ACS has acquired Brisbane-based River City Labs Group and will take over the operations of the RCL Accelerator and Startup Catalyst. The ICT industry body said it will commit $7.5 million over the next three years to support tech entrepreneurs.
The acquisition takes effect immediately and all staff will remain in their roles.
River City Labs Group (RCL) was founded in 2012 by Shark Tank presenter and tech investor Steve Baxter. RCL focuses on building platform solutions for ‘the world of tomorrow’.
In May, Baxter put out an expression of interest for someone whether it be an individual or group to take control of future operations and ownership of RCL.
ACS said it is committed to continuing RCL’s and Startup Catalyst’s growth, and ensuring a thriving tech ecosystem both in Queensland and across the country.
Yohan Ramasundara, president at ACS said, “We understand that new jobs growth in a digital economy comes from tech startups, and we are pleased to be in a situation where we can contribute to growing the tech ecosystem both in Queensland and more broadly across the country.”
For existing tenants and partners of the RCL Group, services will continue unchanged. Baxter will stay on in an advisory capacity.
Baxter said ACS came to the table with fresh new ideas, a compelling vision for supporting tech entrepreneurship in Queensland and beyond, with a willingness to invest.
“When we launched this process it was about finding the right custodian for RCL, not just to maintain business as usual but to take it to the next level,” he said.
Since its inception, more than 700 startup founders have set up office at RCL. It has run programs with many large Australian companies such as Telstra, Suncorp, CUA and BOQ.