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The moves add to a trio of Barclays U.S. investment bankers that UBS announced it hired last month. Many Credit Suisse bankers are based in the United States. These bankers follow Barclays ex-colleagues Marco Valla, Jeff Hinton and Kurt Anthony, whose moves to UBS were announced in April. Sources told Reuters last month that UBS plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. At Barclays, Braham was global chair of investment banking for technology, while Hardegree served as vice chair and head of technology M&A.
Persons: Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Marco Valla, Jeff Hinton, Kurt Anthony, dealmaker Michael Klein, Braham, Hardegree, Casavechia, Ramos, Meyer, Tittle, Milana Vinn, Anirban Sen, Greg Roumeliotis, Lisa Shumaker Organizations: YORK, Barclays Plc, UBS Group AG, Barclays U.S, UBS, Credit, Group, Credit Suisse, Barclays, Reuters, Broadcom, VMware Inc, Thomson Locations: United States, Swiss, Zurich, New York
Rubrik may raise more than $750 million in its IPO, three of the sources added, though that may change based on market conditions as the preparations are still at an early stage. Rubrik currently generates annual recurring revenue of about $600 million, one of the sources said. Three of the sources said Rubrik could choose to go public in 2024, if the IPO market becomes more welcoming. Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software. SoftBank-backed Cohesity Inc, which competes with Rubrik, is also preparing to go public, having filed confidentially for an IPO in late 2021, Reuters reported.
Persons: Goldman Sachs, Rubrik, Bipul Sinha, Johnson, Echo Wang, Milana Vinn, Krystal Hu, Matthew Lewis Organizations: YORK, Microsoft Corp, Barclays Plc, Citigroup Inc, Barclays, Citi, Nvidia Corp, Depot Inc, Bain Capital Ventures, Lightspeed Venture Partners, Kenvue Inc, Johnson, SoftBank Group Corp, Inc, Reuters, Cohesity Inc, Thomson Locations: U.S, Palo Alto , California, ., New York
Yet it also wants to avoid fanning too high a patriotic flame, lest it push Russians to start questioning the purpose of the war. Much the way Mr. Putin has refrained from enacting multiple conscriptions of soldiers to avert prompting antiwar sentiment, the Kremlin has left parents some leeway to avoid propaganda lessons. “They want enthusiasm, but they realize if they push too hard it could galvanize an organized opposition,” said Alexandra Arkhipova, a social anthropologist who studies public reactions to the war. The cornerstone of the initiative is a program called “Important Conversations,” started last September. Every Monday at 8 a.m., schools are supposed to hold an assembly to raise the Russian flag while the national anthem is played, and then convene an hourlong classroom session on topics like important milestones in Russian history.
Persons: Putin, , Alexandra Arkhipova Organizations: Kremlin Locations: Soviet, Communist, Russia
Venkatakrishnan's intervention underscores the pressure that the British bank is under to protect its U.S. investment banking franchise. Venkatakrishnan promised during the meeting to invest in the investment banking business to boost morale, the sources said. Miller left Barclays to join Jefferies last month, while Barclays only announced a new role for Astier this week, naming him global head of financial sponsors. Still, the exodus that Venkatakrishnan and other Barclays executives have been trying to stem has continued apace. But it was its consumer, cards and payments division, rather than investment banking, that led the charge.
Persons: C.S, Venkatakrishnan, dealmakers, Cathal Deasy, Morgan Stanley, Taylor Wright, Marco Valla, Deasy, John Miller, Jean, Francois Astier, Miller, Jefferies, Jim Rossman, Christopher Ludwig, Pete Contrucci, Evan Rothenberg, Daniel Kerstein, Contrucci, Rothenberg, Kerstein, Milana Vinn, Abigail Summerville, David Carnevali, Svea Herbst, Bayliss, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: YORK, Barclays, Citigroup Inc, UBS Group AG, Jefferies Financial Group Inc, Reuters, Credit Suisse Group AG, UBS, Lazard Ltd, Credit Suisse, Svea, Thomson Locations: Americas, Europe, Middle East, Africa, United States, New York, Rhode Island
Brookfield and DigitalBridge are leading opposing bidding consortia in the auction for privately held DigitalBridge, the sources said, adding an outcome is expected by next month. The terms of Compass' debt allow for it to be taken over by a new owner without it being refinanced, one of the sources said. The Deal reported in February that Compass Datacenters was exploring a sale. Compass Datacenters, Brookfield Infrastructure Partners and DigitalBridge declined to comment. During the same month, Brookfield Infrastructure also acquired freight container lessor Triton International Ltd (TRTN.N) for about $4.7 billion.
