Pushing up interest rates isn’t something the Reserve Bank does lightly. But what’s worrying the Reserve Bank – and why it increased interest rates for a record seventh consecutive month on Melbourne Cup Tuesday – is that inflation seems to become completely detached from the bank’s target band. That target band of 2-3% was introduced… Read more »
One of the founding startups of the personalisation phenomenon, The Daily Edited (TDE), is in liquidation after eight years. The brand has been sold and continues to trade, with the remains of TDE Pty Ltd now in the hands of Sydney liquidators Chifley Advisory, appointed following a September 30 meeting that voted to wind up… Read more »
ASX-listed logistics company WiseTech Global has pledged 1% of its annual pre-tax profit to tech education through Grok Academy as part of a five-year deal. The deal, which kicks off with an FY22 contribution of more than $2.5 million, will see K-12 students enhance their digital skill in the hope the experience will encourage more of… Read more »
NASDAQ-listed Australian software venture Atlassian has moved its parent company from the United Kingdom to the US. Atlassian (Nasdaq: TEAM) announced plans for the shift in February. The workplace collaboration business originally set up in the UK in 2014 ahead of its listing on the NASDAQ in 2015. At the time the company said it… Read more »
Consumer protection regulator the ACCC has launched new crackdowns on misleading environmental and sustainability marketing claims as well as fake or misleading online business reviews. ACCC Deputy Chair Delia Rickard said the online sweep over the coming weeks with see it review at least 200 company websites in the hunt for misleading environmental claims. “As… Read more »
The nine year adventure of two Byron Bay mates to build the premium soft drink and mixer brand StrangeLove is over, with the Australian arm of Japanese brewing giant Asahi acquiring the brand for an undisclosed figure. Founders James Bruce and Stafford Fox are childhood friends and launched their venture in 2013, building out a… Read more »
The Reserve Bank of Australia has lifted its cash rate target by 25 basis points to 2.6%, its sixth monthly increase in a row. But the surprise was that most analysts expected another 50-point increase, but the central banks board opted for half that figure. From record low of 0.1% set in 2020 in response… Read more »
Sydney logistics software startup Ofload has acquired Melbourne freight specialist CIA Logistics in its first deal to expand nationally. Founded in 2020 with a focus on cutting inefficiencies in the trucking industry and reducing its environmental impact, this is Ofload’s first acquisition, taking its headcount to more than 120 employees in Sydney, Melbourne and Brisbane,.… Read more »
MYOB’s acquisition spree has continued with the accounting software platform converting its existing stake in Sydney-based workplace financial services platform Flare into a full takeover. The acquisition cost was not disclosed, but will deliver an exist for a range of VC investors who ploughed more than $50 million into Flare over the past five years.… Read more »
While much digital ink has been spilt in recent months discussing the state of the global economy, its impact on the valuations of listed tech companies and the funding environment for startups, a chunk of companies continues to receive new investment. Investors have become more circumspect about the growth plans put forward by founders, spending… Read more »
Sydney startup Search.io has been acquired by US-based French tech company Algolia is a deal believed to be worth nine figures. The startup, founded in 2015, was previously known as Sajari, having rebranded in December last year. While the acquisition cost in cash and scrip was not disclosed. The deal reportedly went through after a… Read more »
Queensland biotech startup Ellume Health, which last year won a $300 million US government contract to supply Covid home testing kits, has placed its Australian business in voluntary administration. FTI Consulting were appointed as administrators of Ellume Ltd on Thursday. In a statement from FTI, administrators John Park and Joanne Dunn said Ellume’s directors appointed… Read more »
The meteoric rise of restaurant ordering and payments platform Mr Yum has flamed out with the company announcing it will shed more than 40 jobs globally with CEO and cofounder Kim Teo admitting they “increased our headcount too quickly.” Less than nine months after raising $89 million in Australia’s third-largest Series A, led by US… Read more »
Construction 0f Atlassian’s new 39-storey headquarters at Sydney’s Tech Central precinct got underway last week, with the build expected to take five years to complete. The 180-metre hybrid timber skyscraper next to Central railway station will be the world’s tallest commercial hybrid timber building in the world and is expected to cost $546 million and… Read more »
Sydney food marketplaces ChefPrep has acquired it Melbourne likeness, Co-Lab Pantry and rebranded as CoLab. The ChefPrep side was founded in May last year by Elle Curran and Josh Abulafia, following a $1.25 million angel round. In April they landed a $3 million in a seed round led by Artesian Ventures and Global Founders Capital,… Read more »
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