February 28, 2023
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Two Australian startup companies from the Melbourne Accelerator Program (MAP) have uniquely collaborated as part of a recent IPO and listing on the Australian Securities Exchange (ASX), the first for a MAP alum.

Acusensus Limited (ASX:ACE), which provides AI-based traffic enforcement solutions, successfully listed and commenced trading on the ASX on 12 January 2023. The company’s IPO prospectus, advised by law firm Maddocks, used software from legal technology company Atticus, providing a powerful document review and verification platform to law firms and listed entities.

Both Acusensus and Atticus founding teams worked closely together during the early phases of establishing their startups as part of MAP’s 2018 cohort. Powered by the University of Melbourne, MAP is one of Australia’s oldest startup accelerator programs, founded in 2012.

Andrew Rowse, Director of Programs at the Melbourne Entrepreneurial Centre said the team was proud to see two members of MAP’s 2018 cohort (pictured above) work together to continue to build their respective reputations as prime examples of Australian startup success stories.

“We’re incredibly proud of Alex Jannink and the Acusensus team on their IPO, the first MAP alumni team to do so. It’s a real feat getting through the process and bringing Atticus in to ensure a smooth and successful listing was clearly a smart move.

“Seeing two MAP alumni teams experience success together on a project like this shows the generosity and tenacity of the MAP community. It’s been an affirming experience for us to see a friendship between two founding teams evolve into a fruitful business relationship.”

Andrew Rowse
Director of Programs, Melbourne Entrepreneurial Centre

Saul Wakerman, co-founder and COO for Atticus explained their software platform used to verify over 1,300 disclosure documents last year in Australia, including the terms of 50 percent of IPO listings on the ASX. The company is also experiencing rapid global growth, being used to verify around a third of listings on the London Stock Exchange in 2022.

“We are seeing a growing demand for our software as boards and their advisers become increasingly aware of the risk of shareholder or regulator actions if a misleading statement is published,” Saul explained.

“Our software helps listed funds and companies, such as Acusensus, better mitigate the risk of shareholder class action or investigations from ASIC, or equivalent international regulators, by allowing them to efficiently bring a new level of rigor to the publication of their disclosure documents.

“We worked back-to-back with Alex and the Acusensus team for a couple of years during and after the MAP program. We solve different problems, but supported each other getting our businesses off the ground. We’re thrilled to see a friend and peer from the MAP program achieve this milestone and have our Atticus platform support them to verify the documents for their IPO.”

Alexander Jannink, founder and Managing Director of Acusensus said that the “Atticus technology was instrumental to Acusensus through the ASX listing process.”

“Our global mission of pioneering intelligent solutions to reduce road trauma and save lives would not be possible without the assistance of Atticus and The Melbourne Accelerator Program – both of which supported Acusensus from fledgling start-up to IPO.”

Alexander Jannink
Managing Director, Acusensus

Catherine Merity, Partner at law firm Maddocks also commented on the collaboration and recent listing.

“We are very pleased to have kickstarted 2023 with the listing of an Australian traffic technology solutions company that is focussed on saving lives globally,” she said.

“As a leading Australian law firm, we are committed to working with our clients to innovate and improve their overall client experience during the listing process, including the use of powerful technology such as Atticus.”