Persons: Dealmaking, Brookfield, Milana Vinn, Anirban Sen, Daniel Wallis Organizations: Brookfield Infrastructure Partners, DigitalBridge, RedBird Capital Partners, Ontario, Azrieli, Brookfield Infrastructure, Reuters, Triton International, Boca, Thomson Locations: Brookfield, Dallas , Texas, Data4, Boca Raton , Florida, New York
The demise of the deal negotiations underscores the challenges facing private equity firms seeking to put together leveraged buyouts. New Relic has been negotiating with potential acquirers since last year, Reuters has reported, and it's possible that deal talks resume some time in the future, the sources added. New Relic and Francisco Partners did not immediately respond to requests for comment, while TPG declined to comment. San Francisco-based New Relic develops cloud-based software to help websites and application owners track the performance of their services. New Relic has previously been targeted by several activist hedge funds including Jana Partners, Engaged Capital and Eminence Capital.
NEW YORK, May 16 (Reuters) - Ed Wehle, a senior Barclays Plc (BARC.L) technology banker, has resigned to join U.S. rival Citigroup Inc (C.N) in New York, according to an internal memo seen by Reuters, adding to an exodus of top investment bankers from the London-based bank. An investment banking veteran of nearly three decades, Wehle will join Citigroup as its global head of technology services, Mark Keene, Citigroup's global head of technology investment banking, wrote in the memo to employees on Tuesday. "Technology services complements Citi’s unparalleled global client position, and Ed will work closely with partners in Asia, EMEA and Latin America," said Philip Drury, global head of technology & communications banking, capital markets & advisory at Citi. He was previously head of global technology services banking at Barclays, which he had joined in 2018 from Deutsche Bank AG (DBKGn.DE). Reuters reported on Monday that at least seven top Barclays technology, media and telecommunications (TMT) bankers have resigned to join UBS Group AG (UBSG.S) in the U.S. in the last few days.
NEW YORK, May 15 (Reuters) - At least seven top Barclays Plc (BARC.L) bankers have resigned to join to UBS Group AG (UBSG.S) in the United States in the last few days, people familiar with the matter said. The moves add to a trio of Barclays investment bankers that UBS announced internally it hired last month. Many Credit Suisse bankers are based in the United States. UBS has hired Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer and Ken Tittle from Barclays, the sources said. These bankers follow Barclays ex-colleagues Marco Valla, Jeff Hinton and Kurt Anthony, whose moves to UBS were announced in April.
The moves add to a trio of Barclays U.S. investment bankers that UBS announced it hired last month. Many Credit Suisse bankers are based in the United States. Sources told Reuters last month that UBS plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. At Barclays, Braham was global chair of investment banking for technology, while Hardegree served as vice chair and head of technology M&A. Williams, Meyer and Tittle were managing directors in the investment banking group.
More recently, he has tried to wrap Ukraine into that narrative, falsely depicting it as a Nazi redoubt. Image Smoke rising above a fuel depot in the Russian village of Volna, near the bridge linking Crimea to Russia, last Wednesday. In Russia, various regional governors have cited security concerns in canceling Victory Day events. “No neo-Nazi scum will be able to mar the great Victory Day. The Kremlin spokesman Dmitri S. Peskov said the march was canceled as a “precautionary measure” against possible attacks.
