Monthly Archives: March 2020

Xerox drops $34B HP take-over bid amid COVID-19 uncertainty

Posted by on 31 March, 2020

This post was originally published on this site

Xerox announced today that it would be dropping its hostile takeover bid of HP. The drama began last fall with a flurry of increasingly angry letters between the two companies, and confrontational actions from Xerox including an attempt to take over the HP board that had rejected its takeover overtures.

All that came crashing to the ground today when Xerox officially announced it was backing down  amid worldwide economic uncertainty related to the COVID-19 pandemic. The company also indicated it was dropping its bid to take over the board.

“The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc. (NYSE: HPQ) (“HP”). Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP’s Board of Directors,” the company said in a statement.

As for HP, it said it was strong financially and would continue to drive shareholder value, regardless of the outcome.

“We remain firmly committed to driving value for HP shareholders. HP is a strong company with market leading positions across Personal Systems, Print, and 3D Printing & Digital Manufacturing. We have a healthy cash position and balance sheet that enable us to navigate unanticipated challenges such as the global pandemic now before us, while preserving strategic optionality for the future,” the company said in a prepared statement.

The bid never made a lot of sense. Xerox is a much smaller company with a market cap of around $4 billion compared with HP with a market cap of almost $25 billion. It was truly a case of the canary trying to eat the cat.

Yet Xerox continued to insist today, even while admitting defeat, that it would have been better to combine the two companies, something HP never felt was realistic. HP questioned the ability of Xerox to come up with such a large sum of money, and if it did if it were financially stable enough to pull off a deal like this.

Yet even as recently as last month, Xerox increased the bid from $22 to $24 per share in an effort to entice shareholders to bite. It had previously threatened to bypass the board and go directly to shareholders before attempting to replace the board altogether.

HP didn’t like the hostility inherent in the bid or any of the subsequent moves Xerox made to try and force a deal. Last month, HP offered its investors billions in give-backs in an effort to convince them to reject the Xerox bid. As it turned out, the drama simply fizzled out in the middle of a worldwide crisis.

Posted Under: Tech News
Palo Alto Networks to acquire CloudGenix for $420M

Posted by on 31 March, 2020

This post was originally published on this site

Palo Alto Networks announced today that it has an agreement in place to acquire CloudGenix for $420 million.

CloudGenix delivers a software-defined wide area network (SD-WAN) that helps customers stay secure by setting policies to enforce compliance with company security protocols across distributed locations. This is especially useful for companies with a lot of branch offices or a generally distributed workforce, something just about everyone is dealing with at the moment as we find millions suddenly working from home.

Nikesh Arora, chairman and CEO at Palo Alto Networks, says that this acquisition should contribute to Palo Alto’s “secure access service edge,” or SASE solutions, as it is known in industry parlance.

“As the enterprise becomes more distributed, customers want agile solutions that just work, and that applies to both security and networking. Upon the close of the transaction, the combined platform will provide customers with a complete SASE offering that is best-in-class, easy to deploy, cloud-managed, and delivered as a service,” Arora said in a statement.

CloudGenix was founded 2013 by Kumar Ramachandran, Mani Ramasamy and Venkataraman Anand, all of whom will be joining the company as part of the deal. It has 250 customers across a variety of verticals. The company has raised almost $100 million, according to PitchBook data.

Palo Alto Networks has been on an acquisitive streak. Going back to February 2019, this represents the 6th company it has acquired to the tune of over $1.6 billion overall.

The acquisition is expected to close in the fourth quarter, subject to customary regulatory approvals.

Posted Under: Tech News
Microsoft launches Edge Zones for Azure

Posted by on 31 March, 2020

This post was originally published on this site

Microsoft today announced the launch of Azure Edge Zones, which will allow Azure users to bring their applications to the company’s edge locations. The focus here is on enabling real-time low-latency 5G applications. The company is also launching a version of Edge Zones with carriers (starting with AT&T) in preview, which connects these zones directly to 5G networks in the carrier’s data center. And to round it all out, Azure is also getting Private Edge Zones for those who are deploying private 5G/LTE networks in combination with Azure Stack Edge.

In addition to partnering with carriers like AT&T, as well as Rogers, SK Telecom, Telstra and Vodafone, Microsoft is also launching new standalone Azure Edge Zones in more than 10 cities over the next year, starting with L.A., Miami and New York later this summer.

