Hello – here’s what you need to know in tech today.
1. Kogan is reviving Dick Smith back The rich list online retailer says he wants to “save the legacy of this great Australian brand, by transitioning to an online only model”, and will transform Dick Smith online using his own retail systems and architecture.
Kogan’s buy out of the online store comes after Dick Smith was initially put into voluntary administration in January, then failed to find a buyer, and went into liquidation last month. The acquisition includes the Dick Smith brand and trademarks, the online business in Australia and New Zealand, customer and loyalty databases, websites and domain names.
The terms of the deal have not been disclosed, but Kogan came to own the intellectual property after a two month auction by receivers Ferrier Hodgson.
2. The Australian startup taking on Snapchat has a big US investor involved in it. That person is Ken Moelis, the founder and CEO of Moelis and Company, a New York investment firm with a market value of $US1.4 billion and 17 global offices, including Sydney and Melbourne, Australia. ASIC listings show he only has a minority stakes in Bomb’d, but it’s still very interesting to see such a big name associated with Australian startups.
3. Redbubble is looking for $50 million through an IPO. The Australian tech startup which provides an online marketplace for independent artists to sell clothing and homeware designs is aiming to raise $50 million, which it will use to keep the company going until it becomes profitable. It predicts this will happen at some point next year. It has also just secured $12 million of pre-IPO capital, led by Blackbird Ventures.
4. Australian smartphone sales are on the decline. Research firm Telsyte has released its annual Australian Smartphone and Wearables Device Market Study, and it shows that Australians bought 1 million fewer smartphones in 2015 than in 2014. Apple still remains the best selling smartphone maker in Australia with 46% of the market, but Android devices had a strong year, with those running Google’s software now making up 49% of all smartphone sales.
5. Scott Morrison wants a new system to regulate fintech startups. The federal treasurer has told Australia’s top financial regulators to prepare for a new system that will allow local startups to spend more time on their business and less navigating through complicated financial services regulation. Policy changes are expected to be announced next week to support the growth of smaller fintech companies.
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