Peg legs up on debut

Sydney-based software developer Peg Technologies has achieved the seemingly impossible, managing to sustain its issue price on its first day of trading yesterday.

The stockmarket debut, which just three months ago would have been considered, at best, lacklustre, sees the company holding its value of around $57 million.

The day overall saw shares in internet companies -- such as BMCMedia, Sausage Software, Solution 6, and Melbourne IT -- losing ground.

Despite this turbulence, Peg, which recently changed its name from POSPro Evolution Group, closed at its issue price of 50 cents, having peaked at 57 cents earlier in the day.

Peg makes web-enabled point-of-sale software that retailers can use in their shops as well as online.

On the same day, Peg agreed to the purchase of point-of-sale software company group Pacsoft/3 Horizons.

Peg will use the Pacsoft presence in Melbourne to bolster its own activities, Peg said in a statement.

The new company will employ 70 staff.