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Vox Media Acquires Group Nine in Digital Scale Play but Faces Challenges
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The Vox Media-Group Nine deal just created a digital media giant, but it faces big challenges if it wants to pursue an IPO
Steven Perlberg
,
Claire Atkinson
, and
Lara O'Reilly
2021-12-15T13:03:41Z
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Vox Media is acquiring Group Nine Media in the latest digital media consolidation play.
The combined company expects to keep pursuing deals and hasn't ruled out an eventual IPO.
But it'll be hard to replicate 2021's ad market and advertisers' attention has shifted to streaming media.
For months, the digital media world has been waiting for Vox Media to make its move.Would it go public through a special purpose acquisition company, pursue a traditional IPO, or raise more money?On Monday, the company — owner of Vox, SB Nation, and New York magazine — provided a temporary answer: It will acquire Group Nine Media, the parent company of media properties that include NowThis, Thrillist, and The Dodo. The deal is the latest maneuver in the fast-consolidating digital media landscape, but the question remains as to what comes next for the new Vox Media. The company is expected to continue pursuing deals, particularly in the podcasting space, as it further weighs its next steps, which could include an eventual IPO, according to a person with direct knowledge of the deal.Group Nine reached out to Vox Media earlier this year to gauge its interest in combining as part of Group Nine's
SPAC
, which had formed late last year, according to the person with direct knowledge.That agreement would have mirrored the path that BuzzFeed ultimately took when it acquired Complex as part of its own SPAC agreement. The SPAC market has cooled, and BuzzFeed's stock has been performing poorly thus far.A few months later, the two parties reengaged on a traditional merger, the knowledgable source said, with both concluding that a marriage of Group Nine's entertainment and social media-focused outlets with Vox Media's journalistic and podcasting muscle would give it scale to better compete for ad dollars in the fast-consolidating digital media ecosystem.The Wall Street Journal, which broke news of the deal, reported that Vox Media shareholders would have a 75% stake in the new company, with 25% for Group Nine. The company expects to generate $700 million in revenue next year, the Journal reported. Early on in the talks, Group Nine CEO Ben Lerer offered to let Vox Media CEO Jim Bankoff take the reins of the combined entity, clearing the way for a more seamless deal as they ironed out the details, according to two people with knowledge of the deal.Challenges aheadInvestors like NBCUniversal, which poured money into Vox Media in the heady days of sky-high digital media valuations, might not be ready to celebrate yet. As The Information's Martin Peers noted, if a new Vox Media-Group Nine were to trade at the multiple at which BuzzFeed shares are currently trading, it would be worth close to $1 billion, roughly its peak valuation from 2015. Digital media companies will be challenged to demonstrate to street investors that they can replicate advertising's blockbuster 2021 — a bounceback from the first year of the pandemic.Next year will be much tougher, according to one media investor who doesn't have stakes in Vox or Group Nine. "They should do fine in terms of surviving, but what kind of outcomes can be expected past this point?" Meanwhile, ad revenue associated with
streaming
is growing at a clip. EMarketer estimates US connected-TV ad spending will increase by almost 60% to $14 billion this year and a further 32% to $19 billion in 2022."The action has moved from digital media to advertising supported video-on-demand (AVOD). And it's happening even faster than expected," the media investor said. The new Vox entity is looking beyond advertising by positioning itself to expand in e-commerce and subscriptions. Group Nine's The Dodo, for instance, already helps sell pet products. Vox has a content and tech partnership between its SB Nation and Draft Kings that could expand, one person close to the entity speculated. Vox Media Studios already produces shows and content that appear across platforms including
Netflix
,
Hulu
, and HBO.Discovery, a Group Nine investor, is in the process of acquiring WarnerMedia, which houses small digital media assets such as sports-focused Bleacher Report. One person speculated they could fit inside Vox. (Axel Springer, the owner of Insider, also is a Group Nine backer.) The fact that Group Nine's previously planned SPAC isn't part of the announced deal has also led some to wonder if BuzzFeed's poor initial public performance shows that small digital media outlets aren't suited to be listed companies. "There is an ongoing dissonance between private and public market values of digital media assets," said media and tech analyst Alex DeGroote.The merger of BuzzFeed and Huffington Post and now, the planned tieup of Vox and Group Nine represent a long expected consolidation of the assets tied to Ken Lerer, a kingpin of the post-AOL digital media world.As for Ben Lerer, he'll be shifting off to focus on the fund co-run with his father Ken Lerer, Lerer Hippeau. Ben Lerer will be a board member of the newly combined company but will have no operational role. Lerer will keep an office and be on hand to advise, according to a spokesperson. One of the biggest internal challenges of such mergers is maintaining the individual companies' creative cultures, said media commentator and City University of New York journalism school professor Jeff Jarvis."As startups, as unique entities, people come to them because they're not working for Gannett, or Hearst, or Condé Nast," Jarvis said. "Therein lies the real disadvantage of scale: When the best employees think they are working for a factory, it's no fun."
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Surge in Twitter Shares Could Make It Less Attractive to Acquirers
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Investors love Twitter again — but their excitement could scare off any potential buyers
Troy Wolverton
2018-02-08T20:37:01Z
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Investors bid up shares of Twitter on Thursday after the company posted better-than-expected fourth-quarter results.The stock's surge came despite the fact that it had already risen 40% in the last year, and despite Twitter posting an actual sales decline for the year.For many investors, the best hope is that Twitter will be acquired, but the stock's jump could make the company less attractive to potential suitors.For Twitter, all of the recent good news may end up having some unintended negative consequences.The social networking company on Thursday announced much-better-than-expected fourth quarter results. The report was cheered by investors, who sent the company's stock up as much as 30% in intraday trading, before it settled back down to being up around 15%.But Wall Street's enthusiasm could rebound on the company longer term. One of investors' best long-term hopes for Twitter is that it will eventually be acquired. After a 40% run-up in its stock over the last year, it was already looking pricey. The stock's latest jump is likely to give potential acquirers even more reason to shy away.Brian Weiser, a financial analyst who covers Twitter for Pivotal Research Group, cut his rating on Twitter from a "hold" to a "sell" Thursday, pointing to the stock's surge."The stock’s reaction to these results were out of proportion in our view," Weiser said in a research note. He continued: "While we think that there is value in Twitter as an acquisition target – and a pathway to a resumption of growth de-risks Twitter to potential buyers – we don’t think any transaction is likely to occur any time soon, if ever."Twitter results were better-than-expected — but that doesn't make them greatTwitter's results were impressive, at least if you grade on a curve. It beat Wall Street's expectations on both the top and bottom line. Its revenues increased for the first time in four quarters and it posted its first-ever profit.But the bar for Twitter was set fairly low. While investors were surely happy to see that its revenue didn't shrink again, it only grew by 2% from the same quarter a year earlier and its sales in the US — its biggest market — actually fell 8%.It’s not every day we see this much enthusiasm for a tech company becoming a high flyer by managing not to shrink, but here we areAnd the company's gains seem to be coming from getting more of its users to come back to its service more often, rather than by substantially increasing its total number of users, said James Cakmak, a financial analyst with Monness, Crespi, Hardt, in a research note. The number of daily active users of Twitter increased 12% from the fourth quarter a year earlier, while its number of monthly active users (MAUs) rose just 4% from the same period.Compared with the third quarter, Twitter's overall number of MAUs were flat. And in the United States, the number actually declined by more than 1%.Pointing to such numbers, Cakmak questioned whether Twitter's rebound is sustainable and reiterated his neutral rating on the company's shares."It’s not every day we see this much enthusiasm for a tech company becoming a high flyer by managing not to shrink, but here we are," he said in his note.There are plenty of reasons for potential suitors not to buy TwitterTwitter faces multiple challenges. Facebook and Google are gobbling up nearly all of the growth in online advertising. Facebook has more than six times the number of users Twitter has and has continued to grow at a much faster clip. Not only does Twitter look like a niche site by comparison — it's struggled, unlike its bigger rivals, to figure out how to make itself appealing to advertisers.At least in the eyes of some investors and analysts, the company's best hope is that another company will recognize its underlying value and snap it up. Its 330 million users doesn't put it in Facebook's league, but that total is nothing to sniff at. It also has an internationally recognized brand and user base.
Questions remain over how Twitter will replace Anthony Noto, its outgoing chief operating officer.
Asa Mathat for Vox Media
And the fact that it's returned to growth could make it more attractive to potential acquirers, Weiser said in his note.Just not at its current share price.On an adjusted basis — which excludes stock-based compensation and other charges — Twitter would have earned 44 cents a share last year. At its current stock price, that gives it a price-to-earning ratio of more than 70. That's a pretty steep valuation for a company whose sales actually slipped for the full year last year and whose adjusted earnings grew by around 19%.It's particularly pricey for a company that still hasn't completely figured out its business model. And one that has all sorts of other questions and potential risks hanging over it, such as how it will replace Anthony Noto, its outgoing chief operating officer, and the danger of potential regulation to address the use of its service to spread propaganda."There’s not enough here to get constructive," said Cakmak, explaining his decision to reiterate his rating on Twitter's shares.The danger for Twitter investors is that potential acquirers will feel the same way.
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Regulators Add Another Layer of Review to Canadian Banks' Acquisitions
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US regulators call for public hearings on Canadian banks' acquisitions
Sherry Fairchok
2022-05-20T14:26:15Z
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The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) will convene public hearings seeking the public's feedback on BMO's and TD Bank's planned acquisitions.
Regulators pushing for heightened scrutiny of deals, which aren't likely to have a chilling effect on M&A activity.
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The news: The
Federal Reserve
Board and the Office of the Comptroller of the Currency (OCC) will convene virtual public hearings to gather feedback on the Bank of Montreal's (BMO's) proposed acquisition of California-based Bank of the West, and TD Bank's plan to acquire Tennessee-based First Horizon Corporation.
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The regulators will host the hearing on BMO on July 14, and the hearing on TD Bank on August 18. The deadlines to register for these events are June 23 and July 28, respectively.What's the purpose? The regulators are seeking oral testimony on the main areas they review in pending mergers and acquisitions:The effect on local communities and the banks' performance under the Community Reinvestment Act (CRA)The impact on competition in their marketsHow the deals affect the stability of the US financial systemThe internal resources and future prospects of banksThe effectiveness of the banks' AML effortsHow we got here: A similar, previous public meeting—held on March 8 to discuss U.S. Bank's proposed takeover of MUFG Union Bank—was the first of its kind since 2019, when two meetings were held for the tie-up of BB&T and SunTrust that led to the creation of Truist, per American Banker.That March 8th meeting ran for nearly eight hours, ending with an extension of the period for comments.To assuage remaining concerns about the deal, U.S. Bank recently pledged a five-year, $100 billion community benefits plan.The U.S. Bank/MUFG deal nevertheless remains a work in progress—its planned closing date was just moved ahead to the second half of 2022.It's unclear whether these public hearings will become routine or what level of opposition or deal value might lead regulators to call them. The M&T Bank and People's United merger received final regulatory clearances on March 4 of this year without a public hearing, as did the much smaller deal between Valley National Bank and the US branch of Bank Leumi.A backlog of deals: As of this writing, the Fed listed 189 mergers and acquisitions filed for approval. The smaller deals have been moving along through the review process at a regular clip, Forbes reported. And S&P Global found that from March 2021 to March 2022, US bank deals took a median of 140 days to close—but larger deals have waited longer for Fed approval.Data compiled by the law firm Janney Montgomery Scott, cited by Forbes, showed that acquisitions with deal values of more than $500 million have taken, on average, 260 days to close this year.The timing for deals valued between $100 million and $500 million increased by roughly 20%, to about 180 days—a little more than a month longer than the median.What's next? In the longer term, regulators pushing for heightened scrutiny of deals and reviews prolonged by public hearings aren't likely to have a chilling effect on M&A activity.The slowdown in dealmaking during Q1 was an understandable reaction to a rough economy and Russia's invasion of Ukraine. The growth imperative isn't going away. In pursuit of economies of scale and portfolio expansion, banks will continue to navigate whatever obstacle course the regulatory agencies set up for them. Especially now, when lots of distressed assets may soon become available to build up their capabilities and expand their ecosystems.Want to read more stories like this one? Here's how you can gain access:Join other Insider Intelligence clients who receive Banking forecasts, briefings, charts, and research reports to their inboxes each day. >> Become a ClientExplore related topics more in depth. >> Browse Our CoverageCurrent subscribers can access the entire Insider Intelligence content archive here.
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Celgene Reportedly in Talks to Acquire Juno Therapeutics
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Celgene is reportedly in talks to buy a $5.5 billion cancer drugmaker
Lydia Ramsey Pflanzer
2018-01-17T02:10:00Z
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Celgene is in talks to acquire Juno Therapeutics, The Wall Street Journal reported on Tuesday.If the deal materializes, it'd be the second in 2018 for the biotech giant, which has been under pressure from investors.Juno is known for its experimental treatments that harness the body's immune system to treat cancer. Biotech giant Celgene is in talks to buy cancer drugmaker Juno Therapeutics, The Wall Street Journal reports. Celgene has been under pressure from investors to make some changes after a rocky 2017. Already in 2018, the company acquired Impact Biosciences in a $7 billion deal, a move that didn't entirely excite the biotech community. Juno declined to comment on the report. Juno is developing a highly personalized cancer treatment called CAR T-cell therapy (CAR is short for chimeric antigen receptor). 2017 was a big year for these treatments, with the Food and Drug Administration approving two, and Gilead Sciences buying CAR-T drugmaker Kite Pharma for $12 billion. A deal between Juno and Celgene wouldn't be entirely out of the blue — the two companies have been partnered since 2015 in a $1 billion deal that gave Celgene certain rights to commercialize Juno's treatments. Juno was up 40% Tuesday evening on the report.
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Grading Google's Acquisitions
Jay Yarow
Oct. 23, 2009,
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Eric Schmidt keeps saying it: Google is back in buying mode. The company will be doing "one-a-month acquisitions largely in lieu of hiring."
But before Google (GOOG) spends some of its massive pile of cash, maybe it's time for a history lesson.
Google's grades and marks →
To date, Google's made around 50 purchases. We've graded 13 of them here.
Some have been pretty smart -- for examples, look at DoubleClick or Applied Semantics.
Others have been silly like Adscape or Jaiku.
Looking through the list, it's easy to figure out what Google needs to avoid when it makes decisions about acquisitions: side projects that aren't relevant to its business. If Google can't resist buying one of those companies -- and with Google, it feels inevitable that it can't -- then it needs to figure out how to let the founders build their company within Google. In two instances--Dodgeball and Jaiku--Google bought companies that could have become Twitter. Neither one is still alive.
Schmidt says most of Google's coming acquisitions will be small companies. That's good. Our review shows Google is good at is acqui-hiring smart people and plugging them into one of Google's growing products like video, or mobile.
Here's Google's grades and marks →
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Triggit Acquisition by Gravity4 and Gurbaksh Chahal
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We've just seen the strangest, saddest adtech deal of the year
Jim Edwards
2015-03-31T16:38:00Z
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Zach Coelius, co-founder of Triggit.
Flickr, CC / Joi
Easily the strangest adtech deal of the year is the Gravity4 acquisition of Triggit, the web advertising buyer that did a lot of business inside Facebook's FBX ad exchange.People will not rejoice at this news.
Triggit took $18.5 million in funding from investors. Because it was a tech startup with an actual revenue model, many people expected it to go on to great things. A larger company could have acquired it (making its founders rich). Or, perhaps, it could have eventually have become big enough to do an IPO like so many other adtech companies have done.Instead, Triggit has been bought by Gurbaksh Chahal's Gravity4. The terms of the deal are undisclosed but sources tell Business Insider the deal price is modest.Chahal is the troubled founder of another adtech company, RadiumOne, who was ousted from that firm by his own board after he was accused of punching his girlfriend. The prosecution dropped felony charges but he pled guilty to two misdemeanors — domestic assault and domestic violence — following a plea bargain. He was sentenced to three years probation, a 52-week domestic violence training course, and 25 hours of community service.Since then, someone has been mysteriously phoning members of media anonymously to spread dirt on RadiumOne. Two other RadiumOne board members have resigned, and a source tells Business Insider it's because they're bored of Chahal's media drama.
This is not how anyone thought the Triggit story would end.Triggit was founded by siblings Zach Coelius and Susan Coelius Keplinger, and Zach built a reputation as one of the great champions of real-time bidding in web advertising. Zach was often a loudmouth, who fought his battles with rival companies in public. But he is also a straight shooter. And he is one of the more interesting characters in the business. He will leave the company in the acquisition, along with his sister, and CTO Ryan Tecco, and it will be a shame to see him go. (He declined comment when reached by Business Insider.)The company was founded in 2006, when most people had no clue that "retargeting" even existed, let alone how it worked. (Retargeting is the method in which advertisers place ads that can follow you around on the web based on your browsing behavior.)To give you an idea of just how uphill Zach Coelius's battle was, here is a video from 2010 in which top ad execs from Mercedes-Benz, Lexus, Honda, and Volkswagen express absolute bafflement at a conference where they were asked about "agency trading desks" and "demand-side platforms".Trading desks and DSPs are the companies that place online ads, on which these execs were already spending hundreds of thousands of dollars. Today, no marketing exec would be this clueless and that is in large part to Coelius's efforts.
Zach Coelius also made a bit of a reputation as a firebrand when he appeared on stage at the Online Marketing Media and Advertising conference in 2011 and accused the large ad agencies of a conflict of interest in the way they handle their clients' money. Ad agencies take two fees, for both advising clients and spending their money, Coelius argued, and this seems questionable. You can see VivaKi AOD's Mac Delaney restraining himself from punching Coelius in the mouth at 30.30 in this video of the session. Delaney ends up calling Coelius a "pre-schooler":
Broadcast live streaming video on UstreamAs far as can be observed from the outside, Triggit's fate appears to have been sealed mostly by Facebook's downgrading of FBX, its big ad exchange market. Triggit was a big player in FBX, and in late 2012 took a $7.4 million round of funding from investors who were happy with the fact that Triggit was handling Facebook ads for 200 different clients.The problem was that inside Facebook a debate was brewing about the future of FBX. Some staff thought it was a hugely useful addition to the adtech market, because it utilised standard technology that was used elsewhere on the web, and let advertisers target people inside Facebook based on data those clients collected on customers' web browsing behaviour. Others — like VP ads / product marketing / Atlas, Brian Boland — thought Facebook should develop a "closed" system in which advertisers had to pay for the use of Facebook's targeting data rather than using their own data in an exchange.
Boland won that debate and in mid-2013 Facebook COO Sheryl Sandberg hinted to Wall Street analysts that FBX was "a very small part of our business and I think sometimes people don't understand that." It turned out that she was telegraphing the fact that Facebook would ultimately downgrade FBX. It would not be a priority for the company going forward. Some of the companies inside FBX have since been decertified by Facebook, meaning that they cannot advertise to clients that they are capable of buying ad space inside FBX.In 2014, Triggit tried to expand its retargeting business to other web sites.It's not clear how big Triggit's revenues were at the time of the acquisition. The company had slightly less than 50 employees at its peak, we believe.Regardless, a small but interesting chapter in the history of adtech is closing. Business Insider has heard that the company was sold to Chahal for less than what investors sunk into the company. And without Zach Coelius at the helm, Triggit will be a new and different beast anyway. It is sad to see it reach such a downbeat ending.
It would be great if Chahal's new company could provide Triggit with a home where it can flourish beyond the niche it found. Fingers crossed.
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Grand Rounds and Doctor on Demand Are Acquiring Included Health
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Grand Rounds and Doctor On Demand are acquiring a little-known startup that's taking a new approach to LGBTQ-friendly healthcare
Blake Dodge
2021-05-26T12:00:00Z
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Owen Tripp, CEO of Grand Rounds.
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Grand Rounds Health and Doctor On Demand are acquiring Included Health, the companies told Insider.
Included helps LGBTQ+ people navigate the healthcare system and avoid discrimination.
The deal is part of an M&A frenzy in digital health, and shows companies are committed to diversity and inclusion.
Grand Rounds Health and Doctor On Demand are acquiring Included Health, a one-year-old startup that coordinates care for LGBTQ+ patients through their employers, the companies told Insider. Grand Rounds, a company that helps people navigate healthcare, and
telehealth
giant Doctor On Demand merged earlier this month. The idea was to form a company that can provide a kind of one-stop shop for patients, whether they need to fight a medical bill, get a second opinion on a surgery, or see doctors online for physical and mental healthcare. Now Included is joining the roster. Grand Rounds CEO Owen Tripp told Insider that the deal is coming together in part because of a stronger commitment to diversity, equity, inclusion, and belonging in corporate America. The healthcare industry doesn't always embrace that conversation, but discrimination affects health and therefore the companies' millions of customers, Tripp said. In a 2020 study conducted by Included prior to the coronavirus pandemic, nearly half of LGBTQ+ respondents surveyed reported discrimination or an otherwise negative experience in the healthcare system, and many chose to cease getting care entirely, per the company. The respondents were employees at Fortune 100 companies. "The broad theme at play here is how do we not be hand-wavy?" Tripp said. "How do we actually take our words, our commitments, our values, and make them come to life inside of our product?" The companies declined to disclose details of their agreement. Included had raised a total of about $2.5 million before being acquired.Colin Quinn will remain the CEO of Included, and the companies will operate separately for the next couple of months. The companies didn't say how the offerings will be sold to clients. Included will be an independent product offering of the new company, Quinn told Insider, and over time will work more with other parts of the organization. Doctor On Demand physicians, 20% of whom are LGBTQ+, could be added to Included's roster, for example.
Hill Ferguson, Doctor On Demand's CEO.
Doctor on Demand
Included is just getting off the groundIncluded, a New York-based startup, was just getting off the ground prior to the acquisition agreement. Quinn, who is gay, struggled himself to navigate the healthcare system. For example, it was hard to find a primary care doctor that didn't shame him for wanting to access PrEP, or medicine that can prevent HIV, he told Insider.Included can help patients find queer-friendly care, like access to PrEP and hormone replacement therapy, as well as gender-affirming doctors, dentists, and therapists. It also helps members understand their benefits, like if a surgery is covered, and connects them with peer support.
Colin Quinn, Included's CEO and cofounder.
Included Health
Quinn and cofounder Joshua Riff worked through the Employer Health Innovation Roundtable, an employer coalition focused on healthcare, to survey employees and talk with benefits managers to incubate their ideas. They ended up uncovering a big unmet need even among the country's top companies. Queer employees were avoiding care, for example, leading to emergency room visits. Less than a year later, companies like Salesforce and Accenture were signing up, to the point where Included couldn't meet demand, Tripp said."We've really uncovered an unmet need here. And we recognize that we're not able to get to everyone today, just in the early days of us being a company," Quinn said."This gives us an opportunity to expedite things," he added.
Included Health wants to provide better care for the LGBTQ+ community.
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Digital health is moving fastThe deal comes at a time of intense consolidation and investment in
digital health
.Investment in digital health set a record in the first quarter of 2021, and the industry accounted for nearly 10% of all venture funding, according to Rock Health.All in the past year, telehealth giant Teladoc acquired Livongo, a chronic care company; Cigna's Evernorth bought telehealth provider MDLive; Accolade, a care navigator, has said it'll buy PlushCare, a virtual care provider; Walmart is acquiring a small telehealth company; and Ro, an online clinic, is buying Modern Fertility, a women's health startup. While Grand Rounds will continue to explore M&A opportunities, Tripp's focus is less about finding a
diabetes
startup than rethinking how to make online care better than what's possible in-person, he said. "What's special about Included was the way that they looked at care for the whole person," he said.
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Johnson & Johnson Acquires Auris Health for $3.4 Billion
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Johnson & Johnson is buying a Silicon Valley surgical-robotics startup for $3.4 billion
Lydia Ramsey Pflanzer
2019-02-13T15:05:00Z
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Auris makes a product called Monarch, a controller-operated robotic camera that gives doctors a view inside the body to help diagnose lung cancer.
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The pharmaceutical giant Johnson & Johnson is buying Auris Health, a surgical-robotics company, for $3.4 billion.Auris makes a controller-operated robotic camera that helps doctors get visuals from within the body, including the lungs.Auris had raised more than $700 million from investors, and its last valuation as a private company was $2.1 billion."In this new era of health care, we're aiming to simplify surgery, drive efficiency, reduce complications and improve outcomes for patients, ultimately making surgery safer," Ashley McEvoy, the executive vice president of medical devices at J&J, said in a statement Wednesday.Watch J&J trade in real time.
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Johnson & Johnson is bulking up on its surgical-robotics presence by acquiring Auris Health for $3.4 billion.Auris makes a controller-operated robotic camera that helps doctors get visuals from within the body, including the lungs.Auris was most recently valued at $2.1 billion as a private company, putting it among other health-tech unicorns. J&J agreed to pay as much as $2.35 billion more for Auris based on development milestones that the company, based in Redwood City, California, hits."In this new era of health care, we're aiming to simplify surgery, drive efficiency, reduce complications and improve outcomes for patients, ultimately making surgery safer," Ashley McEvoy, the executive vice president of medical devices at J&J, said in a statement Wednesday.
Read more: 16 billion-dollar startups revolutionizing healthcare that you should be watching in 2019J&J has been bulking up its presence in surgical robotics in recent years. In 2018, the company acquired Orthotaxy, a company developing robotic surgical tools to assist in total and partial knee replacements. It also has a joint venture with Verily, Alphabet's life-sciences arm, called Verb Surgical that's developing new ways to use robots to assist in surgery.Since its founding, Auris raised more than $700 million in venture funding. Investors in Auris included Lux Capital, Mithril Capital Management, Highland Capital, Partner Fund Management, and Coatue Management.The acquisition of Auris by J&J would be one of the 10 largest venture-backed private deals, according to Peter Hébert at Lux Capital, which led Auris' Series A round.
In March, Auris got approval from the Food and Drug Administration for its robot-camera product, called Monarch. The idea is to get a clearer picture of places within the lungs that are often reached only through more invasive procedures."We believe that Monarch will become the go-to approach for diagnosing lung cancer in the future," Auris' chief scientific officer, Josh DeFonzo, told Business Insider at the time.Read more:This Silicon Valley startup has quietly raised $500 million to help diagnose cancer using controllersWe got a look at the slide deck that buzzy startup Devoted Health used to hit a $1.8 billion valuation before it signed up any customersMicrosoft's head of healthcare thought it was a 'career-ending move' when Satya Nadella offered him the job. Here's why he says he's now completely sucked in.Walgreens is forging alliances with tech giants like Microsoft as it prepares for war with Amazon
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Gilt Groupe Will Acquire What's Left Of BuyWithMe - Business Insider
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Gilt Groupe Will Acquire What's Left Of BuyWithMe
Alyson Shontell
Oct. 28, 2011,
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BuyWithMe has been shedding employees in preparation to be acquired, says BetaBeat's Ben Popper.
The buyer, he says, is Gilt Groupe.
Last week, Popper reported that the daily deals site cut more than half its staff. Starting November 1, BuyWithMe will officially belong to Gilt Groupe. After that, Popper says the remaining BuyWithMe staff will be let go, leaving Gilt with just its technology and a few executives.
It's not clear what will happen to BuyWithMe employee stock options.
We've reached out to Gilt for comment and will give an update when we hear back.
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The remaining BuyWithMe staff will be laid off and Gilt will be left with the technology, says one report.
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GE Just Acquired A 100-Year-Old Oil Company That Supports An Entire Region In Texas
Rob Wile
Apr.
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YoutubeThis morning, GE announced it had acquired oil pump maker Lufkin Industries for $3.3 billion.
It's a good sign for America's shale boom — as GE said in its release, the pumps "represent a booming $13 billion patch of the oil and gas industry, fueled by shale and other unconventional sources of energy, and also by the need to make mature oil fields productive again."
But it means a heck of a lot more to the residents of Lufkin, Texas, population 35,000, and the greater East Texas region.
Lufkin Industries began as Lufkin Foundry and Machine Company in 1902. It made railroad and sawmill equipment.
Twenty-four years later, a man named W.C. Trout, who'd joined the company as a shareholder and company secretary, invented what is essentially the predecessor of the technology GE is acquiring, a counter-balanced pumping rig.
There are now at least two streets named after Trout and his descendants.
Kurth Drive, one of the main drags in the city, is likewise named after Lufkin founder Joseph Hubert Kurth.
We spoke with Lufkin, Texas Mayor Bob Brown about what the acquisition means for the community.
He said the company directly employs 1,100 people in the area.
Undoubtedly, it indirectly supports hundreds more.
"It is by far the bell cow in this county," he said.
Brown said he had no reason to believe GE will move jobs, though he said some residents were already saying they were worried.
Some local business owners we contacted hadn't yet heard of the acquisition. Rhonda Oaks, a reporter at the Lufkin Daily News, told us the mood from those she'd spoken with ranged from concerned to cautiously optimistic.
The region's ABC affiliate reports that GE is saying no jobs will be lost and both employees and customers will benefit from the merger.
"We have no layoffs in the future," GE oil and gas spokesman Sean Gannon said. "It's a growing sector and Lufkin Industries is good at what they do."
Lufkin shares closed up 37.59 percent today.
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GE Just Acquired A 100-Year-Old Oil Company That Supports An Entire Region In Texas
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Twitter Has Acquired Another Tiny Startup, Clutch.io
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Food Ordering Company Seamless Acquires MenuPages And Its Database of 35,000 Restaurants
Alyson Shontell
Sep. 26, 2011, 10:00 AM
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Seamless, the food ordering site that recently
rebranded from Seamless Web, has acquired MenuPages.
BetaBeat estimates the
acquisition price was $15 million.
MenuPages is a restaurant database with more than 175,000
user-written reviews and 35,000 menus. The acquisition
marks Seamless' expansion from a food-ordering site to a complete
restaurant resource.
Now it will have user-generated content, more accurate menus, and
better quality reviews.
In addition to gaining MenuPage's database, Seamless will acquire
its mobile audience. Mobile has been a major growth area for
Seamless, which has seen a tremendous spike in completed orders
due to mobile traffic and almost half a million app downloads.
Combined, MenuPages and Seamless will have nearly 900,000 mobile
users and access to more than 50 cities worldwide.
