We’ve added another feather to our hat by being added to the ASX All Technology (or ASX All Tech) Index on the 11th of December, 2020. Featuring Australia’s leading and emerging technology companies across a range of sectors, the All Tech Index sets a new standard for the benchmarking of technology companies.
Why has Bid been added to the ASX All Tech Index?
The ASX All Technology Index is designed to capture companies that are yet to qualify for the S&P/ASX 300 and form industry segments outside the existing information technology sector as defined by the Global Industry Classification Standard (see ASX).
For a company to be added to the ASX All Tech Index, a number of criteria must be achieved. These criteria include achieving a minimum free float of 30%, market capitalisation of at least $120m, liquidity of 30% relative to the All Ordinaries day-end market capitalisation, and by trading a minimum of $120k in securities per day.
What does this all mean for Bid?
Being added to the ASX All Tech Index sees us recognised as one of the emerging tech companies in Australia, alongside established brands such as Afterpay, Xero, and Carsales.com, to name a few. Our inclusion on the index raises our visibility to investors looking to invest in the growing Australian tech industry and further raises the profile of our unique Robotic Process Automation platform solution to customers.
What is the ASX All Technology Index?
The S&P/ASX All Technology Index (XTX) is the Australian Securities Exchange’s new technology index. The index itself is designed to be a broader, more inclusive index than the existing S&P/ASX 200 Information Technology Index, and will be a smaller, localised version of the US’s Nasdaq composite index. This reflects the broad range of ASX-listed companies in the technology sector.
When was the ASX All Tech Index Launched?
The Index was officially launched on Friday 21st February, 2020, in Sydney, with technology minister Karen Andrews and executives from each of the WAAAX stocks (Wisetech, Afterpay, Altium, Appen and Xero) to celebrate the momentous occasion.