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A DECADE ago, Australian technology stocks left bleeding by the bursting of the dotcom bubble became the target of reverse takeovers by resources companies riding a wave of soaring Asian demand.
Now, the opposite is happening. The end of Australia’s lengthy mining boom has left a vast pit of casualties, including many small exploration companies unable to hang on after commodities prices tumbled. Those companies are being courted by tech start-ups from Singapore to Silicon Valley, which want access to stockmarket investors but are unwilling to take on the risk, costs or time to do an initial public offering.
A reverse takeover involves a listed company that is essentially a shell — with few or no assets left other than some cash on its balance sheet — buying a closely-held company that wants a listing on a stock exchange. The unlisted company then pumps its assets into the listed one in exchange for stock. Once the reverse takeover is completed, the new entity can tap investors for new funds.

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