Happy hump day! Here’s what you need to know in local tech today.
1. Here comes Samsung Pay! Mark June 15 in your diaries, because that’s when the South Korean electronics giant is set to reveal its plans for contactless smartphone payments in Australia. We’ve pieced together what we know so far here.
2. Guvera is under a lot of scrutiny. After filing its prospectus last week to raise $80 million, having already spent $180 million in previous raises without yet posting a profit, a lot of people are taking a very close look at the Queensland-based music streaming service, especially after Atlassian boss Mike Cannon-Brookes had some less-than-favourable things to say on the weekend.
The central focus is the relationship between company CEO Darren Herft and his private equity firm AMMA, which received more than $20 million in commissions from previous capital raisings, and is set to take 5.75% in commission from investors introduced by AMMA during the float.
Today the AFR details how critical the float is to Guvera, saying “If the IPO does not succeed Guvera will not be able to meet its debts when they fall due”.
The Fin also says it “has been contacted by numerous industry sources who allege some accountants were also offered payments to introduce clients to Guvera as an investment opportunity” .
Read more here.
3. ASX-listed e-learning business Velpic has gone to the Dogs. ASX-listed e-learning business Velpic is hoping to raise up to $5.85 million via a renounceable rights issue at $0.03 a share as the company seeks an offshore push.
The raise comes as Velpic signed on the Bulldogs Canterbury League Club as its first sporting and hospitality client. The club will now use online systems instead of face-to-face to induct and train its 500 staff.
4. Every wanted to tell your friends you develop accounting apps?
Here’s your big chance. Cloud-based accounting software company Xero is going on as massive hiring spree, looking to add 50 people to its Melbourne team, a jump of 20% on current staffing levels. The details are here. The ASX-listed business is kicking goals at the moment having just signed a deal with major US bank Wells Fargo.
5. Cloud software platform Maestrano has rich friends in high places. The business just raised $4 million from the likes of former Macquarie Group CEO Allan Moss and Acorn Capital, joining former Microsoft Australia CEO Gary Jackson, and Ian Buddery, founder of payments company eServGlobal on the books.
Maestrano has raised $7.4 million from three rounds of funding in just over two years since launching and counts PwC and NAB among its clients. The business makes all those odd bits of software you buy from different companies talk to each other.
Moss says he’s “excited by the global opportunity for Maestrano and it’s unique technology, which greatly simplifies the complex problem of connecting applications and delivers real benefits, especially for small and medium sized businesses”.
BONUS ITEM: The Google Impact Challenge is back. Submissions for the comp opened today and it is giving away $4.5 million in funding — four lots of $750,000 and $250,000 for the next six finalists.
It’s open to non-profits seeking to harness technology to develop an innovative social projects. Applications close July 13.
The details are here.
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