Tag Archives: change of ownership

ERP Provider Forterro Announces New European-based Executive Amidst Sustainable Growth | Business | Instant News


AUSTIN, Texas – (Antara / BUSINESS WIRE) – 17 Feb 2021–

Forterro, a group of companies that deliver enterprise resource planning (ERP) software for small and medium-sized businesses, today announced the appointment of two new executives to lead the company into a new growth phase in its core European market.

Dean Forbes, a longtime UK-based software executive who recently became president of The Access Group, was appointed chief executive of Forterro. Paul Smolinski, former head of HR finance and payroll software company CoreHR, is appointed CFO. The two UK-based leaders have been selected to continue Forterro’s European growth strategy, working with the company’s strategic leadership teams across the group’s key business units in France, Germany, Poland, Sweden and Switzerland.

Forbes joins Forterro after a long career in executive and senior leadership roles for a number of international software companies. Most recently he led the growth and expansion of CoreHR, the UK’s HCM software provider, across Europe. CoreHR was acquired by The Access Group, where Forbes later served as president and member of the executive board. Prior to CoreHR, Forbes was the CEO of Paris-headquartered SaaS software company KDS, where he led the company’s successful growth and international expansion, leading to the acquisition by American Express. Early in his career, Forbes held senior leadership roles at Philadelphia HQ’d Primavera Systems and, later, Oracle where he served as global vice president for sales and marketing for the PPM Division. Forbes provides this rich experience to Forterro and its acquired companies, including abas Software (Germany); BPSC (Poland); Clip Industrie, Silog and Sylob (France); Jeeves and Infocube (Sweden); and ProConcept (Switzerland). Forterro is supported by a global technology-focused investment company, Battery Ventures.

“I am very pleased to be part of a strong ERP group of companies, all of which are successfully operating in one of the most robust and stable growing enterprise software markets,” said Forbes. “The foundation of our continued success is to continue to invest in market leadership positions for local and niche ERP software businesses across Europe. I am excited to lead the next stage of the Forterro journey as we want to continue to grow the business aggressively, both organically and through further acquisitions. “

“Bringing in new leadership based in Europe is part of Forterro’s natural evolution,” said Dave Tabors, a member of the Forterro board and private equity partner of Battery Ventures. “Former CEO Jeff Tognoni, former COO Scott Malia, and other US-based Forterro leadership teams have done a tremendous job growing the business by evaluating, acquiring, and operating ERP companies. However, to propel Forterro to the next stage of development, it’s time to cultivate leadership talent closer to our business unit operations. We are excited to work with Dean as he prepares Forterro for the next stage of growth. “

“We have spent the last few years working with our European counterparts to build a sustainable growth strategy and a unique operating approach for each business unit and product market,” added Jeff Tognoni, who resigned after leading Forterro and raising more revenue. of the seven-fold since the initial acquisition of Jeeves Information Systems in 2012. “The strength of our local team and their business tells me that part of our work is done, and that Forterro is ready for new challenges and continued success under the leadership of Dean and Paul. “

ABOUT FORTERRO

Forterro is a group of companies that provide ERP software to SMEs in specific geographic or vertical markets. Supported by investment Battery Business, Forterro operates business units in Sweden, Switzerland, France, Poland, and Germany, and has regional offices and research and development centers around the world. Through a growing intellectual property and capital ecosystem, Forterro is working with local management teams to strengthen its portfolio company solutions offerings and operational performance. For more information, visit www.forterro.com.

ABOUT THE BATTERY VENTURE

Battery partners with an outstanding founder and management team that develops category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm supports companies at all stages, from start-up and inception to growth and purchasing, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, California; Herzliya, Israel; London; and New York. Follow the company on Twitter @BatteryVentures, visit our website at www.battery.com and discover the complete list of Battery portfolio companies here.

