DIRS.INFO The most relevant business & tech news

Klaviyo, which is seeking an $8 billion fully diluted valuation at the midpoint of its $25-$27 range, is in talks with its IPO underwriters about raising that range, the sources said. Klaviyo is the latest company to seek to raise its IPO price range. Grocery delivery app Instacart, which is also going public next week, raised its IPO price range on Friday to target a fully-diluted valuation of up to $10 billion. The chip designer floated on Nasdaq on Thursday at a $54.5 billion valuation and is now worth $65 billion, on a fully diluted basis. Grocery delivery app Instacart, which is also going public next week, raised its IPO price range on Friday to seek a fully-diluted valuation of up to $10 billion.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, Echo Wang, Anirban Sen, Diane Craft Organizations: Inc, underwriters, Arm Holdings, Nasdaq, BlackRock Inc, Thomson Locations: New York

The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions. Together with other previously unreported deliberations, they shed new light on why SoftBank took a conservative approach in valuing Arm in the IPO. SoftBank, which had owned 75% of Arm, agreed to buy the remaining 25% from its $100 billion Vision Fund at a $64 billion valuation last month. Representatives for Arm, SoftBank, PIF, Mubadala and Raine either declined to comment or did not immediately respond to requests for comment. VISION FUND BOUNCEBACKThe Vision Fund returned to profitability in the latest quarter thanks to investors' excitement around artificial intelligence boosting the value of some of the startups in which it invested.

Persons: Dado Ruvic, Masayoshi Son, Raine Group, Son, SoftBank, Fund's, Abu Dhabi's Mubadala, Raine, Didi Global, Echo Wang, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: REUTERS, SoftBank, Wednesday, Arm Holdings, Nasdaq, Vision Fund, Investors, Saudi Arabia's Public Investment Fund, Vision, Reuters, Nvidia Corp, Thomson Locations: San Francisco, New York, Mubadala, China, United States

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The IPO raised $4.87 billion for SoftBank based on 95.5 million shares sold. It infers a valuation on Arm on a fully diluted basis of $54.5 billion, making it the largest stock market debut since electric car maker Rivian Automotive Inc (RIVN.O) in 2021. Arm did not immediately respond to a request for comment. Reporting by Echo Wang and Anirban Sen in New York Editing by Greg RoumeliotisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, Arm Holdings, Rivian Automotive Inc, Thomson Locations: New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Yet even with this lower valuation, SoftBank fares better than its $40 billion deal to sell Arm to Nvidia Corp (NVDA.O), which it abandoned last year amid opposition from antitrust regulators. Arm priced its IPO at $51 per share, at the top of its indicated range, raising $4.87 billion for SoftBank based on 95.5 million shares sold, the company said on Wednesday. Weak mobile demand during a global economic slowdown has caused Arm's revenue to stagnate. Sales in China contributed 24.5% of Arm's $2.68 billion revenue in fiscal 2023.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Sandra Maler, Greg Roumeliotis, Richard Chang Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Nvidia Corp, Reuters, Apple, Nvidia, Devices, Intel, Samsung Electronics, stagnate, Sales, Thomson Locations: New York, China, United States

Arm may price its IPO above the indicated price range and will decide on how much it will sell its shares for on Wednesday, that source and a second person with knowledge of the matter said. Arm was considering publishing a revised price range that would have been higher, reflecting the strong investor demand. Pricing the approximately $5 billion IPO conservatively raises the chances of the shares trading strongly at their debut on Thursday, the sources added. The valuation that Arm has been seeking thus far represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from the $100 billion Vision Fund it manages. Sales in China contributed 24.5% of Arm's $2.68 billion revenue in fiscal 2023.

