All posts tagged: 600M

EQT snaps up API and identity management software company WSO2 for more than 0M

EQT snaps up API and identity management software company WSO2 for more than $600M

Published by skeptic

WSO2, a company that provides API management and identity and access management (IAM) services for enterprises, has been acquired by Swedish investment giant EQT. Terms of the deal were not disclosed, but TechCrunch has learned via sources that the deal values WSO2 at “more than” $600 million, with EQT attaining a “significant majority” stake for the price. WSO2’s products include an open source API manager, comparable to something like Google’s Apigee, which businesses use for building and integrating all their digital services, either in the cloud or on-premises. The company offers tangential services such as API management specifically for Kubernetes, as well as its flagship Identity Server — a little something like Okta — that companies use for managing identity and access functionality in their apps, such as single sign-on (SSO). WSO2, which was founded out of Sri Lanka in 2005, had raised around $130 million in funding from the likes of Intel, Cisco and Goldman Sachs, with its most recent tranche coming via a $93 million Series E round in 2022. An official valuation …

UK seaside village locals blast council after beautiful beach view blocked by 600m fence | UK | News

UK seaside village locals blast council after beautiful beach view blocked by 600m fence | UK | News

Published by skeptic

Residents of a UK seaside village have blasted a local council after a 600-metre fence appeared, blocking their view of a stunning beach vista. Sandhead Beach in Sandhead, Dumfries and Galloway, is now partially blocked by a fence installed by the local council. Community leaders installed the fencing to protect local ecology and prevent coastal erosion that has plagued the area since 2021. But locals have taken umbrage with the decision, claiming the barrier has “ruined” their coastal views. Visitors have said the community has turned into a “hostile place”, and residents have said there “must be a better way” to protect wildlife. Speaking to STV, returning visitor Wendy McQuillan said it felt as if Sandhead was only welcoming to those who “stay behind the fence”, and added: “What a hostile place it has turned into.” One unnamed resident added that “no one” would want to sit behind the fence and gaze out to sea “for any long periods of time in the summer”. Another said the fence was an “eyesore, whatever the excuse”, but …

Barclays to take over Tesco Bank in £600m deal

Barclays to take over Tesco Bank in £600m deal

Published by skeptic

Thanks for joining me. German inflation fell last month, official figures confirmed, delivering a boost to chancellor Olaf Scholz after a tumultious week of data on Europe’s largest economy. The nation’s consumer prices index fell to 2.9pc in January, down from 3.7pc over 2023. 5 things to start your day  1) Britain’s biggest wind farm delayed by shortage of ships | Storms and chronic lack of vessels are hampering progress at Dogger Bank 2) Wall Street hits all-time high as S&P 500 reaches 5,000 | Strong earnings and excitement about artificial intelligence have boosted American share prices 3) Taxpayer bill for working-age benefits to hit £100bn this year | Rising cost of welfare payments comes amid surge in disability claims 4) Ambrose Evans-Pritchard: Germany is not the sick man of Europe: it is time to take a punt on Deutschland Inc | Country’s leaders are facing down their economic problems with Teutonic determination 5) Ben Marlow: The London stock market’s decline is starting to look terminal | New York’s economic gravity is pulling companies out …

Meta faces 0M competition damages claim in Spain as media owners pursue privacy breach lawsuit

Meta faces $600M competition damages claim in Spain as media owners pursue privacy breach lawsuit

Published by skeptic

Meta is facing a major legal challenge and damages claim in Spain that argues the adtech giant’s years of failing to have a valid legal basis for processing people’s data for ads under European Union data protection rules also constitutes a competition breach for which they should be compensated financially. AMI, an association of newspaper owners whose more than 80 members include the publishers of newspapers including El País, ABC and La Vanguardia, is behind the suit. The litigants are seeking more than €550 million (~$600M) for what they describe as Meta’s “systematic and massive non-compliance” with the EU’s General Data Protection Regulation (GDPR). “Meta has repeatedly failed to comply with [EU] data protection legislation, ignoring the regulatory requirement that citizens must consent to the use of their data for advertising profiling, as can be seen from the different resolutions of the European authorities competent in this matter,” they write in a press release in Spanish [here translated into English using AI]. “The systematic and massive use of personal data of users of Meta platforms, …

SkyCell raises M at a 0M valuation to build smart containers for pharmaceutical transport

SkyCell raises $57M at a $600M valuation to build smart containers for pharmaceutical transport

Published by skeptic

The Covid-19 pandemic put a spotlight on how critical the development and distribution medicine can really be. Vaccines for the coronavirus typically needed to be kept at very specific temperature controls to remain active, so getting them to where they needed to be in temperature-safe condition became nearly as important as making them at all. Today, SkyCell — one of the companies that built containers to transport these medicines, along with many other un-shelf stable pharmaceuticals that are used to treat a variety of conditions — is announcing a big round of funding to fuel its growth. The Swiss startup has picked up an equity round of $57 million, along with a new valuation of $600 million. The funding comes as SkyCell reaches new heights of its own, so to speak: it’s now transporting $1.5 billion of pharmaceutical products each month (finished and raw materials). It says that this works out to hundreds of million doses of vaccines, cancer treatments, diabetes care and diagnostic solutions. Ironically, despite the startup’s role in helping move around vaccines, …

