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Instagram’s Co-founders Step Down from Facebook’s Company

25Sep By Gauri SinghNo Comments

News

Instagram’s Co-founders Step Down from Facebook’s Company

The co-founders of the photo-sharing app Instagram, Kevin Systrom and Mike Krieger have reportedly stepped down and now have plans to leave the company in coming weeks. This move is possible to add to the challenges faced by Instagram’s parent company, Facebook. The two co-founders did not give a reason for their departure, however, stated that they planned to take time off after leaving Instagram. Systrom and Krieger have been in contact with each other since 2010 when they met and transformed a software project built by Systrom into what gradually turned out into Instagram. At present, the Facebook-owned app has more than 1 billion users. Instagram has been one of the most important acquisitions of Facebook. The social media company took over Instagram in 2012 for $1 billion, wh...

Ride-Hailing Giant Eyeing to Acquire London-based Deliveroo

24Sep By Gauri SinghNo Comments

ACQUISITION

Ride-Hailing Giant Eyeing to Acquire London-based Deliveroo

The international ride-hailing service provider Uber is in early talks to acquire food delivery company Deliveroo. The amount of the deal is unknown as of now, however, it has been stated that the offer would need to be considerably above Deliveroo's latest valuation. Deliveroo is a London-based food delivery company founded in 2013 by Americans Will Shu and Greg Orlowski. Last year, the company was valued at more than $2 billion after it raised $98 million from private investors. The deal is not sure to close and may fall apart because Deliveroo and its investors have been reluctant to relinquish independence. Uber has been growing in all segments and with its recent entry in the food delivery space with UberEats, this acquisition may help the company a lot. In Deliveroo, the orders...

Amazon, Samara Capital Acquire Aditya Birla Group’s ‘More’

20Sep By Gauri SinghNo Comments

ACQUISITION

Amazon, Samara Capital Acquire Aditya Birla Group’s ‘More’

In the era of growing acquisitions, retail giant Amazon and home-grown equity fund Samara Capital have entered into a deal to acquire Aditya Birla Group's food and grocery retail chain known as ‘More’. After Future Group's Big Bazaar, Reliance Retail and DMart, More is the fourth-largest supermarket chain in the country. The two companies acquired the retail chain in a deal worth the enterprise valuation of Rs 4,200 crore. Aditya Birla Retail Ltd (ABRL) owns and operates 575 More stores. Following the acquisition, Samara Capital took over 51% of Kumar Mangalam Birla's ABRL, on the other hand, Amazon.com NV Investment Holdings LLC, Amazon's investment arm got hold of the rest 49%. “The board of directors of the company, at its meeting held on September 19, 2018, has approved the sale...

IT Firm Cognizant Buys Out Advanced Technology Group

19Sep By Gauri SinghNo Comments

ACQUISITION

IT Firm Cognizant Buys Out Advanced Technology Group

The multinational IT company Cognizant has announced the acquisition of Advanced Technology Group for an undisclosed amount. The basic idea behind this acquisition is to expand its consulting capabilities on the Salesforce platform. The acquired company ATG was founded in 2000 and has delivery centres in Kansas, Missouri, Ohio and Montana. The company counts IBM, Subaru and CenturyLink as its clients. Following this acquisition, the company will become part of Cognizant’s Enterprise Application Services practice. Cognizant has broad expertise in helping clients around the world design, implement and manage their digital business strategies on the Salesforce platform. “ATG’s deep Q2C domain expertise and extensive Salesforce CPQ and Billing implementation offerings strengthen Cogniza...

17Sep By AnkitaNo Comments

News

Time Magazine Sold For $190 Million

Time Magazine is being sold by Meredith Corp to Marc Benioff, a co-founder of Salesforce, and his wife. The sale is occurring nearly eight months after Meredith Corp. completed its purchase of Time Inc. The Wall Street Journal reported that the iconic news magazine is being sold for USD 190 million to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer. Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc publications up for sale in March. Launched by Yale graduates, Time Magazine first went on sale in March 1923 with a cover price of 15 cents. Its circulation was a modest 9,000 copies, according to a corporate history written by Robert T. Elson. Its online platform Time.com audience grew to 31.7 million...

Infosys Enters a Deal to Acquire Finland-based Fluido

15Sep By Gauri SinghNo Comments

ACQUISITION

Infosys Enters a Deal to Acquire Finland-based Fluido

One of India’s largest software services provider Infosys announced the deal for the acquisition of Finland-based salesforce advisor firm Fluido. The amount of the deal is expected to be around $76 million (euro 65 million). This acquisition will mark the second acquisition of the IT giant Infosys this year. In April, the firm announced the acquisition of US-based consultancy company WongDoody for $75 million. This particular deal will help boost the company's cloud capabilities, a key part of its digital strategy, and help it grow in Northern Europe. "This acquisition demonstrates Infosys' commitment to the Salesforce ecosystem to address our client's digital priorities...This acquisition also aligns to our efforts to invest in local capabilities in the regions in which we operate,...

