We’ve got six tech stories today to get you going again after the long Easter break.
1. A VC that’s backed Facebook, Airbnb and Spotify has bought a $26 million piece of Xero. An announcement on the NZX this morning revealed mature startup investor TCV had acquired more than 1.4 million shares in the publicly listed software-as-a-service company through an off-market sale from Matrix Capital Management. Read more here.
2. Telstra shares got hammered last week after TPG became the country’s fourth mobile network. But one industry chief says Vodafone is the one that should be having an existential crisis. Inabox boss Damian Kay says the country’s not big enough for mobile networks and, as the clear number three, Vodafone Australia should be nervous about losing market share or even an acquisition. TPG shares came out of a trading halt this morning and were walloped.
3. Showpo’s bitter court case against Black Swallow has settled for $60,000. The fashion startup started legal action in January accusing former graphic designer Melissa Aroutunian of stealing a customer database of 306,000 records and giving it to her new employer Black Swallow to use. The case has now wrapped up with Black Swallow ordered to pay $60,000. Read more here.
4. A Melbourne internet of things company has clinched a $5.8 million contract in South Korea. Freestyle Technology has won its “first significant success” in water management by beating out Korean tech companies to supply a connect tech system for the municipality of Gochang. Read more here.
5. A former IBM executive has settled with his former employer over an accusation that he was made redundant due to his age. CRN reports Rolf Stockburger was 64 when he was terminated and allegedly replaced with a younger staffer. The case has now been resolved in private mediation.
BONUS ITEM: Nominations for the Finnies are closing this Friday and micro-investment startup Acorns Australia has already entered after signing up 200,000 customers in its first year. Read more on how it’s struck a chord with the market.