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JLL Acquires Building Operations Software Company Building Engines
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Real Estate
Commercial real estate giant JLL acquires 21-year-old building operations software company Building Engines for $300 million
Alex Nicoll
2021-10-21T20:30:55Z
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Tim Curran, CEO of Building Engines.
Building Engines
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JLL plans to purchase building operations software company Building Engines for $300 million.
Building Engines, which manages 3 billion square feet, brings a big data set and client base to JLL.
A JLL exec said this acquisition will help "accelerate" the "fragmented" proptech space.
JLL, one of the world's largest real estate services corporations, plans to acquire Building Engines, a Boston-based building operations software company, for approximately $300 million in cash, Insider can exclusively reveal. The deal is expected to close in the fourth quarter of 2021.Building Engines, founded in 2000, has built a range of software tools to help owners and operators manage both the equipment that keeps properties working — like heating, ventilation, and air-conditioning — and the vendors that maintain those systems. The company, which now serves over 1,000 clients across 35,000 properties and 3 billion square feet, has integrated its tools into one platform, called Prism.The company will operate under the umbrella of JLL Technologies, and CEO Tim Curran will become the executive managing director of Building Engines .The deal came about as Building Engines was looking to raise more capital to accelerate its growth, Curran said. The company had been "bootstrapped," Curran said, originally founded with only $1 million in capital, before the company raised some private equity funding from Wavecrest Growth Partners in 2016, a year before Curran became CEO."We were thinking about who will take us to the next phase of growth," Curran said. "It could have been a new financial sponsor, who would have brought a lot of expertise about running a software company, but we never would have recieved JLL's industry domain expertise to satisfy our customers."Curran said that the company was choosing between a few potential partners, but that JLL was the "obvious choice." The two companies have already have a long working relationship because both share a several clients. "The majority of our investor clients use Building Engines in one way, shape, or form in some segment of their CRE portfolio," said Jay Koster, JLL's president of Americas capital markets and investor services. Building Engines will continue to serve existing customers that don't work with JLL.Building Engines has an open application programming interface, or API, that allows it to connect to other building operations tools. It has already built integrations with 30 tools. Koster told Insider that this open-ended approach, plus JLL's acquisition and resources, will help to combat fragmentation in the proptech world."In a space like proptech, with 8,000-plus companies, we think bringing a major building operations platform with our property operations platform together is a way to accelerate all of proptech," Koster said.There's another benefit for both sides: data. Curran told Insider that Building Engines has generated a lot of data — like how a building's HVAC system operates when workers return to an office — but haven't yet developed the tools to make sense of it. Building Engines will use JLL's investment, and the launch of JLL's business intelligence system, Azara, designed to allow investors to make decisions using vast swaths of data, to make analyze and utilize that data for clients."Building Engines is the system of record for these buildings," Sharad Rastogi, president of JLL Technologies, said. "They have a very broad footprint, and are bringing us the largest data set in building operations."
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PayPal's 2021 Acquisition Frenzy Comes to Fruition
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A look back at PayPal in 2021—and a prediction we got right
Adriana Nunez
2021-12-21T14:44:51Z
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Back in 2020, we predicted that PayPal would make a number of big acquisitions this year to help enhance its offerings.
The payments titan made four major acquisitions in 2021, most of which fell within previously highlighted categories.
Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce industry. Learn more about becoming a client.
Our prediction for 2021: Last year, we predicted PayPal would ramp up its acquisition spree by making a number of multibillion-dollar purchases in key categories like cryptocurrencies; buy now, pay later (BNPL); online checkout; and in-store payments.
Insider Intelligence
Were we right? True to our prediction—discounting deal size, since most were undisclosed—the payments titan made four major acquisitions in 2021, most of which fell within previously highlighted categories.In March, PayPal announced that it would acquire crypto transfer and storage startup Curv several months after enabling crypto buying and selling on its platform. Since the acquisition, PayPal has doubled down on digital currencies by launching Checkout with Crypto, Cash Back to Crypto for Venmo credit cardholders, and a crypto price alert feature.In May, PayPal purchased Chargehound, a company that helps merchants automate chargeback recovery. The acquisition may have been a way for PayPal to tighten relationships with retail partners—chargebacks are a major issue for merchants.Later that month, PayPal snagged Happy Returns, which works with online merchants so customers can return unwanted merchandise at more than 2,600 drop-off locations throughout the US. This solution can help PayPal strengthen merchant relationships and also supports its super app, which includes a dedicated shopping hub.PayPal acquired Japan-based BNPL provider Paidy for an estimated $2.7 billion. Paidy offers products like a short-term installment plan and Paidy Link, which lets customers connect their mobile wallets to their Paidy accounts—PayPal was the first wallet to integrate the solution. The acquisition supported PayPal's global BNPL expansion: In March, the firm announced it'd roll out its BNPL program in Australia after expanding into the UK in late 2020.The bigger picture: PayPal also forged several deals to help boost core transaction volume, which is expected to hit $1.144 trillion globally in 2022, per Insider Intelligence forecasts.In March, it partnered with digital payments firm Flutterwave to expand cross-border payment capabilities in Africa.In May, crypto exchange Coinbase tapped PayPal to give customers the option to purchase cryptos with PayPal's mobile wallet.Honey, PayPal's digital promotions platform, introduced cash back through PayPal in October.And in November, the payments titan signed a deal with Amazon to make Venmo a checkout option on Amazon.com and the etailer's mobile app starting in 2022.And aside from major deals, PayPal has focused on its super app and may continue to as it looks to position itself as a one-stop shop for all consumer payment and retail needs.Want to read more stories like this one? Here's how you can gain access:Join other Insider Intelligence clients who receive Payments & Commerce 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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Amazon announces it will acquire podcast startup Wondery - Business Insider
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Amazon will acquire Wondery, the startup behind popular podcasts like 'Dr. Death' and 'Dirty John,' in a deal reportedly worth $300 million
Ben Gilbert
2020-12-30T19:21:21Z
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Amazon announced it will acquire the podcast startup Wondery.
Terms of the acquisition weren't announced, but Wondery was reportedly seeking $300 to $400 million as of early December.
Wondery is the publisher behind podcasts including "Dr. Death" and "The Shrink Next Door."
Visit Business Insider's homepage for more stories.
Just months after launching podcasts on its Amazon Music platform, Amazon announced on Wednesday that it will acquire the podcast startup Wondery."Together with Wondery, we hope to accelerate the growth and evolution of podcasts by bringing creators, hosts, and immersive experiences to even more listeners across the globe, just as we do with music," Amazon said in the press release announcing the acquisition.Terms of the deal weren't disclosed, but reports from early December pointed to a $300 to $400 million price tag.Wondery is the podcast publisher behind hit podcasts like "Dr. Death," "Dirty John," and "The Shrink Next Door," among others. Amazon will acquire that roster of shows, along with the publisher. That doesn't mean those podcasts are going exclusive to Amazon Music, though — Amazon insists that "nothing will change for listeners, and they'll continue to be able to access Wondery podcasts through a variety of providers" when the acquisition is completed.
Acquisitions of podcast startups have heated up across the past several years, primarily driven by Spotify making several major purchases: it paid $340 million for Gimlet Media and Anchor in 2019, and $100 million for exclusive rights to "The Joe Rogan Experience" back in May. The company has also struck deals with Michelle Obama, Kim Kardashian-West, and popular sports/culture network The Ringer.Amazon's acquisition of Wondery is the first such move Amazon has made in the podcast arena.Got a tip? Contact Business Insider senior correspondent Ben Gilbert via email ([email protected]), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.
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TikTok CEO Mayer Quits After 3 Months of Wrestling Reins From ByteDance
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TikTok's CEO left 3 months into the job after getting boxed out by ByteDance during TikTok's biggest moment of crisis
Paige Leskin
2020-08-28T15:53:59Z
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ByteDance founder & CEO Zhang Yiming, right; and Kevin Mayer, who just stepped down as TikTok CEO.
Drew Angerer/Getty Images; Zheng Shuai/VCG via Getty Images
TikTok CEO Kevin Mayer announced his sudden departure from the company late Wednesday night after only three months into the job.In a letter to employees, Mayer said he was leaving amid "corporate structural changes" and a changing "political environment," hinting at the bidding war among US tech companies to buy up TikTok's US operations.Reports indicate Mayer wasn't included in acquisition talks with leading bidders Microsoft and Oracle, while ByteDance CEO Zhang Yiming and US investors took leading roles.Even though Mayer was CEO, he appeared to play second fiddle to TikTok's parent company even after signing up to take charge of his own company.This is a circumstance he may be all too familiar with. Before he joined TikTok, Mayer was head of streaming at Disney, and favored to be named the next CEO — but was passed over for the role.Visit Business Insider's homepage for more stories.
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Kevin Mayer joined TikTok as its CEO in the hopes of taking charge of a booming multi-billion-dollar company. It took just three months for Mayer to apparently realize he wouldn't be afforded as much power as he hoped.Mayer told employees late Wednesday night he was stepping down from his dual role as the global CEO of TikTok and chief operating officer of parent company ByteDance. He cited upcoming "corporate structural changes" that made him rethink his role, one created at the start of 2020 partly as a way for TikTok to distance itself from its Chinese owner catching the ire of the Trump administration.But in recent weeks, reports of a potential TikTok acquisition have made Mayer's role seem redundant. ByteDance is expected to close a deal in the next few days regarding its choice to take over TikTok operations in the US and three other countries. Even as ByteDance executives held negotiations in the multi-billion bidding war, Mayer was reportedly left out of the decision-making process altogether.Mayer first came to TikTok as the company was already in turbulent waters, fighting to prove to the Trump administration that the platform's ties to ByteDance did not pose a national-security threat to the US. Based out of Los Angeles, Mayer was an immediate figurehead TikTok could point to as evidence it was separate from ByteDance and China.
But during Mayer's tenure, TikTok's relationship with the US government worsened, as Donald Trump threatened to issue a nationwide ban. In the end, Mayer was given two choices: mire in a legal standoff with the US government, or see a US company buy up the platform to which he was just given the keys.Recent reports have indicated that TikTok acquisition talks have whittled down to two possible deals. On one side, ByteDance CEO Zhang Yiming is leading talks for a Microsoft-Walmart takeover, helped along by Zhang's connections to Microsoft as a former employee. On the other is a group of ByteDance's US investors, including Sequoia Capital and General Atlantic, pushing for a bid from Oracle that already has White House support.Nowhere in those discussions does there appear to have been a space for Mayer to join, CNBC reported. As a result of either deal, Mayer's role as TikTok CEO would no longer be necessary, and his role at ByteDance COO would no longer be possible."As the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for," Mayer said in his letter to employees. "I've always been globally focused on my work, and leading a global team that includes TikTok US was a big draw for me."
Mayer's decision earlier this year to leave Disney in favor of TikTok was likely a difficult one. Mayer was an executive at Disney for nearly 20 years, and was riding high as head of the Disney Plus
streaming
service, which launched in November with enormous subscriber numbers that surpassed analyst expectations. He was the favorite to succeed Disney's longtime CEO Bob Iger. But when Iger suddenly stepped down in February, Disney named executive Bob Chapek as its CEO.The announcement that Mayer would become TikTok CEO came just three months after he was snubbed for the top position at Disney, seeming to indicate he was waiting for an opportunity to be the No. 1 at a company. It took just three months for Mayer to realize that even with the new role, that wasn't happening."I understand that the role that I signed up for — including running TikTok globally — will look very different as a result of the US Administration's action to push for a sell off of the US business," Mayer wrote to employees. "We expect to reach a resolution very soon."
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ZA | M&A | 0.999823 | [
{
"label": "M&A",
"score": 0.9998225569725037
}
] |
Amazon Acquires Deal Site Woot
http://www.businessinsider.com/amazon-acquires-deal-site-woot-2010-6/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Tue, 24 May 2016 08:57:44 -0400
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wekillmold
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haha "like a <a href="http://wekillmold.com">black mold</a> behind the Gold Box" !! That's fantastic. I'm very excited for Woot.com
http://www.businessinsider.com/c/4c2bafe17f8b9a7d7d780200
hater ade
Wed, 30 Jun 2010 16:58:09 -0400
http://www.businessinsider.com/c/4c2bafe17f8b9a7d7d780200
What a corporate email.
I think all corporate emails should be run through the "Whimsy" filter.
http://www.businessinsider.com/c/4c2bac0c7f8b9ac67a050000
Mark Phillip
Wed, 30 Jun 2010 16:41:48 -0400
http://www.businessinsider.com/c/4c2bac0c7f8b9ac67a050000
Seriously, how can you not like this company?
Knowing absolutely nothing about the purchase price, seems like a great pickup by Amazon.
http://www.businessinsider.com/c/4c2bab2a7f8b9a127df40000
Adam
Wed, 30 Jun 2010 16:38:02 -0400
http://www.businessinsider.com/c/4c2bab2a7f8b9a127df40000
These guys are fantastic to deal with.
A giant congrats to the team at Woot!
They started as a simple idea to liquidate some product and grew organically to a giant company. | M&A | 1 | [
{
"label": "M&A",
"score": 1
}
] |
Facebook acquires fitness app Moves - Business Insider
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Facebook Buys Mobile App Moves, A Fitness Diary With 4 Million Downloads
Alyson Shontell
Apr. 24, 2014, 10:10 AM
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Moves, an activity diary for your smartphone, has been acquired by Facebook for an undisclosed amount. It will continue running independently, and Facebook says it will use Moves to help people "take small steps toward more healthy habits and lifestyle," The Wall Street Journal reports.
The fitness app was founded in Finland in 2012. It has been downloaded 4 million times and it raised a small round of financing from Lifeline Ventures, PROfounders, AJP Holding, Juha Lindfors, Jyri Engestrom, and Tekes.
Mark Zuckerberg hasn’t talked much about fitness apps specifically, although he did note that he was impressed by another app, RunKeeper, a few years back. RunKeeper is much larger than Moves with more than 23 million users, and collects exercise information via a phone's GPS.
Facebook has been focused on beefing up its mobile portfolio. The apps, like Moves, are “part of the full ecosystem of different ways that people want to share with different people,” Zuckerberg said during Facebook’s latest earnings call.
This type of acquisition also aligns with Facebook’s recently formed “Creative Labs” initiative, which allows small teams within the company to work on mobile innovations in a scrappy way. It's like a startup incubator within Facebook; Paper, a newspaper app, was the first project to come out of Creative Labs.
Moves uses a patent-protected algorithm to present a user’s daily activity in a series of charts. It retrieves loads of information from a phone, including accelerometer information then separates the data into types of activity, such as running or walking. It also has a calorie counter and a timeline feature that shows your most active moments throughout the day.
Here are a few screeshots of the app.
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Peter Shankman author, entrepreneur, speaker, and worldwide connector, Peter is recognized worldwide for radically new ways of thinking about Social Media, PR, marketing, advertising, and customer service.
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Here Are 7 Companies Oracle Could Try to Buy With Its New $20 Billion
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Oracle is known for making bold M&A moves in a recession and it's sitting on a fresh $20 billion. Here are the 7 companies experts think it could acquire as the coronavirus crisis drives down valuations
Ashley Stewart
and
Benjamin Pimentel
2020-04-11T11:47:00Z
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Oracle Chairman Larry Ellison.
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This story is available exclusively to Insider subscribers.
Become an Insider and start reading now.
Oracle recently raised $20 billion in corporate debt through convertible note offerings.Analysts expect that with that influx of fresh cash, Oracle could be gearing up for a big acquisition as the coronavirus crisis drives down market caps.It's known for making bold M&A moves after a downturn, like when it scooped up PeopleSoft, Sun Microsystems, and NetSuite. Business Insider talked to analysts about which companies Oracle could be planning to acquire. See the list of seven companies below.Click here for more BI Prime stories.Oracle just raised $20 billion in corporate debt, setting off speculation the tech giant may be mulling a big purchase as the coronavirus crisis drives down market caps. "We believe the company could be preparing to make a significant acquisition given the likelihood that COVID-19 continues to pressure valuations in enterprise software," RBC Capital Markets analysts wrote in a recent note to investors.Oracle is known for making bold M&A moves, especially after a downturn, when big tech mergers typically take place. Shortly after the dot-com crash, the company launched a hostile take-over of rival enterprise software maker PeopleSoft, which it acquired in 2005. Oracle also bought server giant Sun Microsystems and cloud software company NetSuite after the Great
Recession
.Business Insider asked experts which companies Oracle could be eyeing for an acquisition. Here are the seven companies they said would be a good fit:
Hewlett Packard Enterprise: cloud and data center hardware and software
HPE CEO Antonio Neri
AP Photo/Richard Drew
Market cap: $13 billionOracle reportedly considered buying Hewlett-Packard a decade ago when the company was worth about $50 billion. HP has since split — dividing into HP Inc and Hewlett Packard Enterprise in 2015 — and Oracle would likely be interested in the latter, which now has a much lower market cap. Robert Siegel, a management lecturer at Stanford University and a veteran Silicon Valley venture capitalist, said buying HPE would give Oracle a bigger customer base and strengthen its consulting services. "That could lead both to revenue growth and also cost synergies with other parts of Oracle," he told Business Insider.
Workday: human resources management software in the cloud
Workday CEO Anil Bushri
Kevin Moloney/Fortune Brainstorm Tech
Market cap: $33 billionWorkday would be a long shot for Oracle thanks to its hefty market cap and the fact that its founder and chairman, David Duffield, likely wouldn't be on board. He previously founded PeopleSoft, the company Oracle gobbled up in a bitter hostile takeover fight in 2005.But, still, the human resources management company would no doubt strengthen Oracle's position in that critical market.Siegel, the Stanford lecturer, said Oracle making a bid for Workday "would not surprise me." But he acknowledged that Oracle may have a hard time convincing Workday to sell, given their shared history."I think a move like that would probably be more aggressive and hostile than friendly," Siegel said.Workday is also a company analysts believe Microsoft could buy.
Ceridian: cloud-based HR tools
Ceridian CEO David Ossip.
YouTube screenshot
Market cap: $6.57 billionOracle could acquire human resources software company Ceridian to expand its human capital management business, RBC analysts said. They noted that Ceridian has strong products and a strong growth profile.
Anaplan: business planning software in the cloud
Anaplan CEO Frank Calderoni
Anaplan
Market cap: $4.57 billion.Anaplan "would make a great portfolio addition" for Oracle, given Oracle's existing "planning products and large installed base of planning customers," RBC analysts said.Right now, the two companies compete. Anaplan is taking on SAP and Oracle with its cloud-based financial planning software. CEO Frank Calderoni is used to large company life: He formerly served as chief financial officer at Cisco and Red Hat.
PROS: price optimization and revenue management software
PROS CEO Andres Reiner.
Courtesy of PROS
Market cap: $1.25 billionOracle could be looking to make a vertical-focused acquisition, RBC analyst said, such as acquiring pricing software company PROS.PROS has a large portfolio of industry-specific products and RBC notes that Oracle has targeted similarly structured companies in past acquisitions.
Paycom: cloud payroll and human resources software
Paycom CEO Chad Richison.
Paycom
Market cap: $1.25 billionLike several other businesses on this list, payroll and HR tech company Paycom could help Oracle expand its human capital management business."We would not be surprised if Oracle took another look at the Payroll software category to level-up their existing portfolio, particularly during this period of significant disruption," RBC analysts said.
Domo: business analytics software
Domo CEO Josh James
Domo
Market cap: $304 millionSince Utah-based cloud analytics software company Dome held its initial public offering two years ago, it's become a strong player in the analytics arena and is seen as a competitor to Tableau, the data visualization company now owned by Salesforce.Valoir analyst Rebecca Wettemann said buying Domo would boost Oracle's cloud analytics offerings.
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Amazon Acquires LOVEFiLM, Making Netflix's European Expansion a Lot Harder
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Amazon Acquires LOVEFiLM, Making Netflix's European Expansion A Lot Harder
Will Richmond,
VideoNuze
2011-01-20T17:32:41Z
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Ha. Take that, Netflix.
AP
Amazon announced this morning that it has bought the remaining 58% of European DVD-by-mail and online subscription service LOVEFiLM. Amazon gained its stake in 2008 when LOVEFiLM acquired Amazon's European DVD rental business (Amazon also invested in LOVEFiLM as part of the deal). Given Amazon's position, the new deal, said to be worth around $320 million, was widely rumored.Though the companies offered no insight in the press release as to what prompted the move, I think it can be interpreted as a bid by Amazon to make
Netflix
's expansion into the European market much harder.
Netflix expanded into Canada last September with a
streaming
-only service and has continued to beef up the content selection offered there, even as stories have emerged that Canadian
broadband
ISPs' consumption caps can generate incremental fees for heavy Netflix users. Nonetheless, Netflix has been bullish about its near-term profitability expectations in Canada and executives have made no secret of the company's intention to expand further internationally, with Europe certainly in the bullseye.Amazon knows all this, and by absorbing LOVEFiLM fully it will be able to provide the company with deeper financial and operational resources for the upcoming battle. While LOVEFiLM has just over 1.4 million subscribers, which is a fraction of Netflix's 17 million (and that was at the end of Q3 '10, now it's likely around 20 million), it does have a foothold in at least 5 European countries: the U.K., Sweden, Norway, Denmark and Germany. Amazon's full backing will give LOVEFiLM more ability to heavily market itself and to expand into other countries. Amazon, the king of e-commerce, practically wrote the playbook on how to successfully land-grab in nascent, high-growth markets.LOVEFiLM has something else valuable in Europe that Netflix likely will not, when it eventually does expand there: DVDs-by-mail. In fact, even though LOVEFiLM likes to emphasize its online delivery side (just as Netflix does), the reality is that from a content perspective, LOVEFiLM offers a far, far greater selection on DVD than it does via online (about 69K DVD titles vs. 5K online according to one recent estimate). Netflix has a comparable ratio currently in the U.S., though it is narrowing with each new online deal that's struck.Thus, for all of online's sexiness, in the current competitive climate, having a deep assortment of DVDs - and the accompanying distribution centers and means to efficiently get them to subscribers - is a huge advantage. As I wrote last September in "Amazon Must Offer DVDs-by-Mail As Well As Streaming to Fully Compete With Netflix," here in the U.S. Netflix has run circles around Amazon (and others) because of its subscription DVDs-by-mail and 58 strategically located distribution centers. Though getting DVD rights isn't that hard, because everyone agrees that online delivery is the future, the much more difficult task is making a business case for building soon-to-be obsolete distribution centers and developing the complex software to manage them. Netflix tacitly conceded this by entering Canada with a streaming-only service even though offering DVDs as well would have dramatically enhanced its offering.
With LOVEFiLM's DVD and distribution infrastructure, Amazon is turning the tables on Netflix in Europe and altering the competitive dynamics. If Netflix comes to market in Europe with a streaming-only service, it will be able to offer just a small fraction of the content selection that LOVEFiLM does. True, DVDs don't provide subscribers the immediate gratification that streaming does, but a wait of a day or two to receive a disc is a minimal price for most people to pay in order to get a much broader selection and choose the titles they want. Coincidentally, Netflix itself got a rude reminder this week of how important DVDs remain to its subscribers; an ill-considered decision to disable DVD queuing through connected devices caused a furor among vocal subscribers.Netflix's European expansion was never going to be straightforward given the complexity of securing country-by-country content streaming rights (a topic I'll ask Netflix's content chief Ted Sarandos about next Tuesday at the NATPE conference). But now with Amazon's full backing of LOVEFiLM and its DVD-by-mail business, Netflix's European entry just got a lot more difficult. There's still tons of market share up for grabs in Europe, and Amazon seems determined to avoid Netflix running away with it, as it has in the U.S.
Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.
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SAY Media Has Made Two Acquisitions: ReadWriteWeb And Dan Frommer
Alyson Shontell
Dec. 14, 2011, 10:17 AM
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SAY Media has acquired tech blog ReadWriteWeb.
In addition, Dan Frommer is joining ReadWriteWeb as Editor-at-Large. Frommer will help fill the void Marshall Kirkpatrick left when he parted from the tech blog last month.
It's a part-time commitment from Frommer, who was a founding editor of Business Insider. He left in July to pursue a career as an entrepreneur, which he will continue alongside ReadWriteWeb.
SAY Media, an advertising network that sells across a number of blogs, reaches 75 million people every month. ReadWriteWeb contributes about 850,000 monthly uniques. (SAY Media is the ad network for Frommer's personal blog SplatF, which he will continue to operate.)
"I think [ReadWriteWeb] has a great audience of business influencers and decision-makers," SAY Media president TroyYoung told Anthony Ha of AdWeek, who first reported the news. "I think it has a point of view, really passionate editors, everything we look for in a property."
Troy indicated more people will be hired under Frommer to buff up ReadWriteWeb's reach and content.
You can also expect a ReadWriteWeb redesign in the near future. The tech blog will be integrated into SAY's publishing platform.
ReadWrite Web was founded in 2003 by Richard MacManus. The acquisition amount has not been disclosed. Frommer declined to comment but he did tweet: "Happy to be joining @RWW as Editor-At-Large, under its new ownership at SAY Media. I will to continue to write @SplatF."
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And Now Nick Denton Will Rule The World
Alyson Shontell
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5:53 PM
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Michael SetoNick Denton, founder and CEO of GawkerGawker Media, the online-publishing network behind Deadspin and Gizmodo, is making aggressive moves to grow its international business, according to its CEO and founder, Nick Denton.
It recently acquired a small site similar to Gawker but focused on the U.S. Hispanic market called Guanabee.
Guanabee Media's founder, Daniel Mauser, is already working for Gawker and he'll be running Gizmodo en Español.
The goal is to take international revenues from 5% to 20% of the company's total in the next five years.
Gizmodo, a site focused on gadgets and tech culture, is Gawker's most popular site, with 9 million monthly unique visitors and 100 million pageviews. About one-third of its traffic is international.
In addition, Gawker is launching a native-language site in Hungary, where it has the bulk of its engineering operation. It's also hiring producers for the Budapest office and Denton says he's close to a deal in India with a local partner to expand Gawker's presence there.
Gawker has previously relied on partners who have syndicated or translated Gawker content and sold ads locally, like NetMediaEurope and Australia's Allure Media.
Denton says the goal of the Guanabee acquisition was to accelerate growth in Latin America and obtain the services of Mauser. Guanabee and Gawker have been longtime advertising partners.
Denton didn't say the terms of the deal, only that it wasn't "financially material" to Gawker.
Gawker's only previous acquisition, the 2010 deal to buy a New York-focused site, Cityfile, was disappointing. Its founder, Remy Stern, served as Gawker.com's editor-in-chief until he left in late 2011. Cityfile is not active today.
But rather than bolster Gawker's New York cred, Denton is chasing what he feels is a big growth opportunity abroad.
"About one-third of our traffic is international—and with those sites operated by our partners, that would rise closer to a half," says Denton. 'We see quite a bit of growth coming from international—I'd expect it would quadruple as proportion of total."
Gawker Media has 180 employees, 40 whom are international. The network has about 35 million monthly unique visitors and serves up 560 million monthly pageviews.
Gawker is the high-brow gossip sheet covering media, entertainment, politics and technology.
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McDonald's Acquires Artificial Intelligence Startup Dynamic Yield
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McDonald's made a $300 million deal to sell you things like Amazon does
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McDonald's just made a $300 million deal.
Hollis Johnson/Business Insider
McDonald's is acquiring artificial-intelligence startup Dynamic Yield in a $300 million deal. With the new tech, McDonald's drive-thru menus will update instantaneously based on factors such as the time of day, weather, and customers' current selections. Chains such as McDonald's, Burger King, and Starbucks are working to better personalize the restaurant experience to convince customers to spend more.
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McDonald's is making major investments to keep up in an increasingly digital world. On Monday, McDonald's announced it will acquire artificial-intelligence startup Dynamic Yield, a company focused on personalization and decision logic technology. McDonald's spent $300 million on the acquisition, people familiar with the deal told Business Insider.
McDonald's drive-thru menus will prompt customers to "add something delicious."
McDonald's
With the new tech, McDonald's drive-thru menus will be able to update instantaneously based on factors such as the time of day, weather, and trending menu items. The menu can also suggest additional items based on current selections, similar to how Amazon suggests additional items after an item has been added to customers' shopping carts. McDonald's began testing the technology at drive-thrus in 2018, and it plans to roll out the updated drive-thru menus across the United States this year. The chain is also planning to integrate the technology into self-order kiosks and its app.
"With this acquisition, we're expanding both our ability to increase the role technology and data will play in our future and the speed with which we'll be able to implement our vision of creating more personalised experiences for our customers," McDonald's CEO Steve Easterbrook said in a statement. Using tech to better personalize the restaurant experience is an increasing focus of industry giants.E-commerce companies such as Amazon have huge amounts of customer data that can be used to target specific people and convince them to buy certain things. With mobile apps and loyalty programs, chains such as McDonald's, Burger King, and Starbucks are attempting to similarly track customers, adjusting options to convince them to spend more.
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Pinterest Just Made Its First Acquisition
Megan Rose Dickey
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Pinterest just acquired recipe sharing site Punchfork for an undisclosed amount, marking the company's first acquisition.
Punchfork, which is essentially a Pinterest for recipes, will continue to operate for the short term but will eventually shut down its site, mobile apps, and tools for developers.
"We believe that a unified destination benefits our users in the long run," Punchfork CEO Jeff Miller wrote on the company blog.
Punchfork launched in January 2011 as a place to help food lovers discover new recipes and share them with friends. As part of the acquisition, the team from Punchfork will begin working on the Pinterest platform, but details are scarce regarding what features from Punchfork will be integrated into Pinterest.
"Punchfork helps people discover popular new recipes in a visual way and encourages them to share these recipes with their family and friends," a Pinterest spokesperson told Business Insider via email. "People come to Pinterest to find inspiration for their everyday lives and we think Punchfork’s mission aligns with this well."
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Google Acquires Zync, A Special Effects Company That Worked On Star Trek
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Google Acquires A Special Effects Company That Worked On 'Star Trek'
Eugene Kim
Aug. 26, 2014,
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Zade Rosenthal/ Paramount PicturesScene from "Star Trek Into Darkness"
Google just acquired a company called Zync, a visual effects cloud rendering company that worked on movies like "Star Trek Into Darkness" and "Looper" in the past.
The exact terms of the deal were not disclosed, but Google said Zync will be joining Google’s Cloud Platform team following today’s announcement.
Zync’s technology gives visual artists and designers the flexibility to process image rendering and special effects - all in the cloud. Usually, you would need big hardware to establish the same type of render performance, which is more expensive and time consuming.
Zync’s solution has been used in over a dozen feature films and hundreds of commercials so far, amounting to more than 6.5 million hours of video, its website says.
Here’s what Google had to say about today’s acquisition:
Together Zync and Cloud Platform will offer studios the rendering performance and capacity they need, while helping them manage costs. For example, with per-minute billing studios aren’t trapped into paying for unused capacity when their rendering needs don’t fit in perfect hour increments.
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Callaway Golf acquires remainder of Topgolf in $2 billion deal
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Callaway Golf just acquired all of Topgolf in an appeal to millennial customers
Allana Akhtar
2020-10-27T22:33:22Z
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Lee Brice attends the ACM Lifting Lives TOPGOLF Tee-Off at TOPGOLF on April 06, 2019 in Las Vegas, Nevada.
Jason Kempin/Getty Images
Callaway Golf, the $1.8 billion golf club maker, just bought Topgolf. The deal would value Topgolf at $2 billion, per a release.
Topgolf is an entertainment company that operates outdoor and indoor golf games. The company generated $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since.
"Topgolf is the best thing that happened to golf since Tiger Woods," Callaway CEO Chip Brewer said in an interview with The Wall Street Journal. "It's going to be the largest source of new golfers for our industry."
Callaway initially invested in Topgolf in 2006 for 14% of the company.
Callaway expects Topgolf to grow significantly after reporting a 233% increase in revenue in the past three years. Topgolf had 23 million total guests in 2019, with over half of customers identifying as non-golfers.
"Millennials want a parallel experience, and Topgolf is built on four things everyone loves – play, food and drinks, music and community" Erik Anderson, co-chairman Topgolf Entertainment Group, told CNBC.
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CHART OF THE DAY: Google Has Made Three $500+ Million Acquisitions This Year
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Label Executive On Warner Music Acquisition: "This Thing Ends Painfully" - Business Insider
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Label Executive On Warner Music Acquisition: "This Thing Ends Painfully"
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There is an old saying among media investors that goes “the only people that make money in Hollywood are the actors and producers.” If you look at the record industry you could probably say the same thing.
Now that the Warner Music Group acquisition has closed, Leo Blavatnik’s Access Industries has a lot of work to do turning the company around. Blavatnik is in a Catch 22 of sorts because much of the company’s (to be fair the entire industry too) demise is related to poor moves in response to consumer trends by executives that typically are overcompensated and lack innovative management skills needed to succeed in today’s economy. But then again, who else is going to run a record label where deals are struck in nightclubs and oversized egos often trump good decision making.
We think this story ends like the EMI saga – a lot of pain followed by another sale. In fact one senior label executive we spoke with about Warner's chances said "the company is such a mess, the executives so impossible to manage or reform, this thing ends quickly and painfully."
Deal Financing Still Leaves A Heavy Load To Lift
Access financed its acquisition with a combination of stock, cash, and debt. Specifically, Access used $1.1 Billion of cash and $1.1 Billion in new debt to pay out existing shareholders and refinance about $900 Million in existing debt. Warner had just under $2 Billion in debt on its books at the time of the acquisition so even with assumed slightly better rates on half of its debt we don’t think the company’s interest expense changes much.
