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Microsoft Acquires PhoneFactor - Business Insider
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Microsoft Acquires PhoneFactor To Keep Hackers From Destroying Your Life
Julie Bort
Oct.
4, 2012,
3:41 PM
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WiredMicrosoft's latest deal came too late to protect Wired's Mat Honan from hackers.
See Also
This 25-year-old hacker earned $80,000 in 8 months moonlighting as a 'bug bounty hunter'
Microsoft CEO Satya Nadella loves to use a quote from Wayne Dyer to describe the future of technology
Microsoft's missed quarter is a sign that the company isn't out of the woods yet
Microsoft wants to make sure that its customers don't suffer the fate of Wired's Mat Honan.
Today they acquired a tiny 50-person company, PhoneFactor, that turns your cell phone into a password-verification device for an undisclosed sum.
Hackers nearly destroyed Honan's digital life two months ago. On the hunt for a Twitter password, they got into his Amazon account, which helped them gain access to his Apple and Google accounts. They remotely erased all his data, even on his iPhone and Mac.
Honan admitted, "Had I used two-factor authentication for my Google account, it’s possible that none of this would have happened."
Two-factor authentication means that you need more than just a password to log in—you need something extra to verify your identity. A lot of these security schemes rely on your phone.
One example of two-factor authentication at work: After you type in a username and password, your phone is sent a code via text or an automated phone call. You have to enter that code when you sign in. So hackers can't just know your password—they'd have to get your phone, too.
Google has a piece of software called Google Authenticator which generates these codes without needing to bother with a text or phone call.
PhoneFactor is an app that does similar things for enterprise apps. It already supported a bunch of Microsoft software, including email and Active Directory. (Active Directory is how enterprises keep track of employee passwords to Windows apps.)
Interestingly, it wasn't the Windows Phone team that made this acquisition but the Server and Tools business unit. They are going to add PhoneFactor's tech into Microsoft's cloud apps like Windows Azure Active Directory, a Web-based implementation of Active Directory, and Office 365, an online version of Microsoft's productivity-software suite.
PhoneFactor was founded by Tim Sutton in 2001. Sutton is best known for his years as president of Sprint's broadband wireless business. Cofounder Steve Dispensa also hailed from Sprint.
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Microsoft Acquires PhoneFactor To Keep Hackers From Destroying Your Life
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IFC acquires the rights to Lindsay Lohan
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Google Eyes Japan's Payments Space With Latest Acquisition Talks
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Google plans foray into Japanese cashless payments with pring acquisition
Adriana Nunez
2021-07-09T13:20:00Z
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Google is in negotiations to buy cashless payments startup pring.
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Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce industry. Learn more about becoming a client.
Google is reportedly in negotiations to acquire pring, a Japan-based cashless payments startup, for between JPY20 billion ($187.3 million) and JPY30 billion ($281 million), according to Nikkei Asia.
Proximity mobile payment users will reach 27 million this year.
Insider Intelligence
The acquisition would give Google access to pring's vast partner network, which includes 50 national banks and major companies like 7-Eleven. The tech giant hopes to use pring to launch proprietary financial services in the country.Pring can help Google move deeper into Japan's cashless payments market.Japan has substantial room for cashless growth, which Google can harness to its advantage: In 2020, cash accounted for more than 50% of all transactions in the country, as opposed to neighboring countries like South Korea, where it made up 34%, per McKinsey. But Japanese consumers have warmed to cashless payments because of the pandemic and government initiatives that have encouraged their use, with a goal of expanding cashlessness over the next four years. Operating with a local player could help Google move further into the market at an opportune time and capture market share before it matures.Google can use pring's partner network to expand Google Pay acceptance. The number of proximity mobile payment users in Japan is projected to hit 27 million this year, up from 24.8 million in 2020, per Insider Intelligence forecasts. Google can capitalize on this growth and use pring's existing partners to make its payment product available at more locations throughout the country, helping it compete against local players like PayPay, which has a strong presence in the market.Google has been expanding further into financial services: In the US and other markets, it launched the revamped Google Pay app, which features solutions like cash management tools, banking services, and retail perks—it might be looking to replicate some of these services in Japan. Google may also test out new financial solutions in Japan that it can bring to other markets—something it's done in India—as it moves beyond payments.Want to read more stories like this one? Here's how you can gain access:Join other Insider Intelligence clients who receive Payments & Commerce forecasts, briefings, charts, and research reports to their inboxes each day. >> Become a ClientExplore related topics more in depth. >> Browse Our CoverageCurrent subscribers can access the entire Insider Intelligence content archive here.
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ZA | M&A | 0.999967 | [
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Gawker Media Buys CityFile In Its First-Ever Acquisition
http://www.businessinsider.com/gawker-acquires-cityfile-2010-2/comments
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Joe Weisenthal
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Mike Shields
Tue, 16 Feb 2010 05:55:25 -0500
http://www.businessinsider.com/c/4b7a799d00000000009f5f2d
Yes, but are those uniques?
http://www.businessinsider.com/c/4b79c443000000000066eec7
g
Mon, 15 Feb 2010 17:01:39 -0500
http://www.businessinsider.com/c/4b79c443000000000066eec7
Does Denton have alcohol poisoning? He looks like it
http://www.businessinsider.com/c/4b79bdad0000000000ed38e9
none
Mon, 15 Feb 2010 16:33:33 -0500
http://www.businessinsider.com/c/4b79bdad0000000000ed38e9
Agreed- Nick was the person who gave Remy the money to start Cityfile in the first place, so my guess is that he's not actually paying any money to fold it back into Gawker.
Sounds like Gabe was given the shove to bring Remy in, and integrating the website is a little bonus.
Cityfile never made any money or had any meaningful traffic, so it couldn't have been the main driver here.
http://www.businessinsider.com/c/4b79b9d500000000001f92b6
barry
Mon, 15 Feb 2010 16:17:09 -0500
http://www.businessinsider.com/c/4b79b9d500000000001f92b6
Sounds more like Gabe was fired: http://www.theawl.com/2010/02/nick-denton-asks-gawker-editor-to-step-down-purchases-cityfile | M&A | 1 | [
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Mergers and Acquisitions Are Down 21 Percent This Year
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Mergers And Acquisitions Are Down 21 Percent This Year
Ben Duronio
2012-07-02T18:09:00Z
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Hello there, good sirs.
According to Reuters, global mergers and acquisitions are down 21 percent in the first half in the past year, starting in July 2011 and ending in June 2012.
As Fortune states, JPMorgan Chase had the highest American deal making level of 21.9 percent while Goldman Sachs had the highest overall market share of 25.2 percent. Energy and power had the highest percentage of deals at 18.1 percent, followed by materials and financials.Fortune also notes that private equity experienced a similar decline and venture capital invested more in U.S. companies in the second quarter than in the first.DON'T MISS: The 14 Best Stocks In America According To UBS >
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Another Big Exit for NY Startups: SinglePlatform Gets Acquired for $100 Million by Constant Contact
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Another Big Exit For NY Startups: SinglePlatform Gets Acquired For $100 Million By Constant Contact
Alyson Shontell
2012-06-13T11:54:00Z
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SinglePlatform employees are celebrating in the office right now.
Scott Britton via Twitter
SinglePlatform has been acquired for $100 million by small business marketing tools company, Constant Contact.
Constant Contact has over 500,000 paying small business customers and 1,060 employees.SinglePlatform helps local businesses get their menu items and storefronts online. It has more than 10,000 customers paying $495 per year.The deal is $65 million in cash; another $10-30 million is tied to revenue goals over the next two years.SinglePlatform will be keeping its name and service and it will continue to operate out of its NYC office in Battery Park. Its founder and CEO, Wiley Cerilli, is now a Vice President at Constant Contact and will report to Constant Contact's CEO, Gail Goodman.
Every SinglePlatform employee, more than 60 people, is receiving cash and stock as part of the acquisition. About $5 million in cash and stock is being used for employee retention. All of SinglePlatform's employees will join Constant Contact's team."We had been approached by a number of companies who wanted to acquire us," Cerilli tells us. "But we poured our heart and soul into building out the team and we really wanted to find a partner who would help us do the right thing for everyone here." Cerilli and Joel Hughes, Constant Contact's Senior VP of Strategic Corporate Development, tell us the acquisition talks have been underway for two months. The companies were connected by SinglePlatform's rockstar business development executive, Kenny Herman.Herman ended his honeymoon early so he could be back for the acquisition announcement this morning.
"We had some knowledge of each other prior, but about two months ago we got serious about exploring a deeper relationship," Hughes explains. "The relationship has grown quite rapidly. We're thrilled and we think SinglePlatform can really help our small business clients, who are always looking for opportunities to reach beyond their current customer bases."SinglePlatform was founded by Cerilli in 2010 and it has only raised about $5 million in venture capital. The exit is a huge win for Cerilli and his investors, First Round Capital, RRE Ventures, New World Ventures, Gunderson Dettmer, DFJ Gotham and Seamless founder Jason Finger.SinglePlatform was very close to finishing a Series B round of financing for about $15 million when the acquisition opportunity struck. No new money was raised though, says Cerilli."I think it's a natural point for a business that, when you're raising, acquirers come along. We've been hockey stick growth for a while but we're rendering into a new phase, and this acquisition is the best move overall for the people at SinglePlatform," he says. "We can make a bigger impact on small businesses with Constant Contact."
