Investment summary

We view this month's appointment of Terry Winters as non-executive chairman as a strong positive given his substantial track record and experience working with technology-related businesses in Australia - in particular, leading the team that created Optus Communications, Australia’s number two telecommunications carrier, from 1989 to 1992. We also note his significant experience in raising capital, including A$1.5bn raised from shareholders to establish Optus. While Seeing Machine's (SM) H112 revenues were up just 1% on H211, it had a strong Q3. Further, SM has a healthy DSS pipeline of over A$30m including c A$13m+ in proposals awaiting imminent decision by some of the world’s largest resource companies.

Last updated on 23/04/2012

Industry outlook

SM has exposure to a number of industry sectors, including automotive and mining (DSS), healthcare (TrueField Analyzer), and computer gaming/3D visualisation (faceAPI). The recent surge in DSS mining sector deals have diversified the opportunity and we note the market size in both global road transport and mining operations is substantial.

Last updated on 23/04/2012