It’s Wednesday, here’s what you need to know in Australian tech today.
1. After what feels like an eternity, MYOB finally launched its IPO! MYOB is valuing the company at an enterprise value of between $AU2.34 and $AU2.69 billion, or 14.5 and 16.8 times forecast EBITDA for the coming financial year. The company is expecting to raise between $AU831.7 to $AU833.8 million based on an indicative price range of $3.00 – $4.00 a share. Full story is here.
2. Google tax. There’s a report in the AFR today that the Federal Government could include a “Google tax” in the May budget which targets the profit shifting tactics of multinationals. Joe Hockey also “embedded” taxation officers in multinational companies like Google to understand how their business models work. The full story is here.
3. Shark tank without the cameras. Australia’s big end of town is suddenly noticing tech startups. At an event in Sydney yesterday some of the country’s biggest names in banking, including former Macquarie Bank boss Allan Moss, listened to 25 pitches from some of the nation’s brightest young tech companies including Stockspot, Airtasker and Pocketbook. Full story and what it means for the sector is here.
4. Uber’s competitor Lyft could be coming to Australia. Boss of Moovit, a new local transport app told Startup Smart a portion of Lyft’s recent $500 million capital raise would be allocated to an Australian launch. Business Insider heard an unconfirmed rumour late last year Lyft had scouts Down Under. Moovit boss Alex Torres said: “They’re going to arrive. They’ve got funding of $500 million and they’re going to allocate that money to get here.”
5. An ex-army officer and former farmer tried his hand at building a big data tech company — today it lists on the ASX. Geospatial company Aeeris has just completed a $3.5 million IPO capital raising at an issue of $0.25 per share, giving it a market cap of $13.7 million. The full story is here.
Have an awesome day! I’m on Twitter.