Tag: Firm

13
Oct
2020
Posted in software

Exclusive: Supply chain software firm E2open nears deal to go public – sources

(Reuters) – U.S. supply chain management software firm E2open LLC is nearing a deal to go public through a merger with blank-check acquisition company CC Neuberger Principal Holdings I at a valuation of more than $2.5 billion, including debt, people familiar with the matter said on Tuesday.

An agreement could be announced as soon as Wednesday, the sources said, cautioning that talks could still falter. E2open is owned by private equity firm Insight Partners.

The sources requested anonymity because the matter is confidential. CC Neuberger declined to comment. E2open and Insight Partners did not immediately respond to requests for comment.

CC Neuberger I shares rose as much as 10.7% on the news but pared gains to close 3.2% higher at $10.53.

CC Neuberger I is a special purpose acquisition (SPAC), or shell, company that uses proceeds from an initial public offering to acquire a private company, which then becomes public as a result.

Merging with a SPAC has become a popular alternative to going public in a traditional initial public offering, as it involves less regulatory scrutiny and more certainty over the market valuation and funds raised.

So far this year, sports betting platform DraftKings Inc and electric commercial truck maker Nikola Corp have gone public by merging with a SPAC.

Insight Partners took E2open private in 2015 in a roughly $273 million deal. The Austin, Texas-based company sells software that allows companies to manage their supply chain.

E2open’s revenue is around five times what it was in 2015, one of the sources said. It stands to benefit as companies automate their supply chains further in the COVID-19 pandemic.

Led by veteran Wall Street dealmaker Chinh Chu’s investment firm, CC Neuberger I raised $414 million in an IPO in April with the aim of buying a company in the financial,

12
Oct
2020
Posted in website

Serena Williams’ VC firm quietly removed Coinbase from its website

  • Serena Williams invested in Coinbase in 2018 through her venture capital firm, Serena Ventures. But the cryptocurrency startup is no longer included on the investments page of the firm’s website.
  • Coinbase is entangled in controversy after CEO Brian Armstrong wrote a memo telling employees to leave their politics and social causes at the door. At least 60 employees have quit in the aftermath.
  • It’s possible that Serena Ventures has divested her stake in Coinbase, and that’s why it pulled the startup from its website. The VC firm did not respond to a request for comment.
  • Visit Business Insider’s homepage for more stories.

Serena Williams is keen on investing in startups changing the world for the better.

That strategy explains her earlier investment in Coinbase, a company on a mission to “bring economic freedom to people all over” through an app that allows casual consumers to buy and sell Bitcoin and other cryptocurrencies.

But a battle at Coinbase on the role of employee activism at work may have her tiptoeing away from the startup.

Serena Ventures, the investment firm started by Williams, has quietly removed Coinbase from the investments page on its website, even though it backed the cryptocurrency startup that’s now entangled in political controversy.

In September, Coinbase’s CEO Brian Armstrong publicly posted a memo describing how the company should take a hands-off approach to politics and social causes, and instead stay focused on the company mission. The directive was viewed by some as a “cultural reset” after employees pressured the startup to issue a statement on the Black Lives Matter movement in June, and the company’s stonewalling led some to quit and others to do a virtual walkout.

serena ventures old investments page

The Serena Ventures website included Coinbase on its investments page as recently as July 2020.

The Wayback Machine/Serena Ventures


serena ventures investments

A screenshot

08
Oct
2020
Posted in technology

Facebook bans firm behind Turning Point’s election troll farm

Facebook has banned the U.S. marketing firm that was behind a campaign to disseminate deceptive political content on behalf of Turning Point USA, a political advocacy group for young conservatives with ties to President Donald Trump.

Rally Forge employed people who used use fake names and profile pictures while commenting on content posted by other users or mainstream media outlets, Facebook’s head of security policy, Nathaniel Gleicher, said Thursday. The firm did that work on behalf of Turning Point USA and Inclusive Conservation Group, an environmental advocacy organization.

“They did that seemingly to create the perception of widespread support of their narratives by leaving comments on posts by media entities and public figures,” Gleicher said. He noted that the accounts used “thinly veiled personas,” such as tweaking real people’s names, to bypass Facebook’s filters.

