Brillian APAC Pty Ltd. (Volaris), backed by Canadian billionaire Mark Leonard, is believed to be poised to lift its offer for Australian and New Zealand listed technology company EROAD Limited (NZSE:ERD). Eroad, a road charging manager, in July rejected a bid by Volaris at NZD 1.30 a share, on the grounds that it undervalued the company. However, there is talk in the market that a higher bid could be on its way.

It appears that shareholders believe that to be the case, with the share price closing at $1.35 on July 21, 2023, taking Eroad's market value to $148.2 million. Volaris made an offer for Eroad on June 22 after the company's share price plunged last year. Unprofitable technology companies like Eroad are struggling to gain support in the market.

It has hired Goldman Sachs to find a funding partner. Volaris has tapped Jarden as its adviser.