Persons: Dado Ruvic, SoftBank, Echo Wang, Svea Herbst, Bayliss, Greg Roumeliotis, Lisa Shumaker Organizations: REUTERS, SoftBank Group Corp, Reuters, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, ., stagnate, Sales, Svea, Thomson Locations: New York, China, United States

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Arm is discussing the possibility of raising the price range and seeking a valuation of more than $54.5 billion, in light of the IPO's oversubscription, the sources said. Alternatively, Arm is also considering keeping the price range as is and pricing the IPO above it on Wednesday, which would also lead to a valuation higher than $54.5 billion, the sources added. Arm will not, however, offer more shares, given that SoftBank wants to retain a 90.6% stake in Arm following the approximately $5 billion IPO, as originally planned, the sources said. Sales in China contributed 24.5% of Arm's $2.68 billion revenue in fiscal 2023.

Persons: Dado Ruvic, SoftBank, Echo Wang, Anirban Sen, Greg Roumeliotis, Diane Craft Organizations: REUTERS, SoftBank Group Corp, underwriters, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, ., stagnate, Sales, Thomson Locations: New York, China, United States

☆ Grindr Loses Nearly Half Its Workforce After Implementing Return-to-Office Policy, Union Says
▼ + stars: | 2023-09-09 | by ( Talal Ansari | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/tech/grindr-loses-nearly-half-its-workforce-after-implementing-return-to-office-policy-union-says-d09d56a6

Persons: Dow Jones

☆ Grindr loses about half its workers after trying to make them come back to the office
▼ + stars: | 2023-09-09 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The dating app told employees to start working from an office 2 days a week or lose their jobs. The Communication Workers of America union said about 80 of its 178 workers rejected the RTO order. Last month the LGBTQ+ dating app told employees to starting work in the office two days a week from October or face dismissal after August 31. A representative for Grindr told Bloomberg the union claims were without merit and that it was "returning to the office in a hybrid model in October." Google has been telling employees to show up at the office three days a week since April 2022, and Meta followed suit in June.

Persons: Grindr, Grindr didn't, Meta Organizations: Communication Workers of America, Service, Communications Workers, America, Bloomberg, United, CWA, National Labor Relations Board, Wired, Tiga Acquisition Corp, Beijing Kunlun Tech, Vicente, Meta, Google Locations: Wall, Silicon, Chicago , Los Angeles, San Francisco Bay, Beijing Kunlun, Delaware

That price range values Arm at $50 billion to $54.5 billion on a fully diluted basis. It remains unclear whether Arm will attract enough investor demand to seek a higher valuation ahead of its IPO pricing on Sept. 13. The sources said Arm will decide early next week whether to raise its IPO price range. Weak mobile demand during a global economic slowdown has caused Arm's revenue to stagnate. Sales in China contributed 24.5% of Arm's $2.68 billion revenue in fiscal 2023.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Greg Roumeliotis, Richard Chang Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Financial Times, stagnate, Sales, Thomson Locations: New York, China, United States

☆ Dating app Grindr loses nearly half its staff after trying to force a return to office
▼ + stars: | 2023-09-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —LGBTQ dating app Grindr ended its remote work policies and forced employees to relocate. The CWA also said the return-to-work policy was retaliatory and in response to a union drive at the company. Just two weeks prior to Grindr’s policy change, a majority of employees filed to organize a union. “Rather than recognize the union, the company issued a new return-to-office policy requiring staff to relocate or quit,” the CWA said in a statement. Seventy-one percent of employers that are mandating their on-site work policy reported difficulty retaining workers, according to the survey.

Persons: Grindr, “, ”, Andy Jassy, unaddressed Organizations: New, New York CNN, Communications Workers of America, CWA, Washington D.C, Grindr, National Labor Relations Board, Conference, Labor, Amazon, Meta, Business Locations: New York, — New York, Chicago, Los Angeles, San Francisco, Washington

Weak mobile demand during a global economic slowdown has caused Arm's revenue to stagnate. The future growth driver is to expand market share in the Windows PC market," said Ryuta Makino, a research analyst at Gabelli Funds. ARM China has a history of late payments and presents "significant risks" to Arm's business, the company's IPO filing said. Arm said in the filing that it was owed $386.9 million by Arm China as of the end of March. Arm's chief financial officer has told investors during the marketing of the IPO that the company was not concerned about being paid back.