The last full calendar year before the acquisition (2010) Warner spent $186 Million of its $70 Million in operating income so its debt load will still drive losses at the company unless operations are drastically and immediately turned around. Even looking at the more generous EBITDA measure of profitability doesn’t paint a very pretty picture – about half of it was put toward debt payments in 2010.Industry Trends Working Against Them
Warner isn’t exactly riding a wave of prosperity in the music business. Through May 2011 the industry saw its first signs of growth since 2004 (yes, 7 years!). But after years of strong losses the growth achieved isn’t exactly something to cheer for. For example, the industry grew only 1.6% during that period while album sales continued its fall, decreasing 1.5%. Catalog titles appear to be driving the meager growth as catalog titles grew 5.4% during the period while those titles older than 36 months grew 8.3% (current albums were down 7%).What does this tell us?
Forget The Future Of Recorded Music And Focus On Libraries While Cutting CostsWe just don’t think recorded music is ever coming back. With new, smaller artists finding an increasing number of ways to finance and market their own careers while blockbuster artists want to get paid more and more the major labels are getting squeezed from all sides. We think the best a major label like Warner can do is to cut back on the number of new, smaller artists that are promoted, earn revenue from older catalogs from an increasing number of sources, and cut costs significantly.Compensation The First Thing To Focus OnWe think Warner should first look at compensation and corporate expenses. For example, corporate expenses at Warner dropped significantly in 2010 to $49 Million from $63 Million in 2009, but this is the same amount the company spent in 2007 ($50 Million) despite the fact that revenue at the company fell 12% from 2007 through 2010. We think there is clearly more room for chopping. Of course executives will have to live with smaller offices, lower compensation, and less luxuries like big expense accounts, drivers, and first class airfare. If you’ve ever spent much time with a senior record executive you will realize this is not going to happen without serious pushback.Wow, These Are Some Seriously Nice Salaries!We were left breathless when we found out how much senior management at Warner makes in cash salary and bonuses. In 2010 Chairman and CEO Edgar Bronfman Jr. was paid $5 Million in salary and bonuses, up from $3.1 Million in 2009. This after four straight years of heavy losses! CEO of Recorded Music (because no self respecting music exec can live without “CEO” in his/her title) was paid a mind-boggling $6.5 Million in 2010, up from $5 Million in 2009. This in a year when recorded revenue fell 7%! Michael Fleisher, Head of Strategy and Operations, was the only senior executive we could find that took a compensation decrease in 2010, to $1.9 Million from $3.2 Million in 2009.As a point of comparison Warner’s parent company, Time Warner, paid its CEO $2 Million in 2010, up modestly from $1.75 Million in 2009. Did we mention that Time Warner grew its revenue and profits 4% and 26%, respectively in 2010?Expect a lot of drama from this melting ice cube!If you’re a Warner employee or former employee with something to add feel free to email us confidentially at [email protected]
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McConnell, Graham, Grassley Voted Against Clinton, Acquit Trump
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McConnell, Graham, and Grassley voted against Bill Clinton in his 1998 impeachment. They just acquitted Trump of inciting an insurrection.
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Senate Minority Leader Mitch McConnell.
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The Senate acquitted Donald Trump of inciting an insurrection in his second impeachment trial.
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The Senate acquitted Donald Trump Saturday in the impeachment trial over his role in inciting an insurrection at the US Capitol on January 6. The vote was largely split along party lines, with all 50 Democrats and seven Republicans voting to convict, and 43 Republicans voting to acquit.Six of the Republicans who voted for acquittal were also sitting senators in 1999, during the impeachment trial of then-president Bill Clinton. Five of them voted to remove Clinton from office:Mitch McConnell of KentuckyChuck Grassley of IowaJim Inhofe of OklahomaRichard Shelby of AlabamaMike Crapo of IdahoAll five voted to convict Clinton of obstruction of justice, while all but Shelby voted to convict him of perjury, or lying under oath. Republican Sen. Susan Collins of Maine was also a sitting senator during Clinton's trial but voted not guilty on both counts. She was among the Republicans who voted to convict Trump.
Read more: Meet the little-known power player with the 'hardest job' on Capitol Hill. She's shaping Trump's impeachment trial and Joe Biden's agenda.The Senate acquittal on Saturday came a month after Trump was impeached by the House of Representatives for incitement of insurrection over the Capitol siege, which resulted in multiple deaths and delayed the certification of President Joe Biden's victory.Clinton's impeachment stemmed from his testimony in a sexual harassment case brought on by a woman named Paula Jones, during which he infamously denied having an affair with White House intern Monica Lewinsky. An investigation by an independent council ultimately concluded Clinton had committed impeachable offenses in four categories: perjury, obstruction of justice, witness tampering, and abuse of power.The Republican-led House of Representatives brought four articles of impeachment against Clinton in 1998, with two — perjury and obstruction of justice — getting the votes needed to advance to a Senate trial.
Some of the Republicans who were serving in the House then are also senators now.These are the sitting GOP senators who voted to acquit Trump Saturday, and to impeach Clinton on at least one article when they were members of the House:Lindsey Graham of South CarolinaRoy Blunt of MissouriJerry Moran of KansasRob Portman of OhioJohn Thune of South DakotaRoger Wicker of MississippiSen. Richard Burr of North Carolina was also a representative at the time and voted to impeach Clinton. However, in a surprising vote, he was one of the seven Republicans who voted to convict Trump on Saturday.
The latest impeachment trial was Trump's second. He was first impeached in January 2020 over concerns that he abused his power to interfere in the 2020 election. The House and Senate votes were also along party lines then, with only one Republican senator, Mitt Romney of Utah, voting to convict.
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TIMELINE: TikTok May Be Bought by Microsoft After Huge Pressure From Trump Administration
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TikTok is at the heart of a wild geopolitical dogfight and it could result in Microsoft buying TikTok. Here's what's going on.
Isobel Asher Hamilton and
Shona Ghosh
2020-08-03T11:00:14Z
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Tolga Akmen/AFP/Getty Images; Clancy Morgan/Business Insider
News broke on Friday that TikTok-owner ByteDance is being pressured by the Trump administration to divest its US business, and Microsoft was in the running to buy it up.Trump then said on Friday he was banning the app, possibly as soon as Saturday. The ban has yet to materialize.Trump's comments reportedly halted Microsoft's acquisition talks, but on Sunday Microsoft announced it was resuming discussions with TikTok.Here's everything we know so far.Visit Business Insider's homepage for more stories.
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TikTok has had a turbulent 72 hours.The wildly popular short video app has become the subject of increasing criticism in the US due to the fact it is owned by Chinese tech giant ByteDance, a fact which some officials and lawmakers including Secretary of State Mike Pompeo say make it a national security threat.As US-China relations have deteriorated over the course of 2019 and 2020, TikTok is under mounting scrutiny. On Friday this pressure erupted, with President Trump telling reporters he would ban the app imminently. His comments coincided with reports that ByteDance was in talks to sell off part of TikTok to interested investors — most prominently Microsoft.Here is a timeline of what's been going on with TikTok:
For context, TikTok is wildly popular and hit 2 billion downloads in April.
Reuters
TikTok is outperforming Instagram in terms of downloads, and its short-form video clips regularly go viral on rival social networks.
TikTok has 80 million users in the US, but its Chinese roots have made US lawmakers uneasy.
The Committee on Foreign Investment in the United States in late 2019 contacted ByteDance expressing concerns that TikTok posed a threat to US citizens.In December 2019, the US Army banned personnel from using TikTok. The Navy also told personnel not to install the app on government devices.
The US started signaling in early July that it might ban the TikTok app outright.
When asked by Fox News about a potential ban on July 6, Secretary of State Mike Pompeo said: "We are taking this very seriously and we are certainly looking at it."He added that US TikTok users should be wary of the app, saying their data could end up "in the hands of the Chinese Communist Party."
In an interview broadcast the following day, Trump said he was considering banning the app.
President Donald Trump.
AP Photo/ Evan Vucci
When asked about Pompeo's comments in an interview broadcast Tuesday, July 7, Trump said: "It's something we're looking at."Trump's reasoning for potentially banning TikTok differed from Pompeo's. Rather than citing national security concerns, Trump suggesting a TikTok ban could be deployed to punish China for the outbreak of the coronavirus."Look, what happened with China with this virus, what they've done to this country and to the entire world is disgraceful," Trump said, adding that banning TikTok was "one of many" options he was considering as a way to punish China.
Amid these political rumblings, news emerged Friday that Microsoft might buy parts of TikTok.
The New York Times first reported TikTok was in talks to sell its US business to Microsoft and other US companies because Trump was considering taking action against the company.According to the Times' sources, the governmental Committee on Foreign Investment in the United States (CFIUS) ordered TikTok's parent company ByteDance to divest the company on national security grounds.
The same day, President Trump told reporters on Air Force One he would ban TikTok in the US within 24 hours.
President Donald Trump boards Air Force One as he departs Washington for travel to Florida at Joint Base Andrews, Maryland, US, July 31, 2020.
REUTERS/Tom Brenner
"As far as TikTok is concerned we're banning them from the United States," Trump said, adding that he planned to take action "as soon as Saturday."It is not clear whether Trump has the authority to ban the app, although he asserted he could do so "with an executive order or that."
TikTok's US office said on Saturday saying it wasn't going anywhere.
In a video by TikTok's US general manager Vanessa Pappas addressed to its US users, she said "we're not planning on going anywhere" and "we're here for the long run."She said that TikTok is planning on creating 10,000 jobs in the US over the next three years. —TikTok
(@tiktok_us) August 1, 2020
On Sunday, Mike Pompeo said the administration would be taking action against TikTok within days.
Peter Summers - WPA Pool/Getty Images
Talking to Fox News, Pompeo said Chinese software companies including TikTok "are feeding data directly to the Chinese Communist Party, their national security apparatus.""President Trump has said 'enough' and we're going fix it, and so he will take action in the coming days with respect to a broad array of national security risks," said Pompeo.
The Wall Street Journal reported Sunday that Microsoft had put its acquisition talks on hold due to these confusing signals from the government.
Citing people familiar with the matter, the Journal said the talks between Microsoft and ByteDance hit a speed bump following Trump's comments on Air Force One. One source said the comments caught both TikTok and Microsoft completely by surprise, while another said the Trump administration had been intimately involved in discussions between the two companies for weeks.
Microsoft publicly announced on Sunday it was resuming talks to buy parts of TikTok after its CEO spoke personally with Donald Trump.
Microsoft CEO Satya Nadella.
REUTERS/Fabrizio Bensch
"Following a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump, Microsoft is prepared to continue discussions to explore a purchase of TikTok in the United States," the company said in a blog post.Microsoft's blog also said the company is looking to buy up not only TikTok's US business but also in Canada, Australia, and New Zealand."Microsoft will move quickly to pursue discussions with TikTok's parent company, ByteDance, in a matter of weeks, and in any event completing these discussions no later than September 15, 2020. During this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President," it said.Any potential acquisition will be overseen by the Committee on Foreign Investment in the United States (CFIUS).
It isn't clear what a new Microsoft-owned TikTok would look like, but early indications suggest it's about who owns the data
Microsoft's announcement doesn't explicitly state what a new, Microsoft-owned TikTok across the US, Canada, Australia, and New Zealand might look like. The idea of another hived-off TikTok app that operates only in these markets under Microsoft seems drastic.One part of the announcement suggests a deal would focus on who owns the data of TikTok users in these markets and where it's stored. As Microsoft wrote: "This new structure would build on the experience TikTok users currently love, while adding world-class security, privacy, and digital safety protections. The operating model for the service would be built to ensure transparency to users as well as appropriate security oversight by governments in these countries."But it isn't clear how this might impact TikTok in other major markets such as, for example, Europe.
It emerged that Microsoft and TikTok now have 45 days to conclude their talks.
President Donald Trump speaks to reporters as he departs for a trip to Florida from the South Lawn of the White House in Washington, DC, July 31, 2020.
Carlos Barria/Reuters
Three sources familiar with the matter told Reuters Trump only gave Microsoft the go-ahead for its acquisition talks with TikTok on condition that it closes the deal in 45 days.According to Reuters' sources, Trump softened his stance on TikTok following pressure from his advisers and other Republican party members, who said banning TikTok would trigger a wave of legal challenge as well as alienating young voters ahead of November's presidential election.
According to Bloomberg, Microsoft isn't the only company in the running to buy TikTok.
US officials have had talks with at least one other large company apart from Microsoft about potentially acquiring TikTok, a source familiar with the talks told Bloomberg. The source did not say which large company this was.
It's also still possible that rather than sell TikTok, ByteDance might spin the company off entirely.
ByteDance founder Zhang Yiming.
VCG/VCG via Getty Images
The South China Morning Post reported Sunday that ByteDance's founder Zhang Yiming as well as its investors are reluctant to sell TikTok, citing a source familiar with the matter.His preference is instead for a spinoff that would enable TikTok to operate independently, and in the US.
Analysts told Business Insider the potential acquisition was unexpected from Microsoft, but it could be a smart move for the company to break into the social media market.
Microsoft's interest in TikTok was seen by analysts as a departure from its typically enterprise-based business model."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 told Business Insider.Futurum Research analyst Daniel Newman said an acquisition could position Microsoft as a savior for TikTok's predominantly young user base. "The rising generations are very attached to this platform [...] Microsoft has the opportunity to be the hero here," Newman said.
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Microsoft CEO Satya Nadella and CFO Amy Hood on LinkedIn Acquisition
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Microsoft explains why LinkedIn will be the opposite of the Nokia disaster
Matt Weinberger
2016-06-13T16:48:46Z
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Microsoft CEO Satya Nadella
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Microsoft may be excited about its $26 billion acquisition of LinkedIn, but it has a spotty history with gigantic acquisitions.In 2012, Microsoft took a massive $6.2 billion writedown on the $6.3 billion acquisition of aQuantive. In 2015, just about a year ago, Microsoft took a $7.6 billion writedown on the legendary flameout of the Nokia acquisition.
But on a conference call with investors today, Microsoft CEO Satya Nadella said that LinkedIn fits in to the company's existing business way more smoothly than those past mega-deals. "Our executional handicap is a lot lower than any of the others we've talked about in the past," Nadella says. Furthermore, Nadella says that unlike Nokia or aQuantive, Microsoft plans to let LinkedIn operate independently as a wholly owned subsidiary, like Instagram and WhatsApp are to Facebook."Of course we'll learn from the past," Nadella says.In fact, Microsoft CFO Amy Hood says on that conference call that the combination of LinkedIn and Microsoft assets will actually help the company blow away an important financial milestone for the company. Once the acquisition is complete, LinkedIn will be a part of Microsoft's Commercial Cloud business unit, which includes crucial and fast-growing internet-based business products like Dynamics CRM and the Azure cloud platform.
Microsoft CFO Amy Hood
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Microsoft has said that it wants to see the Commercial Cloud unit hit a $20 million annual run rate by fiscal year 2018. The company is more than halfway there, breaking $10 million by April 2016. Now, Hood says that with the addition of LinkedIn's revenue, plus the social network's technology and product lines for HR departments and recruiters, Microsoft will actually beat that $20 million goal, ahead of schedule.
"That goal did not account for this type or scale of M&A," Hood says. "I think this should accelerate our momentum beyond what we've talked about as our goal beyond FY18."With Microsoft turning its whole business to orient on the cloud, beating that milestone will be a nice feather in Nadella's cap.
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Pfizer to Acquire Seagen in $43 Billion Bet on Cancer Treatments
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Why Pfizer just made a $43 billion bet on a precise new way of attacking cancer
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2023-03-13T13:41:24Z
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Pfizer is betting big on cancer treatments.
On Monday, the company said that it was acquiring Seagen in a $43 billion deal.
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Pfizer is betting big on cancer treatments.The pharmaceutical giant announced on Monday that it would acquire cancer drug developer Seagen, which specializes in a new kind of drug technology that can home in on tumors.Pfizer is offering $229 per share for Seagen, and the deal has a total value of $43 billion. Seagen's stock jumped 15% to $198.21 in Monday morning trading.Seagen already has four cancer treatments on the market. Its focus has been in ADC technology, or antibody-drug conjugate technology, a treatment that uses antibodies to deliver treatments directly to tumors. Seagen is expected to bring in $2.2 billion in revenue this year, and Pfizer said that figure could reach $10 billion in 2030.
After the potential for a deal was first reported by the Wall Street Journal last month, SVB analysts said the deal would help Pfizer offset declining revenues from sales of coronavirus vaccines and treatments and help the company add fresh products to its oncology portfolio, which includes treatments that are expected to lose patent protection in the coming years. "Seagen would bring substantial revenue and future growth to Pfizer's oncology franchise," the SVB analysts wrote.They said that in 2030, Seagen could bring in $11 billion in sales. That could help to boost Pfizer's cancer portfolio, which is expected to bring in $12.5 billion in 2024 or around 17% of the company's total sales, according to SVB. Pfizer said that the deal would double the number of early-stage cancer treatments that the company is testing.
"The addition of Seagen's world-leading ADC technology will position us at the forefront of innovative cancer care, and strongly complements our existing portfolio across both solid tumors and hematologic malignancies," Chris Boshoff, Pfizer's chief development officer for oncology and rare disease, said in a statement. The deal is expected to close in late 2023 or early 2024, according to the companies.
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HP To Shop For Acquisitions - Business Insider
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After A 2-Year Hiatus, Meg Whitman Says HP Will Be Shopping For Acquisitions Again Soon
Julie Bort
Feb. 21, 2014, 11:37 AM
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Since Meg Whitman joined Hewlett-Packard in October 2011, the company has only completed one acquisition, a German cloud printing company Hiflex, bought for an undisclosed sum in December of that year.
For most of her tenure as CEO Whitman has been dealing with the repercussions of the acquisition just before that, the $11 billion purchase of software maker Autonomy, orchestrated by her predecessor Leo Apotheker (though Whitman was on the board of directors at the time). HP took on a boatload of debt to finance the acquisition.
Whitman later admitted HP paid too much and the company wrote-off $8.8 billion, with HP claiming fraud, saying it it found $5 billion worth of "accounting improprieties" on Autonomy's books, a charge that Autonomy's founder, Mike Lynch, has vehemently denied.
The situation has escalated into investigations by regulators in the U.S. and U.K., the resignation of two of HP's board members, the replacement of the chairman of the board, and multiple shareholder lawsuits.
Bloomberg reports that HP is currently in talks to try and settle these suits. During a conference call with analysts on Thursday, Whitman and HP CFO Cathie Lesjak warned, multiple times, that HP has set aside a larger chunk of cash than typical to cover litigation some litigation expenses. It hasn't yet disclosed exactly how much money.
But all of that could mean that HP is finally moving behind the Autonomy disaster.
On Thursday, HP posted a two-in-a-row beat on earnings expectations and said its cash situation is improving. Operating net cash increased by $1.6 billion, the eighth consecutive quarterly improvement of over $1 billion, the company said.
So, after a two-year pause, when asked about acquisitions, Whitman said she may need to start shopping again:
"As this market changes very dramatically, you can see that we may need acquisitions in security, big data, mobility and cloud. We will be very judicious. It will be returns based, and I would say it would be small to medium-sized acquisitions, so that's where we are headed ..."
It will be interesting to see what she buys and how much she spends. HP has a long history of spending big bucks on companies and tech it wants including Palm ($1.2 billion), 3PAR ($2.35 billion), ArcSight ($1.5 billion), 3Com ($2.7 billion), EDS ($13.9 billion) and Compaq ($25 billion).
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After A 2-Year Hiatus, Meg Whitman Says HP Will Be Shopping For Acquisitions Again Soon
After A 2-Year Hiatus, Meg Whitman Says HP Will Be Shopping For Acquisitions Again Soon
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Why The Acquittal of Cioffi and Tannin Is Good For All Of Us - Business Insider
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Why The Acquittal of Cioffi and Tannin Is Good For All Of Us
John Carney
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The refusal of the jury in the trial of former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin to accept the government’s interpretation of their worries about the funds is good news for just about everyone.Cioffi and Tannin were accused of lying to their investors about the health of two mortgage-related funds that collapsed in 2007. The case relied upon cherry picked statements by the two men that the government claimed demonstrated they knew the funds were in trouble even when they were telling investors that they were “comfortable” with the performance of the funds.But when taken in context, the evidence provided actually indicated that the men were engaged in an active and ongoing analysis of the shape of the market. They were evaluating different pieces of evidence from the market, some of which seemed to show that the market for mortgages was falling apart and some of which indicated that the markets were temporarily dislocated due to an investor panic over the popping of the real estate bubble.We want fund managers to feel free to express doubt about their strategies, to openly debate new evidence. This case threatened to have a chilling effect on internal debates over fund strategies. Hopefully this acquittal will restore the confidence in fund managers that juries will not jump to the conclusion that the private expression of doubt equals fraud if it is not disclosed to investors.Unfortunately, our view on this may be too optimistic. The very threat of prosecution may be a deterrent enough for many, even if they think they would be acquitted in the end. The chilling effect of this misguided prosecution may not have been totally extinguished by today’s acquittal.
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How Mike Lazerow's Life Has Changed Since Buddy Media Was Acquired For $689 Million - Business Insider
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How Mike Lazerow's Life Has Changed Since Buddy Media Was Acquired For $689 Million
Alyson Shontell
Mar. 10, 2013,
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Daniel Goodman / Business InsiderMike LazerowMike Lazerow has started a number of successful businesses. His latest is Buddy Media, which was acquired last year by Salesforce for about $680 million.
We saw him this morning at South by Southwest and asked, "How has your life changed since the acquisition?"
He replied, "I work harder."
We noted that was unusual. Shouldn't he be relaxing on a beach somewhere? Normally you work hard to sell your company, then you get to relax. Lazerow says that isn't his personality.
Lazerow says he learned his work ethic from his grandfather, who worked until the day he died at age 97. "He was literally washing his car when he died, and we all basically cheered, because we thought, you know, that's a great way to go," he explained.
Lazerow says his grandfather always told him to work hard, so your brain never grows old, to eat healthy, and to exercise. The easiest one of those things to accomplish, Lazerow says, is the work. It's too tempting to veg out. In addition, he says he really admires his new employer, Marc Benioff, and the business he's created, which motivates him to work even more.
That said, there is some beach time ahead for Lazerow. His children's spring break is coming up, and the family will be jetting off to Turks and Caicos.
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"I work harder," says the Salesforce executive.
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IFC acquires the rights to Lindsay Lohan - Business Insider
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IFC acquires the rights to Lindsay Lohan's controversial film 'The Canyons.'
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Apple Acquires Social Media Analytics Company Topsy - Business Insider
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Apple Acquires A Social Media Analytics Company For ~$200 Million
Jay Yarow
Dec.
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Getty Images/Kevork DjansezianApple CEO Tim Cook with Apple's Internet VP Eddy CueApple has acquired Topsy, a social media analytics company for ~$200 million, Daisuke Wakabayashi and Douglas MacMillian at the WSJ report.
This is a strange acquisition for Apple. It tends to focus more on hardware, software, and applications.
Topsy is one of the companies paying for access to Twitter's firehose of data. It analyzes tweets looking for trends.
The Journal doesn't seem to know what Apple is planning for Topsy, but it suggests Apple will use Topsy for improving advertising in iTunes Radio, Apple's streaming radio service.
We're stumped too, we have no idea what Apple is going to do with this one.
Matthew Panzarino at TechCrunch speculates Apple could use it to improve App Store recommendations/rankings.
Apple for its part isn't saying. A spokesperson just says, "Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans."
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Honey's Investors Celebrating 300 Times Returns After Sale to PayPal
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Honey faced rejection from VCs for 2 years before a group of seed investors put in $1.8 million. Now some are celebrating 300 times returns after it sold for $4 billion.
Melia Russell
2019-11-22T21:20:55Z
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Ryan Hudson and George Ruan are the founders of Honey.
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Honey, which makes a browser extension that surfaces coupons while you shop online, has sold to PayPal for $4 billion in cash. Honey's investors are expecting returns as high as 300 times their initial investment. Many are smaller venture-capital firms based in Los Angeles.Investors describe the purchase as "mutually beneficial." PayPal wanted to move beyond a checkout system, and Honey wanted to do payments.Click here for more BI Prime stories.Honey's acquisition gives new meaning to the term "sweet deal."Honey, a startup that makes a browser extension for online shopping, just sold to PayPal for $4 billion. It is the payments company's largest-ever acquisition, and the purchase means an exorbitant payout for Honey's investors. Founded in 2012 by George Ruan and Ryan Hudson, the startup had raised $47 million in venture capital from several lesser-known firms, including Mucker Capital, Ludlow Ventures, Wonder Ventures, and Bam Ventures.When a user is online shopping, Honey scours the web for available coupons and surfaces the best ones in a browser extension. It makes money by taking a commission on every transaction that its coupons help close. Honey works with roughly 30,000 merchants around the world and counts 17 million people among its monthly active users. In 2018, Honey closed $100 million in revenue.Investors said Honey was profitable and not in the middle of a fundraise when PayPal came to the team with an all-cash offer. PayPal was eager to do more than online checkout. A Honey integration could help its merchants get in front of target customers with highly relevant and personalized coupons.At the same time, Honey was looking to get into payments, William Hsu, a venture capitalist and early investor in Honey, said. But it would take years to build a credit-card product and partner with a bank. A partnership with PayPal gives them "everything in a box," Hsu said.Investors describe the deal as a win-win."Honey was considering the most strategic way to get to the next major milestone and chapter of growth for the company and fundraising was one option they considered," Richard Jun, a cofounder and managing director of Bam Ventures, said in an email. "When PayPal reached out it seemed like a mutually beneficial fit to build a more robust shopping experience for merchants and consumers."Bam put $150,000 into Honey's seed round. Its investment is worth 300 times that after the acquisition, Jun said, which comes out to $45 million.Honey did not immediately respond to a request for comment.Honey's early daysThe first time one of Honey's founders pitched Hsu on the idea in 2012, he said no. The deal was too expensive, Hsu said, whose seed-stage firm Mucker Capital was founded only a year before.Honey's founders continued to work with a skeleton team on an investment of their own money, unable to convince investors to put money into a desktop-browser extension as consumer interest moved to mobile. Hudson eventually ran out of money and took a day job as a product manager at an adtech company to pay the bills, he told Business Insider in 2017.Still, people flocked to Honey. The app collected hundreds of thousands of users, who often heard about Honey from someone else. The founders returned to Hsu's office about two years later after Honey's graduation from a startup accelerator in Los Angeles, Plug and Play. Hsu leaped at the opportunity to invest.In 2014, Honey raised a seed round of $1.8 million from Mucker Capital, Bam Ventures, Ludlow Ventures, SXE Ventures, and an
angel investor
. Hsu's firm wrote a check for $120,000, which was then more than 10% of the fund."It was the biggest check we'd ever written," Hsu said over the phone. "I guess in some ways we were smart, and in some ways we were lucky."Industry trends told investors not to put money into a desktop product. They did anyway. Jonathon Triest, the founder and managing partner of Ludlow Ventures, said his Detroit investment firm bets on "exceptional founders that make us want to quit VC and go work for them instead."Honey's founders gave them that feeling in their first meeting.—Brett deMarrais
(@BrettdeM) November 20, 2019Investors said Honey would continue to operate as an independent subsidiary, with Ruan and Hudson at the helm.On Thursday, PayPal had a call with investors to announce the deal. Daniel Schulman, the chief executive of PayPal, said the company looked at other market players but was sold on Honey's product and impressive growth."This acquisition has the potential to be transformative for us," Schulman said.
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AOL Won't Buy Us (Yet), Says Mashable
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Remember those rumors that AOL was going to acquire tech blog Mashable?
Mashable founder Pete Cashmore tries to squash them in a note.
He writes:
We’re very open to partnerships and always talk with those that get in touch. We’ve certainly spoken to lots of potential partners, some of those conversations more significant than others. But I don’t feel that any of those conversations reached a point at which Mashable is likely to cease being independent.
What does this mean? Not much. AOL might still be bargaining with Mashable. Or it might not.
Photo: Techset.
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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
Jay Yarow
Dec. 28, 2011,
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What's the perfect company for Google to buy?
According to chairman Eric Schmidt it's, "Four technical people who can solve a very precise problem, are brilliant and don’t have a high valuation."
Schmidt made this comment while speaking at The Economic Club of Washington. His interview was broadcast on CSPAN, and picked up by The Next Web.
Google has acquired 50 companies this year. Some of them fit this criteria, some don't. (Ahem, MOTOROLA.) Click here to see the acquisitions we know about.
For more highlights from his talk head over the The Next Web →
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Senators Call for Antitrust Scrutiny of Uber's Potential GrubHub Acquisition
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Democratic senators are calling on the DOJ and FTC to scrutinize Uber's potential acquisition of GrubHub
Isobel Asher Hamilton
2020-05-21T10:54:03Z
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Senator Amy Klobuchar is leading the group of Democrats asking for more scrutiny of Uber's potential GrubHub acquisition.
REUTERS/Lucas Jackson
Reports emerged earlier this month that Uber is looking to acquire food-delivery startup GrubHub.A group of four Democratic senators have written to the DOJ and FTC asking the agencies to closely scrutinise the potential deal on antitrust grounds.The senators write the timing is particularly troubling during the pandemic, "when consumer demand has increased and when restaurants are more desperate for revenue than ever."Visit Business Insider's homepage for more stories.
Listen to The Refresh: Insider's real-time news podcast.
A group of four Democratic senators led by Sen. Amy Klobuchar sent a letter Wednesday to the Department of Justice (DOJ) and the Federal Trade Commission (FTC) asking them to "closely monitor" Uber's potential acquisition of food-delivery startup GrubHub. Senators Patrick Leahy, Richard Blumenthal, and Cory Booker signed the letter along with Klobuchar.Reports emerged earlier this month that Uber was in talks to acquire GrubHub as a way to bolster its
Uber Eats
revenues during the coronavirus pandemic — as Uber's main ridesharing business has taken a massive hit while demand for food delivery skyrockets."A merger of Uber Eats and Grubhub would combine two of the three largest food delivery application providers and raise serious competition issues in many markets around the country," the senators write. They say that a merger of Uber and GrubHub would mean the two top food delivery in the US — Uber and DoorDash — would control 90% of the market."It is particularly troubling that this merger is being contemplated during a pandemic, when consumer demand has increased and when restaurants are more desperate for revenue than ever," the senators add, saying they worry about reports of food-delivery apps charging "exorbitant fees" to restaurants.
The senators say that even out of the context of the pandemic, they would find the merger and resultant duopoly. "That could mean higher fees, reduced services quality, fewer choices, and less innovation for consumers and the restaurants that serve them."Uber has taken a big hit from the coronavirus pandemic preventing customers from getting taxis, and has laid off 6,700 staff this year — roughly 25% of its global workforce.
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It Seems Google Acquired That AI Startup To Improve Image Search - Business Insider
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Google Likely Acquired Artificial Intelligence Startup To Improve Image Search
Cooper Smith
Jan. 28, 2014,
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DEEPMIND JOINS GOOGLE SEARCH: Google recently acquired artificial intelligence startup DeepMind for a reported price tag of $400 million. Although the startup had not yet released a product (it was in the late stages of developing advanced AI systems for images, games, and online commerce), DeepMind competed for talent with Google, Microsoft, IBM, Facebook, and other tech giants, and its 50 person team is packed with talent. That team will now be working directly with Google's search team (called the "Knowledge" group), according to Re/code.
DeepMind has a few U.S. patent applications involving reverse and composite image search, so the team is likely working on some advanced image recognition technology that Google was interested in.
"Rumor is that Google is getting very good at identifying individuals in photos, but they are holding off from rolling out that technology," said Jim Hendler, an artificial intelligence researcher at Rensselaer Polytechnic Institute, whom we spoke with recently. "From what I understand, Google is going after contextual image recognition, such as identifying whether a photo is of a social setting, if it was taken outdoors, indoors, etc.," Hendler told us.
If DeepMind was holding patents to technology that could distill the elements of a composite image, that would be extremely valuable to Google. To learn more about Google's knowledge graph, check out our new report on big data >
EDITORS MAY RULE FACEBOOK'S FORTHCOMING MOBILE NEWS APP: Reports have been floating around for some time that Facebook is launching a mobile news app called Paper under the guidance of Vice President of Product (and close confidant to Mark Zuckerberg) Chris Cox. It could launch this month. Facebook has been hiring editors who will "oversee around ten different news verticals on a wide range of topics, curating a mix of the 'best stories' within each particular subject area … " according to Re/code, which spoke with sources familiar with the project. All stories featured in Paper will be selected entirely by these editors, which is surprising considering how much control Facebook gives algorithms to control News Feed content. Perhaps Facebook is using Paper as a control environment to test the performance of its News Feed algorithm against well-trained editors. (Re/code)
GOOGLE'S MOBILE USER TRACKER: Google's new user tracking software, which is intended to help advertisers collect data on consumers, has been located in the Ads section within Google's Settings mobile app. Advertising ID, as it is called, is running on newer versions of Android phones, such as KitKat. Not much is known yet about what exactly the Ad ID is tracking or how sophisticated the software is; there have been reports that Google may use it to eventually "kill the cookie." If you have any insight into Google's plans for the Ad ID, you can email me at [email protected]. (Business Insider)
PINTEREST ANNOUNCES INTERESTS PAGE: Pinterest has released a preview of its new "Interests" page, which curates a personalized catalogue of photos based on previous images you've pinned. The Interests page is intended to make it easier to stumble upon content on Pinterest that you are, well, already showing an interest in. It is yet another move by Pinterest's product team to improve content relevancy. Recently, Pinterest acquired image recognition startup VisualGraph, and it could could use that technology to constantly improve upon the Interests product. (Pinterest Blog)
A SOCIAL + MOBILE CASE STUDY FROM FORBES: The synergy between mobile and social is becoming ever more important for print publications to stay in business, and Forbes has released a case study exemplifying this. Forbes.com had 75 million total visitors in December 2013, and one-third of that traffic came from mobile. Approximately 10 million visits came by way of a social media referral. These numbers are low compared to publications that got their start in the digital age, but for publishers that began with print editions (as Forbes did in 1917), it goes to show that old media can longer afford to ignore mobile and social. (Forbes)
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Judge Calls Occupy Protesters The 'Most Affable Defendants' She'd Ever Seen
Erin Fuchs
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A judge made an unusual move after a jury acquitted a dozen Occupy Philadelphia protesters of trespassing Tuesday, the Philadelphia Inquirer reports.
