Salesforce has built a deep bench of executive talent via acquisition

Posted by on 31 December, 2020

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When Salesforce acquired Quip in 2016 for $750 million, it gained CEO and co-founder Bret Taylor as part of the deal. Taylor has since risen quickly through the ranks of the software giant to become president and COO, second in command behind CEO Marc Benioff. Taylor’s experience shows that startup founders can sometimes play a key role in the companies that acquire them.

Benioff, 56, has been running Salesforce since its founding more than 20 years ago. While he hasn’t given any public hints that he intends to leave anytime soon, if he wanted to step back from the day-to-day running of the company or even job share the role, he has a deep bench of executive talent including many experienced CEOs, who like Taylor came to the company via acquisition.

One way to step back from the enormous responsibility of running Salesforce would be by sharing the role.

He and his wife Lynne have been active in charitable giving and in 2016 signed The Giving Pledge, an initiative from the The Bill and Melinda Gates Foundation, to give a majority of their wealth to philanthropy. One could see him wanting to put more time into pursuing these charitable endeavors just as Gates did 20 years ago. As a means of comparison, Gates founded Microsoft in 1975 and stayed for 25 years until he left in 2000 to run his charitable foundation full time.

Even if this remains purely speculative for the moment, there is a group of people behind him with deep industry experience, who could be well-suited to take over should the time ever come.

Resurrecting the co-CEO role

One way to step back from the enormous responsibility of running Salesforce would be by sharing the role. In fact, for more than a year starting in 2018, Benioff actually shared the top job with Keith Block until his departure last year. When they worked together, the arrangement seemed to work out just fine with Block dealing with many larger customers and helping the software giant reach its $20 billion revenue goal.

Before Block became co-CEO, he had a myriad other high-level titles including co-chairman, president and COO — two of which, by the way, Taylor has today. That was a lot of responsibility for one person inside a company the size of Salesforce, but promoting him to co-CEO from COO gave the company a way to reward his hard work and help keep him from jumping ship (he eventually did anyway).

As Holger Mueller, an analyst at Constellation Research points out, the co-CEO concept has worked out well at major enterprise companies that have tried it in the past, and it helped with continuity. “Salesforce, SAP and Oracle all didn’t miss a beat really with the co-CEO departures,” he said.

If Benioff wanted to go back to the shared responsibility model and take some work off his plate, making Taylor (or someone else) co-CEO would be one way to achieve that. Certainly, Brent Leary, lead analyst at CRM Essentials sees Taylor gaining increasing responsibility as time goes along, giving credence to the idea.

“Ever since Quip was acquired Taylor seemed to be on the fast track, becoming president and chief product officer less than a year-and-a-half after the acquisition, and then two years later being promoted to chief operating officer,” Leary said.

Who else could be in line?

While Taylor isn’t the only person who could step into Benioff’s shoes, he looks like he has the best shot at the moment, especially in light of the $27.7 billion Slack deal he helped deliver earlier this month.

“Taylor being publicly praised by Benioff for playing a significant role in the Slack acquisition, Salesforce’s largest acquisition to date, shows how much he has solidified his place at the highest levels of influence and decision-making in the organization,” Leary pointed out.

But Mueller posits that his rapid promotions could also show something might be lacking with internal options, especially around product. “Taylor is a great, smart guy, but his rise shows more the product organization bench depth challenges that Salesforce has,” he said.

Posted Under: Tech News
CommonGround raises $19M to rethink online communication

Posted by on 29 December, 2020

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CommonGround, a startup developing technology for what its founders describe as “4D collaboration,” is announcing that it has raised $19 million in funding.

This isn’t the first time Amir Bassan-Eskenazi and Ran Oz have launched a startup together — they also founded video networking company BigBand Networks, which won two technology-related Emmy Awards, went public in 2007 and was acquired by Arris Group in 2011. And before that, they worked together at digital compression company Optibase, which Oz co-founded and where Bassan-Eskenazi served as COO.

While CommonGround is still in stealth mode and doesn’t plan to fully unveil its first product until next year, Bassan-Eskenazi and Oz outlined their vision for me. While they acknowledged that video conferencing has improved significantly, they said it still can’t match face-to-face communication.

“Some things you just cannot achieve through a flat video conferencing-type solution,” Bassan-Eskenazi said. “Those got better over the years, but they never managed to achieve that thing where you walk into a bar … and there’s a group of people talking and you know immediately who is a little taken aback, who is excited, who is kind of ‘eh.’”