Click here for more on the
Seamless' new mission.
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Google Buys Startup KikScore Just To Shut It Down - Business Insider
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Google Buys KikScore's Technology And Now KikScore Will Shut Its Doors
Julie Bort
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APLarry Page doesn't need you.
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If you can't beat 'em, you can always buy 'em and shut them down. That seemed like the choice Google made with tiny competitor KikScore, a service that rates the trustworthiness of e-commerce sites.
UPDATE: A source close to the company just called and told us that Google did NOT acquire KikScore in whole but only bought a couple of patents from the company for a very small sum of money. This source says that Google did not force KikScore to shut down. We have updated this story accordingly.
Google bought some tech from the company and on June 28 and KikScore will turn the service off for KikScore's ~1,700 customers. Terms were undisclosed but looks like it was a decent enough payoff, because but CEO Raj Malik's blog about the deal was downright giddy. It reads like an Academy Award speech with a long list of thank-yous.
Malik credits VC Eric Liaw at Institutional Venture Partners and Anuj Goswami, a lawyer at Ballard Spahr for making the deal happen. So if you're looking to sell your startup stuff to Google, you might want to look those guys up.
Google CEO Larry Page has emphasized cutting down the company's sprawling product portfolio in favor of a seamless, integrated experience. So it makes sense that Google would shut down KikScore. It just doesn't look great for Google to do that.
Google now owns KikScore's tech, but none of the management will come to Google. Customers are being asked (or told, depending on how you look at it) to switch to Google's Trusted Store product instead.
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Who Remembers This Blistering Dissection Of What It's Like To Be Bought By Yahoo?
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May 27, 2013,
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Back in 2011, Matt Linderman wrote a harsh critique of Yahoo's history of acquisitions. He found the company had spent $13.3 billion on more than 30 companies over the years, many of which vanished inside Yahoo's bureaucracy. (MyBlogLog? Jumpcut?)
Linderman is worth listening to because he's the founder of 37Signals, the company that makes work management tools like Basecamp and Campfire.
His company has a blog, Signal vs. Noise. And Linderman's two-year-old post on Yahoo acquisitions is suddenly getting a burst of new life in light of the company's $1.1 billion takeout of Tumblr.
It concentrates on the acquisitions of Flickr, Delicious, MyBlogLog, and Upcoming.
Of course, Yahoo got a new CEO, Marissa Mayer, after Linderman's post. So this is all ancient history ... right?
Here are a couple of highlights:
FLICKR: According to a worklog [Flickr Architect Kellan Elliott-McCrea] kept in 2008-2009, 18 meetings scheduled over a 9 month period discussed why Flickr’s API was poorly designed and when it’d be shut down and migrated to the YOS Web Services Standard. He said, “That kind of stuff slows you down. Especially when you’re being starved for resources.” [Flickr lost a lot of users to Facebook's photo-sharing service, but it was recently redesigned by Yahoo.]
DELICIOUS: [Founder Joshua] Schacter left Yahoo when his contract was up, in June of 2008. “I was largely sidelined by the decisions of my management,” he said after leaving. “It was an incredibly frustrating experience.” [Delicious was sold to AVOS in 2011.]
UPCOMING: Neil Kandalgaonkar, a former engineer at Upcoming, says acquired companies like Upcoming were “parcelled out to different parts of Yahoo where they were subordinate to the existing hierarchy and agenda.” He also argues there was a failure of vision. “The Yahoo model is to think of their sites as media properties with audiences, and bolder ideas like one social network encompassing them all was never a priority,” he said. “Even if top executives wanted to see revolutionary change at Yahoo, most of the organization was set up to do deals with Purina Puppy Chow and to ask if Flickr wanted to create a special site for dog photos.” [Upcoming was shuttered this year.]
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Correction: Google Did Not Buy ICOA Inc.*
Kevin Smith
Nov. 26, 2012, 10:12 AM
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Like many other outlets we were duped by a fake press release saying that Google had acquired wireless Internet network provider ICOA INC for $400 million.
ICOA Inc. provides Wi-Fi to high traffic public locations like airports and restaurants and because of Google's recent pursuits in fiber internet many assumed it to be true.
AllThingsD didn't buy the story, it was the first to say the report was fake via Google sources.
Don't Miss: FRAUD ALERT: Report That Google Bought A Penny-Stock Company For $400 Million Is Bogus >
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Shopify C-Suite Changes Could Mean More Acquisitions
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Shopify's C-suite revamp could signal more acquisitions and a focus on services over software, analysts say
Madeline Stone
2022-09-22T14:47:55Z
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Shopify is making a number of changes to its C-suite amid a rocky year.
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Shopify recently announced a number of new hires and promotions to its C-suite.
Analysts said its hiring of Jeff Hoffmeister as CFO is most notable.
Hoffmeister's Wall Street background could signal a renewed focus on M&As, they said.
Shopify announced the latest round of changes to its leadership team earlier this month when it said both its chief financial officer and chief operating officer would be stepping down.The longtime Morgan Stanley investment banker Jeff Hoffmeister is replacing Amy Shapero as CFO. Kaz Nejatian, who served as a vice president of product for Shopify's merchant-services division, will take over Toby Shannan's role as COO.Bobby Morrison, a former Intuit executive, was also appointed to the newly created role of chief revenue officer, reporting to Nejatian. Luc Levesque was promoted to the C-suite in the role of chief growth officer. Most of Shopify's C-suite has been replaced in the past two years. Analysts said the latest appointments signal the beginning of a new era for Shopify, but generally, they remained confident in leadership. Hoffmeister's hiring, in particular, could be setting the company up for more M&A activity, analysts said.While Shopify hasn't said explicitly that it plans to ramp up its M&A efforts, Hoffmeister is well-respected in the investment-banking world for that kind of work, Tom Forte, a managing director and senior research analyst at D.A. Davidson, told Insider."When you see a company hire someone who's got 20 years of investment-banking experience in the tech sector, it suggests to me that that's a person who could lead the charge on a new strategy involving a lot more M&A than what they've done historically," Forte said.Hoffmeister spent more than 20 years in the tech-investment-banking group at Morgan Stanley. He helped lead Shopify's 2015 IPO in addition to transactions and public debuts for many other tech companies. Shopify has made some large acquisitions in recent years, though the most high-profile ones have focused on the nascent fulfillment side of its business. Most recently, it bought Deliverr for more than $2 billion this summer. But analysts had mixed reactions to the possibility that Shopify could increase its acquisitions."In general, investors — and software investors, specifically — we gravitate towards organic growth," Ken Wong, the managing director of software research at Oppenheimer & Co., said to Insider. "It reinforces that a company has a very attractive growth runway that they don't necessarily need to supplement it, and it validates their product development, like this is an innovative company that can continue to create solutions and products that customers want to buy."Wong added that the cost of acquisitions can hurt companies' margins, something that investors are already concerned about, given Shopify's expensive foray into fulfillment. Shopify plans to invest $2 billion through 2024 as it builds out a physical fulfillment network. It had originally planned to go with an "asset light" model for fulfillment but pivoted to a focus on owning more of the operation itself earlier this year. Shopify has also been wading through some choppy waters recently. In July, its CEO, Tobi Lütke, said that the company had miscalculated the long-term effect that the pandemic would have on e-commerce growth. The company laid off about 10% of its workforce, or about 1,000 people. Changing up the C-suite at a time like this isn't concerning, Andrew Bauch, a senior equity research analyst at SMBC, told Insider. "If everything was hunky-dory, then it would catch me off guard."'At the end of the day, this is a Tobi- and Harley-run business'Overall, analysts were less surprised by Nejatian's promotion. Nejatian is known for leading the product team in Shopify's merchant-services division. (He's also known in some circles for his tweet celebrating the value of hard work, long hours, and China's "996 companies," where employees work 9 to 9, 6 days a week.) His work at Shopify has focused on products like point-of-sale, shipping, and financial services.
Kaz Nejatian.
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Merchant Solutions has become a big moneymaker for Shopify. In the most recent quarter, Merchant Solutions' revenue grew 18% year-over-year, to $928.6 million. Its Subscription Solutions revenue, or the money that Shopify makes from merchants paying a monthly fee to host their storefronts, grew 10% to $366.4 million. Elevating Nejatian to COO could signal that Shopify will be prioritizing that side of its business more than its core storefront software. "That could suggest that as far as future investment, future management brain power, it's gonna shift more towards that services side versus the traditional software side of things," Wong said."There was some hope that they would reprioritize software, whether it's marketing-automation software or customer-engagement software," he added. "I think these two hires suggest otherwise." With the appointments of Hoffmeister and Nejatian, Shopify will have replaced almost its entire C-suite in the span of a year and a half. The former chief technology officer Jean-Michel Lemieux, chief legal officer Joe Frasca, and chief talent officer Brittany Forsyth all departed in 2021. The chief product officer Craig Miller left the company a few months before that, in fall 2020. Allan Leinwand, a former Slack engineering leader, took on the CTO role, while Tia Silas, a former Wells Fargo executive, joined as chief talent officer. Jess Hertz, formerly the deputy assistant and staff secretary to President Joe Biden, joined as general counsel to lead Shopify's legal team. John Asante, who worked at Google, joined as chief information security officer in 2021. Shopify has yet to formally fill the chief product officer role, whose responsibilities Lütke said he would take on in the wake of Miller's departure. Analysts didn't appear too concerned about the high rate of turnover in the C-suite, though. They generally view Lütke and the company's president, Harley Finkelstein, as the key pieces of Shopify's leadership team, and they show no signs of leaving anytime soon. "At the end of the day, this is a Tobi- and Harley-run business," Bauch said. Forte echoed that sentiment when asked whether the executive turnover was concerning to him as an investor. "As long as Tobi is at the helm, with the added benefit of Harley being there, then the answer's no," he said. Got a tip? Contact this reporter at [email protected] or on the secure messaging app Signal at (646) 889-2143 using a non-work phone.
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Changing the Definition of a 'Business' Could Save Companies Money During M&As
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Changing the definition of a 'business' could save companies money during M&As
James Kosur
2015-12-03T15:22:49Z
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The FASB wants to more clearly delineate between a "business" and an "asset."
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CFO Insider is a daily newsletter from Business Insider that delivers the top news and commentary for chief financial officers and other finance experts.Clearer definition of a business called boon for CFOs (CFO.com)
The Financial Accounting Standards Board has called for a more clearly defined definition of the term "business."The FASB hopes to make it easier for companies to perform M&A accounting by providing them with a clear difference between what makes up a business versus an asset. "Many stakeholders have said that the current definition of a business is applied too broadly, requiring many transactions to be treated as businesses when they should be treated as assets," CFO.com says.A news release from the FASB on November 23 says critics "noted that analyzing such transactions is costly and complex."
A clearer definition "would make it easier for CFOs to report that their companies are acquiring an asset rather than a business," CFO.com says. Even a simple change to the definition "could be a big boon for their companies in terms of saved time and expense."The proposed definition update is open for public comment until January 22.Activist investors are forcing companies to rethink how they deal with investor relations (Nasdaq)There is a growing disconnect between some management teams and their investors. That disconnect is forcing investor relations teams to shift into a strategy-based role.
"With growing business and market complexity, the role of investor relations has evolved to become more strategic," says Deirdre Dastous, vice president and head of global intelligence at Nasdaq."Due to fundamental changes in the brokerage industry and sell-side, many companies — especially smaller and medium-sized businesses — are struggling to attract or maintain analyst coverage," Dastous warns. Expedia's CFO says it's ready to go after Airbnb's customers (Skift)Expedia CFO Mark Okerstrom says his company is closely watching Airbnb and realizes that the company, currently based on a sharing-economy model, could enter into the hotel-booking business in the next few years.
Skift reports that during a talk at the Credit Suisse Technology, Media, and Telecom Conference in Phoenix on December 1, Okerstrom said, "Airbnb will face tough competition from established players such as Expedia and Booking.com.""I think also to the extent that, that Airbnb type inventory becomes a true substitute for the mainstream lodging product, I think, for us the HomeAway acquisition provides not only a perfect hedge, but a perfect opportunity to actually go after that new market," Okerstrom adds.
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Oracle's Acquisition Of Startup Nimbula Last Week Is Strangely Hush Hush - Business Insider
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Oracle's Acquisition Of Startup Nimbula Last Week Is Strangely Hush Hush
Julie Bort
Mar. 19, 2013,
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Larry EllisonBusiness InsiderOracle reports its earnings tomorrow and one thing everyone will be listening for is progress with Oracle's cloud.
The cloud has been the subject of a lot of Ellison's smack talk in recent months and many billions of dollars in acquisitions, including one last week, Nimbula.
Nimbula makes cloud management software but it's bigger claim to fame is that it was founded by Chris Pinkham, one of the people who created Amazon's cloud. Nimbula's cofounder, Willem van Biljon, also helped build the Amazon cloud.
Although both companies announced the acquisition, the two were strangely tight-lipped about any other details. We asked Pinkham to confirm that he was now working at Oracle and he wasn't even allowed to comment on that.
Presumably he is, because Oracle greatly needs his expertise. In January, Oracle announced plans to try and compete with Amazon with a clever scheme that involves customers renting Oracle hardware loaded with its software.
But Oracle can't really launch a true Amazon competitor. That's because, despite Oracle's biggest ever R&D effort, a six-year project called Fusion, its apps still don't work on a traditional cloud infrastructure. They can't be shared, a concept called multitenancy. And sharing is one way to make cloud computing cheaper.
Pinkham and van Biljon could presumably help with that, if they're are actually working for Oracle.
Sources say that other Nimbula execs are moving to Oracle, such as Reza Malekzadeh, vice president of sales, who came to Nimbula from VMware.
Malekzadeh joked on Twitter that "The America's Cup tickets were too good to say no to!" and that he's now trying to get an invite to see the world class sailing race from Ellison's yacht.
Are you an insider with information about Oracle and Nimbula to share? We want to hear it. We are discreet. @Julie188 on Twitter or [email protected].
Disclosure: Jeff Bezos is an investor in Business Insider through his
personal investment company Bezos Expeditions.
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How to Generate Six Figures in Monthly Income From "Boring" Businesses
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Codie Sanchez built a portfolio of 'boring' small businesses that generated $4 million in revenues last year. The ex-Wall Streeter lays out the types of investments that allow her to gross 6 figures monthly — and shares how to get started.
Vicky Ge Huang
2022-03-18T09:00:00Z
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Codie Sanchez, a Goldman Sachs, Vanguard, and State Street alum, now owns a portfolio of cash-flowing "boring" businesses that gross six figures of monthly income.
Codie Sanchez
This story is available exclusively to Insider subscribers.
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After over a decade on Wall Street, Codie Sanchez left to build a portfolio of "boring" businesses.
These businesses generated nearly $4 million in revenue in 2021, per records viewed by Insider.
Sanchez explains why she bets on "boring" but profitable businesses and how to get started.
In an improbable career spanning investigative journalism, Wall Street finance, and cannabis investing, Codie Sanchez has learned how to parlay her contrarian thinking into winning bets. After working as an investigative reporter covering human trafficking and drug smuggling on the US-Mexico border, Sanchez felt jaded about the lack of impact from her albeit award-winning journalism. Aided by "a mixture of luck and showing up" at various investment conferences, she said she quickly pivoted to finance, starting first at indexing giant Vanguard before moving on to Goldman Sachs, State Street, and First Trust. In 2019, Sanchez left Wall Street to help launch and build the cannabis-focused private equity firm Entourage Effect Capital. Soon after, business travel ground to a halt at the onset of the Covid-19 pandemic. That was when Sanchez took the time to jot down everything she had learned about dealmaking and acquiring cash-flowing small businesses. Today, her writings have grown into a newsletter business, aptly named Contrarian Thinking, which counts more than 100,000 subscribers. In her weekly dispatches, Sanchez imparts actionable ideas on how to build multiple income streams either through side hustles or business acquisitions. In fact, she herself leveraged these ideas to build a portfolio of 25 businesses that generated eight figures in annual revenue. Among them, four businesses generated $3.9 million in revenue in 2021, grossing six figures of income per month, according to screenshots of payment records, as well as profit and loss statements viewed by Insider. The most profitable businesses are in 'boring' industries Sanchez first became inspired to invest in small businesses on the side after seeing her uncle wind down his plumbing business instead of selling it for a profit. "He could have been sitting on millions and millions of dollars instead of just winding down the business when he retired," Sanchez told Insider in an interview. "When I heard that that's what they decided to do, I was like wait a second, mergers and acquisitions might be happening on this really small level, could I do something with that?"In 2015, she forayed into small-business M&A by putting $25,000 into a fortune-cookie advertising business. Sanchez said the investment ended up returning $300,000 after a big investor bought the company, though she expects further upside given that she still retains about a 25% to 30% stake in the company. The experience made her realize that the most profitable businesses tend to be in "boring" industries instead of Silicon Valley and acquiring businesses could be a faster path to building wealth than starting them. While most investors like to bet on dreams, it is a lot safer and surprisingly profitable to bet on reality, in which stable "boring" businesses tend to generate exciting financial results, she observed. "Instead of doing traditional startups only, I would look to get equity, revenue, or profit-sharing businesses," she explained. "That's now turned into mobile home parks, laundromats, car washes, Airbnb rentals, property management companies, and a bunch of unrelated things that I never would have thought could replace my income."Indeed, besides her newsletter business, Sanchez's portfolio now includes laundromat businesses, Airbnb rental properties, a podcast production company, and a consulting company that offers courses and consultations on acquiring small businesses. How to get started in the space Sanchez acknowledges that her Wall Street investing experience helped her identify acquisition-worthy deals and negotiate for better terms, but she believes that this type of dealmaking is more about putting in the effort and digging into the business than being a financial genius."If you can read a profit and loss statement, if you can look at the cash flow statements, if you can figure out your own personal expenses versus your income," she said, " I think you can figure out if the business based on their financials is profitable and worth investing in or not."In her view, the tricky part lies in the due diligence process where the buyers must go one layer further and make sure they are not being lied to. That can be resolved by checking the sources of the documents, verifying the numbers, and making sure they are not manipulated, much like a journalist would do, she said. "I don't think any of this stuff is that hard intellectually," she said. "But don't get me wrong, there's no free lunch. It'd be much easier to go do day-trading than this kind of analysis and you've got to hire somebody to run the company or run it yourself."For those willing to do the hard work, Sanchez suggests starting by acquiring a business in a field that the buyer is already familiar with because the buyer's industry expertise could facilitate the management of the business post-acquisition."If you are an accountant, go buy an accounting business. If you are a teacher, maybe go look at an online education business or go buy a primary care private school," she said. "Do the thing that you already know."For those looking to build income streams, Sanchez likes to recommend high-margin, "low people" businesses, which means that the businesses do not need a significant number of employees to stay profitable. For example, laundromats and car washes exemplify such "boring" businesses. Another popular category is absentee-run businesses, which means the owner does not manage the day-to-day operations of the business. For example, buyers of property management companies can outsource the day-to-day management to contractors. The way Sanchez sees it, once investors get started in dealmaking, they could not help but spot opportunities all around, but the most important lesson for beginners is to "get ownership in some shape or form." To be sure, Sanchez was able to save up "a little nest egg" by living frugally while she worked on Wall Street, which gave her the initial capital to get started in small-business acquisitions. For those who don't have access to the large amounts of starting capital, they could try to get equity by joining a startup or asking for a revenue share rather than direct payment for their work, she said. "The real money is made when you own things, not when you are owned by them," she said. "If you could learn early how to become a dealmaker and what terms mean, you will never regret it in your life. It's transferable to everything from becoming the next president to negotiating your salary to getting equity in the company."
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Check Out All The Things Google Has Bought Lately
Henry Blodget
Jan. 13, 2014,
5:20 PM
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Google just made a big, bold acquisition, scarfing up red-hot home-automation gadget company Nest for $3.2 billion.
Nest was founded by the guy who designed Apple's iPod. Nest products look like Apple products. Nest products are beloved by people who love Apple products. Nest products are sold in Apple stores.
Nest, in short, looked like a perfect acquisition for Apple, which is struggling to find new product lines to expand into and has a mountain of cash rotting away on its balance sheet with which it could buy things.
But Apple didn't buy Nest.
Google did.
And this appears to continue a pattern in which — in the bitter head-to-head battle between Apple and Google — Google is fixing its weaknesses (hardware) much faster than Apple is fixing its own weaknesses (software and services).
At first glance, in other words, it appears that Google's aggressiveness has once again caught Apple snoozing. And now a company that looked to be a perfect future division of Apple is gone for good.
Nest, of course, isn't the only company that Google has snapped up lately.
Kim Bhasin of the Huffington Post just tweeted this list of "things Google has bought lately," which is from Wikipedia. As you can see, over the past year, Google has bought no fewer than 21 companies. In addition to home automation products, Google has bought and is now developing and/or selling, among other things...
Humanoid robots
Traffic detection software
Airborne wind turbines
Computer vision
Robot arms
Robot wheels, and
Gesture recognition technology
Wikipedia, Kim Bhasin
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Thrillist Acquires Gilt Groupe-For-Dudes Site JackThreads
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TechCrunch's sources say Amazon acquired - Business Insider
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TechCrunch's sources say Amazon acquired a Siri-like app, Evi,
for $26 million.It's another sign that an Amazon
smartphone could be on the way.
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Correction: Google Did Not Buy ICOA Inc.*
Kevin Smith
Nov. 26, 2012, 10:12 AM
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Like many other outlets we were duped by a fake press release saying that Google had acquired wireless Internet network provider ICOA INC for $400 million.
ICOA Inc. provides Wi-Fi to high traffic public locations like airports and restaurants and because of Google's recent pursuits in fiber internet many assumed it to be true.
AllThingsD didn't buy the story, it was the first to say the report was fake via Google sources.
Don't Miss: FRAUD ALERT: Report That Google Bought A Penny-Stock Company For $400 Million Is Bogus >
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Correction: Google Did Not Buy ICOA Inc.*
Correction: Google Did Not Buy ICOA Inc.*
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Beats Acquisition Against Apple's Soul - Business Insider
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Here's Why Apple Paying $3.2 Billion For Beats Goes Against The Soul Of Apple
Jay Yarow
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Apple videoIf you're not the sort of person who obsesses over Apple, the news that it's buying Beats Audio for $3.2 billion probably doesn't seem all that odd.
Ari Paparo, EVP at Baazarvoice, tweeted last night that "This is a genius deal. High margin new category with no risk, tons of synergy, and they don't dilute the Apple brand."
That explanation makes plenty of sense. Beats is reportedly going to do $1 billion in revenue this year. As Peter Kafka at Re/code notes, paying three times the revenue for a headphone company isn't all that bad. It charges a lot for its headphones, so presumably it's profitable.
Beats also has a streaming service, which is what the smart set thinks Apple is really after. Since Beats is probably making money on its own, Apple is essentially getting a streaming service free.
Plus, we're talking about $3.2 billion for a company with $150 billion in the bank. This is chump change. Last quarter, Apple generated $13.5 billion in cash flow from operations. It can easily afford Beats.
So sure, who cares. Go nuts, Apple — buy Beats.
But, for people who closely cover Apple, this is a strange transaction.
Last June, Apple kicked off WWDC, its annual developers conference, with this video, which emphasizes Apple's dedication to focus. Four months later, Apple played this video again when it was introducing its new iPads.
The video starts by saying, "If everyone is busy building everything, how can anyone perfect anything?"
This video wasn't the first or only time Apple emphasized focus.
In December 2012, CEO Tim Cook said, "The DNA of the company, the thing that makes our heart beat, is a maniacal focus on making the best products in the world. Not good products, or a lot of products, but the absolute best products in the world."
He added: "We have to make sure at Apple that we stay true, to focus, to laser focus. We can only do great things a few times. Only on a few products."
Beats may be many wonderful things to many wonderful people, but it is not a company with a laser focus on making the best products in the world. Beats' headphones are generally panned by critics. Its streaming service is considered second tier. And the company manufactures a bunch of stuff.
Influential venture capitalist Marc Andreessen pooh-poohed the idea of Apple's focus on Twitter, saying, "Well, your focus preachers today does Mac, iPod, iPhone, iPad, iTunes, iCloud, retail stores, Genius Bars, monitors, software apps," and he added, "The whole 'focus'/'simple' thing is overrated and mostly a myth at this point." He called the above video "Apple's version of throat-clearing."
However, John Gruber, an insightful writer on Apple, is perplexed by the deal. He writes, "Nothing from Beats looks like Apple. Not the brand, not the hardware." He also says, "If Apple wanted to sell expensive high-end headphones, they don’t need to spend $3 billion. The Beats streaming service is interesting, but can’t Apple do that on its own, as an expansion of the iTunes Music Store and iTunes Radio?"
If Apple really wanted to a streaming product, it should have bought Spotify or Rdio, the two best in the industry.
This is what makes the reported Apple deal so odd. Apple can easily afford it. From that viewpoint, it's not a terrible deal. But Apple has been emphasizing that high-quality products and focus are its soul. This doesn't fit either of those.
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MOBILE Insider: Surface's Enterprise Demand — Sprint/T-Mobile Hope to Merge — Twitter Acquires Namo Media
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MOBILE INSIDER: Surface Enterprise Demand — T-Mobile-Sprint Proposed Merger — Twitter Acquires Namo Media
Cale Guthrie Weissman
2014-06-06T12:00:00Z
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Mobile Insider is delivered first thing every morning exclusively to BI Intelligence members.ENTERPRISE TABLET DEMAND: Last month, BII wrote about the launch of the Microsoft Surface Pro 3 tablet. The tablet is set to be shipped sometime later this month, although tech bloggers have already been reviewing the device for a few weeks now. This model has a new marketing strategy — it's a device Microsoft claims will “replace your laptop.” Microsoft's revamp is most likely the result of lackluster sales of previous Surface models. With consumer demand for tablet sales declining, we believe that for this latest model of the Surface to really be a hit, it will need to be picked up by businesses and become a product adopted for enterprise use. We wanted to get a better grasp on whether enterprise demand for the new Surface is growing, so we spoke with Wes Miller, research analyst at Directions on Microsoft. According to Miller, the first two Surfaces were heavy, expensive, and had short battery life. Miller thinks that this new Surface Pro is a lot more interesting than previous models. He pointed to its new form factor, and the myriad ways the Surface can now function.Does this mean that more companies will begin adopting the device for enterprise use? In the past, Surface sales have significantly lagged behind iPad and Android, and failed to meet sales expectations. Miller says that he has yet to see any company that plans to exclusively purchase the Microsoft tablet. “Microsoft is trying to find their place in terms of developing devices that are unique in the [enterprise tablet] ecosystem,” he told BII, but “Lenovo is a front runner.” Price will be another big impediment to adoption, with the Surface Pro 3 coming in at a whopping $799. The tablet has yet to ship, so no hard data has been tallied about how sales are comparing to shipments, but we'll keep an eye on whether the Surface does gain any traction among the enterprise segment.SPRINT-T-MOBILE MERGER REPORTEDLY IN THE WORKS: Multiple sources have reported that Sprint is in the process of acquiring T-Mobile at $40 per share, for a total value of $32 billion. T-Mobile’s CEO John Legere said that he has no plans of turning his company “into the son of something else,” according to a report from BI’s Steve Kovach. Instead, he sees a merger bolstering the company he helped turn around since taking the reins in late 2012.The proposed merger would make a combined T-Mobile-Sprint a worthy competitor indeed. BI Intelligence tallied the numbers and found that together the two companies would have up to over 85 million subscribers. That would put it at third place, behind AT&T’s 102 million subscribers and Verizon’s 103 million subscribers, as you can see in the chart below.In 2011, the Justice Department blocked an attempt from AT&T to buy the then-ailing T-Mobile, claiming it would severely hinder wireless competition. Sprint and T-Mobile are banking on the fact that neither are current front runners in the wireless space, nor would they become one if they merged. Thus, the newly formed company would be comprised of two underdogs still fighting the legacy behemoth leaders.Even with this supposed narrative, many analysts think it’s highly unlikely that regulators will give the go-ahead. Legere, who stands to make as much as $41 million if the deal goes through, will have to make a very strong case to the Justice Department.TWITTER ACQUIRES NAMO MEDIA TO BEEF UP MOBILE ADS: Namo Media, a company that specializes in native advertising on mobile, announced that it has been scooped up by Twitter. The company will be added to Twitter’s recently-acquired MoPub platform. This acquisition comes after a string of recent moves by the social network to bolster its mobile ad product. Twitter wrote in a blog post that it has been working to better incorporate native ads into its mobile products, “in order to create a more seamless and less intrusive ad experience for users.” Namo, in its own blog post, says it will continue doing what it has been doing, but just under the MoPub name and platform. ANDROID KITKAT DOWNLOADS FINALLY SURPASS ICE CREAM SANDWICH: This week at Apple’s WWDC keynote, Tim Cook presented a graph showing that only 9% of Android users had installed the most recent OS KitKat. Yesterday, that statistic was updated to 13.6%. This means the KitKat has finally eclipsed the 2011-released OS Ice Cream Sandwich and now ranks third behind Ginger Bread, which has a 14.9% share of all Android devices. Jelly Bean still dominates with more than 58% of the market. While these stats exhibit a slow-growing and fragmented Android OS market, ZDNet reports that KitKat adoption has actually been faster than that of Jelly Bean. WHATSAPP ADMITS THE US IS A CHALLENGE: Mobile messaging app WhatsApp may have the most active users among all major messaging apps (our latest count puts it at more than 500 million monthly active users), but it is still working to boost global reach. The company’s co-founder Brian Acton admitted during a recent talk that “growth in the United States is a challenge for us.” Even with where WhatsApp's audience base is at, new user accrual is still crucial to the company. Acton also acknowledged that he believes WhatsApp's value to Facebook is that it could drive one billion new users to the social network. Have news? Tips? Insights? Email me: [email protected]'s what else BI Intelligence subscribers are reading…Beyond Factory Robots: Market Forecast And Growth Trends For Consumer And Office RobotsThat Famous Chart On The Mobile Ad Opportunity Overstates The CaseCanada's Interac Payment Card Is Losing Market Share To Visa And Other American CompetitorsHave questions or feedback? Did we miss anything? Please email Tech Reporter Cale Guthrie Weissman at [email protected].