Prior to founding SinglePlatform, Cerilli was an early employee at online food ordering company, SeamlessWeb.We asked Cerilli what it feels like to sell your company for $100 million. He replied, "It's such a surreal experience to have started the business and have this team form the way it has. I just feel super fortunate. It's a dream come true. This partnership is going to help millions of small businesses. It's crazy, I'm trying to breathe in these moments."The office is currently celebrating with a lot of hugs and a lot of tears -- all of them happy, says Cerilli.Cerilli sent out a message to employees and close friends this morning. In it he said:
"In my last company wide email I referenced part of Sheryl Sandberg's speech that she recently gave at the HBS graduation. During the speech, she described her hesitations in accepting a job offer with Google, which vanished when Eric Schmidt, the company's former CEO, told her, 'Don't be an idiot. Get on a rocket ship. When companies are growing quickly and they are having a lot of impact, careers take care of themselves. If you are offered a seat on a rocket ship, don't ask what seat, just get on.' Well, SinglePlatform has been offered a front row seat on a larger and faster rocket ship, and we have decided to jump on board."Here are some pictures of SinglePlatform's office today, in celebration mode:
SinglePlatform executives (CEO and founder Wiley Cerilli is on the far right).
Kenny Herman/SinglePlatform
Cerilli addressing the team about the acquisition.
Kenny Herman/SinglePlatform
Kenny Herman/SinglePlatform
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Google Can't Hire Anyone, So It's Going Crazy Acquiring Companies
Jay Yarow
Sep. 10, 2010, 12:10 PM
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In the last twelve months, Google has acquired (or planned to acquire) twenty-six different companies.
Why is Google going on such a crazy shopping spree? On a basic level, it can afford it, since it has billions in cash. And Google thinks its smart to invest in companies and people to turbo charge the company now for the future.
But, below those superficial reasons there seems to lurk a more vexing problem for Google. It's no longer a sexy growth business, and we've heard that's making it harder for Google to attract the best and the brightest in the industry.
Facebook wrested that mantle away Google. Facebook is growing like a weed, introducing new products, and most importantly pre-IPO, which means big paydays eventually for employees joining today.
Google offered $500,000 to an employee who was leaving for Facebook. He turned it down and joined Facebook anyway. (We've also heard Quora is hiring lots of talent lately. More on that later.)
Which, brings us to Google's acquisitions. It bought some big companies, but mostly it's smaller companies filled with industrious, intelligent, entrepreneurs.
Google used to be able to just hire those people. Today, if it wants them in the Google Plex it has to buy the company they're working on.
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Google Can't Hire Anyone, So It's Going Crazy Acquiring Companies
Google Can't Hire Anyone, So It's Going Crazy Acquiring Companies
Google has purchased 26 companies in the past 12 months.
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AOL Acquired Bebo And WHUMP! Its Profits Collapsed
Nicholas Carlson
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You knew it. We knew it. Everyone but Ron and Randy knew it was never a good idea for AOL to spend $850 million on Bebo.
(Now AOL knows it. They plan to sell or shut down the site in 2010.)
Case in point: In the year after AOL bought the social network, its UK sales office swung from $4 million annual profit to a $1.7 million loss.
PaidContent has more.
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In the year after AOL bought the social network, its UK sales office swung from $4 million annual profit to a $1.7 million loss.
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"Google's Acquisiton Spree Continued This Week," Says AdWeek. the Internet Giant Has Snapped up Two More Startups: a...
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"Google's acquisiton spree continued this week," says AdWeek. The internet giant has snapped up two more startups: Apture and Katango. Apture's service allows webpages to incorporate more multimedia elements into reading material, while Katango is a social networking site.
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Marissa Mayer's Acquisition Strategy Will Ruin Yahoo Employee Morale, Says VC
Nicholas Carlson
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APYahoo CEO Marissa MayerYahoo CEO Marissa Mayer believes her company needs more talented and enterpreneurial engineers and product managers.
(She's right!)
So, for the last six months or so, Mayer has been acquiring small, failed mobile startups for small amounts of money, turning off their products, and integrating their teams into Yahoo's larger workforce.
These deals are called "acqui-hires."
Usually, they cost about $1 million per engineer.
Mayer has done about ten of them since she joined Yahoo last summer. Just last Friday, Yahoo bought a tiny little company called Loki Studios.
Yahoo isn't the first company to do a lot of them.
Google buys dozens of startups for this reason every year. Facebook also hires people this way.
Venture capitalist Mark Suster – who is famous in his industry for selling two companies, and the joining GRP Partners – says that Mayer's acqui-hire strategy is actually really terrible, because it will drain morale from existing employees.
He writes:
Why Acquihires Hurt the Acquiring Company
How about if we look at it from the “rest of company” perspective.
You have been at Google, Salesforce.com, Yahoo! for years. You have worked faithfully. Evenings. Weekends. Year in, year out. You have shipped to hard deadlines. You’ve done the death-march projects. In the trenches. You got the t-shirt. And maybe got called out for valor at a big company gathering. They gave you an extra 2 days of vacation for your hard work.
And that prick sitting in the desk next to you who joined only last week now has $1 million because he built some fancy newsreader that got a lot of press but is going to be shut down anyways.
What kind of message does that send to the party faithful who slave away loyally to hit targets for BigCo?
I’ll tell you what is says.
It says if you want to make “real” money - quit.
Go do a startup. Get some famous angel or seed money. Get yourself in a big demo day competition. Woo the press. Hire legions of young, impressionable graduates from the top engineering universities. And then come back and sell me your company.
I know many rank-and-file employees. I’ve had the chats with them. You rarely meet people who don’t resent the scores of entitled acquihirees of their company.
Does Yahoo! et al really have to keep up with the Jones’s to build its future?
For the 200 new employees they’ll get through acquihires do they unleash 2,000 unhappy existing employees? Sure, most won’t quit. Because they know that it’s not a slam dunk to start a business and get acquired. But the most talented of those 2,000 will.
What if the $100 million you’re going to spend trying to win this alleged “war for talent” in stead went into big retention plans to keep your most talented employees.
You can’t “Roll Out the Red Carpet When Your Best Employees are on the Way Out the Door” as I wrote in this post. So why not announce big, hairy audacious goals on recruiting the best mobile talent with sign-on bonuses and retention plans? And reward your existing top 10% of employees handsomely.
I’ll bet the ROI would be higher than acquihires.
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Marissa Mayer's Acquisition Strategy Will Ruin Yahoo Employee Morale, Says VC
"It says if you want to make 'real' money - quit."
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Google Tries Freebasing
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Google acquired Metaweb Technologies, the San Francisco startup behind collaborative database Freebase, the company announced today.
Freebase is freely editable by anyone, like Wikipedia, but is structured as a database. Google says it will maintain Freebase as a free and open product, but it sounds as if the acquisition is mainly about stregthening the team behind Google's own semantic search efforts.
There's also a heartwarming story within this news: Goldman Sachs is an investor in Metaweb, which raised $57 million in two venture rounds before the acquisition.
Click here to see all the other companies Google has bought recently →
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GE Just Acquired A 100-Year-Old Oil Company That Supports An Entire Region In Texas
Rob Wile
Apr.
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YoutubeThis morning, GE announced it had acquired oil pump maker Lufkin Industries for $3.3 billion.
It's a good sign for America's shale boom — as GE said in its release, the pumps "represent a booming $13 billion patch of the oil and gas industry, fueled by shale and other unconventional sources of energy, and also by the need to make mature oil fields productive again."
But it means a heck of a lot more to the residents of Lufkin, Texas, population 35,000, and the greater East Texas region.
Lufkin Industries began as Lufkin Foundry and Machine Company in 1902. It made railroad and sawmill equipment.
Twenty-four years later, a man named W.C. Trout, who'd joined the company as a shareholder and company secretary, invented what is essentially the predecessor of the technology GE is acquiring, a counter-balanced pumping rig.
There are now at least two streets named after Trout and his descendants.
Kurth Drive, one of the main drags in the city, is likewise named after Lufkin founder Joseph Hubert Kurth.
We spoke with Lufkin, Texas Mayor Bob Brown about what the acquisition means for the community.
He said the company directly employs 1,100 people in the area.
Undoubtedly, it indirectly supports hundreds more.
"It is by far the bell cow in this county," he said.
Brown said he had no reason to believe GE will move jobs, though he said some residents were already saying they were worried.
Some local business owners we contacted hadn't yet heard of the acquisition. Rhonda Oaks, a reporter at the Lufkin Daily News, told us the mood from those she'd spoken with ranged from concerned to cautiously optimistic.
The region's ABC affiliate reports that GE is saying no jobs will be lost and both employees and customers will benefit from the merger.
"We have no layoffs in the future," GE oil and gas spokesman Sean Gannon said. "It's a growing sector and Lufkin Industries is good at what they do."