CommonGround founders Amir Bassan-Eskenazi and Ran Oz

That, essentially, is what Bassan-Eskenazi, Oz and their team are trying to build — online collaboration software that more fully captures the nuances of in-person communication, and actually improves on face-to-face conversations in some ways (hence the 4D moniker). Asked whether this involves combining video conferencing with other collaboration tools, Oz replied, “Think of it as beyond video,” using technology like computer vision and graphics.

Bassan-Eskenazi added that they’ve been working on CommonGround for more than year, so this isn’t just a response to our current stay-at-home environment. And the opportunity should still be massive as offices reopen next year.

“When we started this, it was a problem we thought some of the workforce would understand,” he said. “Now my mother understands it, because it’s how she reads to the grandkids.”

As for the funding, the round was led by Matrix Partners, with participation from Grove Ventures and StageOne Ventures.

“Amir and Ran have a bold vision to reinvent communications,” said Matrix General Partner Patrick Malatack in a statement. “Their technical expertise, combined with a history of successful exits, made for an easy investment decision.”

Posted Under: Tech News
VMware files suit against former exec for moving to rival company

Posted by on 29 December, 2020

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Earlier this month, when Nutanix announced it was hiring former VMware COO Rajiv Ramaswami as CEO, it looked like a good match. What’s more, it pulled a key player from a market rival. Well, it seems VMware took exception to losing the executive, and filed a lawsuit against him yesterday for breach of contract.

The company is claiming that Ramaswami had inside knowledge of the key plans of his former company and that he should have told them that he was interviewing for a job at a rival organization.

Rajiv Ramaswami failed to honor his fiduciary and contractual obligations to VMware. For at least two months before resigning from the company, at the same time he was working with senior leadership to shape VMware’s key strategic vision and direction, Mr. Ramaswami also was secretly meeting with at least the CEO, CFO, and apparently the entire Board of Directors of Nutanix, Inc. to become Nutanix’s Chief Executive Officer. He joined Nutanix as its CEO only two days after leaving VMware,” the company wrote in a statement.

As you can imagine, Nutanix didn’t agree, countering in a statement of its own that, “VMware’s lawsuit seeks to make interviewing for a new job wrongful. We view VMware’s misguided action as a response to losing a deeply valued and respected member of its leadership team. Mr. Ramaswami and Nutanix have gone above and beyond to be proactive and cooperative with VMware throughout the transition.”

At the time of the hiring, analyst Holger Mueller from Constellation Research noted that the two companies were primary competitors and hiring Ramawami was was a big win for Nutanix. “So hiring Ramaswami brings both an expert for multi-cloud to the Nutanix helm, as well as weakening a key competitor from a talent perspective,” he told me earlier this month.

Mueller doesn’t see much chance of the suit succeeding. “It’s been a long time since the last lawsuit happened in Silicon Valley [involving] a tech exec jumping ship. Being an ‘Employment at Will’ state, these suits are typically unsuccessful,” he told me this morning.

He added, “The interesting part of the VMware vs Nutanix lawsuit is, does a high ranking executive interviewing a competitor equal a break of confidentiality by itself, or does material information have to be breached to reach the point. Traditionally the right to (confidentially) interview has been protected by the courts,” he said.

It’s unclear what the end game would be in this type of legal action, but it does complicate matters for Nutanix as it transitions to a new chief executive. Ramaswami took over from co-founder Dheeraj Pandey, who announced plans to leave the post last summer.

The lawsuit was filed Monday in Superior Court of the State of California, County of Santa Clara.

Posted Under: Tech News
AI chipmaker Graphcore raises $222M at a $2.77B valuation and puts an IPO in its sights

Posted by on 29 December, 2020

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Applications based on artificial intelligence — whether they are systems running autonomous services, platforms being used in drug development or to predict the spread of a virus, traffic management for 5G networks, or something else altogether — require an unprecedented amount of computing power to run. And today, one of the big names in the world of designing and building processors fit for the task has closed a major round of funding as it takes its business to the next level.

Graphcore, the Bristol, UK-based AI chipmaker, has raised $222 million, a Series E that CEO and co-founder Nigel Toon said in an interview will be used for a couple of key purposes.

