Here’s to Tuesday. Here’s to Australian tech talk.
1. MYOB will list by the end of March. Bankers running the expected $3 billion IPO of MYOB plan to file a prospectus for the sale by the end of March, according to Reuters. Expected to be one of Australia’s biggest IPOs of the year, Bain Capital, the owner of the Australian software firm which bought the company for $AU1.2 billion in 2011, will keep a “significant portion” of the business. Read more here.
2. The Victorian government will sell off $9.3 million worth of Bitcoin… but only when the price is right. The digital currency was seized from Victorian drug dealer Richard Pollard in 2011 and the government has since been waiting for the right time to sell the digital currency in order “to get the best value”. The 24,500 coins were worth $32 million in late 2013 when they were seized, and fluctuated to a peak of $1100 a piece, but are now estimated to be worth about $9.3 million.
3. Here’s why Australian tech startups need to list on the ASX if they want to thrive. New research from StartupAUS, released ahead of its Crossroads 2015 report, suggests that Australian tech startups which list their business on the ASX are making room for more growth than those who don’t. Topping StartupAUS’ list is Seek and REA Group which have a market capitalisation of $6.3 billion, followed by Carsales on $2.5 billion, showing that three out of the five “unicorns” – startups worth more than $1 billion – are listed on the ASX.
4. Instagram is worth $US37 billion, according to Bank of America Merrill Lynch analysts. This is a huge call considering Mark Zuckerberg bought the photography app for $US1 billion three years ago. The analysts based their valuation on user and potential revenue comparisons to both Twitter and Facebook. Since it was acquired, Instagram has attracted 273 million monthly active users. Read more here.
5. Meerkat’s CEO thanks Twitter even though it blocked his app from its platform. Ben Rubin has told an audience at SXSW that he owes much of the livestreaming app’s success to Twitter and that even though it has cut Meerkat users off from reaching its audience, it’s “Twitter’s house” and Meerkat has to be “the best guests we can be”. The same day Twitter blocked access to Meerkat, it also announced it had acquired Periscope – a livestreaming app.