Tuesday, May 28

Tag: deal

Elon Musk and Twitter Closes deal for $44 billion
News

Elon Musk and Twitter Closes deal for $44 billion

Twitter is in advanced discussions to sell itself to Elon Musk and could finalize a deal today on Monday, people familiar with the matter said. The two sides worked through out the night to get out a deal that would be valued at $54.20 a share, or $44 billion, the people said. Assuming there isn’t a last-minute snag, the deal is expected to be announced after the market closes on Monday. It’s not clear why the total value of the deal has increased slightly from prior expectations, but it could be related to an updated share count. Elon Musk on April 14 offered a bid to buy the company without saying how he would pay for it, calling it his "best and final" offer. Twitter had been expected to rebuff the offer, and put in place a so-called poison pill to block him from increasing hi...
WeWork sues SoftBank for backing out of $3 billion Investment deal
BUSINESS

WeWork sues SoftBank for backing out of $3 billion Investment deal

Coworking organization WeWork sued Japan-based SoftBank after the technology investment group breached its contractual obligations by backing out of a USD 3 billion investment deal. The lawsuit filed in a US court in Delaware came just days after SoftBank said it was backing out of the plan to purchase WeWork shares to shore up the finances of the struggling sharing economy giant. WeWork's board of directors called the SoftBank action "a clear breach of its contractual obligations" under an agreement between the two firms last year as well as a breach of SoftBank's fiduciary obligations to the firm's current and former employees who were to sell their equity. The complaint alleges SoftBank yielded to pressure from "activist investors" and made the move after it had "received most...
Logitech Eyeing to Take Over US based Tech Firm Plantronics
ACQUISITION

Logitech Eyeing to Take Over US based Tech Firm Plantronics

The popular Swiss manufacturer of keyboards and webcams, Logitech is reportedly in talks to acquire and take over a U.S. maker of Bluetooth earpieces and gaming headsets known as Plantronics. If the deal goes through, it would be Logitech's largest acquisition and would illustrate the company's push to diversify its business. It would come as Logitech and Plantronics seek to keep down manufacturing costs following the introduction of tariffs on imports from China into the United States. For this purpose, the company has offered more than $2.2 billion to acquire Plantronics as stated by a source. Plantronics had a market capitalization of about $2 billion. If the acquisition is confirmed, a deal between Logitech and Plantronics could come as early as next week, cautioning that it w...
Gaja Capital Acquires Stake in Sports Education Firm KOOH
ACQUISITION

Gaja Capital Acquires Stake in Sports Education Firm KOOH

India’s private equity fund Gaja Capital has reportedly acquired a significant minority stake in sports education and training company KOOH Sports. The deal was worth Rs 75 crore ($10 million). Following the acquisition, Gaja will invest through a mix of primary and secondary stake buy, where a few of the existing investors will make a part exit. Existing investors altogether carry a 70% stake in the company and the rest is held by promoters. KOOH that stands for kids-out-of-home was launched in 2010 by founders of Intelenet Susir Kumar and Prabhu Srinivasan. The company offers sports education to 2,00,000 children across India currently. It has existence across 50 cities. "Youth sports is a $20 billion business globally and we believe it to be at an inflection point in India. As In...
Flipkart Acquires AI-led Speech Recognition Startup Liv.ai
ACQUISITION

Flipkart Acquires AI-led Speech Recognition Startup Liv.ai

India's most popular e-commerce platform Flipkart has announced that it has acquired an AI-led speech recognition startup Liv.ai. The primary purpose of this acquisition is to boost up an end-to-end conversational shopping experience for its customers. Along with this, voice integration could be available in some parts of the Flipkart platform as soon as 6-8 months. Liv.ai was started in 2015 by Subodh Kumar, Kishore Mundra and Sanjeev Kumar. The company had developed a speech to text platform supporting 10 Indian languages the constitute Hindi, Bengali, Punjabi, Marathi, Gujarati, Kannada, Tamil, Telugu and Malayalam. “We work on speech recognition and surrounding technologies and these will be extremely valuable to any company that wants to target the Indian customer base of 100-200 ...
Cisco to Acquire Software Firm Founded By Former IIT Delhi Student For 25000 Crore
ACQUISITION

Cisco to Acquire Software Firm Founded By Former IIT Delhi Student For 25000 Crore