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Google's HUGE Acquisition Spree Continues! - Business Insider
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Google's HUGE Acquisition Spree Continues!
Jay Yarow
May 23, 2010, 10:38 AM
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In past 10 months, Google has acquired 16 different companies.
Most of the purchases are small acqui-hires, where Google brings in smart people to make its products stronger.
The latest:
Ruba, an online travel guide which will join Google's iGoogle team.
Google says it didn't acquire Ruba, it just hired everyone from the
company.
We originally ran this slideshow in March. Since then, Google has purchase 6 new companies, so we've updated this post. Acquisitions go from newest to oldest.
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@Huntley Brinkley:
Cisco did this kind of stuff in the 1990s. They bought everything that moved. Bailed out all their VC friends that had investments in crappy companies.
The vast majority of these "investments" turned out to be worthless and a waste of management's time.
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Google's HUGE Acquisition Spree Continues!
Google's HUGE Acquisition Spree Continues!
Google has purchased 16 companies in the past 10 months.
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Amazon and HarperCollins Reach E-Book Deal — Rakuten in Talks to Acquire PopSugar — Papa John's Integrates Venmo Into Ordering Process
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Amazon and HarperCollins reach e-book deal — Rakuten in talks to acquire PopSugar — Papa John's integrates Venmo into ordering process
Cooper Smith
2015-04-15T11:00:00Z
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Good morning! E-COMMERCE INSIDER is delivered first thing every morning exclusively to BI Intelligence members and INSIDER subscribers.Have feedback? We'd like to hear from you. Write me at: [email protected] AND HARPERCOLLINS STRIKE A DEAL: HarperCollins will continue selling its e-books on Amazon, according to the New York Times. Previously, there were reports that HarperCollins would not renew its contract with Amazon, which was set to expire this year.Major publishers have been threatening to sever ties with Amazon for some time now. The feuding revolves around how Amazon prices its e-books. Amazon typically sells e-books for less than what it pays wholesale for them; it does this to make its e-reader, the Kindle, more attractive to consumers. This aggressive pricing strategy has allowed Amazon to capture 60% of the e-book market, according to a Forrester stat cited by Bloomberg. But with Amazon controlling so much of book publishers' distribution these days, publishers have little bargaining power when Amazon asks them to lower wholesale prices even further. Meanwhile, there's a subscription e-book service called Oyster that wants to be the publisher-friendly alternative to Amazon. In recent months, Oyster has struck distribution deals with Hachette, HarperCollins, Macmillan, Penguin Random House, and Simon & Schuster. The reason publishers have been so quick to partner with a relatively new e-book service is because Oyster is using an agency pricing model. In the agency pricing model, publishers charge a wholesale price equal to half the agreed-upon cover price for an e-book, and then Oyster marks-up the list price to somewhere between what it paid and the cover price. RAKUTEN IN TALKS TO ACQUIRE POPSUGAR: Japanese e-commerce giant Rakuten is reportedly in talks to acquire online media network PopSugar for $580 million, according to TechCrunch. The deal is significant because Rakuten has been eyeing the US e-commerce market, and PopSugar could help it attract more American shoppers. PopSugar attracts 41 million unique visitors to its content sites each month, and many of those people are in a browsing mood. The company's ad sales team works closely with brands who are trying to tap PopSugar's core audience — women ages 18 to 40 years old. ShopStyle, which is PopSugar's shopping website, generated $1.2 billion in sales for fashion brands last year, according to Women's Wear Daily. If the deal goes through, PopSugar would be just the latest in a string of investments and acquisitions that Rakuten has made recently in the US. Last month, the company acquired e-books distributor OverDrive for $410 million, and a few weeks before that Rakuten invested $300 million in Lyft. PAPA JOHN'S ADDS VENMO TO LET CUSTOMERS SPLIT PIZZA ORDERS: Papa John's has embedded mobile payments service Venmo into its existing mobile and desktop ordering platform to enable Papa John's customers to split pizza orders with their friends. After placing the order using a traditional payment method, customers will be prompted to grant Papa John's access to their Venmo account or to set one up. Once the Venmo account is linked, the customer can request a custom amount of money from any of their contacts to help cover the Papa John's purchase.The Venmo partnership could drive up higher average order values, since people will be more encouraged to submit an expensive order, thinking that their friends will be able to pay their share right away. These more expensive orders will then be archived in the app, prompting repeated higher orders in the future. Of note, a majority of Papa John's orders are now completed through digital channels.
BI Intelligence
COMPANIES IN THE NEWSLocal restaurant search app Zomato has raised $50 million at a $1 billion valuation, according to TechCrunch. The app grew popular in India shortly after launching in 2009, and it is now available in 22 countries. Amazon is reportedly looking to fill a number of high-level executive roles for its B2B e-commerce business, called AmazonSupply. The American Apparel & Footwear Association told a US Trade representative that Alibaba is either "incapable or not interested" in fighting counterfeit goods on its Chinese e-commerce sites, reports the Business of Fashion. PEOPLE ON THE MOVEHal Lawton is now head of eBay North America. Previously, he was a senior vice president at Home Depot. Scott Cutley is now president of StubHub, an event ticketing marketplace owned by eBay. Previously, he was an executive vice president with the New York Stock Exchange. Research associate Evan Bakker contributed to this briefingHere's what else BI Intelligence subscribers are reading...Mobile is the primary growth vehicle for CPG e-commerceHere's how many people bought something from Amazon, Alibaba, and other top e-commerce marketplaces last yearSubscription e-commerce services are becoming major distributors of health and personal care productsLog in or sign up for a BI Intelligence full membership to get access to the above.
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Who Remembers This Blistering Dissection Of What It's Like To Be Bought By Yahoo?
http://www.businessinsider.com/matt-linderman-on-yahoo-acquisitions-2013-5/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Mon, 30 Nov 2015 01:53:28 -0500
Jim Edwards
http://www.businessinsider.com/c/51a4b7166bb3f76e2c000014
rdwrt
Tue, 28 May 2013 09:54:30 -0400
http://www.businessinsider.com/c/51a4b7166bb3f76e2c000014
Overture seems to be now just Yahoo's advertizing branch? I didn't check very carefully. It appears that Yahoo is doing ok as a business to business online company. But you have to admit that the majority of social online experiments at yahoo never really went anywhere.
http://www.businessinsider.com/c/51a3d0a0ecad04257f000007
Dev Bhatia
Mon, 27 May 2013 17:31:12 -0400
http://www.businessinsider.com/c/51a3d0a0ecad04257f000007
Having been at a company acquired by Yahoo, let me suggest that the truth is a bit more nuanced. Even the list at the 37signals post suggests this. It includes “wins” by any metric. Right Media, Rivals.com, Alibaba. One could say that the bigger the acquisition, and the more specialized its segment leadership, the greater the likelihood of success. Going way back, I think Yahoo’s most successful acquisitions have been businesses that could be stand-alone units. These include Overture, which was already a massive public company when acquired, or Viaweb, which was not a big dollar price, but which became Yahoo Stores.
http://www.businessinsider.com/c/51a3ce1becad04e17800000e
tom1295
Mon, 27 May 2013 17:20:27 -0400
http://www.businessinsider.com/c/51a3ce1becad04e17800000e
This brings back uncomfortable memories of working in the corporate world. I worked for a very successful company that was purchased by an unprofitable company using some combination of leverage or funds from the pharmaceutical parent. Of course managers and locations that had created a profit for years were subordinated to those that had not. People with good ideas and high levels of efficiency were being directed to follow procedures developed by those who could not turn a profit before. Fully depreciated equipment went back on our budgets for amounts substantially higher than the original prices thereby damaging apparent management performance. And to make it worse, we lost a large profit based incentive bonus the first year after the merger because our prior year was swallowed up by the losses of the purchasing company. The original company was reduced to a brand name. Needless to say, I no longer work there. | M&A | 0.999999 | [
{
"label": "M&A",
"score": 0.9999990463256836
}
] |
Scott Galloway Explains Why Amazon Would Acquire Whole Foods
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Scott Galloway explains exactly why Amazon would buy Whole Foods (when he predicted it last month)
Emmanuel Ocbazghi and
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2017-06-16T16:27:07Z
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Scott Galloway spoke to Business Insider on May 8, 2017, where he predicted Amazon's blockbuster acquisition of Whole Foods. Following is a transcript of the video.GALLOWAY: Grocery is probably the most ripe consumer sector to be disrupted in all of the consumer world. It’s the largest consumer sector in the world about a 750 billion dollar market just in the US. But if you go into the middle of a supermarket in his spin yourself around and you open your eyes it would take you awhile to figure out your not a 1985. Same bad lighting, same bad brands and oftentimes the same depressed clerk checking you out. Whole Foods came in and offered something different and better. Unfortunately, it was just too damn expensive. And there’s some people doing a great job — there’s Wegmans and Trader Joe’s. But when you look at the size of the market there’s still huge opportunity. My prediction is that Amazon will acquire an organization like a Whole Foods or Wegmans as they have not figured out grocery. They need distribution and these companies have been beaten up, some of them have been beaten up so badly that they might be worth the acquisition price just for the distribution. They could close the stores down and just use them as warehouses.
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TechCrunch Aol Acquisition One Year Later
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"Arianna Huffington Is, Without A Doubt, The Current Editor In Chief Of TechCrunch"
Alyson Shontell
2011-09-29T17:33:00Z
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Mike Arrington has written a new post on his blog, Uncrunched. This time, he's reminiscing about the past year.Exactly one year ago today, TechCrunch was acquired by Aol.
Despite his unexpected departure, Arrington says TechCrunch has had a great year.Since its acquisition, profits have grown three-fold. Revenue is up 50% and traffic has jumped 25% to 12.2 million uniques and more than 42 million pageviews.But, says Arrington, "Arianna Huffington is, without a doubt, the current editor in chief of TechCrunch." If anything, he says, The Huffington Post is becoming more involved in TechCrunch, not less.Check out the full post on Arrington's blog, Uncrunched >>
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Why Microsoft Would Consider Buying TikTok, According to Analysts
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If Microsoft buys TikTok, it could be hailed as a 'hero' for saving the app as President Trump threatens to ban it. Here's why analysts say a deal might make sense.
Ashley Stewart
2020-07-31T21:27:46Z
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Microsoft is reportedly in talks to buy the US operations of viral video app TikTok, even as President Donald Trump threatens to ban the app over its China ties.TikTok seems to have little to do with Microsoft's existing business, which largely focuses on cloud computing and enterprise software.But, some analysts say, buying TikTok could win Microsoft accolades from the app's millions of users who are worried about Trump's threat of a ban: "Microsoft has the opportunity to be the hero here."Microsoft could be taking this as an opportunistic move to push back into the consumer market and establish a foothold in mainstream social media.On the other hand, some analysts say TikTok may just be too strange a fit to make sense for Microsoft.Are you a Microsoft employee? Contact this reporter via encrypted messaging app Signal (+1-425-344-8242) or email ([email protected]).Visit Business Insider's homepage for more stories.Microsoft is in talks with TikTok over a potential acquisition of the viral video app's US operations, according to multiple reports, as President Donald Trump plans to order TikTok's China-based parent company, ByteDance, to sell.Microsoft and TikTok declined to comment on these reports, and it's still unclear how advanced any talks might be, but the news came as a surprise to many: For all of TikTok's massive popularity, it has little to do with Microsoft's existing business – a business that largely focuses on business software, cloud computing, and serving working professionals.TikTok could be worth more than $30 billion, The Information reported — more than Microsoft's largest-ever acquisition to date, when it paid $26.2 billion for LinkedIn in 2016.Analysts who spoke to Business Insider agreed the acquisition seems "out of character" for Microsoft, but said the acquisition could be an opportunistic play for Microsoft to bolster its consumer business and gain favor among younger generations.Trump has said that he's considering banning the app in the United States over its China ties. That has TikTok's many millions of mostly-younger users worried for the future of their favorite app. If Microsoft swoops in to buy TikTok, says Futurum Research analyst Daniel Newman, it could be hailed as a savior by those users."The rising generations are very attached to this platform," Newman said. "Microsoft has the opportunity to be the hero here." It could be a "future-proofing" method for Microsoft to win over the next generation of consumers.Still, it would be a counterintuitive move for Microsoft, which has spent the last several years under CEO Satya Nadella doubling down on cloud computing, even as it unwinds consumer businesses like Groove Music, the Nokia smartphone unit, and most recently, the Mixer video game streaming service.But analysts argue that acquiring a hot app like TikTok would reinvigorate its appeal to consumers, especially in the realm of social networking."It's a little bit out of left field, but for Microsoft, the one area where they missed the boat was social media," Wedbush Securities analyst Dan Ives said. "The enterprise business continues to be the crown jewel, but on the they need to go back to the whiteboard on consumer strategy over the next five to 10 years."Wedbush Securities analyst Dan Ives says that while Microsoft's $26.2 billion LinkedIn acquisition has been successful, it's also largely focused on professional users. The time could be right for Microsoft to try its hand at more consumer-focused social media.Acquiring TikTok would be an opportunistic way do to that, Ives said. Growing tensions between the Trump administration and China have presented an opportunity for Microsoft when it comes to TikTok, Ives said. Under normal circumstances, a booming, growing app like TikTok would have little impetus to look for a buyer — but Ives says that TikTok's apparent desire to get out of the way of escalating US-China tensions changes the equation. Furthermore, as Newman points out, Microsoft has proven with LinkedIn that it's willing and able to let its subsidiaries run independently, which is an encouraging sign that it wouldn't get in the way of TikTok's existing success. Still, not everyone is convinced the acquisition would make sense."I would be surprised [the buyer] ends up being Microsoft," Moor Insights and Strategies principal analyst Patrick Moorhead said. "It doesn't feel to me this is an alignment with Satya's mission and vision of the company, which is business and consumer productivity. It seems out of character."But, Moorhead said, TikTok also doesn't seem to have a lot of options when it comes to Big Tech buyers who could afford to buy it. Google and Facebook, Moorhead said, have too much ownership of advertising dollars and platforms, and are under too much government scrutiny, and a TikTok acquisition would also seem out of character for Amazon."I get the consumer angle," Creative Strategies' Carolina Milanesi said, pointing to Microsoft's recent efforts to connect consumers to its products. "But social media is just a mess."Not having a social media platform is one of the reasons, Milanesi said, that Microsoft managed to avoid testifying at a congressional antitrust hearing alongside Facebook, Apple, Amazon, and Google. Antitrust experts said Microsoft was absent likely because the company is focused mostly on business customers, helping it fly under the radar when it comes to the scrutiny that's followed its competitors for the past several years. Got a tip? Contact this reporter via email at [email protected], message her on Twitter @ashannstew, or send her a secure message through Signal at 425-344-8242.
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Aggregator Thrasio Bets on India With $500 Million for Acquisitions
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Why Amazon aggregator Thrasio is betting on India as its next big market with a commitment of $500 million in acquisitions
Julie Peck
2022-01-14T12:01:00Z
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Thrasio acquired India-based Lifelong Online.
THOMAS SAMSON/AFP via Getty Images
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Thrasio has acquired Lifelong Online, a consumer-products company based in India.
The deal aligns with the Amazon aggregator's rebrand and mission to expand globally.
Thrasio's also in talks with Amazon sellers as well as sellers on the Indian marketplace Flipkart.
Thrasio has acquired Lifelong Online, a consumer-products company based in India, for an undisclosed amount. The deal is the first in a series that will see Thrasio commit 3,750 crore, or approximately $500 million, to purchasing e-commerce businesses in India, the company reported. With this acquisition, the Amazon rollup firm, which has raised $3.4 billion and is a leader in the aggregator space, gains the opportunity to pump its existing brands into one of the world's fastest e-commerce markets and reinforces its recent rebrand as a consumer-goods company.David Shapiro, senior vice president of corporate development at Thrasio, said that where applicable, the company will bring Lifelong's products to the US and other markets through Amazon and other online marketplaces.Working under the Thrasio umbrella, Lifelong CEO and Cofounder Bharat Kalia told Insider he plans to staff out a mergers-and-acquisitions team (the company hasn't done any such deals yet, Kalia said) and will look to Thrasio, which has more than 200 brands under its umbrella, for guidance.
David Shapiro.
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Kalia said that he initiated the negotiations between the two companies by dropping Thrasio CEO Carlos Cashman a message on LinkedIn about six months ago. "After a long call with an investor, I was thinking to myself, 'How does this really go global? What if we could acquire Thrasio?' And on the spur of the moment, I opened up LinkedIn and wrote to Carlos and told him, 'I think we can do something together,'" Kalia said. Back in Thrasio's virtual conference rooms, the team was already considering global expansion. Shapiro said the first decision the aggregator's team had to make was whether they wanted to enter India as opposed to a different region. "That was a pretty easy decision — the market is growing so fast, it's projected to have 500 million online shoppers by 2030, and 10 million people a month are getting internet access in India," he said. The second decision, he added, was whether to go it alone or partner up.Shapiro said that Thrasio has already been talking with Amazon sellers as well as sellers on Flipkart, an Indian alternative to Amazon. He added that the process for acquiring sellers is very similar to that in the US."It's reminiscent of the earlier days of Thrasio, where you're doing a lot of educating sellers about what's possible, what deal structures look like, things like that," Shapiro said. "I was talking with a seller two weeks ago who started out with a product that he sold on the side of the road in India and grew it into a multimillion-dollar business. It's the American dream, except in India."Shapiro said the alliance also represents the potential for Thrasio to recognize supply-chain efficiencies by producing more of its products in India. Lifelong's supplier-management operations in India will be a key asset in this area, he added. Kalia said it's much a bigger picture that he and Cashman have in mind. "We want our great products to go out globally, to every customer we can reach, and obviously, at the same time, to bring the Thrasio business model to India," Kalia said. "I look at the possibility of creating a really large, global consumer-products company in the next 10 years, and I think he does, too. I think that's what aligns the businesses."
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Twitter Has Acquired Another Tiny Startup, Clutch.io
Owen Thomas
Aug. 13, 2012,
2:01 PM
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Yepoka Yeebo / Business InsiderJoining the flock.
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Twitter has sort-of acquired another startup, Clutch.io, which makes software tools for building iPhone and iPad apps.
We say "sort of" because here's what Clutch.io's Eric Florenzano and Eric Maguire wrote:
We are incredibly excited to announce that we’ve joined the flock at Twitter! Twitter has acquired the IP of Clutch.io and today is our first day with the company.
We asked Twitter to explain what that means. Here's what a company spokesperson said:
The Clutch.io team has joined Twitter and we acquired their IP.
Okay! So we're left trying to interpret that.
While it sounds like one event, those are actually legally two separate things. Intellectual property is an asset that one company can sell to another. And people who work at one company can get hired by another company.
Twitter, Facebook, Google, and others do a lot of deals that sound like acquisitions, but may or may not be actual transactions where one company purchases another. People call them talent acquisitions, acquire-hires, acqui-hires, or, even manquisitions.
In Twitter's defense, we'd point out that the statement it provided is a vast improvement over past practice, when Twitter would actually call these transactions "talent acquisitions"—industry shorthand for something that legally can't really happen.
Whatever you call them, these deals usually involve some mechanism for paying off investors while getting what the acquiring company really wants—the talent that works there. Sometimes that's done through an actual acquisition of the company, albeit for a low price. Sometimes money is spent to acquire intellectual property. And sometimes the acquiring company pays the startup for agreeing not to sue for hiring away its employees.
A recent study by law professors at UNC shows that there are a number of reasons for companies to do these deals. But the biggest ones come down to reputation. It's more prestigious to say you sold your startup to a big company than to say you're closing your startup down and taking a corporate job.
And if you get to say that the acquiring company bought your startup's intellectual property, that sounds even better. (It may or may not actually get used by the acquirer. Clutch.io is shutting down its service later this year.)
Florenzano and Maguire started working on Clutch.io earlier this year under the umbrella of their startup Boilerplate. They previously cofounded Convore, a group-messaging startup which shut down earlier this year.
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Another deal to get talent.
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Facebook Acquires Team Behind Eye Tracking Startup GazeHawk
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Facebook has acquired eye tracking service GazeHawk for the team behind the technology, according to Brian Krausz, co-founder of GazeHawk.Normally eye tracking technology requires special hardware, but GazeHawk only uses your web cam. Advertisers and others wanting to optimize their websites, can use the technology to see if anything caught your eye.
The technology is mostly used for companies doing case studies. Users opt-in. It's not like Facebook is suddenly going to turn on your camera secretly and start spying on you.GazeHawk went through Y Combinator in the summer of 2010. However, the lure of working at Facebook made them bag the technology.GazeHawk's eye tracking technology and patent will remain separate from Facebook, and the GazeHawk team will start at Facebook next week. Terms of the deal weren't disclosed.
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The Washington Post has completed its acquisition of Digg's tech team. Some of the members will join WaPo's subsidia... - Business Insider
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The Washington Post has completed its acquisition of Digg's tech team. Some of the members will join WaPo's subsidiary, SocialCode, which helps brands advertise on social networks like Facebook and Twitter.
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This Is What Eric Schmidt Thinks Is The Perfect Model For A Google Acquisition - Business Insider
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This Is What Eric Schmidt Thinks Is The Perfect Model For A Google Acquisition
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What's the perfect company for Google to
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According to chairman Eric
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precise problem, are brilliant and don't have a high valuation."
Schmidt made this comment while speaking at The Economic Club of
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Google has
acquired 50 companies this year. Some of them fit this
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MOTOROLA.)
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Google's Marissa Mayer Hints Google Might Still Buy Groupon
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Flickr/EarcosGoogle's Marissa Mayer was on stage at LeWeb yesterday and was asked about Google's aborted acquisition of Groupon.
While refusing to comment specifically, she did say that "the larger the company, the more complicated the deal is" and the longer it takes.
We're being told that a big reason the Google-Groupon deal fell apart were regulatory issues, and particularly the fact that Google wouldn't agree to a big breakup fee in case the deal is blocked by antitrust concerns.
So the deal is just complicated and takes time because it's so big. After all, Google was pretty patient in its previous huge acquisitions of DoubleClick and AdMob. So there's nothing stopping Google coming back to Groupon's board with a bigger breakup fee (and maybe a bigger sticker price).
But of course, little can change the fact that with Groupon's gross revenues at a mind-bloggling $2 billion run rate, they'd be crazy to quit now.
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Disney Will Buy 21st Century Fox Film and TV Assets for $52.4 Billion
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IT'S OFFICIAL: Disney will buy 21st Century Fox film and TV assets for $52.4 billion
Joe Ciolli
2017-12-14T12:02:00Z
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Disney will buy Fox's film studio and a large chunk of its television production assets for $52.4 billion.The properties acquired include Fox's 39% stake in Sky, Star India, a collection of pay-TV channels like FX and National Geographic, as well as popular entertainment brands like X-Men, Avatar, and The Simpsons.Disney CEO Bob Iger will remain at the company through 2021.The deal announcement follows months of interest from multiple parties, including Comcast and Verizon.
Disney has agreed to acquire 21st Century Fox's film studio and a large chunk of its television production assets for $52.4 billion.Fox shareholders will receive 0.2745 Disney shares for each unit of Fox stock they own. Disney also announced that it would buy back $10 billion of stock to offset the share dilution from the deal.The package that Disney is buying includes Fox's 39% stake in Sky across Europe, Star India, and a collection of pay-TV channels including FX and National Geographic. The deal also includes popular entertainment properties like X-Men, Avatar, and The Simpsons, according to a press release.Immediately before completing the acquisition, Fox will spin off its broadcasting network and stations including Fox News, Fox Business, FS1, FS2, and Big Ten Network. The entity will become a newly listed company that will be distributed to Fox shareholders.
Disney CEO Bob Iger will remain with his company through 2021 to "provide the vision and proven leadership required to successfully complete and integrate such a massive, complex undertaking," Orin Smith, the lead independent director of Disney's board, said in the release. There was some speculation Iger could leave Disney to enter the 2020 presidential election."The acquisition of this stellar collection of businesses from 21st Century Fox reflects the increasing consumer demand for a rich diversity of entertainment experiences that are more compelling, accessible, and convenient than ever before," Iger said in a statement. "We're honored and grateful that Rupert Murdoch has entrusted us with the future of businesses he spent a lifetime building."In an interview on "Good Morning America," which airs on the Disney-owned ABC, Iger said Fox's CEO, James Murdoch, a son of Rupert Murdoch, would help with the transition. He also said there would be discussions "whether there is a role for him or not at our company."The deal announcement comes amid considerable interest for Fox from not just Disney but also the likes of Comcast and Verizon. The Wall Street Journal and CNBC reported in November that Comcast and Verizon had approached Fox about buying at least part of the company, providing the first signs of a bidding war.
Now that transaction terms have been agreed upon, the new entity will have to contend with rating declines across many large cable networks as more consumers opt for cheaper and more customizable web-based services.The deal is likely to come under heavy scrutiny, as the US Justice Department has recently thrown a wrench into another megadeal in the media space: AT&T's attempt to buy Time Warner for $84.5 billion. The regulatory body sued to block the deal in November, saying it would "greatly harm American consumers."Fox's stock declined 1.3% in premarket trading Thursday, while Disney fell 0.7%.
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Ten App Developers Apple Should Acquire - Business Insider
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ATTENTION, TIM COOK: Here's Apple's Startup Shopping List
Kevin Smith and Owen Thomas
Dec. 11, 2012,
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APApple's Tim CookEven after dropping billions of dollars on shareholders and investing heavily in its supply chain, Apple has more than $120 billion in the bank.
So it can easily afford a little startup shopping spree.
We've noticed a trend in apps we've reviewed recently: More often than not, they fix basic flaws in the iPhone's software, or fill in the gaps in Apple's deficient Web services.
When Tim Cook reorganized Apple's top management in October, he talked about the need to have the company's hardware, software, and services work seamlessly together.
Easier said than done: Apple has long been a hotbed of hardware-design talent. In software, it's a mixed bag, nailing some aspects of the user experience and botching others. And in services? We'll just say "Siri" and "Apple Maps" and leave it at that.
It's not enough for Cook to reshuffle Apple's leadership. He needs to build up the company's talent base. Great developers like to work with other great developers, and Apple, for all its strengths, hasn't had the critical mass of talent in Web-based services and software that it needs.
Cook doesn't have to look far, though: Apple's own App Store is a daily talent show for developers. He only needs to click "Buy" and persuade them to join the mother ship.
Because he doesn't really need their products, as much as their keen eyes for the flaws in Apple's offerings and their knack for coming up with the right fix.
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Please, please, PLEASE e-mail this to Apple, the execs, and Tim Cook! This list is fantastic, and you've done a great job at convincing me about how it could really improve the already existing features! Imagine if the iOS team integrated even 2-4 of these suggestions by the time iOS 7 is launched, just how much better it would be! I really hope the executives at Apple read this.
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ATTENTION, TIM COOK: Here's Apple's Startup Shopping List
These developers are who you need to take the company to the next level.
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Thomson Reuters Buying Breakingviews.com
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Thomson Reuters (TRI) will extend its analysis and commentary offerings by acquiring Breakingviews.com, The Sunday Times reports. Thomson Reuters will pay £10 million ($16 million) for the company.
Breakingviews is a subscription based analysis service, with columns syndicated in The New York Times, Le Monde, El Pais and Handelsblatt. It has around 4.5 million readers. It's European operations are said to be profitable, but it is losing money elsewhere.
Breakingviews was founded by Hugo Dixon, former author of the FT's Lex column. Dixon is expected to pocket £2.7 ($4.4 million). Dixon's co-founder, Jonathan Ford is now running Reuters commentary section.
Obviously this won't be a cash generator for Thomson Reuters. It's more content for their subscription data service, which is fighting Bloomberg. A few weeks ago, Ford explained Reuters' expansion into commentary and blogs saying, "The blog is there to provide an instant reaction, a force multiplier, if you’d like...it gives us the ability to cover more subjects, because it’s a huge world out there.”
We're curious to see what Felix Salmon thinks of the deal. He's the face of Reuters' blogging, and he slammed the idea of a Reuters-Breakingviews deal in July saying:
To Reuters, then, the value of Breakingviews can be broken down into three parts. There’s the value of its contracts; the value of its brand; and the value of its journalists. The contracts are clearly a wasting asset; the brand is associated with an outdated and increasingly quaint business model; and the journalists, insofar as we want them, can be much more easily hired individually and incorporated into the existing commentary group, rather than trying to engineer an awkward merger between two very different teams.
UPDATE: Felix says "Not sure what there is to say, really, beyond the fact that I was clearly completely wrong about Reuters not buying BV."
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The data giant will pay $16 million for the analysis and commentary site, says the Sunday Times.
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Magic Leap Acquired Fuzzycube Sotware, Looked Into Buying Moonbot Studios
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Magic Leap purchased a startup founded by former Apple employees, and looked into buying an Oscar-winning animation studio
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Rony Abovitz, CEO of augmented reality startup Magic Leap
Thomson Reuters
Magic Leap is beefing up its ranks with artists and animators from an Oscar-winning studio and veteran game designers, in a sign that the $4.5 billion company believes content could play a critical role in the success of its highly-anticipated "mixed reality" product.
Magic Leap's special glasses, which overlay detailed digital imagery on top of the real world, have wowed the tech industry's leading personalities and attracted healthy investments from Google and Qualcomm, among others. Magic Leap is expected to ship some form of its headset later this year, at a price between $1,000 - $2,000.But even as Magic Leap continues to work on perfecting its hardware, the startup has concluded that it will need plenty of breathtaking content for consumers to experience once they put on its glasses. That's one of the reasons why Magic Leap purchased FuzzyCube Software, Business Insider has learned, and looked into buying an Oscar and Emmy winning animation company called Moonbot Studios in the fall. The acquisition talks with Moonbot didn't lead to a sale, but Magic Leap did end up hiring around a dozen of its artists and animators, who now work out of Magic Leap's Florida headquarters.FuzzyCube Software, the smaller of the two studios, is based out of Dallas, Texas, and was founded by former Apple employees, including Jeff Ruediger. A creator of casual iPhone and iPad games including "BoomTown!!" and "Chemo Calc," the founders have also worked in the games industry on projects like "Halo Wars" and "Age of Empires 3."The FuzzyCube team was first connected to Magic Leap through Magic Leap's chief creative officer, Graeme Devine, who left Apple in 2010. The team knew Devine from their time at Apple. After Magic Leap purchased the startup in the spring of last year, the developers joined Magic Leap's larger content group, which employs hundreds of animators, artists, and developers. The price of the acquisition could not be learned, but was probably relatively modest given that the company's team was less than ten employees. The FuzzCube team continues to work out of Dallas.Fantastic flying books and complex talksMagic Leap also explored a larger acquisition with Moonbot Studios, a highly esteemed animation company that employed around 50 artists and animators when the talks with Magic Leap began. The animation studio's "The Fantastic Flying Books of Mr. Morris Lessmore" won the Academy Award for Best Animated Short Film in 2012, and the studio made the Oscar short list again in 2014 for its short film "The Numberlys." That same year, Moonbot Studios won two Emmy Awards for a commercial it made for Chipotle called 'The Scarecrow."