“For the last few decades, carriers and operators have pioneered how we connect with each other, laying the foundation for telephony and cellular,” the company notes in today’s announcement. “With cloud and 5G, there are new possibilities by combining cloud services, like compute and AI with high bandwidth and ultra-low latency. Microsoft is partnering with them bring 5G to life in immersive applications built by organization and developers.”

This may all sound a bit familiar and that’s because only a few weeks ago, Google launched Anthos for Telecom and its Global Mobile Edge Cloud, which at first glance offers a similar promise of bringing applications close to that cloud’s edge locations for 5G and telco usage. Microsoft argues that its offering is more comprehensive in terms of its partner ecosystem and geographic availability. But it’s clear that 5G is a trend all of the large cloud providers are trying to tap into. Microsoft’s own acquisition of 5G cloud specialist Affirmed Networks is yet another example of how it is looking to position itself in this market.

As far as the details of the various Edge Zone versions go, the focus of Edge Zones is mostly on IoT and AI workloads, while Microsoft notes that Edge Zones with Carriers is more about low-latency online gaming, remote meetings and events, as well as smart infrastructure. Private Edge Zones, which combine private carrier networks with Azure Stack Edge, is something only a small number of large enterprise companies is likely to look into, given the cost and complexity of rolling out a system like this.

 

Posted Under: Tech News
Amid shift to remote work, application performance monitoring is IT’s big moment

Posted by on 31 March, 2020

This post was originally published on this site

In recent weeks, millions have started working from home, putting unheard-of pressure on services like video conferencing, online learning, food delivery and e-commerce platforms. While some verticals have seen a marked reduction in traffic, others are being asked to scale to new heights.

Services that were previously nice to have are now necessities, but how do organizations track pressure points that can add up to a critical failure? There is actually a whole class of software to help in this regard.

Monitoring tools like Datadog, New Relic and Elastic are designed to help companies understand what’s happening inside their key systems and warn them when things may be going sideways. That’s absolutely essential as these services are being asked to handle unprecedented levels of activity.

At a time when performance is critical, application performance monitoring (APM) tools are helping companies stay up and running. They also help track root causes should the worst case happen and they go down, with the goal of getting going again as quickly as possible.

We spoke to a few monitoring vendor CEOs to understand better how they are helping customers navigate this demand and keep systems up and running when we need them most.

IT’s big moment

Posted Under: Tech News
Xage adds full-stack data protection to blockchain security platform

Posted by on 31 March, 2020

This post was originally published on this site

Xage, a startup that has been taking an unusual path to secure legacy companies like oil and gas and utilities with help from the blockchain, announced a new data protection service today.

Xage CEO Duncan Greatwood, says that up until this point, the company has concentrated on protecting customers at the machine layer, but today’s announcement involves protecting data as it travels between parties, which is more of a classic blockchain security scenario.

“We are moving beyond the protection of machines with greater focus on the protection of data. And this announcement around Dynamic Data Security that we’re delivering today is really a data protection layer that spans multiple dimensions. So it spans from the physical machine layer right up to business transaction,” Greatwood explained.

He says that what separates his company from competitors is the ability to have that protection up and down the stack. “We can guarantee the authenticity, integrity and the confidentiality of data, as it’s produced at the machine, and we can maintain that all the way to [delivery to the various parties],” he said.

Greatwood says that this solution is designed to help protect data, even in highly complex data sharing scenarios, using the blockchain as the trust mechanism. Imagine a supply chain scenario in which the parties are sharing data, but each participant only needs to see the piece of data they need to complete their part of the transaction and no more. To do this, Xage has the concept of security fabric, which acts as a layer of protection across the platform.

“What Xage is doing is to use this kind of security outsource approach we bring to authenticity, integrity and confidentiality, and then using the fabric to replicate all of that security metadata across the extent of the fabric, which may very well cover multiple locations and multiple participants,” he said.

This approach enables customers to have confidence in the providence and integrity of the data they are seeing. “We’re able to allow all of the participants to define a set of security policies that gives them control of their own data, but it also allows them to share very flexibly with the rest of the participants in the ecosystem, and to have confidence in that data, up to and including the point where they’ll pay each other money, based on the integrity of the data.”

The new solution is available today. It has been in testing with three beta customers, which included an oil and gas customer, a utility and a smart city scenario.

Xage was founded in 2016 and has raised just over $16 million, according to PitchBook data.