First, Graphcore will use the money to continue expanding its technology, based around an architecture it calls “IPU” (Intelligence Processing Unit), which competes against chips from the likes of Nvidia and Intel also optimized for AI applications. And second, Graphcore will use the funding to shore up its finances ahead of a possible public listing.

The funding, Toon said, gives Graphcore $440 million in cash on the balance sheet and a post-money, $2.77 billion valuation to start 2021.

“We’re in a strong position to double down and grow fast and take advantage of the opportunity in front of us,” he added. He said it could be “premature” to describe this Series E as a “pre-IPO” round, “we have enough cash and this puts us in a position to take that next step,” he added. The company has in recent weeks been rumored to be eyeing up a listing not in the UK but on Nasdaq in the US.

This latest round of funding is coming from a roster of financial investors. Led by the Ontario Teachers’ Pension Plan, it also includes participation from Fidelity International and Schroders, as well as previous investors Baillie Gifford and Draper Esprit. Graphcore has now raised some $710 million to date.

This Series E gives Graphcore a definite step up in its valuation — the company last raised money back in February of this year, a $150 million extension to its Series D that valued the company at $1.95 billion — but all the same, it closes off what Toon described as a “challenging” year for the company (and indeed, the world at large). 

“I view this year as a speed bump,” he said. “It has been challenging and we’ve realigned to speed things up.”

As it has been for many companies, the year came in different parts.

On one side, Graphcore’s hardware and software product development continued apace with ever-faster processors in ever-smaller packages. In July, Graphcore launched the second generation of its flagship chip, the GC200, and a new IPU Machine that runs on it, the M2000, which the company described at the time as the first AI computer to achieve a petaflop of processing power “in the size of a pizza box.”

But on the other side, the building and launch of those products was largely done with a remote workforce, with employees sent to work from home to help slow down the spread of the coronavirus that has gripped the world and rewritten how much of it operates.

Indeed, the industry at large, and how companies are spending and investing during a period of uncertainty, has also likely shifted. Some companies like Amazon, Apple and Google are all getting more serious about their own chipmaking efforts. Others are caught up in a wave of consolidation: witness Nvidia’s efforts to acquire ARM in a $40 billion deal.

All of these spell challenges for an upstart like Graphcore. Toon said Graphcore doesn’t have any plans to make acquisitions: its strategy is based around organic growth.

And, no great surprises here, he is not excited about Nvidia’s acquisition of ARM: “If we’re not careful, things will consolidate too much and that could kill off innovation,” he said. “We have made our position clear to the UK government. We don’t think the Nvidia ARM deal is a good thing.” (Somewhat ironic, considering he and Graphcore co-founder Simon Knowles sold a previous startup to none other than Nvidia.)

He also declined to talk about new customers for Graphcore, but he said that there has been interest from financial services companies, and some from the world of healthcare, automotive and internet companies, “large hyperscalers” in his words, that require the kind of technology that Graphcore is building either to run their systems, or to complement processors that they are potentially also building themselves. (Strategic backers of the company include the likes of Microsoft, BMW, Bosch and Dell.)

Graphcore said that the company is shipping its newest products “in production volume” to customers, and Toon said that a couple of big names are likely to be announced in the coming year.

And it’s that pull of technology, and specifically the processing demands of the next generation of computing, that investors believe will continue to drive business to Graphcore as the dust settles on this year.

“The market for purpose-built AI processors is expected to be significant in the coming years because of computing megatrends like cloud technology and 5G and increased AI adoption, and we believe Graphcore is poised to be a leader in this space,” said Olivia Steedman, senior managing director, Teachers’ Innovation Platform (TIP) at Ontario Teachers’. “TIP focuses on investing in tech-enabled businesses like Graphcore that are at the forefront of innovation in their sector. We are excited to partner with Nigel and the strong management team to support the company’s continued growth and product development.”

Posted Under: Tech News
Looking ahead after 2020’s epic M&A spree

Posted by on 23 December, 2020

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When we examine any year in enterprise M&A, it’s tempting to highlight the biggest, gaudiest deals — and there were plenty of those in 2020. I’ve written about 34 acquisitions so far this year. Of those, 15 were worth $1 billion or more, 12 were small enough to not require that the companies disclose the price and the remainder fell somewhere in between.

Four deals involving chip companies coming together totaled over $100 billion on their own. While nobody does eye-popping M&A quite like the chip industry, other sectors also offered their own eyebrow-raising deals, led by Salesforce buying Slack earlier this month for $27.7 billion.

