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☆ IBM shares rise after earnings top estimates in ‘uncertain, volatile’ economy
▼ + stars: | 2024-01-24 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Net income, at $3.29 billion, or $3.55 per share, increased from $2.71 billion, or $2.96 per share, in the year-ago quarter. The company confronted "a very challenging, uncertain, volatile macroeconomic environment," Chief Financial Officer James Kavanaugh said in an interview with CNBC. Free cash flow for the year totaled $11.2 billion, more than the $10.5 billion that management had called for. IBM said software revenue came to $7.51 billion, up 3% but less than the $7.67 billion consensus among analysts surveyed by StreetAccount. Consulting revenue, at $5.05 billion, grew about 6% and ended up less than the $5.12 StreetAccount consensus.

Persons: Arvind Krishna, James Kavanaugh, — CNBC's Kristina Partsinevelos Organizations: IBM, LSEG, CNBC, StreetAccount, Consulting, IBM's, Software AG Locations: New Delhi

☆ Insurance companies are betting on AI and mass data analytics in a battle against fraud that costs billions
▼ + stars: | 2023-10-24 | by ( Amanda Paule | ) www.businessinsider.com time to read: +9 min

AdvertisementAdvertisementLosses from insurance fraud are nearly double what they were 30 years ago. Scott Clayton, the head of claims fraud at Zurich Insurance Group. AdvertisementAdvertisementOn the other hand, around 40% of fraud is premeditated, and these cases can cost insurance companies upwards of €3,000, or around $3,170, according to the study. But the Insurance Fraud Detection Market is expected to grow from $5 billion in 2023 to $17 billion in 2028. AdvertisementAdvertisementIn the past 10 years, various third-party developers like Friss, IBM, and Shift Technology have started tailoring machine-learning systems to insurance companies.

Persons: —, they're, Alan Turing, It's, Scott Clayton, shallowfakes —, Clayton, I'm, we'll, Arnaud Grapinet, he's, Grapinet, it's, Rob Galbraith, Jennifer Lindberg, Rob Morton, Galbraith Organizations: Service, Coalition Against Insurance, Zurich Insurance, AXA Research Fund, Technology, IBM, Employees Locations: United States, Spain

☆ AI expert is a hot new position in the freelance jobs market
▼ + stars: | 2023-09-10 | by ( Ophelia Anwah | ) www.cnbc.com time to read: +6 min

Three years ago, becoming an AI expert would involve "deep knowledge in machine learning algorithms, deep learning AI in general, and a lot of technical things," said Hu, who works through Fiverr on chatbot implementation projects. The rise of generative AI is rapidly reshaping the freelance tech job market, with AI-related job posts from employers and searches among job seekers surging across career and freelance job platforms, including LinkedIn, Upwork and Fiverr. There is opportunity for freelancers expert in AI to take advantage of the lack of AI skills among existing industry professionals, across sectors of the economy. She added that independent methods of education, including YouTube videos or blogs focused on AI skills, are becoming more sought after in the workforce. Hu said to start with the basics, including use of OpenAI tools, like ChatGPT, ChatGPT API, Dall-E, and davinci.

Persons: —, Hu, Vlad Hu, Hu isn't, Fiverr, Karin Kimbrough, we've, Margaret Lilani, Lilani, Victoria Papalian Organizations: LinkedIn, Microsoft, Freelance Locations: Fiverr, U.S

☆ Cash in or lose out: Banks are turning to AI, cloud computing, and Web3 to gain competitive advantage and customer loyalty
▼ + stars: | 2023-09-05 | by ( Nicholas Fearn | ) www.businessinsider.com time to read: +11 min

AI and cloud tech are giving some banks an edge over competitors and enticing brand loyalty. Traditional banks that ignore this reality risk losing loyal customers to digital banks that have emerged over the past few years, research suggests. Digital transformation is a must for banksWith online banking now the norm, digital transformation is no longer optional for banks. Legacy banking systems were not designed to provide the banking experience that people expect today," she said. As a result, banking customers and employees can view transactions in real time and deliver "a more seamless and personalized experience" for all stakeholders, she added.

