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Cisco to Cut 5,500 Jobs in Shift From Switches to Software

20Aug By reutersNo Comments

News

Cisco to Cut 5,500 Jobs in Shift From Switches to Software

Cisco Systems Inc said it would cut nearly 7 percent of its workforce, posting charges of up to $400 million (roughly Rs. 2,672 crores) in its first quarter, as the world's largest networking gear maker shifts focus from its legacy hardware towards higher-margin software. The gradual move to fast-growing sectors such as security, the Internet of Things and the cloud is a response to sluggish demand for Cisco's traditional lineup of switches and routers from telecom carriers and enterprise customers, amid intense competition from companies such as Huawei and Juniper Networks Inc . Savings from up to 5,500 job cuts would be reinvested into key growth areas, Cisco said. "We think this is partly an effort by (CEO) Chuck Robbins to put a stake in the ground and send a message that ...

GST is Challenge For IT Industry Because of Multiple Taxes : Nasscom

4Aug By NitishNo Comments

News

GST is Challenge For IT Industry Because of Multiple Taxes : Nasscom

The GST regime would streamline the taxation system and make it much more transparent, but would also create multiple taxation points, which will be a "challenge" for the IT industry, Nasscom said today. Nasscom President R Chandrasekhar said the concerns regarding multiple taxation points have been brought to the notice of the government and it expects a positive response while framing the GST law. "IT services are intangible. The way things are looked at in the GST law, not the Constitution amendment, there we have a number of concerns which have been shared with the government. "We feel that today for IT services, it is a simple regime. One single point of taxation which is central service tax, one single point of registration, one single invoice, one single place where you hav...

Tatas Record $103-Bn FY16 Revenue; Investment at $9-Bn: Cyrus Mistry

30Jul By PriyankaNo Comments

BUSINESS

Tatas Record $103-Bn FY16 Revenue; Investment at $9-Bn: Cyrus Mistry

Tata Group invested USD 9 billion in its businesses globally in 2015-16, even as its worldwide revenue fell marginally to USD 103 billion due to commodity market slowdown and volatile currencies among other reasons, the diversified conglomerates chief Cyrus Mistry said today. Addressing the Annual Group Leadership Conference (AGLC) of the steel-to-software conglomerate, Mystry also announced a new leadership competency model based on key competencies to develop and identify leaders within the group firms and outlined a new framework focussed on happiness at work. The total investments by the over 100 group companies in the last three years total to over USD 28 billion, said Mistry, Chairman of the main holding company Tata Sons Ltd. Addressing the top leadership and senior mana...

Wipro Will Achieve Double Turnover to USD 15 Billion By 2020: Abidali Z Neemucchwala

20Jul By AnkitaNo Comments

Entrepreneurs Talk

Wipro Will Achieve Double Turnover to USD 15 Billion By 2020: Abidali Z Neemucchwala

Bullish on the "existing market opportunity", Wipro CEO Abidali Z Neemucchwala today said the company is confident of achieving its ambition of doubling its turnover to USD 15 billion by 2020. "I am very confident about the company's ambition (of doubling its turnover to USD 15 billion by 2020 because of the existing market opportunity. The way the market is panning out, and the investments the company is making and the structure and leadership factors it has been putting in place are being seen very positively by our customers and analysts," he told reporters after announcing financial results here. He added that the company's investments, leadership and structure that it is putting in place has been received positively by its customers and analysts. Neemuchwala said, "All these ...

Alipay Could Acquire Stakes in German Banking Software Wirecard

27Jun By PriyankaNo Comments

CHINA

Alipay Could Acquire Stakes in German Banking Software Wirecard

Wirecard AG is negotiating with representatives of Alipay, a unit of Chinese e-commerce giant Alibaba, about it taking a stake of up to 25 percent in the German banking software company, a newspaper reported on Sunday. Without citing its sources, the Bild am Sonntag weekly said Wirecard was in confidential talks with Alipay about it taking a stake of up to 25 percent, and possibly more later. A Wirecard spokeswoman declined to comment on the specifics of the report but confirmed that the company was in strategic talks with various partners, without elaborating. A source familiar with the matter said Ant Financial, which operates the Alipay platform, was not talking to Wirecard about an investment. In December, the two companies agreed to a deal to provide mobile phone payment servi...

LinkedIn Buy Biggest Acquisition Since I Became CEO: Satya Nadella

13Jun By Press Trust of IndiaNo Comments

Entrepreneurs Talk

LinkedIn Buy Biggest Acquisition Since I Became CEO: Satya Nadella

Microsoft chief Satya Nadella today said new opportunities for monetisation will be created once integration with LinkedIn, its largest acquisition till date, is completed. The USD 26.2-billion deal, which is the largest in the history of the Redmond-based firm, will help "reinvent productivity and business processes", Satya Nadella said in an e-mail to employees. According to a presentation, the total addressable market size for Microsoft has grown to USD 315 billion, from USD 200 billion earlier. Given this is the biggest acquisition for Microsoft since I became CEO, I wanted to share with you how I think about acquisitions overall. To start, I consider if an asset will expand our opportunity ? specifically, does it expand our total addressable market?" he wrote in the e-mail to emplo...

