24
                                                                                                                            Carmen Vicelich, CEO and Founder, Valocity Global.....................57                                         Appendix: Definitions.....................................................................................120
Economic Contributions.................................................................................25
Employment Growth..........................................................................................26
                                                                                                                            EY Ten Companies to Watch 2020                                                                          59
                                                                                                                            EY Ten Companies to Watch 2020 ...........................................................60
Cost Structures.....................................................................................................27
                                                                                                                            EY Ten Companies to Watch 2008 – 2020...........................................64
New Zealand Regions: TIN200 Economic Impact............................28
Spotlight on the Regions: The TIN200 Companies........................30
Spotlight on Latin America.............................................................................31
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EY Ten Companies to Watch 2020 59

EY Ten Companies
    to Watch 2020

L-R: Marcus Driller, VP Corporate, Fiona Cresswell, General Manager Marketing Operations,
               and Winston Fong, VP of Surgical Technologies at Fisher & Paykel Healthcare
                                  2019 TIN Report Launch, Skycity Convention Centre, Auckland, 31 October 2019
WELCOME TO THE 2020 TIN REPORT - 16th Edition A special thank you to our 2020 sponsors - Technology Investment ...
EY Ten Companies to Watch 2020 61

                                                          1                                                                                          2                                                                             3
                                                              SECTOR: ICT / Fintech                                                                      SECTOR: ICT / Software Solutions
SECTOR: High-tech Manufacturing /
Healthcare                                                    REVENUE ($000): $718,200                                                                   REVENUE ($000): $106,000
REVENUE ($000): $1,263,700                                    GROWTH %: 29.9%                                                                            GROWTH (%): 83.4%
GROWTH: 18.1%          CAGR 5YR: 13.5%                        CAGR 5YR: 42.1%                                                                            CAGR 5YR: 41.3%
GROWTH ($000): $193,300                                       GROWTH ($000): $165,400                                                                    GROWTH ($000): $48,200
PREVIOUS YEARS:                                               PREVIOUS YEARS:                                                                            PREVIOUS YEARS:
2009, 2010, 2012 – 2019                                       2012 - 2019                                                                                New Entrant

