🆕 IPO Listing: Blackpearl Group Limited (NZX: BPG) – Accelerating Data-Driven Growth - A SaaS Business.
- Noel Ong
- 2 days ago
- 5 min read
From the recent Blackpearl Group Equity Raising Presentation (August 2025) and the company’s Q1 FY26 investor update, we gain a detailed view of a technology group that has been scaling fast in the US market.
Founded in 2012 and headquartered in Wellington, New Zealand, with a US base in Phoenix, Arizona, Blackpearl Group (NZX: BPG) positions itself as a market-leading data technology company. Its focus is squarely on AI-driven sales and marketing solutions, purpose-built for small and medium-sized businesses (SMEs).
This IPO marks a milestone in the Group’s evolution into a multi-product SaaS platform with both organic growth drivers and an expanding acquisition pipeline.
ASX Listing Details – Blackpearl Group Limited
Listing Date: Friday, 28 November 2025
Issue Price: N/A
Issue Type: Ordinary Fully Paid Shares – Foreign Exempt NZX
Security Code: BPG
Capital to be Raised: N/A
Expected Offer Close Date: N/A
Underwriter: N/A
Principal Activities: Technology company building, acquiring, and marketing data-driven cloud services. Current suite includes productivity and demand generation applications for SMBs.
Highlights from Q1 FY26
Blackpearl’s first quarter of FY26 underscored the strength of its transition into a diversified SaaS operator:
Annual Recurring Revenue (ARR): NZ$14.0m as of 30 June 2025, up 63% year-on-year and 12% from Q4 FY25.
ARR Per Employee: NZ$264k, improving 5% YoY and 7% sequentially, highlighting strong operating leverage.
Revenue Churn: 4.9%, an improvement from 5.3% in Q4 FY25, reflecting a more retention-aligned customer base.
CAC Payback Period: 4.0 months, positioning BPG at the “best in class” SaaS benchmark (0–6 months).
Bebop Launch: Delivered NZ$1.2m ARR in just 45 days—double the ramp speed of Pearl Diver, the Group’s flagship demand generation product.
Conditional Acquisition – B2B Rocket: On completion, Group ARR would rise to NZ$17.5m, representing 105% YoY growth and clear product synergies.
Growth Drivers - A SaaS Business.
The company now operates four engines of growth:
Pearl Diver – A proven lead generation product continuing to grow through affiliate expansion and intent data enhancements.
Bebop – A new AI-powered sales enablement platform with one of the strongest product-market fits in BPG’s history.
Wholesale / White Label Offering – Opening broader market reach with scalable distribution.
B2B Rocket (pending acquisition) – A complementary AI technology solution with rapid historical growth (+290% in two years), creating significant cross-product synergies.
Outlook
Management sees a clear trajectory beyond NZ$20m ARR in the near term, with visibility towards NZ$50m ARR and beyond. The addition of B2B Rocket accelerates this roadmap, while Bebop’s early traction validates BPG’s ability to launch new AI products with speed and efficiency.
The Group is strategically positioned in the SME market, where scalable SaaS demand continues to grow, particularly in data-driven sales enablement and marketing automation.
Board Strength Driving Global Growth
Blackpearl Group’s Board is built on a strong mix of global leadership, financial expertise, and deep experience in scaling technology companies across major markets. The Chair, Tim Crown, co-founder and current Chairman of Fortune 500 IT solutions company Insight Enterprises (NASDAQ: NSIT), brings significant strategic and scale-up expertise from leading a business with over 10,000 employees and US$9.2 billion in net sales. Alongside him, Nick Lissette, founder and CEO of Blackpearl, drives the company’s strategic vision and product innovation, drawing on two decades of SaaS and AI leadership.
The Board is further supported by Mark Osborne in governance and financial policy, Hugo Fisher with global private equity and capital markets expertise, and Jyllene Miller with SaaS and revenue operations experience. Together, they bring the insight to drive Blackpearl Group’s international growth.
Samso Concluding Comments
Blackpearl Group’s listing represents another SaaS company entering the public markets—it marks the progression of a business with a proven foundation and an expanding suite of growth drivers. With a Chair who has led a Fortune 500 technology company, a founder-CEO with deep SaaS and AI experience, and directors who bring financial, governance, and global capital market expertise, the Board looks well credentialed to support both scale and sustainability. In this space, it is all about the formula to execution, so I think the senior management is crucial.
For investors, this combination of good SaaS metrics, multi-product momentum, and seasoned leadership provides a compelling framework for growth. As Blackpearl looks beyond the NZ$20m ARR milestone toward NZ$50m and beyond, the Group’s international ambitions will likely be matched by the depth of governance guiding its path.
At #SamsoNews, we always emphasise The Samso Way – Seek the Research. Blackpearl Group is at the beginning of a new chapter, and for those watching the evolution of high-growth SaaS platforms, this is a story worth following closely.
The Samso Way – Seek the Research
Blackpearl Group has presented a strong narrative of ARR growth, disciplined SaaS metrics, and a Board with global expertise—but as always, investors should seek the research and form their own conviction.
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