See the source version at businesswire.com:https://www.businesswire.com/news/home/20210217005237/en/

CALL: Forterro

Melissa Stahley

Marketing Director

(317) 908-7050

[email protected]

KEY WORDS: TEXAS EUROPE UNITED STATES KINGDOM NORTH AMERICA NORTH AMERICA

INDUSTRY KEY WORDS: CONSULTATION TECHNOLOGY DATA MANAGEMENT PROFESSIONAL SERVICES SMALL BUSINESS OTHER TECHNOLOGY SOFTWARE OTHER PROFESSIONAL SERVICES NETWORK INTERNET FINANCIAL PROFESSIONAL NETWORKS

SOURCE: Forterro

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PUB: 02/17/2021 04:00 AM / DISC: 02/17/2021 04:00 AM

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Musk’s Tesla said it has invested $1.5 billion in Bitcoin, bringing the cryptocurrency to a record high of nearly $44,000 | Instant News


Elon Musk’s Tesla Inc. stated that it had acquired $1.5 billion in Bitcoin in January and that it could accept payments in the world’s number one digital asset in the future.

Tesla
TSLA,
+ 2.20%

The purchase was revealed on Monday in the Securities and Exchange Commission (Securities and Exchange Commission) regulatory documents, which helped push up the price of Bitcoin
BTCUSD,
+ 12.92%

To around $44,203, it was up more than 13% in CoinDesk’s early trading.

Tesla stated in its 10-K application to the U.S. market regulator: “In January 2021, we updated our investment policy to provide us with greater flexibility to further diversify and maximize our Cash return, which is not needed to maintain sufficient operational liquidity.”

The document continues: “Furthermore, we hope that in the near future, in accordance with applicable laws and on a limited basis, we will begin to accept Bitcoin as a payment method for our products. After payment is received, we may or may not Liquidation.”

This move is because Musk has recently won greater support for digital assets on his social platform.

Late January Musk Mark Using the cryptocurrency in his Twitter biography, then adding the hashtag #bitcoin to his Twitter resume, and then he wrote on Twitter: “In retrospect, it was inevitable.” At the beginning of this month Musk posted “doge” on Twitter with no further comments, Refers to the digital asset meme asset Dogecoin.

Tesla became one of the larger companies that invested in Bitcoin and allowed payments through digital assets created in 2009.

Wedbush analyst Dan Ives wrote in Monday’s study: “Although many people on Wall Street are discussing the prospects of Tesla’s move, this morning’s news made Musk and Tesla The strategy of jumping into the abyss of Bitcoin and cryptocurrency is formalized.” Attention.

However, other mainstream companies have begun to make headlines, focusing on their interest in Bitcoin and making virtual assets part of their balance sheets.

As early as 2020, the software company MicroStrategy
MSTR,
+ 15.29%

Said that it invested in Bitcoin in September 2020, thus achieving a leap of faith. According to the announcement on August 11, the token received 21,454 bitcoins, worth 250 million U.S. dollars at the time, and became the entity’s reserve assets. Coin Telegraph Report.

Microstrategy’s move raises the question of whether other companies might consider investing some of their reserve assets in Bitcoin.

Ives wrote: “Ultimately, investors and other industry observers will pay close attention to this to understand whether other companies have followed Tesla’s leadership approach to cryptocurrency, or on the other hand, it is still Are the few names that make Bitcoin strategically leap forward?”.

Bitcoin’s record rise is mainly due to the interest of institutional investors and businesses.PayPal Holdings Limited
PYPL,
+ 3.07%

After a narrower deployment, its cryptocurrency platform was opened to all US customers last November.

Investment experts said that as the Dow Jones Industrial Average has risen, the rise in the price of Bitcoin is also drawing attention to the asset.
Taoism
+ 0.63%

And the S&P 500 Index
SPX,
+ 0.49%

Let market participants worry about the overvaluation of stocks when interest rates are around 0%.