Appearing on the EY Ten Companies to Watch list for           In a global economy that has progressively moved                                           For the first time, Seequent has made it to the EY Ten
the 11th time since 2009, and with a 5-year revenue           business into the cloud over the last decade, demand                                       Companies to Watch list with an impressive 2020 revenue
CAGR of 13.5%, Fisher & Paykel Healthcare has leapt           for Xero’s online accounting software has continued to                                     growth of $48.2m, up 83.4% on 2019. Headquartered
to the top of this list in 2020. This growth was buoyed       grow, and 2020 was no exception. In Xero’s 2020 financial                                  in Christchurch, Seequent specialises in developing
by demand for its respiratory products and systems            year, operating revenue was $718 million, up 29.9% from                                    geoscience analysis, modelling and visualisation
during the COVID-19 pandemic, with about 16 million           the previous year. This result places Xero on the EY Ten                                   software. Its world-leading technologies enable better-
patients around the world treated using their products.       Companies to Watch list for the ninth year in a row.                                       informed environmental and investment decision
                                                                                                                                                         making in the mining and minerals, civil construction
In 2020, the company’s operating revenue reached              Xero has focused on maintaining the quality and continuity
                                                                                                                                                         and infrastructure, environmental and energy sectors.
$1.26B, up 18% over the previous financial year, or 14% in    of its 100% cloud-based products and services. At the
constant currency. Net profit after tax was $287m, up 37%     end of its 2020 financial year, the company had 2.285                                      Seequent’s innovative software is used in over 100
on the previous financial year. The company also opened       million subscribers, and reported strong growth in                                         countries on a diverse range of projects, including
a fourth manufacturing facility in New Zealand this year      subscribers and revenue in the UK, North America, and                                      critical, large-scale, earth, environment, and renewable
and successfully launched a new compact nasal mask            Australia. In addition, in August 2020 Xero announced                                      energy projects, to support complex decision-making on
for obstructive sleep apnea treatment. Fisher & Paykel        the acquisition of Waddle, a cloud-based invoice lending                                   subsurface geoscience and engineering design solutions.
Healthcare is continuing to grow the manufacturing capacity   platform, to help improve small business cash flow.                                        Leading Silicon Valley technology-focused private equity
of its hospital products during the 2021 financial year to                                                                                               firm Accel-KKR and New Zealand’s Pencarrow Private
                                                               With the challenge this year
ensure a further increase in respiratory product supply.                                                                                                 Equity are supporting Seequent’s rapid global growth.
                                                              of not being able to connect
                                                              with customers in person,
“Success is always about                                      Xero also designed and                                                                     “Seequent’s continued focus, global
improving care and                                            launched a free-to-watch                                                                   growth, and performance are due to
outcomes for patients. This                                   digital customer engagement                                                                the passion of 435 staff, support of
year, that means continuing                                                                                                                              20,000 customers, and the surge of
                                                              series called Xero On Air.
to respond to the global                                                                                                                                 acknowledgment around the world that
pandemic by scaling up our                                                                                                                               we MUST take greater steps to make
manufacturing capabilities,                                   “While COVID-19 has required us to rapidly implement immediate solutions to help           better decisions about the Earth and
so that our products are                                      our customers, our long-term strategy and ambitions are unchanged. We remain               our environment to sustain life. Assuring
available wherever they are                                   committed to three strategic priorities: to drive cloud accounting around the world,       the sustainability of the Earth's precious
needed around the world.”                                     grow the small business platform, and build for global scale and innovation.”              resources is at the core of Seequent’s
Lewis Gradon, CEO                                             Steve Vamos, CEO                                                                           purpose.” Shaun Maloney, CEO
WELCOME TO THE 2020 TIN REPORT - 16th Edition A special thank you to our 2020 sponsors - Technology Investment ...
Absolute IT Supreme Scale-Ups 2020 65

Absolute IT Supreme
     Scale-Ups 2020

                             L-R: Shane Blackett, VP of Software and Technology,
    Jessica Tulp, Chief of Staff, Hilary O’Connor, VP of Channel Partnerships and
      Greg Montgomery, VP of Product Engineering & Software at Soul Machines
                        2019 TIN Report Launch, Skycity Convention Centre, Auckland, 31 October 2019
WELCOME TO THE 2020 TIN REPORT - 16th Edition A special thank you to our 2020 sponsors - Technology Investment ...
Absolute IT Supreme Scale-Ups 2020   67

                                                          1                                                                     2                                                                         3
SECTOR: ICT / Healthcare                                         SECTOR: ICT / Fintech                                              SECTOR: ICT / Software Solutions
REVENUE ($000): $12,638                                          REVENUE ($000): $13,747                                            REVENUE ($000): $12,400
GROWTH: 152.8%                                                   GROWTH: 92.1%                                                      GROWTH: 83.7%
CAGR 3YR: 90.1%                                                  CAGR 2YR: 166.8%                                                   CAGR 3YR: 14.1%
GROWTH ($000): $7,638                                            GROWTH ($000): $6,591                                              GROWTH ($000): $5,649
PREVIOUS YEARS:                                                  PREVIOUS YEARS:                                                    PREVIOUS YEARS:
New Entrant                                                      New Entrant                                                        2014