We are likely to see more industries consolidate the way chips did in 2020, albeit probably not quite as dramatically or expensively.

Yet in spite of the drama of these larger numbers, the most interesting targets to me were the pandemic-driven smaller deals that started popping up in May. Those small acquisitions are the ones that are so insignificant that the company doesn’t have to share the purchase price publicly. They usually involve early-stage companies being absorbed by cash-rich concerns looking for some combination of missing technology or engineering talent in a particular area like security or artificial intelligence.

It was certainly an active year in M&A, and we still might not have seen the last of it. Let’s have a look at why those minor deals were so interesting and how they compared with larger ones, while looking ahead to what 2021 M&A might look like.

Early-stage blues

It’s always hard to know exactly why an early-stage startup would give up its independence by selling to a larger entity, but we can certainly speculate on some of the reasons why this year’s rapid-fire dealing started in May. While we can never know for certain why these companies decided to exit via acquisition, we know that in April, the pandemic hit full force in the United States and the economy began to shut down.

Some startups were particularly vulnerable, especially companies low on cash in the April timeframe. Obviously companies fail when they run out of funding, and we started seeing early-stage startups being scooped up the following month.

We don’t know for sure of course if there is a direct correlation between April’s economic woes and the flurry of deals that started in May, but we can reasonably speculate that there was. For some percentage of them, I’m guessing it was a fire sale or at least a deal made under less than ideal terms. For others, maybe they simply didn’t have the wherewithal to keep going under such adverse economic conditions or the partnerships were just too good to pass up.

It’s worth noting that I didn’t cover any deals in April. But, beginning on May 7, Zoom bought Keybase for its encryption expertise; five days later Atlassian bought Halp for Slack integration; and the day after that VMware bought cloud native security startup Octarine — and we were off and running. Granted the big companies benefited from making these acquisitions, but the timing stood out.

Posted Under: Tech News
With a $50B run rate in reach, can anyone stop AWS?

Posted by on 22 December, 2020

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AWS, Amazon’s flourishing cloud arm, has been growing at a rapid clip for more than a decade. An early public cloud infrastructure vendor, it has taken advantage of first-to-market status to become the most successful player in the space. In fact, one could argue that many of today’s startups wouldn’t have gotten off the ground without the formation of cloud companies like AWS giving them easy access to infrastructure without having to build it themselves.

In Amazon’s most-recent earnings report, AWS generated revenues of $11.6 billion, good for a run rate of more than $46 billion. That makes the next AWS milestone a run rate of $50 billion, something that could be in reach in less than two quarters if it continues its pace of revenue growth.

The good news for competing companies is that in spite of the market size and relative maturity, there is still plenty of room to grow.

While the cloud division’s growth is slowing in percentage terms as it comes firmly up against the law of large numbers in which AWS has to grow every quarter compared to an ever-larger revenue base. The result of this dynamic is that while AWS’ year-over-year growth rate is slowing over time — from 35% in Q3 2019 to 29% in Q3 2020 — the pace at which it is adding $10 billion chunks of annual revenue run rate is accelerating.

At the AWS re:Invent customer conference this year, AWS CEO Andy Jassy talked about the pace of change over the years, saying that it took the following number of months to grow its run rate by $10 billion increments:

Image Credits: TechCrunch (data from AWS)

Extrapolating from the above trend, it should take AWS fewer than 12 months to scale from a run rate of $40 billion to $50 billion. Stating the obvious, Jassy said “the rate of growth in AWS continues to accelerate.” He also took the time to point out that AWS is now the fifth-largest enterprise IT company in the world, ahead of enterprise stalwarts like SAP and Oracle.

What’s amazing is that AWS achieved its scale so fast, not even existing until 2006. That growth rate makes us ask a question: Can anyone hope to stop AWS’ momentum?

The short answer is that it doesn’t appear likely.

Cloud market landscape

A good place to start is surveying the cloud infrastructure competitive landscape to see if there are any cloud companies that could catch the market leader. According to Synergy Research, AWS remains firmly in front, and it doesn’t look like any competitor could catch AWS anytime soon unless some market dynamic caused a drastic change.

Synergy Research Cloud marketshare leaders. Amazon is first, Microsoft is second and Google is third.

