The business started life in 2003 in a bedroom in Wellington, New Zealand. IKE initially developed a handheld device, which combined GPS, digital camera and laser rangefinder technologies. This device allowed users to capture accurate measurements and geospatial data quickly and efficiently.

Enhancing its hardware solution, IKE developed end-to-end software to support the workflow needs of electric utilities specific to their distribution network. The software streamlines workflows, enhances productivity and improves decision-making for network assessment and design.

“We help companies design critical infrastructure that is built to a really high standard of engineering and to meet regulatory requirements. We speed up the process to build the network and digitise records of the network,” says CEO Glenn Milne. 

Milnes’ background is in global telecommunications, having been involved in European telco businesses. This has given him extensive experience understanding and building overhead networks, from which IKE has benefitted. 

Two is better than one

IKE listed on the New Zealand Stock Exchange as a pre-revenue hardware company in 2014, and subsequently listed on ASX. 

Today, more than 80 of its 100-strong team, including a number of artificial intelligence software experts, are based in the company’s Colorado headquartered office. A group of software engineers and finance staff remain in Wellington.

“We serve the North American electric utility and telecommunications market. These are the biggest infrastructure companies on the planet. They're naturally risk averse and they can be  slow to move. So, you need to have a lot of patience and a sense of humour to sell into this market,” says Milnes.

“But once you're in there, it's a really fabulous market environment because you have customers for life if you serve them well and do a good job. So, it's a hard market to enter but it's a really sticky one,” he adds.

Springboard for growth 

Today, about 95 per cent of revenues come not from hardware but from software, which has been a transition over the last decade. 

A true Kiwi success story, IKE’s annual revenues have grown from about $2 million at time of listing to annual revenues of more than $30 million at time of writing. The revenue model includes a usage multiplier that provides transaction revenue, as well as revenue from software subscribers.

“Our growth hasn't been a straight line. But we've been fortunate and being a public company makes you grow up really fast in terms of accountability, systems and reporting” says Milnes.

He relishes the challenge of running a multinational tech company whose centre of gravity is in the US but roots are in New Zealand.

“It's fun and stimulating. We cover the whole of the North American market. We have a great team and that helps, we have a lot of depth now in terms of capability. The capital markets and investor relations side requires work and attention, but it is very rewarding. We've enjoyed the relationships we've built with investors.”

Milnes says he has always enjoyed being part of growth companies. “It’s about building a good team around a clear strategy, assembling the necessary resources, and being persistent and somewhat patient. As a company, we work hard on learning & development and focus a lot on best practice.” 

Ultimately, he says scaling companies is based on science, not art. “It’s all about better practices, and of course some luck to be in the right place at the right time.”

For IKE, it looks like its time has come.