ACQUISITION | Pixr8 News

20Jan By NitishNo Comments

ACQUISITION

Apple acquires Xnor.ai for $200 million

Apple has acquired Seattle-based AI start-up Xnor.ai, which specializes in low-power, edge-based artificial intelligence tools for $200 million. However, the acquisition deal is yet to be confirmed by Apple but it said that, “Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.” Xnor.ai has a software tool that uses artificial intelligence to recognize objects. This software is used directly from an iPhone rather than from the cloud. These image recognition tools can become standard features for future iPhones and webcams. This acquisition resembles Apple’s purchase of Seattle startup Turi in 2016. Turi's software helps large and small organizations make better sense of the data they collect. In 2014, Appl...

Mahindra Acquire Fifth Gear Ventures For $4.2 Million

18Jan By AdityaNo Comments

ACQUISITION

Mahindra Acquire Fifth Gear Ventures For $4.2 Million

Mahindra & Mahindra (M&M) subsidiary has inked a pact to acquire Fifth Gear Ventures Ltd, which operates an e-commerce market platform, for up to Rs 30.45 crore. Mahindra First Choice Wheels Ltd (MFCWL), a subsidiary of the company, has signed a share purchase agreement to acquire fully Fifth Gear Ventures Limited (FGVL), in one or more tranches, M&M said in a regulatory filing. Upon acquisition of the stake, FGVL would become a subsidiary of MFCWL, it added. The acquisition is to be completed by March 31st, 2020, the auto major said. "MFCWL is acquiring FGVL with the objective of expanding its presence in the digital automotive space and seamlessly integrating the online and offline user experience," M&M said. Incorporated in September 2015, FGVL is engaged...

Former Flipkart Cofounder Sachin Bansal Acquire DHFL General Insurance

10Jan By NitishNo Comments

ACQUISITION

Former Flipkart Cofounder Sachin Bansal Acquire DHFL General Insurance

Sachin Bansal-led Navi Technologies will acquire DHFL General Insurance Ltd (DHFLGI) for 100 crores Indian rupees. DHFLGI, Wadhawan Global Capital Ltd and Navi Technologies had entered into a share purchase agreement dated January 2, 2020, for the transaction, according to a notice in a newspaper. "...the acquirer (Navi) proposes to acquire 19,00,50,000 equity shares representing 100 per cent of the paid-up equity share capital of the company (DHFLGI) from the seller by way of secondary transfer of shares," it added. The notice said DHFLGI has made an application to the Insurance Regulatory and Development Authority of India (IRDAI) seeking its approval for the proposed transaction. It added that the proposed transaction is scheduled to be consummated after the expiry of 15 d...

Coaching Institute Aakash acquires Applect Learning for $14.5 Million

7Jan By PriyankaNo Comments

ACQUISITION

Coaching Institute Aakash acquires Applect Learning for $14.5 Million

Entrance test preparation services provider Aakash Educational Services Ltd has acquired ed-tech company Applect Learning Systems for around $14.5 million (Rs 100 crore). The company has entered into a definitive agreement with Info Edge (India) Ltd and other selling shareholders to acquire ALSPL, which offers learning programmes under the brand name 'Meritnation' catering to students of class I to XII, AESL said in a statement. When asked about the value of the deal, a company official said, 'it is around $14.5 million (Rs 100 crore) for the entire stake.' In October last year, Blackstone had picked up a 37.5 percent stake in Aakash Educational Services for Rs 1,350 crore and announced the intention to create a digitally enabled, omnichannel test preparation company. 'As part of...

Adani Group Acquires 40.25% Stake of Snowman Logistics, forays into Cold Chain Logistics

27Dec By AnkitaNo Comments

ACQUISITION

Adani Group Acquires 40.25% Stake of Snowman Logistics, forays into Cold Chain Logistics

India based Adani group has acquired a majority stake in Snowman Logistics Ltd for Rs 296 crore to foray into cold chain logistics. Adani Logistics Ltd, a wholly-owned subsidiary of Adani Ports and SEZ Ltd, signed definitive agreements to acquire 40.25 per cent stake in Snowman Logistics Ltd from Gateway Distriparks Ltd, the company said in a statement. Snowman is market leader in cold chain logistics with over 30 per cent of capacity amongst integrated organised cold chain service providers in India. The acquisition gives Adani Logistics platform to double its capacity in the next five years. The buyout is in line with the firm's strategy to move from port gate to customer gate. "The purchase price of Rs 44 per share represents a 8 per cent premium to the market price of Dece...

27Dec By AnkitaNo Comments

ACQUISITION

Sachin Bansal’s Navi Acquires MavenHive

Navi, which has been co-founded by Flipkart co-founder Sachin Bansal has acquired Bengaluru-based Mavenhive. MavenHive, a technology consulting firm, will help Navi leapfrog their product development initiatives, a statement said. The Mavenhive team along with its founders have joined Navi, it added. No financial details were disclosed. Founded by Bhavin Javia and Anandha Krishnan, MavenHive has helped tech companies like Flipkart, Gojek, Grasshopper, Scripbox and others in their product journeys, the statement said. "We are very excited about this acquisition which will add great capability to our ambitions to build cutting edge technology platforms that can take applications to scale. This acquisition will add to Navi's technology capabilities," Navi CEO Sachin Bansal sai...

