Profitable Aussie fintech Sandstone Technology readies sale pitch

The owners of digital lending and banking fintech Sandstone Technology are mulling a potential sale or partial sale, as part of review of their strategic options.

Street Talk understands Sandstone Technology has tapped Macquarie Capital’s investment bankers to oversee a strategic review, aimed at helping fund the company’s growth agenda and potentially realising some profits for shareholders.

It is understood a handful of deep-pocketed potential investors have started running the numbers on the company, keen to test whether its global growth story has legs.

Sandstone Technology is an Australian fintech with products aimed at digital lending, digital customer acquisition and digital banking. It develops, sells, customises and installs software for clients, and offers support services.

The company was set up in a garage in Australia more than 20 years ago by two technology types, Violet Yu and Bob Hall. It has grown to have offices in Australia and offshore.

Accounts lodged with the Australian corporate regulator show Sandstone Technology Pty Ltd, which is majority owned by Yu and Hall, recorded $33.8 million revenue in the 2018 financial year and $31.2 million in 2017.

It made $5.4 million and $3.3 million profit across the two years, and had nearly $18 million in the bank as at June 30, 2018.

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