Sunday, July 14

Tag: SoftBank

Automation Anywhere acquihire Cathyos Labs
ACQUISITION

Automation Anywhere acquihire Cathyos Labs

The SoftBank-backed robotic process automation (RPA) player, Automation Anywhere acquihire of product engineering start-up Cathyos Labs to support the company's expansion and product innovation. Cathyos Labs specialises in product development, automation, RPA and predictive analytics, Automation Anywhere said in a statement. Through the acqui-hire, Automation Anywhere will strengthen its engineering team to increase product development, support and delivery for customers in India and across the region, it said. Cathyos Labs is the first talent led acquisition by Automation Anywhere.Cathyos Labs engineers, including the co-founders, will join Automation Anywhere's product engineering team to provide development support for the web-based RPA platform, Enterprise A2019, it was state...
WeWork Raises Funding from SoftBank Group
FUNDING

WeWork Raises Funding from SoftBank Group

NEW YORK & TOKYO-- The We Company and SoftBank Group announced an agreement under which SoftBank commits to provide significant funding to the WeWork. This includes $5 billion in new financing and the launching of a tender offer by SoftBank of up to $3 billion for existing shareholders. Additionally, SoftBank will be accelerating an existing commitment to fund $1.5 billion. The funding provides WeWork with significant liquidity to execute its business plan to accelerate the Company’s path to profitability and positive free cash flow. After closing, and following the tender offer, SoftBank’s fully diluted economic ownership of WeWork will be approximately 80 percent. Since SoftBank will not hold a majority of voting rights at any general stockholder meeting or board of ...
Softbank could take control of WeWork
News

Softbank could take control of WeWork

Japanese investment firm Softbank could take control of WeWork as part of a financial package to address the company's cash crunch since its botched effort to sell the public its stock, according to The Wall Street Journal. The deal would further sideline co-founder Adam Neumann, who resigned as chief executive last month but still wields influence over the company because his shares carry higher voting power. SoftBank, the office-sharing company's biggest investor, is aiming to invest several billion dollars in new equity and debt, The Journal reported, citing people familiar with the matter. WeWork declined to comment on the Softbank package. In statement, the New York based company said it has retained a major Wall Street institution to arrange financing and was meeting w...
WeWork CEO Adam Neumann decided to Step down
News

WeWork CEO Adam Neumann decided to Step down

WeWork co-founder Adam Neumann has decided to step down as CEO of the office sharing startup, people with knowledge of the matter said, citing pressure from board members tied to SoftBank. Neumann will remain as chairman of the company he started in 2010, and he continues to control a majority of voting shares, the sources said. The company confirmed the report, saying the change is effective immediately. As we published an article on sunday, there were speculation in the WeWork board to replace Adam Neumann as chief executive. The showdown between SoftBank and Adam comes after We Company postponed its initial public offering (IPO) last week. SoftBank is considering to make Neumann as a interim CEO and hired an external replacement. However, SoftBank could choose not to...
SoftBank Turns against WeWork’s parent CEO Neumann
BUSINESS

SoftBank Turns against WeWork’s parent CEO Neumann

(Reuters) - SoftBank Group, the biggest investor in Wework co-working is exploring ways to replace Adam Neumann as chief executive, four people familiar with the matter said on Sunday. The rare showdown between SoftBank and one of its biggest investments comes after We Company postponed its initial public offering (IPO) last week, following pushback from perspective investors, not just over its widening losses, but also over Neumann’s unusually firm grip on the company. This was a blow for SoftBank, which was hoping for We Company’s IPO to bolster its profits as it seeks to woo investors for its second $108 billion Vision Fund. It invested in We Company at a $47 billion valuation in January, yet stock market investor skepticism led to the startup considering a potential...
Yahoo Japan to acquire Online Fashion Retailer Zozo
ACQUISITION

Yahoo Japan to acquire Online Fashion Retailer Zozo

Yahoo Japan will acquire a majority stake in the online fashion retailer Zozo founded by billionaire Yusaku Maezawa, known for buying pricey art and his space travel plans. The Japanese IT giant, a subsidiary of telecoms giant and investor SoftBank Group, aims to buy up to 152.95 million shares or a 50.1 percent stake in Zozo. The cost of the acquisition will be as high as 400.7 billion yen ($3.7 billion), with Yahoo Japan offering a 21 percent premium over Zozo's Wednesday closing price. The deal includes an agreement to acquire 92.7 million shares from Maezawa, equivalent to the 30.37 percent he owns in Zozo. Maezawa, known for his extravagant lifestyle and eccentric comments, will step down as Zozo chief executive from Thursday. "I will leave Zozo's future in the hands of...
Energy Vault Raises $110 Million From Softbank Vision Fund
FUNDING

