Tech kings dominate BRW Young Rich

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This was published 12 years ago

Tech kings dominate BRW Young Rich

By Jeanne-Vida Douglas

Technology and telecommunications entrepreneurs have stormed into the BRW Young Rich as the Australian software development and telecommunications industries prove attractive for investors and entrepreneurs.

Over a quarter of this year's list of the 100 self-made millionaires under 40 years old have derived their fortunes from the information technology or telecommunications businesses.

Scott Farquhar, left, and Mike Cannon Brookes, co-founders of Atlassian.

Scott Farquhar, left, and Mike Cannon Brookes, co-founders of Atlassian.Credit: Michel O'Sullivan

Software developers Mike Cannon Brooks and Scott Farquhar, who debuted on the list in 2007 with a joint valuation of $30 million, this year secured forth place with a joint valuation of $360 million.

Also in the top ten is the softly spoken Simon Clausen, who made it onto the list initially when Symantec bought his company PC Tools in 2008. He now dedicates part of his $207 million fortune to creating the next generation of tech companies through incubator Startive.

Simon Clausen.

Simon Clausen.Credit: Louise Kennerley

This year's BRW Young Rich list also features a number of tech newbies as a clutch of locally developed companies won significant funding from local and US based investors.

Hezi Leibovich debuts on the list in 22nd place with an overall valuation of $80 million following a reassessment of the value of the group of companies he founded with his brother Gabby Leibovich in 2006. The ever-expanding clutch of web-based retail business, Daily Deals, Catch Of The Day and Scoupon attracted an $80 million cash injection from Tiger Global Management earlier in the year valuing the overall group at $200 million a multiple of 10 times earnings.

Following on his heals in 23rd place Bevan Clark and Guy King make their debut amongst Australia's young self-made millionaires with a joint valuation of $77 million following the sale of their discount coupon site RetailMeNot.com to WhaleSharkMedia.

Dot com veteran Patrick Grove launched his first company on the cusp of the first web bubble collapse in April 2000, but has since struggled back, buying a number of Asian-based real estate classified businesses and combining them into the iProperty group, which was listed on the ASX in 2007. Over the last four years the company's market capitalisation has jumped ten fold to $200 million, securing Grove a personal fortune of $55 million, and 38 place on the list.

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Brothers Hezi, left, and Gabby Liebovich, owners of Australias largest online store.

Brothers Hezi, left, and Gabby Liebovich, owners of Australias largest online store.Credit: Wayne Taylor

Serial entrepreneur Mark Harbottle also makes his debut in 52nd place with a valuation of $40 million for his share of the coterie of companies within the SitePoint Group. Like Atlassian, the web-based success of Harbottle's 99Designs attracted the attention and then the funds from US venture capital group Accel Partners leading to a re-valuation of the string of companies he holds.

On the telecommunications front a boom year for ispONE has also lead to Chris Monching and Zac Swindells' making their debut at 71st place in with a joint valuation of $28 million.

Aidan Tudehope secured 73rd place with a personal fortune of $28 million, while James Spenceley made his debut at 91st off the back of the rapid growth of Vocus Communications.

Running up the end of the list gaming guru Rob Murry got a guernsey this year following the sale of his mobile games development company Firemint to EA Games which it is estimated to have earned him a neat $24 million. On the other side of the Pacific Ocean Aussie ex-pat games developer Andrew Lacy snuck in at 100th place following the sale of Tapulous to the Disney Company in 2010. Having stayed on with Disney to smooth the transition following the acquisition, he recently stepped down having completed a 12 month earn-out period and is no doubt taking some time out to plan his next venture.

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