Image Credits: Synergy Research

With around a third of the market, AWS is the clear front-runner. Its closest and fiercest rival Microsoft has around 20%. To put that into perspective a bit, last quarter AWS had $11.6 billion in revenue compared to Microsoft’s $5.2 billion Azure result. While Microsoft’s equivalent cloud number is growing faster at 47%, like AWS, that number has begun to drop steadily while it gains market share and higher revenue and it falls victim to that same law of large numbers.

Posted Under: Tech News
IAC plans to spin off Vimeo as an independent company

Posted by on 22 December, 2020

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IAC announced today that it plans to turn Vimeo into an independent, publicly-traded company.

Last month, IAC CEO Joey Levin wrote a letter to shareholders in which he said the holding company had “begun contemplating spinning Vimeo off to our shareholders.” It sounds like the company has moved beyond the contemplation phase, with plans that will be submitted for stockholder approval in the first quarter of 2021, and the actual spin off happening in Q2.

“The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future,” Levin said in a statement today. “It’s time for Vimeo to spread its wings and become a great independent public company.”

While Vimeo once competed with YouTube as a consumer video destination, its strategy has shifted in recent years to providing video tools for businesses. In November, the company said it had 1.5 million paying subscribers and 3,500 enterprise clients — and that its most recent quarter was with positive EBITDA, plus year-over-year revenue growth of 44%.

The announcement notes that this is the eleventh company that IAC has spun off, a process in which it distributes its ownership stake to IAC shareholders. (Match Group completed its separation from IAC over the summer.)

“Today we have a rare opportunity to help every team and organization in the world integrate video throughout their operations, across all the ways they communicate and collaborate,” said Vimeo CEO Anjali Sud in a statement. “Our all-in-one solution radically lowers the barriers of time, cost, and complexity that previously made professional-quality video unattainable. We’re ready for this next chapter and focused on making video far easier and more effective than ever before.”

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IBM snags Nordcloud to add multi-cloud consulting expertise

Posted by on 21 December, 2020

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IBM has been busy since it announced plans to spin out its legacy infrastructure management business in October, placing an all-in bet on the hybrid cloud. Today, it built on that bet by acquiring Helsinki-based multi-cloud consulting firm Nordcloud. The companies did not share the purchase price.

Nordcloud fits neatly into this strategy with 500 consultants certified in AWS, Azure and Google Cloud Platform; giving the company a trained staff of experts to help as they move away from an IBM -centric solution to choosing to work with the customer however they wish to implement their cloud strategy.

This hybrid approach harkens back to the $34 billion Red Hat acquisition in 2018, which is really the lynchpin for this approach, as CEO Arvind Krishna told CNBC’s Jon Fortt in an interview last month. Krishna is in the midst of trying to completely transform his organization, and acquisitions like this are meant to speed up that process.

“The Red Hat acquisition gave us the technology base on which to build a hybrid cloud technology platform based on open-source, and based on giving choice to our clients as they embark on this journey. With the success of that acquisition now giving us the fuel, we can then take the next step, and the larger step, of taking the managed infrastructure services out. So the rest of the company can be absolutely focused on hybrid cloud and artificial intelligence.”

John Granger, senior vice president for cloud application innovation and COO for IBM Global Business Services says that IBM’s customers are increasingly looking for help managing resources across multiple vendors, as well as on premises.

“IBM’s acquisition of Nordcloud adds the kind of deep expertise that will drive our clients’ digital transformations as well as support the further adoption of IBM’s hybrid cloud platform. Nordcloud’s cloud-native tools, methodologies and talent send a strong signal that IBM is committed to deliver our clients’ successful journey to cloud,” Granger said in a statement.

After the deal closes, which is expected in the first quarter next year subject to typical regulatory approvals, Nordcloud will become an IBM company and operate to help continue this strategy.

It’s worth noting that this deal comes on the heels several other small recent deals including acquiring Expertus last week and Truqua and Instana last month. These three companies provide expertise in digital payments, SAP consulting and hybrid cloud applications performance monitoring respectively.

Nordcloud, which is based in Helsinki with offices in Amsterdam, was founded 2011 and raised over $26 million, according to Pitchbook data.

 

Posted Under: Tech News
Thoma Bravo to acquire RealPage property management platform for $10.2B

Posted by on 21 December, 2020

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The busy year in M&A continued this weekend when private equity firm Thoma Bravo announced it was acquiring RealPage for $10.2B.