Gleicher said Facebook is not penalizing Turning Point or Inclusive Conservation Group, though it’s still investigating whether other deceptive tactics were deployed.

“We have to take action based on evidence that we see on our platform and that we can clearly articulate and can describe and provide if needed,” Gleicher said.

He also repeated Facebook’s call for legislation and regulation to provide greater clarity on allowed online advocacy — and the company outlined broad suggestions for rules to mitigate influence operations, including greater transparency from platforms and sanctions on bad actors.

“There are broader questions about what constitutes acceptable political advocacy versus deception and where those lines should be drawn,” Gleicher said. “Those sorts of questions are exactly the reason why tackling influence operations is a whole of society challenge.”

More on the campaign: Facebook said it removed 200 Facebook accounts, 55 pages and 76 Instagram accounts tied to Rally Forge. Those accounts also spent just shy of $1 million on advertising, a figure that Gleicher

08
Oct
2020
Posted in technology

Singapore-based Corporate Services Firm Lanturn Raises US$ 3Mn In Seed Round

The company will utilize the fresh capital to enhance its corporate service and accounting practices and develop its Zuve platform

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Singapore-based Lanturn, a corporate services firm, on Thursday announced that it has raised USD 3 million in a seed round.

The fund was raised from early stage investors East Ventures and CoCoon Ignite Ventures. Others who participated in the rounds as individual investors included Alex Turnbull, Saki Georgiadis, Meiyen Tan, and many more.

The company will utilize the fresh capital to enhance its corporate service and accounting practices and develop its Zuve platform.

Founded in 2017 by Velisarios Kattoulas, Lanturn is a technology-driven corporate services firm that offers  solutions ranging from corporate secretarial, accounting, tax, immigration, and corporate finance. 

Till date, the startup has helped  SMEs,  technology firms, private equity firms, venture capital firms and venture debt funds with their administrative tasks and has saved their time.

“We think it makes much better sense for our entrepreneurs and investors to focus on their core  businesses. We also think that cloud technology can make corporate services, accounting and other  services more efficient,” said Kattoulas.

“That’s why we continue to invest in the Zave platform, the corporate services  platform that we started building in 2017. We believe it helps us deliver a better service to our clients, it makes sure that our clients and their investors and other stakeholders can easily access key  documents, and it puts us in a position to use our clients’ data to help them manage their businesses  more effectively.”

Commenting on the deal, Batara Eto, managing partner and co-rounder of East  Ventures said “Many startups and other small businesses have innovative business propositions, but they often find 

06
Oct
2020
Posted in software

Remote-access software firm LogMeIn cuts jobs

LAYOFFS



a blurry image of a person: LogMeIn


© Essdras M Suarez
LogMeIn

Remote-access software firm LogMeIn cuts jobs

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One of the industry leaders in software for remote work is going through another round of layoffs. Boston-based LogMeIn said it’s trimming “less than 100” of its global workforce of 4,000, with Boston workers accounting for “less than 20” of the job cuts. The company provided no details about which of its product lines are affected, but a spokeswoman said that the laid-off workers have been encouraged to apply for new jobs at LogMeIn, suggesting that the move is more of a reorganization than a downsizing. In February, the firm laid off about 300 employees, or 8 percent of its workforce. Chief executive Bill Wagner told the Globe in July that many of the company’s employees will keep working from home even after the pandemic lifts. A spokeswoman said that as a result, LogMeIn needs fewer workers to operate its offices, such as the technical staff who maintain the office computer networks. — HIAWATHA BRAY

DIVERSITY

Microsoft plan to add Black executives draws US Labor inquiry

Microsoft Corp. said the US Labor Department is questioning whether its commitment to promote more Black managers and executives violates civil rights laws. The software maker said it’s confident the diversity pledges are legal. The company, whose contracts with the US government mean it must comply with certain federal requirements on employment practices, said it was contacted last week by the Labor Department’s Office of Federal Contract Compliance Programs. Microsoft said in June that it would double the number of Black managers, senior contributors, and senior leaders in the United States by 2025. The federal outreach to Microsoft is an example of the Trump administration’s opposition to many programs meant to fight discrimination against the Black community and improve the