San Francisco-based software company founded by an IIT alumnus will be acquired by American technology giant Cisco for USD 3.7 billion. Jyoti Bansal founded application intelligence software company AppDynamics in 2008 with a vision to "help modern enterprises embark on their journey of digital transformation with a disruptive approach to managing their software applications." Cisco said it will acquire AppDynamics for approximately USD 3.7 billion in cash and assumed equity awards. It said AppDynamics's cloud application and business monitoring platform enabled the world's largest companies to improve application and business performance. "Applications have become the lifeblood of a company's success. Keeping those apps running and performing well has never been more important," sai...
Largest Deal in E-commerce: Wal-Mart Acquired Jet.com For $3 Billion
ACQUISITION

Largest Deal in E-commerce: Wal-Mart Acquired Jet.com For $3 Billion

Wal-Mart Stores Inc, vying to better challenge Amazon.com Inc , will pay about $3 billion for internet retailer Jet.com and its innovative pricing software in the largest-ever deal for an e-commerce startup. The deal disclosed on Monday follows a five-year e-commerce acquisition spree in which Wal-Mart, the world's biggest traditional retailer, has already bought 15 startups, seeking the talent and technology to make it a dominant player online and narrow the massive gap with market leader Amazon. Wal-Mart's online division has underperformed against Amazon, posting its slowest growth in a year in the first quarter as it struggled to gain traction with consumers, especially millennials. Jet.com was launched by internet entrepreneur Marc Lore in July 2015 and includes software that...
GrabShack.com- A Search Engine To Find Best Prices Across Hundreds Of E-Commerce Sites
Story

GrabShack.com- A Search Engine To Find Best Prices Across Hundreds Of E-Commerce Sites

GrabShack proudly launches its search engine for finding and comparing the best prices on deals. It has been created to solve the problem every consumer faces when ordering online. The problem of “How do I find the best price on a product or a deal? I surely can’t go through every e-commerce website out When two childhood friends and serial entrepreneurs came across this problem, they figured out that the Indian market can hugely benefit from a search engine focusing on finding products prices from every e-commerce website. And thus the idea of GrabShack was born. It took Harsh Rajat and Robin Srivastava almost a year to develop GrabShack in a way which made finding the offers on products across Flipkart, Amazon, SnapDeal, PayTM and hundreds other websites. Harsh and Robin aren'...
Revenue and Identity Crisis of Yahoo
Story

Revenue and Identity Crisis of Yahoo

When senior Yahoo executives gathered at a San Jose hotel for a management retreat in the spring of 2006, there was no outward sign of a company in crisis. The internet pioneer, not yet a teenager, had just finished the prior year with $1.9 billion in profits on $5.3 billion in revenue. The tough days of the dot-com bust were a distant memory, and Yahoo Inc, flush with lucrative advertising deals from the world's biggest brands, was enjoying its run as one of the top dogs in the world's hottest industry. But for one retreat exercise, everyone was asked to say what word came to mind when a company name was mentioned. They went through the list: eBay: auctions. Google: search. Intel: microprocessors. Microsoft: Windows. Then they were asked to write down their answer for Yahoo. "...
Marisaa Mayer Letter To Yahoo Employees After Verizon Deal
Story

Marisaa Mayer Letter To Yahoo Employees After Verizon Deal

As Verizon Communications Inc announced that it would buy Yahoo Inc's core internet properties for $4.83 billion in cash to expand its digital advertising and media business, in a deal that ends a lengthy sale process for the fading Web pioneer. CEO and Head of Yahoo, Marisaa Mayer wrote an emotional letter to all search based employees. She mentioned in the blog - Today is a big day for Yahoo! This is the email that I sent to Yahoos around the world today. Given the interest around our journey to this point, I wanted to share more about today’s announcement. –Marissa.    Dear Yahoos, Moments ago, we announced an agreement with Verizon to acquire Yahoo’s operating business. This culminates a rigorous, thorough process over many months, and yields a great outcome for the c...
Exclusive: Tesla, SolarCity Close to Merger Agreement
ACQUISITION

Exclusive: Tesla, SolarCity Close to Merger Agreement

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations...
Nokia Signs $1.5 Billion Framework Deal With China Mobile
BUSINESS

Nokia Signs $1.5 Billion Framework Deal With China Mobile

Nokia has signed a 1.36 billion euro ($1.5 bln) one-year framework deal with China Mobile, the Finnish company said on Monday, easing fears that it would lose market share while it merges operations with Alcatel-Lucent. Shares in the company were up 0.2 percent as of 1120 GMT versus a Helsinki bourse down 1.42 percent. Nokia's network equipment sales fell more than expected in the first quarter as buyers held off due to the Alcatel integration process.China Mobile is Nokia's biggest customer in China. "In the light of this announcement, China is not the market which one should be very worried about this year. They've managed to hold on to the positions of old Nokia and old Alcatel," said Nordea analyst Sami Sarkamies, who holds a 'buy' rating on the stock. He added that N...