Blog

  • Reuters – Brazil’s Infraero will Put Off IPO

    Brazilian airport agency Infraero will put off going public until 2017, after the agency bolsters its assets with proceeds from the upcoming auction of licenses to run two airports, its president said on Monday, Reuters wrote. Infraero is still considering a plan to list shares on Brazil’s equity markets but first it wants to strengthen the balance sheet, Infraero President Gustavo do Vale said.

    (Reuters) – Brazilian airport agency Infraero will put off going public until 2017, after the agency bolsters its assets with proceeds from the upcoming auction of licenses to run two airports, its president said on Monday.

    Infraero is still considering a plan to list shares on Brazil’s equity markets but first it wants to strengthen the balance sheet, Infraero President Gustavo do Vale said.

    “In order for Infraero to go public you have to stabilize its asset base … define the size of the company so you can sell something … we are considering beginning with the process this year and maybe do the listing in 2017,” Vale said.

    For years, President Dilma Rousseff and her predecessor Luiz Inácio Lula da Silva considered a partial privatization of Infraero through an IPO to address the many infrastructure woes choking growth in Latin America’s biggest economy.

    Airport operators Schiphol and Aeroports de Paris may bid together for a stake in Rio de Janeiro’s Galeão airport. The government wants to sell a 51 percent stake in Galeão and Belo Horizonte’s Confins airport to operators who can help improve them ahead of the 2014 soccer World Cup and the 2016 Olympic Games.

    Brazil’s government expects bids for both airports to be worth 11.4 billion reais ($5.8 billion). The two airports should be auctioned off by September.

    The post Reuters – Brazil’s Infraero will Put Off IPO appeared first on peHUB.

  • Reuters – Thomas H. Lee Partners Buys CompuCom

    IT outsourcing company CompuCom Systems Inc said Monday it is being bought by private equity firm Thomas H. Lee Partners, and a source close to the matter said the price tag will be $1.1 billion. Dallas, Texas based CompuCom had been owned by Court Square Capital Partners, a private equity firm that was spun out of Citigroup Inc in 2006. Platinum Equity had previously sold the technology services company to Court Square in 2007 for approximately $628 million. CompuCom, which provides a broad range of technology that help clients through deployment, management and retirement lifecycle of their IT assets, touts Fortune 100 and 500 businesses among its clients. It reported gross revenue of $2.3 billion in 2012, Reuters wrote.

    (Reuters) – IT outsourcing company CompuCom Systems Inc said Monday it is being bought by private equity firm Thomas H. Lee Partners, and a source close to the matter said the price tag will be $1.1 billion.

    Dallas, Texas based CompuCom had been owned by Court Square Capital Partners, a private equity firm that was spun out of Citigroup Inc in 2006.

    Platinum Equity had previously sold the technology services company to Court Square in 2007 for approximately $628 million.

    CompuCom, which provides a broad range of technology that help clients through deployment, management and retirement lifecycle of their IT assets, touts Fortune 100 and 500 businesses among its clients. It reported gross revenue of $2.3 billion in 2012.

    Citigroup Global Markets Inc, JP Morgan, BMO Capital Markets and Jefferies Finance LLC are providing committed financing for the transaction.

    BMO Capital Markets and Jefferies LLC provided financial advice to THL and Citigroup Global is adviser to CompuCom and Court Square.

    The transaction is expected to close in the second quarter of 2013, subject to regulatory approvals and the satisfaction of other customary closing conditions.

    The post Reuters – Thomas H. Lee Partners Buys CompuCom appeared first on peHUB.

  • Microsoft reportedly switching to AMD for next-gen Xbox chips

    Microsoft Xbox 720
    When the next-generation Xbox arrives later this year, it will likely come with the same eight-core AMD chips being used by Sony’s (SNE) rival PlayStation 4. Unnamed sources have told Bloomberg that Microsoft (MSFT) will be making the switch from IBM (IBM) chips to AMD chips because it wants to “cut the cost of building machines and get developers to create more titles.” Bloomberg says that game developers will benefit from having common specifications for next-generation consoles since it should become easier to develop across multiple platforms. The next-generation Xbox is rumored to feature an 8-core 1.6GHz processor, 8GB of RAM, an 800MHz graphics processor, a 50GB 6x Blu-ray Disc drive, and Gigabit Ethernet connectivity.

  • Cleave Biosciences Adds $10M

    Cleave Biosciences has added $10 million in Series A financing from new investor New Enterprise Associates, bringing its Series A total to $54 million. In the fall of 2011, Cleave raised $44 million from US Venture Partners, 5AM Ventures, Clarus Ventures, OrbiMed Advisors, Astellas Venture Management and Osage University Partners. The company is focused on cancer drug discovery and development.

    PRESS RELEASE

    Cleave Biosciences announced today it has raised $10 million in an extension of its Series A financing from new investor New Enterprise Associates (NEA), bringing its Series A total to $54 million. In the fall of 2011, Cleave raised $44 million from US Venture Partners, 5AM Ventures, Clarus Ventures, OrbiMed Advisors, Astellas Venture Management and Osage University Partners to fund the biopharmaceutical company’s cancer drug discovery and development. In conjunction with the financing, NEA partner Robert Garland, M.D., has joined Cleave’s board of directors. Cleave will use the funds to move its lead program into clinical trials and advance its second discovery program.

    Cleave is discovering novel drugs that affect protein degradation pathways. Cancer cells frequently make an excess of proteins and hence become dependent on protein degradation for their survival. By attacking key targets in these pathways, cancer cells fail to balance this excess protein synthesis with protein degradation and can no longer survive.

