Stuart Dullard

Partner

Sydney

+61 2 9258 6536 | +61 438 783 201

stuart.dullard@ashurstperkins.com

Overview
Experience

Introduction

Stuart is a very experienced M&A lawyer and Global Co-Head of Tech M&A, as well as Head of the Venture Capital and High Growth team in Australia.

Stuart Dullard is widely recognised as one of the top Tech M&A lawyers. He is the trusted adviser to a number of Australia's leading tech companies across a range of sectors including AI, ClimateTech, FinTech, HealthTech as well as neo banks, payments companies and non-bank lenders.

Stuart regularly advises the full spectrum of clients within the tech sector, including PE funds, VC funds, CVCs, growth equity funds, consortiums, and high-growth technology companies. He is experienced in all aspects of the M&A and investment process from structuring and term sheet negotiation, preference shares, warrants, convertible notes, and employee share plans through to exit, including trade sales, dual track processes and IPOs.

Stuart is recognised in Chambers for Private Equity in Australia, is a key member of Ashurst Perkins Coie's FinTech team and authored the chapter on FinTech in the ASX's "Entrepreneur's Guide: Startup | Scaleup | IPO". He has worked on some of Australia's largest and most-complex corporate transactions, drawing on his experience working at the Takeovers Panel and in the investment banking team at N M Rothschild & Sons in London. He regularly advises Google on investments and acquisition, advised NVIDIA on its investment in Firmus AI factory and Blackbird Ventures on its $300 million in AirWallex.

"Our Ashurst Perkins Coie team is very practical, and solutions focussed. They are very knowledgeable about what the 'market' is and great advocates for us to achieve the best result."
Client quote, Corporate M&A, Chambers Asia-Pacific 2025

"We particularly value this team for their commercial acumen and problem-solving abilities, great project management and attention to detail in drafting."
Client quote, Corporate M&A, Chambers Asia-Pacific 2025

"The Ashurst Perkins Coie team is able to handle complex issues and focus on key areas for investors."
Client quote, Corporate M&A, Chambers Asia-Pacific 2024

Professional Experience

Highlights of Stuart's deal experience

Venture and Strategic Investments

Artesian Funds Management on a number of its investments in Australian technology companies including Mastt, Rosemary Health, Neo and Vitable.
ANZ Ventures on a range of investments in the FinTech sector including in AirWallex, BrickFloor, Slyp, Data Republic, Bud and Aider.
Blackbird Ventures on a range of investments in Australian technology companies including its $300 million investment in AirWallex.
BP Ventures on a number of its investments in Australian technology companies including Xpansive, Hystata & 5B Holdings.
Google on a number of its investments in Australian technology companies including LinkTree and Open Solar.
Horizons Ventures on a number of its investments in Australian technology companies.
J.P. Morgan on their investments in a number of Australian technology companies including Liear, Ord Minnett and others.
Judo Bank from incorporation to present day on each round of fundraising raising over A$1 billion in capital through a variety of instruments and on its A$2.3 billion IPO on ASX.
Neo Banks on capital raising and structuring. These include Judo Bank, Xinja, Cuscal, Alex Corporation, Mint Bank and IBA.
NVIDIA on its investment in artificial intelligence infrastructure / AI Factory company Firmus Technologies as part of its $330 million Pre-IPO round.
QBE Ventures on the establishment of their venture capital division and their investments in Australian technology companies.
Westpac on its US$30 million strategic investment in Shopback and its investment in and relationship agreement with LawPath.
W23 (Woolworths VC division) on the establishment of its CVS and on its investment in Marley Spoon, Eucalyptus and SpoonGuru, Harvest B Marketplacer and Spero Foods.

Mergers and Acquisitions

Benthic Geote: advising the Founders and Shareholders on the sale of Benthic Geotech to Acteon (a KKR portfolio company).
A global investment management company: advising on the A$650 million acquisition of the AMA Group and the associated demerger and IPO of its spare parts business on ASX.
A global investment management company: advising on the A$750 million acquisition of the Orica Chemicals business (now known as IXOM).
A global investment management company: advising on the sale of IXOM to Keppel Infrastructure for A$1.1 billion.
Finclear: advising Finclear (an Australian financial markets technology company) on the acquisition of Pershing Australia.
Flywire: advising Flywire (NASDAQ listed tech company) on the acquisition of the Australian technology company GoCohort.
Flywire: advising Flywire (NASDAQ listed tech company) on the acquisition of StudyLink from Navitas (a BGH portfolio company).
KKR, Värde and a major global bank: advised on the US$9.4 billion acquisition of GE's consumer finance business (now known as Latitude Finance).
Leonardo AI: advising a major shareholder in the sale of Leonardo to Canva Inc.
Lock8: advising Lock8 (NYC-based PE Fund) on the acquisition of Corporate Governance Risk, a global compliance reporting software company.
Lock8: advising Lock8 (NYC-based PE Fund) on the acquisition of Operating Software, a software solution that centralises operations, training, and compliance management for franchises.
Liven: advising Liven on the acquisition of Zeemart – a Singaporean technology company which operates a procurement platform.
Liven: advising Liven on the acquisition of Copper Inc. – a US technology company which operates a pay-at-the-table payment solution.
MagicBrief: advising a major shareholder in the sale of MajicBrief to Canva Inc.
Max Kelsen: advising the Founders and Shareholders on the sale of Max Kelsen (an AI consulting business) to Bain & Company and the spin-out of two AI-based technology companies as part of the transaction.
Paraflare: advising the Founders and Shareholders on the sale of Paraflare (a cyber security business) to Deloitte.
Paytron: advising the Founders and Shareholders on the sale of Paytron (a payments business) to ASX-listed OFX Limited.
PropTech Labs: advising the Founders and Shareholders on the sale of PropTech Labs to the US software company MRI Software.
Trimble: advising Trimble Inc. on the sale of its Australian workplace solutions business to the US-based MRI Software.
Workplace Software: advising a NYSE-listed company on the acquisition of an Australian tech company in the working services sector (confidential).