Judge Nina N. Wright Padilla stepped off the bench and asked all the defendants if she could shake their hands. She called them the "most affable group of defendants I've ever come across."
The Occupy defendants were arrested while protesting Wells Fargo mortgage policies they deemed "racist predatory lending," according to the Inquirer.
Last summer Wells Fargo paid the federal government $175 million to settle claims that it gave blacks and Hispanics risky mortgages while giving whites lower-interest loans.
The jury trial left the Occupy defendants fighting Wells Fargo's policies with a sense that they were in the right after all, the Inquirer reported.
"If this jury has found us innocent, then it must mean that Wells Fargo is guilty," 71-year-old Willard R. Johnson said after trial.
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Larry Page Toothbrush Test Google Acquisitions
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Here's The 'Toothbrush Test' Google's CEO Uses To Make Acquisition Decisions
Jillian D'Onfro
2014-08-18T13:23:00Z
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Google CEO Larry Page.
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Google isn't afraid to shell out a boatload of cash for the right acquisition. Just ask the smart thermostat company Nest, which it bought earlier this year for $3.2 billion.In 2014 alone, Google has already made upward of 20 acquisitions.
According The New York Times' David Gelles, CEO Larry Page uses the "toothbrush test" to determine whether a company is worth buying. He'll ask, "Is this something you will use once or twice a day, and does it make your life better?"Instead of diving into the nitty-gritty of cash flow and earnings, Page cares about usefulness and long-term investment and benefits. Nest might not be reeling in a ton of money right now, but Google sees it as an entry point to a potentially gigantic new market. Nest's smart thermostats and smoke detectors use complex tech to solve simple problems that people have on an everyday basis. Toothbrush test: Passed. Like many other tech companies, Gelles points out, Google doesn't depend as frequently on big banks to decide whether a major merger or acquisition is worth it. "Larry will look at potential deals at a very early stage,” Google’s VP of corporate development, Donald Harrison, told Gelles. "Bankers can be helpful, but they’re not necessarily core to the discussions."
Once Google does acquire a company, it works hard to integrate it into the "Googley" culture while still leaving room for autonomy. Nest, for example, still has an independent management team and doesn't share its data with its parent company. Read the full New York Times piece here. NOW WATCH: Here's How Google And Apple Dodge Billions In TaxesPlease enable Javascript to watch this video
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Photo: Here's How WhatsApp Employees Celebrated Their $19 Billion Acquisition
Alyson Shontell
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WhatsApp employees say they aren't allowed to comment on the $19 billion Facebook acquisition, but one of them did post an office photo post-acquisition.
Fittingly, bottles of Cristal champagne were popped. The average bottle costs $200.
Here's a photo from one of WhatsApp's first employees, Igor Solomennikov, posted on Instagram (via Gawker's Nitasha Tiku). Solomennikov joined WhatsApp in February 2009, right when Jan Koum started the company, and is a software engineer.
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Google Should Spend $6 Billion On LinkedIn -- The SAIcast Discuss
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Ever since he took over as Google's CEO, Larry Page has made it clear that Google is at war with Facebook. Page has also shown that he's not afraid to spend the big bucks to acquire companies simply because, well, Google has tons of money.
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Marissa Mayer Is Eyeing This 17-Year-Old's Mobile Startup For Acquisition
Nicholas Carlson
Dec. 14, 2012, 11:02 AM
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Yahoo is hosed in mobile. Just look at this chart:
To solve the problem by 2015, CEO Marissa Mayer is going around acquiring small startups that make mobile apps.
For example, in October, she bought Stamped, a mobile startup in New York.
Here's Mayer and the team, happily mugging for a photo after the deal:
Twitter/@Marissamayer"Got to visit our new acquisition, Stamped, this morning - happy to be reunited with Robby (rmstein) and his team," Mayer posted on Instagram.
So what's next?
Over on All Things D, Kara Swisher says Mayer is taking a long look at a mobile startup out of the UK called "Summly."
Summly scans the Web for news and uses an algorithm to find the type of content you want to read. Then it summarizes it for you.
Summly has more than 500,000 downloads, says Swisher.
That's not very many.
So probably, Mayer wants to buy the company for its CEO, a talented 17-year-old named Nick D’Aloisio.
This makes sense.
Mayer believes Yahoo can win by personalizing the Internet's content for individiual Yahoo users, and D'Aloisio is already working on this problem.
Here's a demonstration video he made for his app:
Summly Launch from Summly on Vimeo.
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Marissa Mayer Is Eyeing This 17-Year-Old's Mobile Startup For Acquisition
Marissa Mayer Is Eyeing This 17-Year-Old's Mobile Startup For Acquisition
Introducing 17-year-old Nick D’Aloisio.
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DIGITAL MEDIA WEEKENDER: Amazon Acquires Twitch – Google's Challengers – Social Media Analytics
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DIGITAL MEDIA WEEKENDER: Amazon Acquires Twitch – Google's Challengers – Social Media Analytics
Hope King
2014-08-30T13:00:00Z
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Digital Media Weekender is a collection of our favorite digital media news of the week, delivered Saturday mornings exclusively to BI Intelligence members.AMAZON ACQUIRES STREAMING VIDEO SITE FOR $970 MILLIONAmazon acquired Twitch, a live
streaming
site where viewers can watch other people play video games online.
Twitch
receives more than 55 million visitors a month, and the average Twitch viewer spends 106 minutes a day on the site. Amazon makes about $5 billion a quarter from selling digital content, and having a site like Twitch (the top live video streaming site in the U.S.) in its content portfolio will help it continue to compete with other streaming media services like
Netflix
and Google's YouTube, as online video game watching becomes an ever more popular form of digital entertainment. Some even call Twitch "the ESPN of the future."Google's YouTube was also interested in acquiring Twitch for about $1 billion, but the deal fell through because Twitch was worried about remaining nimble and independent within YouTube, according to The Information. CEO Emmett Shear says the company chose Amazon "because they believe in our community, they share our values and long-term vision, and they want to help us get there faster." Twitch will remain independent, keeping its office, employees, and brand intact after its acquisition by Amazon is complete.AMAZON AND FACEBOOK BULK UP AD SERVICES TO CHALLENGE GOOGLEAmazon has been developing its own ad placement platform called Amazon Sponsored Links, sources tell the Wall Street Journal. Amazon Sponsored Links will work like Google AdWords – placing keyword-based ads next to search results on Amazon-owned sites and third-party properties. Amazon plans to replace Google AdWords ads on its site with Amazon Sponsored Links, and may begin testing the platform with advertisers later this year. Kicking Google AdWords off its site will allow Amazon to control ad prices and keep outsider eyes off its customer data. "Amazon knows a lot about how people are searching on the site and consumer preferences and histories," Reid Spice, vice president of media at digital agency iCrossing, told the Journal. "It can use that to tailor advertising in ways that probably nobody else can." Facebook has been investing heavily in Atlas, an ad server platform it acquired from Microsoft a year ago, and is planning to launch a new advertising product in late September to coincide with Advertising Week, sources tell The Information. Part of the new system will be a demand-side platform (DSP) that will connect to numerous third-party marketplaces, including Rubicon Project, Pubmatic, and Google's DoubleClick Ad Exchange, and will allow advertisers to bid on inventory from many different publishers that are offered in those marketplaces.Facebook's new ad platform will likely be a direct competitor to Google's DSP, DoubleClick Bid Manager, which already competes against similar offerings from Yahoo and AOL.Challenging Google won't be easy for Amazon or Facebook. AdWords is a $50 billion-a-year business that launched in 2000 and is used by more than one million advertisers. Google's DoubleClick platform is estimated to power more than 80% of all display ads, and Google already has deep relationships with publishers that are well-versed with Google's technology.SOCIAL MEDIA PLATFORMS PROVIDE USER ANALYTICSBy releasing new free data tools, Twitter, Pinterest and Instagram hope to keep users engaged on their platforms by helping individual users and businesses optimize social media campaigns (or obsess over their online popularity). It will be interesting to watch if Facebook and other social networks follow suit.Twitter has now made an analytics dashboard available for most accounts tweeting primarily in English, French, Japanese, or Spanish for at least 14 days. Now Twitter users can see the number of impressions, engagements (e.g. clicks anywhere on a Tweet, retweets, favorites) and engagement rate (engagement divided by impressions) for each organic and promoted tweet. It also displays characteristics of an account's followers based on geography, gender and interests.What's most intriguing about this release is that the dashboard not only shows analytics for an account's profile, but it also gives users the ability to create ad products. Twitter released its first analytics dashboard to verified users and advertisers back in July, but the fact that Twitter has not differentiated the tool for regular users and advertisers, makes it appear as if Twitter now sees every account as a potential advertiser.Facebook-owned Instagram's new self-serve tools give advertisers real-time stats on how well organic and paid posts are performing, as well as the ability to preview and test ads before they run. Instagram launched advertising on its platform a year ago, and has been slowly and carefully adding more brands along the way. This first set of self-serve tools indicates that the company wants to offer advertisers more scalable data delivery methods, and that Instagram could be preparing to onboard more brands. Businesses can now also see how well their pins are performing on Pinterest through a new analytics dashboard. In addition to stats on the number of impressions, click-throughs, repins and likes of each organic and paid pin, companies can also see more data on their followers, including their followers' demographics and interests. SNAPCHAT REPORTS 100 MILLION MONTHLY ACTIVE USERS; VALUED AT $10 BILLIONU.S. venture capital firm Kleiner, Perkins, Caufield & Byers will invest up to $20 million in Snapchat, CNBC reports citing Dow Jones' sources. The new funds will raise Snapchat's valuation to nearly $10 billion, suggesting that Mark Zuckerberg was wise to try to acquire the company for a steal – $3 billion – and Snapchat CEO Evan Spiegel was also wise to reject it. Snapchat, which has previously provided limited user numbers, now says that it has 100 million monthly active users (MAUs), according to the report. This falls closely in line with our estimate that Snapchat had 81 million MAUs as of May. The disappearing messaging app, which is especially popular among teens, has seen a meteoric rise in adoption since it first launched three years ago. It now boasts more than a third as many MAUs as Twitter, an eight-year-old social network.FACEBOOK COMBATS CLICK-BAITING; TWEAKS NEWS FEED RANKINGFacebook now takes into account the amount of time someone spends off the site after clicking on a link from the News Feed to determine how to rank content from that website. In addition, Facebook will calculate the ratio of clicks to discussions and shares of links as a way to detect whether or not a story deserves to be promoted higher in News Feeds. Lastly, Facebook has decided to prioritize showing links in URL format, because the company has found that people often prefer to click on displayed links, which often provide more information about what the actual content is. The changes are part of Facebook's ongoing effort to promote content that is more valuable to users and fight click-baiting, which Facebook defines as "when a publisher posts a link with a headline that encourages people to click to see more, without telling them much information about what they will see." MEDIA COMPANIES ADJUST STRATEGY AS AD REVENUE DECLINES: Increasing competition from digital platforms is pushing down ad revenues at traditional media companies including CBS, Disney, and NBC, according to a new report from SNL Kagan. In response, the networks are looking for products and businesses that do not rely on advertising to make up for the loss and become more competitive with digital media platforms. CBS, for example, is looking for opportunities to produce shows for other cable and broadcast networks and even streaming video services like Netflix, and Disney is looking to its theme parks for growth. "We've made a conscious decision as a company to essentially not be as reliant on advertising as we were in the past," Disney CEO Bob Iger said during his company's second quarter earnings call. "That's pretty purposeful because we see a much more competitive environment out there for advertising." FACEBOOK TESTS ABILITY TO SEARCH FOR FRIENDS' OLD POSTSFacebook's test of a new feature on the mobile app lets users search through their friends' old posts using keywords, the company confirmed to Bloomberg. The scope of the search is limited to content that was already viewable by the searcher, meaning any hidden or restricted posts would not be revealed in search results. By strengthening its search capabilities and allowing people to search by context, Facebook may be able to provide advertisers even more targeting data, along the lines of how Google uses people's search activity to target ads. This new feature could raise privacy concerns, however, since not everyone wants old posts to be easily retrieved and remembered by their Facebook friends and connections. It's possible that Facebook could also introduce user-directed restrictions on what content can be searchable. Facebook has been giving its members more control over their privacy settings recently, including the ability to see why they see certain ads. Launching this search feature on its mobile app also seems strategic given that more than 60% of Facebook's overall revenue comes from mobile and that mobile-only users are the fastest-growing segment of Facebook's member base.YAHOO OFFERS NATIVE ADS TO EXTERNAL SITESYahoo is now serving its own native "Stream Ads" on external sites like SB Nation and TV Guide. These ads are more like Facebook's Sponsored Stories than brand-created posts. Yahoo first introduced Stream Ads on its own sites in 2013, and the format has done well, accounting for 40% of the company's display ad business last quarter. Extending these ads to third party sites appears to be yet another effort by the internet company to revive its struggling display advertising business, which is the fastest shrinking part of its overall revenue. However, cautious optimism is warranted. As advertisers choose to buy more of the lower-priced native ad units like these Stream Ads, sales of Yahoo's more lucrative premium ads have declined, contributing to the overall decline in display revenue, AdAge reports. Note: Due to the Labor Day holiday in the U.S., Digital Media Insider will not be delivered on Monday. Enjoy the rest of your weekend! Tips, feedback, insights? Please email Reporter Hope King at [email protected].
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Lululemon just slashed its sales forecast for Mirror, but inside both companies, employees have been skeptical of the $500 million acquisition since the beginning
Bethany Biron
Updated
2021-12-13T19:13:23Z
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Lululemon; Mirror; Samantha Lee/Insider
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Become an Insider and start reading now.
This piece was originally published on September 24, 2021.
Insiders say there has been skepticism about the brand's long-term strategy under Lululemon.
They detailed a "buggy" product and an internal disorganization that remains a source of tension.
Editor's note: This piece was originally published on September 24, 2021. Last week, reporting its third-quarter earnings results, Lululemon slashed its outlook for Mirror sales for 2021 to between $125 million and $130 million. Previously it had estimated sales would reach between $250 million and $275 millionOn Tuesday, Mirror CEO Brynn Putnam stepped down as leader of the connected-fitness brand just 14 months after Lululemon acquired the company for $500 million. Insiders say her tenure was marked by an intense focus on getting the company sold to Lululemon, sometimes to the detriment of the product — and that Lululemon management now faces an uphill battle to integrate the $1,495 high-tech fitness product into its line of athletic wear.In a memo sent to staffers on Tuesday, Lululemon announced three Mirror executives would take charge of the brand until the company could find a new chief executive. Putnam will serve as an advisor to Lululemon through July 2022 and assist in the search.Mirror made an impressive entrance to the fast-growing digital-exercise category, raising $72 million from investors before Lululemon purchased it for a half-billion in June 2020. At the time, analysts touted the deal as a wise long-term investment and a complementary pairing of two fitness-oriented brands. According to Lululemon, Mirror's 2021 sales are projected to reach $275 million, up 61% from the previous year.But internally, there was skepticism about the fitness brand's long-term strategy. Nine current and former Lululemon and Mirror employees depicted a "buggy" product, a haphazard strategy, and strained communication between the two teams that remains a source of internal tension.Putnam did not respond to Insider's multiple requests to comment for this story. A Lululemon spokesperson declined to provide additional comments about her resignation beyond the memo announcing Putnam's departure.
The Mirror founder and CEO Brynn Putnam, left, and Sara Foster attend a grand opening event at Westfield Century City in Los Angeles in 2019.
Tommaso Boddi/Getty Images for The Mirror
Courting Lululemon According to six former Mirror employees, selling the company was a major focus for Putnam, a Harvard-educated former professional ballerina who founded the company in 2016."It was always part of the plan," a former product manager said. "Even from prelaunch, we had very large organizations and different sports companies coming in and checking it out."The employees said Putnam was meticulous about the brand, including the appearance of its workspace. One former employee said Putnam enforced strict protocols about how the office looked, barring personal items from desks and prohibiting the preparation of food in the communal kitchen to make the space "look uniform and nice when investors or celebrities came in." Putnam's focus on aesthetics extended to other parts of the office as well. For example, the employee said the bathroom access key was attached to a $300 leather-bound keychain. In advance of the Lululemon deal, employees said Putnam led an aggressive campaign to court the athleticwear brand. After Lululemon made its initial $1 million investment in the brand in 2019, Putnam doubled down on courting the company, dispatching employees from New York to Lululemon's headquarters in Vancouver, British Columbia, to install gifted Mirrors in the homes of top Lululemon executives."I had literally 24 hours' notice and they were like, 'We need you to go up there to make sure everything's working,'" a former tech employee said. "It was pretty intense. I would not want to do something like that again."A former customer-experience employee also told Insider, "We gave Lululemon the utmost attention. We did everything possible. If they ever called in, if they ever had an issue, we made sure that anybody from Lululemon was going to get treated like a queen or king."
A Mirror station within a Lululemon store.
Wini Lao Photography for Lululemon & Mirror
Mirror's technical kinksFour Mirror employees said the acquisition happened faster than anticipated, given the company was still working out technical kinks with the product itself. The employees said that Mirrors often had internet connectivity issues and customers struggled with connecting their smartphones and tablets to the product. Some noted that audio and speaker quality was also subpar, especially for a premium product with a $1,495 price tag."It felt like some of the larger tech issues that I would bring to our engineers were brushed under the rug," the former tech employee said. "They were like, 'This is what we can do to make it work good enough for right now.'"The former customer-experience employee, whose job entailed fielding calls from disgruntled customers, said they also had concerns about the "very buggy" product in the months leading up to the deal. "It was always messing up," the former employee said. "It was never connected to the internet. There were always issues." The employee, who left a few months before the deal was announced, said they were tasked with keeping customer return rates low by any means possible, including replacing Mirrors for free, to keep the product looking attractive to investors like Lululemon."I was spending my days on the phone talking to customers who were angry, which was really, really tough," the employee said. "It was so weird and backwards that we'd rather make sure a metric is low and just give people the Mirror than actually fix problems."
Campaign imagery for Mirror.
Mirror
Life after acquisitionIn the months after the deal's completion, Mirror and Lululemon employees told Insider, issues integrating the brands came to the fore. Three Lululemon employees attributed hurdles to a lack of leadership and direction around Mirror from Lululemon CEO Calvin McDonald and Putnam."Calvin just wanted that headline, but there's absolutely zero plan," a current Lululemon employee said. One former Lululemon employee said lack of communication and disorganization around Mirror ran so rampant in the aftermath of the deal that members of Lululemon's brand and creative teams started requesting not to be placed on projects involving the company."Any time someone was like, 'Oh, Mirror needs support' we'd all be like, 'Please, not me,' because there were no clear roles and responsibilities between the Mirror team and leadership, and our team and leadership," the employee said. Lululemon has said that Mirror will be sold in 200 of its brick-and-mortar stores in North America by the end of the year, after debuting in 18 locations in November. The company will also increase marketing after announcing new interactive-camera features for users and two production studios for filming live and recorded classes."The competition in connected at-home fitness is very strong," the Cowen analyst John Kernan told Insider. "Apple, Nike, and obviously Peloton have tremendous footholds in the business, and there's other platforms as well. The competition is the biggest thing they'll face."According to a Lululemon spokesperson, the acquisition was viewed as a "natural evolution" of its partnership with Mirror, which started in 2019 with its first investment in the company. "We are in the early days of our integration, and we continue to learn from one another as we work strategically to integrate Mirror with the Lululemon business as a standalone brand," the spokesperson said in response to questions about the working relationship. According to Sucharita Kodali, a vice president and principal analyst at Forrester, it's "too early to tell what happens to Mirror." She pointed to Lululemon's most recent earnings call, during which McDonald said Mirror has "low awareness" as Lululemon looks to ramp up marketing. "There is a lot of work to be done," Kodali said. "It's probably best to bring in a pro who can scale the business in a big way. The founder was good for marketing ideas and vision, but they need operations experts and large marketing programs to get to scale."
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Amazon Mulls Fintech Acquisitions
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Fintech firms could find surprising exit thanks to this unlikely major player
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2016-04-23T18:00:00Z
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This story was delivered to BI Intelligence "Payments Industry Insider" subscribers. To learn more and subscribe, please click here.The arrival of the age of fintech is about to shake up the financial services world as we know it.Traditional powerhouses are already trying to figure out ways to co-exist with startups that are disrupting aging models. Look no further than the rise of mobile and
digital banking
and the declining relevance of brick-and-mortar banks, particularly among millennials, for evidence of that fact.But it's not just banks that are trying to conquer the fintech space.Amazon is about to try its hand in this market, as the e-commerce giant's head of payments, Patrick Gauthier, recently announced that the company is considering making some fintech acquisitions as valuations in the space start to decline and fintech becomes a more affordable investment.This would be a logical progression for Amazon, which already has a significant and active user base. Amazon has been experiencing increased growth tied to payments, as its payments unit has 23 million active users and has recorded 200% year-over-year growth in merchants adding the "Pay with Amazon" buy button to their online stores.There is also precedent for Amazon to make such a move. Chinese e-commerce giant Alipay has more than 450 million monthly active users and has more than 50% of the online payments market in China. So Amazon could be on the path to building up a similar type of momentum with its own customers.Fintech acquisitions would also make Amazon more competitive with other checkout services such as
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Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful
Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the
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If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.
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Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.This exclusive report also:Explains the main growth drivers of the exploding fintech ecosystem.Frames the challenges and opportunities faced by incumbents and startups.Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintechExplains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.And much more.The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.To get your copy of this invaluable guide to the fintech revolution, choose one of these options:Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIPPurchase the report and download it immediately from our research store. >> BUY THE REPORTThe choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.
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Peloton to Acquire Equipment Maker Precor for $420 Million
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Peloton will spend $420 million to acquire Precor, known for making fitness equipment found in hotels, health clubs, and university gyms
Allana Akhtar
2020-12-21T23:01:58Z
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Peloton will buy fitness equipment maker Precor for $420 million.
Scott Heins/Getty Images
Peloton will buy Precor, a commercial fitness equipment company, for $420 million.
The deal is Peloton's largest to date, according to Bloomberg.
Peloton sales increasing 172% in 2020, after gyms closed due to the COVID-19 pandemic and more Americans invested in at-home fitness.
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Peloton will acquire Precor, a hotel and university fitness equipment maker, for $420 million.The at-home fitness firm announced the acquisition Monday, and said the deal will close in early 2021. The deal is Peloton's largest to date, according to Bloomberg.Peloton said the deal gives the company 625,000 square feet of US manufacturing space and allows it to accelerate the growth of its commercial business."By combining our talented and committed R&D and Supply Chain teams with the incredibly capable Precor team and their decades of experience, we believe we will be able to lead the global connected fitness market in both innovation and scale," Peloton president William Lynch said in a release.
Read more: Poshmark salaries revealed: Here's how much engineers, analysts, product managers, and more make at the leading resale company that's ready to go publicPrecor sells fitness equipment like ellipticals and treadmills to hotels, universities, fire departments, and health clubs. Peloton sales spiked in 2020 when gyms closed due to the COVID-19 pandemic and more Americans invested in at-home fitness. The company announced September was its first profitable quarter, with sales increasing 172% year-over-year.Peloton's acquisition of Precor comes as the battle for the at-home fitness market heats up. Apple launched a Fitness+ service for $9.99 that allows iPhone, iPad, and Apple TV users to access exercise classes. Peloton stock tumbled 3% after Apple's early December announcement. Echelon Fitness, which describes itself as the "most formidable competitor of Peloton," sells bikes cheaper than Peloton's nearly $2,000 model, and reported a sales increase of 700% year-over-year in September.
Peloton has had multiple legal challenges over the years from competitor fitness companies. The company sued Flywheel in 2018 for allegedly creating a copy version of its proprietary bike. NordicTrack filed a lawsuit against Peloton in October for copyright infringement.Peloton stock had increased by 7% in after-hours trading Monday following the announcement.
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Next Steps After a Company Acquisition
Young Entrepreneur Council
Mar.
6, 2014, 11:00 AM
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Young Entrepreneur Council an invite-only organization comprised of the country's most promising young entrepreneurs.
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After Smule acquired Khush, serial entrepreneur (and former CMO of Smule) Prerna Gupta had to make some tough decisions. She learned these tips and more, as she explains further in this video clip:
Let your new teams operate independently in the beginning stages
Look closely at how you want to improve your products
See what services you can share among companies to help them both grow
Integrate your teams only after you’re sure both feel comfortable operating at the new level
Like anything else, your company needs time to evolve after an acquisition. With time, your team will be stronger than it was to begin with.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
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Hopin Acquires StreamYard in $250 Million Deal
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$2.1 billion live events startup Hopin makes its second acquisition in a month with $250 million deal for live streaming platform StreamYard
Callum Burroughs
2021-01-07T12:30:00Z
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Johnny Boufarhat Hopin founder and CEO
Hopin
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Events startup Hopin has completed its second acquisition in a month, with a $250 million deal to buy live streaming service StreamYard.
Hopin, despite being a little over a year old, has already had three big funding rounds in 2020 and hit a $2.1 billion valuation.
"StreamYard is one of the largest video streaming platforms globally and their mission is the same as ours as a business in terms of focus on the customer," Hopin CEO Johnny Boufarhat told Insider.
Visit Business Insider's homepage for more stories.
Fast-growing events startup Hopin has struck its second acquisition deal in a month with a $250 million deal to buy live
streaming
service StreamYard. Hopin, founded at the end of 2019, has already achieved a valuation of $2.1 billion and has been a winner of the pandemic as events organizers scrambled to move events online. The company provides software to bring conferences and live events online and says it is bringing thousands of new organizations in each day.The deal follows a move announced less than a month ago for New York-based networking app, Topi, which Hopin CEO Johnny Boufarhat indicated would be part of a more aggressive M&A strategy. Hopin already worked with StreamYard, a startup that allows content creators to produce and share high-quality video streaming, for months prior to the acquisition. "For events to succeed you need high-quality production and a lot of our customers — around 70% — were already using StreamYard on Hopin," Boufarhat told Insider. "StreamYard is one of the largest video streaming platforms globally and their mission is the same as ours as a business in terms of focus on the customer."StreamYard, based in Tualatin, Oregon, was founded in 2018 by Geige Vandentop and Dan Briggs. The company has been bootstrapped to date and grew revenues to nearly $10 million in early 2020. The startup was boosted by the coronavirus pandemic and hired a team of 19 to reach over $30 million in annual recurring revenue (ARR) by year-end. StreamYard serves over 100,000 paying customers, adding 10,000 paying customers per month, Vandentop told Business Insider. The $250 million deal to buy StreamYard is comprised of cash and stock. "All of this deal came off the balance sheet," Boufarhat added. "Some people might think our growth has been a bit cowboy, but we are profitable and focused on our mission."Hopin was incorporated in the UK in June 2019. It raised a $6.5 million seed round in February 2020 having barely launched its product. Its valuation went up to $350 million just four months later when Silicon Valley growth fund IVP led a $40 million Series A into the business. Now it's a $2.1 billion valued unicorn.The London-based startup now has more than 300 staff and five million users. According to Bourfarhat, the startup has increased its ARR to $25 million. ARR is a metric that software startups use to indicate the yearly value of its contracts."Hopin is one of our most astounding growth stories; the team's Series B in November was a momentous milestone in every respect, including for the fast-changing virtual events industry," said Sonali De Rycker, partner at Accel. "And they've now acquired two companies — first Topi, and now StreamYard. To pull this off in the first year of operation is unprecedented. The combination with StreamYard is incredibly powerful and will further fuel Hopin's trajectory as it charts the future of online experiences."
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Yahoo Could Write Off $1.1 Billion Tumblr Acquisition - Business Insider
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Yahoo might admit $1.1 billion Tumblr mistake
Andrew Meola
Mar.
2, 2016, 11:10 AM
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The BI Intelligence Content Marketing Team covers news & research we think you would find valuable. This topic was originally highlighted and sent to subscribers of the Digital Media Insider newsletter.
Yahoo could soon issue a major mea culpa with regard to Tumblr.
Yahoo paid $1.1 billion to acquire the microblogging and social networking platform and already wrote off $230 million of that amount last month, but now the company could write off the entire value.
The company's annual 10-K filing intimates that it could reevaluate "some portion or all of the remaining goodwill" that it paid for Tumblr. Goodwill is the amount paid for a company in addition to the total value of its assets and liabilities, and Yahoo spent $750 million in goodwill for Tumblr.
Yahoo CEO Marissa Mayer had expected Tumblr revenue to hit $100 million in 2015 but said in the latest earnings report that it did not hit that mark.
User growth has also been a problem for Tumblr. When Yahoo bought the platform in 2013, it had 260 million users, and that number has grown to 400 million. By comparison, Facebook bought Instagram in 2012, and its user base has grown from 30 million at that time to 400 million today.
Tumblr has encountered several problems since Yahoo purchased it, including a failure to effectively integrate the two companies' sales departments, a failure to gain any traction for Tumblr on mobile, and a failure to secure advertisers.
Margaret Boland and Robert Elder, analysts at BI Intelligence, Business Insider's premium research service, note that part of Yahoo's problem was that it did not understand Tumblr's unique culture, as evidenced by the combination of the two companies' sales teams. Furthermore, Yahoo and Tumblr cater to different advertisers and different audiences.
This situation shows how crucial it is for social media companies to understand their audiences. This report on social media demographics from BI Intelligence unpacks data from over a dozen sources to understand how social media demographics and preferences are still shifting.
BI Intelligence
Here are a few of the key takeaways from the BI Intelligence report:
Pinterest has tremendous reach among women. Among US female internet users, 42% reported being on Pinterest in Pew's late-2014 survey, compared to only 13% of men.
Instagram has become the most important and most-used social network for US teens. 32% of US teenagers cited it as their most important social network in Piper Jaffray's twice-annual teen survey, compared to only 14% saying that of Facebook.
Snapchat, Vine, and Tumblr had by far the most youthful user bases of the social networks we looked at. 45% of Snapchat's adult users are between 18 and 24, followed by Vine (28%) and Tumblr (28%), according to comScore.
LinkedIn enjoys high adoption among highly educated and high-income users. LinkedIn is used by 44% of Americans with income of $75,000 or more, according to Pew.
Messaging apps also have become more broadly popular, but still skew young: 7% of all people in the US aged 12 and older use WhatsApp, according to the Edison Research and Triton Digital survey.
The aging of Facebook, Twitter, LinkedIn, and even Pinterest is more apparent than ever. That's especially true of Facebook: Less than two-fifths of Facebook's adult user base in the US is aged 18 to 34, according to comScore.
In full, the report:
Looks at overall social networking adoption in the US and globally
Assesses the most important demographic skews at the top social networks, including Facebook, Snapchat, Twitter, Instagram, LinkedIn, Pinterest, YouTube, and Tumblr
Examines the rise of image-sharing social networks like Instagram and Snapchat
Compares how demographics have changed over time as older social networks have matured
To get your copy of this invaluable guide, choose one of these options:
Purchase an ALL-ACCESS Membership that entitles you to immediate access to not only this report, but also dozens of other research reports, subscriptions to all 5 of the BI Intelligence daily newsletters, and much more. >> START A MEMBERSHIP
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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of social media demographics.
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Yahoo might admit $1.1 billion Tumblr mistake
Yahoo might admit $1.1 billion Tumblr mistake
The BI Intelligence Content Marketing Team...
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ROMNEY’S GOAL FOR THE COMPANIES BAIN ACQUIRED:... - Business Insider
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ROMNEY’S GOAL FOR THE COMPANIES BAIN ACQUIRED:...
Robert Reich
Sep. 27, 2012,
1:38 PM
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Robert Reich is one of the nation’s leading experts on work and the economy, is Chancellor’s Professor of Public Policy at the Goldman School of Public Policy at the University of California at Berkeley. He has served in three national administrations, most recently as secretary of labor under President Bill Clinton.
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ROMNEY’S GOAL FOR THE COMPANIES BAIN ACQUIRED: “HARVEST THEM AT SIGNIFICANT PROFIT”
Here’s a video of Romney in his early years at Bain, explaining his purpose in acquiring companies was to “harvest them at significant profit.”
No one should be surprised. After all, Bain Capital wasn’t in the business of creating jobs. It was in the business of creating profits.
The two goals aren’t at all the same — as Americans whose jobs have been eliminated or whose wages and benefits have been cut know all too well.
For years, higher corporate profits have come at the expense of fewer jobs and lower wages. Business leaders and financiers have been “harvesting” like mad, leaving most Americans behind in the dirt.
Romney’s main selling point to voters is his so-called “business experience.” Yet America can’t afford this sort of “business experience” in the White House.
To the contrary, we need someone who doesn’t see the economy as profits to be harvested, but as people who need more and better jobs.
In 2012 that person is Barack Obama, not Mitt Romney.
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ROMNEY’S GOAL FOR THE COMPANIES BAIN ACQUIRED:...
ROMNEY’S GOAL FOR THE COMPANIES BAIN ACQUIRED: “HARVEST THEM AT SIGNIFICANT PROFIT”
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SOURCE: Music Service MOG Has Been Acquired By Beats - Business Insider
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SOURCE: Music Service MOG Has Been Acquired By Beats Audio
Matt Rosoff
Mar. 19, 2012,
3:26 PM
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MOGDavid Hyman, MOG's CEO.
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We've heard from a single source that subscription music service MOG has been acquired by audio technology company Beats Audio, which is part owned by phone maker HTC.
MOG would not comment, saying only, "We’re always looking for the best opportunity for our business and shareholders, but don’t comment on specifics of those conversations. Nothing to confirm at this time."
We heard the deal was signed last week. No word on price or what happens to the current MOG service and its subscribers.
Last month, MOG CEO David Hyman denied rumors that MOG was for sale, but admitted that the company had talked to potential buyers. Hyman told Reuters that MOG has 500,000 active users, but didn't say how many were paying for the service.
MOG is one of the smaller players up against Spotify, which recently claimed more than 3 million paying users.