Abu Dhabi sovereign-wealth fund invests nearly 0M in Reliance Retail at 0B valuation

Abu Dhabi sovereign-wealth fund invests nearly $600M in Reliance Retail at $100B valuation

Published by skeptic

Abu Dhabi Investment Authority is investing $597 million in Reliance Retail, valuing the largest Indian retail chain at a whopping $100 billion. The investment follows KKR and Qatar Investment Authority together investing $1.7 billion in the Indian firm, which is part of Mukesh Ambani’s Reliance Industries. Abu Dhabi sovereign-wealth fund’s investment will fetch it a 0.59% stake in Reliance Retail. “We are pleased to further deepen our relationship with ADIA with their continued support as an investor in Reliance Retail Ventures Limited,” said Ambani in a prepared statement. “Their long-standing experience of over decades of value creation globally will further benefit us in implementing our vision and driving transformation of the Indian retail sector. ADIA’s investment in RRVL is a further testament to their belief in the Indian economy and our business fundamentals, strategy and execution capabilities.” The investment comes at a time when Reliance Retail is expanding into new categories, including low-cost fast-fashion, and is also considering a public listing. The company, which also recently partnered with Shein to help the Chinese e-commerce firm …

SailPoint cracks 0M ARR a year into private ownership

SailPoint cracks $600M ARR a year into private ownership

Published by skeptic

While IPOs are back and TechCrunch+’s eyes are peeled for new S-1 filings and early indications of how much public-market demand there will be for upcoming debuts, we’d be remiss to forget companies that made the opposite journey in recent years. Case in point is SailPoint, a cybersecurity and identity management company that was taken private by Thoma Bravo in April 2022. The deal closed in mid-August of the same year. The final earnings report that SailPoint disclosed before it was taken private detailed its Q2 2022 results, including revenue of $134.3 million (+31% year-over-year), annual recurring revenue (ARR) of $429.5 million (+47% year-over-year), and net loss of $29.4 million, up from a net loss of $16.7 million in the year-ago quarter. On an adjusted basis, the company’s net loss was a far smaller $2.2 million. In the year since we last looked at the company, SailPoint told TechCrunch+ that it crossed the $600 million ARR milestone in the third quarter of 2023; the company is seeing its ARR grow more than 50% on a …

Foxconn to invest 0M in Karnataka for iPhone components, chip-making tools projects

Foxconn to invest $600M in Karnataka for iPhone components, chip-making tools projects

Published by skeptic

Foxconn, a key Apple supplier, will invest $600 million in two projects in Karnataka for chip-equipment manufacturing and casing components for iPhones, the southern Indian state said Wednesday. The Taiwanese company signed a letter of intent with the Karnataka government on Wednesday. Foxconn said it will invest about $350 million in setting up a plant in the state for manufacturing iPhone case components and about $250 million on a project for semiconductor manufacturing equipment. “The industrial and investment policies of the state government are conducive to nurturing an ecosystem favouring the growth of industries. The talks held with the company chairman were fruitful,” said MB Patil, Karnataka Minister of Infrastructure Development, in a statement. Foxconn said the projects will create 13,000 jobs in the state. The firm has partnered with Applied Materials on the semiconductor manufacturing project. Wednesday’s announcement follows Foxconn signing a deal with the state of Tamil Nadu on Monday to invest about $194 million in a new electronic components manufacturing facility. Scores of global manufacturers and suppliers have expanded their presence in …

Farizon, Geely’s truck unit, raised 0M to expand outside China

Farizon, Geely’s truck unit, raised $600M to expand outside China

Published by skeptic

Farizon, a maker of hybrid and electric trucks owned by China’s Geely, has closed a $600 million Series A raise, the company said in a statement. The Hangzhou-based company plans to use the funds to expand its operations outside of China. A key focus for Farizon’s expansion will be Europe, where the automaker plans to start selling a light electric cargo van called the Super Van as early as 2024. Farizon hopes the Super Van will become one of Europe’s top three e-cargo vans. Recently, California-based Rivian began to deliver its first e-cargo vans for Amazon in Europe. Rivian hopes to continue to build its presence in the region. Both new entrants will have to compete against Ford’s e-Transit van. Farizon is also hoping to establish a presence in Asia-Pacific, South America and the Middle East. Many Chinese EV-makers have begun to pursue strategies in the Middle East after being unable to compete meaningfully in Europe with Western brands. For the moment, the majority of Farizon’s sales come from China. The company sold about 37,800 …