Wellington-based Volpara Health Technologies makes its           Another star performer that is helping the Fintech                 2020 has been a watershed year for high-growth tech
first ever appearance on the Absolute IT Supreme Scale-          sector continue to lead TIN200 growth is Laybuy,                   investment vehicle, Enprise Group. Following their listing
Ups list this year, and also grabs the first place ranking,      leaping onto the TIN200 for the first time in its relatively       on the NZX in April 2019, the group has gone on to record
following stellar revenue growth of 152.8% in FY2020             short history, and immediately powering to second                  an impressive 83.7% growth in FY2020, placing them third
– up $7.6m – to total revenue of $12.6m. Ongoing high            place on the Absolute IT Supreme Scale-Ups list for                on the Absolute IT Supreme Scale-Ups list for 2020, and
demand for Volpara’s AI-powered breast cancer screening          2020 with revenue growth of $6.6m, or 92.1%.                       returning them to this list for the first time since 2014.
technology in the US has delivered this strong result, and
                                                                 Founded in 2017, Laybuy has carved out a competitive niche         Key moments that have driven company success over
also moved the company 54 places up the TIN200, earning
                                                                 as a ‘buy now pay later’ payment platform that provides            the last year have included officially acquiring Australian
the company TIN’s coveted Rocket Award for 2020.
                                                                 consumers the ability to buy a product immediately from a          company Kilimanjaro Consulting in January 2020,
Volpara’s software has helped more than 10 million women a       participating retailer (who is paid in full) but only pay one-     doubling their staff numbers from 50 to 100. In May 2020
year get better screening in the US, which is over 25% of that   sixth of the purchase price upfront. The consumer then             they took a controlling interest in iSell Pty Ltd, adding a
market. The company also continues to make significant in-       pays Laybuy back in five weekly payments, interest free.           further 20 to their total staff number across their stable
roads to both the Australian and New Zealand markets. The                                                                           of companies, which also includes joint venture Datagate
                                                                 The deceptively simple idea has become immensely popular
impact of COVID-19 has meant the company has pivoted                                                                                Innovation, and a holding in Vadacom. The ultimate result
                                                                 with both merchants and their customers, and at a recent
towards much more digital marketing and is working on                                                                               has been a doubling of revenue that has seen the company
                                                                 tally, Laybuy had 270,000 active customers in Australia
products to help with reporting around the coronavirus.                                                                             jump 38 places up the TIN200 rankings from No.175 to
                                                                 and New Zealand and 298,000 in the UK, with its future
                                                                                                                                    No.137 – the third biggest rise on TIN’s list this year.
                                                                 sight set on entering the US as its next growth engine.

                                                                 “2020 was a landmark year                                          “Enprise Group works to unlock
“We’re on a mission to                                           for Laybuy. Listing on the                                         mutual synergies to accelerate
prevent advanced-stage                                           ASX provides us with the                                           growth for all companies
breast cancers, so success                                       critical capital we need to                                        within the Group. Our investee
for us means we deliver early                                    drive innovation and growth                                        companies are benefiting
detection for many more women                                    over next year. Success will                                       from these interlocking
in the US, but also Australia and                                see us take advantage of the                                       characteristics, which are a
New Zealand, so they can enjoy                                   enormous growth opportunities                                      hallmark of Enprise Group’s
longer and healthier lives with                                  available in the European and                                      growth strategy.”
their families.”                                                 North America markets.”                                            Elliot Cooper, CEO
Dr Ralph Highnam, CEO                                            Gary Rohloff, CEO
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50 TIN Report 2020