Lufkin shares closed up 37.59 percent today.
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iPhone Game Maker Ngmoco Acquires Another iPhone Game Developer, Stumptown Game Machine
http://www.businessinsider.com/iphone-game-maker-ngmoco-acquires-another-developer-2010-5/comments
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Touch Pet Dogs was good, looking forward to checking out what's next from these guys. I work at a <a href="http://www.gameshastra.com/Video-Game-Development.html">game development</a> firm myself, so I keep a pretty close eye. | M&A | 1 | [
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Dropbox to Acquire HelloSign, Goes Against DocuSign and Adobe
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At $230 million, Dropbox made its largest acquisition ever — and Wall Street thinks it's a shot at its $8 billion frenemy DocuSign
Rosalie Chan
2019-01-29T01:07:13Z
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When the nearly $10 billion cloud-storage company Dropbox announced Monday that it planned to acquire the e-signature startup HelloSign for $230 million, analysts were not surprised.Some analysts see this deal, which is expected to close in the first quarter of the year, as a pushback at the leading e-signature company DocuSign — a partner to Dropbox that may have turned into something of a frenemy.Last fall, the $8 billion DocuSign acquired a cloud-based document-management platform called SpringCM, a move that could bring it into direct competition with Dropbox.Analysts agree that this is a strong move for Dropbox, hinting that the company could be making a bolder move for larger businesses.Dropbox on Monday announced plans to acquire the e-signature startup HelloSign for $230 million, the largest acquisition to date for the nearly $10 billion cloud-storage company.This deal is expected to close in the first quarter of the year. HelloSign was founded in 2011 and had raised $16 million in funding."With over an exabyte of data on our platform, millions of people already use Dropbox as a place to collaborate on their most important content," Dropbox's cofounder and CEO, Drew Houston, said in a statement. "We're thrilled to welcome HelloSign's talented team to Dropbox and add their capabilities to our product suite."For some Wall Street analysts who watch Dropbox closely, this move was unsurprising — to them, it was an obvious move to counter DocuSign, the $8 billion leader in the e-signature space, even as Dropbox looks to deepen its product offerings for larger business customers.In fact, Dropbox had recently sent out a survey asking users whether they would be interested in using a Dropbox e-signature feature, Piper Jaffray's Alex Zukin said in a note to clients. That survey even asked about other e-signature vendors, including HelloSign, and what processes the hypothetical new feature could replace, he wrote.The two companies have been partners, with Dropbox users able to use DocuSign to e-sign the documents that they store in the cloud. But DocuSign recently made an acquisition, in the form of SpringCM, signaling that the two companies may soon find themselves competing in the cloud-storage market for businesses.Christopher Eberle, a senior equity analyst at Nomura, expects Dropbox and DocuSign to go their separate ways."Dropbox thought, DocuSign is competing against us," Eberle told Business Insider. "Are they a partner or competitor? They're making a decision that DocuSign is becoming more of a competitor by working in document management and content management. Dropbox decided we're adding our own signature so we don't need them."Dropbox, however, says that it's still a friend, not a foe, to both companies."DocuSign and Adobe are important partners of ours and have built businesses that serve some of the biggest companies in the world," a Dropbox representative told Business Insider. "That won't change."A punch back at DocuSignRight now, the fast-growing DocuSign is considered the industry leader in the e-signature business, followed by Adobe Sign. With SpringCM in its toolbox, DocuSign could be looking to eat Dropbox's lunch.But with about 12 million paying customers, Dropbox has the advantage of scale compared with the relatively more niche SpringCM, which focused exclusively on helping customers manage business documents like contracts. Similarly, Adobe Sign benefits from its association with the Adobe empire, which encompasses many products.To that end, it could be DocuSign's game to lose."The real question is, can DocuSign compete against Dropbox and Adobe?" Eberle said. "Dropbox was using DocuSign to sign the bottom of its documents. Now they integrate HelloSign, and they don't need DocuSign. That makes it a difficult competitive landscape for DocuSign."Still, Dropbox has to prove that it knows what it's doing with HelloSign and its technology, warned Richard Davis, an analyst with Canaccord Genuity, in a note to clients."What we don't know at this point is the breadth and roadmap for the firm's workflow and contract management tools, which, to that extent, could give the firm competitive differentiation," Davis wrote.And ultimately, analysts don't seem terribly concerned about DocuSign's prospects."We believe DocuSign warrants a premium valuation due to its strong competitive position, attractive financial profile, and impressive leadership team," Patrick Walravens, the director of technology research and senior analyst at JMP Securities, wrote in a note to clients.Moving toward enterpriseAll in all, analysts say this acquisition makes sense for the company and seem optimistic about it. HelloSign has more than 80,000 customers, including Samsung, Lyft, and Twitter. Walravens estimates in his note that HelloSign has an annual recurring revenue of $20 million to $30 million and that it's growing at about 50% each year.Ultimately, this is a sign that Dropbox is taking a page from Adobe's book and trying to move upmarket with features that cater to larger enterprise customers — important as it moves beyond just serving the consumer users who helped it make its name. In that vein, you can take it as a sign of things to come."If you look at the way they're positioning themselves, it provides more traction in the enterprise business space," Holly Muscolino, the research vice president at IDC, told Business Insider. "Even though it's frequently a consumer doing the signing," she said, there are few cases in which consumers would be distributing sign documents. "It's definitely an enterprise capability," she said.Read more: $9.95 billion Dropbox beats Wall Street expectations, but analysts still aren't sure it can crack the enterprise spaceIn general, the move seems to have been well received, with the company's stock closing up 1%, at $24.14 a share, at the closing bell on Monday."We are positive on the acquisition and believe that this is a natural adjacency for Dropbox given its ability to capture a greater portion of its customers' workflows with both document workflow as well as e-signature, and believe that it is a natural cross-sell," Piper Jaffray's note said.Here's the full Dropbox statement on competing with DocuSign and Adobe:"Dropbox is built on an open and vibrant ecosystem. We believe in, and are committed to giving our customers a best-in-class user experience no matter the tool they choose. Our partnerships play a key role in ensuring that. Both DocuSign and Adobe are important partners of ours and have built businesses that serve some of the biggest companies in the world. That won't change. Millions of businesses around the world still use legacy pen and paper to get their most important work done. There's a huge opportunity for us to work together and expand the market for document workflow software, getting it into the hands of more people and improving their productivity and efficiency."
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Sprinklr Acquires TBG Digital, One Of Facebook's Biggest Ad Clients, Ahead Of Its IPO
Jim Edwards
Aug. 14, 2014,
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RagyThomas / LinkedInSprinklr CEO Ragy ThomasSprinklr, the New York-based social media management firm that helps companies deal with multiple accounts on Facebook and Twitter at a global level, has acquired TBG Digital, one of Facebook's larger ad-buying clients. TBG — based in London and New York — had functioned as Sprinklr's ad media-buying arm for some time.
The deal signals that the marketing ecosystem that has grown up around Facebook, Twitter, LinkedIn and other large social media platforms is maturing into a phase where global scale at the so-called "enterprise" level is seen as an advantage. For example, Sprinklr previously acquired Dachis Group; Brand Networks (probably Facebook's fifth biggest advertising client) acquired Optimal; and Marin Software (probably Facebook's second-biggest advertiser) has more than 500 employees, also.
Terms of the deal were not disclosed. However, the new company now employs nearly 500 people globally serving 650 companies on more than 20 social media platforms. About 100 people came from TBG; 400 came from Sprinklr. The combined company processes more than $100 million in annual media spend, the companies said in a statement. Its clients will include Vodafone, Dell, Heineken and Zynga (from TBG) and Microsoft, Intel, Virgin America, and IHG (from Sprinklr).
TBG Digital, with permissionTBG CEO Simon MansellThe deal is interesting because Sprinklr is planning an IPO, and TBG — with its Facebook ad buying business — bolts on a revenue stream that Sprinklr previously lacked. Neither company has disclosed revenues or other financial details. However, Business Insider's best guess — based on both companies' history — is that TBG was likely profitable while Sprinklr was still in its unprofitable startup investment growth phase. Sprinklr had taken a total of $68 million in venture capital funding.
Sprinklr's future as an enterprise social media management company — via an IPO — is the worst-kept secret in the world of adtech. Sprinklr CEO Ragy Thomas is known to want to build "a $10 billion company." TBG, by contrast, has been a rather curious beast. Started by CEO Simon Mansell in the bedroom of his mother's house in the U.K. back in 2001, TBG has grown largely on the power of its own revenues and now has offices in London, New York, San Francisco and Hamburg. We hear it has been fending off acquirers for years.
Here is the official press release:
Sprinklr Acquires Leading Paid Social Company, TBG Digital; Helps Brands and Agencies Maximize Social Reach
Serving $5bn Market Opportunity, Acquisition Creates World’s First Enterprise Converged Media Solution
New York, NY, August 14, 2014 Sprinklr, the leading independent end-to-end social relationship infrastructure, today announced the acquisition of a top global paid social solution, TBG Digital.
