Cerberus Capital Management, the US-based alternative investment firm with $40 billion in assets, has reached a an arrangement to acquire majority shares of Australian commercial equipment financing company Axsesstoday. In another development, quantum computing startup Q-CTRL said it has raised $15 million in a Series A funding led by Square Peg Capital.
Cerberus Capital Management to acquire listed Axsesstoday
US-based alternative investment firm Cerberus Capital Management has entered into an agreement to acquire ASX-listed SME funding solutions provider Axsesstoday Limited.
Upon closing of the transaction, Axsesstoday will operate as a privately held company, majority-owned by Cerberus, the latter said in an announcement.
Axsesstoday said in a separate statement that the transaction will see $233 million of debt repaid in full to secured creditors and allow a dividend between 33.9 cents and 34.9 cents in the dollar to be paid to unsecured creditors.
The partnership between Cerberus and Axsesstoday will mark Cerberus’s second acquisition in Australia. In 2018, the $40-billion alternative investment firm acquired Bluestone Mortgages, a specialist mortgage lending and servicing business with operations in Australia, New Zealand, and the Philippines.
Q-CTRL raises $15m from Square Peg Capital, others
Sydney-headquartered quantum computing start-up Q-CTRL has landed a $15-million Series A round led by Australia’s largest venture capital fund, Square Peg Capital.
This investment constitutes one of Australia’s largest VC deals in 2019, Q-CTRL said in an announcement. It will use the proceeds to double its engineer and software developer team, as well as expand in the US.
Founded in 2017, Q-CTRL produces ‘quantum firmware’ – a set of special low-level programmes that allows quantum computing hardware to be more resistant against errors.