Another day, another great Australian tech entrepreneurs leaves the nest. While all eyes were focused on the decision of Seek co-founder and joint CEO Paul Bassat to step down, Brisbane-based tech entrepreneur Bevan Slattery, the co-founder of PIPE Networks, quietly joined him.
Slattery, who is worth about $45 million, sold PIPE last year to David Teoh’s TPG, but was due to stick around as the leader of PIPE until mid-2011.
However, yesterday Slattery pulled the pin, announcing he had resigned by mutual agreement with TPG.
“We secured Bevan’s services for a 12 month period to manage the integration of PIPE and the TPG Group. In reality, PIPE’s talented and well structured management team meant that Bevan was able to step back from executive duties earlier than expected,” Teoh said in a statement.
“Bevan expressed his desire to move on during the middle of the year, and given the success of the integration we agreed to release him from his contract early.”
Fair enough – it’s common enough to see a founder depart the scene early after they sell off their baby.
But the bigger question is: What do Slattery and Bassat plan to do next?
Both are cashed up, young and clearly retain a passion for business building. Bassat hinted yesterday he wants to get involved in a range of activities, and it’s easy to imagine he will re-emerge by taking strategic investments in a range of small companies.
It would not be a surprise for Slattery to do the same, although he has not indicated what his future might hold.
But for cash-starved tech start-ups, it’s a tantalising image – two of the Australia’s best tech business people joining the likes of Adrian Giles and Andrew Barlow (ex Hitwise), Craig Winker (ex MYOB) and even Chris Morris (Computershare) as angel investors looking for great opportunities.
With the banks and venture capitalists struggling to meet demand from these developing tech companies, these angels could be perfectly positioned to underwrite the next generation of great companies.
Here’s hoping, anyway!
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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