So far, the price of Bitcoin has soared by 50% in 2021.At the same time, the S&P 500 has risen 3.5% so far, the Dow Jones Industrial Average has risen 1.8% so far, and the high-tech Nasdaq Composite Index
COMP,
+ 0.49%

It is up 7.5% so far this year.Gold price
GC00,
+1.26%

It has fallen 3.5% so far this year.

Several prominent Wall Street investors including Stanley Druckenmiller and Paul Tudor Jones have accepted Bitcoin. Bill Miller, the famous investor of the founder of Miller Value Partners Letter to customers An article published on the company’s website earlier this month reiterated his optimistic view of Bitcoin.

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Google and Fitbit say “I do,” but marriage can still be annulled | Instant News


Google and Fitbit Inc. announced last week that the merger of the two companies has ended, but Alphabet Inc.’s antitrust dilemma may make this huge transaction far from complete.

Controversial acquisition conclusion It triggered immediate opposition from a ranking member of the Senate’s Antitrust, Competition Policy and Consumer Rights Subcommittee and possible future chairperson Senator Amy Klobuchar, as well as some privacy organizations, who opposed Fitbit’s Personal information can be fed into letters
GOOGL,
+ 4.53%

Gosh,
+4.36%

Modem.

“Although Fitbit is a personal health care device in the first place, it collects information and uses it to collect highly personal information,” St. John’s University law professor Anthony Sabino told MarketWatch. “I can see that Justice is deeply concerned about Google’s ability to access this kind of caring customer information through Fitbit, at least as an issue in antitrust litigation, which does not surprise me at all.”

The Wall Street Journal stated that, for its part, the US Department of Justice believes that it has not yet formally approved the transaction and is still under review, even though the transaction allowed the deadline to be formally opposed last week. report. The next steps may depend on who elected President Biden to install in key locations.

Antitrust experts are keen to watch who will lead the antitrust efforts of the Biden Administration’s Justice Department-candidates include Terrell McSweeney, who is considered business-friendly, and Jonathan Kanter, who is progressive. The chairman of the Federal Trade Commission, Joseph Simons, will step down on January 29 and will be responsible for the antitrust investigation of Facebook Inc.
FB,
+1.85%

And Amazon.com Inc.
AMZN,
+ 3.10%
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His successor will not only “play an important role in the investigation,” but will also face pressure from a five-member committee of two Democrats, which said Simmons was not active enough. FTC Financial Practice Department.

The federal government and state attorneys general are conducting antitrust investigations into Google, as well as the acquisitions of the White House and the Senate controlled by the Democratic Party. These are all things at stake.

Legal proceedings against other members of Big Tech are becoming more popular. last weekThe Connecticut Attorney General, William Tong, revealed that in the distribution agreements between the state and some publishers for e-books, “an antitrust investigation has been conducted on Amazon regarding potential anti-competitive provisions.”

However, the current focus is on Google, U.S. Department of Justice prosecution, A group of state AG Led by TexasAnd another group Led by Colorado and Nebraska AG In recent months.

Google and antitrust: Big Tech’s first goal is to face more and more legal actions

Google has always (as in most actions) insisted that Fitbit transactions will greatly benefit consumers and are subject to appropriate scrutiny by regulators.

“Google will continue to protect the privacy of Fitbit users, and has made a series of binding commitments with global regulators, confirming that Fitbit users’ health data will not be used for Google ads, and that this data will be stored separately from other Google ads Data,” Fitbit CEO James Park said in a letter to Fitbit users on Thursday.

However, under the leadership of the new government and the Democratic-controlled Senate, will lawsuits by the Justice Department or these two states undermine the status of the transaction? “Technically speaking, yes, although it has been very unusual since it was approved,” said Douglas Gansler, an expert on antitrust law and the former attorney general of Maryland.

