Okta, whose cloud software allows office workers to access all of their apps through a secure online service, said on Wednesday that it’s spending $6.5 billion to acquire rival Auth0. CNBC reports: Okta’s shares plunged about 13% in extended trading after the announcement. The all-stock deal equals about 21% of Okta’s market cap as of Wednesday’s close. Okta said it expects…
Tag: acquisitions
Apple Has Bought Over 100 Companies Over the Past Six Years, Tim Cook Tells Investors
Apple Chief Executive Officer Tim Cook fielded questions on mergers and acquisitions, the impact of Covid-19, and the company’s supply chain during a virtual shareholder meeting on Tuesday. From a report: Narrating a slide show, Cook summarized many of the company’s new products and initiatives announced over the past year. He spoke about the latest iPhones and the growing potential of…
After 28 Years, Tucows Finally Closes Its Downloads Site
“We have made the difficult decision to retire the Tucows Downloads site,” writes CEO Elliot Noss in a blog post at Tucows.com/retired: We’re pleased to say that much of the software and other assets that made up the Tucows Downloads library have been transferred to our friends at the Internet Archive for posterity. The shareware downloads bulletin board system (BBS) that…
BP Slashes Its Oil Exploration Team by 85%, Starts Switching to Renewables
Reuters reports on big changes at BP (the company formerly known as British Petroleum):
Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney. “The winds have turned very chilly in the…
Does Facebook Have a Joe Biden Problem?
Last week the Democratic party took control of all three branches of the U.S. government — and the BBC’s North America technology reporter notes they dislike Facebook even more now than during the Cambridge Analytica scandal: Since then, Democrats — Joe Biden included — have been appalled by what Facebook has allowed on its platform. Talking to a CNN anchor in…
VMware Sues Former Executive Who Left for CEO Job at Nutanix
VMware said that one of its former top executives, Rajiv Ramaswami, violated his contractual obligations while being courted to be the chief executive officer of rival Nutanix, adding another dimension to a bitter rivalry between the two software makers. From a report: VMware’s lawsuit against Ramaswami, who was named CEO on Dec. 9, was filed Monday in California state court in…
Hedge Fund Third Point Urges Intel To Explore Deal Options
Activist hedge fund Third Point LLC is pushing Intel Corp to explore strategic alternatives, including whether it should keep chip design and production under one roof, according to a letter it sent to the company’s chairman on Tuesday that was reviewed by Reuters. From the report: Were it to gain traction, Third Point’s push for changes could lead to a major…
DOJ Case Against Google Likely Won’t Go To Trial Until Late 2023, Judge Says
The Justice Department’s antitrust lawsuit against Google likely won’t go to trial until late 2023, Judge Amit Mehta said at a status hearing on Friday. Both parties agreed that seemed like a likely timeline and the judge set September 12, 2023, as a tentative date to start the trial. CNBC reports: The proposed timeline shows just how long Google (and likely…
FTC Sues Facebook for Illegal Monopolization
The Federal Trade Commission today sued Facebook, alleging that the company is illegally maintaining its personal social networking monopoly through a years-long course of anticompetitive conduct. FTC: Following a lengthy investigation in cooperation with a coalition of attorneys general of 46 states, the District of Columbia, and Guam, the complaint alleges that Facebook has engaged in a systematic strategy — including…
Facebook Antitrust Probes Will Target Acquisition of WhatsApp and Instagram
A group of state attorneys general, led by New York Attorney General Letitia James, is on track to file antitrust charges against Facebook in early December, according to a report Thursday from the Washington Post. CNET: The move comes as the US Federal Trade Commission is also reportedly finalizing its antitrust probe into the social media giant. State and federal investigators…