Moonbot Studios cofounders William Joyce and Brandon Oldenburg accept the Oscar for Best Animated Short Film.
Getty/Kevin Winter
But with its funding from private investors — including the oil company Anderson Oil — used up, Moonbot and Magic Leap discussed a potential acquisition in late 2016, multiple sources at the company and those familiar with the talks told Business Insider. Magic Leap's CEO and founder Rony Abovitz is a fan of the studio and its work, according to sources at Magic Leap.A source familiar with the talks cited "complex" issues with Moonbot's intellectual property as a potential reason the talks didn't solidify into a sale. Magic Leap and Moonbot both declined to comment.Cheaper by the dozenInstead of an acquisition, Magic Leap hired about a dozen Moonbot artists and animators — none of which included Moonbot's three cofounders — and Moonbot Studios went through a round of layoffs, leaving its cofounders with a small crew.Since the Magic Leap deal talks, Moonbot has been quietly building up a new studio called Flight School, which will launch soon. Moonbot Studios has been "dissolved," according to multiple sources, and Flight School will be led by Moonbot cofounders Brandon Oldenburg and Lampton Enochs. Moonbot's third cofounder, William Joyce, still owns some of Moonbot's IP, and will not be a part of Flight School."Honestly, I believe Bill Joyce will revive Moonbot," a Moonbot source told Business Insider. The source also said that Moonbot handled everything "honorably."Moonbot's new endeavor, Flight School, will be a unique entity and has partnered with Reel FX, an animation studio cofounded by one of Moonbot's three cofounders, Brandon Oldenburg. The new studio will create both virtual and augmented reality games and experiences, and "ultimately mixed reality."
Insider Inc.'s parent company, Axel Springer, is an investor in Magic Leap.
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IBM Plants Stake In A $20 Billion Market With Its Latest Buy
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There’s a new thing called ‘fog computing’ and no, we’re not joking
IBM says "smarter" supply chains is a $20 billion opportunity.
It's willing to buy itself a piece of that action. So today it acquired Emptoris, a company with 725 employees based in Burlington, MA.
Emptoris makes supply chain analytics software that can run as a service over the cloud or in-house. The company claims 350 customers in 75 countries names American Express, Cigna, Kraft Foods and Samsung among them.
IBM these days is all about adding "smart" to something ... smart planets, smart cities, smart cloud ... you get the idea. A smart something typically entails using a lot of analytics software running on expensive hardware to try and find patterns in large chunks of data.
This acquisition is part of IBM's Smart Commerce plans, which IBM says is a $20 billion software opportunity. These products help companies adapt to the brave new world where buying patterns are can be identified through mobile and social networks, according to the company.
IBM has been on a holiday-shopping spree, and is on a mission to spend $20 billion by 2015. This marks its fifth buy in three months and the third in December. The previous two December deals were Cúram Software and DemandTec.
The deal is subject to regulatory approval, like usual, and terms weren't disclosed.
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DIGITAL MEDIA Insider: LinkedIn Acquires Newsle – Otter Media's First Venture – Facebook Vs. Twitter in World Cup
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DIGITAL MEDIA INSIDER: LinkedIn Acquires Newsle –
Facebook-Twitter World Cup Match-Up — Secret Raises $25M
Hope King
2014-07-15T11:00:00Z
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Digital Media Insider is delivered first thing every morning exclusively to BI Intelligence members.LINKEDIN ACQUIRES NEWS ALERT SERVICE NEWSLE: Newsle acts like Google alerts, notifying users via email when someone in their social networks is mentioned in a news story or is featured in a byline. The 3-year-old start up has been backed by several big investors like Lerer Ventures (BuzzFeed funder), DFJ (Baidu, Hotmail, Tesla) and Bloomberg Beta. The company will continue to operate independently until its functions are incorporated into LinkedIn.News sharing on the site doubled in the first six months of the year and the acquisition will most likely help encourage even more engagement. "LinkedIn and Newsle share a common goal: We both want to provide professional insights that make you better at what you do. For example, knowing more about the people in your network – like when they’re mentioned in the news – can surface relevant insights that help you hit your next meeting with them out of the park," LinkedIn announced on its blog. The professional-oriented social network has more than 300 million members in over 200 countries around the world. WORLD CUP IS THE MOST SOCIAL SPORTING EVENT IN FACEBOOK AND TWITTER HISTORY: Sunday's World Cup final between Germany and Argentina generated a record 280 million interactions on Facebook by 88 million people, according to Facebook's data gurus. During the entire month of World Cup games, 350 million people created 3 billion total Facebook posts, comments and likes related to the World Cup. The final match also broke the Twitter record for most tweets per minute (618,725), which was previously set during the World Cup semi-final match between Germany and Brazil. Overall, it appears that about 672 million World Cup-related tweets were posted, according to @TwitterData. While it may seem like Facebook dominated the social game, the comparison of tweets to a combination of Facebook posts, comments, and likes is a bit unfair. Clicking the like button is different from putting thought and effort into a post or a tweet. Excluding liking activity from the tally, estimates from our Editorial Director Marcelo Ballvé find that the gap in World Cup engagement on Facebook and Twitter is much narrower than the numbers suggest. During the group stage of the game, Facebook really only had an advantage of a hundred million Facebook posts and comments over tweets. Read his full take here.
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The numbers are also poring in on who won the World Cup tournament for brand social engagement. Hyundai's #BecauseFutbol campaign on Twitter generated 17 million impressions with an almost 10% engagement rate, the company announced. Adidas is also proclaiming that it won the social media game with the most interactions across all major social channels, including Twitter, YouTube, Facebook, Tumblr, and Instagram. Most social analytics companies are still crunching the numbers but we already know that advertisers spent millions of dollars on social media campaigns during the World Cup, rivaling the kind of budgets typically set aside for a single Super Bowl TV ad. You can see in our chart below that ZenithOptimedia estimates total global ad spend for the event reached $1.5 billion, with Latin American countries leading the way. Interestingly, but perhaps not surprisingly, Brazil, Costa Rica, Uruguay and Argentina were the four of the five most engaged countries, according to Facebook.
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When will marketers be finished milking the World Cup? Socialbakers' CEO Jan Rezab told us that the first 72 hours after the last game is the biggest core period for activity, and that brands will continue to see an uplift 30- to 60-days from Sunday. "Sports brands will milk it the longest," he said.ANONYMOUS SHARING APP SECRET RAISES $25 MILLION, INTRODUCES FACEBOOK LOGIN AND A NEW CONTENT FEED: The text-based messaging app that lets its users anonymously post, comment, and share messages just brought in $25 million in Series B funding from investors like Index Ventures (SoundCloud, Etsy) and Alexis Ohanian (co-founder of Reddit). Secret also released two features that allow anonymous Facebook logins to help users find more friends, and a news feed feature that curates popular topics. OTTER MEDIA, AN AT&T AND CHERNIN GROUP JOINT VENTURE, BUYS HOW-TO CRAFT VIDEO SITE CREATIVEBUG: Creativebug is an online video site that charges viewers a subscription or a la carte fee for its how-to crafting videos, which cover everything from sewing, knitting, and quilting, to paper crafts and jewelry. It was previously owned by Demand Media, which also operates sites like eHow, Cracked, and Livestrong. Otter Media was formed earlier this year by AT&T and independent media company The Chernin Group, founded by former Fox executive Peter Chernin. The joint venture has $500 million to spend on investing and launching streaming media services that can compete with other over the top (OTT) services like Hulu and Netflix. The $10 million cash deal is Otter Media's first acquisition and was announced on AT&T's site yesterday morning. How-to and educational videos might seem niche but in fact, these are among the most popular types of video content among adults in the U.S.
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YAHOO BUYS STREAMING VIDEO PLATFORM RAYV: RayV was founded in 2006 and specializes in distributing streaming video in high definition. Details of the deal have yet to surface, but the acquisition is in line with Yahoo's content strategy not only on the news side (Yahoo News with Katie Couric), but also on the entertainment side (NBC's cancelled show "Community"). There are also rumors of a potential Yahoo-AOL merger, with Yahoo eyeing AOL's Huffington Post in particular, Re/code reports. IAC ACQUIRES DATING SITE HOWABOUTWE.COM: IAC, which already owns Match.com, OK Cupid and Tinder, seems like it's on a clear mission to become the world's biggest internet matchmaker with its latest acquisition. Based in Brooklyn, HowAboutWe was founded in 2009 and has raised more than $23 million in funding. The site pairs users based on how they finish the phrase "How about we..." The service is available in more than 30 countries and 16 languages, according to the company's fact sheet. Members can join for free or sign up for premium memberships which start at $8 a month. IAC also bought HowAboutWe's media business, which includes independently-operated online publications like Nerve, The Date Report, Swimmingly and Famously, the New York Times reports.Here's what else BI Intelligence subscribers are reading…Over One-Third Of US Adults Watch Online News VideosDid Twitter Or Facebook Win The Social World Cup? Hint: The Underdog Did Pretty WellAndroid Now Sees More Ad Traffic Than Any Other Platform, But Still Lags In Ad RevenueHave feedback? Did we miss anything? Please email Reporter Hope King at [email protected].
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Automated Insights Gets Acquired by Vista for $80 Million
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A startup that uses robots to write news gets acquired for $80 million in cash
Alyson Shontell
2015-02-23T16:00:00Z
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Earlier this month, Vista Equity Partners acquired Automated Insights (Ai), a startup that uses technology to turn data into news articles, for an undisclosed sum."We aren’t disclosing the amount, but I will say two things about the financials,” founder and CEO Robbie Allen told TechCrunch. "Our shareholders are very happy with their return, and we were already in a strong financial position."
Sorry Robbie! But we know the price.Ai was acquired for $80 million in an all-cash deal, a source with knowledge of the deal tells Business Insider.Ai, which is headquartered in Durham, North Carolina, was founded in 2007. It raised $10.8 million from investors such as former AOL executive Steve Case and Samsung Ventures. Vista also acquired a competitor of Ai, STATS, last June. Both STATS and Ai use technology to turn data into articles that read like they were written by humans. STATS specializes in sports content; Ai produces real-estate, marketing, finance and sports content.What does a $14 billion PE firm want with robo-news companies?
Allen explained some of the logic behind the acquisition in a blog post. Vista owns 26 companies, and Allen thinks he can help those companies better leverage their data. "Vista’s resources and STATS’ distribution will allow us to fast-track our Wordsmith natural language generation (NLG) platform across multiple industries," Allen writes.The Associated Press works with Ai and increased the number of articles it produces ten-fold, Ai says. Here's an example of an Ai-written AP article:
An example of an article written by Automated Insights' technology, not a human.
Automated Insights
Allen did not return multiple requests for comment.
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A Startup Rejected Facebook's Acquisition Bid, And Now Facebook Is Choking It To Death – WSJ - Business Insider
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A Startup Rejected Facebook's Acquisition Bid, And Now Facebook Is Choking It To Death
Nicholas Carlson
Mar. 19, 2013,
8:13 AM
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Reuters/Beck DiefenbachFacebook keeps doing this thing where it tries to buy a startup, and when the startup refuses to sell, Facebook does its best to choke the startup to death.
Last year Facebook did this with Snapchat, the photo-sharing app where the photos disappear after a few seconds.
After brief talks in the fall went nowehere, Facebook came out with an exact clone of Snapchat called Poke.
The latest example is from ace WSJ reporter Evelyn Rusli, in the middle a longer story about how Facebook isn't getting along with Facebook developers lately.
Rusli writes:
On Friday, Facebook blocked MessageMe Inc., a messaging service that had just launched days earlier, from accessing users' friends list. Arjun Sethi, a MessageMe co-founder, said Facebook cited a section of its policy that addressed restricting apps that copied a core Facebook product or service.
According to people familiar with the matter, the fledgling service had recently rebuffed takeover interest from the social networking company.
Facebook declined to comment.
Also last year, a startup entrepreneur named Dalton Caldwell said Facebook threatened to kill his startup after he refused to sell, too.
There's not anything wrong with Facebook's behavoir here. All's fair and all that. But, wowzers, do those folks play some hardball.
Now Watch: Here's How Google Is Trying To Kill Yelp
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A Startup Rejected Facebook's Acquisition Bid, And Now Facebook Is Choking It To Death
A Startup Rejected Facebook's Acquisition Bid, And Now Facebook Is Choking It To Death
All's fair and all that, but wowzers that's some hardball.
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Militia Group Acquitted in Oregon Wildlife Refuge Standoff
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Anti-government militant leader Ammon Bundy and 6 followers acquitted in Oregon standoff
Scott Bransford,
Reuters
2016-10-28T13:07:00Z
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Ammon Bundy talks to occupiers in an office at the Malheur National Wildlife Refuge near Burns, Oregon, January 6, 2016.
REUTERS/Jim Urquhart/File Photo
A federal court jury delivered a surprise verdict on Thursday acquitting anti-government militant leader Ammon Bundy and six followers of conspiracy charges stemming from their role in the armed takeover of a wildlife center in Oregon earlier this year.
The outcome marked a stinging defeat for federal prosecutors and law enforcement in a trial the defendants sought to turn into a pulpit for airing their opposition to U.S. government control over millions of acres of public lands in the West.Bundy and others, including his brother and co-defendant Ryan Bundy, cast the 41-day occupation of the Malheur National Wildlife Refuge as a patriotic act of civil disobedience. Prosecutors called it a lawless scheme to seize federal property by force.Jubilant supporters of the Bundys thronged the courthouse after the verdict, hailing the trial's outcome as vindication of a political ideology that is profoundly distrustful of federal authority and challenges its legitimacy."We're so grateful to the jurors who weren't swayed by the nonsense that was going on," defendant Shawna Cox told reporters. "God said we weren't guilty. We weren't guilty of anything."
As the seven-week-long trial in the U.S. District Court in Portland climaxed, U.S. marshals wrestled to the floor Ammon Bundy's lawyer, Marcus Mumford, as he argued heatedly with the judge over the terms of his client's continued detention.
Inmates are seen in police jail booking photos released in Oregon and Arizona
Thomson Reuters
The Bundys still face assault, conspiracy and other charges from a separate armed standoff in 2014 at the Nevada ranch of their father, Cliven Bundy, triggered when federal agents seized his cattle for his failure to pay grazing fees for his use of public land.The outcome of the Oregon trial clearly shocked many in the packed courtroom. Attorneys exchanged looks of astonishment with the defendants, then hugged their clients as the not-guilty verdicts were read amid gasps from spectators.Outside the courthouse, supporters celebrated by shouting "Hallelujah" and reading passages from the U.S. Constitution. One man rode his horse, named Lady Liberty, in front of the courthouse carrying an American flag.
The verdict came after four days of deliberations. One juror, a former federal employee, was dismissed over questions of bias on Wednesday and replaced by a substitute.
Ammon Bundy arrives to address the media at the Malheur National Wildlife Refuge near Burns, Oregon
Thomson Reuters
The 12-member panel found all seven defendants - six men and a woman - not guilty of the most serious charge, conspiracy to impede federal officers through intimidation, threats or force. That charge alone carried a maximum penalty of six years in prison.Jubilant supporters of the Bundys thronged the courthouse after the verdict, hailing the trial's outcome as vindication of a political ideology that is profoundly distrustful of federal authority and challenges its legitimacy."We're so grateful to the jurors who weren't swayed by the nonsense that was going on," defendant Shawna Cox told reporters. "God said we weren't guilty. We weren't guilty of anything."
As the seven-week-long trial in the U.S. District Court in Portland climaxed, U.S. marshals wrestled to the floor Ammon Bundy's lawyer, Marcus Mumford, as he argued heatedly with the judge over the terms of his client's continued detention.The Bundys still face assault, conspiracy and other charges from a separate armed standoff in 2014 at the Nevada ranch of their father, Cliven Bundy, triggered when federal agents seized his cattle for his failure to pay grazing fees for his use of public land.The outcome of the Oregon trial clearly shocked many in the packed courtroom. Attorneys exchanged looks of astonishment with the defendants, then hugged their clients as the not-guilty verdicts were read amid gasps from spectators.Outside the courthouse, supporters celebrated by shouting "Hallelujah" and reading passages from the U.S. Constitution. One man rode his horse, named Lady Liberty, in front of the courthouse carrying an American flag.
The verdict came after four days of deliberations. One juror, a former federal employee, was dismissed over questions of bias on Wednesday and replaced by a substitute.
Ammon Bundy leads a prayer in an office at the Malheur National Wildlife Refuge near Burns, Oregon
Thomson Reuters
The 12-member panel found all seven defendants - six men and a woman - not guilty of the most serious charge, conspiracy to impede federal officers through intimidation, threats or force. That charge alone carried a maximum penalty of six years in prison. The defendants also were acquitted of illegal possession of firearms in a federal facility and theft of government property, except in the case of Ryan Bundy, for whom jurors were deadlocked on the charge of theft. The takeover of the wildlife refuge was initially sparked by outrage over the plight of two imprisoned Oregon ranchers the occupiers believed had been unfairly treated in an arson case. But the militants said they were also protesting larger grievances at what they saw as government tyranny.
The standoff led to the shooting death of one protester, Robert "LaVoy" Finicum, by police shortly after the Bundy brothers were arrested, and left parts of the refuge badly damaged.More than two dozen people, in all, have been criminally charged in the occupation, and a second group of defendants is due to stand trial in February.Mumford told reporters he believed Ammon and Ryan Bundy would remain in custody for the time being but may be transferred to Nevada.Four co-defendants were free on their own recognizance during the trial. A fifth, David Fry, the last of the occupiers to surrender in February, was released hours after the verdict.
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Sprint Is Getting Close To Buying T-Mobile For $32 Billion
Steve Kovach
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ReutersT-Mobile CEO John Legere.Sprint is close to finalizing a deal to buy T-Mobile for $40 per share, the Wall Street Journal reports.
That would value T-Mobile at around $32 billion.
The deal should be announced this summer, possibly in July. Sprint has reportedly agreed to pay T-Mobile a $1 billion breakup fee if the deal falls through.
And there's a good chance it might. Regulators will apply intense scrutiny to a Sprint purchase of T-Mobile. AT&T tried to buy T-Mobile a few years ago, but the government stopped the deal.
Overall, Sprint's purchase of T-Mobile would be a $50 billion deal, including debt, according to the WSJ. Deutsche Telekom, the German company that owns a majority stake in T-Mobile, would keep 15% to 20% of the company if the deal goes through.
T-Mobile decline to comment.
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Draw Something Maker OMGPOP Has Multiple Suitors And It Would Consider A Strategic Acquisition
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OMGPOP founder Charles Foreman (left) and CEO Dan Porter (right).
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It's been reported that Zynga is courting Draw Something creator OMGPOP to the tune of $150 million.
We hear that number is too low.
A source familiar with the situation says "everyone is making a move" on OMGPOP and that a strategic acquisition wouldn't be out of the question.
Some of the suitors have been aggressive; others are slower moving. We'd assume Zynga is the aggressor and companies like EA are timid.
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Draw Something Maker OMGPOP Has Multiple Suitors And It Would Consider A Strategic Acquisition
Draw Something Maker OMGPOP Has Multiple Suitors And It Would Consider A Strategic Acquisition
"Everyone is making a move," not just Zynga.
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Legg Mason Acquires Majority Stake in Financial Guard
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Legg Mason has joined the club.
The fund manager announced on Thursday, July 7, that that it will be acquiring an 82% majority stake in robo advisor Financial Guard. In doing so, it has become the latest in a long line of Wall Street firms acquiring or building up innovative robo capabilities. Financial Guard is an online wealth management platform that offers clients customized investment advice that pulls from both passive and active strategies. The robo advisor will operate as part of Legg Mason's alternative distribution strategies business and will open up another avenue of distribution for the firm's affiliates.The deal is part of Legg Mason's long term strategy to package more products and provide more holistic solutions for customers, according to Barclays analysts, who said firms were responding to a "robo-up or get left behind" environment.
With UBS wealth management's partnership with SigFig, Blackrock's acquisition of FutureAdvisor, and Invesco's acquisition of Jemstep, Legg Mason is following suit and getting ready for the future. "While the motivations are different and the way they are being utilized varies across our coverage, we believe it ultimately boils down to companies seeing this technology as part of the future and making investments now so that they don’t get left behind," the Barclays analysts said.
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Zoom has grown its recruiting team and is hiring for hundreds of roles. Its head of talent shares what he looks for in top candidates.
Elle Hardy
2021-03-24T18:13:31Z
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Zoom has increased its workforce by over 50% since the start of the pandemic.
Phil Haynes, head of talent, says motivated self-starters will be best placed for success.
If you want a job at Zoom, show quantifiable results and that you care about customers and the team.
In December 2019,
Zoom
had 10 million average daily meeting participants. Fast forward to the start of the pandemic, and by April 2020 that number reached 300 million.With user growth sustaining through 2021, the video-chat tech company has experienced a hiring boom. At the start of 2020, Zoom had just over 2,400 employees globally. In its recent Q3 earnings call, it revealed that it now has more than 3,800 employees in six (now largely virtual) offices in the United States, 11 offices in Asia and Europe, and three new R&D hubs and tech centers in Pittsburgh, Phoenix, and Bangalore.Insider jumped on a Zoom with Phil Haynes, the company's head of global talent acquisition, to find out everything you need to know about how to nab one of the hundreds of roles currently on offer, which are largely in tech and business development.
Phil Haynes.
Phil Haynes
Haynes said that his talent acquisition team has grown five-fold to around 70 recruiters since the pandemic began, and they also conduct some direct recruitment through online channels. "We try to blend those three talent pools: applicants, referrals, and our directly recruited candidates," he said.Zoom's hiring boom means that about one-third of its employees have yet to set foot in a Zoom office or meet another colleague in person."We're doing a lot of surveys of our employees to find out whether they want to go back to the office," Haynes said. "Most employees are mixed and want flexibility in the post-pandemic workplace."Zoom's welcome package currently includes helping employees with their home office setups, as well as company swag, a wellness and fitness allowance, and access to subscription wellbeing apps.Get a referralHaynes has been in his role at Zoom since August 2019 — before that, he had around 28 years of recruiting experience in Silicon Valley. Like many tech firms in the region, Haynes said that Zoom's always been a fan of hiring recommendations coming from current employees."Internal referrals are huge — we hire at a very high rate of internal referrals at Zoom, particularly from new employees," he said.He suggested that people interested in joining Zoom look through their connections to see if they know anyone working at the company.However, Haynes said that he only wants people reaching out to a Zoom employee if they've been coworkers in the past — he doesn't encourage or reward blind outreach to employees from people they can't vouch for."Referrals are most influential when the referring employee is a known entity to the hiring manager and is a top performer themselves," he said. "The old adage that 'A players refer A players' is probably most true in a hiring manager's mind." Touch on your ability to operate in a fast-moving environment"We very much have an external persona of being this large company — and certainly we have grown tremendously," Haynes said. "But we are very much a startup. We operate very fast, very furiously. Working here means taking charge, and not waiting to be told what to do."Successful candidates and employees recognize the opportunity that resides in a high-growth environment. Haynes said that indicators he looks for in an interview are firm examples of contributing to a new role quickly, such as delivering a project in your first few months of employment."Matching that pace is really important," he said. "The false starts we've seen are people coming from very large, slower growth, more measured environments. Grabbing the bull by the horns is our DNA, and I would encourage people to possess that before they even apply."In key roles such as sales or engineering, this means coming up with bold ideas and anticipating trends before they happen, as opposed to being reactive.Showcase a track record of quantifiable results"The thing that I always key in on when I look at resumes is quantifiable results," Haynes said. "A lot of people will pad a resume, but they need to understand that we will look right through that."By this, he means avoiding what he calls "aspirational words" such as "I participated in." It's how you made a difference in your job that's critical, he said. "If you had quantifiable results for your previous companies, get those up front," he said. "The more data that you have in terms of facts and figures on your resume, the better."Because Zoom is growing so fast, the recruitment team needs to know that their staff "can hit the ground running," not take 90 days to get up to speed, Haynes added. He likened it to getting on the highway and going from 10 miles an hour to 80 in order to be able to merge with other traffic."That's the on ramp at Zoom — get in, hang on, and get going," he said. "We look for people who have been able to make an impact quickly."When it comes to "fast ramp time," he gives the example of successful interviewees for recruitment roles who tell him how they've, in the past, began employing others within 30 days of starting their job. Show you 'care' in line with Zoom's valuesIt depends on the role you're going for, but you don't have to have graduated top of your class at an Ivy League college to get a job at Zoom, Haynes said. When it comes to entry-level and individual contributor roles in particular, the company hires based on values and competencies. "We look at a wide range of educational backgrounds, and we're very focused on diversity, equity, and inclusion," he said. "So we don't necessarily lean toward people from one company or lean toward people from one university."Zoom screens to its values of "We Care" — "We care for our community, our customers, our company, our teammates, and ourselves." Interviewers are looking for candidates to speak to these throughout."We provide a list of behavioral-based interview questions to our interviewers and ask them to take notes," he said. "We don't define 'good' or 'bad' answers, but the extent to which the person is able to demonstrate the value through the answer."The company is seeking to elicit a response based on past experience. Haynes gives the examples of, "Tell me about a time you disagreed with a decision your boss made. How did you handle it?" The answer should be in a format that addresses the context (what was the situation), the action (what did the candidate do), and the result (what was the outcome of the action taken).Prepare for 3 recruitment stepsHaynes said there are usually three layers to the interview process, depending on the department and role. "We always start with a recruiter screen," he said. "You're always going to talk to one of my team members, to make sure that we've got at least a preliminary right fit and some alignment on compensation expectations, so that we're not surprised down the road."After this, you might go through a hiring manager screen (you definitely will if it's a sales role) or move into a competency test."If it's a tech role, we may do a coding assessment, and then a more technical interview," he said. "If it's a sales role, we may do what we call a 'stand and deliver,' which is a sales presentation."Zoom then goes to a three-person panel interview, where competencies and values are vetted.For example, they regularly use "curiosity" and ask questions such as, "Tell me about a time when you were curious about something at work, or a solution, or a challenge," he said.As for the future direction of hiring at Zoom, Haynes said that it's keen to emphasize that it's more than a video-meeting platform."When I'm speaking to a group of job seekers, I encourage them not to just think of us as that meeting company verb, but that we have a lot of different things that we provide to the business world of communications and collaboration," he said. "If you've got expertise in the chat world, or you've got expertise in voice, telephony, internet, think of us like that, not just meetings."Like most employers, he said that they value candidate questions about the business, where it's headed, and cultural fit such as commitments to diversity and social outreach. "We're looking for people who are interested in not only the business of Zoom, but the heart and soul of Zoom as a company," he said.
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E-COMMERCE Insider: AmazonFresh in New York — SK Telecom Acquires Shopkick — Macy's Holiday Hiring
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E-COMMERCE INSIDER: AmazonFresh In New York — SK Telecom Acquires Shopkick — Macy's Holiday Hiring
Nicholas Quah
2014-09-30T11:00:00Z
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E-Commerce Insider is delivered exclusively to BI Intelligence members.AMAZONFRESH MAY BEGIN NEW YORK DELIVERIES IN OCTOBER: Amazon is ramping up its efforts to take over the $600 billion grocery industry. The company’s grocery delivery service could become available in New York as early as next month, reports Re/code. The trucks will likely be using a fulfillment center that Amazon set up in New Jersey earlier this year. Local residents have also reported sightings of AmazonFresh trucks around Brooklyn.
Ty McMahan
The service currently operates in Seattle, San Francisco, Los Angeles, and San Diego. This would be AmazonFresh’s first foray outside the West Coast.In our same-day delivery report, We found that New York has the most concentrated demand for same-day delivery services — approximately 2,000 potential customers per square mile.