Persons: Banks, Victoria Newton, Newton, Laura Merling, Merling, Jay Venkateswaran, WNS, Eno, Goldman Sachs, Nigel Vaz, Publicis, Publicis Sapient Nigel Vaz, Venkateswaran, Vaz, James Whybrow Organizations: Service, Starling Bank, Arvest Bank, Banking, Capital One, Microsoft, Bank of America, Amazon Web Services, Google, Economist Intelligence Unit, Arvest, Software AG, Software Locations: Wall, Silicon, It's, Starling, WNS, Morgan

☆ Silver Lake raises 1 bln euros in loans for Software AG takeover
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 1 (Reuters) - Silver Lake (SILAK.UL) on Tuesday raised a 1 billion euro ($1.10 billion) seven-year loan to fund its takeover of Germany's Software AG (SOWGn.DE), breathing new life into the sluggish syndicated leveraged loan market. The loan is split between 640 million euros and $405 million, paying a margin of 475 basis points (bps) over the benchmark rate, according to a term sheet seen by Reuters. On July 20, the U.S. private equity firm announced it had secured a 84.29% stake in Software AG, subject to closing of the tender offer, adding that the transaction was expected to close in the fourth quarter pending regulatory approvals. Software AG shares were last up 0.3% on the day in Frankfurt. They have fallen by 13% since hitting a multi-month high after Silver Lake's offer in April this year.

Persons: Silver, Chiara Elisei, Amanda Cooper Organizations: Germany's Software AG, Reuters, Banks, JPMorgan, Citigroup, Banco Santander, Software AG, Thomson Locations: U.S, Frankfurt

☆ Silver Lake secures 63% stake in Software AG after months-long pursuit
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - U.S. private equity firm Silver Lake said on Thursday it has secured a majority of 63% in Software AG (SOWGn.DE) and intends to pursue a delisting of the business software developer. Earlier this month, Bain Capital and Rocket Software sold all their shares in Software AG to Silver Lake, helping the company gain a 41% stake. Silver Lake had in April offered to buy Software AG for 30 euros per share, valuing the German software developer at 2.2 billion euros ($2.39 billion). The bid prompted a counteroffer from Rocket Software, owned by private equity firm Bain Capital. In May, the software developer said it supported a sweetened 32 euros per share offer from Silver Lake for the company.

Persons: Silver Lake, Silver, Juby Babu, Shweta Agarwal, Sriraj Organizations: Silver, Software AG, Bain Capital, Rocket Software, Software, Silver Lake, Thomson Locations: Silver, Bengaluru

☆ EU countries back draft media rules, publishers want easier merger provisions
▼ + stars: | 2023-06-21 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, June 21 (Reuters) - EU countries on Wednesday agreed to draft media rules aimed at safeguarding editorial independence, prompting publishers to complain that governments did not do enough to boost consolidation so media companies could compete with Big Tech. EU countries and EU lawmakers are due to negotiate the act with the commission in the coming months before it can become final legislation. EU countries met on Wednesday to agree a common position. Trade body News Media Europe criticised this stand, saying it did not facilitate mergers and acquisitions that would help media outlets compete against big technology companies. "We see dangerous loopholes that refer to national security, which can put journalists and their sources at risk," the EBU said in a statement.