Beats started off as an audio equipment company -- its best known product is a set of headphones designed by Dr. Dre -- but also provides technology that is supposed to make compressed digital music sound better. HTC invested $300 million into Beats last year and Beats technology has begun shipping on HTC phones.
In February, Om Malik reported that Beats was close to launching its own music subscription service to ship on new HTC phones.
Updated: GigaOm also reports that term sheets were sent back and forth between the two companies a few weeks ago, and AllThingsD has confirmed the report with other sources.
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SOURCE: Music Service MOG Has Been Acquired By Beats Audio
SOURCE: Music Service MOG Has Been Acquired By Beats Audio
HTC, which has a big stake in Beats Audio, wants a subscription music service on its phones. MOG might fit the bill.
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SORRELL: Publicis' Acquisition of Sapient 'Looks Like the Behavior of a Jilted Lover'
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SORRELL: Publicis' Acquisition Of Sapient 'Looks Like The Behavior Of A Jilted Lover'
Lara O'Reilly
2014-11-03T07:45:00Z
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Sir Martin Sorrell, Speaking at IAB Engage in London, October 2014
Flickr/IAB UK
Sir Martin Sorrell, the chief executive of the world's biggest advertising agency holding group WPP, has reacted quickly to the news this Monday morning that rival Publicis Groupe is acquiring digital advertising company Sapient for $3.7 billion.He told Business Insider: "It looks like the behavior of a jilted lover. Christmas came early for Sapient shareholders."
Sorrell is referring to Publicis' failed $35 billion merger with Omnicom, which was due to create the world's largest advertising group, overtaking WPP, but collapsed in May this year.Last month on Publicis Groupe's Q3 earnings call, the company's chief executive Maurice Levy admitted his company's poor results in the quarter were his fault for being distracted by the doomed Omnicom merger. He also admitted Publicis was the more interested party in the plans than Omnicom, a company he said was more keen on a takeover than a merger.
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Google Hired All The Men At This Startup, But Not The Company's Only Woman
http://www.businessinsider.com/secret-post-on-google-acqui-hire-2014-4/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Sat, 28 Nov 2015 18:17:58 -0500
Lisa Eadicicco
http://www.businessinsider.com/c/534eddb2eab8ea2e0924be5f
dlmcdonough
Wed, 16 Apr 2014 15:44:50 -0400
http://www.businessinsider.com/c/534eddb2eab8ea2e0924be5f
See "Sissy Fuss" comment above...she seems to be in the 'pissing and moaning' camp...
http://www.businessinsider.com/c/534e343b69bedd012a2ae6a0
TK
Wed, 16 Apr 2014 03:41:47 -0400
http://www.businessinsider.com/c/534e343b69bedd012a2ae6a0
it seems her point in all of this IS to inform/warn others and have them learn how not to get screwed in such deals as fellow founders.
http://www.businessinsider.com/c/5348a3976bb3f7d90b113ae5
Doug Edwards
Fri, 11 Apr 2014 22:23:19 -0400
http://www.businessinsider.com/c/5348a3976bb3f7d90b113ae5
I was at Google when we acquired a small company and kept the sole woman on staff while leaving behind her much more senior male boss, because he was too willing to bend the rules and screw his users. And Google has always favored engineers over everyone else. If the person posting this were a woman engineer, she would be golden. Every company in Silicon Valley is dying to hire more women engineers because (a) they need talented engineers and (b) they don't want to be perceived as gender biased. Marketing/sales/customer service people are a dime a dozen. I know, because I did all that stuff at Google and still never felt as secure in my job as the lowliest code jockey on staff.
http://www.businessinsider.com/c/53480c2decad045921f05244
from a lawyer (non-US so no hate mail pls)
Fri, 11 Apr 2014 11:37:17 -0400
http://www.businessinsider.com/c/53480c2decad045921f05244
It is sad. I would not like this to happen to my daughter or sister. The truth is, if she was a founder, she should have equity. Her "past value" would be represented in whatever Google would decide to pay for such equity. If it is zero or close to zero that's how much her previous work is worth (to Google at least). For future value, apparently Google is retaining only the "engineers".
A real story would be if the engineers came up with something new and are trying to push her out to make more money in the future via Google. Not a US lawyer so there might be other issues (discrimination, compensation etc). But in general that's it. I think she is just furious and trying to hurt Google's image. Capitalism is tough. Hope she licks her wounds, stand up and find her way in life.
http://www.businessinsider.com/c/5348043369bedda007454213
Elizabeth Van Deusen
Fri, 11 Apr 2014 11:03:15 -0400
http://www.businessinsider.com/c/5348043369bedda007454213
Yeah...but contract, contract, contract is the mantra for anyone. I myself have been screwed on that point. However, it only needed to happen once. People betray you. More often than not, they don't do the right thing. Contracts are the only things that make it fair and also, you have to not be afraid to smack a lawsuit down when the contract has been violated (also happens). Most people who violate a contract immediately cry uncle when you show them you mean business. This is sadly, just necessary. Side point - Google's products are in perpetual beta. It might behoove them to have a non-engineer type helping them with their launches so that the user community can be pleasantly surprised for a change. Of course, that will never happen and they will continue to scratch their heads as to why things aren't working out for some of their products. Oh well.
http://www.businessinsider.com/c/5347f93e6da811a715d65674
Therealgreg
Fri, 11 Apr 2014 10:16:30 -0400
http://www.businessinsider.com/c/5347f93e6da811a715d65674
You're willfully overlooking the fact that her brilliant logo and marketing failed to attract millions of customers.
If she were the CMO and founder of a company that had, this would be a different story, usually ending up with her making millions and the engineers feeling screwed.
Sounds like the entire basis of the sale was that Google wanted to get a few more engineers and maybe some technology they thought could be useful and that THEY could market under THEIR logo. Unproven startup generalist wasn't on their shopping list.
http://www.businessinsider.com/c/5347e0396da8118c27d6567b
Irresoponsble Journalism
Fri, 11 Apr 2014 08:29:45 -0400
http://www.businessinsider.com/c/5347e0396da8118c27d6567b
Female journalists, such as yourself in high profile positions are screaming "discrimination" at the drop of a hat. Citing anonymous sources no less. The story servers no purpose other than to create the false impression than competent woman are underrepresented in Tech. The anonymous source may not even have been a woman, or even had an actual experience. But even if they were, they were not obligated to hirer her because she was female ... which you clearly believe they were ... regardless their needs compared to her available skills, personality or character.
http://www.businessinsider.com/c/534798b3ecad04e41d8b456c
Tim Woods
Fri, 11 Apr 2014 03:24:35 -0400
http://www.businessinsider.com/c/534798b3ecad04e41d8b456c
For the record, you're about 2/3 right - Bill Gates was an engineer of sorts.... so I wouldn't be so quick to dismiss him.
The rest... spot on.
http://www.businessinsider.com/c/5347981669beddde618b456e
Tim Woods
Fri, 11 Apr 2014 03:21:58 -0400
http://www.businessinsider.com/c/5347981669beddde618b456e
It's stories like this that make my blood run cold. The simple fact is this, the woman actually did *more* than the men that she worked with and she got shafted in the worst possible way. If anything, her colleagues should have fought for her to be part of the acqui-hire situation and double her pay as well.
It's really simple to understand why -- and this is why despite how "intelligent" engineers are, they are actually really stupid.
"I have an idea.... " Think about it -- without that idea, you wouldn't be working there and getting that huge payout. Who knows where you would be? Are you so sure that you'll be in another killer company that will give you that huge opportunity to cash out? The fact is that idea is the most important thing and everything else is secondary - at best
"I 'just' created the logo and the marketing material' - Do you truly think that your "brilliant" code stream is enough to attract hundreds of millions of people just because you hacked it together? Are you serious? Most engineers I know spend their days fucking around reading sites like this, having circle-jerks debating what tools they should use to build their app and the like -- without logos, marketing material, or any form of direction, you have a bunch of crap that goes nowhere. I worked at a company like this; the CEO spent weeks with his engineers drooling over frameworks and programming languages and databases debating which one is better... the fact is that yes it's important, but I know that I don't pick an app because it was built with Java or Python or whatever -- I want an app that works and that I can understand without techobabble.
"I deserve more money because I built it" - Good for you, but life is not CompSci kids. It's the real world. Do you really think that people dump shitloads of money in your laps simply because you are hot coders? Believe it or not, the answer is no. The snapchats, the whatsapps, etc are anomalies -- there are countless other apps out there that are even better but don't get nearly as much attention which were probably coded better than yours.
Deal with it.
http://www.businessinsider.com/c/534742c1eab8ea78598b456a
Therealgreg
Thu, 10 Apr 2014 21:17:53 -0400
http://www.businessinsider.com/c/534742c1eab8ea78598b456a
Was this persuasive logical argument intended to dispel such stereotypes?
http://www.businessinsider.com/c/5347389d6da8118e548b456b
Mean Nerds: The movie
Thu, 10 Apr 2014 20:34:37 -0400
http://www.businessinsider.com/c/5347389d6da8118e548b456b
I thought the founder and head of a company is supposed to screw the rank and file employees over when it comes to selling out to a large company? The lady who posted to Secret is doing it wrong. She should study the example of Huffington selling out to AOL.
http://www.businessinsider.com/c/53472570eab8ea346a8b456b
Neil Gee
Thu, 10 Apr 2014 19:12:48 -0400
http://www.businessinsider.com/c/53472570eab8ea346a8b456b
"...Google decided to hire her five male colleagues in an acquisition deal, but not her. Even though she founded the company and 'the product was my idea,' she didn't get a deal because she was not an engineer."
If she was one of the founders of the company she should have equity in the company, which would have made her a significant profit. She also would have been part of the negotiation. Apparently she had neither, which leads me to believe that she in fact was not one of the founders.
"...The salary per engineer and the CEO was $250k."
I doubt everyone got the same $250K salary regardless of their job title. Most software engineers make between $80K and $150K.
"I just have no idea if my gender played a part."
She stated herself that she wasn't offered a job because she's not an engineer. While it sounds like she's a great person to have onboard a startup she doesn't have the skill-set Google needs.
What happened here totally sucks and I'm sure it seems unfair. However, it sounds like there is a lot of hyperbole in the telling of this story.
http://www.businessinsider.com/c/53471c85ecad047e7a8b4571
joe blow
Thu, 10 Apr 2014 18:34:45 -0400
http://www.businessinsider.com/c/53471c85ecad047e7a8b4571
'Even though she founded the company and "the product was my idea," she didn't get a deal because she was not an engineer.'
If she was really a founder she would have had equity and therefore made a substantial sum of money.
"The salary per engineer and the CEO was $250K"
I highly doubt each engineer was offered that much. Most software engineers make between $80K - $150K depending upon experience, skill-set, etc. Maybe the CEO was offered that much, but not every tech.
"I just have no idea if my gender played a part.
A more likely explanation is that Google needs engineers and she's not an engineer.
http://www.businessinsider.com/c/53471491eab8ea52368b4570
dlmcdonough
Thu, 10 Apr 2014 18:00:49 -0400
http://www.businessinsider.com/c/53471491eab8ea52368b4570
Gender discrimination or not, your response misses the point: Whatever it was that caused the screw job, once can respond to being screwed over in one of two ways:
a) Spend your energy pissing and moaning about how unfair it all is...
b) Learn how not to get screwed over next time
Your choice seems to have been made...For what it is worth, it seems like a poor choice.
http://www.businessinsider.com/c/53470e996da811ec248b4570
Sissy Fuss
Thu, 10 Apr 2014 17:35:21 -0400
http://www.businessinsider.com/c/53470e996da811ec248b4570
Oh, I'm sorry - we all forgot that it isn't gender discrimination unless a man agrees that it is discrimination. I guess we chicks have all just forgotten our place - and our inability to know when we've been screwed over because we can't possibly figure that out for ourselves, with our little girl brains and all.
http://www.businessinsider.com/c/5346f934eab8ea46648b4568
chuzek
Thu, 10 Apr 2014 16:04:04 -0400
http://www.businessinsider.com/c/5346f934eab8ea46648b4568
I think she got totally screwed. But her major fault was not hiring a lawyer or compensation specialist to negotiate on her behalf.
http://www.businessinsider.com/c/5346e15d6da811ee5ef6729f
dlmcdonough
Thu, 10 Apr 2014 14:22:21 -0400
http://www.businessinsider.com/c/5346e15d6da811ee5ef6729f
Again, we do not have enough information...but the article indicates that the preferred were made whole on their cash as part of the deal...that means that the signing bonuses, and any other "guaranteed" comp was above and beyond the full liquidation preference...Which means there was a "return" in this case...It is possible that the participation rights for the preferred in that return, were such that they get an exclusive participation up to some point, even after they get paid back in full, and before common shareholders get anything. However, that is far enough outside the norm, especially right now, that a good lawyer would have succeeded in rejecting that kind of request from the preferred, on this girl's behalf, without endangering funding...and she may not have known that she should or could make such a demand back to investors when they gave her the money...which is why she should have spent the money to get a good attorney back then, no matter how painful that bill is to bear at the time.
And you are right: This is the same reason that the preferred shareholders should and would be on her side if she had a standard common shareholding agreement in place, with standard protections...the cash investors should be every bit as pissed as she is that the company generated a substantial return, but all they got was their money back, while all but one of the common shareholder got "millions." If there was good paper in place, then Google's only alternative would have been to have the engineers quit, and then negotiate individual employment agreements with them...but that path would expose Google to litigation around the IP & confidentiality rights of the company with respect to the work product of those employees, (presuming that google wants them to continue working on precisely what they were working on at the start up).
http://www.businessinsider.com/c/5346e05369bedde234c62d83
Ski Easy
Thu, 10 Apr 2014 14:17:55 -0400
http://www.businessinsider.com/c/5346e05369bedde234c62d83
@Rogerdoger Because you're an Engineer doesn't mean you can be a CEO. Everyone has a skill set and no one can do it ALONE. How many companies of ONE do you know that sold for BILLIONS? How many ugly cars do you know of that sell like HOT CAKES? Designers, developers, engineers, marketers, etc... ALL play a part in making GREAT things. Also @nemsnow Steve Jobs WASN'T a HARDCORE engineer, but Steve Steve Wozniak was.
I get why didn't hire her though as they didn't seem to buy a SUCCESSFUL company, but a company with talented engineers so they took what they wanted(engineers) and not a generalist. If she was an engineer and they didn't hire then it would more so look sexiest.
Lastly I'm a developer, but I never was a NERD and when I read these comments all I see are SEXIEST REVENGE of the NERDS. GTFU!!! High School is over move on! As SMART as some of you are you sure can make some IGNORANT statements.
http://www.businessinsider.com/c/5346de8069beddb828c62d87
First World Traveler
Thu, 10 Apr 2014 14:10:08 -0400
http://www.businessinsider.com/c/5346de8069beddb828c62d87
The folks at google probably asked her about the tech stack used by her very own company and couldnt answer...the folks at Google know what theyre doing
http://www.businessinsider.com/c/5346dc60eab8eafc7c88cdee
dknola
Thu, 10 Apr 2014 14:01:04 -0400
http://www.businessinsider.com/c/5346dc60eab8eafc7c88cdee
To pay the rent?
http://www.businessinsider.com/c/5346dc496bb3f7ae0488cdec
dknola
Thu, 10 Apr 2014 14:00:41 -0400
http://www.businessinsider.com/c/5346dc496bb3f7ae0488cdec
You're not to terribly bright are you. SHE got screwed over by a bunch of guys because she's a woman. That's not only unfair, it's illegal. She has lost out on millions, HER company, and her dignity because the guys couldn't hang with her, at her level.
She didn't make her money back, she got thrown out and her reputation fucked you dweeb, did you read the article?
http://www.businessinsider.com/c/5346d51b6da8116429f67292
therealgreg
Thu, 10 Apr 2014 13:30:03 -0400
http://www.businessinsider.com/c/5346d51b6da8116429f67292
There's nothing illegal about the idea of "preferred stock" which is all it would take for this to happen. If the engineers had common stock that was not in the money due to preferences you cannot argue that they got the value of their stock in some other form if the value of their common was zero. In fact the only people that could gripe that some of the acquisition equity was lost to the engineer's comp packages would be the preferred stock holders.
http://www.businessinsider.com/c/5346d507eab8ea385988cdf0
Schmidt
Thu, 10 Apr 2014 13:29:43 -0400
http://www.businessinsider.com/c/5346d507eab8ea385988cdf0
The author of the article wrote herself: "she didn't get a deal because she was not an engineer". This is the reason she didn't get the job.
All the rest is the typical stupid whining and self-victimizing that would normally lead to 100% female unemployment if wasn't against the law.
http://www.businessinsider.com/c/5346cdaa69beddbb63c62d83
dlmcdonough
Thu, 10 Apr 2014 12:58:18 -0400
http://www.businessinsider.com/c/5346cdaa69beddbb63c62d83
The article says that Google 'bought the company,' and that while this founder got only $10k, the preferred shareholders were made whole in cash, and the other employees got signing bonuses, big salaries and multi-million dollar equity packages.
If that is roughly accurate, and if she was a founder and large shareholder, then she simply needed a better lawyer. That is the lesson here...not discrimination, or engineer vs non-engineer...It is illegal for an aquirer to "hide" the acquisition price in signing bonuses or other employee-specific compensation, post-close, as a way to get around paying equity holders who they do not want to keep....nor can you treat it as an "asset sale" if there is nothing after the deal is done...if she had standard shareholder protections in place from the beginning, then all of the cash paid to investors, plus employee signing bonuses, salary guarantees, (if any), and guaranteed stock comp, (if any), should have been treated as a single purchase value, and split between shareholders, pro-rata, net of any preferred returns.
Given how many of these sorts of deal google does, I have no doubt that they structured this one in a way that is technically kosher...but if the article is right on the facts, then google was only able to screw the founder because the founder did not have good paper in the first place.
http://www.businessinsider.com/c/5346caab6bb3f7173f88cdf1
MPCT
Thu, 10 Apr 2014 12:45:31 -0400
http://www.businessinsider.com/c/5346caab6bb3f7173f88cdf1
It's timely politics
http://www.businessinsider.com/c/5346ca046da8115975f6729d
MPCT
Thu, 10 Apr 2014 12:42:44 -0400
http://www.businessinsider.com/c/5346ca046da8115975f6729d
Yes, but now the White House is issuing Executive Orders making it easier to sue companies for these common practices or any practice they feel is discrimination. And to trial lawyers they've empowered, it's all discrimination.
http://www.businessinsider.com/c/5346c813ecad04356355604b
DirtbagClimber
Thu, 10 Apr 2014 12:34:27 -0400
http://www.businessinsider.com/c/5346c813ecad04356355604b
That's a tough pill to swallow. In her shoes, it would suck and you'd feel like shit.
That said, she's an entrepreneur that's accomplished a lot. She should pick herself up and do it again. She obviously has some talents if she was able to build a venture backed company that was sold off to Google, even if the outcome sucked for her personally. I imagine raising money a second time would be easier. She probably also learned some valuable lessons about ownership (or lack thereof) when raising $.
http://www.businessinsider.com/c/5346c6446da8116368f67295
CrackerJack
Thu, 10 Apr 2014 12:26:44 -0400
http://www.businessinsider.com/c/5346c6446da8116368f67295
I've been an engineer in SV since 1977. It is common for failing companies to be acquired for their engineering talent, technology or both. Those employees which the acquiring company wishes to retain get the "golden handcuffs" while everyone else is let go.
This woman is just a sore loser looking for a reason other than her own lack of value to Google. It's an old story, oft repeated.
http://www.businessinsider.com/c/5346c5966da8116a68f67292
Hiring Manger
Thu, 10 Apr 2014 12:23:50 -0400
http://www.businessinsider.com/c/5346c5966da8116a68f67292
Well if she was the only woman and she was the founder she discriminated in her hiring. She must have been doing the hiring, right? Seems like the woman was threatened by other women. I can see with an attitude like that why they got rid of her.
http://www.businessinsider.com/c/5346c53f6bb3f7e93388cdec
Rogerdoger
Thu, 10 Apr 2014 12:22:23 -0400
http://www.businessinsider.com/c/5346c53f6bb3f7e93388cdec
I have an idea, I want to build cold fusion powered cars. I will design the logo, and take care of the interior coloring and design of the car including the type of leather we will use. I should be the primary person to be rewarded correct? Not the people that actually built it.
In the real world everyone has ideas, but few people can execute on the idea. She clearly was unable to even execute on the idea as she needed to hire a CEO on top of hiring engineers. Doing graphics isn't running a company and pushing things.
http://www.businessinsider.com/c/5346c1e26da811db54f672b1
therealgreg
Thu, 10 Apr 2014 12:08:02 -0400
http://www.businessinsider.com/c/5346c1e26da811db54f672b1
The skills she has and the things she did very well may have been of value, but clearly NOT in this case because the company failed as evidenced by the fact that it resulted in an acquihire where the founder's stock was worthless.
9:10 that's not because the 4 engineers didn't deliver the product but because the idea wasn't viable or marketing execution didn't position the product properly and reach the right people - inj other words 100% of the stuff she did.
It doesn't even mean she did a bad job, there's always a significant element risk with the best planning and execution, but it's pretty obvious that Google was looking to get some engineers, not a "startup generalist" who just whiffed or at best bunted.
She should dust herself off and go do another one, learning from this one, and maybe some day she'll have her success, the recognition she wants and a few million+ in the bank.
http://www.businessinsider.com/c/5346c19eeab8ea491e88cdec
grenadetrade
Thu, 10 Apr 2014 12:06:54 -0400
http://www.businessinsider.com/c/5346c19eeab8ea491e88cdec
I think Dummy must have been thinking about the kinds of engineers that work on locomotives.
http://www.businessinsider.com/c/5346c0226bb3f7d61b88ce20
I Me Myself
Thu, 10 Apr 2014 12:00:34 -0400
http://www.businessinsider.com/c/5346c0226bb3f7d61b88ce20
Quick question to the lady: How come you didn't hire any women but had an all-male team?
Oh, only they were talented enough to run your company?
Now quit yelling Sexism! and connect the dots to their logical conclusion.
http://www.businessinsider.com/c/5346bf306da811ed4bf672b2
nemsnow
Thu, 10 Apr 2014 11:56:32 -0400
http://www.businessinsider.com/c/5346bf306da811ed4bf672b2
bill gates and steve jobs were both hardcore engineers before running their companies. is your post social engineering or just flat out ignorance?
http://www.businessinsider.com/c/5346be466da8113149f6729c
tgn
Thu, 10 Apr 2014 11:52:38 -0400
http://www.businessinsider.com/c/5346be466da8113149f6729c
Expect a 1000 more useless stories like this in an effort to promote the democrats dream that everyone gets paid the same wages no matter what work they do.
http://www.businessinsider.com/c/5346bd7469bedd5c1fc62d8f
grenadetrade
Thu, 10 Apr 2014 11:49:08 -0400
http://www.businessinsider.com/c/5346bd7469bedd5c1fc62d8f
... and what did they do to make sure they get what's theirs? Right... funny dat.
http://www.businessinsider.com/c/5346bc726da8114a41f67294
Dummy
Thu, 10 Apr 2014 11:44:50 -0400
http://www.businessinsider.com/c/5346bc726da8114a41f67294
"No one cares if it's your idea, or if you designed the logo, etc., if you can't contribute to the company's growth or worth"
Yeah, other than coming up with the product idea, designing the experience, creating the brand that made it popular and launching it, what the HELL did you do to contribute to the product's success?
By the way -- Steve Jobs, Bill Gates, and a large host of other very well-paid men in technology weren't engineers either. Somehow, they managed to get paid. Funny dat.
http://www.businessinsider.com/c/5346bbf26da8115e3cf67294
Quark Hadren
Thu, 10 Apr 2014 11:42:42 -0400
http://www.businessinsider.com/c/5346bbf26da8115e3cf67294
Bunch of junk. She was the founder. It isn't unusual for the head executives/owners to be left behind when a company is bought out. Happens all the time. AND she was not an engineer and they were. Sheesh - only the stupid could say it was 'only' because she is a woman. (But apparently, the stupid are in the majority...)
http://www.businessinsider.com/c/5346bb8a6da811ba3bf6729a
therealgreg
Thu, 10 Apr 2014 11:40:58 -0400
http://www.businessinsider.com/c/5346bb8a6da811ba3bf6729a
I consider her to be a victim of sorts.
Yet another member of [gender/race/sexual orientation] who has been sold that if anything goes wrong it's probably oppression. She sounds immature and somewhat clueless about what it takes to be successful, what businesses value, or how to even recognize success, but we all start out like that and eventually learn that success is part circumstantial (and focus more on strategically managing our circumstances once we have a few painful learning experiences).
Sadly, unlike those of us who don't have (or choose) identity oppression to turn to as a handy explanation, she's not as likely to look at her assumptions, choices and behaviors, try to figure out why things didn't go as she hoped and adapt accordingly. She can just assume it all comes down to "we can leave you with nothing because you’re a girl and you have a rich boyfriend" and avoid the humbling introspection.
http://www.businessinsider.com/c/5346b88169bedde211c62d85
daniel p
Thu, 10 Apr 2014 11:28:01 -0400
http://www.businessinsider.com/c/5346b88169bedde211c62d85
It is pathetic how she tries to make this about gender, and then proceeds to outline perfectly good reasons to discard her. I am not saying that it's fair she got left out, but it was the buyer's prerogative to make that decision since they are putting the money. It's a good thing she is still anonymous, because this story would reflect very poorly on her rather than Google.
http://www.businessinsider.com/c/5346b83e69bedd8808c62d93
grenadetrade
Thu, 10 Apr 2014 11:26:54 -0400
http://www.businessinsider.com/c/5346b83e69bedd8808c62d93
This isn't a woman issue, it's a stupidity issue. No one cares if it's your idea, or if you designed the logo, etc., if you can't contribute to the company's growth or worth. That's why people who are in this kind of position make sure that they get what's theirs in legal, written agreements, to their share of the company, if later on they're acquired (or goes public). Doesn't sound like she did that and only counted on the kindness of her coworkers, so she only has herself to blame.
http://www.businessinsider.com/c/5346b726ecad04681d556053
tokenflip
Thu, 10 Apr 2014 11:22:14 -0400
http://www.businessinsider.com/c/5346b726ecad04681d556053
Even marketing managers, social media or COO's can be founders. But if you're not an engineer, and Google doesn't take you in the acquisition, don't be surprised and complain about it all over social media.
http://www.businessinsider.com/c/5346b3796bb3f7066c88cdee
0racle
Thu, 10 Apr 2014 11:06:33 -0400
http://www.businessinsider.com/c/5346b3796bb3f7066c88cdee
Why did you take the money?
http://www.businessinsider.com/c/5346b1036bb3f7016c88cdf0
depression
Thu, 10 Apr 2014 10:56:03 -0400
http://www.businessinsider.com/c/5346b1036bb3f7016c88cdf0
Why is she complaining ? She's the founder was she not ?for her to get so little means that her company was almost a failure. ...
Shouldn't she be happy that the people and institutions she borrowed money from will be paid back in full?
Oh wait this is the tech world and people are only out for themselves and a quick buck , forget the investors.
http://www.businessinsider.com/c/5346b10069bedd6873c62d86
Mathieu
Thu, 10 Apr 2014 10:56:00 -0400
http://www.businessinsider.com/c/5346b10069bedd6873c62d86
To me it sounds more like she was left behind because she wasn't an engineer than it does because she's a woman. As for the payout, I do think more than $10k would have probably been fair, but we don't know both sides of the story either. | M&A | 0.912777 | [
{
"label": "M&A",
"score": 0.9127774238586426
}
] |
Google Steps Up Its Investment In Social Games With $70 Million Acquisition Of Jambool - Business Insider
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Google Steps Up Its Investment In Social Games With $70 Million Acquisition Of Jambool
Nick Saint
Aug.
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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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Google Steps Up Its Investment In Social Games With $70 Million Acquisition Of Jambool
Google Steps Up Its Investment In Social Games With $70 Million Acquisition Of Jambool
Google doesn't know much about casual games, so it's buying the talent and technology it needs to launch Google Games this year.
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Nvidia Acquired Cumulus to Expand Its Enterprise Cloud Growth
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Nvidia's Cumulus acquisition is part of a push to offer a broader range of enterprise cloud computing services
Hirsh Chitkara
2020-05-06T15:31:53Z
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This story was delivered to Business Insider Intelligence Connectivity & Tech Briefing 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.Nvidia announced that it will acquire data center software company Cumulus for an undisclosed amount. Cumulus develops networking software that helps enterprises manage private data centers. The acquisition comes just a few days after Nvidia closed its $6.9 billion acquisition of Mellanox, which also develops software for managing enterprise data centers.
Business Insider Intelligence
The Cumulus acquisition is part of Nvidia's push to offer a broader range of enterprise cloud computing services. Nvidia wants to expand its business from selling cloud computing hardware systems to selling the entire suite of products and services needed for enterprises to maintain private cloud data centers.The company specializes in developing graphics processing units (GPUs), which enable computationally intensive applications such as edge computing processing, running AI models, and natural language processing. The leading public cloud service providers — including Amazon Web Services, Microsoft Azure, and Google Cloud — buy GPUs from Nvidia, which they then lease to enterprise customers through public cloud services.The Cumulus and Mellanox acquisitions will help Nvidia sell its GPUs directly to enterprises as part of a full private cloud service offering. This would expand the addressable market for Nvidia in the data centers space, in which it recorded $968 million in revenue for the quarter ending January 26, 2020, representing 43% year-over-year growth. The Cumulus and Mellanox acquisitions will better position Nvidia to capture opportunities as enterprises look for cost savings within hybrid cloud operations. A 2020 Flexera survey of 750 enterprise cloud buyers found that 73% wanted to optimize their existing use of cloud to realize cost savings, making it the top cloud initiative. And 87% of enterprises employ a hybrid cloud strategy, meaning they use a mix of both internal private cloud and public cloud services.By further optimizing private cloud services through these acquisitions, Nvidia can help enterprises reduce long-term costs: Private cloud requires a high upfront investment, but offers lower variable cost thereafter compared to the public cloud. Nvidia will join Intel and AMD in aiming to capture this market as the companies look to leverage their expertise in producing cloud processing components to offer a more seamless hybrid cloud experience.Want to read more stories like this one? Here's how to get access:Business Insider Intelligence analyzes the tech industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. >> Check if your company has BII Enterprise membership accessSign up for the Connectivity & Tech Briefing, Business Insider Intelligence's expert email newsletter 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 StartedExplore related topics in more depth. >> Visit Our Report StoreCurrent subscribers can log in to read the briefing here.
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ZA | M&A | 1 | [
{
"label": "M&A",
"score": 1
}
] |
Google Hired All The Men At This Startup, But Not The Company's Only Woman
http://www.businessinsider.com/secret-post-on-google-acqui-hire-2014-4/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Mon, 27 Jun 2016 02:07:40 -0400
Lisa Eadicicco
http://www.businessinsider.com/c/534eddb2eab8ea2e0924be5f
dlmcdonough
Wed, 16 Apr 2014 15:44:50 -0400
http://www.businessinsider.com/c/534eddb2eab8ea2e0924be5f
See "Sissy Fuss" comment above...she seems to be in the 'pissing and moaning' camp...
http://www.businessinsider.com/c/534e343b69bedd012a2ae6a0
TK
Wed, 16 Apr 2014 03:41:47 -0400
http://www.businessinsider.com/c/534e343b69bedd012a2ae6a0
it seems her point in all of this IS to inform/warn others and have them learn how not to get screwed in such deals as fellow founders.
http://www.businessinsider.com/c/5348a3976bb3f7d90b113ae5
Doug Edwards
Fri, 11 Apr 2014 22:23:19 -0400
http://www.businessinsider.com/c/5348a3976bb3f7d90b113ae5
I was at Google when we acquired a small company and kept the sole woman on staff while leaving behind her much more senior male boss, because he was too willing to bend the rules and screw his users. And Google has always favored engineers over everyone else. If the person posting this were a woman engineer, she would be golden. Every company in Silicon Valley is dying to hire more women engineers because (a) they need talented engineers and (b) they don't want to be perceived as gender biased. Marketing/sales/customer service people are a dime a dozen. I know, because I did all that stuff at Google and still never felt as secure in my job as the lowliest code jockey on staff.
http://www.businessinsider.com/c/53480c2decad045921f05244
from a lawyer (non-US so no hate mail pls)
Fri, 11 Apr 2014 11:37:17 -0400
http://www.businessinsider.com/c/53480c2decad045921f05244
It is sad. I would not like this to happen to my daughter or sister. The truth is, if she was a founder, she should have equity. Her "past value" would be represented in whatever Google would decide to pay for such equity. If it is zero or close to zero that's how much her previous work is worth (to Google at least). For future value, apparently Google is retaining only the "engineers".
