Wealthy entrepreneur Chris Morris has emerged as one of Australia’s busiest angel investors after buying a large stake in software-as-a-service company Qdos.
The investment will see Morris take a 33% stake in the business, which offers a range of products, including a customer relationship management (CRM), eCommerce and order management products.
A dollar amount for the investment has not been disclosed.
Morris came into contact with the company after acquiring a retail wine business that used Qdos’ point-of-sale system.
Qdos director Chris Kerr says the company started talking to Morris and convinced him to help fund its expansion.
“He liked the product and liked the story,” Kerr says.
Kerr is looking forward to tapping into Morris’ entrepreneur experience; Qdos’ offices are in the same building as Morris’ office (Morris owns the building).
“He’s a phenomenal IT entrepreneur and his success story is unparalleled in the Australian industry.”
Qdos, which has 15 staff and turnover of around $1 million, will now focus on marketing its suite of products initially in Australia and then potentially overseas.
Kerr says the company, which has been in operation for eight years, is finding the SaaS model much easier to sell to SMEs.
“At the start there was a lot more explanation around the delivery model and a lot more assurances needed around the technology. But the mindset is definitely changing.”
While Morris’ stake in Computershare still accounts for the bulk of his wealth, he has invested in a range of businesses in the last 18 months.
He has purchased hotels in Western Australia, invested in the Empire Brewing Company, bought a stake in listed technology company Webfirm Group, and purchased nine hotels out of receivership from the collapsed Melbourne pub group Cornerstone Hotels.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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