More recently, he has tried to wrap Ukraine into that narrative, falsely depicting it as a Nazi redoubt. Credit... ReutersUkraine’s president, Volodymyr Zelensky, staked his nation’s own claim to the holiday, with an address on Monday drawing a parallel between World War II and the current war against Russian invaders. In Russia, various regional governors have cited security concerns in canceling Victory Day events. Igor Artamonov, the governor of the Lipetsk region, which is also near Ukraine, said his decision should not be misinterpreted. “No neo-Nazi scum will be able to mar the great Victory Day.
How non-compete clauses cost Americans $300 billion a year
  + stars: | 2023-05-07 | by ( Kate Sammer | ) www.cnbc.com   time to read: +1 min
The debate over the use and abuse of non-compete has come to a head, with the Federal Trade Commission proposing a new ban on non-competes. The FTC estimates that a ban on non-competes would expand career opportunities for 30 million Americans and increase wages by nearly $300 billion annually. Non-compete contracts were initially given to executive-level employees as a means to protect trade secrets. It is estimated that 18% of U.S. workers are bound by non-compete contracts. Watch the video above to learn more about the FTC's battle to ban non-compete contracts
Serbia on Saturday mourned the loss of 17 people in two mass shootings in two days, as the nation grappled with its own culture of guns. The funerals of several victims took place on Saturday, the second of three official days of mourning for the consecutive killings at a school in Belgrade, the Serbian capital, and in nearby farming villages. A day later, another gunman raced through villages in a car with an assault rifle, killing eight people and wounding at least 14 others. “We can’t believe that’s happening here,” Milana Vanovac, 56, said as she looked at the impromptu memorials on Saturday. “We thought mass shootings were a problem for other countries, not for us.”
NEW YORK, April 21 (Reuters) - EverCommerce Inc (EVCM.O), a private equity-backed management software vendor, is exploring a sale of the company after attracting acquisition interest, people familiar with the matter said on Friday. EverCommerce is working with investment bank Centerview Partners to explore its options, the sources said. EverCommerce shares jumped on the news and were trading up 15% at $13.27 on Friday morning in New York, giving the company a market value of $2.5 billion. PSG Equity and Silver Lake declined to comment, while EverCommerce and Centerview did not immediately respond to requests for comment. Based in Denver, Colorado, EverCommerce provides management software tools and services to companies, including in the healthcare and fitness sectors.
NEW YORK, April 19 (Reuters) - Cybersecurity firm Forcepoint is exploring a sale of its government security unit for more than $2 billion, five people familiar with the matter said. Forcepoint is looking to offload the unit as part of its strategy to focus on growing its commercial business, which caters to large corporations, the sources added. Austin, Texas-based Forcepoint develops and creates computer security software, data protection, and firewall solutions. Last year, Forcepoint won an $89 million contract from the U.S. Department of Defense to provide software solutions that would help monitor user activity. Forcepoint also counts the likes of International Business Machines Corp (IBM.N), CVS Health Corp (CVS.N), Microsoft Corp (MSFT.O) and Qualcomm Inc (QCOM.O) as customers.
NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.
NEW YORK, April 11 (Reuters) - Bain Capital Tech Opportunities, the tech-focused investment arm of Bain Capital, has agreed to buy a stake in iManage, the enterprise software firm said on Tuesday. The terms of the deal, including the purchase price and size of the stake, were not disclosed. Founded in 1995, Chicago, Illinois-based iManage provides document management software and tools primarily to law firms, accounting firms, and companies in the financial services industry. In 2003, iManage merged with rival content management firm Interwoven. Since the onset of the COVID-19 pandemic, demand for software tools built by companies such as iManage has boomed as companies have accelerated the shift to remote working and increased spending on content management software.
April 4 (Reuters) - Private equity firm TPG Inc (TPG.O) said on Tuesday it has agreed to buy a majority stake in Elite, a vendor of business management software for law firms, from information provider Thomson Reuters Corp (TRI.TO) at a valuation of $500 million. Thomson Reuters will keep a minority stake and board representation in Elite and continue to support it with its legal information products, the companies said. Paul Fischer, president of Thomson Reuters' legal professionals division, said that Elite will continue to share many of Thomson Reuters' clients as a standalone company. Elite offers software that helps law firms run their finance and accounting operations, including billing, invoicing and payments. TPG partner Tim Millikin said that the data and automation that Elite offers are in demand among legal professionals.