The combination of TBG Digital and Sprinklr provides large brands with the world’s first converged social media solution. As the only enterprise provider with the full set of capabilities across paid, owned and earned social media, Sprinklr enables enterprises to:
● maximize reach across paid, owned and earned social content● integrate planning of content and campaigns across paid, owned and earned channels● conduct automated optimization and amplification of organic content with paid budgets● rapidly determine and close the loop on the ROI of digital advertising
Converged media is a critical need for large brands according to the Altimeter Group1. The number of major social media sites has exploded in the last 3 years to over 200, while simultaneously, the number of Facebook Pages “liked” by a typical user grew by 50%. The future demand for extending social reach shows no signs of slowing with social media initiatives poised to consume nearly 18% of total marketing budgets in 5 years with an additional $5 billion forecasted in paid social media alone.
“Understanding how media spend works across all channels and touchpoints is important to us,” said Gary Evans, Director, Online Sales and Marketing, Sky, the UK and Ireland’s leading home entertainment and communications company. “More and more of our customers and potential customers are connecting with us via social and it’s pretty clear that the only way to manage all of this effectively is through great, integrated technology.”
Recognized by Forrester Research as “the most powerful technology on the market,” Sprinklr released the industry’s first integrated paid social media module in April. With TBG Digital, Sprinklr adds 10 years of experience serving large clients such as Vodafone and Dell and a strong pedigree of innovation to round out the converged media solution. TBG Digital was an early adopter of ad campaigns on Facebook and was also one of the first 3 firms to join Twitter’s Marketing Platform Partner Program.
Until the announcement by Sprinklr of a converged social media solution, enterprises have been “forced into integrating disparate systems, which handicaps their ability to use ... tools to provide a consistent customer experience,” according to Altimeter. With a Sprinklr converged media solution that is purpose-built for large enterprises, brands and their agency partners can focus on managing and optimizing social reach across all touchpoints instead of playing the role of systems integrator or spreadsheet wizard.
“We’ve worked with some of the most innovative companies in the world when it comes to social,” said Simon Mansell, CEO of TBG Digital. “While many companies approached us about converged media, only Sprinklr had the proven ability to convert our domain knowledge into actionable software that can be deployed to thousands of brands globally.”
“Simple converged media management is the dream that brands have been asking for,” said Ragy Thomas, CEO and Founder of Sprinklr. “This is another milestone along the path we’ve intentionally taken since the beginning, to bring large companies closer to their customers in a nimble, scalable, and passionate way. Our goal is to continue to be the most complete social infrastructure for large brands.”
Subject to customary closing conditions, Sprinklr now:
● serves more than 650 enterprise brands ● processes more than $100 million in annual media spend ● employs nearly 500 people across the US, UK, France, Germany and Asia ● supports over 20 social platforms and customer data sources ● maintains formal relationships with all of the major social platforms including Facebook, Twitter, LinkedIn and Google.
Initial customers of Sprinklr’s new converged media solution have seen a 25% improvement in performance. Existing clients may contact their success manager for more information. Prospective clients are invited to attend a webinar on August 21st and may register here, visit www.sprinklr.com, or contact info@sprinklr.com.
SEE ALSO: RANKED: The Hottest Pre-IPO Adtech Startups Of 2014
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Sprinklr Acquires TBG Digital, One Of Facebook's Biggest Ad Clients, Ahead Of Its IPO
Sprinklr Acquires TBG Digital, One Of Facebook's Biggest Ad Clients, Ahead Of Its IPO
The marketing ecosystem that has grown up around Facebook is maturing into a phase where global scale is an advantage.
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10 Hollywood production companies that are M&A targets as consolidation shifts the entertainment landscape and private equity bets big on content
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Abry Partners' $100 million stake in Kevin Hart's company HartBeat is the latest big M&A move in Hollywood.
Dealmakers said production companies are valuable amid the streaming wars and demand for content.
Insider identified 10 companies that are attractive acquisition targets as consolidation continues.
The streaming wars have spurred a period of frenzied dealmaking in Hollywood. Amazon kicked off a major round of M&A last May with its $8.45 billion offer for 97-year-old studio MGM. In the year since, several entertainment companies have sold pieces of their business, including Reese Witherspoon's Hello Sunshine and Will Smith and Jada Pinkett Smith's Westbrook Inc. to Blackstone-backed Candle Media.Joe and Anthony Russo's AGBO sold a stake in January to South Korean video game publisher Nexon. In March, Sony Pictures Television announced it would take a majority stake in Industrial Media — known for reality TV hits like TLC's "90 Day Fiancé" — in a deal valuing the company at $350 million. And STX Entertainment was acquired by the Najafi Companies in April for around $157 million, according to the Hollywood Reporter.In the latest deal, Kevin Hart's new media venture, HartBeat, announced that private equity firm Abry Partners was taking a $100 million minority stake in the business, which combines his HartBeat production shingle and digital comedy platform Laugh Out Loud. Thai Randolph stepped up as CEO of the company after leading the fundraise.The M&A activity had top Hollywood dealmakers telling Insider in early 2022 that practically every independent production company is a target.Private equity firms are leading the pursuit, especially when it comes to talent-fronted shingles, because they see value in investing in content before the streaming service boom plateaus — and demand for original programming along with it. Apollo in January took a $760 million stake in "Dune" producer Legendary, in a move that "is about us making our own IP," Apollo partner Aaron Sobel told Insider. "You're going to be seeing us do M&A and there's much more that's going to happen," he said."More traditional media companies are trying to pivot," said Waymaker Law founder Ryan Baker, adding that periods of disruption foment more M&A activity because it's "quite common for entrenched incumbent players tied to existing technology to not be as nimble" and they can often adapt more quickly by buying than building.Not only does the appetite for production capabilities appear insatiable, but valuations also are sky-high. Hello Sunshine, whose projects include Apple TV+ drama "The Morning Show," was valued at $900 million in its Candle Media deal. SpringHill Co., founded by LeBron James and Maverick Carter, nabbed a $725 million valuation when it took on an investment from a group including RedBird Capital, Nike, and Epic Games. 'The key is buying franchises.'Such targets aren't being evaluated as traditional production companies, but rather as IP generators that have the potential to feed the demand for the next "Squid Game" or "Yellowstone," projects built with DNA that could anchor universes and also extend beyond the screen. "Original content is becoming more important and you want to bring a lot of the production capabilities in house," said Pivotal entertainment analyst Jeffrey Wlodarczak. "The key is buying franchises." All that deal flow is leading some Hollywood companies to hang "for-sale" signs. Village Roadshow, the producer of "Joker" and "The Lego Movie," has hired PJT Partners to seek investment or acquisition offers, per the Wall Street Journal.The limited set of larger production businesses that make attractive acquisition targets, sources said, includes A24, Skydance Media, and MRC. But among smaller shops, having a talent affiliation is key. A production company without a big-name is more like an arms dealer, a top dealmaker said, and typically lacks the potential to expand into multiple verticals — or to command a top-tier valuation. Celebrity-fronted businesses come with their own risks. If the talent isn't interested in expanding beyond filmed entertainment, the value of the deal declines. And if a star's reputation falters, the business could slip with it. Not all independent shops control the IP they create. Many production companies make work-for-hire or don't control the rights to a project once it is sold off to a studio distributor. Still, some buyers are game to pay for access to the next big idea from, say, creators like the Russo brothers, even though their reputation was built largely on "The Avengers" — aka Marvel IP — said another dealmaker who asked to remain anonymous.Based on January interviews with five entertainment industry experts and insiders, Insider identified a list of 10 production companies that could be compelling acquisition targets as M&A activity continues.10 Hollywood M&A targets with production capabilities and brand recognitionA24 The company led by CEO David Fenkel and chairman Daniel Katz has long been the subject of acquisition speculation thanks to its lineup of buzzy titles, including Greta Gerwig's "Lady Bird" and best picture Oscar winner "Moonlight." A24 — which also produces TV shows like "Ramy" — has a production deal with Apple and a film licensing agreement with Showtime. Array Ava DuVernay's company produces, markets, and distributes films from women and people of color. Array also is behind DuVernay projects like Netflix series "Colin in Black & White" and has a deal with the streamer to release film projects including 2021 dramedy "Donkeyhead." Bad Robot J.J. Abrams and wife Katie McGrath's 23-year-old shop is behind everything from HBO drama "Westworld" to the next installment of the "Mission: Impossible" franchise. Though Bad Robot doesn't own the rights to those titles, Abrams is such an in-demand creative talent that WarnerMedia in 2019 paid a reported $250 million for a five-year film and TV overall deal with him. Blumhouse Jason Blum's shingle has perfected its model of producing horror films on a tight budget, projects that reap big gains when they hit with audiences. Consider 2021's "Halloween Kills," which made more than $131 million at the box office, amid COVID fears and restrictions, on a $20 million budget. A 10-year first-look deal with Universal Pictures that runs through 2024 bodes stability for Blumhouse's film business.Chernin Entertainment Peter Chernin's company — which produced NBC's "New Girl" and the rebooted "Planet of the Apes" film series — is said to be exploring strategic options. It has a first-look deal with Netflix, and in 2020 it struck a deal with Spotify to develop its podcasts for film and TV. Imagine Entertainment Previously a target for Kevin Mayer and Tom Staggs' Candle Media, the production company co-founded by Ron Howard and Brian Grazer was in talks early this year to sell a stake to London-based Centricus, WSJ reported. Its recent films include "Hillbilly Elegy" and "Tick, Tick…Boom!" for Netflix. Scout Productions The 28-year-old company led by Michael Williams, David Collins and chief creative officer Rob Eric has driven some of the highest-profile LGBTQ+ projects in Hollywood, including "Queer Eye for the Straight Guy" and its "Queer Eye" reboot on Netflix.Seven Bucks Productions Led by Dwayne "The Rock" Johnson and Dany Garcia, Seven Bucks produced "Red Notice" for Netflix and has the upcoming "Black Adam" for Warner Bros. It also makes content for Johnson's YouTube channel, where he has 5.89 million subscribers. Skydance Media David Ellison's production shingle is behind the upcoming "Top Gun: Maverick" and is teaming with regular producing partner Bad Robot on "Mission: Impossible 7" and "Star Trek 4." The company — which has taken investments from RedBird Capital, Korea's CJ ENM, and Tencent — will produce a slate of live-action films for Apple, where it already has an animated film and TV series deal. Village Roadshow The film producer and financier majority owned by private equity firm Vine Alternative Investments is best known for Warner Bros. co-productions including "The Matrix Resurrections" and "Joker." The company, which is led by CEO Steve Mosko, recently has been focused on producing its own original films. This article was originally published on January 27 and has been updated, most recently on May 19.
