ASX-listed accounting platform Xero is the latest tech company to put a scythe through its workforce, cutting up to 800 roles globally to improve its bottom line. The New Zealand software company’s cuts come a day after Nasdaq-listed Atlassian announced it was cutting 500 positions. Xero (ASX: XRO) employs around 5000 people, meaning around 15%… Read more »
The horror run of losses at Kogan.com has continued in the first half of the 2023 financial year, with the online retailer’s statuary loss doubling on 12 months ago to $23.8 million as revenue and sales plummeted by around a third. Releasing its half-year results to December 2022 today, Kogan.com (ASX: KGN) saw gross sales… Read more »
ASX-listed WiseTech Global’s ongoing M&A spree continues with the US$414 million (A$602m) acquisition of US rail logistics company Blume Global. The deal comes just three weeks after Sydney-headquartered cargo software behemoth announced it was acquiring US logistics management software startup Envase for US$230 million (A$327m). WiseTech’s billionaire founder and CEO, Richard White, also snapped up… Read more »
ASX-listed Buy-now-pay-later (BNPL) fintech Openpay has been placed in the hands of receivers after it failed to bank working capital from its key funder. The payments platform has been shut down, effectively sealing the company’s fate. The collapse comes a week after the company’s quarterly results on January 31, which flagged delays in receiving the… Read more »
ASX-listed shipping platform WiseTech Global has acquired yet another tech company, snapping up the US logistics management software startup Envase for US$230 million (A$327m). Founded in 2020, Envase Technologies supplies transport management system software for intermodal trucking and landside logistics in North America. The acquisition deal is with private investment firm Firmament, and several other… Read more »
The Australian Stock Exchange has pulled the pin on its much-vaunted blockchain project after seven years of work and at a loss of about $250 million. The ASX has been working with tech firm Digital Asset (DA) to develop a replacement for its Clearing House Electronic Subregister System (CHESS) based on distributed ledger technology since the… Read more »
Renewable energy activist Mike Cannon-Brookes has succeeded in his campaign to shake up the board of energy giant AGL with shareholders voting at today’s annual general meeting to appointment four new directors to the AGL board on the recommendation of the Atlassian cofounder’s family VC firm, Grok Ventures. Former Energy Security board chair Kerry Schott,… Read more »
ASX-listed accounting platform Xero has more than doubled its net loss on the previous year to the chagrin of investors who wiped more than $1 billion from the company’s valuation following the announcement and news that CEO Steve Vamos is stepping down after nearly five years at the helm. The New Zealand tech company’s half… Read more »
Shares in ASX-listed Elmo Software (ASX: ELO) soared on Wednesday after the company confirmed it was in potential takeover talks. After stories emerged in the financial press that Accel-KKR was once again back in discussions with the HR, payroll and expense management, the company issued a “Response to Media Speculation” statement to the ASX mid-morning… Read more »
The Australian Securities and Investment Commission has launched Federal Court legal action against ASX-listed tech company Nuix and its board for alleged breaches of disclosure laws, as well as misleading or deceptive conduct around growth predictions, in the wake of the company’s IPO in December 2020. ASIC alleges that Nuix (ASX:NXL) made misleading or deceptive… Read more »
The battle for ASX-listed ResApp Health Ltd is over with pharmaceutical giant Pfizer acquiring the telehealth startup for $179 million. The deal went through this week, having started back in April this year when Pfizer initially offered $100 million – 11.5 cents a share – before increasing its bid to 20.8 cents. Shareholders approved the… Read more »
Atlassian billionaire Scott Farquhar and his venture capitalist wife Kim Jackson look set to win control of ASX-listed Genex Power after upping its takeover bid for the renewable energy company. The Genex (ASX: GNX) board rejected a $0.23 cents per share offer made in late July on August 1, but left the door open for… Read more »
Mapping software company has seen its shares pop by a third on Monday after revealing that it had been in takeover talks with US private equity company Thoma Bravo. The takeover price of $2.10 cash per share values the business at around $1.055 billion and is an 83% premium to Nearmap’s closing price of $1.15… Read more »
Nine years after it listed on the ASX as one of the 2013’s biggest floats, the board of comparison website iSelect has agreed to sell the business to rival Innovation Holdings Australia (IHA), owner of Compare the Market, in a deal that values the business at $72 million. Startup investor Thorney Investment Group, which has… Read more »
The board of ASX-listed Genex Power Limited (ASX: GNX) have rejected a takeover bid by Altassian co-founder Scott Farquhar as undervaluing the business. Last Monday, after building up a 19.9% stake in Genex via a consortium controlled by Skip Capital, the family VC run by Farquhar’s wife Kim Jackson, in a partnership with US alternative… Read more »
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