A real story would be if the engineers came up with something new and are trying to push her out to make more money in the future via Google. Not a US lawyer so there might be other issues (discrimination, compensation etc). But in general that's it. I think she is just furious and trying to hurt Google's image. Capitalism is tough. Hope she licks her wounds, stand up and find her way in life.
http://www.businessinsider.com/c/5348043369bedda007454213
Elizabeth Van Deusen
Fri, 11 Apr 2014 11:03:15 -0400
http://www.businessinsider.com/c/5348043369bedda007454213
Yeah...but contract, contract, contract is the mantra for anyone. I myself have been screwed on that point. However, it only needed to happen once. People betray you. More often than not, they don't do the right thing. Contracts are the only things that make it fair and also, you have to not be afraid to smack a lawsuit down when the contract has been violated (also happens). Most people who violate a contract immediately cry uncle when you show them you mean business. This is sadly, just necessary. Side point - Google's products are in perpetual beta. It might behoove them to have a non-engineer type helping them with their launches so that the user community can be pleasantly surprised for a change. Of course, that will never happen and they will continue to scratch their heads as to why things aren't working out for some of their products. Oh well.
http://www.businessinsider.com/c/5347e0396da8118c27d6567b
Irresoponsble Journalism
Fri, 11 Apr 2014 08:29:45 -0400
http://www.businessinsider.com/c/5347e0396da8118c27d6567b
Female journalists, such as yourself in high profile positions are screaming "discrimination" at the drop of a hat. Citing anonymous sources no less. The story servers no purpose other than to create the false impression than competent woman are underrepresented in Tech. The anonymous source may not even have been a woman, or even had an actual experience. But even if they were, they were not obligated to hirer her because she was female ... which you clearly believe they were ... regardless their needs compared to her available skills, personality or character.
http://www.businessinsider.com/c/534742c1eab8ea78598b456a
Therealgreg
Thu, 10 Apr 2014 21:17:53 -0400
http://www.businessinsider.com/c/534742c1eab8ea78598b456a
Was this persuasive logical argument intended to dispel such stereotypes?
http://www.businessinsider.com/c/5347389d6da8118e548b456b
Mean Nerds: The movie
Thu, 10 Apr 2014 20:34:37 -0400
http://www.businessinsider.com/c/5347389d6da8118e548b456b
I thought the founder and head of a company is supposed to screw the rank and file employees over when it comes to selling out to a large company? The lady who posted to Secret is doing it wrong. She should study the example of Huffington selling out to AOL.
http://www.businessinsider.com/c/53472570eab8ea346a8b456b
Neil Gee
Thu, 10 Apr 2014 19:12:48 -0400
http://www.businessinsider.com/c/53472570eab8ea346a8b456b
"...Google decided to hire her five male colleagues in an acquisition deal, but not her. Even though she founded the company and 'the product was my idea,' she didn't get a deal because she was not an engineer."
If she was one of the founders of the company she should have equity in the company, which would have made her a significant profit. She also would have been part of the negotiation. Apparently she had neither, which leads me to believe that she in fact was not one of the founders.
"...The salary per engineer and the CEO was $250k."
I doubt everyone got the same $250K salary regardless of their job title. Most software engineers make between $80K and $150K.
"I just have no idea if my gender played a part."
She stated herself that she wasn't offered a job because she's not an engineer. While it sounds like she's a great person to have onboard a startup she doesn't have the skill-set Google needs.
What happened here totally sucks and I'm sure it seems unfair. However, it sounds like there is a lot of hyperbole in the telling of this story.
http://www.businessinsider.com/c/53471c85ecad047e7a8b4571
joe blow
Thu, 10 Apr 2014 18:34:45 -0400
http://www.businessinsider.com/c/53471c85ecad047e7a8b4571
'Even though she founded the company and "the product was my idea," she didn't get a deal because she was not an engineer.'
If she was really a founder she would have had equity and therefore made a substantial sum of money.
"The salary per engineer and the CEO was $250K"
I highly doubt each engineer was offered that much. Most software engineers make between $80K - $150K depending upon experience, skill-set, etc. Maybe the CEO was offered that much, but not every tech.
"I just have no idea if my gender played a part.
A more likely explanation is that Google needs engineers and she's not an engineer.
http://www.businessinsider.com/c/53471491eab8ea52368b4570
dlmcdonough
Thu, 10 Apr 2014 18:00:49 -0400
http://www.businessinsider.com/c/53471491eab8ea52368b4570
Gender discrimination or not, your response misses the point: Whatever it was that caused the screw job, once can respond to being screwed over in one of two ways:
a) Spend your energy pissing and moaning about how unfair it all is...
b) Learn how not to get screwed over next time
Your choice seems to have been made...For what it is worth, it seems like a poor choice.
http://www.businessinsider.com/c/53470e996da811ec248b4570
Sissy Fuss
Thu, 10 Apr 2014 17:35:21 -0400
http://www.businessinsider.com/c/53470e996da811ec248b4570
Oh, I'm sorry - we all forgot that it isn't gender discrimination unless a man agrees that it is discrimination. I guess we chicks have all just forgotten our place - and our inability to know when we've been screwed over because we can't possibly figure that out for ourselves, with our little girl brains and all.
http://www.businessinsider.com/c/5346f934eab8ea46648b4568
chuzek
Thu, 10 Apr 2014 16:04:04 -0400
http://www.businessinsider.com/c/5346f934eab8ea46648b4568
I think she got totally screwed. But her major fault was not hiring a lawyer or compensation specialist to negotiate on her behalf.
http://www.businessinsider.com/c/5346e15d6da811ee5ef6729f
dlmcdonough
Thu, 10 Apr 2014 14:22:21 -0400
http://www.businessinsider.com/c/5346e15d6da811ee5ef6729f
Again, we do not have enough information...but the article indicates that the preferred were made whole on their cash as part of the deal...that means that the signing bonuses, and any other "guaranteed" comp was above and beyond the full liquidation preference...Which means there was a "return" in this case...It is possible that the participation rights for the preferred in that return, were such that they get an exclusive participation up to some point, even after they get paid back in full, and before common shareholders get anything. However, that is far enough outside the norm, especially right now, that a good lawyer would have succeeded in rejecting that kind of request from the preferred, on this girl's behalf, without endangering funding...and she may not have known that she should or could make such a demand back to investors when they gave her the money...which is why she should have spent the money to get a good attorney back then, no matter how painful that bill is to bear at the time.
And you are right: This is the same reason that the preferred shareholders should and would be on her side if she had a standard common shareholding agreement in place, with standard protections...the cash investors should be every bit as pissed as she is that the company generated a substantial return, but all they got was their money back, while all but one of the common shareholder got "millions." If there was good paper in place, then Google's only alternative would have been to have the engineers quit, and then negotiate individual employment agreements with them...but that path would expose Google to litigation around the IP & confidentiality rights of the company with respect to the work product of those employees, (presuming that google wants them to continue working on precisely what they were working on at the start up).
http://www.businessinsider.com/c/5346e05369bedde234c62d83
Ski Easy
Thu, 10 Apr 2014 14:17:55 -0400
http://www.businessinsider.com/c/5346e05369bedde234c62d83
@Rogerdoger Because you're an Engineer doesn't mean you can be a CEO. Everyone has a skill set and no one can do it ALONE. How many companies of ONE do you know that sold for BILLIONS? How many ugly cars do you know of that sell like HOT CAKES? Designers, developers, engineers, marketers, etc... ALL play a part in making GREAT things. Also @nemsnow Steve Jobs WASN'T a HARDCORE engineer, but Steve Steve Wozniak was.
I get why didn't hire her though as they didn't seem to buy a SUCCESSFUL company, but a company with talented engineers so they took what they wanted(engineers) and not a generalist. If she was an engineer and they didn't hire then it would more so look sexiest.
Lastly I'm a developer, but I never was a NERD and when I read these comments all I see are SEXIEST REVENGE of the NERDS. GTFU!!! High School is over move on! As SMART as some of you are you sure can make some IGNORANT statements.
http://www.businessinsider.com/c/5346de8069beddb828c62d87
First World Traveler
Thu, 10 Apr 2014 14:10:08 -0400
http://www.businessinsider.com/c/5346de8069beddb828c62d87
The folks at google probably asked her about the tech stack used by her very own company and couldnt answer...the folks at Google know what theyre doing
http://www.businessinsider.com/c/5346dc60eab8eafc7c88cdee
dknola
Thu, 10 Apr 2014 14:01:04 -0400
http://www.businessinsider.com/c/5346dc60eab8eafc7c88cdee
To pay the rent?
http://www.businessinsider.com/c/5346dc496bb3f7ae0488cdec
dknola
Thu, 10 Apr 2014 14:00:41 -0400
http://www.businessinsider.com/c/5346dc496bb3f7ae0488cdec
You're not to terribly bright are you. SHE got screwed over by a bunch of guys because she's a woman. That's not only unfair, it's illegal. She has lost out on millions, HER company, and her dignity because the guys couldn't hang with her, at her level.
She didn't make her money back, she got thrown out and her reputation fucked you dweeb, did you read the article?
http://www.businessinsider.com/c/5346d51b6da8116429f67292
therealgreg
Thu, 10 Apr 2014 13:30:03 -0400
http://www.businessinsider.com/c/5346d51b6da8116429f67292
There's nothing illegal about the idea of "preferred stock" which is all it would take for this to happen. If the engineers had common stock that was not in the money due to preferences you cannot argue that they got the value of their stock in some other form if the value of their common was zero. In fact the only people that could gripe that some of the acquisition equity was lost to the engineer's comp packages would be the preferred stock holders.
http://www.businessinsider.com/c/5346d507eab8ea385988cdf0
Schmidt
Thu, 10 Apr 2014 13:29:43 -0400
http://www.businessinsider.com/c/5346d507eab8ea385988cdf0
The author of the article wrote herself: "she didn't get a deal because she was not an engineer". This is the reason she didn't get the job.
All the rest is the typical stupid whining and self-victimizing that would normally lead to 100% female unemployment if wasn't against the law.
http://www.businessinsider.com/c/5346cdaa69beddbb63c62d83
dlmcdonough
Thu, 10 Apr 2014 12:58:18 -0400
http://www.businessinsider.com/c/5346cdaa69beddbb63c62d83
The article says that Google 'bought the company,' and that while this founder got only $10k, the preferred shareholders were made whole in cash, and the other employees got signing bonuses, big salaries and multi-million dollar equity packages.
If that is roughly accurate, and if she was a founder and large shareholder, then she simply needed a better lawyer. That is the lesson here...not discrimination, or engineer vs non-engineer...It is illegal for an aquirer to "hide" the acquisition price in signing bonuses or other employee-specific compensation, post-close, as a way to get around paying equity holders who they do not want to keep....nor can you treat it as an "asset sale" if there is nothing after the deal is done...if she had standard shareholder protections in place from the beginning, then all of the cash paid to investors, plus employee signing bonuses, salary guarantees, (if any), and guaranteed stock comp, (if any), should have been treated as a single purchase value, and split between shareholders, pro-rata, net of any preferred returns.
Given how many of these sorts of deal google does, I have no doubt that they structured this one in a way that is technically kosher...but if the article is right on the facts, then google was only able to screw the founder because the founder did not have good paper in the first place.
http://www.businessinsider.com/c/5346caab6bb3f7173f88cdf1
MPCT
Thu, 10 Apr 2014 12:45:31 -0400
http://www.businessinsider.com/c/5346caab6bb3f7173f88cdf1
It's timely politics
http://www.businessinsider.com/c/5346ca046da8115975f6729d
MPCT
Thu, 10 Apr 2014 12:42:44 -0400
http://www.businessinsider.com/c/5346ca046da8115975f6729d
Yes, but now the White House is issuing Executive Orders making it easier to sue companies for these common practices or any practice they feel is discrimination. And to trial lawyers they've empowered, it's all discrimination.
http://www.businessinsider.com/c/5346c813ecad04356355604b
DirtbagClimber
Thu, 10 Apr 2014 12:34:27 -0400
http://www.businessinsider.com/c/5346c813ecad04356355604b
That's a tough pill to swallow. In her shoes, it would suck and you'd feel like shit.
That said, she's an entrepreneur that's accomplished a lot. She should pick herself up and do it again. She obviously has some talents if she was able to build a venture backed company that was sold off to Google, even if the outcome sucked for her personally. I imagine raising money a second time would be easier. She probably also learned some valuable lessons about ownership (or lack thereof) when raising $.
http://www.businessinsider.com/c/5346c6446da8116368f67295
CrackerJack
Thu, 10 Apr 2014 12:26:44 -0400
http://www.businessinsider.com/c/5346c6446da8116368f67295
I've been an engineer in SV since 1977. It is common for failing companies to be acquired for their engineering talent, technology or both. Those employees which the acquiring company wishes to retain get the "golden handcuffs" while everyone else is let go.
This woman is just a sore loser looking for a reason other than her own lack of value to Google. It's an old story, oft repeated.
http://www.businessinsider.com/c/5346c5966da8116a68f67292
Hiring Manger
Thu, 10 Apr 2014 12:23:50 -0400
http://www.businessinsider.com/c/5346c5966da8116a68f67292
Well if she was the only woman and she was the founder she discriminated in her hiring. She must have been doing the hiring, right? Seems like the woman was threatened by other women. I can see with an attitude like that why they got rid of her.
http://www.businessinsider.com/c/5346c53f6bb3f7e93388cdec
Rogerdoger
Thu, 10 Apr 2014 12:22:23 -0400
http://www.businessinsider.com/c/5346c53f6bb3f7e93388cdec
I have an idea, I want to build cold fusion powered cars. I will design the logo, and take care of the interior coloring and design of the car including the type of leather we will use. I should be the primary person to be rewarded correct? Not the people that actually built it.
In the real world everyone has ideas, but few people can execute on the idea. She clearly was unable to even execute on the idea as she needed to hire a CEO on top of hiring engineers. Doing graphics isn't running a company and pushing things.
http://www.businessinsider.com/c/5346c1e26da811db54f672b1
therealgreg
Thu, 10 Apr 2014 12:08:02 -0400
http://www.businessinsider.com/c/5346c1e26da811db54f672b1
The skills she has and the things she did very well may have been of value, but clearly NOT in this case because the company failed as evidenced by the fact that it resulted in an acquihire where the founder's stock was worthless.
9:10 that's not because the 4 engineers didn't deliver the product but because the idea wasn't viable or marketing execution didn't position the product properly and reach the right people - inj other words 100% of the stuff she did.
It doesn't even mean she did a bad job, there's always a significant element risk with the best planning and execution, but it's pretty obvious that Google was looking to get some engineers, not a "startup generalist" who just whiffed or at best bunted.
She should dust herself off and go do another one, learning from this one, and maybe some day she'll have her success, the recognition she wants and a few million+ in the bank.
http://www.businessinsider.com/c/5346c19eeab8ea491e88cdec
grenadetrade
Thu, 10 Apr 2014 12:06:54 -0400
http://www.businessinsider.com/c/5346c19eeab8ea491e88cdec
I think Dummy must have been thinking about the kinds of engineers that work on locomotives.
http://www.businessinsider.com/c/5346c0226bb3f7d61b88ce20
I Me Myself
Thu, 10 Apr 2014 12:00:34 -0400
http://www.businessinsider.com/c/5346c0226bb3f7d61b88ce20
Quick question to the lady: How come you didn't hire any women but had an all-male team?
Oh, only they were talented enough to run your company?
Now quit yelling Sexism! and connect the dots to their logical conclusion.
http://www.businessinsider.com/c/5346bf306da811ed4bf672b2
nemsnow
Thu, 10 Apr 2014 11:56:32 -0400
http://www.businessinsider.com/c/5346bf306da811ed4bf672b2
bill gates and steve jobs were both hardcore engineers before running their companies. is your post social engineering or just flat out ignorance?
http://www.businessinsider.com/c/5346be466da8113149f6729c
tgn
Thu, 10 Apr 2014 11:52:38 -0400
http://www.businessinsider.com/c/5346be466da8113149f6729c
Expect a 1000 more useless stories like this in an effort to promote the democrats dream that everyone gets paid the same wages no matter what work they do.
http://www.businessinsider.com/c/5346bd7469bedd5c1fc62d8f
grenadetrade
Thu, 10 Apr 2014 11:49:08 -0400
http://www.businessinsider.com/c/5346bd7469bedd5c1fc62d8f
... and what did they do to make sure they get what's theirs? Right... funny dat.
http://www.businessinsider.com/c/5346bc726da8114a41f67294
Dummy
Thu, 10 Apr 2014 11:44:50 -0400
http://www.businessinsider.com/c/5346bc726da8114a41f67294
"No one cares if it's your idea, or if you designed the logo, etc., if you can't contribute to the company's growth or worth"
Yeah, other than coming up with the product idea, designing the experience, creating the brand that made it popular and launching it, what the HELL did you do to contribute to the product's success?
By the way -- Steve Jobs, Bill Gates, and a large host of other very well-paid men in technology weren't engineers either. Somehow, they managed to get paid. Funny dat.
http://www.businessinsider.com/c/5346bbf26da8115e3cf67294
Quark Hadren
Thu, 10 Apr 2014 11:42:42 -0400
http://www.businessinsider.com/c/5346bbf26da8115e3cf67294
Bunch of junk. She was the founder. It isn't unusual for the head executives/owners to be left behind when a company is bought out. Happens all the time. AND she was not an engineer and they were. Sheesh - only the stupid could say it was 'only' because she is a woman. (But apparently, the stupid are in the majority...)
http://www.businessinsider.com/c/5346bb8a6da811ba3bf6729a
therealgreg
Thu, 10 Apr 2014 11:40:58 -0400
http://www.businessinsider.com/c/5346bb8a6da811ba3bf6729a
I consider her to be a victim of sorts.
Yet another member of [gender/race/sexual orientation] who has been sold that if anything goes wrong it's probably oppression. She sounds immature and somewhat clueless about what it takes to be successful, what businesses value, or how to even recognize success, but we all start out like that and eventually learn that success is part circumstantial (and focus more on strategically managing our circumstances once we have a few painful learning experiences).
Sadly, unlike those of us who don't have (or choose) identity oppression to turn to as a handy explanation, she's not as likely to look at her assumptions, choices and behaviors, try to figure out why things didn't go as she hoped and adapt accordingly. She can just assume it all comes down to "we can leave you with nothing because you’re a girl and you have a rich boyfriend" and avoid the humbling introspection.
http://www.businessinsider.com/c/5346b88169bedde211c62d85
daniel p
Thu, 10 Apr 2014 11:28:01 -0400
http://www.businessinsider.com/c/5346b88169bedde211c62d85
It is pathetic how she tries to make this about gender, and then proceeds to outline perfectly good reasons to discard her. I am not saying that it's fair she got left out, but it was the buyer's prerogative to make that decision since they are putting the money. It's a good thing she is still anonymous, because this story would reflect very poorly on her rather than Google.
http://www.businessinsider.com/c/5346b83e69bedd8808c62d93
grenadetrade
Thu, 10 Apr 2014 11:26:54 -0400
http://www.businessinsider.com/c/5346b83e69bedd8808c62d93
This isn't a woman issue, it's a stupidity issue. No one cares if it's your idea, or if you designed the logo, etc., if you can't contribute to the company's growth or worth. That's why people who are in this kind of position make sure that they get what's theirs in legal, written agreements, to their share of the company, if later on they're acquired (or goes public). Doesn't sound like she did that and only counted on the kindness of her coworkers, so she only has herself to blame.
http://www.businessinsider.com/c/5346b726ecad04681d556053
tokenflip
Thu, 10 Apr 2014 11:22:14 -0400
http://www.businessinsider.com/c/5346b726ecad04681d556053
Even marketing managers, social media or COO's can be founders. But if you're not an engineer, and Google doesn't take you in the acquisition, don't be surprised and complain about it all over social media.
http://www.businessinsider.com/c/5346b3796bb3f7066c88cdee
0racle
Thu, 10 Apr 2014 11:06:33 -0400
http://www.businessinsider.com/c/5346b3796bb3f7066c88cdee
Why did you take the money?
http://www.businessinsider.com/c/5346b1036bb3f7016c88cdf0
depression
Thu, 10 Apr 2014 10:56:03 -0400
http://www.businessinsider.com/c/5346b1036bb3f7016c88cdf0
Why is she complaining ? She's the founder was she not ?for her to get so little means that her company was almost a failure. ...
Shouldn't she be happy that the people and institutions she borrowed money from will be paid back in full?
Oh wait this is the tech world and people are only out for themselves and a quick buck , forget the investors.
http://www.businessinsider.com/c/5346b10069bedd6873c62d86
Mathieu
Thu, 10 Apr 2014 10:56:00 -0400
http://www.businessinsider.com/c/5346b10069bedd6873c62d86
To me it sounds more like she was left behind because she wasn't an engineer than it does because she's a woman. As for the payout, I do think more than $10k would have probably been fair, but we don't know both sides of the story either. | M&A | 0.988663 | [
{
"label": "M&A",
"score": 0.9886630177497864
}
] |
ISpot Acquires Ace Metrix to Improve Measurement of TV Advertising
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Tech firm iSpot's CEO explains how its first acquisition will help big brands like Procter & Gamble understand how their TV ads perform
Lauren Johnson
2021-01-15T16:48:42Z
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Sean Muller, CEO and founder of iSpot.tv.
iSpot.TV
This story is available exclusively to Insider subscribers.
Become an Insider and start reading now.
TV technology firm iSpot.TV has acquired Ace Metrix for an undisclosed price.
The race for ad tech companies to make money from TV is growing and the coronavirus has increased brands' demand for data on their ads' effectiveness.
ISpot CEO Sean Muller said the acquisition would let iSpot help marketers better understand how their TV ads perform.
Visit Business Insider's homepage for more stories.
Consolidation continues to roll up advertising tech companies that specialize in changing how TV ads are bought, sold, and measured.ISpot.TV — a TV measurement firm that pulls together data from networks and smart TVs — has acquired 13-year-old TV measurement company Ace Metrix for an undisclosed price.Marketers are increasingly looking for ways to measure TV ads like digital ads and track metrics like sales and lead generations, and iSpot founder and CEO Sean Muller said that the acquisition would let iSpot help marketers better understand how their TV ads perform. For example, a carmaker could see if messaging drives car sales and predict what creative will perform in upcoming campaigns. ISpot and Ace Metrix collectively work with 500 brands including Procter & Gamble, T-Mobile, and Google.ISpot sells technology that marketers use to plan and target linear and
streaming
TV ads, tracking if an ad led someone to take an action like buying something online, downloading an app or visiting a store. Advertisers also use iSpot's technology to see where their competitors are running ads.Ace Metrix runs surveys that gauge how consumers felt after seeing an ad. Marketers use the data to measure softer metrics like purchase intent and brand recall.ISpot and Ace Metrix compete with companies like TVSquared, TVision, and Comscore.Read more: Ad tech companies are moving full speed ahead to chase OTT ad dollars. Here are the 13 companies poised to win the most."There's only two reasons why brands invest in advertising: To drive business results [or] to build brand awareness and impact," Muller said. "We've had the business impact, and Ace Metrix allows us to now measure the brand impact."ISpot has raised $57.8 million from investors including Madrona Venture Group and was recently cited by investment bankers and consultants as an acquisition target itself.A cottage industry of so-called TV tech companies have popped up over the past few years to shake up the decades-old way that TV ads are bought and measured. Companies like LiveRamp and Comcast-owned Freewheel have acquired adtech companies Data Plus Math and Beeswax to push further into TV tech.Muller said that the coronavirus has helped iSpot grow as marketers switch between creative promoting sales and creative specific to issues like the coronavirus or Black Lives Matter.Muller said that the firm may make other acquisitions after Ace Metrix, whose roughly 40 employees will join iSpot.
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Salesforce Competed With Zoom for Five9 Acquisition: RBC Note
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It's starting to look like Salesforce went after the same mega-acquisition as Zoom, and it hints at who the $242 billion cloud giant could buy next
Paayal Zaveri
2021-08-16T21:00:20Z
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A new SEC filing on Zoom's $14.7 billion Five9 purchase shows it had to compete with another firm.
RBC analysts believe the other firm was Salesforce, a logical fit for Five9's contact-center tech.
If that's true, it may mean Salesforce wants to buy contact-center or customer-engagement firms.
In July,
Zoom
announced its intention to buy Five9, a provider of cloud-contact-center software, for $14.7 billion, in its biggest acquisition to date.A new filing with the Securities and Exchange Commission on Monday showed that Zoom had competition for the deal. And while Zoom didn't disclose which other company it might have been — referring to it only as "Company A" — analysts at RBC said in a research note that they believed it was Salesforce, the $242 billion cloud-software giant.A spokesperson for Salesforce said the company didn't "comment on rumors or speculation." But in that filing, Zoom reported to the SEC that Five9 CEO Rowan Trollope was approached earlier in the summer by Company A, which said it was interested in "an 'at market' stock transaction with Five9." At the time, Five9 was valued at about $12 billion.But in later discussions, the CEO of that company "noted that it would take several months before Company A would be in position to enter into such a transaction," the proxy said. Discussions with the other interested company ended after Five9's board and management team decided that the proposal and its level of interest in a transaction "were not sufficiently compelling." This resulted in Five9 ultimately going ahead with its deal with Zoom.In a note to clients, the RBC analysts pointed out that Salesforce's massive $27.7 billion purchase of
Slack
had not yet closed when the deal between Zoom and Five9 was publicly announced. Under those circumstances, it would have been difficult for Salesforce to buy a company of Five9's scale right away.The analysts also said Salesforce generally preferred to pay for acquisitions in stock, which reinforced their belief of the cloud titan's involvement — not to mention that Five9's software would fit right into Salesforce's portfolio of marketing and customer-engagement tools."We believe Company A is Salesforce given the all-stock nature of the deal, the pending WORK acquisition, and how FIVN would fit into the broader Salesforce suite," Rishi Jaluria, an RBC analyst, wrote. From RBC's perspective, the notion that Salesforce was looking to buy Five9 is a signal that the company is interested in pursuing larger acquisitions, even so soon after the Slack deal closed. Furthermore, it hints that those acquisitions might be in the contact center or larger customer-engagement space.Rebecca Wettemann, a Valoir analyst, noted that Salesforce already has Service Cloud, a robust offering for customer-service agents that helps them communicate with customers just about every which way — with the exception of voice, which it leaves to partners like Amazon Web Services.Adding a fully fledged contact-center platform like Five9 would have given it a wholly owned alternative that could help it capitalize on a larger pandemic-driven push for virtual contact centers."The contact-center market is hot," Wettemann said. "Not just because Zoom acquired Five9, but because with the move from in-person to digital, that is not going away, everyone's looking at, how do they modernize their contact center?"Other contact-center companies named by Wettemann as prospective Salesforce acquisitions include Genesys, Nice, and Talkdesk. Of note, Talkdesk has received funding from Salesforce's venture-capital arm. Salesforce has been known to acquire startups from its portfolio.In the bigger picture, RBC's Jaluria said that while contact-center software was one space Salesforce could be looking at, he thought it might be looking more broadly at any kind of customer-engagement tools.Ultimately, Jaluria takes Salesforce's likely involvement in the Five9 deal as an indication that Salesforce is always looking to grow through mergers and acquisitions."That's an ongoing thing in their business model," Jaluria said. "They'll have multiple projects ongoing at the same time. I think it's just more about the right asset at the right time."Do you work at Salesforce, Zoom, or Five9? Contact this reporter via email at [email protected] or Signal at 925-364-4258. (PR pitches by email only, please.)
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Fintech Megadeals Report: Top M&a Consolidations in 2019
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FINTECH MEGADEALS: How FIS-Worldpay, Fiserv-First Data, and Global Payments-TSYS acquisitions will reshape the fintech landscape
Lea Nonninger
2019-12-18T16:06:00Z
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Mergers and acquisitions (M&As) in the payments industry reached a record high in 2019. M&A deals spiked from $31.8 billion in H1 2018 to a total of $116.6 billion in H1 2019, per Dealogic.
Business Insider Intelligence
Three deals made up the majority of funding activity: Fiserv bought First Data for $22 billion, FIS acquired Worldpay for $43 billion, and Global Payments scooped up TSYS for $21.5 billion. Of note, although these deals didn't close until the back half of the year, Dealogic includes the activity in H1 2019's total, when the deals were presented; Dealogic's deal values also differ slightly from the closing values.The inking of three deals of this magnitude in such a short period highlights an important development in the payments space — the need to consolidate. Startups like Adyen, Stripe, and Square have disrupted the industry, solving friction points for consumers and businesses. Amid the new status quo, incumbent payments firms are struggling to meet their customers' demands, which is forcing them to team up and consolidate to better serve their clientele.In the Fintech Megadeals report, Business Insider Intelligence explores the key drivers that are fueling consolidation in the payments space. We then take a closer look at the three biggest payments acquisitions we've seen so far this year, and discuss each player's business model; evaluate the strengths, weaknesses, opportunities, and threats of each merger; and highlight the industry importance of the three deals. Lastly, we evaluate what consolidation in the fintech industry will look like in the future.The companies mentioned in this report are: Adyen, FIS, Fiserv, First Data, Global Payments, Payoneer, Square, Stripe, TSYS, and Worldpay.Here are some of the key takeaways from the report:Payments is arguably the most mature segment of fintech, and the industry has been disrupted by digitally enabled and innovative solutions from new entrants for a long time, likely because there are multiple friction points for consumers and businessesThe need for consolidation in the payments space is being fueled by four drivers: changing client demands, competition from startups, increased pricing pressures, and low margins in the space.All three of the megadeals — Fiserv and First Data, FIS and Worldpay, and Global Payments and TSYS — were partly defense plays from incumbents to combat competition from agile startups in the space, as well as to increase their transaction volumes to better accommodate low margins and fees. M&A activity in fintech will continue and start to involve smaller players, with acquisitions being more targeted at areas with many friction points. In full, the report:Explains the reasons behind consolidation in the payments space.Highlights the three megadeals that were struck in the first half of 2019.Evaluates the strengths, weaknesses, opportunities, and threats that each merger offers for the companies involved.Outlines what the future of consolidation in payments and fintech will look like.Interested in getting the full report? Here's how you can gain access:Join other Insider Intelligence clients who receive this report, along with thousands of other Financial Services forecasts, briefings, charts, and research reports to their inboxes. >> Become a ClientPurchase the individual report from our store. >> Buy The Report HereAre you a current Insider Intelligence client? Log in and read the report here.More Financial Industry Topics:US Banking CompaniesDigital Banking TrendsFinancial Services IndustryFintech Companies & StartupsInsurtech CompaniesNeobanks
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LinkedIn Acquiring Bizo For $175 Million
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LinkedIn Just Bought A Business Marketing Company For $175 Million
Jillian D'Onfro
Jul. 22, 2014,
5:05 PM
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Sylvain Kalache/flickrLinkedIn CEO Jeff WeinerLinkedIn just bought a business marketing company called Bizo for $175 million.
LinkedIn's David Thacker writes that Bizo's team has been part of its API Partner Program for a while and the acquisition will help it establish "a comprehensive B2B marketing platform for brands."
Bizos helps advertisers find and target new businesses.
This news comes soon after LinkedIn announced that it was buying Newsle last week. LinkedIn is funding this deal 90% with cash and 10% with stock.
Here's the full blog post from Bizo, which was founded in 2008 and has raised about $20 million in capital:
When we started Bizo just over six years ago, our goal was to build an unbeatable team, culture and product to help B2B marketers drive greater revenue and results. We have come a long way towards delivering against this vision and at the same time see a huge amount of opportunity ahead of us.
As we focus on the road ahead, I couldn’t me more thrilled to share the exciting news that LinkedIn has agreed to acquire Bizo.
We have been a LinkedIn partner for a while now, and when we started to develop that relationship a few years ago, it became readily apparent that we shared very strong and positive employee cultures, and that we both had a similar way of thinking about building out our respective businesses, with core customer-first and member-first mindsets.
LinkedIn’s mission is to connect the world’s professionals to make them more productive and successful, while Bizo’s is to help B2B marketers get to the right people. We realized that our respective missions are incredibly well aligned, and we believe that combining forces will accelerate our ability to execute against the huge opportunities ahead. The combination of LinkedIn and Bizo greatly increases our ability to be the most effective platform for B2B marketers to reach their audiences, nurture prospects and acquire customers.
We see incredible opportunities in the coming years to continue to scale our mission beyond what we ever thought possible -- and create a big win for our customers, employees, and LinkedIn members. For more context on the announcement from LinkedIn, please see their blog post.
Thanks to all of the Bizo team, customers, partners, shareholders and supporters for your incredible dedication and support over the past 6+ years. We have a lot of exciting work ahead of us – stay tuned!
SEE ALSO: Some Companies Once Banned Their Employees From Using LinkedIn
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WPP’s Acquisition Emphasizes Amazon’s Ad Potential
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WPP’s acquisition emphasizes Amazon’s ad potential
Kevin Gallagher
2017-05-11T13:48:00Z
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This story was delivered to BI Intelligence "Digital Media Briefing" subscribers. To learn more and subscribe, please click here.WPP-owned Possible, a digital marketing firm, has acquired Marketplace Ignition, a consulting firm that helps brands refine advertising and e-commerce strategies specifically for Amazon.In many ways, Amazon is the sleeping giant of digital advertising: As it works to bring programmatic tools to the market, the company can use troves of user data, from Prime Video stats to transactional history data, to offer advertisers the opportunity to target Prime customers.Amazon's sheer scale represents a formidable threat to Facebook and Google, and once it aggressively pursues ad dollars, there may be a significant shift in how ad budgets are spent online. Tying online ad spend directly to sales conversion is the holy grail of digital advertising, and Amazon is best positioned to leverage user and purchasing data to take share from the two-horse race that is Facebook and Amazon.Amazon is on track to make $5 billion in ad revenue in 2018, according to Morgan Stanley estimates. Meanwhile, consensus revenue estimates for Facebook and Google are $49 billion and $125 billion, respectively. While Amazon certainly has an uphill battle when it comes to the digital duopoly, it also has an industry-leading e-commerce store that is unparalleled by either.There's no question that consumers are increasing the amount of time they spend consuming digital media, while advertisers are increasing their ad budgets into digital channels. What may come as a surprise, however, is the complexity of the interconnected web of companies involved in the process of delivering digital advertisements to end users. Collectively, these companies are known as “advertising technology,” or “ad tech” for short.Ad tech companies are intermediaries between advertisers and publishers, and add value to the ad delivery process by consolidating inventory, automating workflows, and offering precise targeting capabilities at scale. The automation of ad buying is also known as “programmatic advertising” — that is, using technology and software to buy digital ads. Programmatic ad spend in the US is quickly ramping up: It will top $20 billion this year and reach $38.5 billion by year-end 2020. But ad tech's ascendancy isn’t without its drawbacks. The advertising industry in the US is dominated by two main players: Facebook and Google. As a result, ad tech players are fighting for a pretty small piece of revenue pie, one of the many drivers of increased consolidation in the space.Kevin Gallagher, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on ad tech that examines the different players involved in the process of delivering ads, the formats that are driving growth (notably mobile and video), and the factors that are driving increased consolidation over the coming years.Here are some key points from the report:By 2020, mobile will be the biggest online advertising market, and video the fastest growing.So-called "walled gardens" Google and Facebook lead a relatively small group of players that attract the vast majority of digital-ad spending in the US today. Growth can be challenging for players outside the walled-garden duopoly, and many companies are reaching a level of maturity that may prompt investors to push for an exit.Ad tech is poised for consolidation, and the number of companies in the industry will decline significantly over the next few years.Companies specializing in certain ad formats like mobile, video, and TV are attractive targets. They are well positioned to take advantage of the fastest growing segments of digital media.In full, the report:Forecasts US programmatic revenue through 2020.Highlights the factors driving consolidation, and identifies new acquirers and attractive targets.Explores the challenges ad tech companies face including the dominance of walled gardens, ad blocking and measurement.Outlines emerging technologies that will help propel ad growth in the next decade.Interested in getting the full report? Here are two ways to access it:Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. » START A MEMBERSHIPPurchase & download the full report from our research store.» BUY THE REPORT
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Apttus Acquired by Private Equity Firm Thoma Bravo
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Two months after its founding CEO mysteriously left, the once IPO-bound Apttus has been acquired by a private equity firm
Becky Peterson
2018-09-04T20:07:37Z
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Apttus cofounder Kirk Krappe abruptly left his role as CEO on July 2. Now Apttus has a new majority owner.
