Street Talk

Sydney’s Phocas sells to Californian tech investor for $500m-plus

Sarah Thompson, Kanika Sood and Emma Rapaport

Jun 3, 2025 – 2.21pm

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Nearly a year after Sydney’s Phocas Software began courting global private equity firms, it has signed on the dotted line with California’s Accel-KKR.

Street Talk can reveal Phocas signed the $500 million-plus deal over the weekend, cementing a big payday for co-founders Myles Glashier and Paul Magee and their institutional backers at OneVentures and Ellerston Capital.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.