Software

Dating outscores gaming in app store showdown

25 Aug 2021

A U.S. judge is considering an antitrust suit against Apple’s online shop as lawmakers pile pressure on the iPhone maker and rival Google. Despite games dominating their outlets’ $111 bln in annual sales, a cut in the tech giants’ 30% fee may boost daters like Match more.

Norton’s UK cyber raid yields risky bounty

11 Aug 2021

U.S. internet security firm NortonLifeLock has snapped up London-listed Avast for up to 6.2 billion pounds. The premium looks measly and cost savings meaty. But what appears to be a treasure trove for Norton CEO Vincent Pilette comes with long-term competitive threats.

Capital Calls: Grab, Gaming, SocGen, Stellantis

3 Aug 2021

Concise views on global finance: The Southeast Asian super-app delivers some of the goods; Tencent shares tank after Chinese state-media criticism; the French lender’s investment bank overhauls goals; the carmaker hikes operating margin targets to a chunky 10%.

IPO U-turn is probably Didi’s most sensible route

29 Jul 2021

The beleaguered $40 bln Chinese ride-hailing group denied a report that it plans to go private a month after its U.S. debut. Changing course would be embarrassing and quite costly. But it may be the best way to get back in Beijing’s good graces amid a continuing crackdown.

Slimdown can help Worldline get fit for M&A battle

27 Jul 2021

The $26 bln Paris-listed payments group may sell a unit that makes handheld kit for card transactions. A sale could boost its shares and raise $5 bln to replenish CEO Gilles Grapinet’s war chest. That would help him hoover up smaller players and fend off rivals like Italy’s Nexi.

Capital Calls: Twitter, Domino’s Pizza

22 Jul 2021

Concise views on global finance: Jack Dorsey’s social network reported a 74% bump in revenue despite a slowdown in adding new users; meanwhile, Domino’s Pizza shows one thing that hasn’t abated in 2021 is customers’ love of takeout pies.

European tech titans’ sweet spot may turn sour

21 Jul 2021

Both $300 bln ASML and $170 bln SAP upped their revenue-growth projections. They’re riding trends like soaring demand for chips and cloud computing. But much of the good news is already priced in to their expensive shares. The next surprise for investors may be less encouraging.

Zoom kicks off expensive call centre M&A contest

19 Jul 2021

The videoconferencing star will pay $14.7 bln for software group Five9. Diversifying makes sense as economies reopen, but a thin 13% premium may invite counterbids, or prod rivals like Microsoft to partner up too. Rich prices and fuzzy synergies promise an uncertain payoff.

Chancellor: Robinhood is more sheriff than rebel

15 Jul 2021

Like its many antecedents during previous bubbles, the app-based stockbroker claims a mission to “democratise finance for all”. But the $40 bln startup is more a creature of Wall Street and Silicon Valley than its clients may understand. The long-term risk is a people’s revolt.

Norton UK cyber deal has many vulnerabilities

15 Jul 2021

The U.S. antivirus software group is in talks about a cash and stock offer for $7.2 bln London-listed rival Avast. But probable returns look low, and British investors may not want a large slug of American equity. If a private equity buyer gets involved, it will be even harder.

Europe’s Zoom finds home-working boom has downside

8 Jul 2021

TeamViewer lost $1 bln of market value after it said customers who panic-bought last year are now paying less. The remote-software group’s shares have retraced to pre-Covid levels. The whole episode distracted from its real goal: connecting machines, rather than people.

Capital Calls: JEDI’s demise, Toyota’s weird world

6 Jul 2021

Concise views on global finance: The cancelation of a $10 bln U.S. government cloud contract shows negotiating big projects is sometimes a matter of guesswork. Meanwhile, the auto firm that pioneered just-in-time manufacturing is cashing in on a chip stockpile and red-hot market.

How much is Wise worth?

5 Jul 2021

The money-changing app is listing in London without setting a price. Its worth depends largely on how much more foreign-exchange business CEO Kristo Käärmann can win from banks. A Breakingviews calculator shows Wise is due a roughly 20% upgrade from last year’s $5 bln price tag.

Wise’s FX land grab merits $6 bln valuation

5 Jul 2021

The money-changing app is listing in London without setting a price. Its worth depends largely on how much more foreign-exchange business CEO Kristo Käärmann can win from banks. A Breakingviews calculator shows Wise is due a roughly 20% upgrade from last year’s $5 bln price tag.

Capital Calls: It sure feels good to be a banker

1 Jul 2021

Concise views on global finance: Global deals in the first half of the year broke all records.

Capital Calls: Genetic gold rush

28 Jun 2021

Concise views on global finance: A company has shown biotechnology called CRISPR can precisely edit defective genes in humans, fueling investment and squabbles.

Review: Reining in the crypto-fanatics

25 Jun 2021

Ex-Swift executives Gottfried Leibbrandt and Natasha de Terán traverse the payments world in “The Pay Off”. Anecdotes and explanations lend pace and purpose. But despite warnings about central bank digital currencies and other novelties, they ask more questions than they answer.

Profitability makes Wise a true fintech unicorn

23 Jun 2021

Like financial-technology rivals, the UK money-changing group has a snazzy app and disruptive business model. What sets it apart is healthy earnings. Big banks can’t match its service without parting with fees worth $250 bln a year. Smaller ones may end up using Wise’s service.

Capital Calls: JPMorgan, French SPAC, Jessica Alba

17 Jun 2021

Concise views on global finance: Jamie Dimon bulks up his nascent UK digital banking offer by buying Nutmeg; France boosts its lowly SPAC league-table position with two blank-cheque vehicles; the Hollywood star’s consumer packaged goods company Honest encounters growing pains.

Data IPO is bet vs. Amazon, Google and Microsoft

16 Jun 2021

Confluent, which helps companies knit together streams of data, is seeking an $8 bln valuation. Revenue quadrupled from 2018 to 2020. But that's not enough to justify a toppy valuation multiple when cloud competitors include three of the four biggest tech groups on the planet.