It’s Monday. Here’s what you need to know in Australian tech today.
1. Xero clouds. On Friday, Xero caused a bit of a stir in the market when it released results which showed the cloud accounting company had doubled its losses in the year to March, posting a $NZ69.5 million loss. Punishing the company, investors had chopped 10% off Xero’s share price by the close on Friday. But all this doesn’t take into account the amazing growth Xero has achieved in that time. Subscription revenue was up 81% to $120.9 million, operating revenue was up, paying customers increased and so did its workforce. There’s a chart here which shows the company’s growth trajectory and explains why the execs weren’t too phased by Friday’s share price.
2. Freelancer just raised another $10 million to buy an online escrow company which CEO Matt Barrie says is a strong starting point to launch the company into the payments space. Full story is here.
3. M2’s competing bid against TPG values iiNet at $2.25 billion, or a 32.2% premium to the $8.60 cash offer from TPG. M2 values its bid at $10 a share, a 16.3% premium to TPG’s offer made last month. There’s more here.
4. Apple Watch: Three days in. I just saw the Apple Watch in action and it’s pretty awesome. Here’s what Business Insider journo Steve Kovach thought after using it for three days.
5. Overnight Stephen Hawking made an appearance at The Sydney Opera House via hologram. Cisco pulled together the technology to make it happen. While I found it difficult keeping up with the physics he presented to the packed crowd, his humour was what stood out. He even had a scientific response for why Zayn left One Direction.
“Finally a question about something important,” he joked.
“My advice to any heartbroken young girl is to play close attention to the study of theoretical physics because one day there may be well be proof of multiple universes… and in that universe Zayn is still in One Direction. This girl may even like to know that in another possible universe she and Zayn are happily married.”
An answer which could calm many grieving teenage girls.
Have a ripper day! I’m on Twitter.