According to the Hart-Scott-Rodino Antitrust Improvement Act of 1976, the transaction can proceed if there is no formal objection from the Department of Justice during the waiting period. Google has completed the waiting period and is therefore entitled to complete the transaction. Similarly, the Ministry of Justice can continue the investigation after the waiting period. Miller believes that it is unusual for regulators to withdraw transactions after the waiting period, but there are certain risks.

Bhaskar Chakravorti, Dean of the School of Global Business at Tufts University’s Fletcher School, put forward a theory that Democrats can apply a “Glass Steger Act” to the Internet . The 1933 law forced banks to separate their commercial and investment banking operations to ensure that the merger would not weaken competition. On the technical side, this could mean forcing social media companies to run their platforms separately from applications and businesses that benefit from user data.

He said: “Any transaction made by Google, especially with equipment manufacturers, has a certain inherent instability.”

Legal scholars said that despite this, the Justice Department took the opportunity to raise an objection before the transaction was completed, which made the reversal process extremely difficult.

Sabino of St. John’s University said that the Justice Department would revoke approval of the transaction as “very unlikely.” Even when an investigation led to its filing of an antitrust lawsuit in October, it encountered opposition, and the European Union approved the acquisition last month. Sabino told MarketWatch: “It’s simply unfair to go back now.”

He added that, however, the Fitbit purchase “will have an impact on the pending case. [DoJ] Antitrust litigation. After all, the key to federal lawsuits (now about a dozen or more states have joined) is Google’s ability to collect information about users through Google searches, YouTube usage, etc. “

Then there is the historical pandemic and economic chaos inherited by the Biden administration, which may put antitrust cases against big technologies into trouble.

“Technical antitrust issues will not get the necessary push and push from the White House. Therefore, even if many House Democrats and prominent senators like Amy Klobuchar are keen to pursue this goal, the entire agenda may be possible. Will be on it.” Chakravorti said.

Klobuchar seems very keen on closing deals.

Klobuchar said in a statement last week: “Google announced that it will close its acquisition of Fitbit, and the transaction is still under review by the Department of Justice, which once again shows the company’s lack of concern about compliance with antitrust laws.”

The senator opposed to the senator’s acquisition of large technology companies said: “Before Biden’s executive officers took over, the rush to complete the transaction is even more disturbing.” “Although the merger was completed prematurely, I still urge the department to comply with the law. Seek all appropriate remedies to protect competition and consumers from any anti-competitive effects caused by this transaction.”

Privacy advocates are still very willing to question mergers on antitrust issues, and they worry about the consequences of big deals like Fitbit.

The Department of Justice’s failure to prevent Google from acquiring Fitbit is not only incoherent and embarrassing, but also dangerous. This transaction poses a serious security risk to the personal data of Fitbit consumers,” said Sarah Miller, executive director of the American Economic Freedom Project. “Google uses its extensive portfolio of Internet services to monitor its users and Profit from highly personal information. There is no reason to believe that they will not do the same to Fitbit. “

“In fact, Google had previously lied about data to antitrust enforcers. Just like an antitrust lawsuit against Google last month, the company promised to the Federal Trade Commission and Congress how it would manage DoubleClick’s Acquisition, but then Google ignored the acquisition.”

“President-elect Biden should ensure that the role of his government is to reverse this transaction as quickly as possible,” Miller said.

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IHS Towers Acquires 1,000 Skysites Business sites in Brazil | Business | Instant News


LONDON & SÃO PAULO – (BUSINESS WIRE) – 7 Jan 2021–

IHS Holding Limited (“IHS Towers”), one of the largest independent owners, operators and co-developers of telecommunications infrastructure in the world by tower number, has completed the acquisition of Skysites Holdings SA (“Skysites”), a specialist provider of urban telecommunications infrastructure and cells in Brazil.

The Skysites operation, which consists of approximately 1,000 sites, along with exclusive access to tens of thousands of premium real estate locations in urban environments, will be fully integrated into IHS Towers Brazil operations over the coming months.