Year in Review: Māori-owned Technology Companies 2020
How we come together in a crisis speaks to the                                                                      New Zealand’s Growing Māori Tech Ecosystem
quality of our relationships.
This year, our technology sector responded             infrastructure programme
                                                                                                                                       TIN200 TOTAL: $162.0m*
to the urgent demands of masses of remote              of its kind in the world.
workers and students, and economic, health             Given Aotearoa was                                                                         TIN100 Companies $141.7m*
and social challenges. We did this while facing        amid a crisis, there
commercial uncertainties, and at times, set            was little fanfare, but
aside competitive imperatives for a greater            another prediction if I                                                             Waikato Milking Systems NZ TIN2020 #42
good. Māori have a whakatauki (proverb) that           may; fresh ideas from
                                                                                                                                                 The Instillery TIN2020 #62
captures this: Ehara taku toa i te toa takitahi,       Māori on connectivity,
engari he toa takitini. ‘Our strength is not that      access, use and inclusion will move us                                                 Straker Translations TIN2020 #88
of a single warrior, but that of many.’ It refers to   towards another disruption. I hope to
the collective effort necessary for success and        tell you more in next year’s report!
is attributed to Paterangi of Ngāti Kahungunu.                                                                                                    Next100 Companies $20.3m*
                                                       So, to 2020’s highlights. We still have six
When COVID-19 arrived, Māori-owned                     companies in the TIN200, but one has moved
technology companies pivoted quickly to serve          into the top 100. The Instillery joined Waikato
their customers, staff and communities. They           Milking Systems NZ and Straker Translations,                                                  Whānau Tahi TIN2020 #167
moved further and faster into online spaces – a        and made the EY Ten Companies to Watch                                                      Sentient Software TIN2020 #177
leap that many now view as an unexpected               awards list. In the Next100 is Whānau Tahi,
opportunity. The Government will invest where                                                                                                     Animation Research TIN2020 #183
                                                       Sentient Software and Animation Research.
it can best ensure economic growth. As a result,       Closing in on the TIN200 is Emergency Q,
I predict Māori-owned companies will focus             double winner in this year’s Hi-Tech Awards, and
on two areas; first, commercial-imperatives                                                                                      Early Stage Māori-owned Tech Companies
                                                       a NZX Early Stage Company award winner, along
will shift proportionately towards activities          with Code Avengers. Total revenue for all six                                                             Representative sample
targeting short-term economic growth –                 Māori companies is a new record at $162.0m.
namely jobs and export; and second, there              Readers may recall in 2019 revenues increased                                  As usual, a strong pipeline of smaller companies exists – many in the early stages of
will be a greater preference for addressing            20.9%, twice that of all TIN200 companies                                           either their R&D, pre-commercialisation or commercialisation journeys.
climate change and alternative land uses.              (10.2%). This year is equally impressive,
                                                                                                                       1Centre Āhau Akudos Arataki Systems Arise Software Banqer Biolytix
Telecommunications history buffs know in               with the overall revenue for Māori-owned
                                                                                                                         Blink Pay Boardingware Chester Consultants Code Avengers Dacreed
2009, Māori purchased a block of 3G spectrum           companies up 21% compared to the overall
                                                                                                                            Delta Insurance EDU Systems Emergency Q Global Risk Consulting
and ushered in our third mobile carrier,               TIN200 increasing by 8.3%. That’s exciting!
                                                                                                                       Hikurangi Enterprises HTK Group Incredible Skies Jobloads Kaha Software
2degrees. It was an affront to the limited             We have some tough years ahead but Aotearoa                              KidsCoin Kiwa Digital Metia Interactive Navilluso Medical
competitive environment of the time, but               is positioned well to meet the challenges.                        Nikora Ngaropo Motion & Design (NNMD) NZ Trade Group Origins Software
resulted in considerable reductions in mobile          He toa takitini. Let’s continue to do this with
phone and data fees for all New Zealanders.
                                                                                                                                  Plink Software Plus Group Precision Seafood Harvesting
                                                       a collective mindset. Tihewa mauri ora!                                 Robotics Plus Takiwa Touch Media UBCO Vaka Interactiv
In the initial weeks of COVID-19, Māori acquired       Robyn Kamira, Te Rarawa, Paua Interface Ltd,                                         Waka Digital Weirdly Whare Hauora
telecommunications spectrum management                 Incredible Skies Ltd, 2020 NZ Hi-Tech Awards Lead
rights for 50MHz of the 3.5GHz band. It is the         Judge, Board Member Institute of IT Professionals,
first Indigenous Peoples’ telecommunications           Māori Economic Development Advisory Board).          High-tech Manufacturing         ICT       Biotech                                                         *Includes some revenue estimates.
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76 TIN Report 2020