Persons: –, Foo Yun Chee, Cynthia Osterman Organizations: Big Tech, European Commission, Media, European Broadcasting Union, EU, News Media Europe, Thomson Locations: BRUSSELS

☆ Rocket gives up counteroffer for Software AG, sells stake to Silver Lake
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 19 (Reuters) - Rocket Software said on Monday it was giving up its counteroffer for Software AG (SOWGn.DE) and selling its stake in the company to U.S. financial investor Silver Lake instead. Silver Lake had in April announced a 2.4 billion euro ($2.62 billion) takeover bid for Software AG, prompting a counteroffer from Rocket Software which is owned by private equity firm Bain Capital. "Unfortunately, we were not successful in our efforts," Rocket Software chairman Andy Youniss said in a statement. Rocket would sell and transfer its entire stake of 10.02% in Software AG for 32 euros per share, the company said. Silver Lake said it had as such now secured 41% of shares in Software AG, noting its cash offer to other Software AG shareholders remained open until June 28.

Persons: Silver Lake, Silver, Andy Youniss, Christian Lucas, Alexander Huebner, Sarah Marsh, Jonathan Oatis Organizations: Rocket Software, Software AG, Rocket, Bain Capital, Software, EMEA, Thomson Locations: BERLIN, Sofware, Silver

☆ Silver Lake waives majority stake requirement for Software AG offer
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Germany, June 13 (Reuters) - Silver Lake will no longer make its 2.36 billion euro offer to invest in Germany's Software AG (SOWGn.DE) conditional on the private equity firm acquiring more than 50% of the shares, according to a mandatory disclosure issued on Tuesday. By midday on Tuesday, the investor had only secured 30.5% of shares, despite support from Software AG's management. By waiving the 50% threshold condition, the offer is automatically extended by two weeks until June 28. Reporting by Alexander Huebner, Writing by Rachel More; Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

Persons: Alexander Huebner, Rachel More, Madeline Chambers Organizations: Germany's Software AG, Software AG's, Thomson Locations: MUNICH, Germany

A clash of private equity titansIn most years, the $2.7 billion takeover of a German software company wouldn’t attract much attention. Silver Lake on Wednesday kicked off a tender offer for Software AG shares, at 32 euros ($34.60) a share. Together with a 5 percent stake that the firm acquired in the open market, Silver Lake owns about 30 percent of the German company. (That campaign led Silver Lake to increase its takeover bid from €30 a share.) It is rare to see private equity firms, which generally seek friendly deals, pursuing an unsolicited takeover offer that management has opposed.

☆ Investor Edenbrook Capital says Absolute Software's take-private deal undervalues company
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Investment advisory firm Edenbrook Capital sent a letter to the board of Canada's Absolute Software Corp (ABST.TO) saying the deal for the company to be taken private by Crosspoint Capital Partners "significantly undervalues" the firm. Edenbrook, which has a stake of 10.4% in Absolute Software, said on Thursday the "transaction is unfair to public shareholders". Last week, Absolute Software agreed to be bought by Crosspoint for $657 mln and said its shareholders will receive $11.50 per share in cash. Absolute Software and Crosspoint did not immediately respond to requests for comment. Shareholders are set to vote on the acquisition at a special meeting expected to be held in late June.

☆ Silver Lake submits offer document for Software AG
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 17 (Reuters) - Silver Lake officially submitted its offer document for Software AG (SOWGn.DE) on Wednesday, almost a month after announcing a 2.4 billion euro ($2.64 billion) takeover bid. In its offer document, Silver Lake reiterated that it intends to delist Software AG as soon as practically possible after the transaction. It has secured 30.1% of the share capital through a binding agreement with company founder Peter Schnell's Software AG Foundation, a charitable foundation and longstanding anchor shareholder, and through purchases on the stock exchange. Software AG's management and supervisory boards support Silver Lake despite Bain's higher offer, drawing criticism from minority shareholders at the company's annual general meeting on Wednesday. Software AG's chairman of the board of directors, Silver Lake partner Christian Lucas, was absent from the AGM which was run by an external lawyer.