Posted Under: Tech News
Axonius nabs $58M for its cybersecurity-focused network asset management platform

Posted by on 31 March, 2020

This post was originally published on this site

As companies get to grips with a wider (and, lately, more enforced) model of remote working, a startup that provides a platform to help track and manage all the devices that are accessing networked services — an essential component of cybersecurity policy — has raised a large round of growth funding. Axonius, a New York-based company that lets organizations manage and track the range of computing-based assets that are connecting to their networks — and then plug that data into some 100 different cybersecurity tools to analyse it — has picked up a Series C of $58 million, money it will use to continue investing in its technology (its R&D offices are in Tel Aviv, Israel) and expanding its business overall.

The round is being led by prolific enterprise investor Lightspeed Venture Partners, with previous backers OpenView, Bessemer Venture Partners, YL Ventures, Vertex, and WTI also participating in the round.

Dean Sysman, CEO and Co-Founder at Axonius, said in an interview that the company is not disclosing its valuation, but for some context, the company has now raised $95 million, and PitchBook noted that in its last round, a $20 million Series B in August 2019, it had a post-money valuation of $110 million.

The company has had a huge boost in business in the last year, however — especially right now, not a surprise for a company that helps enable secure remote working, at a time when many businesses have gone remote in an effort to follow government policies encouraging social distancing to slow the spread of the coronavirus pandemic. As of this month, Axonius has seen customer growth increase 910% compared to a year ago.

Sysman said that this round had been in progress for some time ahead of the announcement being made, but the final stages of closing it were all done remotely last week, which has become something of a new normal in venture deals at the moment.

“We’ve all been staying at home for the last few weeks,” he said in an interview. “The crisis is not helping with deals. It’s making everything more complex for sure. But specifically for us there wasn’t a major difference in the process.”

Sysman said that he first thought of the idea for Axonius when at a previous organization — his experience includes several years with the Israeli Defense Forces, as well as time at a startup called Integrity Project, acquired by Mellanox — where he realised the organization itself, and all of its customers, never actually knew how many devices accessed their network, which is a crucial first step in being able to secure any network.

“Every CIO I met I would ask, do you know how many devices you have on your network? And the answer was either ‘I don’t know,’ or big range, which is just another way of saying, ‘I don’t know,’” Sysman said. “It’s not because they’re not doing their jobs but because it’s just a tough problem.”

Part of the reason, he added, is because IP addresses are not precise enough, and de-duplicating and correlating numbers is a gargantuan task, especially in the current climate of people using not just a multitude of work-provided devices, but a number of their own.

That was what prompted Sysman and his cofounders Ofri Shur and Avidor Bartov to build the algorithms that formed the basis of what Axonius is today. It’s not based on behavioural data as some cybersecurity systems are, but something that Sysman describes as “a deterministic algorithm that knows and builds a unique set of identifiers that can be based on anything, including timestamp, or cloud information. We try to use every piece of data we can.”

The resulting information becomes a very valuable asset in itself that can then be used across a number of other pieces of security software to search for inconsistencies in use (bringing in the behavioural aspect of cybersecurity) or other indicators of malicious activity — specifically following the company’s motto, “Know Your Assets, Identify Gaps, and Automate Security Policy Enforcement” — even as data itself may seem a little pedestrian on its own.

“We like to call ourselves the Toyota Camry of cybersecurity,” Sysman said. “It’s nothing exotic in a world of cutting-edge AI and advanced tech. However it’s a fundamental thing that people are struggling with, and it is what everyone needs. Just like the Camry.”

For now, Axonius is following the route of providing a platform that can interconnect with a number of other security products — currently numbering around 100 — rather than building those tools itself, or acquiring them to bring them in house. That could be one option for how potentially it might evolve over time, however.

For now, the idea of being agnostic to those specific tools and providing a platform just to identify and manage assets is a formula that has already seen a lot of traction with customers — which include companies like Schneider Electric, the New York Times, and Landmark Medical, among others — as well as investors.

“Any enterprise CISO’s top priority, with unwavering consistency, is asset discovery and management. You can’t protect a device if you don’t know it exists.” said Arsham Menarzadeh, general partner at Lightspeed Venture Partners, in a statement. “Axonius integrates into any security and management product to show customers their full asset landscape and automate policy enforcement. Their integrated approach and remediation capabilities position them to become the operating system and single source of truth for security and IT teams. We’re excited to play a part in helping them scale.”

Posted Under: Tech News
DataStax launches Kubernetes operator for open source Cassandra database

Posted by on 31 March, 2020

This post was originally published on this site

Today, DataStax, the commercial company behind the open source Apache Cassandra project, announced an open source Kubernetes operator developed by the company to run a cloud native version of the database.

When Sam Ramji, chief strategy officer at DataStax, came over from Google last year, the first thing he did was take the pulse of customers, partners and community members around Kubernetes and Cassandra, and they found there was surprisingly limited support.