BI Intelligence
This news comes amid reports that USPS wants to deliver more groceries for Amazon, according the Wall Street Journal. The report said that the federal postal service has filed an application to regulators for a two-year test to deliver Amazon's groceries in several cities. USPS has been struggling for years now, posting losses in 21 of the past 23 quarters and ending its fiscal third-quarter with a $2 billion loss. While a partnership with Amazon won’t necessarily bring the postal service back into the green, it is still a step towards a solid revenue stream that they could build upon for future growth. SK TELECOM ACQUIRES SHOPKICK: Shopkick, the shopping-loyalty startup that uses beacons to monitor shoppers' activity and then reward them for making purchases or other activities, has been acquired by SK Telecom, the South Korean telecommunications giant. The deal is valued at about $200 million. This acquisition comes fresh off reports that Shopkick has vastly expanded its network of partnerships with major brick-and-mortar retailers, including Macy’s, American Eagle Outfitters, and Target. The company currently boasts 20 retail partners and about 8 million users. CEO Cyriac Roeding tells us that he will remain with Shopkick, and he has assured us that the company will capitalize on its access to additional resources, knowledge, and personnel from the South Korean telecommunications giant, with the goal of getting "bigger, faster." SK Telecom is likely intrigued by the potential for beacons and Bluetooth technology, which led to the deal. Roeding says SK Telecom is also interested in having a larger hand in the US market, where nearly half of top retailers are already testing beacons. MACY’S INCREASES SEASONAL HIRING TO MEET ONLINE SALES DEMAND: Bracing for a big rise in e-commerce purchases this holiday season, Macy’s is set to hire about 10,000 temporary workers to fulfill online orders at their fulfillment megacenters throughout the country. This is a huge increase from last year, when they hired 6,600 seasonal workers to meet online shipping demands. DATA BREACHES ON THE RISE: Data breaches at large companies have increased by 10% over the past year, according to a Ponemon Institute study published last week. The study surveyed 567 executives across several different industries including retail. There have been plenty of high-profile data breaches of late, including the HomeDepot and Jimmy Johns’ credit and debit card breach and earlier breaches at Target and eBay. The report also found that 68% of respondents felt uncertain if their companies will know how to adequately react to a data breach.DHL PILOTS DRONE PROGRAM: Beating Google and Amazon to the punch, the German logistics company has started testing a very small drone program. The company will deliver medicines and other “urgent goods” to consumers on the small island of Juist via drone. Two important things to note:DHL kicked off the pilot after receiving approval from German transport and air control authorities. Here in the US, Google and Amazon are blocked from testing delivery drones to consumers in the US because they have been unable to secure clearance from American airspace authorities.DHL’s drones, which are called “parcelcopters,” will be able to carry up to 2.6 pounds. That’s about half of what Amazon drones are said to carry: an estimated 5 pounds, which can theoretically cover 86% of goods sold on Amazon, according to Jeff Bezos.INDUSTRY MOVES:Kevin Systrom, Instagram CEO, has joined Walmart’s Board of Directors. He will be working on Walmart’s Technology and eCommerce committee. A former Google employee, Systrom co-founded Instagram in 2010 and later sold it to Facebook in 2012 for approximately $1 billion in cash and stock.A few big changes at American Apparel have been announced in the post-Dov Charney era: First, John Luttrell, the retailer’s former CFO, who became Interim CEO following Charney’s termination, is resigning from the company. Scott Brubaker, Managing Director at Alvarez & Marsal, will replace Luttrell as Interim CEO. And finally, Hassan Natha, formerly at Fisher Communications and Jones Soda Company, will be coming on as the retailer’s new CFO.Douglas Campbell resigned as Sears Canada CEO last week after just one year at the helm. He previously held the title of COO, SVP of Major Appliances, and VP of Major Appliances and Electronics at the company. Before that, he was a Principal at the Boston Consulting Group. Mr. Campbell was the third person in three years to fill the CEO role at Sears Canada.Bill Carr, Amazon’s Head of Digital Music and Video, is reportedly leaving the company. He is a 15-year Amazon veteran and spent 9 years in the role. It is unclear where he is heading next.Here's what else BI Intelligence subscribers are reading …Apple's New Payments System Will Provide A Boost To In-App ShoppingYouTube Is The Best Social Network For Introducing New ProductsHere's What People Plan To Browse And Buy Online In The Third Quarter
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Here's What It's Like When Groupon Acquires Your Startup - Business Insider
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Here's What It's Like When Groupon Acquires Your Startup
Matt Lynley
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Feb. 11, 2012,
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AdkuCarlos Whitt is the co-founder of Adku.
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Adku, a recommendation engine startup, was in stealth for a long time. But It still caught Groupon's eye.
Now Adku, backed by startup incubator AngelPad, has been acquired by Groupon and is joining the company's entrepreneur-stacked Palo Alto office.
That's quite a change.
We got in touch with Carlos Whitt, a co-founder of Adku, to find out what it was like to be acquired by Groupon and what the company is doing. Here's what we learned.
The Groupon office in Palo Alto is mostly staffed by its acquisitions. Just about every other employee there is an ex-entrepreneur, he said.
Adku was a big-data company that powered a recommendation engine. That should give some kind of idea of what Groupon is working on next.
Groupon was going to be a client, then they just decided to join forces. Whitt said the whole thing just seemed to make sense, and Andrew Mason agreed.
The inaugural class of AngelPad is on a hot streak. Adku join MoPub and several other companies that have gotten high-profile exits or are already raising bigger rounds of funding.
BUSINESS INSIDER: Can you tell me a little bit about Adku and how you guys got started?
CARLOS WHITT: We met while working at Google and we had a big fondness for big data. We've been in stealth for so long, but the quick summary is we like big data and wanted to see what we could do with external data signals and e-commerce. We wanted to leverage big data for e-commerce, we spent all of last year building a recommendation system and integrated it with numerous clients. They were happy and loved us and around that time we started talking to Groupon.
BI: You guys were a part of AngelPad, right? How did that affect your startup?
CW: Once some people heard I was starting a company with other Googlers, somehow in the small valley, they said we should talk to Thomas (Korte, founder of AngelPad). I met with him and had a good vibe and we joined AngelPad, and that was great. Any place you get that kind of structure on a weekly or almost daily basis is really good for startups. You focus exactly on what you need to be thinking about. As you discuss your idea and discuss it and discuss it, it's really helpful.
I think that was awesome for us and that accelerated our timeline by 6 or 8 months or possibly more. We were part of the inaugural class, I don't think the couple VCs that set up the new program until the second or third class. MoPub was in our class, AllTrail was in our class, a few others were in our class too.
BI: What's next for you guys?
CW: One thing we're not allowed to talk about is what we're gonna be working on. But think in terms of what things we were doing — leveraging big data to optimize e-commerce. We were talking to Groupon along those lines. They were not one of our clients before, but we were discussing having them become one of our clients and those discussions made us realize that maybe we should just join forces. We're in San Francisco, and we're gonna stay here. The entire team lives and works in San Francisco, but we're gonna be joining the Palo Alto Groupon office.
ScreenshotBI: What was the negotiation process like? Was Mason a hard driver?
CW: We were talking with them about being a client. We did spend a little time with Andrew, but it wasn't like he was calling us on the phone out of the blue and saying "hey, let's do something." He was brought in toward the middle of the process, and we just wanted to bounce some ideas off him and confirm what we thought about Groupon was in line with his vision. We had a great chat with Andrew, he seemed very energetic and very articulate and basically his way of describing going after the local problem was very much in line with what I had envisioned and what I'm really excited about doing.
We met soon after he did his interview for 60 minutes, and I guess in the interview they referenced him doing yoga in his underwear. We talked about that a little bit, he's just like, eh, it's up there so we decided to leave it up there. Once something's online it's impossible to get rid of.
BI: What was so appealing about Groupon that made you accept the offer?
CW: I get the sense that the company has a very fun culture about it. One of the things that was really appealing to me and my co-founders was the fact that it's only three years old, the company is basically just a startup with a huge opportunity. There are plenty of startups that are older than three years. It's now a fairly large company with a successful market, so it has the fun quirkiness.
The Palo Alto office in particular is comprised of a lot of acquisitions, and that is really appealing. It means we're basically one of every two people is an ex-entrepreneur. And they're some of the most exciting people I can interact with. The idea that I can join a company like Groupon and have that scale of impact and work alongside those entrepreneurs is really exciting. Any time you get to work alongside some entrepreneurs, I consider myself really, really lucky.
BI: How are you feeling about the acquisition?
CW: I'm ridiculously excited, one of the things it's saying to me, we basically get to run experiments and run different algorithms. With the amount of data Groupon has, we get to run our experiments a lot quicker and iterate even faster than we have been in the past year and a half. The sheer quantity of data allows us to move even faster. It's not really resources — for us it's almost entirely the quantity of the data. The more data, the faster we can achieve statistical significance and the faster we can move.
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E-Commerce Startup Fab Acquired A Nordic Furniture Company
Jay Yarow
Jun. 18, 2014,
7:49 AM
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Mike Nudelman/Business InsiderHere's the latest move from troubled e-commerce startup Fab.
It's buying One Nordic Furniture Company, a furniture company based in Finland and Sweden. The deal "closed just minutes ago," according to a Fab's spokesperson Amy Juaristi.
Fab has been a fascinating company to watch. It started as a gay social network, then pivoted into a flash sales site, then pivoted again into a site that sells designer goods.
Just a year ago, it raised $150 million in funding at a $1 billion pre-money valuation. That brought its total funding above $300 million.
By the end of 2013, however, it was clear things were not working. In October and November it laid people off. Those lay offs weren't enough. It cut even more people last month.
At the start of the month there were reports that Fab was running out of money, and would be dead by the end of the year. Fab denied those reports.
It said it was only burning $1.6 million per month, and it had enough cash in the bank to survive for years if just did what it was doing. However, it now owns a furniture company, so who knows what will happen.
This isn't the first furniture company Fab has acquired. It previously bought a German furniture site.
Here's the press release:
Key points:
Fab has acquired the One Nordic Furniture Company of Helsinki, Finland and Stockholm, Sweden.
Fab, the U.S.-based design e-retailer, delivers a global team of design, retail and marketing experts; a proprietary ecommerce platform; and the backing of some of the top investors in the world
Long a darling of the Nordic design community, One Nordic brings expertise in innovative furniture design and manufacturing and a track record in online furniture sales
The acquisition is a combination of cash and stock, valued in the tens of millions of dollars
The One Nordic team will own 5% of the combined company with the finalization of the transaction
Statements:
We are pleased to announce a seminal partnership for Fab: the acquisition of One Nordic Furniture Company of Helsinki, Finland and Stockholm, Sweden. Long a darling of the Nordic design community, One Nordic brings expertise in innovative furniture design and manufacturing and a track record in online furniture sales to Fab’s global team of design, retail and marketing experts.
The acquisition flows from a long-term strategic plan we laid out last fall. We have seen great success in our recent private label initiatives and customized furniture launches; our acquisition of One Nordic is the next step in pursuing this plan that is proving itself in market.
Fab CEO Jason Goldberg:
“Design is at the center of Fab—and has been since Day 1. Teaming up with One Nordic adds incredible talent to our design bench and brings us ever-closer to our suppliers and manufacturers. We are excited about the design collaboration to come.”
One Nordic CEO Joel Roos:
“We have dedicated ourselves to designing high quality furniture and accessories that deliver on a Nordic sensibility, updated for the 21st Century. Now, our partnership with Fab offers a new platform through which to share our work with people around the world.”
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E-Commerce Startup Fab Acquired A Nordic Furniture Company
E-Commerce Startup Fab Acquired A Nordic Furniture Company
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TRANSPORTATION AND LOGISTICS BRIEFING: Waymo's First to Test Cars on Public Roads Without Driver — Continental Acquires Auto Cybersecurity Startup Argus — Ola Enlists Microsoft for Its Connected Car Platform
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TRANSPORTATION AND LOGISTICS BRIEFING: Waymo's first to test cars on public roads without driver — Continental acquires auto cybersecurity startup Argus — Ola enlists Microsoft for its connected car platform
Nicholas Shields
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2017-11-08T14:30:00Z
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Welcome to Transportation & Logistics Briefing, a new morning email providing the latest news, data, and insight on how digital technology is disrupting transportation and delivery, produced by BI Intelligence.Sign up and receive Transportation & Logistics Briefing free to your inbox.Have feedback? We'd like to hear from you. Write me at: [email protected] TESTS SELF-DRIVING CARS ON PUBLIC ROADS WITHOUT DRIVERS: In a significant step forward for its self-driving car development, Google spinoff Waymo has begun testing its autonomous cars on public roads in Chandler, Arizona without a driver behind the wheel, CEO John Krafcik announced at a conference in Lisbon, TechCrunch reports.The announcement makes Waymo the first company to test self-driving cars on public roads in the US without a driver behind the wheel. The vehicles are being tested within a 100-square-mile area of Chandler where Waymo has already been testing autonomous vehicles. For now, the cars are being tested with a Waymo employee riding in the backseat as a passenger.The news means Waymo is getting nearer to its goal of commercializing its self-driving car system. Waymo intends to monetize its self-driving technology by launching a ride-hailing service using cars equipped with its technology. The company has been testing its technology since 2009, longer than any other player in the self-driving space, and recently began testing rides with public volunteers in its Early Rider program in Arizona. However, all of those tests involved a driver sitting behind the wheel to take over the vehicle in case of emergency. The next steps for Waymo are to expand the driverless tests geographically, open up the tests to Early Rider program participants, and then, finally, pursue a commercial launch. Krafcik said the company wants to broaden the tests beyond Chandler to include the entire Phoenix metro area, and that Waymo will allow members of the Early Rider program to get rides with the driverless test cars “within the next few months.” That will make Waymo's service the first to allow consumers to get on-demand rides in a car without a driver, an important milestone in the development of autonomous mobility services. After that, the company will likely begin exploring opening the program up to the broader public through a commercial launch in the Phoenix area. Barring any major obstacles along the way, Waymo seems poised to be the first to commercialize its self-driving technology.
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CONTINENTAL ACQUIRES AUTO CYBERSECURITY STARTUP ARGUS: Germany-based Continental AG, one of the world’s leading auto parts suppliers, announced last week that it will acquire Israeli automotive cybersecurity startup Argus for an undisclosed amount, Reuters reports. Israeli media put the deal's worth at around $400 million, Reuters said.Once the acquisition is finalized, Argus’ team will be rolled into Continental’s Elektrobit subsidiary, and will help develop new cybersecurity solutions for connected cars. Argus previously partnered with Elektrobit to jointly develop a solution, which launched last month, for delivering over-the-air (OTA) software updates to vehicles. Continental predicts that there will be hundreds of millions of connected vehicles on the road by 2020 that hackers could potentially target. In order to provide security for those vehicles, Elektrobit and Argus will develop cybersecurity solutions and services for the cars, including intrusion detection and prevention, and fleet management and monitoring for enterprises. The companies will also provide security OTA updates for vehicles to immediately patch newly discovered vulnerabilities in their software. Car companies have been embedding internet connectivity into their vehicles for years, but automakers are consistently criticized for not doing enough to ensure those internet connections are secure from hackers: A 2015 Senate report blamed automakers for “a clear lack of appropriate security measures to protect drivers from hackers.” An IDC report from 2016 said auto companies are lagging in addressing vehicle cybersecurity issues, and predicted it would take up to three years for the auto industry to successfully address security vulnerabilities in today’s cars.Earlier this year, the Alliance for Telecommunications Industry Solutions, which represents many of the telecom companies that provide internet connections to vehicles, said connected cars continue to be at high risk of falling victim to various types of cyberattacks.Auto companies have started responding to this threat of cyberattacks on their vehicles, and are ramping up their security efforts. That will lead to increased spending on automotive security solutions like those that Elektrobit and Argus plan to develop. The market for such solutions is expected to expand rapidly, from less than $1 million last year to $759 million in 2023, according to IHS Markit.INDIAN RIDE-HAILING COMPANY PARTNERS WITH MICROSOFT: Indian ride-hailing company Ola has partnered with Microsoft to integrate the tech giant’s Azure cloud services tools into Ola Play, the company’s connected car platform, Money Control reports. The Play platform, which Ola launched about a year ago, currently allows passengers to stream music and video, and browse the internet through cars’ infotainment centers. The ride-hailing company sells the platform to automakers, and many of those firms have agreements in place to lease vehicles to Ola for its ride-hailing business. The integration will allow Ola Play to perform features such as predictive maintenance, navigation, and vehicle diagnostics through Microsoft’s connected car suite. This could involve, for instance, the platform collecting data on a car's battery usage and sending it to the Azure cloud to be analyzed. The platform could then trigger an automated alert to tell the driver when the battery will soon need to be replaced.The agreement is part of Microsoft’s larger foray into the auto industry to help it diversify its cloud revenue sources. Earlier this year, the company agreed to license a series of connected car software patents to Toyota. In addition, Volvo, Nissan, and Ford all use Microsoft Azure’s connected car software stack to varying degrees. This agreement is just the latest iteration of this strategy to drive future revenue for the company's Azure cloud segment, which brought in $6.9 billion last quarter, and accounted for about 28% of the company’s net revenue.Meanwhile, Ola likely hopes the agreement will make the Play platform more attractive to automakers, ultimately boosting the company’s ride-hailing service. Features like predictive maintenance and on-board diagnostics can save companies millions by preventing a costly trip to the repair shop. This may persuade more automakers to use Ola Play in their cars, and could grow the company's ride-hailing fleet by bolstering its relationship with those automakers. That may well strengthen its position in its ongoing fight with Uber.IN OTHER NEWSLyft’s chief operating officer, Rex Tibbins, plans to leave the company by the end of the 2017, TechCrunch reports. This means the firm now needs to fill a key leadership position as it prepares for an initial public offering (IPO) sometime late next year or in early 2019. Meanwhile, the company will set up its first permanent office in New York City in the coming weeks, which will house sales and marketing teams and a handful of its autonomous vehicle engineers.Southeast Asian ride-hailing company Grab recently announced that it has completed 1 billion rides, according to TechCrunch. The company, which was founded in 2012, now covers 142 cities in Thailand, Indonesia, Vietnam, Singapore, Malaysia, the Philippines, and Myanmar. Grab joins Didi Chuxing and Uber, its Chinese and American counterparts, in reaching this milestone.The US Department of Transportation (DOT) announced it will partner with five cities to accelerate adoption of drone use within their confines, Supply Chain Dive reports. The DOT, which announced this initiative late last month, will accept applications from cities around the country for 57 days before deciding which five cities it will work with. The program is designed to help foster innovation in the drone space, while helping the DOT learn how to manage drone traffic for new applications of the technology, like drone delivery.
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Experts name 8 digital advertising companies that could be acquired next as adtech grows hot again
Lauren Johnson
2021-01-04T13:06:18Z
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Growth in adtech stocks, SPACs, and private equity has fueled interest in adtech deals this year.
Business Insider asked a handful of investors, consultants and bankers to predict which companies could be sold this year.
They named eight companies that help marketers buy and measure TV ads differently and navigate changes like the death of third-party cookies.
Visit Business Insider's homepage for more stories.
After Wall Street and investors soured on adtech, the sector is hot again.Even as advertisers slashed their spending in the economic downturn, the rise of
streaming
TV and online shopping have benefitted adtech companies that help advertisers and marketers buy and sell ads.Adtech stock gains by companies like The Trade Desk, Magnite, LiveRamp, and Criteo and the rise of special-purpose acquisition companies (or SPACs) have given rise to more adtech IPOs like PubMatic and fueled rumors of DoubleVerify IPOing early next year. And the death of third-party cookies has advertisers scrambling to prepare for a world where ad targeting and measurement will get harder.Read more: A rush of media and advertising companies are going public via SPACs. Here's why Playboy, CuriosityStream, and Digital Media Solutions are betting on blank-check deals.While M&A slowed down this year, deals like Comcast's acquisition of adtech startup Beeswax, Experian's acquisition of Tapad, and S4 Capital's acquisition of Amazon ad agency Orca Pacific shows that there are still plenty of deals happening in an industry that experts have said is ripe for consolidation for years.Business Insider asked investors, consultants, and bankers which adtech companies could be hot acquisition targets in 2021. They named eight companies that are focusing on shaking up TV ad buying and identity products. To be clear, these people did not suggest that any of the companies are actually in talks."Any company that has decent methodology in a post-cookie world with some
liquidity
around having a stable of buyers or sellers will be in high demand," said Matt Prohaska, CEO and principal of Prohaska Consulting.As for sellers, sources saw big opportunities for private equity firms to gobble up adtech companies."These companies are seeing for the first time that there are options out there for them," said one longtime adtech entrepreneur and advisor. "Two or three years ago, you either got acquired if you were good or you fumbled along — there are a plethora of options for sellers now."Below are the eight companies. Where available, we included funding information for private companies.
Cadent
Cadent CEO Nick Troiano
Cross MediaWorks
Why it's an acquisition target: It helps with targeted TV adsCadent is one of a handful of tech firms that specializes in addressable advertising, which targets specific TV ads at audiences.The firm's clients include advertisers and video publishers, grouping data across smart TVs, mobile devices, linear TV ads, and household data that is used to buy and sell ad space. It recently signed deals with data firms Acxiom and Catalina that help advertisers buy targeted TV ads. Cadent this year also acquired 4Info, a data firm that works with brands like consumer-packaged-goods to find audiences across devices.Speculation about a sale of Cadent have long swirled. In 2018, Comcast was rumored to be interested in acquiring the firm. One investor source said that Cadent "is doing remarkably well in terms of revenue and EBITA." Cadent declined to comment for this story.
iSpot.TV
ISpot.TV founder and CEO Sean Muller
iSpot.TV
Total funding to date: $57.8 million, according to CrunchbaseWhy it's an acquisition target: It wants to measure TV ads like digitalISpot.TV pulls together TV viewing data to measure what commercials and programs people watch in real-time and licenses the data to advertisers and TV networks like NBCUniversal.The firm claims that it can use such data to see if TV ads led consumers to take an action. The firm has notable deals with smart TV manufacturer Vizio and data firm Neustar.One investment banker noted that while TV-tech firms are hot acquisition targets, iSpot.TV's reliance on a small handful of sources of data could be a concern for a buyer. Vizio is also building out a business selling ads within its properties and some ad-supported streaming apps. ISpot.TV declined to comment for this story.
Kinetiq.tv
Kinetiq CEO Kevin Kohn
Kinetiq
Why it's an acquisition target: Wants to expand TV measurement beyond adsKinetiq.tv formed in 2019 from the combination of 4C and iQ Media.The company is aiming to solve measurement challenges by tracking TV ads in more than 85 countries.It also tracks advertisers' earned media and sponsorships on TV in addition to ads and measures whether ads led to an action.Kinetiq has partnerships with companies like LiveRamp that help marketers plan and measure TV ads. Clients include Mercedes-Benz, Fox Broadcasting Company, and Google.Sources suggested that a data firm like Neustar, Kantar or Ipsos looking to build out TV practices could be likely buyers.Kinetiq did not respond to a request for comment.
LiveIntent
LiveIntent CEO Matt Keiser
LiveIntent
Total funding to date: $65.1 million, according to CrunchbaseWhy it's an acquisition target: It's trying to solve the death of third-party cookies with emailLots of adtech companies are working on solutions to Google and Apple's plans to kill third-party cookies that are a mainstay of ad targeting.LiveIntent is betting big on email — the firm sells ads in email newsletters from publishers like The New York Times and Washington Post. The firm also has an ID product that matches up customers' data with LiveIntent's data that advertisers and publishers use to buy and sell ads.One view in the industry is that LiveIntent could be acquired by a company that's looking to build out identity products at a lower price than LiveRamp, which is one of the big identity players."LiveIntent is seeing significant interest from the market because of its differentiated approach to the shifting identity landscape," said a source close to the company. LiveIntent declined to comment for this story.
LiveRamp
LiveRamp CEO Scott Howe
John Lamparski/Stringer
2020 revenue: $381 millionWhy it's an acquisition target: It's one of the biggest identity playersWith third-party cookies on the way out, LiveRamp's clout has grown. The firm sells ID technology that advertisers and publishers use to target ads without cookies, and gotten companies like The Trade Desk to back its efforts.LiveRamp is a public company and has benefitted from this year's boom in adtech stocks.But rumors are swirling about how long LiveRamp will stay a public company and whether a private equity group will take a look."It would surprise me if some company doesn't figure out a better home for them — whether it's a strategic acquisition or combined with another company," said one longtime adtech investor and advisor. "They're doing really well and they've had great progress, but it does feel like there might be a better incarnation for them."Jay MacDonald, CEO of investment banking firm Digital Capital Advisors, meanwhile, sees LiveRamp as an acquirer of advertising and measurement companies — including possibly debt-heavy Comscore.LiveRamp declined to comment for this story.
Mediaocean
Mediaocean CEO Bill Wise
Mediaocean
Why it's an acquisition target: It has deep inroads with ad agenciesMediaocean sells software that big ad agencies use to buy and bill for TV advertising. Private equity group Vista Equity Partners acquired a majority of Mediaocean in 2015, valuing the company at $720 million.Multiple sources said that Vista Equity Partners has been shopping Mediaocean around this year. Publication PE Hub reported in October 2020 that Vista was working with investment banks Morgan Stanley and Macquarie to advise on a sale, targeting a $1.4 billion valuation. The publication reported that Mediaocean's annual EBITDA revenue is $135 million.The firm's relationships with big ad agencies could be appealing to a buyer as marketers look for new ways to buy and sell TV ads. In July 2020, Mediaocean acquired marketing tech firm 4C Insights to move deeper into tools that help marketers use platforms like streaming TV. Mediaocean has also hinted that it's interested in making other acquisitions — like a programmatic advertising firm.Mediaocean CEO Bill Wise declined to comment about acquisition rumors but said that interest in M&A has broadly grown this year."I think there's just an excitement around adtech and martech because of identity and how much advertising helped companies through the pandemic," he said. "There's not a ton of independent adtech companies with scale and tentacles into the entire industry."
TVSquared
TVSquared CEO Calum Smeaton
TVSquared
Total funding to date: $26.6 million, according to CrunchbaseWhy it's an acquisition target: It's helping performance marketers measure TVThe 8-year-old firm focuses on helping marketers measure TV ads in new ways.TVSquared sells software that advertisers and broadcasters use to measure TV advertising across devices. Clients use the data to track whether people take actions after seeing a TV ad, like going to a website, downloading an app, or buying a product. The race for so-called TV tech has grown over the past year as direct-response marketers do more TV advertising and want to measure their return on spending.TVSquared has deals with companies like MediaMath, NBCUniversal and Comcast's EffectTv."There has never been a better time to offer marketers, programmers and publishers with always-on measurement and outcomes, and we look forward to continuing our momentum and driving global adoption in 2021," said Calum Smeaton, CEO and founder of TVSquared.
Xandr
Head of Xandr Mike Welch
Mike Pont/Getty Images for AWXII
Why it's an acquisition target: AT&T is pulling back on its media ambitionsA couple years ago, AT&T had big ambitions to build an advertising business that competes with giants like Facebook and Google, acquiring WarnerMedia and adtech firm AppNexus (now called Xandr).Rumors have swirled that AT&T is looking to spin off adtech arm Xandr that powers ad sales for DirecTV and other publishers' ad inventory as part of a plan to shed less profitable divisions compared to AT&T's cash cow of telecom services. Xandr's big bet is to shake up how TV ads are sold, but some media buyers have expressed concern that Xandr will become a walled garden that limits the amount of publishers and data that advertisers have access to.Xandr has also had leadership turnover in 2020 with executives like Brian Lesser and Kirk McDonald leaving as Xandr combined with the WarnerMedia team. Longtime AT&T exec Mike Welch began leading Xandr in August 2020.Several bankers and investors said that there is interest from private equity groups in acquiring DirecTV and potentially Xandr.AT&T did not respond to a request for comment.
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Warren Buffett on Berkshire's Acquisition Process
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WARREN BUFFETT: We don't do due diligence — we just look into your eyes
Myles Udland
2015-10-13T14:29:17Z
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Warren Buffett, chairman and CEO of Berkshire Hathaway, at the Fortune's Most Powerful Women's Summit in Washington on Tuesday.
REUTERS/Kevin Lamarque
Warren Buffett's acquisition process is pretty simple: He looks at you.
Speaking with Carol Loomis at Fortune's Most Powerful Women Summit on Tuesday, Buffett explained the process that led to Berkshire Hathaway's big deal of the summer, its $37 billion acquisition of Precision Castparts, a manufacturer of parts for airplanes.Buffett told Loomis he met with Precision Castparts CEO Mark Donegan for about 10 or 15 minutes and asked whether he would listen to a takeover offer from Berkshire. After taking this to his board, Donegan agreed to listen to an offer.And so Buffett made an offer, they talked about it, and then they had a deal. At this point, Buffett said, he and Donegan had talked for about 25 minutes in total.How does a deal like this come together so quickly? "We basically do no due diligence," Buffett said. "Our due diligence is basically looking into their eyes."
Buffett said that ahead of making an offer for Precision, Berkshire had no financial figures beyond those that were publicly available. Buffett's main concern was whether Donegan thought he would retire at 65. (Donegan is 58.)Unlike many companies that require CEOs to retire at a certain age, Berkshire has no retirement age and in Buffett's words "needs" its managers to stay on for as long as possible.Loomis — who retired from Fortune last year — asked Buffett, then, how he went about replacing CEOs if and when they need replacing. Sometimes they're just not the right person for the job, and sometimes a CEO has grown too old to do his or her job as well as in the past, Buffett said. Buffett said replacing CEOs was his job alone and that he would give anything not to have to do it. But telling CEOs they need to go isn't usually as bad as Buffett fears, even when it involves telling a manager he or she needs to move on because the manager is not doing an adequate job because of age.
Buffett added that one time a Berkshire company was run by an executive whom he and his partner Charlie Munger really liked but saw infrequently. It turned out that this executive had developed Alzheimer's but had been able to hide it for a few years before the pair figured it out and replaced the guy. "But I really thought it was a pretty good test," Buffett said. "You should buy companies that are good enough so somebody with Alzheimer's can run it." "When you hit the junk heap at Berkshire, you're really ready for the junk heap," Buffett said.And when he looks at folks who have retired, Buffett doesn't see much that's appealing. "They spend their whole week planning a haircut."
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Jeff Bezos Eating Octopus for Breakfast Reveals Amazon Buying Strategy
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This story about Amazon's Jeff Bezos eating octopus for breakfast is symbolic of his business strategy
Alex Heath
2017-06-16T14:15:41Z
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Amazon CEO Jeff Bezos.
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Amazon's $13.7-billion purchase of Whole Foods in 2017 is the largest deal in Amazon's history, but far from its first. In the nearly 23 years since it was founded by Jeff Bezos, Amazon has acquired more than 70 companies of all shapes and sizes.An interesting story from 2014 in Dallas' D Magazine profiles Matt Rutledge, who sold his daily-deals e-commerce company, Woot, to Amazon for $110 million in 2010. In it, Rutledge shares the story of his first meeting with Bezos after the deal was signed.Not only does the anecdote reveal that Bezos is lousy at small talk, but it proves something about the way he thinks about business and Amazon's acquisition strategy.Rutledge flew into Seattle from Dallas on a Sunday night to go out to breakfast with Bezos on Monday. He had signed a contract to stay with Amazon for the next three years and thought the meeting was going to be about Bezos bringing him into his inner ranks.Instead, it was awkward. Bezos didn't seem to have any real agenda, even though Rutledge had traveled far to meet with him.Bezos ordered an exotic meal: Mediterranean octopus prepared with potatoes, bacon, green garlic yogurt, and a poached egg. When Rutledge asked Bezos why he had decided to buy Woot, Bezos paused for "many painful seconds" before answering."You're the octopus that I'm having for breakfast," Bezos said. "When I look at the menu, you're the thing I don't understand, the thing I've never had. I must have the breakfast octopus."About two years after Woot's acquisition and that breakfast meeting, and before his contract was up, Rutledge left the company. The pressures of operating under and reporting to Amazon had started changing Woot's fundamental style, and Rutledge wanted to get out. Amazon bought Woot because Bezos didn't understand it and thought it was exciting, but instead of embracing Woot's style and learning from it, Amazon changed it.Cue the chilling line from D Magazine's Tim Rogers: "Before it can be eaten, generally, the breakfast octopus must be killed."Read the rest of the great D Magazine story »Jillian D'Onfro contributed to an earlier version of this story.