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Another New York Startup Has Been Acquired
http://www.businessinsider.com/another-new-york-startup-has-been-acquired-2012-12/comments
en-us
Wed, 31 Dec 1969 19:00:00 -0500
Tue, 03 May 2016 18:32:00 -0400
Alyson Shontell
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clambo
Fri, 21 Dec 2012 22:38:33 -0500
http://www.businessinsider.com/c/50d52b39ecad049360000022
I don't care but that guy with the glasses should pull up his pants. Enough metrosexual stuff already.
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but they only paid 25m
Fri, 21 Dec 2012 11:11:27 -0500
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so who cares?
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as an Art Director, i am not sure am liking... i love Behance and so much and i'd hate to see adobe screw it up like they did with Golive. | M&A | 0.998873 | [
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"label": "M&A",
"score": 0.9988728165626526
}
] |
American Express Acquiring Steve Case's Revolution Money For $300 Million - Business Insider
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American Express Acquiring Steve Case's Revolution Money For $300 Million
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Another big deal in the next-generation consumer financial products space.
American Express (AXP) has just announced the acquisition of Steve Case's startup Revolution Money for $300 million.
Revolution Money, which is frequently described as a PayPal killer, allows merchants to process payments at a rate much lower than traditional card companies.
This has shades of Intuit buying Mint.com -- the old guard financial products company buying the new wave.
Full announcement:
----
American Express Company (NYSE: AXP) today announced it has agreed to acquire Revolution Money, a Revolution LLC company.
Revolution Money, launched by AOL Co-founder Steve Case's Revolution LLC in 2007, provides secure payments through an internet based platform. No names or account numbers appear on Revolution cards and transactions are authorized by using a PIN number. The company's online person-to-person payment accounts are FDIC insured and ideally suited for social and instant messaging networks. It also offers a prepaid card linked to those accounts that can be used for offline payments or to withdraw cash from ATMs throughout the United States.
"New payments products and platforms are evolving rapidly and it's important for us to keep identifying Cutting Edge technologies that can extend our leadership beyond the traditional payments arena," said Kenneth I. Chenault, chairman and chief executive officer of American Express. "While Revolution Money is a young and relatively small company, we believe it has big potential. This is a smart, nimble business. It's run by an accomplished management team who have quickly developed some cutting edge e-payment offerings. Joining with American Express will help unlock their potential, while allowing us to deliver competitive online payment products more rapidly and efficiently."
"Revolution Money has a lot of room to grow as it competes head-to-head with other online and person-to-person payment providers. We are committed to using our global brand recognition, marketing reach and network expertise to help reach a critical mass of customers," said Mr. Chenault.
The transaction, which is subject to regulatory review, is expected to close in the first quarter of 2010. The purchase price is expected to be approximately $300 million. Upon closing, Revolution Money would operate as a subsidiary of American Express and be the first component of its recently formed Enterprise Growth organization. Enterprise Growth was formed to leverage American Express' existing assets and capabilities to generate incremental fee revenue and to drive the company's entry into new payment areas and related businesses.
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American Express Acquiring Steve Case's Revolution Money For $300 Million
American Express Acquiring Steve Case's Revolution Money For $300 Million
Old-line credit card company tries to get hip.
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Now We Know How Many Millions Of Dollars These Startups Made Selling To Facebook
Alyson Shontell
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Joi via FlickrOver the past four years, Facebook has acquired about 20 companies. Most of the acquisition amounts were never disclosed.
Facebook's S-1 reveals how many shares of Class A and Class B stock it issued for each acquisition. It also says it spent $68 million to acquire startups in 2011.
The S-1 doesn't say which companies were given which shares, but Inside Facebook took a good stab at matching the startups up with the issued stock dates. We also looked at Facebook's acquisition timeline and made some guesses of our own.
According to the filing, Drop.io may have received close to $40 million in stock, not the $10 million that was initially reported. FriendFeed was given ~ $330 million in Facebook stock.
Please keep in mind that the following matches are educated guesses. They also do not include any cash Facebook may have paid the startups. If you know for a fact which company belongs to which statement, please email ashontell@businessinsider.com.
Here's how much Gowalla, Drop.io, FriendFeed and others really made selling to Facebook >>
*Note: Pursuit and RecRec weren't actual business acquistions, so they were not included in this list, even though most of their teams were bought/hired by Facebook.
Also, the following numbers do not include cash-based compensation or other bonuses. Class B shares and Class A shares are issued to acquired companies, and they were valued at $29.73 per share in late December. Inside Facebook notes that one Class B share is equal to a Class A share, but Class A shares have one-tenth the voting power.
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Now We Know How Many Millions Of Dollars These Startups Made Selling To Facebook
Now We Know How Many Millions Of Dollars These Startups Made Selling To Facebook
It looks like FriendFeed walked away with ~ $330 million in Facebook stock. Not too shabby.
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The cofounder of BlueJeans says the the coronavirus crisis accelerated its $500 million acquisition by Verizon, and predicts there's more 'consolidation of video platforms' to come
Benjamin Pimentel
2020-04-16T20:17:00Z
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Blue Jeans Network Cofounder Krish Ramakrishnan
Blue Jeans Network
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On Thursday morning, Verizon announced its intent to acquire videoconferencing company BlueJeans in a deal said to be valued at about $500 million.BlueJeans cofounder Krish Ramakrishnan, executive chairman, said his company had been exploring a merger with Verizon when the coronavirus crisis hit. That convinced the two companies to work faster on the merger."Imagine a transaction of this nature just done on video when everybody is working from home," Ramakrishnan told Business Insider. "Even the due diligence was done from home. Never happened. We got it done last night at 12:10 AM."Verizon's acquisition of BlueJeans combines a major telecommunications network with one of the most widely-used video conferencing platforms — even as it faces competition from Microsoft, Cisco, and upstarts like Zoom.Ramakrishan predicts a consolidation in the videoconferencing space as the sudden pivot to a remote workforce highlights the importance of the technology.Click here for more BI Prime stories.On Thursday, Verizon announced its intent to acquire BlueJeans Network, a videoconferencing company first founded in 2009.BlueJeans cofounder and Executive Chairman Krish Ramakrishnan said the startup had been exploring a possible sale to Verizon for months. The coronavirus crisis forced the two companies to work faster on a merger, which they completed the way corporate deals are now done in the age of COVID-19. "Imagine a transaction of this nature just done on video when everybody is working from home," Ramakrishnan told Business Insider. "Even the due diligence was done from home. Never happened. We got it done last night at 12:10 AM."The merger, which Ramakrishnan said was worth under $500 million, underscores the heightened importance of videoconferencing platforms given the sudden rise of the remote workforce. In its lifespan, BlueJeans had raised some $175 million from investors including New Enterprise Associates, Accel, and even baseball legend Derek Jeter. BlueJeans will become a division of Verizon. Ramakrishnan said he will continue with his current role, which is focused on product innovation and strategy. There will be no layoffs at BlueJeans, he said: "That is the promise."The rise of videoconferencingBlueJeans competes with other fast-growing platforms such as
Zoom
, Microsoft Teams, and Google Hangouts which have seen a spike in user traffic after the pandemic forced millions of employees worldwide to work from home."We had, I kid you not, 300% increase in video traffic and usage in just three months," Ramakrishnan said.So why sell now?"It's a tough decision," he said. "You always want to continue by yourself, to take it to the next level, and build and build and build."But it also became clear that being part of Verizon would give BlueJeans access to a "huge sales team" and cutting edge 5G and edge computing technologies. Ramakrishnan said merger discussions had been going on for some months when the pandemic hit."I was afraid the talks would break down because of the shutdown," he said.Industry consolidation But the opposite happened, he said. The talks "accelerated because of the use case of everybody working from home.""Until now, work from home was a convenience that people thought was okay for certain people," he said. "What this pandemic has taught is lots of people can actually work from home. It's going to be the new norm."Video conferencing clearly will become a more widely used technology which Ramakrishnan said will lead to a big shift in the industry, exemplified by the Verizon-BlueJeans merger."Definitely, there's going to be consolidation," he said. "There's going to be consolidation on the video platform and maybe adjacent telephony platforms because everything is about collaboration. And I think it's going to happen because of this work from home phenomenon."Why BlueJeans?For Ramakrishnan, the Verizon merger marks the end of the journey of a startup he launched 11 years ago, when video conferencing was still an unfamiliar tool for many people.He wanted to change that, and even the name he picked for the startup underscored his goal of coming up with a product that would be "easy to use, easy to approach, and something very familiar for everybody.""I came up with 'BlueJeans,'" he said. "It's casual. And you can actually go in style if you wear a jacket. It fits the enterprise, as well as work from home. You just need a clean shirt or something. So it applies to all situations. And universally, the most loved fabric is denim. Everybody likes blue jeans."Got a tip about Verizon, BlueJeans or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter @benpimentel or send him a secure message through Signal at (510) 731-8429. You can also contact Business Insider securely via SecureDrop.