Microsoft Acquired LinkedIn in $26 Billion Cash Deal

13Jun By NitishNo Comments

ACQUISITION

Microsoft Acquired LinkedIn in $26 Billion Cash Deal

On Monday, Microsoft Corp acquired LinkedIn Corporation for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash deal. LinkedIn will retain its distinct brand, culture and independence. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year. “Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. “For the last 13 years, we’ve been uniquely po...

Internet Devices Firm Gaia Smart Cities Has Acquired Internet of Things Business of Netcore

12Jun By PriyankaNo Comments

ACQUISITION

Internet Devices Firm Gaia Smart Cities Has Acquired Internet of Things Business of Netcore

Internet devices firm Gaia Smart Cities has acquired Internet of Things business of communications service provider Netcore in a an equity deal. "We have finalised deal to acquire IoT business of Netcore in an equity deal. Gaia will get ownership of Netcores IoT business and Netcore will invest in Gaia," Gaia Smart Cities Founder & CEO Sumit D Chowdhury said. Internet of Things involved in connecting various devices with internet to control them and extract data related ton their function in structured format like calorie burn data from smart wrist bands, switching on or off to AC, TV, car from mobile phones etc. Gaia Smart Cities was founded by Chowdhury and Bipin Pradeep Kumar last year. The company provides internet of things solution like remote access to water met...

Salesforce Acquires Demandware About $2.8 billion To Enter in E-Commerce Services

3Jun By reutersNo Comments

ACQUISITION

Salesforce Acquires Demandware About $2.8 billion To Enter in E-Commerce Services

Cloud-based software maker Salesforce.com Inc said it would buy Demandware Inc, whose software is used by businesses to run e-commerce websites, for about $2.8 billion. The deal will help Salesforce open a new front as it looks to take away more market share from traditional software providers such as Oracle Corp and SAP AG, both of which already offer cloud-based e-commerce services. The e-commerce market has been growing at a blistering pace as retailers expand their online presence, boosting demand for software that helps manage functions such as payment processing and inventory management. The lofty premium indicates that there were most likely multiple bidders at the table for Demandware, Stifel Nicolaus & Co analyst Thomas Roderick said, naming Adobe Systems Inc and Orac...

Microsoft Launches Early Stage Investment Venture Arm That Will Replace Microsoft Accelerator

1Jun By AnkitaNo Comments

News

Microsoft Launches Early Stage Investment Venture Arm That Will Replace Microsoft Accelerator

Nagraj Kashyap, the Corporate VP of Microsoft Ventures announced a new early-stage investment group of Microsoft called Microsoft Venture. The entity will look after investment in early age startups. In his blog, Nagraj mentioned, The Microsoft Venture name was assumed from an existing team within our Developer Evangelism team. That team has now been rebranded to Microsoft Accelerator. Microsoft Ventures will focus on start-up investments while Microsoft Accelerator will focus on start-up enablement, primarily through our seven accelerators around the world. On one side of the spectrum, we help early stage companies with tools, technology and consulting through Microsoft Accelerator*. And at the other end is where you’ll typically see our larger investments and acquisitions. Microsoft ...

Sudha Murty, Infosys Chairperson Launches Infosys Household Biogas Digester Project

30May By AdityaNo Comments

News

Sudha Murty, Infosys Chairperson Launches Infosys Household Biogas Digester Project

Software major Infosys today announced the launch of a Rs 22 crore household biogas project in Ramanagara district in Karnataka. Under the project, Infosys will build 7,620 household biogas units and provide an equal number of biogas stoves to as many families in the district. Over a 10-year period, the project is expected to generate biogas equivalent to about 1 million cylinders of domestic LPG, the company said in a release here. SKG Sangha, a Karnataka-based NGO with experience in implementing biogas projects, will be the implementation partner for the project, it said. Infosys will train the beneficiaries, maintain the biogas digesters and monitor their performance, the release added. The project was inaugurated by Sudha Murty, Chairperson of the Infosys Foundation, Ind...

India is Celebrating It’s Own Tech Innovation: Satya Nadella, Microsoft CEO

30May By NitishNo Comments

Entrepreneurs Talk

India is Celebrating It’s Own Tech Innovation: Satya Nadella, Microsoft CEO

India-born CEO of Microsoft Satya Nadella today said developers and entrepreneurs from India are playing a key role in driving innovation both in the country and outside and the company wants to be the platform for creators here. Nadella, on a one-day trip to India, today met Communications and IT Minister Ravi Shankar Prasad as well as student developers and entrepreneurs this morning. He is scheduled to call on Prime Minister Narendra Modi later in the day. "Its so inspiring for me to come here to see this broad spectrum of student developers, entrepreneurs, artists and even some big brands, e-commerce companies who are all changing the landscape of India and thereby, the world," Nadella said while delivering keynote address at Microsofts Tech For Good, Ideas for India event. ...