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Inside Buddy Media, Salesforce.com's $700 Million Acquisition - Business Insider
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We Were In Buddy Media's Cool New Office Right As It Was Selling For $700 Million — Here's What It Looked Like
Daniel Goodman and Nicholas Carlson
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Daniel Goodman / Business InsiderHow, exactly, does a CEO keep his external cool while working through the months-long process of selling his company for $700 million?
We recently got a couple first-hand demonstrations from Buddy Media CEO Mike Lazerow.
In mid-May, we got a tip from a source: the New York startup scene was about to have its biggest exit in years.
The source refused to say which company, but gave us a couple hints that pointed to a possibility: Buddy Media, the agency that builds and markets Facebook pages for brands.
It had raised $50 million at a $500 million valuation in the fall, and we'd also heard rumors that Oracle had approached one of its competitors down in Atlanta.
The good news for the team in the news room: Buddy Media was hosting a party that night, on May 15, at its New York headquarters. Maybe we'd be able to sniff out a deal.
Before sending a reporter, though, we decided to call up Mike to make sure he was going to be there.
Good thing we called. In fact, Mike was out in California on some business.
Today, we know what Mike was up to. This morning, Salesforce.com officially announced this morning that is has acquired Buddy Media for around $700 million.
But back then, Mike was very convincing in telling us that Buddy Media was not for sale. He told us, on the record, that the goal was to become a "large independent company," and that nothing was in the works. He was even more convincing off the record.
We believed him. Oops.
Annoying for us? Sure.
But you have to give Mike some credit: a report about a big deal before it's done can ruin the whole process, costing investors and employees millions of dollars.
Remember when Google was going to acquire Yelp, but spiked the deal after it decided Yelp insiders had leaked word of it to the press?
Mike did what he had to do to keep the process quiet.
It wasn't the first time! Just weeks before the deal closed, we sent our intrepid photographer, Dan Goodman, to Buddy Media's new offices for a tour.
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We Were In Buddy Media's Cool New Office Right As It Was Selling For $700 Million — Here's What It Looked Like
We Were In Buddy Media's Cool New Office Right As It Was Selling For $700 Million — Here's What It Looked Like
How can a CEO keep cool on the outside while selling his company for $700 million?
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Disney Chose Not to Buy Twitter Because of Trolls, Abuse: Report
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Twitter's abuse problem is reportedly part of the reason Disney chose not to buy it
Rob Price
2016-10-18T09:13:03Z
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Twitter's reputation as a hotbed for harassment and abuse may have helped lose it two potential buyers.Bloomberg is reporting that Disney chose not to pursue an acquisition of Twitter in part because it thought the bullying and behaviour of some of the ailing social network's users might damage the entertainment company's image.That news came shortly after a report by CNBC's Jim Cramer that Salesforce was also put off by Twitter's endemic troll problem.The enterprise company's CEO, Marc Benioff, said Twitter was "not the right fit," but Cramer was more damning. "What's happened is, a lot of the bidders are looking at people with lots of followers and seeing the hatred," he said. "I know that the haters reduce the value of the company ... I know that Salesforce was very concerned about this notion."Twitter has grappled with the problem of abusive behaviour on its platform for years. In a leaked memo from February 2015, then-CEO Dick Costolo said "we suck at dealing with abuse and trolls on the platform and we've sucked at it for years." And it's a problem that hasn't gone away. During Twitter's July 2016 earnings call, the company's current CEO, cofounder Jack Dorsey, told analysts the company hadn't "been good enough" at dealing with abuse "and we must do better."The social network has been working on technical solutions to tackle the issue, but it has been accused of responding less vigorously to complaints of abuse and harassment than to other problematic content like copyright infringement.—Dana Liebelson
(@dliebelson) October 17, 2016
Leslie Jones has been a particularly high-profile target of abuse — but she is far from the only one.
Alberto E. Rodriguez/Getty Images
It now looks as if the abuse problem is no longer just a nightmare for its direct targets — it's also causing headaches for Twitter's financial prospects.Twitter's stock jumped in recent weeks on reports it was in acquisition talks with multiple companies, but Google, Salesforce, and Twitter, the main suitors, have all reportedly backed out.According to Bloomberg, trolling isn't the only reason Disney opted against trying to buy Twitter. There were also questions around its size and profitability, for example. But Disney is one of the most powerful and highly regarded brands on earth — being tied to a social network in which a black actress was hounded off the platform by racists for having the temerity to star in a remake of "Ghostbusters" might be a hard sell to investors.Former engineering manager Leslie Miley told BuzzFeed News in August that the company did not follow up on potential solutions if they damaged the site's growth. "I did see a lot of decisions being made in terms of growth when it came to how to handle abuse, which I get," he said. "But on the other side, if there’s a trash fire burning in your front yard, saying you don't want to call the fire department because you don't want to get the house wet is not really a sensical thing."This strategy might have made sense to Twitter executives during the company's boom years, but now that growth is flatlining the company is struggling to turn a profit, and the decision not to be more proactive about abuse seems to be coming back to haunt it.
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Halogen Media Acquires NYC Startup YouCast - Business Insider
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Halogen Media Acquires NYC Startup YouCast
Alyson Shontell
Apr. 28, 2011,
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Advertisers are hungry for social media, so we weren't surprised to learn that online ad network Halogen Media has acquired four-year-old startup, YouCast.
YouCast works with brands like Nike and Turner Broadcasting to get them more exposure online by giving bloggers exclusive information about the companies.For example, Turner Broadcasting might give bloggers access to sneak peaks of
upcoming shows or behind the scenes footage with actors, which bloggers can then share with followers.
"Brands were saying to us, 'If we're going to make media investments, we want enduring value that we can tap into at our discretion, regardless of an ad buy," says Halogen's Founder and CEO Greg Shove. "They want to be more integrated and have something authentic with publishers and their audiences. Acquiring YouCast, which already has social media analytics in place, will make that possible."
YouCast was founded by Jonathan Cohen and John Eaten. Combined, Halogen and YouCast are expected to make $10 million in revenue this year, says Shove.
The acquisition amount has not been disclosed.
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Larry Page Is Forcing Google To Be Much Less Stupid About Acquisitions - Business Insider
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Larry Page Is Forcing Google To Be Much Less Stupid About Acquisitions
Nicholas Carlson
Mar. 30, 2012,
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For a few years now, Google has acquired dozens of companies every year.
That's not going to change any time soon.
But last year, when cofounder Larry Page took over as CEO again, the type of acquisitions Google makes changed.
Now, according to an article by Slate's Farhad Manjoo, who talked to Google M&A boss David Lawee, instead of buying "interesting" companies with "interesting" founders pursuing "interesting" problems, Google will only buy companies that will definitively propel one of Google's seven main product lines forward.
Those product lines are: search, advertising, social networking, Android, Chrome, YouTube, and local mobile commerce.
The pattern started to show last year, when Google bought ITA for search, Motorola for Android, Next New Networks for YouTube, and Zagat for local mobile commerce.
Another big change – that may seem like a no-brainer! – under Page, Manjoo says, newly acquired teams are no longer allowed to "disappear without ever producing a product."
Ah, to own Internet's most perfect monetization engine and not have to have start worry about these kinds of common sense changes until decade number two…
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Tritium Partners Acquires a Majority Stake in PublicRelay
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Private equity firm Tritium Partners acquired an up-and-coming PR tech company to take on giants like Cision and Meltwater
Sean Czarnecki
2021-09-20T11:00:00Z
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PublicRelay sold a majority stake to private equity firm Tritium Partners.
The company uses human analysts to check its technology is accurate.
Private equity and other financiers have flooded the PR tech space in recent years.
PublicRelay, one of the hottest public relations technology measurement companies, sold a majority stake to private equity firm Tritium Partners to steal market share from Cision and Meltwater, the world's two biggest PR tech companies.Terms were not disclosed.Founded in 2008, PublicRelay has high-profile clients like Berkshire Hathaway and New York Life and its technology measures things like how a particular article portrays a brand. While other PR measurement companies do this too, they almost entirely rely on AI, which often leads to inaccurate and mixed results.But PublicRelay uses human analysts to weed out bad results after their technology ingests article data.PublicRelay CEO Eric Koefoot said the 100-person company will use the funds to increase headcount by at least 50% by the end of 2022.It will hire more analysts as well as tech developers to help integrate more datasets like market research, customer satisfaction, and employee feedback from job boards like Indeed and Glassdoor. PublicRelay will also hire people to fill roles in client success, marketing, and sales. Koefoot explained these new staffers will help PublicRelay win and retain more accounts, particularly as it grows its business in the European Union. Currently, most of its business is based in North America.PublicRelay's sale to Tritium Partners is a dramatic change in direction, as the only time PublicRelay raised money previously was in 2012 when it received less than $1 million from a group of angel investors.Koefoot said PublicRelay has been reluctant to take on investors since the company is profitable and has recorded 25% to 30% in annual revenue growth for the past four years. Koefoot declined to say why PublicRelay now chose to be acquired.In addition, Tritium's Mark Parise, who helps the private equity firm identify acquisitions, is joining PublicRelay as executive chairman to advise Koefoot.The PublicRelay-Tritium deal underscores how technology servicing the public relations industry has been the focus of growing investor interest and that capital has allowed M&A to flourish. For example, Cision and Meltwater are each acquiring scores of smaller competitors like Brandwatch and Linkfluence.But Koefoot says this creates opportunity for PublicRelay to steal marketshare from Cision and Meltwater. The two giants, he says, are focused on integrating their acquisitions instead of improving their technologies. Many Cision and Meltwater clients have also told Insider that some of the acquired companies aren't fully integrated yet and provide less reliable results following the acquisition. Cision and Meltwater, however, still have massive market position, and often undercut competitors on price.
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What VMware Has Been Doing With Acquisitions Like Pivotal and Heptio
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A VMware exec explains how it's bringing some of its most important startup acquisitions together to help cloud developers take advantage of red-hot open source software Kubernetes
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VMware CEO Pat Gelsinger
VMware
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VMware has acquired various developer startups like Heptio, Bitnami, and Wavefront in the past three years, as well as fellow Dell subsidiary Pivotal.
Now, VMware has brought them together in a new business unit called the Modern Applications Platform Business Unit.
This business unit focuses on targeting developers by building products with Kubernetes, an open source cloud computing project started at Google.
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Over the past three years, VMware has acquired for itself a collection of developer startups, including Heptio, Bitnami, and Wavefront. That portfolio gets even bigger if you include Pivotal, which like VMware was majority-owned by Dell — at least until the two were combined via acquisition last year. In January, these companies were combined into a completely new business unit at VMware called the Modern Applications Platform Business Unit, to target developers and help them run applications on the cloud. Since then, MAPBU has been standardizing its technology platform on Kubernetes, an open source cloud computing project that started at Google. Heptio, the startup that was cofounded by the creators of Kubernetes and is now part of MAPBU, has played a major role in that switch."This is not about buying a product and integrating it over time and selling it hard," Edward Hieatt, senior vice president of services and support at VMware, told Business Insider. "It's about adding on to the future VMware value proposition and line of business."Even amid that switch, last year VMware introduced Tanzu, a line of Kubernetes-based products to help customers with updating their applications for the cloud era. On Tuesday, VMware expanded its bet on multiple clouds as it announced Tanzu support for Amazon Web Services and preview support for Oracle Cloud.In addition, it's working with Microsoft to make a preview for Tanzu support available soon, and partnered with the hot startup GitLab to help developers use Kubernetes to release code updates faster and more consistently."The technology powered infrastructure plus the know-how of writing software, bringing those together can have profound impacts," Hieatt said. "That is the consistent dream and vision of all the founders involved. Working backwards from there is how you figure out how to bring things together."Building Tanzu products for VMwareStill, bringing together several startups to build a new product line and deep-dive into Kubernetes took months. The integration process between Pivotal and VMware took a total of six months from when the acquisition closed in December 2019, says Hieatt, who came to VMware through Pivotal.And this summer, the various teams "really began to come together," Hieatt says. He says this was the biggest integration project he has been part of, but came with its own struggles as all of the disparate parts of MAPBU tore out their existing technology to replace it with the new standard platform."Some of that was logistical hurdles," Hieatt said. "That was a bit of a pain for employees to go through. Once we went through that, it was a whole lot easier."Read more: VMware is putting all its multi-billion dollar acquisitions around red-hot cloud technology Kubernetes under a single leader — and it just launched its first productsPivotal's developer cloud products have now evolved to become part of the Tanzu product line, too, including its flagship Pivotal Cloud Foundry development platform. Before the acquisition, Pivotal was a publicly-held company — majority-owned by Dell — that built tools to help build software faster and better, while also providing companies training in the same. Hieatt said that Pivotal's mission is continuing in its new home at VMware."I would say the culture of Pivotal is very much aligning well," Hieatt said. "This is not about preserving culture. It's a new company. It's a new business unit. What we have done is to try to go back to the essence of the culture practices that Pivotal had."Do you work at VMware or Pivotal? Got a tip? Contact this reporter via email at [email protected], Signal at 646.376.6106, Telegram at @rosaliechan, or Twitter DM at @rosaliechan17. (PR pitches by email only, please.) Other types of secure messaging available upon request.
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VMware is making it easier for its customers to use Microsoft's cloud, but still considers Amazon its 'preferred partner' as AWS hosting for its product shoots up 130%
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GroupMe to be acquired by Skype - what a birthday present
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First Round Is Going To The Dogs
Last night, GroupMe announced their acquisition by Skype, a great outcome for Jared Hecht and Steve Martocci, and for their investors, First Round Capital included. It was announced a few days after their first anniverary party. I"ve had a great time working with Jared and Steve - their enthusiasm and work ethic are first rate. I've also had a great time using the product, which has made keeping in touch with my family and friends much easier. I'd write more, but my colleague, Charlie O'Donnell (@CEONYC), who brought this deal in, has said it very well here. And our coinvestor, David Tisch (@DaveTisch) shows that the focus on investing in people works.
All the best to @jared and @Smart as they build Skype's NYC Social Media presence.Read more posts on WayTooEarly »
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GroupMe to be acquired by Skype - what a birthday present
GroupMe to be acquired by Skype - what a birthday present
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CHART OF THE DAY: Google Has Bought More Companies Than Ever This Year
http://www.businessinsider.com/2010-is-already-googles-biggest-year-for-acquisitions-ever-2010-9/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Mon, 02 May 2016 16:16:10 -0400
Nick Saint
http://www.businessinsider.com/c/4cff85894bd7c86907020000
coxfilter
Wed, 08 Dec 2010 08:18:01 -0500
http://www.businessinsider.com/c/4cff85894bd7c86907020000
Thank you for writing. nice work. your health care labo
http://www.businessinsider.com/c/4cb2d8277f8b9a1765730000
watches
Mon, 11 Oct 2010 05:25:59 -0400
http://www.businessinsider.com/c/4cb2d8277f8b9a1765730000
I know household atomic clocks sync with a real atomic clock somewhere, but how does it work?
Is there a radio signal broadcasted?
Do you have to sync it with a home computer?Nothing to do with a PC.There is a radio station in Colorado that broadcasts a standard time signal that can be picked up in most of the US. The clock receives that radio signal and synchronizes to it.Can’t get it in New England, however..
http://www.businessinsider.com/c/4c9e3dbc7f8b9a92382d0a00
Thomas
Sat, 25 Sep 2010 14:21:48 -0400
http://www.businessinsider.com/c/4c9e3dbc7f8b9a92382d0a00
Being acquired by Google is my dream as a young entrepreneur - at least for the first business on my way to my career :)
http://www.businessinsider.com/c/4c9b1ca47f8b9a6911270600
Damien Petitjean
Thu, 23 Sep 2010 05:23:48 -0400
http://www.businessinsider.com/c/4c9b1ca47f8b9a6911270600
The web market is going to be huge in few years. In France we have a lot of business angels and funds (furthermore most of them were created this year), this is the best moment to invest into Internet companies.
http://www.businessinsider.com/c/4c98f70d7f8b9acc3ea50500
freddy bee
Tue, 21 Sep 2010 14:18:53 -0400
http://www.businessinsider.com/c/4c98f70d7f8b9acc3ea50500
as a shareholder, i like the fact that:
(a) they're spending some of the money on their books rather than just sitting on it
(b) they're making smaller acquisitions - no acquisitions in the billions of dollars.
Would way rather they add to their arsenal through smallish regular acquisitions..
Hoping the trend continues. | M&A | 0.999996 | [
{
"label": "M&A",
"score": 0.9999955892562866
}
] |
What's The Deal With Google's Groupon Acquisition? - Business Insider
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What's The Deal With Google's Groupon Acquisition?
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So Groupon is likely the fastest-growing company, by market cap
at least, of all time (so far), and now we hear that Google is
apparently in talks to acquire the company for somewhere between
$3 and $6 billion.
First things first:
At Groupon's last funding round, about 7 months ago, their
valuation was about $1.35 billion, about 17
months after their real commercial launch. If the price talk on
the Google deal is to be believed, that's a pretty impressive
what, almost 500% annualized growth rate?
Not too shabby, eh?
The point is (and this may not be an entirely accurate measure)
that the odds of Groupon continuing that tremendous growth - as a
stand alone company or rolled-up into a larger, more established
firm with synergistic opportunities - are slim, especially
considering measurement firm Quantcast shows that the firm's popularity peaked
around the end of summer and has since dropped-off substantially.
Many other people in my twitter stream have also voiced concerns
that Google is overpaying for Groupon and that this may be a sign
of a major tech/web 2.0 bubble. I'm not going to go so far as to
make such prognostications, however I will say that there is
certainly some stupid and self-defeating competition going on
between Google/Facebook/everyone else for not only talented
employees but for hot new(-ish) startups that compliment the
established firms' own growth strategies.
Google is hot on local, this much is hardly news, but pursuing a
company whose only barrier to entry (if it can even be considered
one) is its early-mover advantage/"critical mass," is likely not
going to be recorded in the annals of history as a very smart
move. Google could easily spend $100 million (ballpark, even if
its 5x+ that the point remains) developing its own Groupon-killer
and another few hundred million (if any) marketing it et voila!
One year, Google wins, Groupon loses or at least suffers a
serious loss due to Google's existing penetration in everything
from search to local. Hell, Yahoo, Yelp, and everyone else could
do the same thing and leverage their existing popularity and
likely, they already are (or have plans to).
$6 billion? Ceteris paribus, methinks that's a bit rich
considering we haven't heard (unless I've missed it) about anyone
else paying nearly that amount/multiple. $3 billion? Maybe, but
still seems a tad rich depending on deal
structure/consideration/etc.
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What's The Deal With Google's Groupon Acquisition?
What's The Deal With Google's Groupon Acquisition?
$6 million seems like a lot for a company that surely won't stay on this hot streak for long.
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Johnson & Johnson Acquires Remaining Stake in Verb Surgical
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Johnson & Johnson is wading deeper into surgical robotics
Zachary Hendrickson
2019-12-23T15:57:00Z
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This story was delivered to Business Insider Intelligence Digital Health Pro subscribers earlier this morning.To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.The healthcare multinational announced an agreement to acquire the remaining stake in the surgical innovation JV born out of a strategic collaboration between Johnson & Johnson's (J&J's) Ethicon division and Alphabet subsidiary Verily.
Business Insider Intelligence
Verb looks to build a suite of next-gen surgical tools, leveraging innovative tech including advanced data analytics, virtual reality, robotics, and machine learning. However, the company has been rather quiet, with no official R&D announcements and no studies listed for Verb on clinicaltrials.gov, per Evaluate.Here's why J&J might be interested in assuming full control over Verb — and why Verily might have been ok with letting it go:The global robotic surgery market is projected to swell at a 25% CAGR to hit $24 billion by 2025, per Global Market Insights, and J&J is already heavily invested in the space. J&J has upped its efforts to tap into this massive opportunity and expand its footprint via megadeal acquisitions: Ethicon spent $3.4 billion to purchase robotic surgery platform Auris Health earlier this year, and the company said at the time that Auris' tech would complement the work being done at Verb and Orthotaxy — another robotic surgery company, which was acquired by J&J in early 2018.And selling its stake in Verb will allow Verily to refocus its efforts on other healthcare initiatives — which could be smart, as robotic surgery might not take off as some analysts expect.While J&J has doubled down on robotic surgery, Verily has spent the last few years pursuing other areas of healthcare innovation, such as chronic disease management and precision medicine. And that might be the best move, as I (Zach) have doubt that robotic surgery will deliver the astronomical growth needed to remain a viable investment. In Global Market Insights' market projection, the group highlights that gynecology accounted for 17% of global revenue share in surgical robotics and predict that segment will continue to grow. However, the American College of Obstetricians and Gynecologists (ACOG) reported in 2013 that robotic surgery was neither the best nor second best option for noncancerous gynecological surgeries, and researchers at Columbia University critiqued robotic surgery with a study that demonstrated surgeries completed with Intuitive Surgical's da Vinci robot cost $3,000 more than a traditional, minimally invasive laparoscopic surgery.And while J&J is betting big on surgical robotics, it may be overextended, as the rise of value-based care (VBC) arrangements will likely push out high-cost treatments that are unable to demonstrate improved patient outcomes. VBC is being heavily pushed by major US insurers as a way to cut down on cost of care while ensuring improved results for patients: UnitedHealthcare said it aims to have 150 million people covered under VBC arrangements by 2025, a tenfold increase over the 15 million people covered this way in 2018.Given concerns surrounding the efficacy and high cost of robotic surgery, we could see the market for such platforms actually slow down in years to come — especially since there's reason to believe purchasing decisions for surgical robots are more of a marketing stunt than they are about improving patient care, according to a 2014 study published in Healthcare.As J&J wades deeper into surgical robotics, it may want to take extra precautions to demonstrate that its high-tech tools outperform traditional surgical methods to secure strong VBC reimbursement agreements with payers, or the company may find itself struggling to find provider clients willing to take the leap and purchase a robotic platform.Want to read more stories like this one? Here's how to get access: Sign up for Digital Health Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of healthcare, delivered to your inbox 6x a week. >> Get StartedJoin thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. >> Inquire About Our Enterprise MembershipsExplore related topics in more depth. >> Visit Our Report StoreCurrent subscribers can log in to read the briefing here.
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Measurement company comScore, which specializes in online analytics, has acquired Rentrak, which measures TV viewing, in an all-stock deal valued at $732 million. The acquisition creates a company with the scale to challenge Nielsen, which dominates the TV ratings business.
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TikTok Investors Back Oracle Over Microsoft for US Acquisition: Report
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Investors in TikTok's parent company are reportedly pushing for Trump-friendly Oracle to acquire the viral-video app
Paige Leskin
2020-08-25T19:26:13Z
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Oracle cofounder Larry Ellison.
Reuters/Noah Berger
Microsoft has been the frontrunner in talks to buy TikTok's US operations from its Chinese parent company, ByteDance, to avoid the Trump administration's ban on the app.But a new report in The Wall Street Journal says that ByteDance's US investors are now backing enterprise tech giant Oracle, which entered the race to take over TikTok only last week.The investors, which include Sequoia Capital and General Atlantic, see Oracle's bid as their best bet to get "a piece of the action" in TikTok, and recognize the advantages of the company's political ties to the Trump administration, according to The Journal.TikTok is facing pressure to sell off its US operations in the face of Donald Trump's executive order threatening to ban the app. TikTok has since sued the US government to challenge the order.Visit Business Insider's homepage for more stories.
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American investors with a stake in TikTok's parent company are reportedly pushing for Oracle to come out on top in the race to acquire the app's US operations.The US investors in ByteDance — including big firms like Sequoia Capital and General Atlantic — see Oracle's bid as their bet to get "a piece of the action" in a acquisition of TikTok's US operations, according to the Wall Street Journal. Oracle, the US-based enterprise tech giant, emerged just last week as an interested buyer ahead of the Trump administration's September deadline of a nationwide TikTok ban.Microsoft, the only company to publicly confirm its interest in TikTok, has been at the forefront of acquisition rumors since news of Trump's plan to ban the app came to light at the end of July. But Microsoft has only hinted at the possibility of inviting American investors to acquire a minority stake in TikTok, leading US investors to look for a deal with an alternate tech company to play a more significant role.Despite Microsoft's ties with ByteDance CEO Zhang Yiming, Oracle has the advantage of strong political connections to President Donald Trump. Oracle cofounder Larry Ellison has publicly voiced his support for Trump, and held a fundraiser for the president at his home earlier this year. The company's CEO, Safra Catz, joined Trump's White House transition team in 2016.
Trump has also already spoken out in support for Oracle, telling reporters he thought Oracle could "handle" TikTok.Even as Trump's initial deadline for issuing a nationwide TikTok ban draws near, it's unclear how close ByteDance is to selling off TikTok operations in the US, where the app has more than 100 million monthly active users. The Trump administration has issued a series of executive orders this summer targeting TikTok, claiming the app's ties to China pose a national-security risk to Americans. Trump initially set a September 15 deadline for ByteDance to sell off its US operations, but pushed back that deadline to mid-November in a subsequent order.But TikTok has shown it's not leaving the US without a fight. The company sued the US government on Monday over the August 6 executive order banning "any transactions" between Americans and ByteDance. TikTok argues the Trump administration withheld the company's right to due process by failing to notify it of the executive order.Court documents filed as part of the lawsuit also revealed that ByteDance and Microsoft had signed a "nonbinding letter of intent," a significant step in the acquisition process, in July prior to Trump's initial intervention.
Nevertheless, ByteDance's US investors have tried to get involved in acquisition talks since the possibility of Trump's ban reached headlines. Their initial interest in reportedly buying a majority stake in TikTok's US operations was shut down by the Trump administration in July.The value of TikTok's US operations have been estimated between $10 billion and $50 billion.
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Rumor: EA Acquires Playfish For $250 Million
Nicholas Carlson
Oct. 14, 2009,
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Update: Electronic Arts has acquired Facebook games maker Playfish, another second-hand source tells us.
Our new source says his source at EA (following us?) could not confirm the $250 million price tag we reported earlier today, "but he did confirm that the deal is done."
This is still gossip, but we're getting hotter!
Earlier: Rumor has it Electronic Arts (ERTS) acquired Facebook games maker Playfish, Inside Social Games reports.
ISG: We have a few more details on what has supposedly been happening with Playfish. A reliable industry source says EA may have even acquired the company several weeks ago, with an announcement possibly happening in the next few weeks. We believe that Playfish could be on track to make as much as $75 million this year.
An EA acquisition of Playfish would also help validate many successful social gaming companies, as would a successful Zynga IPO. There have been no major liquidity events yet for social gaming companies, just purchases of small developer teams by larger shops.
A Playfish spokesperson tells us: "We don't comment on rumors. Full stop."
A industry source of ours can't confirm the news, but says people are talking about the combination like its a done deal -- one that cost EA $250 million.
"I believe there is some reality there," says our source, citing his own source "who is generally reliable, but not connected to either company."
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Roche Acquires Cancer Genetics Company Foundation Medicine
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Pharma giant Roche just made a $2.4 billion bet on cancer data
Lydia Ramsey Pflanzer
2018-06-19T12:07:00Z
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Roche on Tuesday bought the rest of Foundation Medicine, a company that collects genetic data from samples of cancer tissue or blood, for $2.4 billion.Roche had held a majority stake in the company, and the deal values Foundation at $5.3 billion.In February, Roche scooped up Flatiron Health, another company gathering cancer data that often works with Foundation, for $1.9 billion.Roche just made another big bet on cancer data.On Tuesday, the Swiss pharma giant acquired the rest of Foundation Medicine, a company that sequences the genetics of a person's tumor, for $2.4 billion.Roche had held a majority stake in the company, and the deal values Foundation at $5.3 billion, a 29% premium to where Foundation's stock closed on Monday. Foundation was up 28% in pre-market trading Tuesday. It's the second cancer-data-related deal Roche has done in 2018. In February, Roche paid $1.9 billion for the New York-based healthcare technology startup Flatiron Health, which collects clinical data from cancer patients — such as what medications patients have taken and how they have responded to them.In addition to its tumor-sequencing tests for patients, Foundation Medicine has been work with pharmaceutical companies to create tests that could help better predict whether a person responds to a particular cancer treatment know as immunotherapy. As part of the deal, Foundation will continue to operate independently, Roche said."Joining forces with Roche as an independent operating company allows Foundation Medicine to continue its collaboration with Roche, as well as our biopharma partners, to drive ubiquitous access to CGP testing and innovative data services,” Foundation CEO Troy Cox said in a news release. Flatiron and Foundation, which had both been backed by Roche prior to acquisition, had teamed up most recently in 2016 to launch a health database filled with information from 20,000 people, both clinically and genetically.
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Tanium Cutting Costs As It Tries to Appeal to Microsoft for M&A
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Enterprise
Tanium insiders say the $9 billion startup is trying to cozy up to Microsoft and angle itself to be acquired as cost cutting and a market downturn chill hopes for its long-awaited IPO
Rosalie Chan
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2022-09-08T20:32:28Z
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Orion Hindawi, a Tanium cofounder and its CEO.
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Current and former Tanium employees say the company has been tightening its belt.
Tanium had two rounds of job cuts in the past month as internal hopes for its IPO faded.
Employees say a Microsoft acquisition would be logical. Tanium and Microsoft declined to comment on M&A.
