Malone, Puzey join DUG

West Perth company DUG Technology (formerly DownUnder GeoSolutions) has recruited company directors Michael Malone and Mark Puzey to its board as it moves closer to a stockmarket listing.

This follows the appointment of former WA chief justice Wayne Martin as chairman in February.

Led by co-founder and managing director Matthew Lamont, DUG operates powerful supercomputers in West Perth, Houston, London and Kuala Lumpur.

Originally targeting seismic processing for the oil and gas industry, DUG is pursuing growth opportunities in a range of sectors including universities, radio astronomy, defence, climate modelling and medical research.

Mr Malone, best known as the founder of iiNet, is a director of Seven West Media and NBN Co and chair of Diamond Cyber Security.

Mr Puzey, formerly a partner at KPMG, is a director of Gold Corporation and ASX-listed M8 Sustainable.

With the three additions, DUG has eight directors.

Mr Lamont, along with DUG’s chief financial officer Louise Bower, non-executive director Frank Sciarrone and Singapore-based Charles Ramsden, are long-serving board members.

Chief technology officer Phil Schwan, who has been with DUG since 2007 joined the board in February this year.

ASIC returns show the company raised $18.2 million through an issue of convertible notes earlier this year.

It has previously raised $16.4 million through the issue of ordinary shares.

The company is understood to be preparing for the launch of an initial public offering and ASX listing in the coming weeks.