This acquisition, which is the second IHS Towers transaction in 12 months in Brazil, adds depth to IHS Towers ‘core strengths and expertise – Skysites’ innovative urban solutions, including small cell and mast cell solutions, and extensive urban deployment experience, complementing its deep operational knowledge and IHS Towers technological innovation. This acquisition highlights the continuation of IHS Towers ‘growth strategy and further consolidates IHS Towers’ 20 year track record of emerging markets. This acquisition will enhance the customer offering of IHS Towers and ensure it is well positioned to support upcoming 5G rollouts across Brazil.

Sam Darwish, Chairman of IHS Towers and Group Chief Executive Officer, said:

“I am pleased to announce the acquisition of Skysites in Brazil, an acquisition which further reflects our strategic growth ambitions in global emerging markets. Brazil represents a key market for us with its tremendous growth potential and, through this transaction, we significantly increased our market presence after we entered the region last year with the acquisition of Cell Site Solutions. “

Roberto Nishikawa, Chief Executive Officer and Chairman of Skysites, commented:

We are proud to have built our extensive and unique portfolio of tens of thousands of premium real estate locations in highly populated urban areas in preparation for the upcoming 5G rollout. We are very pleased to have completed this transaction with IHS Towers recognizing our competitive advantage and unique business model.

I want to thank my team and our shareholders for all their support in our achievement. “

About IHS Towers: IHS Towers is one of the largest independent owners, operators and co-telecommunications infrastructure developers in the world by number of towers, with more than 28,700 towers in nine markets. IHS Towers continues to grow and expand existing positions and offerings in Brazil, Cameroon, Colombia, Ivory Coast, Kuwait, Nigeria, Peru, Rwanda and Zambia. For more information, please email: [email protected] or visit: www.ihstowers.com

About Skysites: Skysites is a specialist provider of small cell and urban telecommunication infrastructure using cell poles and benches (Skybench). Skysites is a unique player with access to tens of thousands of premium real estate locations and public lightposts through partnerships with several major companies. Skysites will grow 275% in 2020 reaching more than 1,000 sites with telecom antennas installed. Skysites is owned by a group of individual investors led by Roberto Nishikawa.

See the source version at businesswire.com:https://www.businesswire.com/news/home/20210107005406/en/

CONTACT: Georgina Parkes / Jessica McGhie

[email protected]

KEY WORDS: EUROPE SOUTH AMERICA KINGDOM BRAZIL, UK

INDUSTRY KEYWORDS: MOBILE SATELLITE INTERNET / WIRELESS TECHNOLOGY TELECOMMUNICATION

SOURCE: IHS Holding Limited

Business Wire Copyright 2021.

PUB: 01/07/2021 06:00 AM / DISC: 01/07/2021 06:01 AM

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The CEO Behind KFC, Taco Bell Orders Fast-Food Growth To Go On | Instant News


David Gibbs just signed

Yum brand Inc.

YUM -0.87%

the first restaurant acquisition in years and is planning a convention for nearly 1,000 fast food franchisees worldwide when the pandemic cripples the global economy in March.

The sudden crisis threatens to wipe out most of the $ 17 billion that companies and franchisees make in annual dinner sales at all KFC, Taco Bell and Pizza Hut restaurants in more than 150 countries. Mr. Gibbs, a 31-year Yum veteran who became CEO a year ago, went from advancing the company’s expansion strategy to competing with thousands of closed restaurants.

Since then, many large fast food companies mostly recovered from the early pandemic close, and Yum’s comparable US sales rose in the third quarter from a year ago. But Mr. Gibbs said he was rethinking how Yum – which has more than 50,000 restaurants, more than any other fast food chain – could serve and deliver more food to carry over the long term.

He’s planning a future where pre-ordering fried chicken online is routine, and Pizza Hut customers can get their orders placed in their suitcases without having to walk into the restaurant.