As recently as last year, Tanium CEO Orion Hindawi was promising investors and employees that it would finally go public, giving a long-awaited chance for insiders to turn their equity in the security startup into cold hard cash. In recent months, the messaging has changed, people close to the company said. Now, when the prospect of an initial public offering comes up, employees are told the state of the public markets doesn't support it.That, combined with a newfound belt-tightening — including at least three small previously unreported rounds of cuts to its workforce — has those inside the company speculating that the company is preparing itself for sale. Insider spoke with current and former employees on condition of anonymity because they are not authorized to speak to press. Their identities are known to Insider."Plenty of ink has been spilled over the past few months on this topic," a Tanium spokesperson said of its IPO plans. "We continue to focus on technology innovation and serving our customers' most pressing business and security needs; there's nothing additional to add." Tanium issued an additional statement that you can read below. Tanium has raised just over $982 million from firms including Salesforce Ventures, Fidelity Management & Research Co., and Baillie Gifford. It most recently held a $9 billion private valuation.It's not clear whether company leadership has plans to put the company up for sale or whether it's been approached by any prospective buyers. But insiders speculate that Tanium is angling for a Microsoft acquisition, given several recent moves by the company to prioritize features and services that integrate with the Microsoft Azure cloud platform."You read the tea leaves and see how aggressively executive leadership and marketing has been pursuing the Microsoft partnership," one recent former employee said, reflecting on conversations among managers at the company.Even so, many rank-and-file employees are skeptical that either an acquisition or IPO will happen, a current employee said. Tanium declined to comment on rumors about a merger or acquisition.As for the job cuts, the most recent round came at the end of last month, according to one current and four former employees. The company declined to comment on the size of the cuts, but one source estimated it got rid of between 20 and 40 staffers out of the company's 2,000-strong workforce. Those cuts were preceded by a similarly small round earlier that month, people said. Before the August cuts, it laid off 0.5% of its workforce in May, the spokesperson confirmed to Insider.Two current employees said the company recently said its most recent quarter was strong and characterized the cuts as eliminating low performers, rather than a reaction to any broader market downturn. Affected employees received one month of severance."All well run organizations look for ways to simplify their structures and adapt to meet changing business requirements and industry shifts," the Tanium spokesperson said. "Tanium is no different, and the organizational changes we've made reflect our ability to evolve to best serve our customers."Microsoft 'tea leaves'Current and former employees said there were several signs that the company was at the very least looking to cozy up to Microsoft. Its new chief product officer, Nic Surpatanu, who was hired from UiPath in July, spent 12 years at Microsoft. At meetings, management has discussed how the company needs to learn how Microsoft sells so that they can better partner together, a current employee said.This push has extended into the technical realm. The company has staged an "extremely hard push" to move customers to the version of its flagship software that's hosted on Microsoft cloud, insiders said. The Tanium spokesperson said that the company worked closely with all of its partners, including Microsoft, Amazon Web Services, Salesforce, and IBM, "to ensure we package and position our joint offerings to maximize the benefits we can offer customers."The company has also grown its cloud customers by more than 300% year over year, and making Tanium available on both Microsoft Azure and AWS "further builds on our commitment to cloud and expands customer purchase options," the spokesperson said.Microsoft isn't the only company that employees have pegged as a prospective buyer for Tanium. Salesforce's investment in the company in 2020, through its venture arm, sparked persistent rumors inside the company that the cloud giant might snap it up. But the current employee suggested that Microsoft had taken the lead as what those inside the company saw as the most likely buyer, should Tanium go up for sale."From a financial perspective, Microsoft is the only fit under real consideration right now," that employee said. Microsoft declined comment.Last year, Insider reported Tanium faced an employee exodus due to some uncertainty about its IPO plans, even as rivals snapped up its talent amid what was then a booming job market. Employees have departed for companies like Cybereason, SentinelOne, Shift5, and Wiz. Tanium sued Wiz after it hired four of its top sales representatives, accusing two of them of taking proprietary sales information.This exodus has also included executives like W. Thomas Stanley, its former chief revenue officer, and Chris Pick, its former chief marketing officer. Over the past year or so, Tanium has hired people like Surpatanu; its chief marketing officer, Steve Daheb; an Oracle veteran; and its chief financial officer, Marc Levine, a C3.AI employee who was hired to assess IPO readiness.Below is a statement from Tanium on its workplace culture:Tanium has continued to experience high growth in recent years, and we continue to actively hire employees that enable us to build great products that allow our customers to thrive. All well run organizations look for ways to simplify their structures and adapt to meet changing business requirements and industry shifts. Tanium is no different, and the organizational changes we've made reflect our ability to evolve to best serve our customers. We continue to have a longstanding, proven commitment to our employees that is evidenced by our continued inclusion in Great Place to Work rankings, including Fortune's 100 Best Places to Work. As it always has, our focus remains squarely on the ongoing growth and success of our people and partners to ensure we remain optimally positioned to deliver the best possible outcomes to our customers.Got a tip about Tanium? Contact this reporter via email at [email protected], Signal at 646-376-6106, or Telegram at @rosaliechan. (PR pitches by email only, please.) Other types of secure messaging available upon request.
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Jude Bernard bought his first property when he was 25-years-old and now has a portfolio of more than 25 units. He breaks down how he acquired the properties — and shares his best advice for those starting out in today's hot real estate market.
William Edwards
2021-10-21T09:00:00Z
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Jude Bernard bought his first house when he was 25-years-old.
Since then, he's built a portfolio of 16 homes in New York City.
He shared the financing strategies he used to acquire the homes.
It was in 1997 when Brooklyn native Jude Bernard decided to get into real estate. Times were different. Bernard was 25-years-old, and was able to take $12,000 of his student loan money to purchase a home in Queens, New York through a Federal Housing Act-insured loan, which required down payment of only 3.5%. You can no longer use student loan funds for anything but educational purposes, but Bernard still recommends — for those who qualify — using an FHA insured loan to get started in real estate.For him, the purchase changed the trajectory of his real estate path. It inspired him to grow his portfolio further, and he took out a mortgage to buy a second home. And then a third. And then a fourth. Bernard, now 48-years-old, told Insider on Tuesday that he then used the buy, rehab, rent, refinance, repeat (BRRRR) strategy to purchase a third home, this one in Brooklyn. In this strategy, investors fix up a property, refinance its mortgage, use the cash to purchase another home, and have renters pay back the equity over time.Bernard then moved into his third home with two roommates, renting out its two other floors to other tenants, bringing in enough money to make Bernard cash flow positive. After seeing significant appreciation in the property's value, he was able to take out a secured line of credit for a few hundred thousand dollars on the property to continue building his portfolio.When investors use a secure line of credit to build a portfolio, they use the borrowed cash to purchase more properties, refinance these properties, and use that cash to replace the funds from the line of credit. They can then dip back into the line of credit to purchase more properties and repeat the process. Today, Bernard has a portfolio of 16 homes in New York City that add up to 28 units, according to property deeds viewed by Insider. Bernard's advice for getting started in a hot marketToday's housing market is different than it was in 1997, and it is more difficult to find deals. The average home price has increased by 20% year-over-year. And although rents are also increasing, they're not rising as quickly as home prices, meaning that returns are becoming harder to earn.But Bernard said he has seen this type of environment before: during the 2008 housing bubble. "Things are super hot right now, and it's very reminiscent of how things were back between 2006-2008," he said. "So I'm moving with caution."At the time, Bernard — who now runs the The Brooklyn Bank, a center for improving financial literacy — said he became over-leveraged. Rents dropped, and he had to start picking up work to help cover the mortgage payments. He had to wait until 2012 to continue expanding his portfolio, he said. Today, with the market hot again, Bernard has changed his approach, only buying properties he can find for 75% of what he believes he can sell them for after fixing them up. He said he is also diversifying his investments outside of real estate, not over-leveraging, and keeping a "war chest" of money to invest if and when property values drop.He did say, however, that he would never tell prospective investors to "wait" to get into real estate, especially if they're investing for the long-term. "If you're buying for the long-term, prices traditionally go up," he said. "But I would tell people to be careful and not to bet on speculation."He also recommended focusing on relationships because finding deals from close contacts is the best way to get good value for a deal as opposed to buying from a multiple listing service. Further, Bernard said investors should have a forward-thinking mind, and be able to see what a property could become instead of focusing on what it looks like at the moment.
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The European Commission Just Cleared The Google's $12.5 Billion Motorola Acquisition
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Google just announced that the European Commission has approved its $12.5 billion acquisition of Motorola Mobility.
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Walmart's Mysterious Adtech Acquisition Has Tongues Wagging Over The Price
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Murthy NukalaAdchemy@WalmartLabs has acquired Adchemy, the slightly mysterious Foster City, Calif., adtech company that specializes in "semantic search," or trying to develop meaningful, implied search results that go beyond the mere keywords punched into Google. Semantic search could be a huge business, but only if it turns out that software is better at predicting what humans want than the keywords they type in.
Business Insider profiled Adchemy's unusual history here — CEO Murthy Nukala took the company through six different business models before today's deal. Adchemy was named on BI's hottest adtech startups in 2013.
The company is mysterious for four reasons:
First, it took $120 million in investor funding over 10 years, a massive sum for an adtech company that was never able to describe its revenues publicly or file for an IPO, the preferred adtech track. Most adtech companies have taken less funding than that over the years, even the ones that filed publicly.
Second, the company is virtually unheard of in New York, the capital of adtech. Successful adtech companies tend to have a presence in the city because that's where all the big ad clients' media agencies are.
Third, the true size of Adchemy's business is unknown outside the company. Nukala told Business Insider previously that the company was never profitable, and that it had about 30 clients spending a minimum of $200,000 a year. That would imply a revenue base of just $6 million annually.
Fourth, a spokesperson for Walmart declined to say how much the company paid for Adchemy. We have yet to hear back from a spokesperson for Adchemy. With $120 million in funding, investors in the company would have been looking for a very large sum in order to get their money back plus a nice profit.
The lack of revenue detail and a question mark over the deal value have set tongues wagging in Silicon Valley, especially among former Adchemy employees. Techcrunch said it was mainly a talent acquisition. The Wall Street Journal added that Nukala would not be joining the Walmart team.
One source told Business Insider that he had heard an investor saying the preferred stock holders only got 50 cents on the dollar at maximum (meaning that the company sold for less than what its investors plowed in).
Antonio Garcia-Martinez, a former Adchemy employee who left to go work at Facebook where he helped create the social network's ad exchange, posted a long rant on his Facebook page. Much of it is personal criticism of Nukala (who sued him when he left the company). But he gave his opinion of the deal, too:
The acquisition price is likely embarrassingly low, otherwise it would have been leaked.
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Snap has acquired Voisey, a hot new music app that looks an awful lot like TikTok
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Snap, the parent company of Snapchat, has acquired the music and songwriting app Voisey, filings analyzed by Business Insider show.
The app is making waves in the music industry as a TikTok for artists. It lets musicians upload beats and vocals to create short original clips.
The acquisition may be a precursor for new music-oriented features in the Snapchat app.
Visit Business Insider's homepage for more stories.
Snapchat's parent firm, Snap, has acquired Voisey, an app that allows musicians, vocalists, and producers to collaborate.The deal came to light via filings analyzed by Business Insider that showed Voisey's registered UK address changed to Snap's London office. An industry source confirmed the acquisition. The terms of the deal have not been disclosed. Voisey has raised under $2 million and was valued at about $3 million, according to estimates by PitchBook.Snap declined to comment. Voisey did not respond to a request for comment.The Voisey app looks and feels strikingly similar to TikTok, with the app opening straight into vertical video and musical backing.
Voisey's main feed.
Voisey
The twist is a focus on music creation. Users can pick from a repository of user-created backing beats, hit record, and overlay the track with their vocals and post it all as a 60-second clip.In a musical equivalent of stickers and filters, users can edit their clips to add auto-tune, choral, spacey, and other vocal effects. One effect is named after Billie Eilish. Users can also contribute to Voisey's repository of backing beats.And as with TikTok, users can like and comment on clips, as well as "reply" to clips with their own vocals.The result for anyone scrolling through the Voisey app is an ongoing feed of short original music — with hip-hop, R&B, and trap as the most popular tags.The app has already generated buzz in the music industry. The artist Olivia Knight, known on Voisey as Poutyface, signed a record deal with Warner Music in September, and a press release about the deal described her as the first major talent to emerge via the app.The deal may signal major new music-creation features for the Snapchat app. Earlier Snap acquisitions have been precursors for new features, with the acquisition of PlayCanvas in 2018 heralding a push into lightweight games.The acquisition also follows Snap striking licensing deals with major record labels to enable users to incorporate songs into posts.Mark Mulligan, the founder of Midia research, told Business Insider the tie-up was about "Snapchat moving into creativity and the music sector."He said: "We are on the verge of a revolution in music creation with the boundaries between creator and audience blurring like never before."Apps like Voisey focus on giving consumers tools that enable them to go from zero to 100 faster than ever before. Just like TikTok enabled consumers to create high-quality videos fast, and Instagram enabled consumers to create high-quality photos fast, the new generation of creator tools are enabling consumers to make music fast. Snapchat sees itself being able to be at the center of that."One person close to Voisey described the concept as an evolution of TikTok. The person said TikTok, which is open to any type of creator, was the "lowest common denominator" and that a service catering to specific types of creators, such as musicians, was a logical next step.Voisey was founded in 2018 by a collective of music-tech entrepreneurs from across Norway and London. They include Olly Barnes, who previously worked at Universal Music and the streaming service Rdio, and the Soundio veterans Erlend Hausken, Pål Wagtskjold-Myran, and Dag Langfoss-Håland.
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Amazon Acquired GoPago Despite Its Bugs — And Laid Off A Bunch Of Staff
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A GoPago customer tells us that Amazon has indeed bought GoPago and most of the staff has been let go. This customer heard the news last week from newly unemployed workers and executives, the staff that he had been working with prior to the acquisition, he told Business Insider.
This customer owns a string of restaurants and was doing a fairly large-scale test of the GoPago devices, which let customers pay for food with their smartphones. He had ordered about three dozen devices, paying around $100/per device per month for the service, including the hardware, the cloud service and Verizon fees.
"Amazon basically took over their development team and anybody else was let go. They may still have a skeleton crew, but I'm not getting answers and the usual people I talked to are no longer there," this customer told Business Insider.
This customer said the test had shown there were still some wrinkles in the system that needed to be ironed out. When a restaurant patron used it, GoPago didn't always charge the customer correctly, or the restaurant didn't always get paid correctly. The system would "lose transactions, or the transactions would get messed up, get error-ed out ... no one [at GoPago] would know what was wrong," our source said. It had "lots of bugs." Our source had been hoping to continue to work with GoPago on fixing them.
Amazon has not yet publicly commented on the acquisition, nor responded to Business Insider's requests for comment. GoPago has not responded to us either. (The email we sent to GoPago's media relations team was forwarded onto a technical support forum.)
As this was a trial, he was working with GoPago to fix the system until last week, when he was told that Amazon acquired the company. News broke on Monday about the acquisition after Italian newspaper La Repubblica had reported on it. Vincenzo Di Nicola, an Italian native and GoPago's co-founder and CTO, had talked to the La Repubblica.
In that report, Nicola said that he was not joining Amazon.
Meanwhile, this customer, who prepaid his contract for GoPago, says he "just wants to my money back." But, again, he can't get anyone still working at the company to answer his calls.
Meanwhile, it's unclear what Amazon plans to do with the GoPago technology.
Di Nicola told La Repubblica that the GoPago tech will be at the heart of a new, “ambitious” project at Amazon. There's been speculation that it will become part of Amazon's new "Log in and Pay" service that lets you pay for stuff on other ecommerce sites through your Amazon account. There's also speculation that Amazon is building its own internal mobile payments tech to compete with PayPal or Square directly.
Disclosure: Jeff Bezos is an investor in Business Insider through his
personal investment company Bezos Expeditions.
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Google Acquires Search Startup Aardvark For $50 Million
Nicholas Carlson
Feb. 11, 2010, 12:27 PM
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A startup that just raised $25 million is like a college newspaper on steroids — and it’s racking up 30 million uniques a month
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Google (GOOG) has acquired search startup Aardvark for $50 million, TechCrunch reports.
Aardvark is a Silicon Valley-based startup founded by a bunch of ex-Googlers.
How it works is you ask it a question via email or IM and it goes to your Facebook friends (and their friends) looking for an answer.
Once it gets one, it IMs or emails you back.
TechCrunch: Google has acquired social search service Aardvark, says a source that has been briefed on the deal, for around $50 million. We first reported on the discussions between the two companies in December. Those discussions have now turned into a signed deal, says our source, and will be announced today or tomorrow.
A couple weeks ago, we heard IAC took a look at Aardvark and passed.
Google is going on a startup acquisition binge these days. Here's why:
Google has a ton of cash.
It can't spend big chunks of it on big companies because of antitrust concerns.
Google is losing talented entrepreneurs left and right.
So how well will Google integrate all these new startups? Don't miss: Grading Google's Acquisitions
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Google Acquires Search Startup Aardvark For $50 Million
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Google's Marissa Mayer Hints Google Might Still Buy Groupon - Business Insider
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Google's Marissa Mayer Hints Google Might Still Buy Groupon
Pascal-Emmanuel Gobry
Dec.
9, 2010,
8:26 AM
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Flickr/EarcosGoogle's Marissa Mayer was on stage at LeWeb yesterday and was asked about Google's aborted acquisition of Groupon.
While refusing to comment specifically, she did say that "the larger the company, the more complicated the deal is" and the longer it takes.
We're being told that a big reason the Google-Groupon deal fell apart were regulatory issues, and particularly the fact that Google wouldn't agree to a big breakup fee in case the deal is blocked by antitrust concerns.
So the deal is just complicated and takes time because it's so big. After all, Google was pretty patient in its previous huge acquisitions of DoubleClick and AdMob. So there's nothing stopping Google coming back to Groupon's board with a bigger breakup fee (and maybe a bigger sticker price).
But of course, little can change the fact that with Groupon's gross revenues at a mind-bloggling $2 billion run rate, they'd be crazy to quit now.
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Google's New Shipping Acquisition Makes It Pretty Clear That It's Gunning For Amazon - Business Insider
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Google's New Acquisition Sure Makes It Seem Like It's Gunning For Amazon
Alyson Shontell
Dec.
1, 2012, 10:36 AM
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BufferboxGoogle has made an interesting new acquisition that suggests it may be attacking Amazon's shipping business.
It just bought BufferBox Inc, a Y Combinator startup, for an undisclosed sum. BufferBox is a kiosk that can be placed in local venues around the nation for self-service parcel pick-up. In other words, if BufferBox becomes popular, you could walk into your local CVS and pick up a package you ordered from an online merchant.
This is a product -- not a talent -- acquisition. BufferBox will continue operating within Google.
"We're going to keep doing BufferBox," Google engineering director Steve Woods told Financial Post. "We’re not going to go into great detail about our future plans, but we think there’s a real exciting space beyond this amazing start with boxes, and the idea of touching consumers as part of their end-to-end experience is something we’re going to explore together. I don’t think we would say even definitively what it’s going to be, but we’re going to do some great things together.”BufferBox had plans to undercut even the cheapest shipping services and deliver packages to its kiosks for $3 or $4. (USPS costs about $5.25 per package. UPS and FedEx cost more.) It also planned to set up 100 kiosks around the Toronto area in 2013.
So, what does Google want with a shipping company?
The Economist has one idea.
"Google is experimenting with a service that would let folk find goods online, order them and have them delivered within a day for a modest fee," The Economist wrote this morning. "This seems similar to Amazon’s hugely successful 'Prime' service, which costs $79 a year to join in America. Rather than try to replicate the e-commerce giant’s extensive network of warehouses, Google is looking for partnerships with shipping companies and retailers instead. But if it is serious about taking on Amazon, it may ultimately have to buy a logistics firm. At $69 billion UPS has a market value less than a third of Google’s; it is valued at less than twice the search giant’s cash pile."
The Economist implies that Google could jump whole hog into fulfillment and logistics, and that it could becoming the back-end ecommerce delivery system for the world.
Of course, that is an entirely different business than the business Google is in right now. And it's not clear why Google would want to be in that business, especially with so many other promising opportunities to invest in.
So, what do you think Google wants with a startup like BufferBox? Is this really the beginning of a full-on shipping war between Google and Amazon?
Disclosure: Jeff Bezos is an investor in Business Insider through his
personal investment company Bezos Expeditions.
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Even Google Insiders Are Baffled By Its Decision To Buy Motorola
http://www.businessinsider.com/googles-motorola-acquisition-is-a-cocky-attempt-to-do-everything-at-once-2012-4
en-us
Wed, 11 Apr 2012 08:43:00 -0400
Fri, 24 May 2013 21:30:38 -0400
Matt Lynley
http://www.businessinsider.com/c/4f85ad5becad041a5d000007
tedt
Wed, 11 Apr 2012 12:12:11 -0400
http://www.businessinsider.com/c/4f85ad5becad041a5d000007
The proximate cause for purchasing Motorola was Sanjay Jah's threat to start suing other Android manufacturers, which horrified Google. I think all other explanations are ex- post facto justification.
http://www.businessinsider.com/c/4f8599d469bedd5e4b000025
tedt
Wed, 11 Apr 2012 10:48:52 -0400
http://www.businessinsider.com/c/4f8599d469bedd5e4b000025
If it was just patents, Google should have:
1) bought a company that doesn't chiefly have FRAND patents, which are useless in offensive lawsuits since they have to be licensed. Court after court is confirming that, and the EU is starting up an anti-trust investigation against Motorola.
2) They should have immediately dumped Motorola's money losing hardware business. Or bought just the patents without buying the hardware business.
http://www.businessinsider.com/c/4f8587fb69bedd1331000001
trouble
Wed, 11 Apr 2012 09:32:43 -0400
http://www.businessinsider.com/c/4f8587fb69bedd1331000001
being a hardware manufacturer makes no sense unless you're vertically integrated like Samsung....just ask Dell or HP or IBM.
http://www.businessinsider.com/c/4f8583e66bb3f76066000005
Nattie
Wed, 11 Apr 2012 09:15:18 -0400
http://www.businessinsider.com/c/4f8583e66bb3f76066000005
The answer is patents. Author of this piece is a moron.
http://www.businessinsider.com/c/4f8581eeecad040608000037
modelportfolio2003
Wed, 11 Apr 2012 09:06:54 -0400
http://www.businessinsider.com/c/4f8581eeecad040608000037
"....a complete lack of understanding as to why Google would want to buy the smartphone manufacturer..."
Really? The answer is obvious: to acquire 17,000 patents and 7,500 patents pending to defend Google and the Android Open Handset Alliance partners from a series of nuisance suits from Apple, Microsoft and others.
http://www.businessinsider.com/c/4f85815b6bb3f7475200002f
The hubris of Don Juan
Wed, 11 Apr 2012 09:04:27 -0400
http://www.businessinsider.com/c/4f85815b6bb3f7475200002f
A series of successful sexual conquests created a positive feedback loop that made Don Juan believe he was invincible. Till he mocked Death itself and everything fell apart.
The moral of the story is don't let hubris cloud your judgment. Wise advice but try to tell that to a guy who is full of himself. | M&A | 0.999513 | [
{
"label": "M&A",
"score": 0.9995129108428955
}
] |
Amazon Seeks Leader for Patent Acquisitions
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Amazon Is Hiring Experts To Acquire A Big Pile Of Patents
Alistair Barr,
Reuters
2012-08-08T17:46:04Z
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Amazon.com Inc is recruiting a cadre of intellectual property experts for a push into patent acquisition and licensing, the latest turn in its intensifying battles with Apple Inc and Google Inc in mobile devices and digital content.
Amazon has hired executive recruiting firm Argos Search to help the company hire an intellectual property "Acquisition and Investment Leader" to "identify and evaluate strategic IP acquisition and licensing opportunities," according to a job description obtained this week by Reuters.The candidate will work closely with all Amazon's technology teams and leaders on future product development, according to the description."At Amazon we are rapidly growing in many new and exciting technology areas," the company said in the job posting. "To support and protect our expansion we are seeking an executive to work with our business teams to identify and procure intellectual property."An Amazon spokeswoman did not respond to an email seeking comment. Thomas Wedewer, an Argos executive recruiter working on the project, declined to comment.
The search suggests that Amazon is trying to amass more patents, either through acquisitions of patent-rich companies, purchases of patent portfolios or licensing, according to intellectual property experts. It is also a sign that the world's largest Internet retailer is serious about being a long-term player in mobile devices and digital content, they say.Amazon is known for developing its own patents, but mostly in the e-commerce area. An expansion into mobile devices and the delivery of digital content to those devices will require a lot of different patents, intellectual property experts say."As they get into wireless devices and digital media, they realize the best way to handle this is to get more proactive in IP," said David Pridham of IPNav, which helps companies make money from their patents."They are following Apple by delivering digital media to their own hardware devices," he added. "That's the type of technology they want to build an IP fence around."
Buying or licensing intellectual property in these areas will help Amazon protect itself against potential lawsuits alleging it infringes other companies' patents, Pridham said."The time for Amazon to go after an IP portfolio is not when they are sued. They want to get the IP ahead of time," he said.Amazon can also use such patents as a currency for joint ventures and partnerships, according to Vincent Pluvinage, managing partner of Invention Capital Partners."Amazon competes with Apple in certain areas and Google in others," Pluvinage said. "It's becoming obvious that building a portfolio is very important both financially and strategically."
LOOKING OUTSIDEApple accumulated a lot of patents last year when it was part of a group of tech companies that paid $4.5 billion for patent assets from Nortel Networks.Google agreed to buy Motorola Mobility for $12.5 billion last year, partly to use Motorola's patents to fend off legal attacks on its Android mobile platform.Technology giants are now lining up to bid on a portfolio of patents being sold by Eastman Kodak.
Amazon has already hired three patent experts this year.Kelly Jo MacArthur, a former general counsel of RealNetworks, became vice president IP Acquisitions and Investments at Amazon in January, according to her LinkedIn profile.Bill Way, who was also general counsel at RealNetworks, joined Amazon in April, according to his LinkedIn profile.RealNetworks, known for its RealPlayer online media software, also owns Helix, a technology for delivering digital music and video to PCs, mobile phones and other devices.
Matt Gordon became a general manager of Patent Acquisitions and Investments at Amazon in May, according to LinkedIn. Gordon came from Intellectual Ventures, one of the largest owners of patents run by former Microsoft Corp executive Nathan Myhrvold."Buying patents takes a unique skill set. Hiring someone like Matt is a very positive move," said Grant Moss, chief executive of patent broker Adapt IP Ventures.Moss said he speaks frequently with Gordon, who declined to comment."These hires show that the decision-makers at Amazon are thinking about patent acquisitions now," Moss added. "Amazon has filed quite a few of its own patents, but at some point you have to look outside for other people's patents."
Amazon licensed patents from Acacia Research Corp around the end of 2011, according to Acacia Chief Executive Paul Ryan.The patents cover technology that includes functionality for tablet computers and smartphones, Ryan said.Acacia obtained the rights to license the patents from a Japanese company called Access Co, which owns PalmSource. PalmSource developed the Palm operating system that ran on the Treo and other early mobile devices."This is related to their foray into tablets," Ryan said. "Initially they were a pretty straightforward online retailer, but they are now getting into more sophisticated areas and need more IP for that."
After the Kindle Fire tablet came out in September 2011, Acacia's licensing executives contacted Amazon about the patents, according to Ryan."Amazon was very responsive," Ryan said. "They are pretty sophisticated around emerging IP impacting new initiatives they have."(Reporting by Alistair Barr; editing by Matthew Lewis)
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Yahoo Has Acquired Snip.it, And The Startup Dealmaker Who Launched It
http://www.businessinsider.com/yahoo-acquired-snipit-2013-1/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Sun, 14 Feb 2016 08:20:31 -0500
Owen Thomas
http://www.businessinsider.com/c/5100d27f6bb3f7f77d000006
Larry Saunders
Thu, 24 Jan 2013 01:19:43 -0500
http://www.businessinsider.com/c/5100d27f6bb3f7f77d000006
One small point Owen, he's not qualified to lead corp dev at Yahoo. Maybe apprentice.
http://www.businessinsider.com/c/50ffd67869bedd857800000b
Jorge Herrera
Wed, 23 Jan 2013 07:24:24 -0500
http://www.businessinsider.com/c/50ffd67869bedd857800000b
Am I the only one who find awkward that in the "awards / Hall of Fame" page of Snip.it <a href="http://snip.it/awards" target="_blank" rel="nofollow" >http://snip.it/awards</a> you can find Carlos Bazan-Cabal as a top user? He is the same who is suing Yahoo in Mexico for 2 billion USD...
http://www.businessinsider.com/c/50ff51db6bb3f7ea2f00001d
pushbuttonchimp
Tue, 22 Jan 2013 21:58:35 -0500
http://www.businessinsider.com/c/50ff51db6bb3f7ea2f00001d
Owen weren't you in one of those hangover-in-vegas movies? I swear I saw you in one.
http://www.businessinsider.com/c/50ff478e6bb3f7d51c00001b
Stevex
Tue, 22 Jan 2013 21:14:38 -0500
http://www.businessinsider.com/c/50ff478e6bb3f7d51c00001b
I wonder if Yahoo would buy a company with good programmers who never finished high school.
P.S I'd still give Marissa a cream pie! | M&A | 1 | [
{
"label": "M&A",
"score": 1
}
] |
Google Steps up Its Investment in Social Games With $70 Million Acquisition of Jambool
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Google Steps Up Its Investment In Social Games With $70 Million Acquisition Of Jambool
Nick Saint
2010-08-09T20:01:01Z
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Google just poured another $70 million into its social gaming play, with the acquisition of in-game payments startup Jambool, TechCrunch reports.Google has been on an acquisition spree, and $70 million isn't a huge sum for the search giant, but the social gaming spending is starting to add up: last week, the company bought Slide for $228 million, and last month it emerged that Google had secretly invested $100-$200 million in FarmVille developer Zynga.
Later this year, the company plans to launch Google Games as an alternative destination to Facebook for casual gaming. This is pretty far from anything Google has had success with on its own, so it makes sense that the company is acquiring talent and technology to make this work.TechCrunch reports that Google is paying $55 million for the company, plus another $15-$20 million in earnouts.