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PetSmart Is Getting Bought Out for $8.7 Billion
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It's The Biggest Leveraged Buyout Of 2014
Greg Roumeliotis,
Reuters
2014-12-14T22:37:00Z
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The Petsmart store in Westminster
Thomson Reuters
Reuters) - Pet supply retailer PetSmart Inc succumbed to calls from some shareholders for a sale on Sunday with an agreement to be bought by a private equity consortium led by BC Partners Ltd for $8.7 billion, in the largest leveraged buyout of the year.
At a time when a stock market rally has made private equity firms reluctant to take companies private for fear of overpaying, the deal illustrates how activist investors have the potential to drive corporate boards to explore such deals and accept a price that makes a leveraged buyout possible.
Activist investor Jana Partners LLC began pushing for a sale after disclosing a 9.9 percent stake in PetSmart in early July.
PetSmart said BC Partners, as well as some of its fund investors, including La Caisse de dépôt et placement du Québec and StepStone, signed an agreement to buy the company for $83 per share. Longview Asset Management, which has a 9 percent stake in PetSmart, will roll a third of its holding into the deal.
Jana paid less than $55 per share on average for its percent stake in PetSmart, according to regulatory filings.
The buyout price represents a 39 percent premium to PetSmart's closing price of $59.81 on July 2, the day before Jana disclosed its stake and called for PetSmart to explore a sale.
PetSmart shares on Friday closed at $77.67.
Phoenix-based PetSmart, which has about 54,000 employees and operates 1,387 pet stores, said in August it would explore a potential sale of the company.
PetSmart faced mounting investor pressure at a time when fierce competition from large retailers, including Wal-Mart Stores Inc and Amazon, is squeezing specialty stores.
Last month, PetSmart reported flat third-quarter net income of $92.2 million as net sales rose 2.6 percent to $1.7 billion.
Buyout firms KKR & Co LP and Clayton, Dubilier & Rice LLC had also teamed up to bid for the company, Reuters reported last month. Apollo Global Management LLC, another buyout firm, had also vied for PetSmart, according to people familiar with the matter. Representatives for these private equity firms declined to comment.
J.P. Morgan Securities LLC and Wachtell, Lipton, Rosen & Katz advised PetSmart. BC Partners and its partners were advised by Simpson Thacher & Bartlett LLP and Ernst & Young. Longview was advised by Skadden, Arps, Slate, Meagher & Flom. Citigroup, Nomura, Jefferies, Barclays and Deutsche Bank have committed to finance the acquisition with debt.
(Reporting by Greg Roumeliotis in New York; Editing by Paul Simao and Leslie Adler)
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Pinterest Acquisition Kosei
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One of Pinterest’s most important acquisitions happened because of a Stanford class and a dinner party
Jillian D'Onfro
2015-01-31T16:25:00Z
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Pong Eksombatchai (engineer), Rahul Pandey (engineer), Jure Leskovec (Kosei co-founder), Lance Riedel (Kosei co-founder & CEO)
Pinterest
Pinterest engineer Tracy Chou remembers being instantly impressed by the professor of her Network Analysis class back when she was at Stanford for grad school in 2009.
The class delved deep into large-scale social networks studies —research which was still relatively new — and professor Jure Leskovec was breaking ground. "It was the coolest subject ever and Jure was super bad-ass," Chou says. "He was very young but had already written around 20 papers." Chou loved the class (and scored an A), but after she finished graduate school in 2010, she only ever kept in touch with Leskovec through social media. That could have been the end of the story.But it isn't.
Fast-forward four years, and Chou randomly bumped into Leskovec at a dinner party in September 2014. At that point, she had been a software engineer at Pinterest since 2011. He had cofounded a stealthy machine-learning ads startup ("You won't find anything information about it," Leskovec said, when Chou asked him for its name).Leskovec, his cofounder Lance Riedel, and the rest of the startup's small team had built a product graph that could map the relationships between tens-of-millions of different products. They were using that system to match mobile advertisers to consumers.
Pinterest's Tracy Chou
Pinterest
Chou had just joined Pinterest's ads engineering team, and the two volleyed ideas back-and-forth for hours. When Chou left that night, she made a mental note to talk to talk to her team about perhaps finding some way to partner with Leskovec or share data.The idea snowballed, and, as most people were taking it easy around the holidays, Pinterest and Kosei started scrambling to put together a deal. Pinterest officially announced the acquisition of Kosei in January.
"It all happened incredibly quickly," Chou says. "Everyone wanted to move fast. We saw such talent in the team and the technology was amazing. The opportunity was too good to pass up."Several of Kosei's employees (there are ten total) will join Pinterest and the companies are in the process of figuring out how best to integrate the technology to spur the social networking site's discovery and monetization efforts. The acquisition comes at a crucial time for Pinterest, a $5 billion company since it raised $200 million in May. Not only has it been significantly ramping up its amount of advertising, but it's been trying to tackle the "discovery problem."Pinterest wants to fill the gap between an idea and a specific search. It wants to help people find things they didn't know they were looking for or when they only have the faintest glimmer of an idea. If Pinterest can nail visual search, it can nail search advertising, and if it can nail search advertising, it will be taking on a market traditionally dominated by Google's AdWords.
Kosei's technology will help achieve both goals, by helping users find better pins and helping advertisers reach the users they want. Or, at least that's the goal. "It's a little bit nuts how [the acquisition] went down," Chou says. "We're really excited."
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Work & Co Design Agency Acquires Engineering Firm Presence
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A buzzy design agency that handles Apple and Google just acquired a firm to help companies enter the metaverse
Patrick Coffee
2022-04-22T15:02:24Z
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Design firm Work & Co acquired Presence, an engineering firm whose clients include Google and Toyota.
Work & Co wants to do more back-end development and metaverse services for clients, which include Apple and Nike.
It's the latest example of the lines between agencies and consultants blurring.
Design firm Work & Co agreed to acquire Presence Product Group, a 75-person company that builds digital products for companies including Google, Toyota, and Discovery Communications.It's the latest example of agencies moving into consultants' turf and vice versa as they look to handle more of a companies' business. Consulting firms like Accenture and Deloitte are building marketing and design arms, while agencies make inroads into consulting services. With Presence, Work & Co hopes to win more product design, development, and metaverse work for its clients, which include Apple, Nike, Ikea, and AB InBev. It also wants to better compete with big consultants like Accenture, Cognizant, Globant, and Thoughtworks, which typically handle mid- and back-end work but do not build user interfaces. Work & Co has long built apps and similar products, but has outsourced much of the back-end, or server-side and database work. Presence also will help clients build internal Salesforce networks and provide services such as VR and AR as companies' interest in the metaverse grows. "Presence has more experience building specific things in the metaverse and thinking about how things fit into the blockchain from a server-side development perspective," Work & Co founding partner Mohan Ramaswamy said.The acquisition will also help Work & Co expand to San Francisco, where Presence is headquartered, and Mexico City, where Work & Co wants to take advantage of the boom in Latin American tech talent, Ramaswamy said.Ad industry M&A has been especially hot as private equity firms pour money into the sector. Advisory firm Ciesco found a 17% year-over-year increase in the sector in the first quarter of 2022. US digital agencies were the hottest acquisition targets, representing 86 out of 500 deals.Presence is Work & Co's latest recent acquisition after Tendigi and Acknowledge in 2019 and 2020. Work & Co said it made $110 million in revenue in 2021, up 20%, while Presence brought in $18 million.Terms of the Presence deal were not disclosed. Work & Co did not use a financial advisor; Presence accepted a combination of cash and equity. For now, Presence founder and CEO Jason Monberg will keep his title and the firm will operate as a Work & Co subsidiary.
