Happy Tuesday all.
And a very happy first anniversary to our colleagues at ausbiz.com.au who, on this crazy and uncertain date 12 months ago, launched a tech startup that brought Australian business news into the digital era with a brand new TV streaming service. Congrats gang. It’s great to have both watched and experienced the ride.
Here’s da news
Deliveroo IPO price falls
London meal delivery startup Deliveroo’s IPO isn’t quite the glittering spectacle many hoped with the tech venture downgrading the float’s share price to the lower side – £3.90 to £4.10, rather than £4.60 – before it lists on the LSE this Wednesday (local time).
That’s cropped around £1bn (A$1.8bn) off to the potential top market cap of £8.8bn (A$15.8bn) to down between £7.6-7.85bn (A$13.7-14.1bn).
One reason for the fall is concerns from fund managers about workers’ rights at the Amazon-backed venture.
The Guardian reports that sustainable investment manager EdenTree was boycotting the IPO, saying Deliveroo’s business model was “best characterised as a race to the bottom with employees in the main treated as disposable assets”.
ACCC waves through 86 400 sale
Competition regulator the ACCC says it won’t oppose the sale of neobank 86 400 to NAB, following extensive industry consultation.
ACCC boss Rod Sims said most interested parties raised no or limited concerns with the transaction.
“Market feedback suggested that while 86 400 is innovative, particularly in reducing the time and effort in completing home loan applications, there are a number of other businesses with similar offerings or the ability to replicate them. These other competitors continue to bring a similar disruptive influence to the market,” he said.
Sims said they “will continue to closely scrutinise proposed acquisitions of emerging competitors, particularly by major banks”.
NAB is planning to integrate 86 400 with its online bank brand UBank.
Compass buys Momentum ESR
Edutech admin startup Compass Education has acquired NSW-based school management platform Momentum ESR for an undisclosed amount.
Founded 18 years ago, ESR was one of the first reporting, attendance, and welfare solutions to be delivered as a cloud-based solution to NSW public schools.
Compass CEO and co-founder John de la Motte said the strategic acquisition adds talent, knowhow and enables them to expand market share in key geographies like NSW. The ESR team will join Compass Group and its existing schools will continue to use the ESR
platform with the added benefits of the Compass platform and a local customer support team. Co-founder Aaron Hughes will join Compass as NSW state manager.
Compass now employs 160+ staff across Australia, The UK, Ireland and Canada. It is used by more than 1800 schools and 2 million parents, teachers and student.
Startmate’s $1.8m score
The Victorian Governmentis tipping $1.8 million into accelerator program Startmate
More than $580,000 is for Startmate to deliver a dedicated accelerator program for 30 Victorian startups over three years, establish a permanent Victorian office and recruit a local team.
As part of the deal, Startmate will also establish an investor program raising $3 million to back Victorian startups that complete its Melbourne Accelerator program. LaunchVic will invest $1.25 million in two of these funds.
Victorian Innovation, Medical Research and the Digital Economy Jaala Pulford said a permanent Startmate hub in Melbourne will be invaluable to Victorian startups.
Lost property goes digital
Good news if you lose something on public transport, in NSW with the state government launching a new digital system to help you find missing items.
Minister for Transport and Roads Andrew Constance said the Lost Property System will make it easier to submit lost item enquiries.
“Now customers can lodge a lost property enquiry online 24/7 and receive email notifications advising of the status until the item is found or for up to one month if the item is not found, ” he said.
You can also upload images with the enquiry and make edits or remove their request after it’s been submitted.
The system is now live for all public transport across the Greater Sydney area and for all NSW TrainLink services.
Customers can submit an enquiry via the Lost Property webform on transportnsw.info, Transport BOT and the Opal Travel app.
The most common lost property items are wallets, mobile phones and Air pods.
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Happy anniversary to our friends at ausbiz. We’ve loved being part of your tech startup adventure.