While some companies had built Kubernetes support themselves, DataStax lacked one to call its own. Given that Kubernetes was born inside Google, and the company has widely embraced the notion of containerization in general, Ramji wanted there to be an operator specifically designed by the company to give customers a general starting point with Kubernetes.

“What’s special about the Kube operator that we’re offering to the community as an opinion — one of many — is that we have done the work to generalize the operator to Cassandra wherever it might be implemented,” Ramji told TechCrunch.

Ramji says that most companies that have created their own Kubernetes operators tend to specialize for their own particular requirements, which is fine, but as the company built on top of Cassandra, they wanted to come up with a general version that could appeal broader range of use cases.

In Kubernetes, the operator is how the DevOps team packages, manages and deploys an application, giving it the instructions it needs to run correctly. DataStax has created this operator specifically to run Cassandra with a broad set of assumptions.

Cassandra is a powerful database because it stays running when many others fall down. As such it is used by companies as varied as Apple, eBay and Netflix to run their key services. This new Kubernetes implementation will enable anyone who wishes to run Cassandra as a containerized application, helping push it into a modern development realm.

The company also announced a free help service for engineers trying to cope with increased usage on their databases due to COVID-19. They are calling the program, “Keep calm and Cassandra on.” The engineers charged with keeping systems like Cassandra running are called Site Reliability Engineers or SREs.

“The new service is completely free SRE-to-SRE support calls. So our SREs are taking calls from Apache Cassandra users anywhere in the world, no matter what version they’re using if they’re trying to figure out how to keep it up to stand up to the increased demand,” Ramji explained.

DataStax was founded in 2010 and has raised over $190 million, according to PitchBook data.

Posted Under: Tech News
Atlassian’s Confluence gets a new template gallery

Posted by on 30 March, 2020

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Confluence, Atlassian’s content-centric collaboration tool for teams, is making it easier for new users to get started with the launch of an updated template gallery and 75 new templates. They incorporate what the company has learned from its customers and partners since it first launched the service back in 2004.

About a year ago, Atlassian gave Confluence a major makeover, with an updated editor and advanced analytics. Today’s update isn’t quite as dramatic but goes to show that Confluence has evolved from a niche wiki for technical documentation teams to a tool that is often used across organizations today.

Today, about 60,000 customers are using Confluence daily and the new templates reflect the different needs of these companies. The new template gallery will make it easier to find the specific template that makes sense for your business, with new search tools, filters and previews that you can find in the right-hand panel of your Confluence site.

The updated gallery features new templates for design, marketing and HR teams, for example. Working with partners, Atlassian also added templates like a job description guide from Indeed and a design system template from InVision, as well as similar use case-specific templates from HubSpot, Optimizely and others. Since most tasks take more than one template, Atlassian is also launching collections of templates for accomplishing more complex tasks around developing marketing strategies, HR workflows, product development and more.

Posted Under: Tech News
SMB loans platform Kabbage to furlough a ‘significant’ number of staff, close office in Bangalore

Posted by on 30 March, 2020

This post was originally published on this site

Another tech unicorn is feeling the pinch of doing business during the coronavirus pandemic. Today, Kabbage, the Softbank-backed lending startup that uses machine learning to evaluate loan applications for small and medium businesses, is furloughing a “significant number” of its US team of 500 employees, according to a memo sent to staff and seen by TechCrunch, in the wake of drastically changed business conditions for the company. It is also completely closing down its office in Bangalore, India, and executive staff is taking a “considerable” pay cut.

The announcement is effective immediately and was made to staff earlier today by way of a video conference call, as the whole company is currently remote working in the current conditions.

Kabbage is not disclosing the full number of staff that are being affected by the news (if you know, you can contact us anonymously). It’s also not putting a timeframe on how long the furlough will last, but it’s going to continue providing benefits to affected employees. The intention is to bring them back on when things shift again.

“We realize this is a shock to everyone. No business in the world could have prepared for what has transpired these past few weeks and everyone has been impacted,” co-founder and CEO Rob Frohwein wrote in the memo. “The economic fallout of this virus has rattled the small business community to which Kabbage is directly linked. It’s painful to say goodbye to our friends and colleagues in Bangalore and to furlough a number of U.S. team members. While the duration of the furlough remains uncertain, please bear in mind that the full intention of furloughing is temporary. We simply have no clear idea of how long quarantining or its reverberations in the economy will last.”

