Fast-moving Scalare Partners has picked up its latest innovation ecosystem purchase, picking up profitable virtual CFO outfit Planet Startup for $150,000 in cash and $450,000 in shares.
The 3.2 million Scalare shares are escrowed ’til next November and will change hands at 14c per share (a 57% premium).
Scalare closed Monday’s session as it started: trading at just below 9c. The going rate for Scalare’s shares are nearly a third of what they were at the company’s ASX debut just 12 months ago.
Scalare Partners CEO Carolyn Breeze said Planet Startup was part of the firm’s plan to support its founders through a string of complementary acquisitions.
In March, it was VC marketplace Inhouse Ventures in a $1.7 million deal, then Tank Stream Labs joined in July for $5.5 million. Back in 2023, Scalare bought the Australian Technologies Competition.
“This acquisition marks yet another milestone in the execution of Scalare’s long-term strategy,” said CEO Carolyn Breeze of the $600,000 purchase.
“Planet Startup has built an impressive reputation for delivering high-quality work and is highly regarded by its growing customer base for its professionalism.”
Planet Startup sold $408,000 worth of its virtual CFO services in 2024-25 with a $50,000 profit, according to the ASX announcement.
Marc Orchard, CEO and cofounder of Planet Startup, said the sale of his business helps “build a meaningful presence” in local tech.
“The Scalare community is deeply engrained into the local tech scene and committed to supporting the success of the industry,” he said.
“This partnership enables our customers to tap into a wider suite of services and expertise, empowering them to achieve even greater success.”
Scalare was also a finalist in the Investor of the Year category at the recent Startup Daily Best in Tech awards.
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