Australian Computer Society acquires River City Labs with promise to invest $7.5million over three years
Four months on from Steve Baxter announcing his intentions to sell Brisbane coworking community River City Labs, the Australian Computer Society (ACS) has won the bid, becoming owner and operator of River City Labs Group with the promise to invest $7.5 million in growing its operations over the next three years.
In acquiring the hub, the ACS is also taking on the RCL Accelerator and Startup Catalyst. The deal takes effect immediately; services will remain the same for existing tenants and partners, with Baxter to remain an advisor and “major influence”.
Baxter had launched his search for a new owner in May, explaining that his decision was not commercially-driven, but rather made in the interests of doing what’s best for the hub and the Queensland startup community.
He explained that while CEO Peta Ellis oversees the day-to-day at River City Labs, he had remained the “go-to guy for major decisions”, and had still been “the board, the chairperson, and the bankroller”.
Read the full article in Startup Daily by Editor Gina Baldassarre