Private equity firm Silver Lake has offered to buy Software AG for 32 euros per share, valuing the German software developer at 2.37 billion euros ($2.61 billion) and said it plans to take the company private. Software AG has backed the Silver Lake offer despite a higher 34-euro a share non-binding bid coming in from Bain-backed Rocket Software earlier this month. Some investors argue that the Silver Lake offer undervalues Software AG and that minorities never fare well in delistings. Software AG has faced criticism from shareholders over its handling of the sales process. Software AG, Rocket Software and Silver Lake all declined to comment.

☆ Silver Lake reiterates offer in battle for Software AG takeover
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 10 (Reuters) - Silver Lake appeared unshaken in the battle to acquire Software AG (SOWGn.DE) on Wednesday, reiterating in a statement its offer of 32 euros ($35.23) per share for the German company. Rival Bain Capital via its portfolio firm Rocket Software has offered up to 36 euros per share for Software AG. "Silver Lake reiterates its conviction in the attractiveness of its previously announced offer of EUR 32.00 per share of Software AG, to whose stated strategy and whose status as an independent, Darmstadt-based company Silver Lake remains fully committed," Silver Lake said in a statement. Software AG said on Tuesday night that Silver Lake's offer presented a high degree of transaction security in addition to a significant premium for shareholders. ($1 = 0.9084 euros)Reporting by Hakan Ersen, Writing by Rachel More, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Rocket Software offers improved bid to acquire Germany's Software AG
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Rocket Software on Tuesday announced an improved offer for the acquisition of the entire share capital of Germany's Software AG (SOWGn.DE) at an initial offer price of 34 euros per share ($37.43). The non-binding offer from Rocket Software, which is backed by private equity firm Bain Capital, comes after a bidding war for the German software company emerged last week. Rocket Software said its latest offer "would be a more compelling opportunity for Software AG’s employees, customers, and other stakeholders, and will deliver a superior outcome for Software AG’s shareholders." The Boston, Massachusetts-based Rocket Software offers software solutions to enterprises across all industries, to help with IT challenges across infrastructure, data, and applications. German multinational software firm Software AG, which is listed in Frankfurt, develops enterprise software for business process management, integration, and big data analytics.

☆ Software AG supports Silver Lake's improved bid
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Software AG has received multiple offers according to media reports but has chosen to go ahead with the first bidder - Silver Lake. Silver Lake in April offered 30 euros per share for Software AG. Following Silver Lake's increased bid, Software AG said it does not intend to enter into discussions with a "US competitor". Software AG said in a subsequent filing that the competitor's non-binding offer was subject to specific conditions that were "not achievable". Silver Lake previously said in a regulatory disclosure that it had acquired additional 5% stake in Software AG, bringing its total holding in the company to over 30%.

☆ Silver Lake adds to Software AG stake amid acquisition bid
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

Silver Lake said in a regulatory disclosure that it had acquired a 5% stake in Software AG at or below its acquisition bid of 30 euros per share from existing shareholders. This adds to its agreement to buy a 25.1% stake in Software AG from a charitable foundation that is the principal shareholder in the company. The consummation of that agreement is not subject to Silver Lake's offer being accepted by a majority of Software AG's shareholders, Silver Lake said. Software AG has said it is "highly supportive" of Silver Lake's offer and intends to recommend it to the company's shareholders. Silver Lake also disclosed on Friday that it had secured debt financing for its offer for Software AG.

☆ Software AG CEO sees operating profit margin in high twenties in medium term
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 24 (Reuters) - Software AG (SOWGn.DE) is aiming for an operating profit margin in the high twenties percentage range in the medium term, Chief Economist Sanjay Brahmawar said on Monday. Last week, private-equity firm Silver Lake offered to buy Software AG in a deal that values the German business software developer at 2.2 billion euros ($2.42 billion). Writing by Friederike Heine, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Silver Lake to buy Germany's Software AG in $2.42 bln deal
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: 1 min

