business
Culture Amp Halves Staff Share Exercise Price as Software Valuations Fall
Culture Amp cuts the share price used for staff options by 46 per cent as global software stocks fall.
Key points
- Culture Amp revenue rose 7 per cent to $189 million from HR software sales in the financial year.
- The share price used to calculate the value of staff options was cut by 46 per cent.
- Culture Amp is backed by Blackbird Ventures and Hostplus.
Why it matters. The cut shows how a sharp fall in global software stocks has flowed through to the value of staff share options at one Australian software company.
Melbourne-based start-up Culture Amp, backed by Blackbird Ventures and Hostplus, has cut the price used to value its staff share options by 46 per cent, according to its financial statements. The company booked a 7 per cent rise in revenue to $189 million from sales of its HR software during the financial year. The cut reflects a sharp fall in global software stocks during the first half of this year.
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Culture Amp Halves Staff Share Exercise Price as Software Valuations Fall
Melbourne-based start-up Culture Amp has almost halved the value of its ordinary shares, reflecting a sharp fall in global software stocks during the first half of the year. The exercise price on staff share options has been cut by a similar proportion. The company, which is backed by Blackbird Ventures and Hostplus, booked a 7 per cent increase in revenue to $189 million from the sale of its HR software during the financial year. Despite the revenue growth, the company's internal valuation has been reduced to reflect weaker valuations across the software sector. The change affects the price staff pay to exercise their options, and it reflects the broader pressure on software companies' share prices.