Apac Digest: Cerberus Capital acquires Axsesstoday; Q-CTRL raises $15m

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.

The financing is joined by existing investors Sequoia Capital, Main Sequence Ventures, Horizons Ventures, and new investor Sierra Ventures.

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.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.