Endeavor and WWE did not immediately respond to requests for comment on Sunday. The deal could be announced as early as this week, the sources said. Endeavor shareholders will own 51% of the combined company, while WWE shareholders would get 49%, the sources said. Endeavor is led by Hollywood power broker Ari Emanuel, who earlier this month declined to answer questions about a possible deal. In January, WWE said it would explore strategic options that could include a sale, shortly after Vince McMahon's return to the company.
Brookfield has prevailed over other investment firms in an auction that Data4's majority owner, Axa Investment Managers, held for the company, the sources said on Friday. If negotiations and financing arrangements are concluded successfully, a deal could be announced as early as next week, the sources added. The sources cautioned that there remained a chance that no deal would be completed and asked not to be identified because the matter is confidential. Brookfield declined to comment, while representatives for Data4 and AXA Investments, a division of French insurer AXA (AXAF.PA), did not immediately respond to requests for comment. Headquartered in Paris, Data4 operates at least 25 data centers across France, Italy, Spain and Luxembourg, according to its website.
Ardian, which is the second largest shareholder in INWIT behind European tower company Vantage Towers AG (VTWRn.DE), wants to take INWIT private and is working with advisers at JPMorgan Chase & Co (JPM.N) on a potential offer, the people said. Deutsche Telekom last year sold 51% of its tower business Funkturm to a consortium of Canada's Brookfield and U.S. private equity firm DigitalBridge. Any offer for INWIT could take months to materialise as preparations remain at a preliminary stage, one of the people said. The sources cautioned that an offer is not certain and asked not to be identified because the deliberations are confidential. Ardian, Vantage Towers, INWIT and JPMorgan declined to comment.
March 14 (Reuters) - Infinera Corp (INFN.O), a U.S. manufacturer of semiconductors for the telecommunications industry that competes with China's Huawei, is exploring options that include a sale of the company, according to a person familiar with the matter. The San Jose, California-based company, which has a market value of $1.6 billion, is working with investment bank Centerview Partners on a sale process that will launch in a few weeks, the source said. There is no certainty that Infinera will reach any deal, added the source, who requested anonymity because the deliberations are confidential. Infinera and Centerview did not respond to requests for comment. Infinera makes optical semiconductors and networking equipment for fixed line and mobile telecommunications networks.
March 7 (Reuters) - Quotient Technology Inc (QUOT.N), the parent of Coupons.com, is exploring options that include a sale of the company as it grapples with a collapse in advertising revenue, according to people familiar with the matter. There is no certainty that Quotient will clinch any deal, added the sources, who requested anonymity because the deliberations are confidential. Quotient Technology and Houlihan Lokey declined to comment. Founded in the early days of the internet in 1998, Quotient operates Coupons.com and other digital marketing platforms offering promotions to consumers. Last year, Quotient avoided a board challenge from hedge fund Engaged Capital LLC by agreeing to add two directors to its board.
Emerson dropped that threat once the sale process for National Instruments got underway. National Instruments ended trading on Thursday at $50.62 a share. National Instruments expects the sale process to be completed by early April, according to the sources. National Instruments, Fortive and Keysight did not immediately respond to requests for comment. Austin, Texas-based National Instruments specializes in the production of automated testing and measurement tools for the semiconductor, transportation, aerospace and defense industries.
Feb 24 (Reuters) - Cvent Holding Corp (CVT.O), a U.S. software provider that facilitates in-person and virtual meetings, has rejected a $3.9 billion acquisition offer from buyout firm Blackstone Inc (BX.N), people familiar with the matter said on Friday. Blackstone is taking a break from the negotiations after Cvent rejected its $8-per-share offer as too low, the sources said. Shares of Cvent, which is controlled by private equity firm Vista Equity Partners Management LLC, had ended trading on Thursday at $7.64. Cvent, Blackstone and Vista Equity declined to comment. Cvent shares have since dropped due to concerns that an economic slowdown, brought about by the U.S. Federal Reserve's higher interest rates to fight inflation, will lower demand for conferences and events that drive the company's business.
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