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Sydney-based startup accelerator and investor Scalare Partners (ASX: SCP) has announced its third acquisition since listing on the ASX late last year with the purchase of virtual CFO services company Planet Startup in a cash-and-scrip deal worth $600,000.
Founded by Marc Orchard and Rhys Cupples in September 2022, Brisbane-based Planet Startup advises technology founders from seed to Series B and has worked with the likes of Greaseboss, Orefox, Rainstick, Swyftx, xrecruiter, Nourish'd and more.
Helping founders understand financial performance, identify growth opportunities, and prepare for investment or exit, Planet Startup has remained "consistently profitable" in its less than three years of existence with annualised revenue up 26 per cent in FY25 to reach $408,000.
The Queensland company also doubled its unaudited profit before tax to $50,000 in FY25, and is expected to have no debt and available cash reserves of at least $25,000 upon completion of the transaction this month.
Once the transaction is complete, the vendors will receive $150,000 and $450,000 worth of ordinary shares in Scalare.
Planet Startup will become the operating brand for Scalare’s vCFO service line, consolidating internal capability under one growth-focused platform which will continue to be led by the acquired company's CEO and co-founder Marc Orchard.
“Joining Scalare Partners is a significant step in our journey to build a meaningful presence in the Australian tech ecosystem," says Orchard, who is a former UQ Ventures entrepreneur in residence and is also a facilitator for LaunchVic’s 30x30 program.
"A key benefit for us is that our customers will now have access to a broader range of services and expertise to help them succeed. The Scalare community is deeply engrained into the local tech scene and committed to supporting the success of the industry.
"This partnership enables our customers to tap into a wider suite of services and expertise, empowering them to achieve even greater success."
Since listing Scalare has also purchased online fundraising marketplace Inhouse Ventures (IHV) and flexible office provider Tank Stream Labs (TSL), adding to other recent acquisitions since 2023 of the Australian Technologies Competition and Tech Ready Women.
"This acquisition marks yet another milestone in the execution of Scalare’s long-term strategy," says Scalare CEO Carolyn Breeze.
"Planet Startup has built an impressive reputation for delivering high-quality work and is highly regarded by its growing customer base for its professionalism.
"We are excited to be working closely with Marc, the Planet Startup team, and their customers to drive even greater impact across the startup ecosystem."
Marc Orchard, who also previously founded the BDO for Startups division and led the former Brisbane office of Fishburners, will be among the speakers at UQ Ventures' inaugural ScaleUP Showcase on 21 October.
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