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Israeli Fitbit competitor Milestone Sports to list on the ASX

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Thursday, April 7th, 2016

Another Israeli company is listing on the Australia Stock Exchange through the back door from a reverse takeover by Victory Mines.

Israeli Fitbit competitor Milestone Sport offers a MilestonePod sensor which attaches to the user’s shoe. The small device collects data such as foot strikes, cadence, stance time, rate of impact, as well as the regular information about distance, duration and pace, without the need for GPS tracking or re-charging. Unlike other fitness tracking devices, MilestonePod sells for approximately $20.

The company aims to raise at least $3.5 million, in order to accelerate its roll-out in United States retail stores before targeting Asia. The capital raising will occur at 2¢ per share and the company has plans to grow its earnings before interest, tax, depreciation and amortisation from $802,148 in 2015 to $29.4 million by 2018. It is also tracking to turnover more than $1.2 million in the 2016 full-year.

The company plans to expand into disability and aged care devices to offer low cost healthcare.

Victory Mines sought out Milestone for the acquisition.

Rather than focusing purely on consumers, a key part of Milestone’s revenue model is its second product, a marketing platform, which collects the data on the MilestonePod and for a fee retail partners can tap into this data to help them personalise their marketing (and consumers have the ability to opt-out of data sharing).

Milestone Sport is certainly one Israeli company to watch as it hits the Australian market.