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Walmart Reportedly Discussing Possible Acquisition of Humana
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Walmart reportedly discussing possible acquisition of Humana
Carl O'Donnell, Greg Roumeliotis,
Reuters
2018-03-29T23:49:39Z
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Walmart is reportedly in early-stage talks with Humana about developing closer ties, with the acquisition of Humana being discussed as a possibility.Earlier this month, Walmart is believed to have approached the health insurance company.The talks centered around new partnerships, but an acquisition of Humana was reportedly also discussed.
U.S. retailer Walmart is in early-stage talks with health insurer Humana about developing closer ties, with the acquisition of Humana being discussed as one possibility, people familiar with the matter said on Thursday.Should the talks lead to a tieup, it would be the latest deal to bring together a retail chain and a health insurer, following CVS's $69 billion deal to acquire Aetna and Cigna's $54 billion deal to buy Express Scripts Holding.Walmart approached Humana earlier this month and the deliberations are preliminary, one of the sources said. While the conversations have focused on new partnerships, an acquisition of Humana by Walmart is also something being discussed, the source added.The sources asked not to be identified because the deliberations are confidential. Humana andWalmart did not immediately respond to requests for comment.
Walmart currently has a co-branded Medicare drug plan with Humana that steers patients to Walmart stores. The partnership offers a prescription drug plan that can save up to 20 percent in drug costs for customers.Closer ties between the two companies could allow Walmart to tap into Humana's patient population, expanding the low-level medical services in its pharmacies to avoid ER visits, and to better manage prescription drug use though access to medical records.Humana's biggest business is managing Medicare Advantage health plans, a heavily regulated business that Walmart would also have to take on in an acquisition.(Reporting by Carl O'Donnell and Greg Roumeliotis in New York; Additional reporting by Nandita Bose and Michele Gershberg in New York; Editing by Sandra Maler and Leslie Adler)
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CNN Acquires CNNbrk Twitter Account With Nearly 1 Million Followers - Business Insider
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CNN Acquires CNNbrk Twitter Account With Nearly 1 Million Followers
Dan Frommer
Apr. 15, 2009,
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Hard to believe, but the CNN Twitter account racing Ashton Kutcher to 1 million subscribers wasn't even under CNN's (TWX) control until recently.
CNN confirms that it has has taken control of the @cnnbrk account -- and its 944,000 followers. CNN didn't disclose any financial details, but said it's been working with previous owner James Cox on the account for more than two years.
This is no-brainer for CNN, and we hope they paid Cox a lot of money for the account he's nurtured. By adding more stories to the feed -- and links to CNN's site -- CNN.com could generate hundreds of thousands of extra pageviews per day. (CNN isn't sure if it's going to add links in the near-term.)
Whoever is control of the account has been tinkering with it in the last hour or so, adding five CNN-owned or CNN reporter accounts to the ones it's following.
Not a coincidence: A recent tweet on Cox's account suggests he's recently visited CNN's HQ in Atlanta. "On the way home after a busy two days. Goodbye Atlanta!" Indeed, he's been at the CNN campus for the last few days talking about Twitter and social media.
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CNN Acquires CNNbrk Twitter Account With Nearly 1 Million Followers
CNN Acquires CNNbrk Twitter Account With Nearly 1 Million Followers
Hard to believe, but the CNN Twitter account racing Ashton Kutcher to 1 million subscribers wasn't even under CNN's control until recently.
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Google's 15 Biggest Acquisitions and What Happened to Them
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Google's 15 Biggest Acquisitions And What Happened To Them
Matt Rosoff
2011-03-14T16:31:00Z
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Google has a reputation as an innovative company, but in fact it owes a lot of its success to acquisitions.
Google basically bought AdSense, the paid search platform that made it a financial powerhouse, from Applied Semantics in 2003.
In addition, three of the four non-search businesses that Google has identified as its future -- YouTube, Android, and display advertising -- were acquired and run more or less independently today. The fourth -- enterprise apps -- was helped greatly by the acquisition of Postini.
There were also plenty of acquisitions that never paid off. Google is not as bad as Microsoft in this respect, but it does have a couple of embarrassing $100 million mistakes.
Join us as we count down Google's top 15 acquisitions by value and show what happened to them.
#15: Android mobile platform, "up to" $50 million (estimated)
Dan Frommer, Business Insider
Last October, Google M&A chief David Lawee called the 2005 acquisition of Android -- the mobile phone platform started by ex-Danger leader Andy Rubin -- its "best deal ever." Only two years after launch, Android has become the second-most-popular mobile platform (after Nokia's Symbian) in the world, with almost 25% share. Android doesn't generate direct revenue, as Google gives the OS away, but it provides a built-in userbase for mobile search (and mobile advertising), which Google recently said was contributing more than $1 billion a year.
#14: Aardvark social search, $50 million
AP
Google paid about $50 million for social search Q&A service Aardvark in February 2010, but hasn't really done much with it -- answers aren't integrated into Google core search results. It's still a standalone service offered through Google Labs. In the meantime, competing Q&A site Quora has built a lot of buzz, although it serves a slightly different purpose than Aardvark, which is focused on answering questions with local relevance.
#13: Jambool social payment platform, $70 million
Google bought this mobile-payment platform in August 2010. Onlookers assumed it would be part of Google's social networking efforts. In fact, the team was put to work on in-app payments, and earlier this month Google said it would shut down the Jambool Social Gold service in May, and replace it with its own in-app payment system.
#12: Invite Media ad platform, $81 million
Profile Pictures by Nat Turner
Google bought this ad technology company last June, making its 24-year-old founder Nat Turner a young millionaire. Invite is a demand-side platform (DSP), which helps ad buyers place their wares on ad exchanges, and hasn't yet been integrated into Google's other ad-buying products. Google recently wrote a blog post explaining when advertisers should use Invite versus the Google Display Network
#11: Feedburner RSS tools, $100 million
In Jue 2007, Google paid $100 million for this company, which creates tools for advertisers and users to manage RSS feeds. It's still around, but RSS has become less interesting in the wake of Twitter -- which is now run by former Feedburner founder Dick Costolo.
#10: Like.com visual search, $100 million+
Google bought this visual search company last summer, and put the team to work building a search vertical for women's fashion called Boutiques.com.
#8 (tie): Applied Semantics, $102 million
David Lawee may think Android is Google's best acquisition, but from a pure ROI perspective it's hard to beat Applied Semantics, which built AdSense -- the paid search advertising platform that's still responsible for most of Google's revenue and profits.
#8 (tie): dMarc automated radio ad placement, $102 million
Jewish Women's Archive via Flickr
This one was a mistake: in 2006, Google paid $102 million for this platform for automatic placement of radio ads, and offered a whopping guarantee of up to $1.1 billion based on performance. But the business never took off, and Google shut the program down in mid-2009.
#7: On2 video compression, $133 million
Google tried to buy this video compression company for $106 million, but its shareholders held out for a higher price and eventually got $133 million in January 2010. Last summer, Google announced it would open-source the VP8 video codec it acquired with On2, and rename it WebM. Google has since tried to push WebM as a replacement for H.264, a much more widely used standard for Web video.
#6: Slide social gaming, $228 million (estimated)
flawedartist
Google bought the social gaming company behind SuperPoke last August for $228 million (the price was originally reported at $182 million). Slide still operates but Slide founder Max Levchin has reportedly been working on secret new social initiatives.
#5: Postini email security and services, $625 million
Google bought this company in June 2007 and integrated its add-on email services, like spam-blocking and archiving, into Gmail for business users. It's been a critical part of Google's enterprise apps business ever since.
#4: ITA travel service, $700 million (if regulators let it go through)
Google made a $700 million bid for ITA, which compiles flight information for airlines, travel agencies -- and rival search engines. The bid garnered complaints from competitors who rely on ITA's service, including Microsoft (Bing) and Kayak, and the U.S. Department of Justice is reportedly considering blocking it.
#3: AdMob mobile advertising, $750 million
That's the FTC on the phone? I'm in a meeting.
http://delirium.com/blog/wp-content/uploads/2010/03/6a00d8341c630a53ef0105359b07f6970b-800wi.jpg
Android is all about increasing mobile search usage today, but Google hopes to make mobile advertising in general into a huge business. That's why it paid $750 million for AdMob in November 2009. Since then, however, AdMob execs have left -- including former CEO Omar Hamoui (pictured here) -- and sources have said the integration isn't going so well.
#2: YouTube video sharing site, $1.65 billion
It looks like a no-brainer now, but when Google bought the video-sharing service in 2009, it was a huge risk: YouTube was full of copyrighted content that users uploaded without permission, and faced potentially billions in lawsuits. Google skillfully negotiated contracts with content owners and instituted a reasonable takedown policy, and as a result YouTube has thrived -- analysts estimate it's now profitable and earns more than $1 billion a year. This year, Google is increasing headcount by 30% and is hiring tons of new ad sales people.
#1: DoubleClick display ad technology, $3.1 billion
The 2007 acquisition of DoubleClick launched Google into the display advertising business. It's been a mixed bag. Google boasts that it's making $2.5 billion a year from display, but about $1 billion of that is from YouTube. Also, display advertising isn't nearly as profitable for Google as its core search advertising business. Still, display advertising is a big business, and Google has to be in it. Buying DoubleClick was a lot faster and easier than building a display business from scratch.
The one that got away: Groupon for $6 billion
AP Photo
Daily deals sites are the big new wave in online advertising, and threaten to replace a lot of small business search spending. Google tried to get on top of the trend by making a $6 billion offer for category leader Groupon, but the company's founders decided to go it alone. That looks to be a good move: earlier this year, reports came out that Groupon is planning a $15 billion IPO.
Google has done much better than Microsoft with acquisitions.
Despite a few misses and integration headaches, Google has a much better acquisition record than its deep-pocketed rival Microsoft.That's probably most clear in the mobile space -- Microsoft bought Danger for a reported $500 million and squandered it, while Google bought Danger founder Andy Rubin's next project, Android, for one-tenth that price and turned it into the second-biggest mobile platform in the world. But there are other examples as well, like DoubleClick versus Microsoft's $6 billion aQuantive acquisition.Check out the top 15 Microsoft acquisitions and what happened to them.→
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Apple Acquires Musicmetric
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Apple Acquires London Music Startup Musicmetric
Joshua Barrie
2015-01-21T09:46:26Z
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Apple has bought Musicmetric.
Flickr/Thomas Bonte
Apple has acquired a London music startup. The tech giant has bought the company behind music analytics service Musicmetric, Musically reports.
Musicmetric owner Semetric changed its registered address to 100 New Bridge Street in London, home of Apple Europe Ltd. On the same day, it also filed documents to detail the appointment of a new director. He's called Gene Daniel Levoff and up until now has been based at Apple's global HQ.Apple told Musically that it "buys smaller technology companies from time to time," adding that it doesn't "generally discuss our purpose or plan". Semetric also declined to comment.It's speculated that Apple's latest purchase could pave the way for the company to expand its music services. Apple wants to better tune its music arms: iTunes will likely be overhauled. But it's Beats Music that stands to benefit most. Apple is going to relaunch the platform this year and there's talk it could come pre-installed on iPhones and iPads. Musicmetric launched in 2008 and allows music industry clients to track social and sales analytics through a dashboard, Musically writes — it also offers data streaming. In Jan. 2013 it received $4.8 million in funding.
Musicmetric says it's about "turning big data into big opportunities", and continues: "Whether you're planning your first album launch or a global tour, on the lookout for new talent or after some killer intelligence to help pick your next brand ambassador, the Musicmetric dashboard will quickly and simply tell you all you need to know."How Apple chooses to use and develop Musicmetric remains to be seen, but one certainty is the implications the acquisition has for other streaming companies such as Spotify and Next Big Sound.Here's what Musically says: Spotify has a partnership with Musicmetric to pipe in streaming data for labels to access via the latter’s dashboard.
Just as rival streaming services ended their partnerships with music/tech firm The Echo Nest firm when Spotify bought it last year, so Spotify is unlikely to be too keen on providing a firehose of its data to an Apple subsidiary.
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AppNexus Has Acquired Digital Advertisin
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AppNexus has acquired digital advertisin
Lara O'Reilly
2015-03-18T16:36:51Z
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AppNexus has acquired digital advertising and analytics company Yieldex for an undisclosed sum, AppNexus announced Wednesday. The Wall Street Journal reports the deal was worth about $100 million in cash and stock. AppNexus raised a $110 million Series E round in September from WPP.
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The economic logic behind tech and talent acquisitions
Chris Dixon, CDixon.org
Oct. 18, 2012,
8:12 PM
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Chris Dixon
Chris Dixon is the co-founder of Hunch
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There’s been a lot of speculation lately about why big companies spend millions of dollars acquiring startups for their technology or talent. The answer lies in the economic logic that big companies use to make major project decisions.
Here is a really simplified example. Suppose you are a large company generating $1B in revenue, and you have a market cap of $5B. You want to build an important new product that your CTO estimates will increase your revenue 10%. At a 5-1 price-to-revenue ratio, a 10% boost in revenue means a $500M boost in market cap. So you are willing to spend something less than $500M to own that product.
You have two options: build or buy. Build means 1) recruiting a team and 2) building the product. There a risk you’ll have significant delays or outright failure at either stage. You therefore need to estimate the cost of delays (delaying the 10% increase in revenue) and failure. Acquiring a relevant team takes away the recruiting risk. Acquiring a startup with the tech takes away both stages of risk. Generally, if you assume 0% chance of failure or delay, building internally will be cheaper. But in real life the likelihood of delay or failure is much higher.
Suppose you could build the tech for $50M with a 50% chance of significant delays or failure. Then the upper bound of what you’d rationally pay to acquire would be $100M. That doesn’t mean you have to pay $100M. If there are multiple startups with equal tech/talent you might be able to get a bargain. It all comes down to supply (number of relevant startups) and demand (number of interested acquirers).
Every big company does calculations like these (albeit much more sophisticated ones). This is a part of what M&A/Corp Dev groups do. If you want to sell your company – or simply understand acquisitions you read about in the press – it is important to understand how they think about these calculations.
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Read the original article on CDixon.org.
Copyright 2012.
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Why So Many Startups Are Being Acqui-Hired
http://www.businessinsider.com/why-so-many-startups-are-being-acqui-hired-2012-8/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Thu, 30 Jun 2016 15:50:30 -0400
Jay Yarow
http://www.businessinsider.com/c/50292102ecad040865000006
andy_mcf
Mon, 13 Aug 2012 11:45:06 -0400
http://www.businessinsider.com/c/50292102ecad040865000006
Still, cultural fit matters. It may be the least understood/analyzed aspect of acquisitions. It's one thing to say we made the acquisition to get talent. Another to say that the talent wants to be part of the merged company. <a href="http://bit.ly/c67P1t" target="_blank">http://bit.ly/c67P1t</a>
http://www.businessinsider.com/c/5028fe4569beddc44200000b
someonewhoknows
Mon, 13 Aug 2012 09:16:53 -0400
http://www.businessinsider.com/c/5028fe4569beddc44200000b
with regards to poaching founders - acqui-hiring is typically the only way to get a founder out from under their obligations to investors. most founders can't simply walk away.
http://www.businessinsider.com/c/50256e0269bedd0505000001
kryptic
Fri, 10 Aug 2012 16:24:34 -0400
http://www.businessinsider.com/c/50256e0269bedd0505000001
Yes, this is primarily done to benefit the VC. The VC's like it because it makes their investors happy.
http://www.businessinsider.com/c/50256c4aeab8ea2730000001
teter
Fri, 10 Aug 2012 16:17:14 -0400
http://www.businessinsider.com/c/50256c4aeab8ea2730000001
The same VC sits on the board of both companies. That is why, to bail the VC out. | M&A | 0.999597 | [
{
"label": "M&A",
"score": 0.9995965361595154
}
] |
Mergers and Acquisitions in the Contract Research Organization
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Wall Street is making huge bets on healthcare companies you've never heard of
Lydia Ramsey Pflanzer
2017-07-20T23:07:00Z
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Carlyle Group cofounder and managing director David Rubenstein.
REUTERS/Fred Prouser
Wall Street is interested in the companies that help drugmakers research and develop drugs.These companies, called contract research organizations, are becoming increasingly important for the pharmaceutical industry as companies look to save money on R&D.
Wall Street has been piling in to an area in healthcare you've most likely never heard of.Contract research organizations, or CROs, work with drugmakers to take on some of the science that companies have to carry out to get drugs approved.That means things like discovering potential drug targets and running clinical trials on behalf of pharmaceutical companies.For example, say you need to run a clinical trial for a drug you're working on but don't want to invest in hiring all the folks to run the clinical trial. You could work with a CRO, which can set that up for you and recruit patients for a certain price. As drug companies continue to look for ways to trim research-and-development costs, these companies have become more popular.
That activity has made a lot of room for mergers and acquisitions, even at a time when drugmakers themselves are in a bit of a dealmaking lull. According to Bloomberg, M&A spending in the CRO industry was $24 billion in 2016. This year, the spending on deals has totaled $13 billion.Many of these CROs are getting picked up by private equity, signaling that investors expect the companies to grow over the next decade. Pamplona Capital Management, Carlyle Group, and GTCR have all struck big deals in the space recently.Stocks of the companies that are public are up by more than 25% over the past year, signaling public-market investors are betting on the companies too, potentially in anticipation of activity to come."We are at the beginning of this process," KPMG principal Paul Saias told Bloomberg.
Almost every major CRO has been involved with an acquisition, starting back in 2015.Pamplona Capital Management acquired Parexel International in a $5 billion deal to take the CRO private in June.In June, Albany Molecular Research Inc. was acquired and taken private by Carlyle Group and GTCR for $922 million.Chiltern picked up the Japanese CRO Integrated Development Associates in May.In May, two of the largest CROs — Inc Research Holdings and InVentiv Health — merged in a $4.6 billion deal.In 2016, Charles River Laboratories went on an acquisition spree, snapping up other CROs.In 2016, Quintiles Transnational merged with IMS Health in an $8.75 billion deal. The combined company provides clinical research and health-information technologies, which goes beyond what's traditionally considered a CRO.Back in 2015, LabCorp acquired Covance in a $6.2 billion deal.Only two of the top 10 CROs appear to not be part of the dealmaking frenzy. One is Pharmaceutical Product Development, which is majority owned by Carlyle Group, which was also behind taking Albany Molecular private. The other is Icon, which might be more open to deals now, according to Jefferies analyst David Windley.
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Rumor: EA Acquires Playfish For $250 Million
http://www.businessinsider.com/rumor-ea-acquires-playfish-for-250-million-2009-10/comments
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Wed, 31 Dec 1969 19:00:00 -0500
Sat, 30 Apr 2016 22:43:00 -0400
Nicholas Carlson
http://www.businessinsider.com/c/4c60b2207f8b9a7109f50200
grewt
Mon, 09 Aug 2010 21:57:51 -0400
http://www.businessinsider.com/c/4c60b2207f8b9a7109f50200
<a href="http://www.blu-raydiscripper.org">Blu-ray disc ripper</a> also has a funciton of backuping your Blu-ray DVDs directly on your hard disc for playing.
<a href="http://www.blu-raydiscripper.org/blu-ray-burner.html">Blu-ray Burner</a>
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Thu, 15 Oct 2009 01:52:42 -0400
http://www.businessinsider.com/c/4ad6b8ab00000000009093cf
I bet Digital Chocolate feels like they missed a runaway train.
http://www.businessinsider.com/c/4ad62e8d0000000000812456
Chem
Wed, 14 Oct 2009 16:03:25 -0400
http://www.businessinsider.com/c/4ad62e8d0000000000812456
This is actually very interesting, EA normally tries to buy the largest company in the space i.e. Pandemic, Jamdat etc.
So I am pretty shocked that they just didn't throw a bunch of cash at Zynga, which is normally what they would do. I guess they did and Zynga is just focused on doing an IPO. | M&A | 1 | [
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The Toronto Blue Jays Have Contacted the Kansas City Royals About Acquiring Zack Greinke.
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The Toronto Blue Jays have contacted the Kansas City Royals about acquiring Zack Greinke.
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A College Kid Gave Himself The Ultimate Graduation Gift And Sold His Profitable 6-Figure Startup
Alyson Shontell
Jun.
9, 2014, 10:47 AM
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FireflyDan Shipper and Justin Meltzer just graduated from UPenn and simultaneously sold their startup, Firefly.
On May 18, Dan Shipper graduated from the University of Pennsylvania. He didn't stick around to celebrate with friends like most college seniors do.
Instead, he hopped on a flight to Boston to finish negotiating the sale of his startup, Firefly. After two months of talks, Firefly was acquired by Pegasystems. The price wasn't disclosed, but since Shipper's startup was profitable and generating six figures you can assume the payout was nice.
Firefly enables customer-service reps to share their screens with customers and co-browse without requiring them to download any software. Its 6,000-plus customers pay either $25 to $99 per customer-service rep or a fixed monthly rate if it's a large organization. The team will be moving to New York to continue working on Firefly under the Pegasus brand.
There are a lot of unusual things about the Firefly team. First, there are only two people who work for the startup, 23-year-old Shipper and his even younger co-founder, Justin Meltzer. The pair largely bootstrapped Firefly, taking only $20,000 in financing from First Round Capital's Dorm Room Fund.
Second, both Shipper and Meltzer built Firefly while attending UPenn, and neither had to drop out of school to make it successful. Meltzer obtained his degree one year ahead of Shipper, who says he was held back in kindergarten.
"I couldn't color between the lines," he joked.
While the startup was profitable, Shipper and Meltzer paid themselves only a small salary of less than $30,000. When you're in college and have limited expenses, that low salary can go a long way.
"We pay ourselves a little bit of a salary but most of it goes toward expenses," Shipper told Business Insider before the acquisition. "Lawyer bills when you run a company like ours can get high. It's not like all of this is profit. We are pretty frugal with our money." The pair said they weren't spending their salaries treating themselves or friends to rounds of drinks. "Maybe when we get to seven figures in revenue we'll do that," Shipper said.
Shipper and Meltzer say they haven't told their friends about their successful exit yet. "They'll probably read about it on Facebook today," Meltzer said.
But they have told their parents. "My dad said, 'If you have to get a real job out of college, this is the way to do it,'" said Shipper.
SEE ALSO: A Q&A with Shipper and Meltzer about how they built Firefly while still in college
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A College Kid Gave Himself The Ultimate Graduation Gift And Sold His Profitable 6-Figure Startup
A College Kid Gave Himself The Ultimate Graduation Gift And Sold His Profitable 6-Figure Startup
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How the Washington Post Changed After Jeff Bezos Acquisition
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How Amazon CEO Jeff Bezos reinvented The Washington Post, the 140-year-old newspaper he bought for $250 million
Eugene Kim
2016-05-15T12:55:21Z
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Amazon CEO Jeff Bezos.
AP
A lot of people were surprised when Amazon CEO Jeff Bezos bought The Washington Post for $250 million in 2013.
At the time, The Post was a legacy media company facing years of decline, while Bezos had no prior experience in the newspaper business.But in less than three years, Bezos has completely changed the outlook of the 140-year-old newspaper. Its readership has exploded, and its content has become more suitable for the digital world.Here's a look back at how Bezos revitalized The Washington Post since taking over less than three years ago: Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions. An earlier version of this article failed to disclose this in an editorial error.
Bezos initially wasn't sure if he wanted buy the Post. But after a couple meetings with former owner Don Graham, Bezos became intrigued.
Amazon CEO Jeff Bezos
REUTERS/Rick Wilking
Source: The Wall Street Journal
“I didn’t know anything about the newspaper business … But I did know something about the internet," Bezos told Business Insider in a 2014 interview. "That, combined with the financial runway that I can provide, is the reason why I bought The Post.”
Michael Seto/Business Insider
Source: Business Insider
In fact, Bezos liked the opportunity so much that he didn't do any due diligence and just signed the first $250 million offer sheet that came from Graham.
Kevork Djansezian/Getty Images
Source: Fortune
Bezos isn't involved in setting The Post's editorial direction at all. But he's taken a more hands-on approach on the business and technology sides to reinvent the paper as a "media and technology company."
Amazon CEO Jeff Bezos
AP Photo/Reed Saxon
Source: AFP
Under Bezos, The Post has revamped its website and mobile apps. It also created software called "Arc," which gives better analytics and marketing features for the publication.
Washington Post
Source: AFP
That's helped it take a more data-driven approach. It now employs common web strategies like "A/B testing" to track how different headlines and story framings affect readership for each story. It also created a program that takes articles from other publications and asks readers which ones they'd rather read.
Amazon CEO Jeff Bezos speaks at a news conference in front of a graphic showing the rise in sales of Kindle books during the launch of Amazon's new tablets in New York, September 28, 2011.
REUTERS/Shannon Stapleton
Source: Bloomberg
The Post now has a growing team of 700 staff members, including an engineering team that nearly tripled over the past two years. Bezos says The Post's engineering team rivals "any team in Silicon Valley."
Flickr/ Andrew Eland
Source: AFP
It's also hired a bunch of new editors and reporters lately. It now publishes 1,200 articles a day. Its content varies from breaking news and long features to fun photo slideshows like this one.
Washington Post
Source: The Wall Street Journal
Its content-distribution strategy also involved a lot of social media, like Facebook and Twitter. It also offered discounts to Amazon Prime members, while making The Washington Post app pre-installed on Amazon's Fire tablets.
Amazon founder Jeff Bezos holds the new Amazon tablet called the Kindle Fire on September 28, 2011 in New York City. The Fire, which will be priced at $199, is an expanded version of the company’s Kindle e-reader that has 8GB of storage and WiFi. The Fire gives users access to streaming video, as well as e-books, apps and music, and has a Web browser. In addition to the Fire, Bezos introduced four new Kindles including a Kindle touch model.
Spencer Platt/Getty Images
All this has translated to higher traffic. The Post surpassed The New York Times in US unique web visitors in October 2015.
BI Intelligence
Source: BI Intelligence
Bezos continues to be very involved with The Post's operations. He holds one-hour conference calls with executives every two weeks, and brings them into Seattle twice a year for longer meetings.
Amazon CEO Jeff Bezos
AP Photo/Phelan M. Ebenhack
Source: Bloomberg
Because of its affiliation with Bezos, The Post says it's now finding it a lot easier to recruit engineers. Bezos has also instilled a much stronger culture of customer obsession. Post execs often receive reader complaint emails forwarded by Bezos.
Amazon founder Jeff Bezos.
Chip Somodevilla/Getty Images
Source: Bloomberg
Bezos's impact on The Post is clear. He's revitalized its growth and turned the culture into a more tech-focused organization. But more than anything, Bezos brought a sense of confidence to a team that was getting hit by competition. One former managing director described Bezos' arrival as "all of a sudden Michael Jordan is coming to your team.”
Amazon CEO Jeff Bezos
AP Photo/Ted S. Warren
Source: Bloomberg
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Chegg Acquisition Presentation
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Chegg changes its business model and hopes the market will value it like an internet company
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2015-02-23T21:01:00Z
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Chegg
On Monday, textbook company Chegg announced a partnership with Ingram Content Group that the company thinks will "fundamentally reshape" its business model.
Chegg will now earn a commission on each book rented, not the full rental price, though the company will no longer invest in inventory going forward.
A Chegg spokesman told Business Insider:
This deal fundamentally reshapes Chegg’s business model, from a company that from 2011-2014 has averaged 20% growth, 30% gross margin, and EBITDA margin of -6% to a company with 25+% growth, 60+% gross margins and 25+% EBITDA margin by 2017.
Chegg also told Business Insider that the company's transition, "is going to be difficult for some investors to grok, as our total revenue will actually decline in 2015 before re-accelerating in 2016."
Over the last year, Chegg shares haven't done much, rising about 1.5%. According to Chegg, about 33% of its outstanding shares are being held short, or bet that the price will go lower.
Along with this announcement, Chegg also released a slide presentation updating its outlook to accompany a conference call with investors set for 5:00 pm ET.
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Twitter Acquires, Shuts Down A/B Mobile Testing Service Clutch.io
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REPORT: Japan's SoftBank Is In Talks To Acquire DreamWorks Animation
Myles Udland
2014-09-28T14:02:25Z
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DreamWorks CEO Jeffrey Katzenberg.
Kevin Winter / Getty Images
Japan's SoftBank is in talks to acquire DreamWorks Animation, according to a report from The Wall Street Journal.
A potential price for the deal was not known, the report said.As of Friday's market close DreamWorks had a market cap of just less than $2 billion.DreamWorks Animation has produced films including "Shrek", "Madagascar", and "How To Train Your Dragon."The report said that a deal for DreamWorks would provide SoftBank — which owns about 80% of Sprint and earlier this year sought to combine Sprint with T-Mobile before abandoning the deal earlier this summer — "another route to try to fulfill [its] ambition of challenging America's top two wireless carriers, AT&T and Verizon."
DreamWorks Animation shares are down more than 37% year-to-date, and the Journal said news of a potential deal comes a "crucial juncture" for the company.From WSJ:The development comes at a crucial juncture for DreamWorks Animation and its chief executive, Jeffrey Katzenberg, one of Hollywood's highest-profile executives, who has sought to define a long-term strategy that would help the company counteract a recent spell of mixed box-office results.Since spinning off from DreamWorks SKG and going public in 2004, DreamWorks Animation stock has largely risen and fallen on the box-office performance of its feature films, something Mr. Katzenberg has been trying hard in recent years to change.
A string of box-office disappointments has severely depressed the company's share price, forcing Mr. Katzenberg to assure investors that moves in industries like television, digital video and consumer products will help make its stock price less reliant on the two to three feature films the company releases annually.The Journal adds that pursuing this deal makes SoftBank CEO Masayoshi Son the first Japanese investor to chase a deal in Hollywood since the Japanese economic bubble of the late 1980s. Earlier this month, SoftBank said it would book a gain of a bit less than $5 billion on the sale of a portion of its stake in Alibaba, the Chinese e-commerce giant that went public in the largest IPO in US stock market history. SoftBank has a 32% stake in Alibaba, which it first acquired 14 years ago for $20 million; that stake is now worth $71 billion, the Journal said.
(via WSJ)
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