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Two months after its founding CEO mysteriously left the company, Apttus has a new majority owner.The private equity firm Thoma Bravo, which also owns the cloud security company Barracuda Networks, announced its majority acquisition of Apttus on Tuesday. The terms of the deal were not disclosed.Apttus, which was last valued at $1.86 billion, previously said it would IPO in 2016, and again in 2017.But the company never made it to Wall Street.Two months after Apttus's founding CEO Kirk Krappe mysteriously exited the company, the sales software startup has a new majority owner.On Tuesday, the software-heavy private equity firm Thoma Bravo announced that it acquired a majority stake in Apttus. The companies didn't disclosed the terms of the deal.David Murphy, former president and COO of Blue Coat Systems and a partner at Thoma Bravo, will take over as executive chairman at Apttus, a role left in flux since Krappe's abrupt departure on July 2.Krappe, who co-founded the company in 2006, was replaced by a newly created "office of the CEO," which it said would run the company until it could find a new CEO. Krappe didn't respond to a request for comment and Apttus declined to comment on the circumstances of his departure."What we can say is that Apttus views this development positively and believes Thoma Bravo can instill greater operational excellence, strengthen our market leadership and allow us to continue providing indispensable value to our customers," an Apttus spokesman said of the acquisition. Majority acquisition comes after missed IPO promises Apttus sells "quote-to-cash" software which integrates with customer relationship management programs like Salesforce to automate the contract and payment process. The company was last valued at $1.86 billion in 2017, according to PitchBook, after raising $55 million led by the private equity firm Premji Invest, with participation from existing investors at Salesforce Ventures, K1, IBM Ventures and Iconiq Capital. Krappe told TechCrunch that Apttus would IPO in 2016 if it didn't get bought. Later that year, he told MarketWatch that the company intended to go public in 2017, under then-chief financial offer Sydney Carey. In December 2017, however, Carey was replaced as CFO by Terry Schmid. Schmid previously worked as CFO at Imperva, which he took took public in 2011. In October 2017, Bloomberg reported that Apttus hired Goldman Sachs to manage the offering.It's unclear whether Apttus intends to pursue an IPO under its new ownership structure, but that route isn't common when it comes to private equity owners. Typically, private equity firms like Thoma Bravo buy companies like Apttus in order to sell them down the road at a premium. In February, Thoma Bravo acquired the cloud security company Barracuda Networks for $1.6 billion. In April 2017, it acquired a minority stake in the security software company McAfee, which was previously part of Intel.
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Google's HUGE Acquisition Spree Continues!
Jay Yarow
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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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UKDEAUSIDINMYSG | M&A | 1 | [
{
"label": "M&A",
"score": 1
}
] |
Here's What The Girlfriend Of Summly's 17-Year-Old Founder Thinks Of His $30 Million Acquisition
http://www.businessinsider.com/summlys-17-year-old-founder-has-a-girlfriend-and-heres-what-she-thinks-of-his-30-million-acquisition-2013-3/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Sun, 26 Jun 2016 01:17:51 -0400
Alyson Shontell
http://www.businessinsider.com/c/5151f2edecad04720a000015
correction
Tue, 26 Mar 2013 15:11:41 -0400
http://www.businessinsider.com/c/5151f2edecad04720a000015
You mean "she found him before he sold it".
http://www.businessinsider.com/c/5151e15aecad04c06700000b
Erik
Tue, 26 Mar 2013 13:56:42 -0400
http://www.businessinsider.com/c/5151e15aecad04c06700000b
A whole article for "very excited."
Wow BI. Wow.
http://www.businessinsider.com/c/5151c9596bb3f7ec30000003
Girlfriend News
Tue, 26 Mar 2013 12:14:17 -0400
http://www.businessinsider.com/c/5151c9596bb3f7ec30000003
- Is this the feminine or the feminist's take on news? The media-fabricated-genius' girlfriend take: "I'm very excited", but since I don't know what I think nor do I have something else to say I'll just leave it at that profoundly insightful statement.
- The kid program may be fine, but how much do you think it would cost, plus the chance of failure, to even try to patent his program the way his patent attorney MOM did for him? Just do it! He says. Yeah, right on. Yahoo didn't really buy the software, but the unique patent protecting the kid's software.
http://www.businessinsider.com/c/5151c49969bedd587e00000d
Woods
Tue, 26 Mar 2013 11:54:01 -0400
http://www.businessinsider.com/c/5151c49969bedd587e00000d
She is saying : Yes, I love you!
She is thinking: JACKPOT!
http://www.businessinsider.com/c/5151bbd16bb3f7e717000002
huh?
Tue, 26 Mar 2013 11:16:33 -0400
http://www.businessinsider.com/c/5151bbd16bb3f7e717000002
So a guy is dating a chick who gets her dreams fulfilled by dating a guy who is now rich. WTF>
Que Amazing story for BI.
ps. I ONLY clicked to see a pic of how hot she is..(not even that)....this article is seriously pathetic.
http://www.businessinsider.com/c/5151b321ecad04f00d000008
Stevex
Tue, 26 Mar 2013 10:39:29 -0400
http://www.businessinsider.com/c/5151b321ecad04f00d000008
I wish my mum was a patent lawyer who would patent this for free for me..and live in a posh part of London. lol
http://www.businessinsider.com/c/5151aedfecad04c304000012
the good news
Tue, 26 Mar 2013 10:21:19 -0400
http://www.businessinsider.com/c/5151aedfecad04c304000012
at least he found her before he sold it | M&A | 0.999875 | [
{
"label": "M&A",
"score": 0.9998749494552612
}
] |
Medline's Private-Equity Buyout Sets Benchmark for More Big M&a
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Finance
Medline is financing its record LBO with roughly $17 billion from debt markets — and it could set the stage for a surge of massive buyouts
Aaron Weinman
2021-06-16T16:51:20Z
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Medline provides and manufactures medical supplies.
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Medline's roughly $34 billion buyout is the largest since the financial crisis of 2008.
Bankers will look to bond and loan markets across multiple currencies to fund the deal.
Medline's buyout will test market depth and act as a bellwether for more large-scale M&A.
Medline Industries' record-breaking buyout by a trio of private investors earlier this month has investment bankers sharpening their pencils.The healthcare supplier's near $34 billion sale to Blackstone, Carlyle, and Hellman & Friedman will feature roughly $17 billion in debt financing, and the rest in equity, sources familiar with the sale told Insider. Bankers are expected to spread the debt among the high-yield bond and leveraged loan markets, and may also tap multiple currencies such as dollars and euros to support the acquisition.Medline's buyout is the largest private-equity purchase in healthcare, and the largest overall since the financial crisis of 2008, according to Refinitiv data.Given its sheer size, dealmakers view the financing as a litmus test, of sorts. Not only will Medline's financing measure the depth of an investor base eyeing higher-yielding opportunities, but if successful, the debt for Medline may set the stage for a surge in gargantuan buyouts.Spokespersons for Carlyle, Hellman & Friedman, and Blackstone declined to comment. A spokesperson for Medline did not respond to a request for comment before press time."Our own M&A pipeline in the last couple of months has really taken off, so we're looking at a very active third and fourth quarter," Ted Swimmer, the head of corporate finance and capital markets at Citizens told Insider. "I also think companies would like to explore opportunities ahead of any potential tax change at the end of this year." Indeed, a proposal from the Biden administration to hike capital gains tax could spur companies to advance any potential sales plans to avoid forking out the extra tax costs. And with $1.6 trillion in cash at their disposal, according to Preqin data, private equity firms are well-placed to put that money to work.'Disruptions create opportunities'While the Fed's loose monetary policy has kept borrowing costs low and enabled companies to binge on cheap debt, buyout titans like Blackstone and KKR waited patiently for markets to heal last year before ramping up their M&A plans.With recovery now seemingly in full swing, however, it appears private equity is ready to pull the trigger on larger purchases."It's an extremely frothy market. Funds have liquidity, and they're actively looking to buy," said Gary Blitz, the co-CEO of AON's M&A and transaction solutions arm, who also focuses on tax-based insurance.Thoma Bravo cut an $8 billion equity check to fund its $12 billion purchase of tech firm Proofpoint, Insider reported last month. The roughly $3.4 billion in debt financing to support that deal is currently on investors' desks in the syndicated loan market, sources have said.The tech-focused investor also penned a $2.3 billion loan from direct lending firm Owl Rock Capital to fund its $3.75 billion buyout of Calypso Technology, sources told Insider in April.Medline has also obtained a $1 billion commitment from Abu Dhabi Investment Authority and an investment from Singapore's sovereign wealth fund GIC, alongside the private equity firms, Bloomberg reported earlier this month."After a scenario of volatility, you typically see lots of M&A. Sometimes, disruption creates opportunities for companies looking to restructure or sell," David Moffitt, the co-head of US credit management at asset manager Investcorp, told Insider.Credit markets, meanwhile, remain accommodative.Investors are clamoring for more funding opportunities linked to M&A as these deals typically offer greater returns.And big buyouts like Medline traditionally involve significant sums of new money in the bond and loan markets."Credit is loose everywhere and evaluations are ridiculous," said Christopher Zook, chairman and CIO at CAZ Investments. "Sponsors can get any amount of capital they want and leverage it however they want."Importantly, however, buyout funds are injecting significant equity into these investments. Medline's getting 50% in equity, while Thoma Bravo's $12 billion Proofpoint purchase was funded with roughly 80% in equity.But not since energy company TXU's $45 billion buyout by KKR in 2007, has the capital markets seen a deal the size of Medline's. In fact, the largest healthcare-linked buyout was also pre-crisis, when Bain and KKR bought HCA for roughly $32 billion in 2006, Refinitiv data showed."This is the largest we've seen in a long time," Citizens' Swimmer said on Medline. "But I think the financing is going to get done well. It shows the depth of the bank market to take on a transaction this big and I think it'll potentially give more sellers the motivation and understanding that you can do large transactions."
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ZA | M&A | 0.999809 | [
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}
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Elon Musk Called Jeff Bezos a Copycat After Amazon Acquires Zoox
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Elon Musk trolls Jeff Bezos, calling him a copycat after Amazon acquires self-driving-car startup Zoox
Katie Canales
2020-06-26T18:21:26Z
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Jeff Bezos, left, and Elon Musk.
REUTERS/Joshua Roberts
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Tesla CEO Elon Musk called Amazon CEO Jeff Bezos a copycat on Friday after news broke of Amazon's reported $1.2 billion acquisition of the self-driving startup Zoox.The tweet used a yellow cat icon instead of the word cat.Amazon's acquisition is a step forward for the company into autonomous driving, an arena that Musk's Tesla has been seeking to dominate.Visit Business Insider's homepage for more stories.
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Tesla CEO Elon Musk took a jab at Amazon CEO Jeff Bezos on Twitter Friday, just a day after the Financial Times reported the Seattle tech giant acquired the self-driving-taxi company Zoox for $1.2 billion.In the tweet, Musk called Bezos a copycat but used a yellow cat icon instead of the word "cat."—Elon Musk
(@elonmusk) June 26, 2020Amazon declined Business Insider's request for comment.The tweet comes as Amazon's acquisition puts the company at a more leveled playing field with Tesla in the self-driving arena.
Business Insider's Mark Matousek reported in May that Amazon was interested in Zoox to help round out its package-delivery processZoox's vehicles are designed for ride-hailing, unlike Tesla's, which are designed to go directly to customers.Tesla and Zoox have traded jabs before. Musk said in 2019 that by mid-2020, his company's self-driving cars would be fully operational without human interaction, meaning drivers wouldn't have to look at the road while driving. At Business Insider's 2019 IGNITION conference, Zoox cofounder and Chief Technology Officer Jesse Levinson said there was no chance of that happening."They don't have enough sensors or computers to do that given any remotely known technology that exists that humans have ever created," Levinson said at the conference, adding "they're great cars" and that the Tesla Autopilot system "on the freeway is, I think, the best out there ... I think if he focused on that aspect it would be better received."
Tesla's Autopilot feature, even in its "full self-driving" options, is not yet fully autonomous and still requires human interaction. Zoox was recently valued at $3.2 billion. Like other autonomous-vehicle companies, Zoox has taken a hit from the economic fallout of the COVID-19 pandemic and laid off 120 employees in April. The company has struggled to raise capital recently, according to Axios, and this deal could help it stay afloat.
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ZA | M&A | 1 | [
{
"label": "M&A",
"score": 1
}
] |
TECHSTARS' BIGGEST EXIT YET: ThinkNear Gets Acquired For $22.5 Million
http://www.businessinsider.com/techstars-biggest-exit-yet-thinknear-gets-acquired-for-225-million-2012-10/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Tue, 03 May 2016 17:01:07 -0400
Alyson Shontell
http://www.businessinsider.com/c/508ae2c469bedd956b000003
www.topsuggsonsale.com
Fri, 26 Oct 2012 15:21:40 -0400
http://www.businessinsider.com/c/508ae2c469bedd956b000003
How do you like our English literature Prof.None of your business!I walked across the park.How can I climb up that wall!Just wonderful!I'll furnish my house with furniture.I'll furnish my house with furniture.I beg your pardon.He strolls about the town.I believe I haven't reached the summit of my career.
www.topsuggsonsale.com <a href="http://www.topsuggsonsale.com" target="_blank">http://www.topsuggsonsale.com</a>
http://www.businessinsider.com/c/50801025eab8ea7419000009
Paul A.
Thu, 18 Oct 2012 10:20:21 -0400
http://www.businessinsider.com/c/50801025eab8ea7419000009
TechStar's gives $18k in seed money (along with the mentorship) for 6% of the company. So it's pretty safe to say they had close to a 75x return on their seed money.
http://www.businessinsider.com/c/507df25269bedd6305000041
TooLegit
Tue, 16 Oct 2012 19:48:34 -0400
http://www.businessinsider.com/c/507df25269bedd6305000041
A 22mil$ exit is nothing. Techstars is looking llike some HYPPPPPEee
http://www.businessinsider.com/c/507d7939eab8ea1151000002
BM
Tue, 16 Oct 2012 11:11:53 -0400
http://www.businessinsider.com/c/507d7939eab8ea1151000002
I was going to do the same comment. While they indeed generated ~11$ per $ invested, the investors who were part of that $1.7M round certainly didn't get anything close to 10-11x what they invested, your 2.5-4x is probably a lot closer.
http://www.businessinsider.com/c/507d78c86bb3f7697d000002
Jay Yarow
Tue, 16 Oct 2012 11:10:00 -0400
http://www.businessinsider.com/c/507d78c86bb3f7697d000002
Thanks, we just snipped that bit.
http://www.businessinsider.com/c/507d72bceab8ea4239000027
TJ
Tue, 16 Oct 2012 10:44:12 -0400
http://www.businessinsider.com/c/507d72bceab8ea4239000027
I'm not an expert but isn't your ROI calculation flawed? Is this really a 10-11x return on investors money? If the company raised $1.73 million - presumably that was for 20-40% of the company? So in raising $1.73 million the company was actually valued at $4.3 million to $8.6 million? And if they sold for $22.5 million that'd only be a 2.5-4x ROI which in venture investing is generally considered "meh?" | M&A | 1 | [
{
"label": "M&A",
"score": 1
}
] |
Amazon, LivingSocial and the Risks of Failed Acquisitions - Business Insider
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Amazon, LivingSocial and the Risks of Failed Acquisitions
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For early-stage companies, acquisitions can be a vital part of a rapid growth strategy. They allow the business to overcome its natural rate of organic growth and quickly outpace anticipated timelines. Yet, not all acquisitions go according to plan - just ask LivingSocial.
Last week the internet deal provider, a competitor to Groupon, announced nearly $456 million in net loss, most of it attributable to the revaluation of goodwill in 2011 acquisitions. LivingSocial's CEO, Tim O'Shaughnessy, issued a statement to his employees trying to explain the problem: "In layman's terms, we took a charge of around $496 million because we had to revalue some of the companies we acquired last year."
But, it has become evident that LivingSocial is facing deeper issues than simply writing down past acquisitions. Amazon -- a primary investor in LivingSocial with a 29% stake in the company -- blamed LivingSocial's poor acquisitions for Amazon's underwhelming Q3. In its press release, Amazon explained, "The third quarter 2012 includes a loss of $169 million, or $0.37 per diluted share, related to our equity-method share of the losses reported by LivingSocial, primarily attributable to its impairment charge of certain assets, including goodwill.”
LivingSocial's losses played materially into the total $274 million net loss Amazon experienced in Q3. As a result, Amazon lowered its share of LivingSocial to an estimated worth of only $94 million. Amazon's drop in valuation makes LivingSocial worth roughly $325 million, 94% lower than the $5.7 billion valuation in December 2011.
The beginning of the troubles can be traced back to June 2011 when LivingSocial acquired Ensogo, DealKeren, and GoNabit, three deal sites that were rolled up in an effort to develop LivingSocial’s global presence. Despite the right intention, the acquisitions quickly became burdened by integration problems and financial issues, making them much less valuable than estimated. Although all three were acquired by -- and for -- LivingSocial, the troubled integrations created serious financial burdens for Amazon.
High-risk technology companies are typically beyond the investment thesis of most private equity groups, typically the purview of larger tech companies, but that may be changing. In the past few months, many PE shops have started investing in late stage VC rounds or acquiring venture backed companies. As their investments grow riskier, the challenges of high-risk rollups become more relevant. While most PEGs are used to dealing with post-merger integrations, they don’t usually have to think as much about wholesale valuation risks. The case of Amazon and LivingSocial should act as both a warning and a reminder to consider carefully each acquisition, both at the platform and add-on level - and to do deeper due diligence on past acquisitions by fast growing tech companies.
To handle these risks, it is important to have clear acquisition and post-merger integration strategies in place for any portfolio company looking for add-ons. By building clear sourcing and evaluation strategies, you can ensure that your portfolio companies are engaging in the right conversations. LivingSocial -- although pursuing the right channels for an international expansion -- most likely overvalued its acquisitions, given the available cash waiting to be spent. Without any guidance, a first-time rollup could be with an ill-fitted or unsustainable company.
Similarly, by establishing clear post-merger integration strategies and outlines, you can help ensure the maximum ROI on an investment. Sttreamlining the integration process and catching any red flags as soon as they appear can ensure there aren’t any unexpected outcomes later. Be sure to identify potential risks in financials, politics, and communications. If Amazon had been able to identify potential risks with any of the Ensogo, DealKeren, and GoNabit integrations, it might have been able to save LivingSocial -- and itself -- nearly half a billion dollars in goodwill.Read more posts on AxialMarket »
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Amazon, LivingSocial and the Risks of Failed Acquisitions
Amazon, LivingSocial and the Risks of Failed Acquisitions
For early-stage companies, acquisitions can be a vital part of a rapid growth strategy. They allo...
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Amazon Considering Fintech Acquisitions
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Insider Intelligence
This finance trend is so hot even Amazon wants in
Insider Intelligence
2016-04-24T13:00:00Z
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This story was delivered to BI Intelligence "Payments Industry Insider" subscribers. To learn more and subscribe, please click here.The arrival of the age of fintech is about to shake up the financial services world as we know it.Traditional powerhouses are already trying to figure out ways to co-exist with startups that are disrupting aging models. Look no further than the rise of mobile and
digital banking
and the declining relevance of brick-and-mortar banks, particularly among millennials, for evidence of that fact.But it's not just banks that are trying to conquer the fintech space.Amazon is about to try its hand in this market, as the e-commerce giant's head of payments, Patrick Gauthier, recently announced that the company is considering making some fintech acquisitions as valuations in the space start to decline and fintech becomes a more affordable investment.This would be a logical progression for Amazon, which already has a significant and active user base. Amazon has been experiencing increased growth tied to payments, as its payments unit has 23 million active users and has recorded 200% year-over-year growth in merchants adding the "Pay with Amazon" buy button to their online stores.There is also precedent for Amazon to make such a move. Chinese e-commerce giant Alipay has more than 450 million monthly active users and has more than 50% of the online payments market in China. So Amazon could be on the path to building up a similar type of momentum with its own customers.Fintech acquisitions would also make Amazon more competitive with other checkout services such as
Apple Pay
and Visa Checkout. This could be crucial in the next few years, as BI Intelligence, Business Insider's premium research service, forecasts that mobile commerce will make up 45% of all U.S. e-commerce retail sales by 2020.As we watch Amazon's plan unfold, it's clear that no firm will be immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees
Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful
Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the
financial services industry
like:Retail banking
Lending and Financing
Payments and Transfers
Wealth and Asset Management
Markets and Exchanges
Insurance
Blockchain Transactions
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.
BI Intelligence
Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.This exclusive report also:Explains the main growth drivers of the exploding fintech ecosystem.Frames the challenges and opportunities faced by incumbents and startups.Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintechExplains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.And much more.The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.To get your copy of this invaluable guide to the fintech revolution, choose one of these options:Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIPPurchase the report and download it immediately from our research store. >> BUY THE REPORTThe choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.
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Google Has Acquired Canadian Payments Startup Zetawire.
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Google has acquired Canadian payments startup Zetawire.
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Twitter Acquires SMS Company Cloudhopper
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Twitter Acquires SMS Company Cloudhopper
Jay Yarow
2010-04-23T17:29:00Z
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Twitter has made another acquisition-hire, buying Cloudhopper, a two person operation.Twitter describes Cloudhopper as a "messaging infrastructure company that enables Twitter to connect directly to mobile carrier networks in countries all over the planet."
While most people we know use Twitter on their iPhones, there's still a lot of people using text messages for Tweets.There's no financial terms disclosed. Since it's mostly picking up two new employees through the acquisition, not a big business, we doubt it was much.On Cloudhopper's site, it describes founder Joe Lauer as "the inventor of numerous patents and holds a B.S.E with honors in Computer Science Engineering from the University of Michigan Engineering School, Ann Arbor."Kristin Kaanar, the other Cloudhopper employee was in charge of "Carrier integration" according to her LinkedIn page.
See Also: Twitter Finally Reveals All Its Secret Stats
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Lacework Acquires Soluble to Secure Software As It's Written
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Snowflake-backed unicorn startup Lacework just made its first-ever acquisition in a big bet on making security easier for software developers
Katie Malone
2021-11-11T15:32:28Z
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Jay Parikh, co-CEO at Lacework.
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Cloud security company Lacework acquired Soluble, a platform that detects development errors.
Lacework will use Soluble practitioners to better understand customer problems, the CEO said.
The acquisition follows a year of growth for Lacework, including integrations with Snowflake.
In the whirlwind process of software development, security gaps may go unnoticed early on, leaving the enterprise vulnerable to attack. Cloud security startup Lacework is betting on developers as the first line of defense.Lacework announced on Thursday its first-ever acquisition in the form of cloud infrastructure management company Soluble to expand its capabilities to detect security flaws in the initial stages of cloud development, Jay Parikh, co-CEO at Lacework, told Insider. Parikh was formerly the VP of engineering at Facebook before joining Lacework earlier this year. Terms of the acquisition were not disclosed.Lacework has emerged as a hot startup in the in-demand cybersecurity space, raising a $525 million round in January at a $1 billion valuation, even as it touted "300%+ revenue growth in 2020." That round was led by Sutter Hill and Altimeter Capital, with participation by investors including Snowflake Ventures, the venture capital arm of the data warehousing giant which is also now a key Lacework partner.With the Soluble acquisition, Lacework is going after developers in the infrastructure as code space, a philosophy of building and managing software with fewer manual processes involved. Founded in 2019 by LendingClub alums Rob Schoening and Richard Seiersen, San Francisco Bay Area-based Soluble appears not to have raised any venture capital apart from a seed investment by Dell Technologies Capital.Parikh praises Soluble for its familiarity with the realities of how developers build modern software, and its tools for securing it along the process. It's particularly focused on DevOps, the portmanteau of "developers" and "operations" that represents a popular software development philosophy around delivering more code, faster."We're really excited about the expertise that the team brings," Parikh said.Adopting Soluble into Lacework's platform is intended to prevent businesses from only finding out about a security flaw after an application goes live, according to Parikh. Lacework automates the cloud security process by collecting data on flaws in the development process to warn customers about possible errors. What Soluble brings to the table is compatibility with popular cloud development environments like HashiCorp's Terraform, Amazon Web Services's CloudFormation, or the Google-backed open source Kubernetes tool. If a developer accidentally allows access early on that could let unauthorized users in, Soluble's tech will detect the error, alert the developer, and suggest quick fixes.Data collection and analysis from Lacework combined with Soluble's automated security detection and correction tool for infrastructure as code platforms provides "a very unique set of data to the developer and to DevOps engineers that no other system out there can do," Parikh said, while also improving its compability with those popular platforms.In the coming years, Lacework and Soluble anticipate "building out this pillar of functionality for developers and DevOps" across tools used in and across the three major clouds, Amazon Web Services, Microsoft Azure, and Google Cloud, according to Parikh.
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Inside MoneyLion's $75 Million Bid for MALKA and the Future of Fintech
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MoneyLion's CEO details plans for the content company the fintech just bought and how it's going to spend $200 million over the next 2 years to build its brand
Carter Johnson
2021-12-01T16:07:12Z
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MoneyLion Cofounder and CEO Dee Choubey.
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Universal banking app MoneyLion went public via a SPAC deal this September.
In November, MoneyLion bought content-creation firm MALKA as it looks to build its brand.
Cofounder and CEO Dee Choubey shared his thoughts on the SPAC process and MALKA.
When MoneyLion went public in a merger with a special purpose acquisition company, or
SPAC
, in September valuing the fintech at $2.9 billion, it marked another addition to the surging roster of blank-check deals.MoneyLion, a banking and investing app launched in 2013, now counts more than 2.7 million users, an increase of 131% on this time last year. The fintech offers everything from crypto and stock trading to a credit builder and cash-advance tools. It has also inked partnerships with companies like Nationwide to offer their services via MoneyLion.But since going public, MoneyLion's share price has hardly roared, dropping by nearly 50% since it began trading on September 23. The fintech is hardly alone: SPXZ, an ETF that tracks both the pre- and post-merger performance of SPAC listings, is down 30% since it launched in late January. MoneyLion Cofounder and CEO Dee Choubey said the drop in the company's share price is one natural byproduct of the SPAC process. "It's an imperfect product," Choubey told Insider of SPACs. "We're just going through a broad changing of the guard, if you will, where the stock is going from short-term speculative hedge funds, or people that were trading this SPAC asset class, more into long-term holders. It's going to take us a quarter or two for that to really come out of the system," he added.Still, he said he would take the company public the same way again if he could, especially considering the extra capital going public has provided.As part of the SPAC, MoneyLion ultimately added roughly $300 million in cash to its balance sheet. That capital, Choubey said, has been used to fuel growth and M&A — like MoneyLion's $75 million deal for digital-media firm MALKA Media Group this November. "For us, it was the right decision and if we had to do it again, we would do it again as well. We got the capitalization we wanted, we now have public currency that allows us to do M&A, it allows us to hire and recruit the best talent in the country and in the world," Choubey said. Marketing through MALKAWhen MoneyLion announced its acquisition of MALKA, the banking app laid out a clear path for how it plans to bring together the two businesses. Founded in 2012, MALKA produces online content that reaches some 40 million people per month — and has a talent roster that includes more than 30 professional athletes.MoneyLion plans to integrate its products directly into MALKA's live-
streaming
videos: Customers will ultimately be able to purchase MoneyLion services while watching "hyper-personalized content that engages and educates them, daily," the fintech said in a slide deck accompanying the announcement. MoneyLion paid $10 million in cash and $30 million in restricted stock for MALKA, with an additional $35 million delivered should the media business reach certain financial goals in 2021 and 2022. For Choubey, the MALKA acquisition is emblematic of a more agile, and ultimately more fundamental, way of engaging online with customers by reaching them through streaming videos and influencers. The deal comes as big banking players like JPMorgan also increasingly look to online media as one way to grow a customer base. "As we look at what our strategic roadmap is, we're going to be spending $200 million in the next two years building our brand, educating our consumers — on product marketing, product advertising. We want to do it in smart ways. We want to do it in ways where that cost has an even higher ROI to it," Choubey said. "The primary benefit that we're looking for is just increasing the trust that our consumers have in our ecosystem and our ability to provide advice to them. We're not looking to use the content creation capabilities to create more pretty, beautiful ads," he added.
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We Know Goldman Bought An Asset Manager But The Big News Is Who They're Not Acquiring - Business Insider
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We Know Goldman Bought An Asset Manager But The Big News Is Who They're Not Acquiring
Ben Walsh
Feb.
8, 2012,
8:53 AM
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Reuters
reports that Goldman Sachs has acquired Dwight Asset
Management, a specialist in stable-value funds with $42 billion
in assets.
Stable-value funds are popular with soon to be retirees and with
an aging demographic, Goldman saw value in buying a specialist in
the field. The deal is expected to close in the second quarter of
this year, according to sources.
The bigger news, however, is the asset manager Goldman didn't
buy.
In December, Goldman was
rumored to be considering a deal to buy Deutsche Bank's asset
management business. The German bank's asset management division
had almost $700 billion in AUM as of September 2011.
While Deutsche Bank continues to shop its investment
unit, it appears that Goldman had it sights set on a much more
targeted transaction.
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Big Data Giant Acxiom Makes $310 Million Acquisition [THE BRIEF]
Aaron Taube
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Conway Chamber of Commerce / YouTubeAcxiom CEO Scott Howe.Good morning, AdLand. Here's what you need to know today:
Data management giant Acxiom will acquire B2B software company LiveRamp in a deal worth $310 million. LiveRamp's software helps companies match their offline customer data with online audiences to better target their advertising. LiveRamp CEO Auren Hoffman says his company will continue to work with its existing data management clients and hopes to work with "every marketing application in the world."
Ogilvy & Mather New York hired Jenny Gadd as executive director of content production. Gadd most recently served as head of integrated production at Johannes Leonardo.
Freelance creative director Paul Caiozzo joined Goodby, Silverstein & Partners. Caiozzo will start off working on the Comcast/XFINITY account, but his role will also include drumming up new business for the agency.
TD Ameritrade tapped Havas Worldwide to be its lead creative agency. TD Ameritrade's annual media spend is estimated to be $100 million.
Cognac brand Remy Martin is looking for a new global advertising agency.
Heinz chose UM to run its media buying and planning in the U.S. and Canada, and Omnicom Media Group to run its international business.
Intuit made commercials for the three runner-up semifinalists in its Super Bowl ad giveaway contest: egg producer Locally Laid Egg Company, fertilizer company POOP-Natural Dairy Compost, and all-natural dogfood maker Barley Labs. The accounting software company paid for a commercial for girls building toy company GoldieBlox during this year's game.
SapientNitro named KV “Pops” Sridhar to the post of CCO in India. Sridhar was most recently CCO at Leo Burnett — India & Subcontinent.
Previously on Business Insider Advertising:
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Google's 16 Biggest Acquisitions So Far, And What Happened To Them
Matt Rosoff
Aug. 15, 2011,
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Google's $12.5 billion purchase of Motorola will be its biggest acquisition ever -- more than four times the size of DoubleClick, the previous leader.
But over the last decade, Google has been one of the biggest -- and most successful -- acquirers in the tech industry, and owes a lot of its success to these smart buys.
Its core search advertising platform and most of its biggest new businesses, including Android, YouTube, and display advertising, all come from other companies.
Join us as we count down Google's top 16 acquisitions by value and show what happened to them.
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Google's 16 Biggest Acquisitions So Far, And What Happened To Them
Google's 16 Biggest Acquisitions So Far, And What Happened To Them
Without acquisitions, Google would be nowhere.
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Matt Linderman On Yahoo Acquisitions - Business Insider
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Who Remembers This Blistering Dissection Of What It's Like To Be Bought By Yahoo?
Jim Edwards
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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South Korea Acquits Doomsaying Financial Blogger Minerva - Business Insider
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South Korea Acquits Doomsaying Financial Blogger
Joe Weisenthal
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Good news for free speech in South Korea. A court has acquitted "Minerva", the pseudonymous blogger who was arrested in January for writing posts about the economy that were too negative.
Minerva, real name Park Dae-sung, gained a cult following online predicting a financial crisis, including the bankruptcy of Lehman. Though he claimed on his site to be a former finance professional, he was in fact unemployed 30-year old with little economic training.
Now, hopefully he'll start blogging again and someone will make English translations.
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Good news! "Minerva" found not guilty. Now will he start blogging again about the financial collapse?
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The UK Independent Is Looking to Make Acquisitions
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UK news site The Independent is looking to make its first acquisitions as it ramps up global expansion
Lara O'Reilly
2021-02-19T16:55:47Z
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The Independent's final print edition hit newsstands on March 2016.