13Sep By Gauri SinghNo Comments

ACQUISITION

Adobe Eyeing to Acquire a California-based Marketing Software Company

The international computer software company Adobe that is popularly known for its image-editing software Photoshop, is in talks to buy Marketo, a privately held cloud-based marketing software company. This acquisition would help boost Adobe's cloud-based software offering. Marketo offers business-to-business marketing applications that would assist greatly with Adobe's marketing business. However, it is still unsure whether the deal would take place. It is also not clear how much Adobe would pay for Marketo. Adobe has a market capitalization of $130 billion and has surpassed analysts' profit and revenue estimates for the past eight quarters. On the other hand, Based in California, Marketo was started in 2006 as an email marketing service. Last year, it generated revenue of approxi...

Homegrown Amul Dairy Eyeing to Acquire a Manufacturing Plant in the US

12Sep By Gauri SinghNo Comments

ACQUISITION

Homegrown Amul Dairy Eyeing to Acquire a Manufacturing Plant in the US

India’s largest dairy firm Amul Dairy has been a dominant player in the country in this sector. The company is now moving forward to have its presence in the United States. The Amul Dairy which is originally known as Kaira District Cooperative Milk Producers Union Limited (KDCMPUL) is on the advanced stages to launch its own dairy in the US. This move will mark as the first one in terms of any plant outside India started by a home-grown co-operative dairy company. According to the sources, Amul Dairy is eyeing to acquire a dairy plant in Wisconsin – the mid-western state of the US – to start its own operations. Wisconsin is among the top producers of cheese in the US, accounting for almost 27 % of total cheese production. “We are looking at options to expand our US operations so th...

Infosys Partners with Temasek, Acquires 60% Stake in Trusted Source

8Sep By Gauri SinghNo Comments

ACQUISITION

Infosys Partners with Temasek, Acquires 60% Stake in Trusted Source

Indian software service exporter Infosys Ltd has partnered with Singapore state investment firm Temasek Holdings for the purpose of accelerating up its Southeast Asia operations and strengthen its skills in the emerging technology space mainly in artificial intelligence. Both the companies will acquire a stake in Singapore-based Trusted Source Pte Ltd. Infosys will be acquiring a 60% stake in the company while Temasek Holdings will take over the remaining. Trusted Source is at present a wholly owned unit of Temasek. The company offers IT services to the investment firm and other clients. The amount of the deal is expected to be around 12 million Singapore dollars ($8.7 million). The amount will exclude adjustments for working capital, cash and net debt on closing. The deal is expecte...

A US-based PE Firm to Acquire a 21 Percent Stake in RR Kabel

7Sep By Gauri SinghNo Comments

ACQUISITION

A US-based PE Firm to Acquire a 21 Percent Stake in RR Kabel

TPG Capital, a private equity firm announced that it has acquired a considerable minority stake in wires and low-voltage cables manufacturer RR Kabel Ltd. However, the financial details of the deal have not been disclosed yet. The PE firm is expected to acquire a 21 percent stake in RR Kabel Ltd and Ram Ratna Electricals Ltd, both part of the diversified Ram Ratna Group. “Within the building materials segment, we have witnessed a growing consumer preference for established and organised brands like RR Kabel,” said Puneet Bhatia, co-managing partner at TPG Capital Asia. “This, combined with India’s strong housing market, positions the company well for significant growth.” This acquisition might be a plus point for the company as TPG would help it to expand its product offerings and inc...

Ratan Tata Gains Double for Investment in Ampere Vehicles

6Sep By Gauri SinghNo Comments

News

Ratan Tata Gains Double for Investment in Ampere Vehicles

It was last week that the chairman of Tata Trusts sold his entire equity holding in Ampere Vehicles to an engine manufacturer Greaves Cotton which is based in Mumbai. Following this move, the former Tata Sons Chairman Ratan Tata is believed to have gained more than twice his investment. The investment of Tata amounted to about Rs 3 crore in Coimbatore-based electric vehicle start-up in his personal capacity in mid-2015. This also marked his first ever investment in an auto company. “Tata sold his stake in Ampere, earning more than two times. Most investors made similar returns. Kris (Gopalakrishnan) came into the company later, so his returns could have been lower than Tata’s,” a source said. Greaves Cotton stated that the company will take over Ampere for Rs 77 crore. This will valu...

6Sep By Gauri SinghNo Comments

ACQUISITION

China’s Alibaba Group Eyeing Valuable Acquisition in India

China’s e-commerce giant Alibaba Group is eyeing considerable investments in India through valuable acquisitions. The company is looking to buy out content platforms across print, video and web to increase its reach within the country. The e-commerce major stated that it looks upon user data privacy and security with seriousness, and therefore stores most of the user information within servers in India. "India is one of the most important overseas markets for UCWeb. Of the 430 million users that we have on our browser globally, a large chunk of 130 million users come from India," Shunyan Zhu, president of the company said. A mobile browser and content platform called the UCWeb is operated by the Alibaba Group. Due to the expansion in the usage of online browsing platforms, it has now ...