Takeovers and Buyouts
The latest deal news from across the alternative investment space.
Visa (NYSE: V) announced Thursday its deal to acquire European open banking platform Tink for €1.8 billion ($2.2 billion) as it moves to take advantage of European Union law – the revised Payment Services Directive (PSD2) – which facilitates open banking. The law requires banks to allow access to customer data by registered third-party providers to boost competition.
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According to Entrepreneur, Credijusto, the Mexican fintech and lending platform acquired Banco Finterra for about $50 million, in the process bagging a banking license. Banco Finterra specializes in financing solutions for the agri-food sector.
Exscientia, which uses AI to design and create drug candidate molecules satisfying complex therapeutic requirements with revolutionary efficiency, has acquired Allcyte, the Austrian company that uses AI for cancer screening. Exscientia will pay 50 million euros ($60.6 million) in a combination of cash and shares for the acquisition.
Artificial Intelligence: Eye Tracking Company Smart Eye Acquires Emotion Detection Software Firm Affectiva
Affectiva says 9 people are killed every day and 1,000 are injured due to distracted driving. 6,000 people are killed annually due to drowsy driving. Its Affectiva Automotive AI is an In-Cabin Sensing software that measures in real-time the state of the cabin, and that of the driver and occupants in it. Swedish company Smart Eye will acquire Affectiva to gain global leadership in automotive-grade Interior Sensing AI.
Australian fintech Zip (ASX: Z1P) has bought up the entire remaining capital in a Buy-Now-Pay-Later (BNPL) entity each in Europe and the UAE. Zip will pay $140 million for the balance shares in Twisto, which operates in Central Europe, and $21 million for the shares it does not own in Spotii, a BNPL leader in UAE.
Galaxy Digital Holdings Ltd (TSE: GLXY), founded by Michael Novogratz has inked a deal to acquire BitGo Inc for $1.2 billion in cash and stock.
Boden said at the event that Starling now had the wherewithal to buy out another lender. Further, responding to the U.K. Government’s newly-announced fast-track “scale up” visas proposal, she said there was no need for these because home-grown talent was available in plenty within the U.K.
Microsoft (NASDAQ: MSFT) may buy Nuance Communication (NASDAQ: NUAN) at a valuation of $56 per share, according to Bloomberg, which cited unnamed people who were familiar with the matter. The price represents a premium of 23% over the Friday closing of Nuance of $45.58.
AppHarvest, Inc (NASDAQ: APPH), an indoor and sustainable farming company, announced today its acquisition of Root AI, a startup that develops AI-powered robots for use in indoor farming and harvesting. The deal includes Root AI’s signature robotic harvester dubbed Virgo. AppHarvest will pay about $60 million for the acquisition, comprising $10 million in cash and the rest in shares.
Greenidge Generation, an 84-year old mothballed coal-fired power station located in the New York Finger Lake Region, pivoted to natural gas-based generation and crypto mining in the past few years after its purchase in 2014 by affiliates of Atlas Holdings LLC, the private equity fund. Greenidge announced today a merger agreement with Support.com (NASDAQ: SPRT) that is expected to close in Q3 of 2021.
Blade Urban Air Mobility, the helicopter company known for short-haul trips from airports to city centers, is going public by merging with Experience Investment Corp. (NASDAQ: EXPC), a public entity affiliated with KSL Capital Partners. The short hop to listing will make Blade the only publicly traded global urban mobility company.
Massachusetts Mutual Life Insurance Company, or MassMutual, announced Monday that it agreed to acquire Flourish, a fintech platform, from Stone Ridge Holdings Group. Flourish is a digital platform that provides various products and services to more than 350 RIAs that manage more than $ 600 billion of assets. Flourish Cash is the only cash management platform developed specifically for financial advisors and their clients.
Global technology company Nasdaq (NASDAQ: NDAQ) announced today its acquisition of Canada-based Verafin for $2.75 billion payable in cash. Verafin’s cloud-based software platform serves customers with fraud detection, money laundering protection, and high-risk customer management. The 2003-founded firm counts more than 2,000 financial organizations as its customers.
IBM (NYSE: IBM) announced Wednesday its acquisition of German software company Instana for an undisclosed amount. The acquisition will help businesses better manage the complexity of modern applications, considering they span the hybrid cloud landscape and use AI extensively.
Autodesk (NASDAQ: ADSK), a company that makes software for the engineering and design industries, has acquired Spacemaker, a startup developing cloud-based AI software, empowering users to collaborate, analyze and design real estate sites, and urban planners to envision cities.
C3.ai, the software company launched by former Oracle executive Tom Siebel, filed papers for an IPO sized $100 million. The company intends to list on the New York Stock Exchange under the ticker symbol AI. Snap Inc (NYSE: SNAP) acquired Israeli voice assistant solutions startup Voca.ai for about $70 million.
SentinelOne announced Wednesday its Series F raise of $267 million in a round led by Tiger Global Management, with participation from Sequoia Capital Global Equities and existing investors including Insight Partners and Third Point Ventures. The same day, Palo Alto Networks (NYSE: PANW) announced its agreement to acquire Expanse Inc for approximately $ 800 million.
Coupa Software (NASDAQ: COUP) announced Monday its acquisition of Llamasoft, a supply chain software company for $1.5 billion. Llamasoft’s AI-powered, cloud platform helps companies make better informed and faster crucial supply chain decisions.
Financial guidance app Nerdwallet announced Friday its acquisition of Fundera, which provides financial advice and comparisons to nearly 28 million small and medium-sized businesses in the U.S. Terms were not disclosed, except that Fundera will become a Nerdwallet subsidiary. All of Fundera’s employees will join Nerdwallet.
Nestle USA, which is ultimately owned by Nestle SA (SWX: NESN), on Friday, signed and closed its acquisition of Freshly, a startup that provides healthy, freshly prepared, and chef-cooked meals that are heat-and-eat in three minutes or less. Freshly’s pioneering direct-to-consumer service is subscription-based in the range of $45.96 to $101.88 per week. Nestle will pay $ 950 million for the purchase, and potentially another $550 million depending upon Freshly’s growth in the future.
London-based Air Street Capital announced Friday its close of a $17 million fund to back early-stage “AI-native” startups. The venture firm positions itself too as an AI-native investor – because “generalism is dead” and its team of Operating Partners combines AI expertise with deep sector-specific knowledge.
Alliance Data Systems (NYSE: ADS) said Thursday that it will acquire Bread and its digital platform for $450 million of which $100 will be paid through Alliance stock. The transaction would expand Alliance Data’s own digital offerings by including buy-now-pay-later (BNPL) products.
Stripe, the fintech and payments processing giant last valued at $36 billion, has snapped up Paystack, the Nigeria-based international payments processor for a reported $200 million.
Crowdcube and Seedrs, the competing leaders in the UK crowdfunding market, have joined forces.
Investors made a bee-line for the stock of Russian technology giant Yandex (NASDAQ: YNDX) after it bid Tuesday for Tinkoff, a leading online bank in the country. Yandex shares touched a record high after analysts and investors apparently thought it was a marriage made in heaven.