Leon Neal/AFP via Getty Images
This story is available exclusively to Insider subscribers.
Become an Insider and start reading now.
The Independent is in discussions to acquire or take stakes in other companies, sources told Insider.
Prospective takeover targets include international media outlets and tech firms.
The talks come after a solid year of financial performance and a strong start to 2021.
UK news title The Independent is in talks to make its first-ever acquisitions, people with direct knowledge of the matter told Insider.Some of the discussions are with media companies outside of the UK, with a view to bolstering The Independent's aggressive international expansion plans, those sources said. Elsewhere, the news title is exploring technology acquisitions, said a person involved in the talks.The discussions are at an early stage and The Independent hasn't involved a bank, that person added.While not commenting on ballpark deal sizes, that person said The Independent is "not constrained for the capital [it needs] by current shareholders." The Independent is owned by Evgeny Lebedev, the wealthy Russian-British businessman who also owns sister title the Evening Standard.News of The Independent's first foray into M&A follows a solid financial year, despite the coronavirus pandemic that ravaged many other media companies' advertising businesses.The Independent, which went online-only in 2016, reported a 12% lift in revenue to £30.3 million ($42.4 million) in the 12 months to September 2020, according Companies house filings published this week to Companies House. The title recorded a £2.7 million ($3.8 million) profit, marking its fourth consecutive profitable year.The Independent is also off to a strong start in its latest financial year, according to unaudited internal figures seen by Insider. Revenue between October 2020 and January 2021 grew 29% versus the year-earlier period to £13.6 million ($19 million) — around 15% higher than had been expected. It booked a profit of £2.4 million ($3.4 million) in the period, far higher than the £508,000 ($711,563) it had anticipated. Founded in 1986 as a broadsheet newspaper, The Independent sought to stand out in the fiercely competitive UK newspaper market by not aligning to any specific political parties. Its editorial takes a progressive, liberal-leaning stance on the major issues of the day.The Independent gets around 70% of its revenue from advertising, according to the latest internal figures. Content licensing and syndication account for around a fifth of its revenue. Reader revenue, including the money it generates from its £8.99 ($12.60) a month subscriptions and ecommerce, accounts for around 5% of its turnover. A similar portion of revenue comes from the ad sales, data, and technology support it provides to other publishers and businesses.Last year, The Independent set the wheels in motion for an aggressive international expansion plan. The company has ramped up hiring in the US and India over the past year and has been assessing a move into China.Its global staff now tallies around 250 people, much smaller than that of competitors like The Guardian Media Group, which had 1,495 employees in year ended March 2020; and The Telegraph Media Group, which had 1,251 people on staff in 2019, according to its most recent financial filing.Media analyst Thomas Baekdal said The Independent's nascent acquisitions strategy will depend on its focus."Are they just people with money buying things because they have money?," he said. A better idea, Baekdal added, would be to take its digital publishing model — which was more efficient and profitable than the prior one — and then apply that to the companies it is looking to buy.
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InMobi CEO Naveen Tewari Talks Profits And Acquisition Strategy - Business Insider
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InMobi CEO Naveen Tewari Talks Profits And Acquisition Strategy
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InMobi CEO Naveen Tewari tells us that he expects his mobile ad company -- which he believes operates the largest mobile ad network bar Google's -- to remain a large standalone play in the future, even though it is not yet profitable.
InMobi has about 850 employees in about 30 countries worldwide, of which 125 - 150 are in the U.S. Tewari declined to discuss revenues as the company is still private, having taken a $200 million investment from SoftBank last year.
"We think this could be a standalone company," Tewari said when asked if he believed InMobi would be acquired. Growth has been "so fast and so large, we're one of only a handful of players that exists in this space" at scale, he said. InMobi serves 93.4 billion impressions monthly, across the planet.
But the company is not yet running a profit, Tewari said. "We are in investment mode so we're concentrating on that. We have internal targets but we'd rather keep it that way."
Profits have proven elusive among the large-scale mobile ad network providers. Both Velti and Millennial Media are also currently running at a loss.
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Uber CEO Dara Khosrowshahi Talks About Acquiring Deliveroo
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Uber's CEO just opened the door to a deal to buy $2 billion food delivery firm Deliveroo
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Dara Khosrowshahi has commented on speculation that Uber is in talks to buy $2 billion British food delivery firm Deliveroo.He said Uber is happy with its own delivery business, Uber Eats, but is in talks with many players around the world.Deliveroo CEO Will Shu told Business Insider earlier this month that the firm is not for sale.Uber CEO Dara Khosrowshahi has dropped a hint that his company is looking to buy Deliveroo, the British food delivery company valued at $2 billion.Khosrowshahi is in London this week, where he announced plans to make all of the taxis it operates in the British capital electric by 2025.During his visit, he was asked about reports that Uber is pursuing the acquisition of Deliveroo, a darling of the UK tech startup scene, and a rival to its Uber eats business. Bloomberg originally reported on the talks, which Business Insider sources have since confirmed.Khosrowshahi didn't exactly downplay speculation over a deal. According to Reuters, he told reporters that while Uber is happy with the performance of Uber Eats, it is talking to many players around the world.Khosrowshahi reportedly added: "Is something going to happen with Deliveroo? Who knows?"Deliveroo is one of Europe's biggest startup success stories. Founded in 2013 by Americans Will Shu and Greg Orlowski, it enlists contract employees as couriers, who deliver food from local restaurants in some 200 cities all over the UK, Europe, Asia, and Australia.Deliveroo CEO Shu told Business Insider earlier this month that the firm is not for sale. He added: "We don't comment on rumours. Deliveroo is the fastest-growing company in Europe, so people love to chat about us."
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AOL To Fire Some People Following The HuffPo Acquisition - Business Insider
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AOL To Fire Some People Following The HuffPo Acquisition
Nicholas Carlson
Feb.
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In a filing with the SEC today regarding its $315 million Huffington Post acquisition, AOL announced that it expects "restructuring charges" due to "cost overlap" to total $20 million in 2011.
Translation: the company is planning to fire some people at AOL or HuffPo because their jobs are being made redundant, and AOL expects their severance packages should total around $20 million.
This layoff won't be a big one.
When AOL cut ~1,400 people in early 2010, the restructuring charge was $150 million.
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AOL announced that it expects "restructuring charges" due to "cost
overlap" to total $20 million in 2011.
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$10 Billion Notion Is Acquiring Calendar App Cron
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Hot $10 billion productivity startup Notion is acquiring Cron, a calendar app backed by top execs at LinkedIn and Figma
Paayal Zaveri
2022-06-09T16:00:00Z
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Notion has acquired the calendar app Cron, founded by Raphael Schaad, pictured on the left with Notion CEO Ivan Zhao.
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The popular productivity startup Notion is acquiring the calendar app Cron as it looks to expand.
Notion has been on the rise over the past few years and is focused supporting its growing user base.
Users have been asking for a calendar app, and Cron fits in with Notion's road map, executives said.
Notion, the $10 billion productivity startup that bills itself as an all-in-one workplace, is acquiring the calendar app Cron.As one of the hottest companies in Silicon Valley, Notion has been on the rise over the past few years. It combines documents, internal wiki pages, task-management tools, and spreadsheets in one customizable app. Now with Cron, Notion is adding a calendar to its productivity tools.Notion declined to disclose the terms of the deal, and Cron's valuation is unknown. Cron got its start relatively recently, as it was part of Y Combinator's winter batch of 2020 and raised a $3.5 million seed round led by Initialized Capital in March of that year. Other investors in the round included Figma CEO Dylan Field, former LinkedIn CEO Jeff Weiner, and the Sunrise cofounder Jeremy Le Van.Cron seeks to differentiate itself by making scheduling easier. For instance, a keyboard shortcut allows users to share when they are available via email or text.Notion itself raised $275 million last year as tech workers and TikTok influencers alike embraced its document-driven approach to teamwork and project planning. That brought its total funding to $343.35 million. Notion saw its daily active users quadruple to over 20 million worldwide over the past 12 months amid a larger remote-work boom. The company boasts that 90% of startups on the Forbes Cloud 100 index use the app, too.The two companies share the goal of making people more productive, which is why the deal came together, Madhu Muthukumar, Notion's chief product officer, told Insider. He said many users were excited when Notion executives talked about a calendar integration at the company's user conference in March."Our goal is to build these wonderful tools for people to really unlock their potential," he said. "When you look at the product and you work with it, you just see the same things. You see a really robust, useful tool. It is more than a calendar. Like it truly is how people are organizing their time."Raphael Schaad, Cron's founder and CEO, echoed that sentiment. He and Notion CEO Ivan Zhao first met because they used each other's products. They initially started chatting about building integrations between their two products but quickly realized there was more potential in joining forces, he said."I always saw the calendar as something much more powerful than something that can just have a few business meetings per week," Schaad told Insider.There's also already plenty of user overlap between Notion and Cron, Schaad said. Cron's product isn't in general availability yet, but it already has a lot of buzz, reminiscent of Notion in its early days. Many users have already made simple integrations between the products, like adding a Notion document to a Cron calendar event, he said.The two companies plan to see what their user bases want and integrate the two products from there.For Notion, the acquisition is another step toward its goal of helping people become more productive. Though Notion helps people work asynchronously, many people use it to organize their time, Muthukumar said.Schaad and his small team are joining Notion's 320-person employee base. For now they will continue to build Cron as a separate app, while beginning to work on integrations with Notion."When we look at the product that Raphael and team have built, we know that it's one of those tools that can be valuable every single day," Muthukumar said.Got a tip? Contact this reporter via email at [email protected] or Signal at 925-364-4258. (PR pitches by email only, please.)
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Elon Musk's Twitter Board U-Turn Leaves Door Open to Buying Company
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Elon Musk's U-turn on joining Twitter's board means he's left the door open to buying the company
Isobel Asher Hamilton
2022-04-11T12:13:42Z
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Twitter announced last week that Elon Musk would join its board of directors.
But Twitter's CEO said Sunday night that Musk had ultimately decided against taking his board seat.
This leaves Musk free to try and acquire Twitter if he decides to go down that route.
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In an extraordinary U-turn late on Sunday it emerged that Elon Musk, Tesla CEO and the world's richest person, would not be joining Twitter's board.Twitter CEO Parag Agrawal made the announcement on Twitter just five days after excitedly announcing that Musk would become a director. Agrawal said Twitter offered the board seat to Musk on Saturday, but the billionaire turned it down that same morning.Musk's decision seems to have blindsided Twitter: at the time of writing, Musk remained listed on the company's website as a member of its board of directors.Wedbush analyst Dan Ives said the unexpected move could signal a more aggressive approach from Musk towards buying Twitter stock.
"This now goes from a Cinderella story with Musk joining the Twitter board and keeping his stake under 14.9%, helping move Twitter strategically forward, to likely a 'Game of Thrones' battle between Musk and Twitter," Ives told Insider.He added there was a "high likelihood that Elon takes a more hostile stance towards Twitter and further builds his active stake in the company."Musk revealed in early April that he'd amassed a 9.2% stake in Twitter, making him the company's largest shareholder.Joining Twitter's board would have limited him to buying 14.9% of the company, as outlined in a Securities and Exchange Commission filing signed by Musk.
As he is no longer joining the board, Musk can buy as much Twitter stock as he pleases – meaning he could attempt to acquire the company if he so wishes.It's also possible a board seat would have constrained Musk's capacity for tweeting.Musk is a prolific user of Twitter, with over 81 million followers. Twitter's founder and former CEO Jack Dorsey said in 2016 that Musk was one of his favorite Twitter users.But Musk's tweets carry some risk. In 2018 he agreed to a $20 million settlement with the SEC over an infamous tweet in which he said he was considering taking Tesla private. Part of the settlement involved Tesla introducing "additional controls and procedures" to oversee Musk's tweets.
Agrawal said Sunday that the board was "clear about the risks" of appointing Musk. He added: "Having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward."As Twitter's largest shareholder sitting outside the company, Musk will likely have more freedom to publicly pressure it for changes."Elon is our biggest shareholder and we will remain open to his input," Agrawal said Sunday.In the weeks leading up to the board seat announcement, Musk polled his followers on various proposed features, such as the ability to edit tweets.
Musk himself has remained relatively quiet as to why he decided not to join the board. Following Agrawal's announcement Sunday, Musk tweeted an emoji of a face covering its mouth – but it was deleted hours later, according to the Financial Times.Musk did not immediately respond when contacted by Insider for comment outside normal working hours.
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AccorHotels Acquires Onefinestay for £117 Million
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Europe's largest hotel group has acquired Onefinestay's luxury home rental platform
Sam Shead
2016-04-05T07:39:54Z
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Onefinestay cofounder and CEO Greg Marsh.
onefinestay
Onefinestay — the London startup that lets people stay in expensive, serviced houses in cities around the world — has been acquired by France's AccorHotels for at least £117 million.
The upmarket Airbnb-style platform, founded in 2009, currently operates in London, New York, Paris, Rome, and Los Angeles.AccorHotels said it will invest an additional £50 million in Onefinestay to help the startup scale its platform to over 40 new cities during the next five years.Founded by Greg Marsh, Demetrios Zoppos, Tim Davey, Evan Frank, Onefinestay enables luxury home owners to let out their properties for short periods while the home is unoccupied.The company raised $40 million (£25.4 million) from Intel Capital, Hyatt Hotels, and several other investors last June, doubling the total raised by the company to $80 million (£50.8 million). One of the company's earliest investors was venture capital firm Index Ventures, which has also backed the likes of Facebook, Dropbox, and Deliveroo.
Properties on onefinestay cost upwards of £400 per night to stay in, with some of them worth more than £20 million. Guests that stay in Onefinestay's properties are treated to a range of hotel-like benefits, including welcome on arrival and access to a team on call 24/7.For homeowners, Onefinestay aims to provide "peace of mind, convenience, and flexibility," according to the press release. Onefinestay handles marketing, distribution, insurance, guest screenings, cleaning, management, and maintenance.Following the acquisition, Onefinestay will remain an independent business, meaning guests will still have to visit Onefinestay's website to book a stay.Sébastien Bazin, chairman and CEO of AccorHotels, the largest hotel group in Europe, said in a statement:
Onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet. With the acquisition of this exceptional brand, unique operating model and outstanding management team, AccorHotels is developing as the worldwide leader of the Serviced Homes market. Today, together with our recent investments, we are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals and also strengthening our presence in the luxury market with a complementary offer.
A kitchen in a home listed on Onefinestay.
onefinestay
There are currently 2,600 properties listed on the Onefinestay platform with an estimated value of £4 billion. By comparison, AccorHotels has approximately 3,900 hotels in 92 countries.Greg Marsh, cofounder and CEO of Onefinestay said in a statement that the deal is a "tremendous invitation" for Onefinestay to "write the next chapter."Marsh continued: "We share their deeply held conviction about the scale of the home rental opportunity, and greatly value their expertise, their practical and financial support as we plan the launch of more than 40 new markets over the next five years. With AccorHotels’ help, onefinestay will become a globally recognized byword for exceptional experiences, extraordinary service, and handmade hospitality."
Dominique Vidal, partner at Index Ventures, added: "This a great deal for onefinestay, for Index and for our investors, and another European-born success story. The team led by Greg is as hungry and ambitious as it was when we first invested in 2010 leading the company’s Series A. Accor is a perfect and natural partner to help turn onefinestay into a truly global brand."
Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.
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TikTok CEO Mayer Quits After 3 Months of Wrestling Reins From ByteDance
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TikTok's CEO left 3 months into the job after getting boxed out by ByteDance during TikTok's biggest moment of crisis
Paige Leskin
2020-08-28T15:53:59Z
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ByteDance founder & CEO Zhang Yiming, right; and Kevin Mayer, who just stepped down as TikTok CEO.
Drew Angerer/Getty Images; Zheng Shuai/VCG via Getty Images
TikTok CEO Kevin Mayer announced his sudden departure from the company late Wednesday night after only three months into the job.In a letter to employees, Mayer said he was leaving amid "corporate structural changes" and a changing "political environment," hinting at the bidding war among US tech companies to buy up TikTok's US operations.Reports indicate Mayer wasn't included in acquisition talks with leading bidders Microsoft and Oracle, while ByteDance CEO Zhang Yiming and US investors took leading roles.Even though Mayer was CEO, he appeared to play second fiddle to TikTok's parent company even after signing up to take charge of his own company.This is a circumstance he may be all too familiar with. Before he joined TikTok, Mayer was head of streaming at Disney, and favored to be named the next CEO — but was passed over for the role.Visit Business Insider's homepage for more stories.
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Kevin Mayer joined TikTok as its CEO in the hopes of taking charge of a booming multi-billion-dollar company. It took just three months for Mayer to apparently realize he wouldn't be afforded as much power as he hoped.Mayer told employees late Wednesday night he was stepping down from his dual role as the global CEO of TikTok and chief operating officer of parent company ByteDance. He cited upcoming "corporate structural changes" that made him rethink his role, one created at the start of 2020 partly as a way for TikTok to distance itself from its Chinese owner catching the ire of the Trump administration.But in recent weeks, reports of a potential TikTok acquisition have made Mayer's role seem redundant. ByteDance is expected to close a deal in the next few days regarding its choice to take over TikTok operations in the US and three other countries. Even as ByteDance executives held negotiations in the multi-billion bidding war, Mayer was reportedly left out of the decision-making process altogether.Mayer first came to TikTok as the company was already in turbulent waters, fighting to prove to the Trump administration that the platform's ties to ByteDance did not pose a national-security threat to the US. Based out of Los Angeles, Mayer was an immediate figurehead TikTok could point to as evidence it was separate from ByteDance and China.
But during Mayer's tenure, TikTok's relationship with the US government worsened, as Donald Trump threatened to issue a nationwide ban. In the end, Mayer was given two choices: mire in a legal standoff with the US government, or see a US company buy up the platform to which he was just given the keys.Recent reports have indicated that TikTok acquisition talks have whittled down to two possible deals. On one side, ByteDance CEO Zhang Yiming is leading talks for a Microsoft-Walmart takeover, helped along by Zhang's connections to Microsoft as a former employee. On the other is a group of ByteDance's US investors, including Sequoia Capital and General Atlantic, pushing for a bid from Oracle that already has White House support.Nowhere in those discussions does there appear to have been a space for Mayer to join, CNBC reported. As a result of either deal, Mayer's role as TikTok CEO would no longer be necessary, and his role at ByteDance COO would no longer be possible."As the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for," Mayer said in his letter to employees. "I've always been globally focused on my work, and leading a global team that includes TikTok US was a big draw for me."
Mayer's decision earlier this year to leave Disney in favor of TikTok was likely a difficult one. Mayer was an executive at Disney for nearly 20 years, and was riding high as head of the Disney Plus
streaming
service, which launched in November with enormous subscriber numbers that surpassed analyst expectations. He was the favorite to succeed Disney's longtime CEO Bob Iger. But when Iger suddenly stepped down in February, Disney named executive Bob Chapek as its CEO.The announcement that Mayer would become TikTok CEO came just three months after he was snubbed for the top position at Disney, seeming to indicate he was waiting for an opportunity to be the No. 1 at a company. It took just three months for Mayer to realize that even with the new role, that wasn't happening."I understand that the role that I signed up for — including running TikTok globally — will look very different as a result of the US Administration's action to push for a sell off of the US business," Mayer wrote to employees. "We expect to reach a resolution very soon."
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TikTok's CEO has quit after just 3 months. These are the 27 power players steering TikTok's US operations through uncharted waters.
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Robinhood Acquisition Possibilities, According to Analysts, Investors
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Talk of a Robinhood acquisition elicits visceral reactions from analysts and investors. Here are the pros and cons of a potential deal.
Vicky Ge Huang and
Carter Johnson
2022-04-26T21:47:56Z
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A pop-up kiosk for Robinhood along Wall Street after the company went public.
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Robinhood debuted to a soaring valuation last July, but its share price has fallen since.
With its stock price trading near a record low, some have said Robinhood could be acquired.
Industry experts named Fidelity, Charles Schwab, Goldman Sachs, and others as potential buyers.
What retail traders giveth, they also taketh away. Robinhood, the go-to investing app for beginner traders, attracted a whole new generation of young investors during a historic bull market through most of 2021 where everything seemed to go up and dip-buying was the law of the land. But the golden age for retail investing seems to have ended abruptly in the fourth quarter. With the Fed on track to raise interest rates and tighten financial conditions, everything from pandemic darlings and meme stocks to SPACs and cryptocurrencies sank far below their peaks. Robinhood traders seemed to have become either disengaged or disillusioned. The company reported a net loss of $423 million during the fourth quarter as monthly active users fell 8% from the prior quarter to 17.3 million. Beyond that, it gave a disappointing first-quarter revenue forecast of "less than $340 million," compared to Wall Street's outlook of $448 million.And then on Tuesday, Robinhood announced that it planned to lay off 9% of its workforce, totalling about 300 workers. In a blog post, CEO and cofounder Vlad Tenev said the company had hired too quickly, leading to overlaps in job functions and other issues. Shares of Robinhood sank by more than 5% to a record low below $10 per share in after-hours trading on Tuesday. The stock is now down more than 70% from its debut price. With a market value of about $8.4 billion, questions have been swirling around if Robinhood could be up for sale.To be sure, Robinhood chief financial officer Jason Warnick had told reporters that the company was not interested in selling itself, adding that it had "never been better positioned" after making massive investments around infrastructure and staff in the past year, according to CNN Business. A Robinhood spokesperson had said the company had nothing further to add beyond Warnick's previous statements.Earlier this year, Insider spoke to five analysts and investors about the chances of Robinhood being sold, and why a deal would, or wouldn't, make sense. The case for a dealAny potential sale of Robinhood would come amid an increasingly hot fintech M&A market this year.For one, the stock market's drawdown this year has opened the door for new investors — particularly big private-equity buyout and takeover players — to grab a slice of the massive fintech market. Other fintechs have been making moves as well, as a drive to build super apps and add a bevy of financial tools to existing products leads to consolidation in the space. Banks have hardly been immune to dealmaking, either. UBS' $1.4 billion bid in January for robo-advisor Wealthfront is just the latest example. JPMorgan Chase has been particularly active, inking 11 fintech acquisitions since 2020, including Greece-based Viva Wallet in January. In this environment, Robinhood could consider a sale, according to Ben Carlson, the director of institutional asset management at Ritholtz Wealth Management, a New York-based money manager. It's a prospect Carlson raised on Twitter in late January:—Ben Carlson
(@awealthofcs) January 28, 2022 According to Carlson, the online brokerage has two key value propositions for potential buyers. For one, "Robinhood has one of the best UX of any investment firm that there is," he told Insider. Another is Robinhood's customer demographics, which skew younger and towards smaller account sizes relative to big brokerage houses. For Goldman Sachs, which has been actively building out its own set of banking, saving, and investing tools designed for younger customers, acquiring Robinhood could be a quick and efficient way towards that end, Carlson said. Because of that "irreplicable" element of Robinhood's business, Cardify CEO Derrick Fung also thinks it is possible that large brokerage firms such as Charles Schwab and Fidelity could try to buy the trading app. After all, UBS set an example with its recent $1.4 billion purchase of robo-advisor Wealthfront, even if it plays in a different business than Robinhood. "They've all reduced commissions to zero. They've all tried to replicate Robinhood's business model. They've all rolled out fractional shares, but I bet you they still have a very, very hard time attracting the same demographic as Robinhood," Fung said. "I could see a lot of the brokerages putting up pretty large, sizable offers to acquire Robinhood just to be able to get Robinhood's marketing machine and brands."But buying Robinhood doesn't come without baggage. For one, its very business model has been called into question. Shares of the brokerage fell this summer after Securities and Exchange Commission Chairman Gary Gensler raised the prospect of a ban on payment for order flow, from which Robinhood derives most of its revenue. In Carlson's view, Fidelity, a "behemoth" of a company but a privately-held one nonetheless, would better be able to weather the swirl of controversies surrounding the brokerage compared to publicly-traded names. Of course, any deal for Robinhood would have to come at a price that's palatable to both the brokerage's board and a potential buyer. Robinhood's current market capitalization hovers around $12.5 billion — a far cry from its listing-day valuation of around $32 billion, but still a steep price to pay to acquire a fintech's user-experience technology. "I wonder if Robinhood's board or management team would actually scoff at that because they've fallen 80% from their high-water mark. Selling now would almost be like admitting defeat," Carlson said. The case for independenceOne Wall Street analyst who follows the ups-and-downs of Robinhood isn't convinced that a deal for the online brokerage is in the cards."I never say never, especially with a longer-term time horizon," Devin Ryan, the director of financial technology research and head of business development at JMP Securities, told Insider. "But in the near term, I don't see any sense of urgency where they would be compelled to sell the company, particularly when the valuation is not even close to where the stock has been trading."In Ryan's view, Robinhood is well-capitalized with $6 billion in excess cash. Despite some industry-wide headwinds this year, the company has announced plans to diversify its business model into numerous other areas, including launching a crypto wallet, extending trading hours, entering the retirement market, and expanding their credit- and debit-card platform. Ryan remains bullish on Robinhood, having set a $45 price target for the stock. He noted that investors should not expect Robinhood to reach the abnormally high level of trading volumes it hit during the meme stock mania last year. He expects the company to grow more sustainably in the second half of the year. Indeed, after reaching an all-time high during the GameStop craze, deposits on Robinhood have experienced a sharp decline in the fourth quarter and remained lackluster in January, according to consumer data insights company Cardify. But that does not amount to a bearish outlook for Cardify's Fung, who takes the declining deposits to mean that the "gamblers" have been washed out while serious retail investors continue to stick with the platform despite the recent market turmoil."I think the question is whether or not these younger investors were scared off. I think Wall Street thinks that they're scared off," Fung told Insider. "What's great about the Robinhood product is that it's easy to use, it looks beautiful, and you just can't replicate that. And I think they really built this community, in relationship with the consumer, which will drive many of them to come back to Robinhood when they're ready."Fung thinks Robinhood could fetch a much higher price tag than its current market cap. A game changer or a value-destroyer?To many market veterans though, buying Robinhood itself is an act of value destruction. David Trainer, CEO of investment research shop New Constructs, has long viewed Robinhood as "a relatively undifferentiated commoditized business with regulatory and legal overhang."He does not see any reason for banks or brokerage firms to buy Robinhood unless its valuation dips to the low single-digit billions. In his view, Robinhood's revenue model, which relies largely on the controversial payment for order flow practice, makes it a "nonviable" business in the long term. Even the young user base that Robinhood boasts could very well be its Achilles' heel."Those younger investors are trading very small amounts of money. They are not really all that profitable," Trainer told Insider. "Many of these investors are tricked or lured into investing by the gamification that Robinhood has used to get them more involved. I just don't know if that philosophically fits with all the other larger broker dealers who are more mindful of fiduciary responsibilities."In addition to adding younger but often unprofitable traders to the platform, any large brokerages that could potentially acquire Robinhood would also be taking on the company's big losses. For example, Robinhood lost $3.69 billion in 2021. "It would be too expensive both in terms of potential price relative to a company that loses that much money, and it would be definitely destructive of value from an earnings perspective," David Erickson, senior fellow and lecturer of finance at the University of Pennsylvania's Wharton School, told Insider. Erickson, a 25-year Wall Street veteran, agrees that banks would only be interested if Robinhood's valuation falls to much lower levels. Instead, he surmises that a merger with a firm like student loan lender-turned investing platform SoFi would probably make more sense given the potential synergies. If SoFi CEO Anthony Noto, a seasoned executive whose career spans Twitter, Goldman Sachs, and the NFL, were to take over the combined company, that could make a compelling case for investors, in Erickson's view."What SoFi has done is they've gone into crypto trading and stock trading a little bit as well, away from their products. And Robinhood is trying to get into a lot of the other products that SoFi has already developed," he said. "So that was my thesis there, but I think that's a long shot."
Check out: Personal Finance Insider's review of Robinhood.
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How The Toronto Film Fest Has Become A Robust Market For Acquiring Movies - Business Insider
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How The Toronto Film Fest Has Become A Robust Market For Acquiring Movies
Liza Foreman and Lucas Shaw, The Wrap
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The Toronto Film Festival is often where Oscar-winning films premiere.The Toronto International Film Festival is where you go to win an Oscar, as each of the past five Best Picture winners have screened at the festival.
Yet over the past few years, Toronto has also morphed into one of the more robust markets for acquiring and packaging movies, a place as fertile for launching new projects as finished films.
Though not an official market, Hollywood agents and executives descending on southeast Canada Sept. 6 expect the festival’s most robust week of dealmaking yet, following a buoyant Cannes when buyers reported an extraordinary number of pre-sales projects presented at the Marche du Film.
“Toronto has just become such a prolific festival,” Jessica Lacy, ICM Partners' head of international and independent film division, told TheWrap. “In the past we used other fall festivals as an international space for our films, and now it’s all about those films being in Toronto. We put all of our resources behind Toronto this year, and it seems to be the same for buyers.”
Spurring this transformation in part is the fact that there are more independent sales companies, distributors and financiers handling more product, creating bigger films, and using festivals to sell from.
A slew of international sales companies have launched during the past year, including Will Clarke’s Altitude Film Entertainment, Megan Ellison’s (Annapurna) Panorama, David Garrett and Constantin Film’s Mister Smith Entertainment, Mimi Steinbauer’s Radiant Films International, Joe Drake and Nathan Kahane’s Good Universe, and the newly launched Scott Pictures International, which will all be on hand at Toronto.
ShutterstockThese companies join existing players such as Lionsgate-Summit, Glen Basner’s FilmNation, Kirk D’Amico’s Myriad Pictures, and Avi Lerner’s Millennium Films, and Bill Block’s QED International, which are behind an increasing number of major films and festival pictures.
At Toronto, Myriad is selling Rubba Nada’s Syrian-set festival film “Inescapabale” for example, and showing buyers footage from “The Disappearance of Eleanor Rigby,” which isn’t playing at TIFF. Summit is taking “The Perks of Being a Wallflower” and “The Impossible,” with Naomi Watts and Ewan McGregor.
Lionsgate is handling “Dredd,” the opening night film of the Midnight Madness section. And another new sales venture, Sierra/Affinity, has a number of films on offer, including “How to Catch a Monster,” “The Way, Way Back” and “The Place Beyond The Pines.”
And international companies, such as Corsan Films, will use the festival as a sales launch for their non-festival titles, including “Third Person” from Paul Haggis.
"Toronto has been growing as a market place for the past five years," said FilmNation founder Glen Basner. "We have had great success introducing and selling new films at the script stage. In past years we had terrific success selling “Looper” and “Magic Mike” in Toronto as examples."
Also on the docket: films directed by major directors like Paul Thomas Anderson, Joss Whedon, Nick Cassavetes, Ryan Gosling, as well as dozens of movies starring A-list talent.
Certainly, a change in the industry calendar has also affected Toronto's transformation. The festival fills a void in the early fall calendar, as there is no substantial market between Cannes in May and the American Film Market in November.
“Because of where Toronto falls, it has become a very important festival to premiere new films,” Myriad Pictures CEO and President Kirk D’Amico told TheWrap. “Because films usually only screen as part of the festival, and not in the market on the side like for Cannes, it also allows for everyone to focus on particular films which again are actually in the festival.
Once upon a time, the MIFED film market in Milan in November and the London Screenings in October served as the fall film markets, with the AFM taking place in February.
But once the industry decided to kill off MIFED and the London Screenings a few years back, things began to change.
“Toronto is now almost like a pre-AFM,” Kevin Iwashina, managing partner at Preferred Content, told TheWrap. “Buyers are dealing with films in the festival, but it also becomes a place to launch new projects either publicly or in a soft way. It has made AFM much more productive.”
While Toronto has been building up over time, this year for the first time distributors say that they are choosing to show their films in Toronto rather than Sundance, because it serves as a better platform for touching base with the increasingly important international market place.
“We have found that for the first time this year, distributors want to have a premiere at Toronto as opposed to Sundance, because of the international market playing a bigger role. They don’t want the films at Sundance because there is not so much global focus,” said one buyer who did not wish to be named.
However, the focus of business remains domestic sales in Toronto for now.
“Toronto is more significant on the U.S. distribution side than for any significant worldwide pickups,” said D’ Amico.
“The acquisitions market has gotten more competitive because of the theatrical/VOD players like Magnolia, IFC and The Weinstein Company’s RADiUS, whose checkbooks seem to be growing,” he said.
One oft-cited example of how distributors are starting to reap digital rewards is “Bachelorette,” a title from the Weinstein Company’s RADiUS shingle. It hit number one on the iTunes movie chart in advance of its Sept. 7 debut.
“People are seeing return on VOD and iTunes has become a viable platform for movies, which it wasn’t a year ago,” Mark Ankner, a sales agent at WME, told TheWrap. "The industry is slowly becoming accustomed to the reality of the new marketplace," he added.
So why is Toronto in particular so good for dealmaking?
“Its spread out right and scheduled right,” David Glasser, COO of the Weinstein Company.
“I’m not running from one meeting to another, don’t have one on top of the other and have time to get to screenings. It’s just really well planned.”
Several people spoke to the festival’s efficiency and the comfortable atmosphere. Plus, Toronto as a city is manageable and the venues appropriately spaced.
“I always look forward to Toronto, now even more so in the new location, where everything is so concentrated and the screening facilities so fantastic,” indie veteran Jonathan Dana told TheWrap. “What I like most about Toronto is that people are there to see films.”
Of course, this is starting to change -- with sales agents bracing for more hectic schedules, a transformation not welcome by all.
Lisa Wilson, co-founder of international sales and financing company The Solution, said the growth of the market came “despite howled anguish from distributors.”
“[Sales Companies] have battled it last two to three years,” Wilson told TheWrap. “The argument is it’s the only place we have left that’s a festival we can screen movies we’ve bought and look at finished movies we’ve been tracking without having to read scripts before they go.”
And though those films without a Ryan Gosling may have a harder time now in Toronto finding a buyer as they screen up against multiple star-driven features, films catching the eyes of buyers ahead of this year’s festival cross a range of budgets and genres.