April 22 (Reuters) - Private-equity firm Silver Lake has offered to buy Software AG (SOWGn.DE) in a deal that values the German business software developer at 2.2 billion euros ($2.42 billion). The offer price of 30 euros per share in cash by Silver Lake-controlled Blitz 22-449 SE represents a premium of 53% to Software AG's closing price of 19.59 euros on Thursday. In February 2022, Silver Lake had invested 344 million euros in the software developer's convertible bond, which upon conversion would represent nearly 9% of issued Software AG shares, the company said in a statement. Software AG's board and takeover committee are "highly supportive" of the offer and intend to recommend it to its shareholders, the company said. ($1 = 0.9102 euros)Reporting by Juby Babu in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Companies USU Software AG FollowMarch 7 (Reuters) - Five women who said they were denied abortions despite grave risk to their lives or fetuses sued Texas on Monday, in the first apparent case of pregnant women suing over curbs imposed after the U.S. Supreme Court overturned Roe v. Wade in June. Texas, like most of the 13 states with abortion bans, allows exceptions when a physician finds that there is a medical emergency. Texas banned abortion shortly after the U.S. Supreme Court overturned its landmark 1973 ruling in Roe v. Wade, which had guaranteed abortion rights nationwide. Four of the women in Monday's lawsuit had to travel out of state to obtain abortions in order to avoid serious medical complications. Reporting by Jonathan Stempel and Brendan Pierson in New York; Editing by Mark Porter and Alexia GaramfalviOur Standards: The Thomson Reuters Trust Principles.

☆ The only thing Elon Musk understands about Twitter is how to kill it
▼ + stars: | 2022-11-21 | by ( Adam Rogers | ) www.businessinsider.com time to read: +15 min

Biologists, anthropologists, and information theorists do think that social networks, like Musk's bird app, show at least some signs of being flocks. "Elon's tweet is basically espousing the invisible hand of social behavior," Bak-Coleman says. In this construction, a social network might have become a collective superintelligence, had capitalists left it to its — our? Under Musk, Twitter has entered the dance-off phase. I'll be sad if the Twitter superintelligence starts singing a Kubrickian cover of "Daisy" and implodes into a pile of melting isolinear chips.

☆ Software AG CEO: There is continued demand for 'mission critical' software
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSoftware AG CEO: There is continued demand for 'mission critical' softwareSanjay Brahmawar says supply chains remain "inherently analog and so the biggest challenge is getting that data and being able to capture that data … so you need mission critical infrastructure for that."

☆ Australia's ELMO Software agrees near-$A500m takeover offer from U.S. firm
▼ + stars: | 2022-10-26 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +1 min

SYDNEY, Oct 26 (Reuters) - Australia's ELMO Software (ELO.AX) said on Wednesday it has agreed to a near-A$500 million ($319 million) takeover bid from Los Angeles-based K1 Investment Management. The offer is a 100.4% premium to the closing share price on Oct. 12, the day before ELMO announced it had received approaches expressing interest in a takeover. ELMO's shares on Wednesday shot 41% higher, erasing a 27% loss incurred so far in 2022 ahead of the takeover. Two of ELMO's biggest investors, JLAB Investments and the Garber Family Trust, have also backed the bid, ELMO's statement on Wednesday said. Since K1 is an overseas firm the takeover will require approval from Australia's Foreign Investment Review Board.

☆ Thoma Bravo to take software firm ForgeRock private in $2.3 bln deal
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - ForgeRock (FORG.N) said on Tuesday it will be acquired by buyout firm Thoma Bravo in an all-cash deal valued at about $2.3 billion, just over a year after the digital identity management company went public. ForgeRock shareholders will receive $23.25 for each share held, which represents a premium of about 53.4% to the stock's last closing price. Register now for FREE unlimited access to Reuters.com RegisterShares of ForgeRock jumped 50% to $22.76 before the bell. San Francisco-based ForgeRock provides identity and access management solutions for consumers, workforce and internet of things devices. Register now for FREE unlimited access to Reuters.com RegisterReporting by Eva Mathews in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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