Kabbage’s predicament underscores the complicated and stressful calculus that tech companies built around providing services to SMBs, or fintech (or both, as in the case of Kabbage) are currently facing.

SMBs are struggling right now in the US: many operate on very short terms when it comes to finances and closing their businesses (or seeing a drastic reduction in custom) means they will not have the cash to last 10 days without revenue, “and we’re already well past that window,” Frohwein noted in his memo.

In Kabbage’s case, that means not only are SMBs not able to be evaluated and approved for normal loans at the moment, but SMBs that already have loans out are likely facing delinquencies.

The decision to furlough is hard but in relative terms it’s good news: it was made at the eleventh hour after a period when Kabbage was considering layoffs instead.

The company has raised hundreds of millions of dollars in equity and debt, and it was in a healthy state before the coronavirus outbreak. The memo notes that the “board and our top investors are aware of the challenges we are facing and have committed to helping us through this period,” although it doesn’t specify what that means in terms of financial support for the business, and whether that support would have been there for the business as-is.

The shift to furlough from layoffs came in the wake of announcement yesterday by Steven Mnuchin, the US Secretary of the Treasury, who clarified that “any FDIC bank, any credit union, any fintech lender will be authorized” to make loans to small businesses as a part of the US government’s CARE Act, the giant stimulus package that included nearly $350 billion in loan guarantees for small businesses.

While that provides much-needed relief for these businesses, the implementation of it — the Small Business Administration has already received nearly 1 million claims for disaster-relief loans since the crisis started — has been and is going to be a challenge.

That effectively opens up an opportunity for Kabbage and companies like it to revive and reorient some of its business. (Its USP was always that the AI it uses, which draws on a number of different sources of online data for the business, means a more creative, faster and more accurate assessment of loan applications than what traditional banks typically provide.) Kabbage said it is in “deep discussions” with the Treasury Department, the White House, and the Small Business Administration to help expedite applications for aid.

While loans still make up the majority of Kabbage’s business, the company has been making a move to diversify its services, and in recent times it has made acquisitions and launched new services around market intelligence insights and payments services. While there has certainly been a jump in e-commerce, overall the tightening economy will have a chilling effect on the wider market, and it will be worth seeing what happens with other tech companies that focus on loans, as well as adjacent financial services.

Posted Under: Tech News
Turbo Systems hires former Looker CMO Jen Grant as CEO

Posted by on 30 March, 2020

This post was originally published on this site

Turbo Systems, a three-year old, no-code mobile app startup, announced today it has brought on industry veteran Jen Grant to be CEO.

Grant, who was previously vice president of marketing at Box and chief marketing officer at Elastic and Looker, brings more than 15 years of tech company experience to the young startup.

She says that when Looker got acquired by Google last June for $2.6 billion, she began looking for her next opportunity. She had done a stint with Google as a product manager earlier in her career and was looking for something new.

She saw Looker as a model for the kind of company she wanted to join, one that had a founder focused on product and engineering, who hired an outside CEO early on to run the business, as Looker had done. She found that in Turbo where founder Hari Subramanian was taking on that type of role. Subramanian was also a successful entrepreneur, having previously founded ServiceMax before selling it to GE in 2016.

“The first thing that really drew me to Turbo was this partnership with Hari,” Grant told TechCrunch. While that relationship was a key component for her, she says even with that, before she decided to join, she spoke to customers and she saw an enthusiasm there that drew her to the company.

“I love products that actually help people. And so Box is helping people collaborate and share files and work together. Looker is about getting data to everyone in the organization so that everyone could be making great decisions, and at Turbo we’re making it easy for anyone to create a mobile app that helps run their business,” she said.

Grant has been on the job for just 30 days, joining the company in the middle of a global pandemic. So it’s even more challenging than the typical early days for any new CEO, but she is looking forward and trying to help her 36 employees navigate this situation.

“You know, I didn’t know that this is what would happen in my first 30 days, but what inspires me, what’s a big part of it is that I can help by growing this company, by being successful and by being able to hire more and more people, and contribute to getting our economy back on track,” Grant said.

She also recognizes that there is a lack of diversity in her new CEO role, and she hopes to be a role model. “I have been fortunate to get to a position where I know I can do this job and do it well. And it’s my responsibility to do this work, my responsibility to show it can be done and shouldn’t be an anomaly.”

Turbo Systems was founded in 2017 and has raised $8 million, according to Crunchbase. It helps companies build mobile apps without coding, connecting to 140 different data sources such as Salesforce, SAP and Oracle.

Posted Under: Tech News
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