Good evening,

Sydney’s Phocas Software, which sells data analytics software to retailers, manufacturers and distributors across the world, is dressing up for a deep-pocketed global suitor as it races towards $100 million in annual recurring revenue in the coming year.

Sources said Phocas has called in an investment bank – understood to be Evercore – to advise on its options. Should it launch a deal, it is expected to include a selldown for its early backer OneVentures as well as Ellerston’s JAADE fund, which led a fundraising round in 2021.

Although Phocas doesn’t command the same star power as some technology businesses that line the portfolios of local VC firms, it has grown into a sizeable business whose valuation is expected to breach $500 million. Co-founder and chief executive Myles Glashier declined to comment when contacted by Street Talk.

Read the full story tomorrow and more on the Street Talk page.

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