“Toronto tends to have the broadest range of films of any festival,” Peter Goldwyn, senior vice president of acquisitions at Samuel Goldwyn Films, told TheWrap. “There is something for every buyer. This year it seems to be turning into more of a market with a number of sellers using the lightbox to screen films from their slate that are not in the festival.”
“The pictures look good this year, across a broad range of budgets and genres,” said Dana. “The acquisition market has improved over the past three years, at least in so far as there is some stability in the 'floor values' of films with brand-name elements. And the digital and alternative outlets for all films have grown, with the caution that some markets have tightened for the very indie or critic-driven pictures.”
“When you look at Toronto this year, there are so many films open for distribution,” Ankner said. “There’s more star power this year than there has ever been.”
SEE ALSO: 27 Celebrity Yearbook Photos>
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Digital Wealth Manager Betterment to Acquire Wealthsimple's US Clients
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Betterment's new CEO explains her first big move as the $28 billion robo-advisor contemplates an IPO and new potential funding
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2021-03-05T16:27:53Z
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Betterment Chief Executive Sarah Levy joined the digital wealth manager in December.
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Digital wealth manager Betterment is buying Canadian rival Wealthsimple's US book of business.
Betterment, which manages some $28 billion in assets, will absorb around $190 million in assets.
CEO Sarah Levy told Insider that Betterment, which launched in 2010, is on a path to an IPO.
Betterment is set to acquire Canadian competitor Wealthsimple's US-based customer accounts in a deal that will add some $190 million in assets and 17,000 customers to the
robo-advisor
just three months after the fintech named a new chief executive to usher in growth and expansion.A pioneer in the robo-advisor space since it launched in 2010 to help customers automate the investing process for low fees, Betterment said it will complete the transfer of Wealthsimple's US-based customer accounts by June, and that those clients will have the choice to opt out of that transfer. The deal is a meaningful acquisition for Betterment as the company marks a new chapter under CEO Sarah Levy's leadership. The startup is now eyeing a public offering and is navigating a highly crowded space of startups vying for digitally savvy savers and traders who skew younger. Wealthsimple's accounts provide something robo-advisors are always looking for: scale. Betterment will not take on Wealthsimple's technology, employees, or operations as a part of the deal. Wealthsimple, which oversaw some $8 billion ($10 billion Canadian dollars) for 2 million clients as of February, is based in Toronto and also has offices in New York City and London.Wealthsimple said it chose New York-based Betterment, which manages some $28 billion in assets for 600,000 customers as of February, as a buyer for its US clientele as it turns to focus on the Canadian market.Betterment and Wealthsimple declined to disclose terms of the deal. Each firm advised itself on the transaction. "It was really a philosophical match," Levy, who was appointed last December to replace founder Jon Stein, said in an interview with Insider. "The question really became: is there a price at which this is going to make sense for their customers, and for our business?"Wealthsimple Chief Executive Michael Katchen told Insider it considered several companies as buyers. The company, which Katchen co-founded with Chief Operating Officer Brett Huneycutt and launched in 2014, has grown from a robo-advisor to offer a wider array of services, including trading securities and tax-prep tools. "We see this opportunity to really build a very different kind of financial platform in Canada. That opportunity is so big and so unique that we want to focus everything on it. So, a year ago, we started on this endeavor to simplify the business, to focus on Canada," Katchen said. A Wealthsimple spokesperson declined to specify how many or which companies it held discussions with.
Michael Katchen, chief executive of Canadian robo-advisor Wealthsimple.
Wealthsimple
Wealthsimple will continue to operate its Brooklyn office, and a spokesperson said the majority of its US staff will be reassigned to the Canadian business. "There will likely be a few employees who leave eventually as part of the transition, but not immediately," the spokesperson said. Betterment eyes new funding this year, and a path to an IPOBetterment was more or less alone in its specialty as a standalone automated, digital-first wealth advisory startup when it launched in the wake of the financial crisis more than a decade ago.But then came its primary US rival Wealthfront, now overseeing $24 billion, and a wave of other financial startups that rely on aggressive growth and scale to keep costs low. Storied institutions, too, have more recently gotten in the game. Goldman Sachs last month launched a robo-advisor that is among Betterment's competitors, and JPMorgan has been on a mission to grow its wealth management business that houses its in-house robo-advisor. Betterment's
cache
with a new generation has drawn major investors over the years. Betterment has raised $275 million in total funding, with its last round a $70 million extension of its Series E in 2017 that was led by Swedish investment company Kinnevik and included Bessemer Venture Partners, Menlo Ventures, and Francisco Partners. At that time, it was valued at $800 million. A company spokesperson declined to comment on an updated valuation.Levy said the firm is leaning toward raising a new round of funding this year; a spokesperson said that is not a move that company will pursue for certain, and that the company is "in a strong position but there is market interest."The firm also remains on a path to going public, Levy said. She had previously told the Wall Street Journal that the prospect of an IPO was not "too far in the distance." As Betterment looks to absorb Wealthsimple's US-based customers, it has recently recorded record user growth, in a fashion similar to other investment firms adding hoardes of new customers throughout the pandemic.
Jon Stein, the founder of Betterment, stepped down from his post in December and was succeeded by Levy.
Betterment
In January and February, it added more than 50,000 customers, marking its two best-ever months and a rise of 80% from the same time last year, a spokesperson said.Before joining Betterment, Levy was a longtime Viacom executive who was chief operating officer of ViacomCBS's media networks from 2018 to 2020 and previously served as operating chief of its Nickelodeon unit for nearly two decades. Levy tapped another Viacom veteran, Kim Rosenblum, in January as Betterment's first chief marketing officer as beefing up marketing efforts has been a key focus for her. "There was an opportunity, I felt, to bolster marketing," Levy said. "My experience is really more about brand building and scaling businesses." A spokesperson said that the firm did not previously have a marketing chief, and that Levy has now brought marketing operations under one umbrella. Some of Levy's primary focuses for hiring are for its marketing, social media, and customer service teams.
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What It's Like to Be Acquired by Cisco, Oracle, and Red Hat
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A serial founder who sold startups to Cisco, Oracle, and Red Hat for over $700 million breaks down the difference in how the firms handle acquisitions
Aaron Holmes
2021-08-19T15:04:15Z
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Salto cofounder and CEO Rami Tamir.
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Rami Tamir has cofounded four startups, three of which were acquired for over $725 million in total.
Tamir told Insider about the difference between being acquired by Cisco, Oracle, and Red Hat.
He said the experiences had informed what he'd look out for if his startup Salto was acquired.
In the past three decades, Rami Tamir has achieved a founders' dream three times over: He cofounded three startups and successfully sold each one to a different major tech firm for more than $700 million in total.But the experience of being acquired by those companies — Cisco, Red Hat, and Oracle — bore stark differences, Tamir told Insider. The Israeli entrepreneur said the experiences had made him more selective when mulling offers for his current startup — if he pursues an acquisition at all.Tamir is the CEO at Salto, a startup he cofounded in 2019 alongside the company's president, Benny Schnaider, and its chief technology officer, Gil Hoffer. The Tel Aviv startup has raised $69 million for its subscription-based platform that lets companies manage and configure the slew of business apps that have become commonplace in offices, especially amid the rise of remote work.He founded his first company, Pentacom, in 1998. The firm offered technology for managing networks in high-density areas like cities with greater efficiency, and within two years of its founding, Pentacom was acquired by the networking giant Cisco for $118 million. Tamir ended up working at Cisco from 2000 to 2005, during which time it was on an acquisition spree and one of the most prestigious firms in Silicon Valley."They were a machine of acquisitions back then. They were professionals. They were trying to make things happen," Tamir said.Despite Cisco's size, Tamir said he was given a high level of flexibility to "move things around" within Pentacom after the business was acquired. He credits Mike Volpi, Cisco's chief strategy officer at the time, with running the acquisition smoothly."Having been acquired a few times after that, I can say the experience was very good," Tamir said. "It was like being schooled on how to do a proper integration acquisition."Tamir left Cisco in 2005 to cofound Qumranet, a platform for enterprises to run virtual machines on. That startup was acquired by Red Hat in 2008 for $107 million.Unlike Cisco, which employs over 75,000 people worldwide, Red Hat has about 12,000 people on staff, which lent Tamir more leverage once inside the company."Red Hat is obviously a smaller company, so it was completely different," Tamir said.He added that Red Hat is an open-source company, meaning a product's code is publicly available whenever possible. That meshed with the mission of Qumranet, which also valued open-source: "We shared that culture," Tamir said.His next venture was Ravello Systems, a company that provided tools to let companies run applications across multiple different cloud environments. Oracle bought the startup in 2016 in a deal that VentureBeat reported was worth $500 million.Oracle was "a machine" much like Cisco, Tamir said. But he added that the company wasn't as accustomed to streamlining acquisitions because it wasn't buying companies at the same rate as Cisco."So the overall dynamic looked different over that period of time," he said.Now Tamir isn't sure if he wants to go through another acquisition and may instead opt to go public via a direct listing, he said. While he praises how Cisco handled the last acquisition, he said the company's core networking hardware business might make it a tough fit for Salto given that "there's a different DNA between a pure software company and between other companies.""I'm not sure it's something I'm aiming for anymore," Tamir said. "But things happen, so you never know."
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Lululemon just slashed its sales forecast for Mirror, but inside both companies, employees have been skeptical of the $500 million acquisition since the beginning
Bethany Biron
Updated
2021-12-13T19:13:23Z
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Lululemon; Mirror; Samantha Lee/Insider
This story is available exclusively to Insider subscribers.
Become an Insider and start reading now.
This piece was originally published on September 24, 2021.
Insiders say there has been skepticism about the brand's long-term strategy under Lululemon.
They detailed a "buggy" product and an internal disorganization that remains a source of tension.
Editor's note: This piece was originally published on September 24, 2021. Last week, reporting its third-quarter earnings results, Lululemon slashed its outlook for Mirror sales for 2021 to between $125 million and $130 million. Previously it had estimated sales would reach between $250 million and $275 millionOn Tuesday, Mirror CEO Brynn Putnam stepped down as leader of the connected-fitness brand just 14 months after Lululemon acquired the company for $500 million. Insiders say her tenure was marked by an intense focus on getting the company sold to Lululemon, sometimes to the detriment of the product — and that Lululemon management now faces an uphill battle to integrate the $1,495 high-tech fitness product into its line of athletic wear.In a memo sent to staffers on Tuesday, Lululemon announced three Mirror executives would take charge of the brand until the company could find a new chief executive. Putnam will serve as an advisor to Lululemon through July 2022 and assist in the search.Mirror made an impressive entrance to the fast-growing digital-exercise category, raising $72 million from investors before Lululemon purchased it for a half-billion in June 2020. At the time, analysts touted the deal as a wise long-term investment and a complementary pairing of two fitness-oriented brands. According to Lululemon, Mirror's 2021 sales are projected to reach $275 million, up 61% from the previous year.But internally, there was skepticism about the fitness brand's long-term strategy. Nine current and former Lululemon and Mirror employees depicted a "buggy" product, a haphazard strategy, and strained communication between the two teams that remains a source of internal tension.Putnam did not respond to Insider's multiple requests to comment for this story. A Lululemon spokesperson declined to provide additional comments about her resignation beyond the memo announcing Putnam's departure.
The Mirror founder and CEO Brynn Putnam, left, and Sara Foster attend a grand opening event at Westfield Century City in Los Angeles in 2019.
Tommaso Boddi/Getty Images for The Mirror
Courting Lululemon According to six former Mirror employees, selling the company was a major focus for Putnam, a Harvard-educated former professional ballerina who founded the company in 2016."It was always part of the plan," a former product manager said. "Even from prelaunch, we had very large organizations and different sports companies coming in and checking it out."The employees said Putnam was meticulous about the brand, including the appearance of its workspace. One former employee said Putnam enforced strict protocols about how the office looked, barring personal items from desks and prohibiting the preparation of food in the communal kitchen to make the space "look uniform and nice when investors or celebrities came in." Putnam's focus on aesthetics extended to other parts of the office as well. For example, the employee said the bathroom access key was attached to a $300 leather-bound keychain. In advance of the Lululemon deal, employees said Putnam led an aggressive campaign to court the athleticwear brand. After Lululemon made its initial $1 million investment in the brand in 2019, Putnam doubled down on courting the company, dispatching employees from New York to Lululemon's headquarters in Vancouver, British Columbia, to install gifted Mirrors in the homes of top Lululemon executives."I had literally 24 hours' notice and they were like, 'We need you to go up there to make sure everything's working,'" a former tech employee said. "It was pretty intense. I would not want to do something like that again."A former customer-experience employee also told Insider, "We gave Lululemon the utmost attention. We did everything possible. If they ever called in, if they ever had an issue, we made sure that anybody from Lululemon was going to get treated like a queen or king."
A Mirror station within a Lululemon store.
Wini Lao Photography for Lululemon & Mirror
Mirror's technical kinksFour Mirror employees said the acquisition happened faster than anticipated, given the company was still working out technical kinks with the product itself. The employees said that Mirrors often had internet connectivity issues and customers struggled with connecting their smartphones and tablets to the product. Some noted that audio and speaker quality was also subpar, especially for a premium product with a $1,495 price tag."It felt like some of the larger tech issues that I would bring to our engineers were brushed under the rug," the former tech employee said. "They were like, 'This is what we can do to make it work good enough for right now.'"The former customer-experience employee, whose job entailed fielding calls from disgruntled customers, said they also had concerns about the "very buggy" product in the months leading up to the deal. "It was always messing up," the former employee said. "It was never connected to the internet. There were always issues." The employee, who left a few months before the deal was announced, said they were tasked with keeping customer return rates low by any means possible, including replacing Mirrors for free, to keep the product looking attractive to investors like Lululemon."I was spending my days on the phone talking to customers who were angry, which was really, really tough," the employee said. "It was so weird and backwards that we'd rather make sure a metric is low and just give people the Mirror than actually fix problems."
Campaign imagery for Mirror.
Mirror
Life after acquisitionIn the months after the deal's completion, Mirror and Lululemon employees told Insider, issues integrating the brands came to the fore. Three Lululemon employees attributed hurdles to a lack of leadership and direction around Mirror from Lululemon CEO Calvin McDonald and Putnam."Calvin just wanted that headline, but there's absolutely zero plan," a current Lululemon employee said. One former Lululemon employee said lack of communication and disorganization around Mirror ran so rampant in the aftermath of the deal that members of Lululemon's brand and creative teams started requesting not to be placed on projects involving the company."Any time someone was like, 'Oh, Mirror needs support' we'd all be like, 'Please, not me,' because there were no clear roles and responsibilities between the Mirror team and leadership, and our team and leadership," the employee said. Lululemon has said that Mirror will be sold in 200 of its brick-and-mortar stores in North America by the end of the year, after debuting in 18 locations in November. The company will also increase marketing after announcing new interactive-camera features for users and two production studios for filming live and recorded classes."The competition in connected at-home fitness is very strong," the Cowen analyst John Kernan told Insider. "Apple, Nike, and obviously Peloton have tremendous footholds in the business, and there's other platforms as well. The competition is the biggest thing they'll face."According to a Lululemon spokesperson, the acquisition was viewed as a "natural evolution" of its partnership with Mirror, which started in 2019 with its first investment in the company. "We are in the early days of our integration, and we continue to learn from one another as we work strategically to integrate Mirror with the Lululemon business as a standalone brand," the spokesperson said in response to questions about the working relationship. According to Sucharita Kodali, a vice president and principal analyst at Forrester, it's "too early to tell what happens to Mirror." She pointed to Lululemon's most recent earnings call, during which McDonald said Mirror has "low awareness" as Lululemon looks to ramp up marketing. "There is a lot of work to be done," Kodali said. "It's probably best to bring in a pro who can scale the business in a big way. The founder was good for marketing ideas and vision, but they need operations experts and large marketing programs to get to scale."
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Google Seems Ready To Spend Billions To Beat Facebook
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New Google CEO Larry Page's first move was to tie every single fulltime Google employee's 2011 bonus to the success or failure of Google's overall social strategy this year.
Page's message was clear: Google is at war with Facebook.
Google has to be.
Increasingly, people are finding things to consume and to buy on the Internet in their Facebook and Twitter streams before they ever get a chance to
search for them on Google.
Meanwhile, the other move Page made in his first week was to make the whole company look more like Android and YouTube.
Android and YouTube have two things in common: Both were acquisitions and both were left to run on their own after they were acquired.
So here's what we think all that means: Google is at war with Facebook, and Page is ready to buy other companies for ammunition.
Google has always been acquisitive, but we think Page being in charge makes it more likely big deals will happen.
For one, Page seems willing to spend big amounts of money. On his first day in office, he made all kinds of patent lawsuits go away by offering to write one $900 million check.
For another, Page's re-org makes Google a much more friendly place for in-coming entrepreneurs who don't want to stop running their businesses.
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Getco Is About To Buy A London Trading House: Automat
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The high frequency trading powerhouse GETCO has arranged a deal to acquire Automat, a London-based derivatives and Forex.
The news is that Getco is expanding their business and getting into Forex trading, according to the Wall Street Journal.
A high frequency trader gave us his take on the news. He says, "I think they're very equities-focused and they want to diversity into forex trading where this is more scalable volume, especially since stocks are saturated with HFT."
GETCO already has a European arm and one in Singapore.
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Startup 2010 Winner RedBeacon Gets Acquired By Home Depot
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Redbeacon, the winner of Business Insider's Startup 2010
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Redbeacon was founded by ex-Googlers Aaron Lee, Ethan Anderson and Yaron Binur and it is operating in San
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Amazon Will Acquire Goodreads, The Leading Book Recommendation Site
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David McNew / Getty ImagesAmazon has reached an agreement to acquire Goodreads, the go-to site for tracking what you've read and getting recommendations based on what you like.
It's a deal that makes lots of sense for both companies. As author Hugh Howey put it, "The best place to discuss books is joining up with the best place to buy books – To Be Read piles everywhere must be groaning in anticipation."
The acquisition is expected to be finalized in the second quarter of this year and the deal's terms and details were not disclosed.
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Snapchat Quietly Paid $30 Million To Acquire A Video Tech Startup, AddLive
Alyson Shontell
2014-12-17T01:59:00Z
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In June, Snapchat publicized its first acquisition. Snapchat had acquired AddLive, a company that had the ability to power the technology behind Snapchat's video chat feature. The deal terms were not announced.But a leaked email exchange between Snapchat board member Michael Lynton and Snapchat's executives reveals Snapchat paid $30 million for AddLive (Live Foundry): $10 million in cash and $20 million in RSUs and employee incentives.
The leaked exchange emerged as part of a massive hacking of Sony emails; Lynton is the CEO of Sony Pictures Entertainment."The short of it is that they do the backend for our video chat and we're trying to buy them prior to launch," a Snapchat employee explained to Lynton of the acquisition in an email.Most of the payout went to AddLive's CEO Kavan Seggie, who had four times more stock than the next nearest executive. Here's the relevant portion of the board-approved email, dated April 28:
Approval of Stock Purchase AgreementWhereas, the Board of Directors (the “Board”) of Snapchat, Inc. (the “Company”) has reviewed the proposed Stock Purchase Agreement (the “Stock Purchase Agreement”), by and among the Company, LiveFoundry, Inc. (the “Target”), the stockholders of Target and Mr. Kavan Seggie as the stockholders’ agent, in substantially the form of Exhibit A hereto, pursuant to which the Company would acquire all the shares of Target and Target will become a wholly-owned subsidiary of the Company (the “Transaction”);Whereas, the Board has discussed a proposal to acquire Target through the Transaction in exchange for an aggregate purchase price of approximately $30,000,000, consisting of (a) an aggregate amount of $10,000,000 cash that will be paid to the selling stockholders at the closing (the “Closing”) (less the cost of the Target’s transaction expenses, unrepaid indebtedness for borrowed money, and as may be subject to certain other adjustments more fully set forth in the Purchase Agreement) and (b) the issuance of a number of shares of common stock of the Company having an aggregate value equal to approximately $20,000,000 (the consideration described in clauses (a) and (b), collectively, the “Purchase Price”); NOW WATCH: Why Bethany Mota Has A Legion Of 10 Million Fans Waiting For Her Next YouTube VideoPlease enable Javascript to watch this video
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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.
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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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Amazon Acquires IVONA Software To Make Its Own Siri - Business Insider
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Amazon Acquires IVONA Software To Make Its Own Siri
Alyson Shontell
Jan. 24, 2013,
9:23 AM
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AppleAmazon has acquired a text-to-voice company IVONA Software for an undisclosed amount.
IVONA is a ten-year-old company that is already implemented in Amazon's Kindle Fire tablets. It powers the "Text-to-Speech," "Voice Guide" and "Explore by Touch" features.
Now that Amazon owns the technology, it could buff up the product and make a Siri of its own.
The acquisition signifies Amazon's move towards making more than just reading tablets. It wants to make truly smart devices. It could also be a sign that a phone, which many think/hope Amazon will eventually launch, is in the product pipeline.
“IVONA’s exceptional text-to-speech technology leads the industry in natural voice quality, accuracy and ease of use. IVONA is already instrumental in helping us deliver excellent accessibility features on Kindle Fire, including Text-to-Speech, Voice Guide and Explore by Touch,” Dave Limp, Vice President of Amazon Kindle, said in a release. “The IVONA team shares our passion for innovation and customer obsession, and we look forward to building great products to deliver world-class voice solutions to customers around the world.”
Disclosure: Jeff Bezos is an investor in Business Insider through his
personal investment company Bezos Expeditions.
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Is Beluga One Of Facebook’s First Real Product Acquisitions? - Business Insider
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Is Beluga One Of Facebook’s First Real Product Acquisitions?
Anthony Ha, VentureBeat
Mar.
1, 2011,
4:41 PM
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Facebook has acquired Beluga,
the mobile group chat startup founded by three former Googlers. And in
contrast to most of Facebook’s other deals, it looks like the company
may actually use Beluga’s technology.
Beluga allows users to create “pods” of friends with whom they want to share text messages, images, and emoticons. The service launched in December, and there seems to be increasing interest in group chat products from companies like GroupMe and Ning.
Here’s the statement from Facebook:
We’re psyched to confirm that we’ve just acquired the
talent and assets of Beluga, whose simple and elegant mobile apps blew
us away as a solution to help groups of friends stay in touch on the
move. We’re looking forward to welcoming co-founders Ben Davenport, Lucy
Zhang and Jonathan Perlow, and we’re excited that the team will
continue their vision for groups and mobile communication as part of
Facebook.
Facebook has been a big acquirer of early-stage startups, but those
deals have usually involved hiring the team and then shutting down the
service. Last year, chief executive Mark Zuckerberg said, “We have never once bought a company for the company. We buy companies for excellent people.” (This practice is definitely not limited to Facebook, but it seems like Facebook has gone the furthest in this direction.)
On one level, the Beluga deal seems to follow this pattern, since
this brings three former Googlers into Facebook, and there’s been a lot
of press between the talent war between the two companies.
But there are also signs that this deal could be a little different, as TechCrunch’s MG Siegler argues.
The Beluga team says that the service will continue to operate for now,
and there will be “more details on future plans for Beluga.” A Facebook
spokesperson told me, “As we say above, we bought both the talent and
assets, so I think that characterization of talent and technology is
right.”
To be clear, Facebook hasn’t shut down every service that it acquired. FriendFeed is still running,
but Facebook hasn’t really developed the service in any meaningful way,
and it seems the main thing the company got out of that deal was the
hire of Bret Taylor, who’s now Facebook’s chief technology officer.
This post originally appeared at VentureBeat.
Read the original article on VentureBeat.
Copyright 2011. Follow VentureBeat on Twitter.
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Inside Roku, Talk Is Heating up About an Acquisition by Netflix
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Inside Roku, talk is heating up about an acquisition by Netflix
Kali Hays,
Claire Atkinson,
Natalie Jarvey, and
Tom Dotan
2022-06-08T10:45:00Z
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Roku CEO Anthony Wood.
Photo by Arturo Holmes/Getty Images for Tribeca Festival
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Become an Insider and start reading now.
Roku has a growing advertising business, something Netflix is looking to get into.
Roku started as a product inside Netflix. It was spun out more than a decade ago.
A deal makes sense, some insiders say. Others question Netflix's desire for a hardware company.
At Roku, a video-streaming platform operator that's suffered a punishing stock plunge, employees are buzzing about the possibility of an acquisition — and their talk and hopes are pinned on Netflix.Employees at Roku have been discussing the possibility of a
Netflix
acquisition in recent weeks, according to people familiar with the matter. The chatter comes as Roku's stock has dropped about 80% since late July on weaker demand for video
streaming
and lower set-top-box sales.Roku competes with Apple, Amazon, Google, and Samsung in the market for streaming devices, and some of those industry titans are battling with the smaller company for lucrative video-ad dollars. The collapse in Roku's stock made it hard to compete with its larger tech rivals on pay in a tight labor market. The result has been a staggering increase in equity grants to employees, leaving Roku well underwater on stock-based compensation.Roku has been seen as an acquisition target before — including last year, when, according to The Wall Street Journal, Comcast CEO Brian Roberts considered purchasing the company. In January, the departure of a top Roku executive stoked questions about the company's future.In recent weeks, the possibility of a Netflix acquisition has become the focus of internal chatter at Roku. That's when Roku abruptly closed the trading window for all employees, prohibiting them from selling any of their vested stock at a time when they should normally be able to do so, according to two of the people familiar with the matter. There may be other reasons for such a trading halt. Companies typically close trading windows for employees before releasing information that will affect their share price to avoid insider trading. Spokespeople for Roku and Netflix declined to comment.Netflix wants ads and Roku has them
Netflix co-CEO Reed Hastings.
Gonzalo Fuentes/Reuters
Some of the people familiar with the matter, along with industry bankers and other experts, told Insider the timing would be advantageous for both parties if they were looking to strike a deal. Roku's valuation had plunged below $13 billion as of the close of trading on Tuesday, making an acquisition easier to swallow than a year ago when Comcast was reportedly eyeing a deal.Netflix is looking to introduce advertising to its service for the first time as it faces increased competition and subscriber losses. Roku has built a robust video-advertising platform that generated $647 million in first-quarter revenue. That's about seven times the sales brought in by Roku's hardware business, which makes video-streaming boxes and related devices."It makes sense with where Netflix wants to go," a technology investment banker said. "And it makes sense in this current environment. Everyone is looking around thinking, 'I was worth twice as much last year. What happened?'" One senior-level Roku employee said a deal between the two companies would "align well in terms of culture, business, and current valuation." Netflix is trying hard to get into advertising-based video on demand "and Roku has it," this person added. Everyone who spoke with Insider for this story asked not to be identified discussing private matters. A long, intertwined historyNetflix has turned to acquisitions in the recent past to help it expand. When the company decided last year to start offering video games, it went on a mini acquisition spree, snapping up several small game developers, including Boss Fight Entertainment in a March deal. Roku and Netflix have a long, intertwined history. Anthony Wood, Roku's founder and CEO, developed a set-top box inside Netflix in the early 2000s. For many years, the companies operated their corporate headquarters next door to each other in Los Gatos, California. Reed Hastings, a Netflix cofounder and co-CEO, decided to spin that business out in 2008 over concerns that owning its own platform would hamper its ability to distribute its streaming app on other devices. In 2014, Hastings reiterated his lack of interest in hardware. "We're working with over 1,000 devices now. There's no value add for us to do a device," he said during an interview at the Code Conference.One Roku insider was skeptical of a deal, saying Netflix "never showed an appetite for getting into hardware." Roku commands a leading share of the connected-TV market in the US, but sales of its players tumbled 19% during the first quarter, resulting in a loss for the division.That part of the business is now dwarfed by Roku's advertising operation, though. And Netflix would get immediate scale in advertising by buying Roku.'There's no religion anymore'Netflix is under siege from other video streamers, sending its stock down about 70% in the past six months. Owning Roku would give it a huge competitive advantage when it comes to knowing what people watch and when they stop watching, not just on Netflix but also across rival streaming channels carried through Roku boxes.One media-industry executive who has spoken with Netflix in recent weeks told Insider that Hastings' view of his company's future was, "Nothing is off the table," and that he's open to anything."There's no religion anymore," this person said.Roku has more than 61 million active accounts, making it an important strategic weapon in the growing battle for video-streaming-ad dollars between tech and media-industry giants. While its neutral status was a valuable tool in the past, the company's direct connection to so many consumers and homes could give Netflix more power to negotiate with other platforms and industry titans. Indeed, Apple and Amazon run video-streaming services and sell their own streaming devices. That hasn't prevented those companies from offering rival services through their hardware.Yet some industry observers questioned whether it would make sense for Netflix to spend so much on an acquisition at a time when it faced pressure from investors to boost revenue growth and staunch subscriber losses. Despite purchasing several small video game developers recently, the company has eschewed major M&A deals.One industry analyst also highlighted that Netflix could run afoul of antitrust regulators if it tried to buy Roku. Another industry source said Netflix was early in figuring out what it wants to do in advertising and might not know yet if it needs to go shopping for a business the size of Roku.Despite recent share declines, Roku would probably cost Netflix at least one-fifth of its $88 billion market valuation.
Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.
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Advertising
Why Chinese firms keep paying big bucks for ad-tech companies
Lara O'Reilly
2016-08-22T17:58:08Z
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Alibaba founder and executive chairman Jack Ma.
AP Images
Another day, another Chinese group splashing out on ad tech.On Monday, a group of Chinese investors dropped $900 million in cash on Media.net, a little-known ad-tech firm based in New York and Dubai that provides the tech for the contextual ads on Yahoo and Bing, Bloomberg reported.
Media.net touted the purchase as the "third largest ad tech deal ever," although the purchase is a little more complex than that and involves the Chinese consortium selling the firm to a Beijing-based telecoms firm called Miteno at a later date in a kind of reverse merger.However wonky that particular deal is, there's a definite trend of Chinese companies pumping money into ad tech:February: China's largest mobile-advertising company, Mobvista, bought mobile-game and app-ad tech firm NativeX for $24.5 million.June: Spearhead Integrated Marketing Communication Group, based in Beijing, bought mobile ad exchange Smaato for $148 million.July: A $1.2 billion offer from a consortium of companies to buy Opera collapsed because of regulatory difficulties. A new deal was announced in July that will see the consortium buy Opera's consumer-facing business, such as its browser and privacy apps, while the ad-tech part — Opera Mediaworks — will be spun off into a separate publicly traded company.Most people who work within the ad-tech market think that the Chinese ad-tech shopping spree has only just begun. Here's why.—Terence Kawaja
(@tkawaja) August 22, 2016An arbitrage playTim Cadogan, CEO of ad-tech company OpenX, says that wealthy Chinese investors are running out of places to park their money. A lot have already invested in real estate, but some cities have restrictions on how many properties a person can own, so many investors in China have turned to the stock market instead.But there aren't very many publicly listed companies in China, so investors are plowing their savings into the same few companies. These companies can then use their high stock price as leverage in acquisitions.Meanwhile, the majority of pure-play ad-tech companies in public markets in the West have struggled since their IPOs.Collectively, ad-tech stocks fell 11% in the second quarter — excluding MaxPoint Interactive, which performed a reverse stock split in the period. Only France-based ad-tech firm Criteo maintained growth.Investors often look to public companies when trying to assess the value of private firms, so the crash in the market has depressed prices on private ad-tech firms in the West.Those firms are valued more highly by Chinese standards, so there's an arbitrage play available.Terence Kawaja, CEO of investment bank LUMA Partners, which advises on ad-tech deals, told Business Insider, "Due to the discrepancy in valuations — Chinese markets value revenue and profits at much higher multiples — these Chinese buyers are arbitraging the difference. They buy US assets and then trade up much higher in the domestic market."So, for example, if a Chinese company buys an ad-tech company at 15x net income, and then incorporates it into its business, which is valued at 80x net income, then that's an easy way to create value on paper.And this isn't just happening in ad tech. A lot of Chinese investors are looking for undervalued Western assets. Just today, the Financial Times reported that a Chinese consortium of investors is interested in buying a stake in the Liverpool Football Club — which, in turn, has US owners.Nobody knows for sure how long that arbitrage window will stay open.Cadogan said: "Generally, when you have such big spreads in value, they tend not to last forever."Strategic buyers, tooWhile a lot of the action in Chinese ad-tech buys are purely financial, some strategic plays are likely, too.Globally, many of the recent high-profile ad-tech buyers have been traditional telco companies: Verizon and AOL/Millennial Media, Comcast and StickyAds, and Telenor and Tapad, to name a few.That trend will likely continue in the Chinese market.Kawaja said: "Chinese buyers need US technology. The vast majority of innovative startups with scaled technology capabilities are based in the US."The $14 billion Chinese-internet display-advertising market is dominated by three players: Baidu, Alibaba, and Tencent. Tencent recently made a big statement about its global ambitions by buying Finnish gaming company Supercell, which makes "Clash of Clans," for $8.6 billion last month. So it's easy to imagine those companies eyeing Western ad-tech firms as they look to scale worldwide.Those three dominating internet companies have also made it difficult for other technology firms to compete in China. As Digiday pointed out in June, all three have yet to open up their application programming interfaces, so marketers can't place ads on their platforms using third-party automated technology. Smaller Chinese internet companies may have an easier time in the overseas markets where there is more open access to ad platforms.Cadogan and Kawaja think that there will be plenty more Chinese groups announcing ad-tech acquisitions before the end of the year. As TechCrunch wrote earlier on Monday, the Chinese State Council is practically encouraging it, releasing guidance last year advocating investment in the ad-tech sector.That's welcome news for the ad-tech market, where there hasn't been an ad-tech IPO in about two years, according to Cadogan."I think it's probably good for people to see that these companies have real value, that even if certain segments of the market aren't currently valuing them [highly], other segments are," Cadogan said. "These are smart investors. They are not throwing money about here. They have a reason for doing this and they want to make a return."
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