☕️ Atlassian farewell

Good morning.

Atlassian co-founder Scott Farquhar is swiping out for the last time this weekend, leaving behind a multi-billion-dollar software empire at a strategic crossroads.

Farquhar's exit marks a pivotal moment for the global collaboration software creator. As Capital Brief’s Dan Van Boom reports, the $61 billion company is grappling with AI's opportunities and threats, a shifting internal culture and declining investor confidence.

With shares down 65% from their peak, key leadership roles vacant, and its future hanging in the balance, Atlassian is betting on cloud services to secure its next chapter.

🏆 LOI Subscriber #TBD

Market movers

Wowza! What a spectacle from Cettire on results day. The retailer often slammed for its lack of transparency managed to outdo itself. First, no results before the earnings call was scheduled. Then, no audited accounts. The snag? Grant Thornton doesn’t seem too keen yet on signing off Cettire’s revenue reporting techniques.

Shares tanked at market open after a truly bizarre call. And with 9.4% short interest as of 23 August, the stock nosedived 20% by the close.

The quick sync

• Australia leads the world in crypto ATM growth as kiosks pour in. (Bloomberg)

• Nvidia’s Q2 results exceeded analysts forecasts but still disappointed investors’ expectations. (Capital Brief)

• CBA CEO Matt Comyn, pushed back against what he called ‘insidious’ policies on all sides of politics, and called for wealth taxes, while Wesfarmers boss Rob Scott showed surprise at accusations Bunnings is gouging consumers. (AFR) (Capital Brief)

• Sydney Water threatened with class action lawsuit over forever chemicals in drinking water. (SMH)

• Qantas hints at job cuts or fare increases to help offset an enforced $60m wage hike. (AFR)

Trading floor

M&A

• Nine Entertainment’s Mike Sneesby sidesteps Foxtel M&A talk as Nine’s bankers shop Domain, reaching out to firms like KKR, Blackstone and TPG. (Capital Brief)(AFR)

• A 13.5% stake in COG Financial Services was traded at a discount, with major shareholder NAOS Asset Management speculated to be involved, and a syndicate of buyers acquiring the shares. (AFR)

• Genesis Minerals is a potential buyer for Magnetic Resources, but Gold Fields is also exploring an acquisition. (The Australian)

• UBS trader Sujit Dey suggests Perpetual’s $2.2 billion sale to KKR offers limited premium for shareholders, with net proceeds estimated at $8.38 to $9.82 per share. (AFR)

• Southern Cross Media is restarting the sale of its regional TV assets and is negotiating with buyers, amid a 1% revenue drop and a $224.6m loss for the year. (The Australian)

• SkyCredit merges with Nimble Australia, expanding its consumer credit portfolio to $100m. (BNA)

• Freehills’ M&A partners see demergers as key to future public market deals, after a decline in total deal value from $75.6bn in FY23 to $49.2bn in FY24. (AFR)

• Stonepeak is out of the running for Singapore Power’s 40% stake in Jemena, with GIP now the likely buyer due to its low cost of capital and existing gas assets. (The Australian)

• Star Entertainment's CEO Steve McCann plans drastic measures, including a $1.4bn impairment and a $300m convertible notes issue, to address the company's liquidity crisis. (AFR)

• Singapore Post plans to sell its Australian business for about $1bn, with Bank of America managing the sale. (The Australian)

Capital Markets

• Nvidia's $30bn revenue exceeded expectations, while a $50bn stock buyback and new processor shipments highlight its dominance in the AI market. (Capital Brief)

• Fortescue invests $22m in HyTerra to enter the white hydrogen sector and support global industrial decarbonization efforts. (BNA)

• Enlitic, whose market cap has plummeted, is seeking $20m to fund an acquisition and stabilize its finances. (AFR)

VC

• Cropify raises $2m with $850,000 each from Mandalay Venture Partners and Hatcher+ in their first joint investment. (Smart Company)

People moves

• Perpetual's chairman Tony D'Aloisio will retire after the sale to KKR, with Gregory Cooper stepping in as the new chairman. (Capital Brief)

The watercooler