Persons: Dado Ruvic, Rene Haas, Ryuta Makino, Arm, Echo Wang, Svea, Bayliss, Max Cherney, Greg Roumeliotis, Richard Chang Organizations: REUTERS, Arm Holdings, stagnate, Vision Fund, Apple Inc, Nvidia Corp, Inc, Apple, Windows, Gabelli, Sales, ARM, Arm, Svea Herbst, Thomson Locations: China, United States, Arm China, ARM China, New York, San Francisco

NEW YORK, Sept 7 (Reuters) - Artificial intelligence startup Brand Engagement Network (BEN) on Thursday agreed to go public through a merger with a blank check acquisition company in a deal valuing the combined company at $358 million. The deal with DHC Acquisition Corp (DHCA.O) will provide Brand Engagement Network with about $40 million in gross proceeds, the company said, confirming an earlier Reuters report. Headquartered in Jackson, Wyoming, Brand Engagement Network is a provider of AI-powered chatbots and conversational AI technology to companies in industries like automotive, healthcare, and customer service. Brand Engagement Network's AI offerings help companies with services, including data leakage prevention and identity verification. SPACs are shell companies that raise money in an initial public offering and put it in a trust for the purpose of merging with a private company and taking it public.

Persons: “ BEN, doesn't, ” Said Chris Gaertner, ChatGPT, SPACs, Cohen, Echo Wang, Anirban Sen, Leslie Adler, David Gregorio Our Organizations: DHC Acquisition Corp, DHC, Brand, Acquisition Corp, Nasdaq, Cohen & Company Capital Markets, Thomson Locations: PitchBook, Jackson , Wyoming, New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Arm is also meeting with other potential investors, including Arlington, Virginia-based Sands Capital, in Baltimore on Tuesday, the sources said. The chip designer is expected to meet with other investors in cities including New York in the days leading up to the pricing of its IPO on September 13, the sources said. T Rowe Price and Sands Capital did not immediately respond to requests for comments. Reporting by Echo Wang and Anirban Sen in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Rowe Price, Arm, Echo Wang, Anirban Sen, Nick Zieminski Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Sands Capital, Thomson Locations: Baltimore, Arlington , Virginia, New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Arm is also meeting with other potential investors, including Arlington, Virginia-based Sands Capital, in Baltimore on Tuesday, according to people familiar with the matter. T. Rowe Price and Sands Capital did not immediately respond to requests for comment. Arm has signed up many of its major clients as investors in its IPO, including Apple (AAPL.O), Nvidia (NVDA.O), Alphabet (GOOGL.O), Advanced Micro Devices (AMD.O), Intel (INTC.O) and Samsung Electronics (005930.KS). Reporting by Echo Wang and Anirban Sen in New York; Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Rowe Price, Arm, Echo Wang, Anirban Sen, Nick Zieminski Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Sands Capital, Apple, Nvidia, Devices, Intel, Samsung Electronics, Thomson Locations: Baltimore, Arlington , Virginia, New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The price range, which has not been previously reported, would translate into a valuation for Arm of roughly between $50 billion and $54 billion, and an offering of $5 billion to $5.4 billion. It would make Arm the most valuable company to list in New York since electric car maker Rivian Automotive (RIVN.O) debuted in 2021. The valuation Arm is currently seeking represents a climb-down from the $64 billion valuation at which SoftBank acquired the 25% stake in the company it did not already own from its $100 billion Vision Fund last month. Arm has already signed up many of its major clients as investors in its IPO, Reuters reported on Friday.

