Social media “finfluencer” Tyson Robert Scholz, known as “ASX Wolf” on social media, has been threatened with jail time if he attempts to charge for financial and share trading advice following a ban by the Federal Court. In December, Justice Kylie Downes found that Scholz had illegally run a financial service business between March 2020… Read more »
ASX-listed buy now play later fintech Zip has struck deals to offload Twisto, the European BNPL it acquired two years ago, as well as its South African business, Payflex. The business is also winding down its Middle Eastern operations, as previously flagged, as it looks to stem losses and quarterise its cash burn. Zip (ASX:… Read more »
Shares in dual-listed Block (ASX:SQ2) fell more than 18% on the ASX on Friday after a US short seller, Hindenburg Research, published a lengthy report accusing the parent company of local fintech Afterpay of inflating its user metrics and fraud facilitation after it used Block’s Cash App to order a cash card under the name… Read more »
Online retailer Kogan.com, along with six other ASX-listed companies, have been dropped from the S&P/ASX All Technology Index, as part of a quarterly rebalancing of indices. The change takes effect from today, March 20. Alongside Kogan.com (ASX: KGN), Dubber (ASX: DUB), RedBubble (ASX: RBL), Temple and Webster Group (ASX: TPW), Cettire (ASX: CTT), Frontier Digital… Read more »
ASX-listed accounting platform Xero is the latest tech company to put a scythe through its workforce, cutting up to 800 roles globally to improve its bottom line. The New Zealand software company’s cuts come a day after Nasdaq-listed Atlassian announced it was cutting 500 positions. Xero (ASX: XRO) employs around 5000 people, meaning around 15%… Read more »
The horror run of losses at Kogan.com has continued in the first half of the 2023 financial year, with the online retailer’s statuary loss doubling on 12 months ago to $23.8 million as revenue and sales plummeted by around a third. Releasing its half-year results to December 2022 today, Kogan.com (ASX: KGN) saw gross sales… Read more »
ASX-listed WiseTech Global’s ongoing M&A spree continues with the US$414 million (A$602m) acquisition of US rail logistics company Blume Global. The deal comes just three weeks after Sydney-headquartered cargo software behemoth announced it was acquiring US logistics management software startup Envase for US$230 million (A$327m). WiseTech’s billionaire founder and CEO, Richard White, also snapped up… Read more »
ASX-listed Buy-now-pay-later (BNPL) fintech Openpay has been placed in the hands of receivers after it failed to bank working capital from its key funder. The payments platform has been shut down, effectively sealing the company’s fate. The collapse comes a week after the company’s quarterly results on January 31, which flagged delays in receiving the… Read more »
ASX-listed shipping platform WiseTech Global has acquired yet another tech company, snapping up the US logistics management software startup Envase for US$230 million (A$327m). Founded in 2020, Envase Technologies supplies transport management system software for intermodal trucking and landside logistics in North America. The acquisition deal is with private investment firm Firmament, and several other… Read more »
The Australian Stock Exchange has pulled the pin on its much-vaunted blockchain project after seven years of work and at a loss of about $250 million. The ASX has been working with tech firm Digital Asset (DA) to develop a replacement for its Clearing House Electronic Subregister System (CHESS) based on distributed ledger technology since the… Read more »
Renewable energy activist Mike Cannon-Brookes has succeeded in his campaign to shake up the board of energy giant AGL with shareholders voting at today’s annual general meeting to appointment four new directors to the AGL board on the recommendation of the Atlassian cofounder’s family VC firm, Grok Ventures. Former Energy Security board chair Kerry Schott,… Read more »
Shares in ASX-listed Elmo Software (ASX: ELO) soared on Wednesday after the company confirmed it was in potential takeover talks. After stories emerged in the financial press that Accel-KKR was once again back in discussions with the HR, payroll and expense management, the company issued a “Response to Media Speculation” statement to the ASX mid-morning… Read more »
The Australian Securities and Investment Commission has launched Federal Court legal action against ASX-listed tech company Nuix and its board for alleged breaches of disclosure laws, as well as misleading or deceptive conduct around growth predictions, in the wake of the company’s IPO in December 2020. ASIC alleges that Nuix (ASX:NXL) made misleading or deceptive… Read more »
The battle for ASX-listed ResApp Health Ltd is over with pharmaceutical giant Pfizer acquiring the telehealth startup for $179 million. The deal went through this week, having started back in April this year when Pfizer initially offered $100 million – 11.5 cents a share – before increasing its bid to 20.8 cents. Shareholders approved the… Read more »
Atlassian billionaire Scott Farquhar and his venture capitalist wife Kim Jackson look set to win control of ASX-listed Genex Powerafter upping its takeover bid for the renewable energy company. The Genex (ASX: GNX) board rejected a $0.23 cents per share offer made in late July on August 1, but left the door open for a… Read more »
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