By Antony Currie
Oliver Curtis blamed his neocloud's failed $5 bln IPO on local buyers' dim views of risk-taking. Investors Down Under can be cautious. But the deal was over-hyped and valuation punchy, not to mention Firmus and its banks all failed to play to the market Curtis is blaming.
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CONTEXT NEWS
Firmus Technologies co-founder and co-CEO Oliver Curtis said that the failure of the neocloud company's IPO was "a missed opportunity for Australia, to be brutally honest". He made the comments on October 11 to Liam Mendes, a reporter from the Australian newspaper who tracked him down on the way to a meeting in Singapore.
Curtis also said: "It's about Australia understanding ultimately we should be a homegrown hero, manufacture amazing technology with an amazing pipeline of opportunity...it is disappointing that Australia decided that there was a mantra of disbelief...Australia will, generally, take dim views on people taking a risk."
Australian billionaire and Firmus investor James Packer echoed Curtis' comments on October 13, telling the Australian that "Australia tends to tear down aggressive entrepreneurs and America builds them up."