Last month, another highflying tech company you probably haven't heard of was sold to offshore buyers.
Over a 25-year period, Auckland-based Serato became one of the world's leading makers of audio software for DJs, engineers and musicians. It was bought by Yokohama-based audio specialist AlphaTheta in a deal likely to have been worth north of $100 million, as it required Overseas Investment Office approval.
Like retail software maker Vend (sold for $455 million) and Seequent, which makes 3D modelling software (sold for $1.46 billion), Serato's exit is testament to the incredible value our tech companies create.
Don't get hung up about ownership changing hands. At least some of the proceeds of those sales, and the expertise behind the companies, will support the next generation of Kiwi startups.
That's what we've seen with the likes of Xero, Trade Me, and Rocket Lab, where cashed-up founders have become serial investors. The question is, how do we create more great startups with the ability to compete globally?
This story is from the August 26, September 1 2023 edition of New Zealand Listener.
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This story is from the August 26, September 1 2023 edition of New Zealand Listener.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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