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Software

Capital Calls: Stadium naming, Diageo, Evolution

17 Nov 2021

Concise views on global finance: Crypto.com is paying heavily to rename Staples Center; The drinks maker plans to grow its market share by 50% in the next decade; the $36 bln Swedish gambling firm lost $2 billion of its market capitalisation after accusations of illegal gambling.

Capital Calls: Couch-potato habits help Roblox

9 Nov 2021

Concise views on global finance: The video game app’s shares surged 36% on Tuesday after it said sales nearly doubled in the quarter.

McAfee buyout puts risky spin on cybersecurity

8 Nov 2021

Advent and Permira’s $14 bln buyout of the U.S. software firm could double their money if McAfee keeps motoring as expected and valuations stay elevated a few more years. While former owner TPG has left some juice to suck out, a hefty $9 bln of debt provides an extra-thick straw.

Tech gabfest shows conferences a real-world future

8 Nov 2021

To see how the pandemic has changed the conference business it makes sense to observe the tech-savvy. The 43,000 people who descended on Lisbon for last week’s Web Summit showed face-to-face gatherings have enduring value, even for those making their living in the digital realm.

Capital Calls: Darktrace’s stock wobble

1 Nov 2021

Concise views on global finance: The UK cybersecurity group’s share plunge reflects both short- and longer-term problems.

Swiss bank-tech buyout would hit returns glitch

27 Oct 2021

Private equity firm EQT may bid for $10 bln software group Temenos. The Geneva-based outfit should gain from banks outsourcing more IT to specialists. Yet a deal would need a large chunk of equity, and making the numbers work in an increasingly competitive sector could be tricky.

Capital Calls: McDonald’s, GM, Worldline

27 Oct 2021

Concise views on global finance: The $177 bln fast-food chain boosted sales by making it easier to get burgers and nuggets; supply shortages are exacerbating the carmaker’s heavy investment bill; shares in the French payments group tumbled despite ambitious growth targets.

Russian IPO salad hides some dodgy ingredients

18 Oct 2021

Helped by a global boom, new listings by the country’s companies are at their most active since 2007. Investors are more used to sanctions risk, while Covid-19 has spruced up hopefuls such as real estate website Cian. Others, like St Petersburg’s bourse, may be lumpy leftovers.

Capital Calls: Real estate distress is tricky call

15 Oct 2021

Concise views on global finance: Barry Sternlicht’s Starwood Capital has raised a $10 bln fund to buy struggling buildings. With the pandemic's long-term effects unclear, the key will be avoiding those destined to remain empty.

Capital Calls: U.S. inflation, French cloud outage

13 Oct 2021

Concise views on global finance: U.S. consumer prices rose 5.4% in September as the White House weighs the Federal Reserve chief’s re-nomination; OVHCloud’s network went down the day before the cloud-computing group is due to price a 3.6 bln euro Paris listing.

Big Tech’s cash kings will resist rate-hike storm

12 Oct 2021

Rising U.S. Treasury yields reduce the value of future free cash flow, hurting fast-growing technology stocks. Apple, Facebook and Alphabet are minting money in the here and now. It’s investors in cash-challenged companies like Netflix and Tesla that will feel the most pain.

Emerson bets on improbable software upgrade

11 Oct 2021

Its $11 bln deal with AspenTech would leave the U.S conglomerate with greater exposure to fast-growing business software. But unless shareholders give the new company a much richer valuation, Emerson is getting out less than it’s putting in.

Capital Calls: Pet retail scrap, Chubb, Czech IPO

8 Oct 2021

Concise views on global finance: Buyout firm Hellman & Friedman matches EQT’s 3.4 bln euro bid for Germany’s Zooplus, putting the onus on its rival; the U.S. insurer buys the Asian assets of Cigna for $5.8 bln; haulage-fleet manager Eurowag makes a chaotic market debut.

French cloud IPO is a bet on EU tech sovereignty

5 Oct 2021

OVHcloud is listing in Paris for up to 3.7 bln euros. Slow growth and the tight grip of founder Octave Klaba justify the IT group’s low valuation. But sales could surge if European businesses and governments push to keep data at home rather than with Amazon, Google or Microsoft.

Trucker shortage turbocharges haulage payments IPO

28 Sep 2021

Eurowag has built a lucrative business planning routes and handling payments for haulage firms. A dearth of drivers makes it more important to minimise empty trucks. Even a top-gear 1.7 bln euro valuation leaves mileage for investors in the Czech company’s upcoming London float.

Capital Calls: U.S. debt, Hollywood, Blue Prism

28 Sep 2021

Concise views on global finance: Republicans have blocked additional federal borrowing, bringing a default closer; talent agencies CAA, ICM, and Endeavor take different strategic directions; private equity group Vista seems to be getting UK software group Blue Prism cheaply.

Intuit bites off a lot with $12 bln Mailchimp deal

14 Sep 2021

The TurboTax maker is paying 15 times 2020 sales for the digital marketing firm to better crack the big market for small business services. Mailchimp’s record suggests it has a shot. The trick will be to avoid indigestion as Intuit is still integrating an earlier $7 bln purchase.

Mini-Salesforce puts mighty multiple in $9 bln IPO

13 Sep 2021

Freshworks, founded in India, focuses on small firms overlooked by Marc Benioff’s giant. A gradual shift upmarket to companies like Sotheby’s helped it deliver 50% top-line growth. It is seeking a multiple twice as high as bigger peers. It’s possible Freshworks can justify it.

Smart specs are a solution in search of a problem

13 Sep 2021

Facebook and Apple are working on so-called augmented-reality glasses, the latest addition to an $81 bln wearable accessories market. Like watches, such gadgets help tech giants hoover up data and lock in customers. The hard part is convincing people they’re actually useful.