(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,
[10/13/2020] Starlink Preps Public Beta For Parts Of U.S & Canada
Last week, Elon Musk indicated that SpaceX’s satellite-based Internet business, Starlink, had launched enough satellites to start public beta services in parts of the northern U.S. and southern Canada. With the launch of about 60 Starlink satellites last Tuesday, SpaceX will have a total of over 770 satellites in orbit. While the company should be able to offer speeds of about 100 Mbps, it plans to launch thousands of more satellites, enabling Starlink to provide Internet at speeds of as much as 1 Gbps to much of the populated world. The success of Starlink will be crucial to SpaceX, which has thus far focused on the relatively niche space launch services business. If Starlink Internet service is able to provide a compelling value proposition compared to traditional broadband in terms of both pricing and performance, SpaceX could have a winner on its hands. Below, we provide a scenario of how Starlink could be worth about $30 billion by 2025.
[2/12/2020] Starlink Valuation: What Could SpaceX’s Starlink Service Be Worth?
SpaceX recently indicated that it could spin off and pursue an IPO for its satellite-based Internet business, Starlink. The Starlink service, which is likely to see operations begin later this year, aims to provide high-speed Internet globally in a cost-effective manner by leveraging a constellation of several thousand satellites. While SpaceX has not given a definitive timeline for an
Online game platform Roblox said Monday that on a confidential basis it had submitted a draft registration statement to the Securities and Exchange Commission for a public offering of common stock.
The San Mateo, Calif., company said it hasn’t determined the number of Class A common shares it will sell and at what price.
Roblox said it intends to commence the public offering following completion of the SEC review.
The company is aiming for a public valuation of about $8 billion, Reuters reported earlier this month.
That would double the $4 billion valuation it got in a $150 million fundraising round in February led by venture capital firm Andreessen Horowitz. The VC firm said in February that the platform reached more than 115 million monthly users.
The company hosts millions of games that are built by its users, who then get a share of any related revenue.
“Roblox is powered by a global community of over two million developers who produce their own immersive multiplayer experiences each month using Roblox Studio,” the company said on its website.
“Our popularity is driven purely by the community with millions of people signing up through word of mouth every month.”
Roblox, which was founded in 2004, said that two-thirds of all U.S. kids 9 to 12 years old use the platform.
In July, Roblox said its developer community was on pace to earn more than $250 million in 2020, more than double 2019’s $110 million.
David Baszucki is the company’s founder and chief executive. Prior to Roblox, he founded Knowledge Revolution, which was acquired by MSC Software in 1998.
Last month, Andrea Wong, who was most recently the president of international at Sony Corp., (SNE) – Get Report joined the Roblox board.
TikTok rival Triller Inc. is in talks with blank-check acquisition companies about a merger that could take the company public, a media report said.
The video-production-focused social-media company is negotiating a possible deal with special purpose acquisition companies, Reuters reported.
Triller is working with investment bank Farvahar Partners, sources told Reuters.
SPACs, or blank-check companies, are publicly traded entities formed specifically to find and merge with operating companies.
Triller is also in talks with investors to privately raise as much as $250 million, Reuters reported. That effort, led by UBS, has so far secured $100 million at a $1.25 billion valuation, sources told Reuters.
Triller has said it seeks to capitalize on TikTok’s uncertain situation in the U.S. President Donald Trump’s administration has ordered TikTok’s Chinese parent, ByteDance, to shed the app due to concern that U.S. citizens’ personal data might be accessible to China’s communist government.
Tiktok has 100 million U.S. users and Triller has a fraction of that figure, Reuters reported. Triller told CNBC in early August that it had 65 million monthly active users on its app.
Triller is controlled by the media industry veteran Ryan Kavanaugh and the healthcare executive Bobby Sarnevesht, Reuters reported.
- Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency.
- The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen.
- The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank.
GUANGZHOU, China — China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future.
Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency. Nearly 2 million people applied and 50,000 people actually won.
The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen. The south China technology hub is home to some of the country’s biggest tech giants including Huawei and Tencent.
Local supermarkets and pharmacies are among the participating merchants as well as Walmart, according to a post by the Shenzhen government messaging app WeChat.
China has been pushing toward a cashless society.
The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank. It is not looking to replace digital wallets like Alipay or WeChat Pay. It will likely work together with them and other banks.
In comparison, Bitcoin is decentralized, which means it’s not owned and controlled