Persons: Dado Ruvic, SoftBank, Echo Wang, Greg Roumeliotis, Matthew Lewis, Chizu Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Rivian, Reuters, Apple Inc, Nvidia Corp, Inc, Devices Inc, Intel Corp, Samsung Electronics Co, Cadence Design Systems, Synopsys Inc, Thomson Locations: New York

☆ Exclusive: Arm signs up big tech firms for IPO at $50 billion-$55 billion valuation
▼ + stars: | 2023-09-01 | by ( Echo Wang | Thomson Reuters | Echo Wang Is A Correspondent At Reuters Covering U.S. Equity Capital Markets | ) www.reuters.com time to read: +3 min

The talks are ongoing and some other potential investors are also in discussions to invest in the IPO, the sources added. SoftBank Group Corp (9984.T), which owns Britain-based Arm, is targeting a valuation between $50 billion and $55 billion, Reuters reported earlier on Friday. Arm's clients have agreed to invest in that valuation range, the sources said. Arm and SoftBank have set aside 10% of the shares to be sold in the IPO for its clients, Reuters has previously reported. The Wall Street Journal reported on Arm's valuation target earlier on Friday.

Persons: Dado Ruvic, SoftBank, Echo Wang, Anirban Sen, Rosalba O'Brien Organizations: REUTERS, Arm Holdings, Apple Inc, Nvidia Corp, Inc, Devices Inc, Intel Corp, Samsung Electronics Co, Cadence Design Systems, Synopsys Inc, SoftBank Group Corp, Reuters, Apple, Nvidia, Amazon.com Inc, AMD, Intel, Samsung, Cadence, Street, Thomson Locations: Britain, New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Arm, the chip designer owned by SoftBank Group Corp (9984.T), is expected to set a price range for its offering next week, the sources said. Arm plans to price its shares on Sept. 13, with stock trading on the Nasdaq to start the following day. SoftBank plans to sell about 10% of Arm's shares in the IPO, Reuters has previously reported. SoftBank decided to sell fewer Arm shares in the IPO after buying the 25% stake in Arm it did not directly own from its Vision Fund unit in August.

Persons: Dado Ruvic, SoftBank, Echo Wang, Anirban Sen Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Nasdaq, Reuters, Vision Fund, Thomson Locations: New York

☆ Exclusive: Arm signs up big tech firms for IPO at $50 bln-$55 bln valuation -sources
▼ + stars: | 2023-09-01 | by ( Echo Wang | Thomson Reuters | Echo Wang Is A Correspondent At Reuters Covering U.S. Equity Capital Markets | ) www.reuters.com time to read: +3 min

SoftBank plans to hold off giving details on the fee structure until one to four days prior the pricing of Arm's IPO, expected in September, the sources added. Arm, SoftBank, Goldman, Barclays and Mizuho declined to comment. To be sure, the banks on Arm's IPO view their assignment as part of a wider investment banking relationship that pays on many fronts. Many of them also arranged an $8.5 billion margin loan for SoftBank secured against a 75% stake in Arm. Banks have generated about $3.4 billion in IPO fees globally year-to-date, down 21.3% from the same period last year, according to data provider Dealogic.

Persons: Dado Ruvic, Arm, SoftBank Group's, SoftBank, Goldman Sachs, JPMorgan Chase, JP Morgan, Banks, Echo Wang, Anirban Sen, Greg Roumeliotis, Matthew Lewis Organizations: REUTERS, clamoring, JPMorgan, Barclays, Mizuho Financial Group, Rivian, underwriters, Goldman, Mizuho, U.S, Thomson Locations: Ukraine, New York

The IPO could come later this year or early next year, subject to market conditions, the sources added, requesting anonymity because the matter is confidential. The valuation attained will also be subject to market conditions, the sources added. EQT, CPPIB and Goldman Sachs declined to comment. The company develops payment software helping clients such as large hospital systems with the collection of bills from patients. The company now works with 1 million healthcare providers and handles more than 2.5 billion transactions annually, according to its website.

