Get into gaming. Australia’s Digital Games Tax Offset came into effect this month, providing game developers a 30% tax offset. Globally, 2022 is shaping up to be the hottest year in gaming, according to a new Drake Star Partners report. 1H 2022 has seen more than 651 M&A and investment deals announced or closed andorra cell phone database with a value more than US$107bn. We’ve also seen multiple new gaming-focussed funds announced recently, including Sydney-based Immutable, a16z (which led Melbourne-based Lumi Interactive’s $10m seed round), Binance, and Konvoy Ventures.
An unlikely pairing
The Transport Workers’ Union and Uber agreed to support the creation of an independent umpire to apply greater worker protections for Uber’s 100,000+ gig workers, including a guaranteed minimum earnings “safety net.”
Why now? Uber knows regulation is looming under the new government. This partnership gives it a front foot when pushing its own agenda (whistleblower documents leaked last week show Uber excels at lobbying). It also means Uber can avoid further lawsuits and uncertainty around whether drivers are “employees” or “contractors”. In return, the Union can represent gig workers – a right that has been under threat.
Mass (market retail) surveillance. Bunnings, Kmart and the Good Guys could be in hot water with the privacy regulator for their use of facial recognition tech on customers.
Sydney is hosting SXSW in October 2023. This will be the first time in its 36-year history that the tech, film, music and arts festival will be held outside of the US.
Not tech but Melbourne’s Starward Whisky won top honours at the 2022 San Francisco World Spirits Competition, named Most Awarded Distillery of the Year.
Deals & Anti-Deals
Charging ahead. A group of Aussie motoring clubs acquired Australia’s biggest electric vehicle charging network, Chargefox, in a deal that values the business at $56m. The clubs plan to double the number of fast-charging plugs across the country to 5,000 over the next three years to meet soaring demand. This comes as the ACT Government announced that the sale of new fossil fuel-burning cars will be banned from 2035.
Money moves. Australian payments automation provider Monoova is merging with Moneytech FX. Over the past five years, Monoova says it has moved about $50bn through its platform, serving the likes of Jacaranda, Hnry and Wise. Moneytech FX has transferred about $12bn over the last 18 months.
Pay Now, Buy Never. Zip and Sezzle are terminating their merger agreement due to rising interest rates and lower consumer spending. The all-stock deal initially valued Sezzle at AU$491m. Instead Zip will pay Sezzle AU$16m. BNPL ain’t looking pretty – Klarna’s US$800m raise saw its valuation drop 85% to US$6.7bn.
Comment of the week: Adir Shiffman on ANZ’s rumoured acquisition of MYOB (not happening):
The most remarkable part of the MYOB plan was the $4.5 billion price, which had the investment bankers partying like its 2021 and whispering to one another, in their best Basil Fawlty accents: “Don’t mention the Nasdaq”.
MYOB’s current owner KKR acquired MYOB for around $2bn in 2019.