Tech startup shops for expansion in the US
RETAIL tech startup Neto is branching out from its Brisbane digs and setting up a US base, as it makes further inroads into the major e-commerce market.
Neto founder and chief executive Ryan Murtagh said the new office would be in Denver, and that it had been on the company's radar for about three years.
"We wanted to make sure we had a platform we could scale efficiently in (the US) market," he said.
"(They) have the exact some major competitors as we do in Australia, but the big difference really is that the US market is about 30 times the size of Australia's."
Neto bills itself as the only retail and wholesale management platform to provide complete solutions from e-commerce to point of sale and fulfilment, had developed integrations with Amazon, eBay and Google.
By using Neto, retailers can sell their goods on multiple marketplaces from a single source, as well as manage orders, payments, labelling and business reporting.
Mr Murtagh founded Neto in 2009, but it was following an investment from Telstra in 2015 that the company was able to accelerate its growth, and last financial the company posted a 55 per cent growth in revenue.
It now employees about 150 staff, including 120 in Brisbane, as well as teams in Hong Kong and Manilla.
Mr Murtagh said the proliferation of Amazon in the US was a key point of difference from the Australian market.
"Amazon makes up more than 50 per cent of e-commerce in the US, and more than 52 per cent of products are sold on Amazon by SMEs through a third party marketplace," he said.
"Our product is suitable to enable a retailer to sell on Amazon ... so it's a big opportunity for us."
Mr Murtagh said in his experience, Australian companies were being welcomed "with open arms" in the US.
"The willingness of American companies to adopt Australian companies is quite strong, and we've seen that with companies like Atlassian and Canva," he said.