Persons: Goldman Sachs, Waystar, CPPIB, Echo Wang, David Carnevali, Stephen Coates Organizations: EQT, Plan Investment, Goldman Sachs Group Inc, JPMorgan Chase &, JPMorgan, Bain Capital, Fitch, Medicare, Medicaid Services, Thomson Locations: Canada, Navicure, New York

☆ Grindr has a reputation for its hookup culture, but the company says a quarter of its users are there to network. The CEO says he even hired people through the app.
▼ + stars: | 2023-08-20 | by ( Lloyd Lee | Sebastian Cahill | ) www.businessinsider.com time to read: +4 min

One of the first associations with Grindr, an LGBTQ+ dating app, that comes to mind for Omar Alexis is hookups. Grindr told Insider about 25% of its users reported using the app to network, despite the reputation for instant hookups associated with the company since the early years of its founding. "According to data from a survey of Grindr users, approximately 25% of our users say that one of their key activities on Grindr is to network," a company spokesperson wrote in an email to Insider. But Alexis told Insider that he felt many people didn't know exactly what to use that filter for. Alexis told Insider that he was able to find a fitness mentor and a freelance opportunity when he was on the app.

Persons: Grindr, Omar Alexis, hookups, Alexis, George Arison, Arison, I've Organizations: Morning, Wall Street Journal Locations: LA

☆ Grindr employees working from home were given 2 weeks to decide to move across the country to work in person or lose their jobs
▼ + stars: | 2023-08-14 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

The company's employees say Grindr could be retaliating against them for trying to form a union. The news comes two weeks after employees announced their effort to unionize under the Communications Workers of America, Grindr United. Grindr United posted Sunday that the pivot to in-person work by the company is a "bizarre coincidence." However, employees told The New York Times that the company told them to expect the transition after one or two quarters. Grindr United did not immediately respond to Insider's request for comment sent over the weekend.

Persons: it's, we're, —, George Arison, Grindr, Quinn McGee, McGee Organizations: Service, Management, Communications Workers of America, Grindr, Grindr United, Bloomberg, New York Times, Apple, Disney, Google, Twitter, Grindr United CWA Locations: Wall, Silicon, Grindr, Chicago , Los Angeles, San Francisco Bay, —

If the negotiations lead to a deal, the Japanese tech investor would be delivering a major, immediate windfall to VF1 investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment. SoftBank, which took Arm private for $32 billion in 2016, sold a 25% stake in the company to VF1 for $8 billion in 2017.

Persons: Dado Ruvic, Abu Dhabi's Mubadala, Didi Global, VF1, SoftBank, Masayoshi Son, Raine, VF2, Son, Echo Wang, Anirban Sen, Greg Roumeliotis, Mark Porter Organizations: REUTERS, SoftBank Group Corp, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund, WeWork Inc, Alibaba Group, HK, Deutsche Telekom, Mobile U.S, Amazon.com Inc, Reuters, Nvidia Corp, Thomson Locations: Arm, New York

☆ Move or Quit: Grindr Dictates New Office Rules Amid Union Drive
▼ + stars: | 2023-08-12 | by ( Emma Goldberg | More About Emma Goldberg | ) www.nytimes.com time to read: +1 min

Grindr said that the plan had been in the works for months, and that the employees had been warned earlier in the summer that their remote work arrangements would end. election petition,” a company spokesperson said. Many companies have started to issue office attendance rules, with some indicating that they will monitor badge swipes or incorporate compliance into performance reviews. For employees at Grindr, the difficulty of the N.L.R.B. “What Grindr will say is that it reached this completely independent of any actions by the employees to organize,” Mr. Bodie said.

Persons: Grindr, ”, Matt Bodie, Mr, Bodie, “ Organizations: University of Minnesota Law School Locations: Grindr

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said, its first decline since February 2021. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners. The S&P 500 posted 16 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 60 new highs and 178 new lows.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Consumer, Index, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, National Bureau of Statistics, Dow Jones, Bank of America, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

Search resuls for: "Grindr"

25 mentions found