It’s Wednesday. Here’s what you need to know in Australian tech today.
1. Xero now has a cash-filled war chest of about $NZ285 million. The cloud accounting company just raised an additional $US110.8 million ($141.6 million) in a round led by Accel Partners and Matrix Capital. It’s also made two big hires, recruiting former Dell exec Russ Fujioka as US president and ex-Salesforce CFO Graham Smith to the board. It plans to use the cash to boost global expansion efforts in the US and UK. More here.
2. The real reason Shark Tank pitcher Travis Osborne turned down $250,000. Presenting his Mobile Tyre Shop business to Channel Ten’s Sharks this week, Osborne has told News.com.au he turned down the investment because he got a better offer reportedly quadruple the original amount. “Everything came to a head a couple of days before Christmas, and all of a sudden we had a live offer on the table,” he said. However, Shark Tank judge John McGrath said the original deal fell through because MTS didn’t pass due diligence. More here.
3. Speculation Campaign Monitor is gearing up to IPO is for now just speculation. The company’s newly appointed CEO Alex Bard has squashed the rumours saying the $US250 million in funding from Insight Ventures in April last year is being used to grow the company’s new San Francisco office and hire 100 new people this year to grow the email marketing platform. But he didn’t completely rule out going public in the future: “I think that we’ll stay private for a while. It gives us opportunity to be more agile in the investments that we make. And, then we’ll come see where that leads us,” he said. There’s more here.
4. MYOB’s results are out on Thursday. There’s a report in the AFR today that company CEO Tim Reed is expected to reveal record revenue of about $280 million in the year to December 31, with earnings around $140 million. It’s likely to be Reed’s last results call as CEO of an unlisted company with speculation growing the accounting software company is likely to run a $750 million to $800 million IPO in the next couple of months. The report says MYOB’s major shareholder Bain Capital is expected to hold a 60% stake in the company which is valued between $2.5 billion and $3 billion. There’s more here.
5. Selfie sticks aren’t welcome at the Soundwave music festival in Sydney. They’ve been banned from a number of venues recently, including a number of art galleries around the world.
Have an awesome day! I’m on Twitter.