NZX Early Stage Company Profiles 2020

  CEO: Hamish Day                                                                                         CEO & FOUNDER: Ben Gleisner
  SECTOR: ICT / Digital Media                                                                             SECTOR: ICT / Software Solutions
  REGION: Waikato                                                                                         REGION: Wellington
  FORMATION (YEAR): 2012                                                                                  FORMATION (YEAR): 2016
  NAME OF INVESTORS:                                        GOVERNMENT ASSISTANCE TO DATE:                NAME OF INVESTORS: K1W1, NZ Growth
  A range of angel investors                                Callaghan Innovation, Ministry of Social      Capital Partners, Angel HQ, Ice Angels, Mark
  TOTAL INVESTMENT TO DATE: US$2.34m                        Development, Ministry of Youth Development,   Sainsbury, Nala Partners, 42collective, plus
  WILL YOU BE SEEKING FURTHER INVESTMENT:                   Te Puni Kokiri.                               100 other angel investors in 10 countries.
  Yes                                                       2020 REVENUE GROWTH (%): 100%                 TOTAL INVESTMENT TO DATE: $8m                              GOVERNMENT ASSISTANCE TO DATE: R&D Tax
                                                                                                          WILL YOU BE SEEKING FURTHER INVESTMENT:                    Credits, Callaghan Innovation Project Grants,
                                                                                                          Yes                                                        NZTE Market Validation (Australia).
  Code Avengers online education platform (www.codeavengers.com) provides a
  full suite of content for both educational institutes and individual learners. Their
  mission is “ to provide confidence in a digital world” and to ensure no one gets left                   CoGo is a free consumer app that makes it easy for users to align their personal values
  on the other side of the digital divide. The company’s team of school teachers,                         and spending, and helps businesses maximise the ROI of their sustainability initiatives.
  software developers, designers, and business professionals have created interactive,                    Powered by Open Banking APIs, CoGo allows users to securely connect their
  gamified courses catering to beginners through to college level learners. They teach                    banking data to the app and track their social and environmental impact – such as
  a wide range of digital skills through a learn-by-doing approach as well as being                       their real-time carbon footprint. CoGo already integrates with 35 banks in the UK
  registered professional development providers for the upskilling of teachers.                           and by the end of 2020 will have all major banks connected in New Zealand.
  With over 50% of its employees being Māori or Pacific Islander, the company intentionally               To date, more than 50,000 people have downloaded the app, and the company has
  designs its courses with culturally responsive pedagogy and supports a wide range of                    signed partnerships in the last three months with Westpac (NZ) and NatWest (UK) to
  initiatives that focus on providing digital skills to underrepresented communities in tech.             help scale users.The company has ambitions to add more than 100 million users in the
  Code Avengers also provides in-person Code Camps at schools from the United States,                     next five years, with the simple yet audacious aim to change the world for the better.
  to the Netherlands, China, and Saudi Arabia.

  “We’re doubling down on our expansion through the USA and Latin America in addition                     “Success for us will be changing the spending patterns of millions of consumers to better
  to expanding the work we are doing providing digital skills to Indigenous communities                   align with their values. In doing so we will have incentivised thousands of companies to
  from Papua New Guinea to Samoa and all throughout South Pacific. Success for us will                    improve their environmental and social impact. In short, we will be changing the world
  be Code Avengers in every classroom.”                                                                   for the better, more than anything else ever has.”
  Hamish Day, CEO                                                                                         Ben Gleisner, CEO
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84 TIN Report 2020

TIN100 Company Profiles
4RF                                       Action Manufacturing               ADInstruments                         AFT Pharmaceuticals                  Agility CIS

                              2020                                    2020                                2020                               2020                                    2020
                              RANK                                    RANK                                RANK                               RANK                                    RANK

                              87                                      45                                  65                                    24                                   75

