Apr 10, 2014

Australia’s newest billionaire: Scott Farquhar on making a fortune in tech

You can still make a fortune in tech if you play your cards right, says our newest billionaire.

Atlassian’s US$150 million share sale announced yesterday has rocketed co-founders Scott Farquhar and Mike Cannon-Brookes into Australia’s billionaire rankings. Farquhar talked to Crikey sister publication SmartCompany from Los Angeles last night as news broke of the deal, which values Atlassian at US$3.3 billion.

Farquhar and Cannon-Brookes are each believed to own close to 40% of the share capital and aren’t selling down their stakes as part of the sale, which leaves them with paper wealth of $1.4 billion each. Farquhar says it was brokered by “inviting bids from a small number of select parties” and will assist Atlassian’s future growth through an injection of both capital and expertise.

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One thought on “Australia’s newest billionaire: Scott Farquhar on making a fortune in tech

  1. The Old Bill

    This article says it all. Aussie company relocates because of the same old chestnuts.
    Not enough Hi Tech graduates or low tech graduates with talent because of a dumbing down of the IT education and other education sectors.
    We now have a Liberal government who are apparently open for business, but not in any sector that needs forward planning or lateral thinking. Atlassian to the UK, solar companies to China, soon we really will just be a big hole in the ground with no future.
    If we targeted a larger and more diverse intake of immigrants, and spent some money on our kid’s future, we might just get the skills we need here to keep us rednecks employed after the mining boom.

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