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Coca-Cola Acquires AdeS for $575 Million
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Coca-Cola just made a $575 million departure from soda
Kate Taylor
2016-06-01T14:13:43Z
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Smoothies made with AdeS juices.
AdeS
Coca-Cola is buying the biggest soy-beverage brand in Latin America.
On Wednesday, Coca-Cola said it and the Mexico City-based franchise bottler Coca-Cola Femsa were acquiring AdeS from Unilever for $575 million. AdeS is the leading seller of soy-based beverages, including milk and fruit juice, in Latin America, with a presence in countries including Brazil, Mexico, and Argentina. The brand generated net revenues of $284 million in 2015, Coca-Cola said."AdeS complements and reinforces our noncarbonated beverage portfolio offer, providing our consumers with a wider range of choices," John Santa Maria, CEO of Coca-Cola Femsa, said in a statement. The acquisition comes with Coca-Cola eager to expand beyond the sugary sodas for which it is best known.
8.5 ounce bottles of Coca-Cola at the Cadillac Championship golf tournament in Doral, Fla.
AP Photo/Wilfredo Lee
"Over the last 15 years, we've gone from stills being a single-digit part of our portfolio to now over 25% of our portfolio," Coca-Cola COO James Quincey said in an earnings call in April. Still, or noncarbonated, beverages include water, sports drinks, and juice. "We expect to continue to grow faster in stills ... and we'll continue to look for acquisitions to accelerate our growth."Coca-Cola purchased a 40% stake in Nigeria's largest juice maker, TGI Group's Chi Ltd, in January, with plans to buy the rest within the next three years. In April the company agreed to purchase the beverage business of China Culiangwang Beverages Holdings, which specializes in "multigrain beverages," for $400.5 million.Coca-Cola is diversifying its products as soda sales slump globally. In the first quarter of the US, the company's sales of sparkling beverages, including Coke and other sodas, remained flat, while sales of still beverages increased 7%.Ultimately, the soda giant needs to diversify to survive. With the acquisition of AdeS, it's clear that this diversification is not limited to the US.
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Grading Google's Acquisitions
Jay Yarow
Oct. 23, 2009,
7:55 AM
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Eric Schmidt keeps saying it: Google is back in buying mode. The company will be doing "one-a-month acquisitions largely in lieu of hiring."
But before Google (GOOG) spends some of its massive pile of cash, maybe it's time for a history lesson.
Google's grades and marks →
To date, Google's made around 50 purchases. We've graded 13 of them here.
Some have been pretty smart -- for examples, look at DoubleClick or Applied Semantics.
Others have been silly like Adscape or Jaiku.
Looking through the list, it's easy to figure out what Google needs to avoid when it makes decisions about acquisitions: side projects that aren't relevant to its business. If Google can't resist buying one of those companies -- and with Google, it feels inevitable that it can't -- then it needs to figure out how to let the founders build their company within Google. In two instances--Dodgeball and Jaiku--Google bought companies that could have become Twitter. Neither one is still alive.
Schmidt says most of Google's coming acquisitions will be small companies. That's good. Our review shows Google is good at is acqui-hiring smart people and plugging them into one of Google's growing products like video, or mobile.
Here's Google's grades and marks →
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Joe Moglia's SPAC Plans to Acquire Fintech OppLoans
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Former TD Ameritrade CEO and chairman Joe Moglia's SPAC just announced plans to acquire fintech OppLoans in a deal valued at $800 million
Shannen Balogh
2021-02-10T12:05:05Z
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Jared Kaplan, CEO of OppFi.
OppFi
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Former TD Ameritrade CEO and chairman Joe Moglia's SPAC announced plans to acquire fintech OppLoans.
OppLoans, now known as OppFi, facilitates small-dollar personal loans to credit-challenged consumers.
OppFi is looking to facilitate more than just personal loans, building out in areas like credit cards.
TD Ameritrade's former top executive has found a target for his so-called blank-check company.Joe Moglia's special purpose acquisition company, FG New America Acquisition Corp., announced plans to acquire fintech OppLoans, now known as OppFi, on Wednesday in a deal valued at approximately $800 million.Moglia, who is the former chairman and CEO of TD Ameritrade and a former college football coach, is the founder and chairman of investment firm Fundamental Global, which owns FGNA. The
SPAC
, which Moglia is also the chairman of, raised $225 million in its public listing last October. FGNA had planned to acquire a company in finance or insurance valued between $300 million and $600 million, according to federal filings."Any success I've ever had in my career, football, personal, and business, has been because I made a decision, a bet, an investment, on people," Moglia told Insider.
Joe Moglia, founder and chairman of Fundamental Global.
OppFi
Founded by Schwartz Capital in 2005, OppFi primarily serves subprime borrowers with no or low credit scores. Jared Kaplan, who joined as CEO in 2015, will remain in his role following the closing of the deal. However, the former TD Ameritrade executive has offered his expertise as well. "I have committed to working with Jared and the board and the founding family to help wherever I can possibly help," Moglia said. "If they're thinking about an M&A opportunity, that would be something they'd probably like my opinion on."OppLoans is now OppFi, looking to do more than personal loansOppFi's niche is the segment of consumers that can't access credit through traditional channels. For every loan application, OppFi offers to do a check on a consumer's behalf to see if they qualify a near-prime loan with traditional lenders. 92% of the time, applicants don't get any offers, Kaplan told Insider.Consumers who aren't able to access credit through traditional channels, like credit cards and bank loans, often turn to payday loans to make ends meet. Borrowers are often charged fees on low-dollar payday loans, the cost of which translate to an average rate of around 400%, according to the CFPB.OppFi aims to serve as an alternative to payday loans, lending as much as $4,000 at rates between 99% and 199%. OppFi's average loan size is around $1,500 lent for 11 months. It doesn't charge any fees, including origination, prepayment, or late fees."That population has no other options," Kaplan said, "whereas with our bank partners, we're able to really see through that traditional
credit score
and get them something that helps them in a really difficult situation."While it started as a direct lender — it still offers installment loans in 13 states — OppFi has since pivoted to a partner banking model, facilitating and servicing loans on behalf of community banks.Powered by OppLoans enables banks themselves to issue small-dollar loans to credit-challenged customers. OppFi manages the marketing, customer acquisition, and loan servicing for the banks."They had the wisdom to understand that that sophisticated strategy is not what you execute. You execute a simplified version of that," Moglia said."Then you have a competitive advantage in the market niche you choose to participate in," Moglia said.The fintech's rebrand from OppLoans to OppFi indicates Kaplan's ambitions beyond personal loans. OppFi is currently building an earned wage access-like product, lending to consumers and getting repaid via payroll deduction. And in the second half of this year, OppFi will launch its own credit card."That's the perfect graduation product for someone that took an installment loan, has proved their ability and willingness to repay, and now can get traditional mainstream credit," Kaplan said.Moglia had a non-traditional route to Wall StreetMoglia doesn't cut the usual profile of a finance executive. He started his career as a football coach, spending time as an assistant at various high schools and colleges. In 1984 he switched gears to finance, joining Merrill Lynch and entering its MBA training program. Moglia would spend nearly two decades at the firm.In 2001, Moglia joined what was then-known as Ameritrade, where he served as CEO until 2008. He stepped down from his role that year and transitioned to serve as chairman of TD Ameritrade.He also began coaching college football again, spending seven seasons as the head football coach at Coastal Carolina.He stepped down from his role as chairman at TD Ameritrade last October after rival Charles Schwab acquired the broker for $22 billion.Now with Moglia in his corner, Kaplan sees opportunities to extend OppFi into
mobile banking
, point-of-sale lending, and mortgages."Joe's experience is, for me and for the business, game-changing," Kaplan said. "On top of all of that, we can defend a spread offense now, because we've got coach on our side."
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Salesforce is said to be looking at making acquisitions in the robotic process automation market. Here are 10 RPA firms the cloud giant could buy, according to analysts.
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Cloud giant Salesforce is said to be looking to acquire a company that specializes in robotic process automation, or RPA, technology that helps businesses automate common and repetitive computer tasks.The move would help boost Salesforce's position in the cloud applications market, at a time when the tech giant is going through a period of slower organic growth, partly due to the coronavirus crisis.We checked with analysts on the RPA companies that could be potential acquisition targets for Salesforce. Here are the 10 possibilities they mentioned:Click here for more BI Prime stories.