Energy Vault Raises $110 Million From Softbank Vision Fund

Lugano, Switzerland: The creator of renewable energy storage products 'Energy Vault' raises $110 million Series B funding round from SoftBank Vision Fund. This is the first investment of Softbank in energy storage technology. Energy Vault will use the funds to accelerate the global deployment of its technology, which for the first time enables renewables to deliver baseload power for less than the cost of fossil fuels 24 hours a day. As part of the investment, Andreas Hansson, Partner for SoftBank Investment Advisers, will join the Energy Vault board of directors. Energy Vault’s breakthrough technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. The company’s solution is based on the...
SoftBank Group Triples Net Profit, Thanks to Alibaba
BUSINESS

SoftBank Group Triples Net Profit, Thanks to Alibaba

Japan's SoftBank Group said its first-quarter net profit more than tripled thanks to exceptional gains related to the sale of shares in Chinese e-commerce giant Alibaba. The company announced a net profit of 1.12 trillion yen ($10.5 billion) for the three months to June, up 257.6 percent compared to the same period a year before. "It is the first time our quarterly net profit surpassed one trillion yen and It's a remarkable performance," CEO Masayoshi Son told reporters. SoftBank Group said the growth was boosted by delayed gains from its 2016 sales of shares in Alibaba, which had an impact on the income of 857 billion yen. Sales rose 2.8 percent to 2.34 trillion yen while operating profit dipped 3.7 percent to 690 billion yen. Under tycoon Son, SoftBank, which started as ...
Grab invests $2 billion in Indonesia through Softbank Vision Fund
News

Grab invests $2 billion in Indonesia through Softbank Vision Fund

Ride-hailing giant Grab is investing USD 2 billion in Indonesia over the next five years, using funds from Japan's SoftBank Group to boost its presence in Southeast Asia's biggest economy. The Singapore-based firm has seen its business grow rapidly since it bought US-based rival Uber's regional ride-hailing and food business in March last year in exchange for a 27.5 percent stake in Grab. Its Indonesian investment will focus on building a next-generation electric vehicle transport network and rolling out e-healthcare services to improve access to doctors and medical services across the archipelago. The announcement came after SoftBank last week said it would partner with tech firms including Apple and Microsoft in a new $108 billion investment fund. It is the long-mooted succe...
Most SoftBank Vision Fund investors want to join second fund: Masayoshi Son
Entrepreneurs Talk

Most SoftBank Vision Fund investors want to join second fund: Masayoshi Son

Most investors in SoftBank's $100 billion Vision Fund want to join the group's forthcoming second fund, founder and Chief Executive Masayoshi Son said on Wednesday, adding discussions would begin soon.  The entrepreneur said in May a second fund would launch "soon", with SoftBank likely to be the only investor initially. Raising further funds is essential if Son is to extend his spending spree on late-stage startups around the world. Investors in the first fund include the sovereign wealth funds of Saudi Arabia and Abu Dhabi, Apple Inc and Foxconn, formally known as Hon Hai Precision Industry Co Ltd. The Vision Fund will ramp up its employee numbers to 1,000 from 400 currently, Son said at the group's annual general meeting. The fund's head, Rajeev Misra, said he sees i...
Softbank Acquire more stakes in Yahoo
ACQUISITION

Softbank Acquire more stakes in Yahoo

Softbank, Japanese telecom and leading investment company said it will spend USD 4 billion to acquire more stakes in Yahoo Japan. After this acquisition, Japan will hold nearly 45 percent stakes of Yahoo Japan. On Wednesday, the company releases its forecast report and mention that with the additional stake in Yahoo, its revenue will rise to 4.8 trillion yen ($43.6 billion) in this fiscal year. Softbank, the Japanese mobile subsidiary of Softbank Group Corp., listed its shares in December in Japan's largest-ever initial public offering, at more than 2 trillion yen ($18 billion). It now holds a 12 percent stake in Yahoo Japan, which will become a subsidiary of Softbank Corp. with the acquisition of a 36 percent stake in the internet company held by its parent. Softbank Corp....
On demand delivery startup raises $1 billion from Softbank
FUNDING

On demand delivery startup raises $1 billion from Softbank

BOGOTÁ, Colombia-- Rappi, an on-demand delivery startup operating in Latin America, today announced an investment of up to $1 billion from SoftBank Group Corp. (“SBG”) and SoftBank Vision Fund (“Vision Fund”). The investment marks the largest technology financing to date in a Latin America-based company. SBG and the Vision Fund will each invest up to $500 million in Rappi. “SoftBank’s vision of accelerating the technology revolution deeply resonated with our mission of improving how people live through digital payments and a super-app for everything consumers need. We will continue to focus on building innovations for couriers, restaurants, retailers and start-ups that translate into new sources of growth" Founded in 2015, Rappi has emerged as the leading service app in the ...