Good evening,

Tech deal making is finally getting busy!

Street Talk can reveal Melbourne-based software development company X-Team has called in Blackpeak to help it turbocharge its offshore expansion plans. Its founder, Dave Rosen, has laid low so far, scaling the business to more than 500 developers without external support. But he’s on a mission to build a global “developers without borders” operation.

X-Team is expected to be valued in the hundreds of millions, putting it in a league with the biggest live deal in the sector, the Goldman Sachs-run sale of cloud specialist Versent.

Crossing over to renewable tech, we learnt Queensland’s RedEarth Energy Storage has mandated Moelis Australia and Ord Minnett to oversee a strategic review of the $100 million business, which could include a trade sale.

Elsewhere, Street Talk reported Aurelia Metals was rounding up investors for a $40 million cash injection to satisfy its lender.

Finally, it’s a bumpy ride at Downer’s waste management business Repurpose It. Bids were due by the end of this month, but we hear some suitors may be reassessing price after the Victorian government decided to tighten its belt on infrastructure spending.

Happy reading,
Sarah Thompson, Kanika Sood and Emma Rapaport
Street Talk editors