  CEO: Ian Troughton                       CEO: Grant Brady                   CEO: Alex Black                       CEO: Dr. Hartley Atkinson            CEO: Craig Jones

  REV 2020 ($000): $27,849*                REV 2020 ($000): $64,000           REV 2020 ($000): $39,300*             REV 2020 ($000): $105,600            REV 2020 ($000): $32,216*
  DESCRIPTION: Design and                  DESCRIPTION: Manufacture and       DESCRIPTION: Design and               DESCRIPTION: Pharmaceutical          DESCRIPTION: Software for
  manufacture of digital microwave         design of specialised vehicles.    manufacture of high quality           development and manufacture.         utility and telecommunications
  radios.                                  KEY PRODUCTS: Ambulances,          electronic hardware and software      KEY PRODUCTS: Maxigesic and          businesses.
  KEY PRODUCTS: Communications             campervans, refrigerated           for the acquisition of biological     Maxigesic IV, NasoSURF, Pascomer,    KEY PRODUCTS: Engage, Engage
  products for critical infrastructure.    transport, and minibuses.          signals and data recording for        Crystaderm and HYLO Eye Drops.       CSS, Engage CRM, Engage BI,
  MARKET SECTORS: High-tech                MARKET SECTORS: High-              research and education.               MARKET SECTORS: Biotech,             Orion, and Orionlite.
  Manufacturing, Communication             tech Manufacturing, Heavy          KEY PRODUCTS: Manufacture,            Healthcare                           MARKET SECTORS: ICT,
  Solutions                                Manufacturing                      distribution, sales, and marketing                                         Communication Solutions
                                                                                                                    OWNERSHIP: Public
  OWNERSHIP: Foreign Owned                 OWNERSHIP: Investment-backed       of hardware platforms, education                                           OWNERSHIP: Investment-backed
                                                                                                                    STAFF EMPLOYED: 86
                                           Private                            software, and research software.                                           Private
  STAFF EMPLOYED: 77                                                                                                FORMATION: 1997
                                           STAFF EMPLOYED: 127                MARKET SECTORS: High-tech
  FORMATION: 1998                                                                                                                                        STAFF EMPLOYED: 184
                                                                              Manufacturing, Electronics            RANK 2019: 33
                                           FORMATION: 2012
  RANK 2019: 86                                                                                                                                          FORMATION: 1998
                                           RANK 2019: 44                      OWNERSHIP: Private                    BEST BUSINESS DECISION 2020:
                                                                                                                    Increasing stock levels pre-         RANK 2019: 76
                                           BEST BUSINESS DECISION 2020:       STAFF EMPLOYED: 184
                                                                                                                    COVID-19 hitting.
                                           Upgrading to Microsoft 365         FORMATION: 1995
                                           pre-COVID enabling off site        RANK 2019: 59
                                           management of key functions
                                           during lockdown.                                                                           10
  POSTAL ADDRESS:                          POSTAL ADDRESS:                    POSTAL ADDRESS:                       POSTAL ADDRESS:                      POSTAL ADDRESS:
  PO Box 13506, Johnsonville,              Private Bag 300977, Albany         PO Box 587,                           PO Box 33203, Takapuna,              PO Box 87313, Meadowbank,
  Wellington 6035                          Auckland 0752                      Dunedin Central, Dunedin 9016         Auckland 0740                        Auckland 1742
  PHYSICAL ADDRESS:                        PHYSICAL ADDRESS:                  PHYSICAL ADDRESS:                     PHYSICAL ADDRESS:                    PHYSICAL ADDRESS:
  26 Glover Street,                        169 Bush Road, Rosedale,           77 Vogel Street,                      Level 1, 129 Hurstmere Road,         Level 10, 56 Crawley Street,
  Ngauranga                                Albany                             Dunedin Central                       Takapuna                             Ellerslie
  CITY: Wellington                         CITY: Auckland                     CITY: Dunedin                         CITY: Auckland                       CITY: Auckland
  PHONE: +64 (4) 499 6000                  PHONE: +64 (9) 415 6069            PHONE: +64 (3) 477 4646               PHONE: +64 (9) 488 0232              PHONE: +64 (9) 623 3300

  www.4rf.com                              www.actionmanufacturing.co.nz      www.adinstruments.com                 www.aftpharm.com                     www.agilitycis.com

