GameStop (GME) – Get Report said Thursday that it entered a multiyear strategic partnership agreement with Microsoft (MSFT) – Get Report that the videogame retailer said would expand its product offerings and enhance its retail infrastructure.
Shares of the Grapevine, Texas, company were soaring nearly 20% to $11.19, while Microsoft was up slightly to $210.59.
Under the agreement, GameStop will standardize its back-end and in-store solutions on Dynamics 365, Microsoft’s portfolio of cloud-based business applications and customer data platform.
GameStop said this would enable store staff to access omnichannel insights about customer preferences and purchasing history, real-time information on product availability, subscriptions, pricing, and promotions.
Associates will be equipped with new Microsoft Surface devices, which will enable them to move freely within the stores.
GameStop said it planned to roll out Microsoft 365 and Microsoft Teams, the business communication platform, to its stores. With Teams, store associates will more easily be able to ask questions and share insights with one another.
GameStop has expanded its Xbox product offerings to include Xbox All Access, which provides an Xbox console and 24 months of Xbox Game Pass Ultimate to players with no up-front cost.
GameStop operates more than 5,000 stores across 10 countries,.
“This is an exciting day at GameStop,” Chief Executive George Sherman said in a statement, “as we announce the advancement of an important partnership that capitalizes on the power of our operating platform and significant market share in gaming to accelerate our digital transformation; drive incremental revenue streams; and over time, further monetize the digital world of gaming.”
Last month, Ryan Cohen, GameStop’s biggest individual investor, reportedly said he believed the company could rival Amazon.com (AMZN) – Get Report and was holding talks with management and several board members.
- Asana jumped as much as 10% in its first day of trading on Wednesday.
- The stock opened at $27 per share, 29% above its reference price of $21. The ensuing climb marked a 10% increase from the opening price.
- With 155 million shares outstanding, Asana sported a valuation of $4.6 billion at its peak after opening at $4.2 billion.
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Asana jumped as much as 10% in its first day of trading on Wednesday, hitting a high of $29.79.
Asana is a work management software company based out of San Francisco. The firm went public via a direct listing rather than the traditional IPO route.
With a reference price of $21 per share, Asana opened at $27 per share in the first minute of trade, giving it a valuation of $4.2 billion. At its peak on Wednesday, Asana sported a valuation of $4.6 billion, based on about 155 million shares outstanding.
Asana was founded in 2008 and markets a web and mobile application designed to help teams organize, track, and manage their work. The firm counts other software based companies like SmartSheet and Atlassian as its competitors.
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According to its S-1 filing, Asana reported fiscal year 2020 revenue of $142.6 million, representing year-over-year growth of 86%. Net loss in fiscal year 2020 was $118.6 million, more than double from the prior year’s loss of $50.9 million.
As of January 31, the company had over 1.2 million paid users.
A direct listing differs from a traditional IPO in that a direct listing does not raise any money for the company going public. Instead, a direct listing allows employees and shareholders to