F5 Networks to Acquire Shape Security for $1B

23Dec By PriyankaNo Comments

ACQUISITION

F5 Networks to Acquire Shape Security for $1B

SEATTLE & SANTA CLARA, Calif., 23 Dec 2019– F5 Networks and Shape Security announced a definitive agreement under which F5 will acquire all issued and outstanding shares of the privately held Shape for a total enterprise value of approximately $1 billion in cash, subject to certain adjustments. “Beyond opening a fast-growing $4 billion adjacent market, Shape’s machine learning and AI-powered capabilities will scale and extend F5’s broad portfolio of application services and expand our ability to optimize and protect customers’ applications in an increasingly complex multi-cloud world.” Shape protects the largest banks, airlines, retailers, and government agencies with sophisticated bot, fraud, and abuse defense. In particular, Shape defends against credential stuffing attack...

19Dec By AdityaNo Comments

ACQUISITION

PayPal Completes Acquisition of GoPay

SAN JOSE, Calif., Dec. 19, 2019-- PayPal Holdings, Inc. (NASDAQ: PYPL) announced that it has completed its acquisition of a 70% equity interest in Guofubao Information Technology Co., Ltd. (GoPay), following approval of the transaction by the People's Bank of China on September 30. With the close of the deal, PayPal is the first foreign payment platform licensed to provide online payment services in China. "We're pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market," said Dan Schulman, president, and CEO, PayPal. "This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China's e-commerce and payments eco...

Facebook Acquires Video Gaming Company PlayGiga

19Dec By PriyankaNo Comments

ACQUISITION

Facebook Acquires Video Gaming Company PlayGiga

Social media giant Facebook has acquired cloud based video gaming firm PlayGiga. The deal value has not been disclosed but according to Spain, local business newspaper Facebook acquired PlayGiga for about $78 million. “We’re thrilled to welcome PlayGiga to the Facebook Gaming team. We are continuing our work in cloud gaming, now with a new mission. We want to thank all of our partners and customers for their support over the years ” a Facebook spokesperson said in a press note on its website. Founded in 2013, PlayGiga enables users to play premium videogames on PC / Mac or TV through an affordable monthly subscription. The social networking giant has also launched Facebook Gaming -- a live-stream service that allows users to share their gameplay. The arrival of Cloud-base...

Payoneer to Acquire Payment Streamline Platform optile

13Dec By NitishNo Comments

ACQUISITION

Payoneer to Acquire Payment Streamline Platform optile

New York, United States & Bangalore, Karnataka, India: Payoneer, the leading digital payment platform acquire Munich-based streamlines payment acceptance platform optile. Founded in 2010, optile’s open payment ecosystem puts merchants in control of their business with the flexibility to add payment options and partners as their needs evolve, boosting conversion and improving customer experience. optile’s payment orchestration platform (POP) is designed for businesses to scale faster to new markets, consolidating all the players of the global payment market together in one unified layer, ensuring transparency, flexibility, redundancy, and independence.Scott Galit, CEO of Payoneer said, “Payoneer and optile share a belief that in today’s fast-changing digital world filled with e...

Reliance Acquire 85% Stakes of NowFloats

13Dec By PriyankaNo Comments

ACQUISITION

Reliance Acquire 85% Stakes of NowFloats

Reliance Industry said its subsidiary has picked up 85 per cent stake in NowFloats Technologies for a cash consideration of Rs 141.63 crore. The stake purchase is aimed at strengthening the group's digital and new commerce initiatives. "Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of RIL, has acquired equity shares of NowFloats Technologies for a cash consideration of Rs 141,63,78,822. The said investment represents 85 per cent holding in the equity share capital of NowFloats," RIL said in a BSE filing. RSBVL proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones, and is expected to be completed by December 2020, it added. Post the additional investment, the shareholding of RSBVL in NowFloats will incre...

Adobe Acquires Oculus VR Tool Medium from Facebook

9Dec By PriyankaNo Comments

ACQUISITION

Adobe Acquires Oculus VR Tool Medium from Facebook

In one of the biggest development in the VR industry, Social media platform Facebook-owned virtual reality firm Oculus sell-off its 3D sculpting tool 'Medium' to Adobe. The size of the deal has not been disclosed yet. Launched in 2016, Medium enables users to build their own 3D models in a VR, where you can sculpt, paint and simulate action and with Adobe’s support, Medium will be able to better help creators thrive and shape their 3D visions than ever before. The move of selling the Oculus tool surprised everyone but according to sources of Pixr8, maintaining the Medium team was becoming too expensive for Facebook given that Oculus had pumped in a lot of money in its tool. Also, the deal from Adobe was lucrative that Facebook can't refuse. As per the statement, the O...