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13 hot tech companies sold offshore: Did NZ benefit?

13 hot tech companies sold offshore: Did NZ benefit?
13 minutes to read
This month has seen two substantial technology companies sold offshore, with Auckland-based retail software firm Vend going to NYSE-listed Lightspeed for $450 million, and Christchurch geologic 3D modelling outfit Seequent acquired
by Nasdaq-listed Bentley Systems for $1.45b.
Backers were quick to claim that jobs would stay in New Zealand (Vend and Seequent employ some 400 locally between them) and that investors like Movac and Punakaiki Fund (Vend) and Pencarrow (Seequent) would recycle money back into the local tech ecosystem.
A look back at 13 past high-profile tech sales (from a field of many more) reveals that sometimes that happens … and sometimes it doesn't.

New-york , United-states , Auckland , New-zealand , Australia , Punakaiki , New-zealand-general , United-kingdom , Southern-cross , Victoria , China , Waikato

$1.45 billion for Seequent, a Kiwi company 'no one has ever heard of'

$1.45 billion for Seequent, a Kiwi company 'no one has ever heard of'
12 Mar, 2021 04:47 AM
4 minutes to read
Silicon Valley private equity firm Accel-KKR and New Zealand's Pencarrow are in for a big payday after agreeing to sell their stakes in Christchurch-based geoscience software company Seequent to Nasdaq-listed Bentley Systems for US$1.05 billion
($1.45b).
Bentley, a US-based infrastructure engineering software company, said the acquisition would add about 10 per cent to its revenue and earnings before interest, tax, depreciation and amortisation, and that it was expected to be "measurably accretive" for its organic growth rate.
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"Most significantly, the combination will deepen the potential ... to help understand and mitigate environmental risks, advancing resilience and sustainability," it said. Bentley's revenue last year came to US$801.5m.

New-zealand , Nigel-bingham , Zealand-pencarrow , Shaun-maloney , Nz-overseas-investment-office , Silicon-valley , Nasdaq-listed-bentley-systems , Graham-grant , Investment-office , 145 , Billion , Seequent

US Nasdaq-listed company buys Christchurch-based Seequent for US$1.05 billion

US Nasdaq-listed company buys Christchurch-based Seequent for US$1.05 billion
11 Mar, 2021 11:59 PM
2 minutes to read
NZ Herald
Christchurch-based Seequent, known for earth modelling software among other things, has been snapped up by Nasdaq-listed engineering software company Bentley Systems for US$1.05 billion ($1.45b).
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The acquisition, subject to New Zealand Overseas Investment Office approval, would see the company continue to operate as a standalone business unit within Bentley.
Seequent is a New Zealand success story, having grown from one employee in 2004 to 173 New Zealand staff and a total of 430 globally today.
Founder and CEO Shaun Maloney is retiring as part of the acquisition, with current chief operating officer Graham Grant becoming the main report to its new parent.

United-states , New-zealand , America , Shaun-maloney , David-hollister , Asia-pacific , Zealand-overseas-investment-office , Bentley-systems , New-zealand-overseas-investment-office , Graham-grant , Pencarrow-private-equity , South-america