Meanwhile, hundreds of his US Pizza Hut locations, most of which do dine-in businesses, have permanently closed.

The 57-year-old Gibb spoke to The Wall Street Journal via video from Yum’s largely vacant office in Plano, Texas. Below is an edited excerpt.

WSJ: What mistakes did Yum make at the start of the pandemic and how do you learn from them?

Mr. Gibbs: If I look back before the pandemic, I wish we had moved faster for Pizza Hut to be more delivery, run business and less dependent on on-site dining. We’ve talked about it for years. Sometimes large organizations can become bureaucratic. But I think we may be impressed even with ourselves in how fast we’ve spun.


“ I didn’t know that normal appearance was exactly like before the pandemic. Consumers may be more aware of cleanliness in restaurants, and we are looking for new ways to provide a safe environment. ‘


– David Gibbs, CEO of Yum Brands

WSJ: Drive-through has helped many fast food chains stay busy during a pandemic. How does that affect your development plans?

Mr. Gibbs: We’re working on a design that has multiple drive-throughs. The Australian business began building several test units with five drive-throughs in one building.

But the other part of the story is the roadside execution. You see it not only in the restaurant industry, but also in retail. This is good because of our peak drive-through constraints. No matter how hard you ride, you can still fit only X cars in a row.

WSJ: Should the front line workers get food and restaurant early access to vaccines?

Mr. Gibbs: We are very excited about this vaccine. When it’s my turn, I’ll be in line to get it. We hope all our employees get it. But we do know that there are others, such as frontline healthcare workers, who are ahead of us in the queue.

“We support the national minimum wage, and we will work under the minimum wage set by the government,” said Gibbs.


Photo:

Trevor Paulhus for The Wall Street Journal

WSJ: Once a vaccine is more universally available, will you ask employees to get it or have your franchisor consider it?

Mr. Gibbs: We are studying the matter right now and haven’t made any decisions yet. It is important to remember that 98% of our stores are run by these franchisees. So it’s more complex than we just mandating that every store needs to get a vaccine.

WSJ: Even when vaccines start rolling out, it’s unclear when life will begin to return to normal. When did you anticipate this to happen in fast food?

Mr. Gibbs: I didn’t know that normal appearance was exactly like before the pandemic. Consumers may be more aware of cleanliness in restaurants, and we are looking for new ways to provide a safe environment.

WSJ: What management actions have you taken that will survive the pandemic?

Mr. Gibbs: One of the biggest lessons I learned is the power of authentic communication versus the formal written memos someone might send. We bring together various groups of franchisees, corporate teams from around the world in video calls. We get hundreds of questions via the chat function – real time, without filters. We learn from that.

WSJ: Do you support a $ 15 minimum wage at the federal level and for your employer and franchisees?

Mr. Gibbs: We support the national minimum wage, and we will work under whatever minimum wage the government makes.

Mr. Gibbs said he hoped Yum “had moved faster for Pizza Hut to be more than a delivery, running business” when the pandemic hit.


Photo:

Joe Raedle / Getty Images

WSJ: How do you expect the dynamics between the CEO and the White House to shift in the new government?

Mr. Gibbs: We are excited to work with the Biden government and share their goal of building back better especially on the economy and fighting inequality. We have been in more than a hundred countries around the world for decades – we have operated in any political environment.

WSJ: The pandemic’s theme is menu simplification, but some customers say Taco Bell went too far in removing options. Were you surprised by the commotion when Taco Bell removed Mexican Pizza?

Mr. Gibbs: I’ve never been surprised by the passion our customers – especially Taco Bell – have for our iconic products. We can always bring back the Mexican Pizza at some point if the request is there.

WSJ: What is your pandemic tranquillizer?

Mr. Gibbs: I often pass through Taco Bell drive-throughs. We introduced grilled cheese burritos during a pandemic, and that’s the definition of a product that was so coveted for me and my college son.

Write to Heather Haddon at [email protected]

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