Tag: sources

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,

06
Oct
2020
Posted in software

McAfee software creator jailed in Spain, sources say

FILE PHOTO: John McAfee, co-founder of McAfee Crypto Team and CEO of Luxcore and founder of McAfee Antivirus, speaks at the Malta Blockchain Summit in St Julian’s, Malta November 1, 2018. REUTERS/Darrin Zammit Lupi

BARCELONA (Reuters) – John McAfee, an anti-virus software creator indicted for fraud in the United States, was in jail on Tuesday pending extradition procedures after being arrested in Barcelona airport at the weekend, sources said.

The McAfee software founder was detained on Saturday when about to board a flight to Istanbul with a British passport, a Spanish police source said.

A judicial source said McAfee was then presented to a high court judge through a video call and sent to prison without bail where he will await the extradition process.

A third source, from the Catalonia region’s justice department, said he was in the Brians 1 jail, which opened in 1991 in an industrial area 45 minutes by car from Barcelona. Some local politicians have been jailed there for corruption.

After he was arrested, McAfee’s official Instagram account posted a “Free McAfee” message with a photo of him. The person running the account did not return a message seeking comment.

No other representatives were immediately contactable.

U.S. federal prosecutors unsealed an indictment on Monday against McAfee over charges that he evaded taxes and wilfully failed to file returns.

That came shortly after the Securities and Exchange Commission revealed it had brought civil charges against McAfee, alleging he made over $23.1 million in undisclosed compensation from false and misleading cryptocurrency recommendations.

He is alleged to have earned millions in income from promoting cryptocurrencies, as well as through consulting work, speaking engagements, and selling the rights to his life story for a documentary.

Reporting by Joan Faus, Inti Landauro, Emma Pinedo; Editing by Ingrid Melander and Andrew Cawthorne

04
Oct
2020
Posted in technology

Queen stresses need for trusted news sources during Covid crisis

The Queen has issued a message of support to the British newspaper industry, praising traditional media outlets.

The monarch said that “having trusted, reliable sources of information, particularly at a time when there are so many sources competing for our attention, is vital”.



Elizabeth II wearing a pink hat: Photograph: John Stillwell/AFP/Getty Images


© Provided by The Guardian
Photograph: John Stillwell/AFP/Getty Images


In a letter to the News Media Association, the industry organisation that represents all major national and local newspaper publishers, the Queen said: “The Covid-19 pandemic has once again demonstrated what an important public service the established news media provides, both nationally and regionally.

“The efforts of the news media to support communities throughout the United Kingdom during the pandemic have been invaluable – whether through fundraising, encouraging volunteering, or providing a lifeline for the elderly and vulnerable to the outside world.”

The statement was issued to coincide with the launch of the News Media Association’s Journalism Matters campaign, which is designed to shore up public and government support for established news outlets.

The Queen’s intervention was accompanied by an article from the organisation’s chairman, Henry Faure Walker, in which he railed against US tech companies taking advertising income that used to go to newspapers.

He said: “For too long, Google and Facebook have had a free pass at using our journalism on their platforms making huge profits, whilst contributing comparatively nothing back into the industry.”

Last week Google pledged to pay $1bn to licence content from news publishers around the world over the next three years, although this remains a fraction of the amount that the global newspaper industry has lost in advertising revenue over the last two decades.

Faure Walker, the chief executive of the financially struggling local newspaper group Newsquest, also called for further state intervention to prop up newspaper groups, on top of the

03
Oct
2020
Posted in technology

Paytm, other Indian startups vow to fight ‘big daddy’ Google’s clout: sources

NEW DELHI (Reuters) – Dozens of India’s technology startups, chafing at Google’s local dominance of key apps, are banding together to consider ways to challenge the U.S. tech giant, including by lodging complaints with the government and courts, executives told Reuters.

FILE PHOTO: A man walks past the sign of “Google for India”, the company’s annual technology event in New Delhi, India, September 19, 2019. REUTERS/Sankalp Phartiyal/File Photo

Although Google, owned by Alphabet Inc GOOGL.O, has worked closely with India’s booming startup sector and is ramping up its investments, it has recently angered many tech companies with what they say are unfair practices.

Setting the stage for a potential showdown, entrepreneurs held two video conferences this week to strategise, three executives told Reuters.

“It’s definitely going to be a bitter fight,” said Dinesh Agarwal, CEO of e-commerce firm IndiaMART INMR.NS. “Google will lose this battle. It’s just a matter of time.”

He said executives have discussed forming a new startup association aimed chiefly at lodging protests with the Indian government and courts against the Silicon Valley company.

Nearly 99% of the smartphones of India’s half a billion users run on Google’s Android mobile operating system. Some Indian startups say that allows Google to exert excessive control over the types of apps and other services they can offer, an allegation the company denies.

The uproar began last month when Google removed popular payments app Paytm from its Play Store, citing policy violations. This led to a sharp rebuke from the Indian firm’s founder, Vijay Shekhar Sharma, whose app returned to the Google platform a few hours later, after Paytm made certain changes.

In a video call on Tuesday, Sharma called Google the “big daddy” that controls the “oxygen supply of (app) distribution” on Android phones, according to an attendee.

02
Oct
2020
Posted in technology

Exclusive: Airbnb aims to raise roughly $3 billion in IPO – sources

(Reuters) – Home rental company Airbnb Inc is aiming to raise around $3 billion in its upcoming initial public offering (IPO), people familiar with the matter said on Friday, taking advantage of the unexpectedly sharp recovery in its business after the COVID-19 pandemic roiled the travel industry.

FILE PHOTO: A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco, California, U.S., August 2, 2016. REUTERS/Gabrielle Lurie/File Photo

Airbnb will be one of the largest and most anticipated U.S. stock market listings of 2020 which has already been a blockbuster year for IPOs, featuring the likes of record label Warner Music Group WMG.O, data analytics firm Palantir Technologies PLTR.N and data warehouse company Snowflake Inc SNOW.N.

Airbnb said in August it had filed confidentially for an IPO with U.S. regulators.

The company’s current plan is to make its filing publicly available in November after the U.S presidential election and is targeting an IPO some time in December, the sources said, requesting anonymity as the plans are private.

The sources cautioned that the timing is subject to change and market conditions, in particular volatility that could come from the election.

A spokesman for Airbnb declined to comment.

The company could achieve a valuation of more than $30 billion in the IPO, the sources added, again cautioning this was subject to market conditions.

This would be substantially higher than the $18 billion Airbnb was valued at in April when it raised $2 billion in debt from investors. Airbnb’s most recent independent appraisal of the fair market value of its stock pegged its worth at around $21 billion.

The push to go public and the growth in its potential valuation underscores Airbnb’s dramatic recovery from earlier this year when