In RealPage, Thoma Bravo is getting a full-service property management platform with services like renter portals, site management, expense management and financial analysis for building and property owners. Orlando Bravo, Founder and a Managing Partner of Thoma Bravo sees a company that they can work with and build on its previous track record.

“RealPage’s industry leading platform is critical to the real estate ecosystem and has tremendous potential going forward,” Bravo said in a statement.

As for RealPage, company CEO Steve Winn, who will remain with the company, sees the deal as a big win for stock holders, while giving them the ability to keep investing in the product. “This will enhance our ability to focus on executing our long-term strategy and delivering even better products and services to our clients and partners,”  Winn said in a statement.

RealPage, which was founded in 1998 and went public in 2010, is a typical kind of mature platform that a private equity firm like Thoma Bravo is attracted to. It has a strong customer base with over 12,000 customers and respectable revenue, growing at a modest pace. In its most recent earnings statement, the company announced $298.1 million in revenue, up 17% year over year. That puts it on a run rate of over $1 billion.

Under the terms of the deal, Thoma Bravo will pay RealPage stockholders $88.75 in cash per share. That is a premium of more 30% over the $67.83 closing price on December 18th. The transaction is subject to standard regulatory review, and the RealPage board will have a 45-day “go shop” window to see if it can find a better price. Given the premium pricing on this deal, that isn’t likely, but it will have the opportunity to try.

Posted Under: Tech News
OneTrust nabs $300M Series C on $5.1B valuation to expand privacy platform

Posted by on 21 December, 2020

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OneTrust, the 4-year old privacy platform startup from the folks who brought you AirWatch (which was acquired by VMWare for $1.5B in 2014), announced a $300 million Series C on an impressive $5.1 billion valuation today.

The company has attracted considerable attention from investors in a remarkably short time. It came out of the box with a $200 million Series A on a $1.3 billion valuation in July 2019. Those are not typical A round numbers, but this has never been a typical startup. The Series B was more of the same — $210 million on a $2.7 billion valuation this past February.

That brings us to today’s Series C. Consider that the company has almost doubled its valuation again, and has raised $710 million in a mere 18 months, some of it during a pandemic. TCV led today’s round joining existing investors Insight Partners and Coatue.

So what are they doing to attract all this cash? In a world where privacy laws like GDPR and CCPA are already in play with others are in the works in the U.S. and around the world, companies need to be sure they are compliant with local laws wherever they operate. That’s where OneTrust comes in.

“We help companies ensure that they can be trusted, and that they make sure that they’re compliant to all laws around privacy, trust and risk,” OneTrust Chairman Alan Dabbiere told me.

That involves a suite of products that the company has already built or acquired, moving very quickly to offer a privacy platform to cover all aspects of a customer’s privacy requirements including privacy management, discovery, third-party risk assessment, risk management, ethics and compliance and consent management.

The company has already attracted 7500 customers to the platform — and is adding1000 additional customers per quarter. Dabbiere says that the products are helping them be compliant without adding a lot of friction to the building or buying process. “The goal is that we don’t slow the process down, we speed it up. And there’s a new philosophy called privacy by design,” he said. That means building privacy transparency into products, while making sure they are compliant with all of the legal and regulatory requirements.

The startup hasn’t been shy about using its investments to buy pieces of the platform, having made five acquisitions already in just four years since it was founded. It already has 1500 employees and plans to add around 900 more in 2021.

As they build this workforce, Dabbiere says being based in a highly diverse city like Atlanta has helped in terms of building a diverse group of employees. “By finding the best employees and doing it in an area like Atlanta, we are finding the diversity comes naturally,” he said, adding, “We are thoughtful about it.” CEO Kabir Barday, also launched a diversity, equity and inclusion council internally this past summer in response to the Black Lives Matter movement happening in the Atlanta community and around the country.

OneTrust had relied heavily on trade shows before the pandemic hit. In fact, Dabbiere says that they attended as many as 700 a year. When that avenue closed as the pandemic hit, they initially lowered their revenue guidance, but as they moved to digital channels along with their customers, they found that revenue didn’t drop as they expected.

He says that OneTrust has money in the bank from its prior investments, but they had reasons for taking on more cash now anyway. “The number one reason for doing this was the currency of our stock. We needed to revalue it for employees, for acquisitions, and the next steps of our growth,” he said.

Posted Under: Tech News
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