Salesforce, like other enterprise software companies, has so far seemed to weather the pandemic better than those in certain other sectors.However, the cloud software giant is still being cautious, and in May cut its full-year revenue targets from $21 billion down to $20 billion. That would show revenue growth of 17% from a year prior, as opposed to the higher 23% it was aiming for, which would in turn show some of Salesforce's weakest growth in recent memory.Over the last few years, Salesforce has turned to large acquisitions — like Tableau and MuleSoft — to help meet its ambitious growth targets. It has also brought several smaller names into the fold, like its most recent acquisition of Vlocity in February. While CEO Marc Benioff said in February that he doesn't "anticipate any major acquisitions in the short term," he also described the acquisition of Vlocity for $1.3 billion as too good to pass up. And with the company forecasting a slowdown in organic growth, that could mean that another big acquisition is at least under discussion."It would make sense that they would be looking for a pretty high profile acquisition, given that they had to adjust their revenue guidance, like every company did, because of COVID," said Dan Elman, an analyst with Nucleus Research. It would help Salesforce "recover the year" and boost their growth numbers in the long term, he added. As for what kind of company Salesforce might like to actually buy, a hint may have come in the form of a recent profile of Benioff in The Information, in which an advisor to the company said that there's some interest in making a deal in the market for robotic process automation, or RPA. A Salesforce spokesperson said that the company doesn't comment on rumors or speculation. RPA is technology that helps businesses automate the common, repetitive computer tasks, that are traditionally handled by human employees. It's a market where titans like Microsoft and its Power Platform compete with leading startups including UiPath and Automation Anywhere. Salesforce, for its part, has already been investing in RPA startups via its venture capital arm, even as it builds those capabilities into its core product.Analysts tell Business Insider that a heavier investment in RPA would be a smart move for Salesforce, which "is going to want to keep up and accelerate faster," said Dan Newman, an analyst at Futurum Research.
"It would definitely be a growth opportunity for Salesforce, enabling them to accelerate for customers, the bot capabilities that they've already made an investment in Einstein," said Rebecca Wettemann, an analyst at Valoir. Einstein is Salesforce's artificial intelligence tool, embedded in all of its apps. The ultimate goal is all about making customers stick around, Newman said.Business Insider asked analysts which RPA companies Salesforce might be eyeing for an acquisition, (with all private company valuations taken from PitchBook estimates, and market caps at the time of writing). Here are the 10 companies they thought would be a good fit:
Automation Anywhere
Mihir Shukla, CEO of Automation Anywhere
Automation Anywhere
Valuation: $6.8 billionWhy Salesforce would want to buy it: Automation Anywhere already has deep ties to Salesforce, beyond just the software integrations between the two. First off, Salesforce is already an investor in the hot startup, and led its $290 million Series B round in November. On top of that, Bill Patterson, Salesforce's executive VP of CRM applications, sits on Automation Anywhere's board. Automation Anywhere's technology would complement, but not compete, with what Salesforce is already doing with its Einstein AI bots, said Valoir analyst Rebecca Wettemann. Also, Automation Anywhere has industry-specific automation capabilities, so it would complement Salesforce's current strategy in targeting sectors like finance, healthcare, and government.
UiPath
Daniel Dines, CEO of UiPath
UiPath
Valuation: $10.2 billionWhy Salesforce would want to buy it: UiPath is one of the most popular RPA companies in the market right now, and has a sky-high valuation after a $225 million funding round in June. With all of the new funding coming in, investors will likely be looking for an exit soon, either by public offering or acquisition, Valoir's Rebecca Wettemann said. UiPath is also already a Salesforce partner, with integrations between their two products. UiPath had a rocky 2019, when the company was forced to cut 400 jobs, around the same time its well-regarded CFO Marie Myers left the company. As of its new funding round, however, UiPath appears to be back on track. CEO Daniel Dines recently told Business Insider the startup is eyeing an IPO in early 2021. UiPath has raised $1.2 billion from investors, including Sequoia and Accel.
Pegasystems
Alan Trefler, CEO of Pegasystems
David L. Ryan/The Boston Globe via Getty Images
Market Cap: $9.21 billionWhy Salesforce would want to buy it: Pegasystems makes tools for customer engagement and has a platform for business process automation and custom apps. Pegasystems is somewhat of a competitor to Salesforce because it also provides customer relationship management software. As a public company that's been around for over 35 years, it may not necessarily be looking to be acquired, some analysts note — but the fact that it is a leader in the RPA market and has a focus on CRM software could be attractive to Salesforce.Pegasystems and Salesforce do have some "competitive overlap" but it would enable Salesforce to expand its portfolio, said Futurum Research analyst Dan Newman. Like Salesforce, Pegasystems also focuses on industry-specific solutions, selling products into specific market verticals like finance or manufacturing.
Blue Prism
Jason Kingdon, CEO of Blue Prism
Blue Prism
Market Cap: $1.25 billion GBP ($1.6 billion USD)Why Salesforce would want to buy it: Blue Prism is considered to be the pioneer of robotic process automation technology. Its chief technology evangelist, Pat Geary, is credited with first coining the term "robotic process automation." It's a publicly traded company, based in the UK, with about 1,000 employees and over 1,500 customers around the world. Although it was an early player in the space, it has fallen off the conversation radar, said Futurum Research's Newman, but that's exactly why it could be a target for Salesforce. A deal could help highlight Blue Prism's lead in the space, while also giving Salesforce credibility by adding a very established company. Dan Elman at Nucleus Research agreed and said the software as a service model that Blue Prism operates under would fit into Salesforce well.
WorkFusion
Alex Lyashok, CEO of WorkFusion
WorkFusion
Valuation: $400 millionWhy Salesforce would want to buy it: WorkFusion creates intelligent process automation software that's powered by pre-trained bots, artificial intelligence technology and advanced analytics. WorkFusion "just sort of aligns with that Salesforce strategy of picking one of the leaders in the space and then buying out that established customer base and using it as a cross-sell opportunity," said Nucleus Research's Daniel Elman. Its technology is often seen as competitive to Salesforce's Einstein AI bots, said Valoir's Rebecca Wettemann, but it does have pre-trained systems for financial service and insurance. "That would be attractive given Salesforce's industry solutions focus," she added, and definitely attractive to Salesforce's customers because of how simple the tools are to use. Craig Le Clair, an analyst with Forrester and an RPA expert, also cited WorkFusion as a potential target for Salesforce, noting that the company has "a lot of depth in no document extraction and machine learning and text analytics.""WorkFusion is a strong company," he said. "They'd also be getting a really good book of business as well."
Appian
Matt Calkins, CEO of Appian
Marvin Joseph/The Washington Post via Getty Images
Market Cap: $3.77 billionWhy Salesforce would want to buy it: Appian does more than just RPA, but that is just what could make it attractive to Salesforce, analysts said. Appian has an app development platform that helps users create apps without much code, automate mundane tasks for employees, and easily integrate with other business tools like Amazon Web Services, Salesforce, DocuSign and the like. While Appian is not a big Salesforce partner, and doesn't have an app on the Salesforce AppExchange app store, a lot of customers use the two together, said Valoir's Rebecca Wettemann. "Appian has a lot of interesting industry-specific capabilities that would be attractive beyond RPA that accelerate time to value to customers and play into Salesforce's industry solutions capabilities," she said. Similar to Salesforce, Appian also has an emphasis on company culture and social responsibility, which would make it a good fit in that sense as well, Wettemann said.
Apttus-Conga
Frank Holland, CEO of newly merged Apttus and Conga.
Apttus
Valuation: Before their merger, Apttus was valued at $1.86 billion Conga at $715 million for Conga, but their combined valuation is currently unknown.Why Salesforce would want to buy it: Startups Apttus and Conga recently merged. Apttus makes software to help sales people generate quotes for potential deals, while Conga makes software to draft sales contracts. While Conga hasn't marketed itself as an RPA company, its overall set of tools includes the relevant technology.Notably, not only does the combined company already partner with Salesforce for product integrations — Salesforce Ventures as an investor in each of the two companies even before the merger. Salesforce buying it up, it would get not only the Apttus-Conga RPA tools, but also its specific products for salespeople.
Digitech Systems
HK Bain, CEO of Digitech Systems
YouTube/Digitech Systems
Valuation: PitchBook does not list venture capital investors or a valuation for Digitech Systems.Why Salesforce would want to buy it: Digitech Systems primarily provides enterprise content management software, helping customers manage all of their documents, photos, and other information. Over the years, however, its product has grown to include RPA capabilities, to help share that information across other apps and services. The main thing Salesforce could find attractive about the company is its partner ecosystem, said Valoir's Rebecca Wettemann. "They have intelligent automation, they have industry capabilities, but because they sell largely through partners, they have a partner ecosystem that's already implementing their capabilities, so could be a way for Salesforce to build out more implementation partners as well," she said.
Kryon
Harel Tayeb, CEO of Kryon
Kryon
Valuation: $132.3 millionWhy Salesforce would want to buy it: Kryon, which was founded in 2008, is based in Tel Aviv and New York. Analyst firm Gartner has praised its robotic processing technology's "strong capabilities around process/task discovery...based on captured keystrokes, mouse clicks, data inputs and outputs of business users."Kryon also has been named among the top RPA companies by IT Central Station, the professional IT review site. Forrester analyst Craig Le Clair said Kryon could be a good fit for Salesforce given the software giant's more customer-facing orientation and its heavy focus on customer support and services.
Antworks
Asheesh Mehra, CEO of Antworks
Antworks
Valuation: PitchBook says that Antworks has raised $25 million in funding to date, but did not list a valuation.Why Salesforce would buy it: Antworks, a Singapore-based AI and automation company, has been attracting attention for its "intelligent automation software" used for extracting data and insights from documents.Craig Le Clair of Forrester said the company has "some really some good analytics around email management and combining with bots and so forth."
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