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Monday, 10 August 2020 12:31

Australia hit by quarterly drop in tech industry deals, says analyst

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The number of deals in Australia’s technology industry dropped by 31% in the second quarter of this year, with 60 deals worth $748.4 million completed compared to the last four-quarter average of 87 deals, according to a new report.

Venture financing was the leading category in the quarter with 37 deals accounting for 61.7% of all deals, according to the report from analyst firm GlobalData.

The second place category was Mergers & Acquisitions (M&A) with 22 deals, followed by private equity with one transactions - respectively accounting for 36.7% and 1.7% of overall deal activity in the country’s technology industry during the quarter.

On the value of deals, GlobalData says M&A was the leading deal category in Australia’s technology industry with total deals worth $459.63m, followed by private equity deals totalling $288.77m.

The top five technology deals across the Australlian market accounted for 73.1% of the overall value during Q2 2020.

And the combined value of the top five technology deals stood at $546.75m, against the overall value of $748.4m recorded for the month.

The top five technology industry deals of Q2 2020 tracked by GlobalData were:

  • Uniti Wireless’ $364.98m acquisition of OptiComm
  • The $60m venture financing of Canva by Blackbird Ventures, Bond Capital Management, Felicis Ventures, General Catalyst Partners and Sequoia China Fund
  • IRESS’s $50.9m acquisition of OneVue Holdings
  • The $40m venture financing of Go1 by Madrona Venture Group, M12, Our Innovation Fund, Salesforce Ventures and SEEK
  • Global Growth Capital Advisors’ venture financing of Openpay for $30.86m.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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