☕️Dough for Doohly

Good morning.

Canva has acquired Melbourne-based digital out-of-home advertising startup Doohly for $30 million as the Australian design software giant accelerates its push into the broader marketing technology stack, Capital Brief reports.

The deal, which has not yet been publicly announced, is the latest in a rapid sequence of acquisitions by the $66 billion design unicorn, which has been systematically buying its way across the creative and marketing workflow.

The deal comes on the heels of Canva’s acquisition of UK-based professional motion and animation software company Cavalry and US-based AI creative content optimisation platform MangoAI. Doohly slots into that picture as the physical-world distribution layer — and marks the first time Canva has moved into the out-of-home advertising space.  

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Market movers

Shares in energy producer Santos fell on Tuesday after an unexpected breakdown at its brand new $6 billion Barossa gas project in the Timor Sea forced a shutdown of the company's recently restarted Darwin LNG plant, cutting exports at the worst possible moment, as global gas markets face a severe squeeze from the closure of the Strait of Hormuz.

The quick sync

• Businesses back Australia's R&D tax overhaul but fear it could add complexity. (Capital Brief)

• One Nation's South Australian breakthrough marks a new era of political disruption, writes Evan Schwarten. (Capital Brief)

• Australia's trade deal with Europe signals a world scrambling to adapt to Trump's disruption. (Capital Brief)

• Market players back ASIC's raids on private credit funds as scrutiny of the sector intensifies. (Capital Brief)

Trading floor

M&A

• Canva has acquired Melbourne ad-tech startup Doohly for $30m to expand its marketing technology offerings. (Capital Brief)

• Roc Partners delays Pace Farm sale due to egg price volatility. (The Australian)

• Proxy adviser CGI Glass Lewis has endorsed CC Capital’s $3.3b takeover of Insignia Financial. (AFR)

• BOQ narrows $3.8b equipment finance sale to Apollo and one bidder but may pause under new CEO Rod Finch. (The Australian)

• Estee Lauder is in talks to merge with Puig to form a $57b fashion and beauty company. (AFR)

• Macquarie and APG aim to sell Paraway Pastoral as a whole, despite buyers favoring its separate grain, cattle, or cropping assets. (The Australian)

Capital Markets

• KMD Brands rejected Rip Curl demerger proposal. (Capital Brief)

• Myer reported strong profit growth driven by its apparel acquisition, but its share price still declined. (Capital Brief)

• BlackBull Markets plans dual Australia-NZ listing. (AFR)

• Oracle launched an AI centre in Sydney to support businesses in adopting cloud and AI technologies. (Capital Brief)

• Domain, owned by CoStar, is undercutting REA Group’s price hikes to gain market share. (AFR)

• Rio Tinto seeks $5b from infrastructure assets. (The Australian)

• Downer EDI secured a $500m, five-year facilities management contract with Stockland. (Capital Brief)

• Ex-Morgan Stanley advisers’ new private wealth firm, Granite Bay, hit by high fees and office feuds. (AFR)

• ASIC is monitoring airlines as rising jet fuel costs and travel disruptions push airfares higher. (Capital Brief)

• Reece hikes pipe prices amid Iran war supply crunch. (AFR)

• Ursula von der Leyen says Europe is becoming more independent amid global instability, as the EU also finalizes a major trade deal with Australia. (Capital Brief) (Capital Brief)

• Cuttable has reached a $100m valuation after a major funding round. (AFR)

• Australian Prudential Regulation Authority warns climate risks may raise uninsured homes. (Capital Brief)

• Santos pauses Barossa project, limiting LNG exports. (AFR)

• Consumer confidence hits record low. (Capital Brief)

• Singapore Airlines to launch first Western Sydney flights. (AFR)

• Australian mining sector rises on easing US-Iran tensions. (Capital Brief)

• Myer posted a 32.8% profit increase thanks to its Apparel Brands acquisition, but shares still fell. (Capital Brief)

• Blue Owl Capital admits mistakes sparked sector fears. (AFR)

• BHP: Australia's competitiveness risks energy transition. (Capital Brief)

• ASIC is intensifying scrutiny of private credit funds, a move broadly supported by market participants. (Capital Brief)

• Telstra is raising mobile plan prices again, with increases up to 17% over the past year. (AFR)

• Angus Taylor warns of Australia’s living standards decline. (Capital Brief)

• Ares Management capped withdrawals from its USD10.7 b private credit fund after redemptions surged amid investor concerns. (Capital Brief)

• Qantas cuts Jetstar flights to New Zealand. (Capital Brief)

• US business growth slows amid Iran conflict. (Capital Brief)

• PhotobookShop fined for undisclosed influencer posts. (Smart Company)

• Amazon Web Services uses AI to automate work after layoffs. (Capital Brief)

• R&D tax overhaul risks being too complex, say experts. (Capital Brief)

• OpenAI set to discontinue Sora video platform app, narrows focus and readies next AI model. (WSJ)(The Information)

• Blue Owl co-founder says private credit has itself to blame for crisis. (AFR)

• Banks rebuff work from home calls as Wesfarmers pauses business travel. (AFR)

• CoStar-backed Domain starts price war with REA Group. (AFR)

• Big banks are playing both sides of the private credit meltdown (WSJ)

• Arm unveils new AI chip, expects it to add billions in annual revenue. (Reuters)

• Janus Henderson bidding war escalates as Nelson Peltz and General Catalyst raise offer. (FT)

• Circle shares fall most ever on latest stablecoin rewards move. (Bloomberg)

• Epic Games cuts about 1,000 jobs across company amid ‘Fortnite’ slump. (Bloomberg)

VC 

• Halter raises $220m in Series E funding, doubles valuation. (Capital Brief)

People moves

• Firmus adds three directors before ASX listing. (Capital Brief)

• Future Fund sees another senior exit as overlays director Simon Fraser resigns, following departures of two private markets chiefs. (AFR)

• Cullen Macleod Lawyers is paying staff bonuses to offset rising fuel costs for long commutes. (AFR)

The watercooler