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Insurance tech play Monvia to brave SaaSpocalypse in ‘tricky’ ASX float

The former husband-and-wife firm has the backing of Microequities and Ellerston Capital ahead of Friday’s bell ring, which will value the business at $100m.

Hugo Mathers
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Sydney-based Monvia is set to list at a $100m valuation. Hollie Adams/Reuters.

There has rarely been a more treacherous time for a SaaS company to enter the public market.

AI-related uncertainty has seen global software stocks indiscriminately sold off in recent months, taking the ASX technology index down 43% over the last year.

So the decision by insurance software business Monvia to proceed with its initial public offering on Friday could be seen as something of a gamble.

“What’s happened in the SaaS and software space over the last six months probably did make it a bit more tricky for us,” chief executive Simon Bright told Capital Brief.