*Estimated revenue
02 TIN Report 2020

                                           TIN MEMBERSHIP
                           Technology Investment Network has two distinct membership offerings, one for New Zealand technology companies,
                                              and another for the individuals and affiliate businesses that support them.
                                Benefits include access to bespoke reports, exclusive networking opportunities, discounts on TIN events and
                                                            publications, and introductions to investor networks.

             INCREASED PROFILE                                       MEANINGFUL INSIGHTS                                  EXCLUSIVE NETWORKING

  Be recognised as part of a highly influential international      Enhance your company's performance with               Regularly connect with industry and investor
network of New Zealand technology export leaders, through        insights from New Zealand's leading source of            experts, and with other technology export
   featuring in TINWire and the online TINTech directory.            information on the technology sector.             executives, to exchange ideas and key learnings.

                                                                           OUR CURRENT MEMBERS

            To join the companies that are already members of New Zealand's premier technology export network and view the full benefit entitlements, visit:

                                                           HTTPS://TIN100.COM/MEMBERSHIP
118 TIN Report 2020

About TIN
The Technology Investment Network (TIN) is a private company with a simple mission: to help facilitate the
growth of the technology sector in New Zealand. The TIN team delivers on this objective in the following ways:
Research and Analysis
TIN is the leading independent source of information on New Zealand’s
technology sector. We have been collecting and analysing data on New
Zealand technology exporting companies for 16 years. The annual TIN
Report (released in October or November) includes detailed analysis
of the sector’s performance for the year. It also ranks the top 200
technology companies by revenue and publicly recognises high growth
achievers with a series of annual awards. Since 2016 the TIN Report has
also included an annual listing of 100 promising Early Stage Companies.
In addition, TIN undertakes research and analysis, on request, for
industry participants, professional services firms, investors, TIN
member companies and Government clients. One such publication,
The Investor’s Guide to the New Zealand Technology Sector, originally
developed for the New Zealand Ministry of Business, Innovation and
Employment (MBIE),
aims to promote
more direct local and
foreign investment
in New Zealand’s
technology sector.
The next edition of                                                       TIN Events
this Guide will be
                                                                          2020 has been an unusual year for TIN due to               TINShed breakfast meetings – These are a unique
released in 2021.
                                                                          COVID-19, as we usually organise a number of               opportunity for CEOs of high-growth TIN companies to
All TIN publications                                                      industry events throughout New Zealand each year,          share best practice on a wide range of relevant topics.
are available on our                                                      based around business critical topics that are of high     Hosted at TIN partner venues, these exclusive events
website: tin100.com.                                                      interest to sector participants. Through our events we     allow CEOs to openly discuss successful strategies
                                                                          aim to lead a cultural change and create a common          and explore challenges navigated and overcome.
                                                                          understanding of the power of the New Zealand export
                                                                                                                                     TINTalk events – These were created to serve as
                                                                          tech sector.
                                                                                                                                     communication forums for the wider New Zealand
   TIN also produces TINWire, a free twice-                               In 2020, we moved to holding TIN events virtually, and     technology community. The events include
   monthly electronic news update on the                                  have appreciated the enthusiastic participation from       presentations from TIN company leaders and other
   New Zealand technology sector. To                                      New Zealand’s tech community in support of these. In       experts on issues that affect the growth of the sector.
   subscribe, or for more information about                               2021, we are hoping to be able to return to holding more
   TIN, visit our website: tin100.com                                     live, in-person events, including:
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