‘That’s got nothing to do with us’: New Tech Council CEO blasts ACCC merger reform
Damian Kassabgi is now the Australian tech industry's leading voice to government. He objects to the ACCC's efforts to expand its power to block mergers.
Just two months into his new role as CEO of the Tech Council of Australia, Damian Kassabgi has a policy fight on his hands.
Kassabgi has criticised the new merger and acquisition laws proposed by the Treasury — an exposure draft of which was released last month — claiming they send the wrong message to the country’s tech industry.
The proposed changes would see the ACCC consider acquisitions made by both the buyer and the target company within three years of the notification date, a measure designed to penalise serial acquisitions and roll-up strategies. However, Kassabgi argues this would destroy a major incentive for entrepreneurs to start businesses.
“The Australian ecosystem, many parts of it are looking for buyouts, they are looking for larger companies to purchase their company,” Kassabgi said. “They're innovating so they can integrate with another company over time.”