    “The targets Cleave is pursuing have the potential to have wide therapeutic impact for people who have cancers dependent on protein degradation for their survival,” said Laura Shawver, Ph.D., chief executive officer of Cleave Biosciences. “NEA joins us at an exciting time as we continue our progress to identify clinical candidates, as well as determine which subsets of cancers can best be addressed using the Cleave strategy.”

    “Cleave’s approach of attacking cancer heterogeneity has rapidly moved from an academic idea to preclinical proof-of-concept and there’s a reasonably high probability that the company’s development programs will result in new therapeutics for patients with difficult-to-treat tumors,” said Larry Lasky, Ph.D., partner at US Venture Partners and Cleave director.

    Cleave’s lead program is discovering small molecules that target p97, a central player in the ubiquitin proteasome and autophagy pathways that are intimately involved in controlling protein degradation. Targeting protein degradation has been validated by the commercial success of VELCADE® (bortezomib) and KYPROLIS® (carfilzomib) in multiple myeloma. P97 inhibition is a novel approach that has the potential to treat a wide range of cancers.

    “Cleave Biosciences has made substantial progress in identifying and optimizing small molecules against a number of novel targets and is progressing its lead program toward the clinic,” said Dr. Garland. “We are pleased to join Cleave’s investor syndicate to help fuel the company’s momentum.”

    Dr. Garland and his colleagues at NEA, one of the world’s largest and most active venture capital firms, have a long track record of partnering with companies that have pioneered transformative innovations in healthcare. Prior to NEA, in addition to clinical practice at the University of California, San Francisco (UCSF), Dr. Garland was with McKinsey & Company’s Pharmaceutical & Medical Products and Corporate

    Finance & Strategy practices. Dr. Garland completed his Residency in Internal Medicine and Fellowship in Infectious Diseases at UCSF, and received his M.B.A. and M.P.H. from the University of California, Berkeley, his M.D. from Baylor College of Medicine and his B.S. in Electrical Engineering/Bioengineering from Rice University.

    About Cleave Biosciences

    Cleave Biosciences is discovering and developing novel small molecule therapies for difficult-to-treat cancers. Cleave has amassed deep expertise and developed first-in-class drug candidates against novel targets in protein degradation pathways, including the ubiquitin proteasome and autophagy systems. Cleave is using molecular profiling approaches with the goal of identifying patient subsets most likely to benefit from each of its targeted drugs. Cleave is privately held and located in Burlingame, California.

    The post Cleave Biosciences Adds $10M appeared first on peHUB.

  • ForgeRock Raises $15M

    ForgeRock Inc., a maker of open source identity and access management technology, has raised a $15 million Series B round of financing led by Foundation Capital. Existing investor Accel Partners also participated. The company, which has now raised a total of $22 million, will use the money for sales and expansion. Warren Weiss, General Partner with Foundation Capital, will join the board.

    PRESS RELEASE

    ForgeRock Inc., the pioneer of open source identity and access management (IAM), today announced it has closed a $15 million Series B round of financing led by Foundation Capital with additional participation from existing investor Accel Partners. The new round brings the company’s total funding to $22 million, and will be used to fuel the development of ForgeRock’s Open Identity Stack, grow sales, and continue its global expansion. In addition to closing the funding round, Warren Weiss, General Partner with Foundation Capital, will join the board of advisors.

    “As CIOs shift investment from employee to consumer-focused identity services, there is a greater need for an IAM stack that can stand up to the requirements of cloud, social, mobile and extended enterprise environments, and it is clear ForgeRock is uniquely positioned to meet this need,” said Warren Weiss, General Partner, Foundation Capital. “I look forward to joining the ForgeRock board and working with them to continue the mission of providing easy-to-deploy and massively scalable IAM to fuel secure collaboration across the contemporary web.”

    The company’s Series B follows last month’s release of the latest version of ForgeRock’s Open Identity Stack, the only unified, 100% open source identity stack to secure applications and services across private, hybrid, and public clouds, as well as SaaS, mobile, and enterprise systems. The new release of the platform includes the latest versions of OpenAM and OpenIDM, extending platform flexibility by adding a single, unified REST API across the entire stack for building common identity services across consumer, mobile, social, and enterprise applications.

    “ForgeRock’s success in securing approximately 200 customers in less than 3 years and more than 300,000 downloads in over 135 countries positions it as the leading open identity and access management stack on the market,” said Bruce Golden, Partner at Accel Partners. “We look forward to helping the company continue to expand its presence globally and disrupt traditional approaches to IAM by developing a new IAM architecture that solves today’s enterprise challenges.”

    “In the past year, our growth across enterprise, cloud, social, and mobile environments has increased significantly. We are changing the relationship between businesses and their consumers, driving new business models and improving customer knowledge and trust,” said Mike Ellis, ForgeRock CEO. “In this round, it was important that we partner with investors that understand the profound transformation currently taking place in the identity market and the massive opportunity arising from this change. With Accel Partners and Foundation Capital we have found that fit.”

    About ForgeRock
    ForgeRock is pioneering open source identity and access management through innovation, simplification, and openness for all identity services. Dedicated to rethinking Identity Management for everyone across enterprise, social, mobile and the cloud, ForgeRock products support mission-critical operations with a fully open source platform. ForgeRock’s Open Identity Stack powers solutions for thousands of the world’s largest companies and government organizations. For more information and free downloads, visit www.forgerock.com or follow ForgeRock on Twitter at www.twitter.com/forgerock.

    About Foundation Capital
    Foundation Capital is a venture capital firm driven by the singular goal of changing the world — about leaving it a better place – by building great companies. It is this entrepreneurial spirit along with a deep technical expertise that gives the partners the understanding, perspective, and enthusiasm to help promising companies in their formative stages. Foundation Capital targets innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on-demand services. Foundation Capital maintains investments in nearly 70 ventures, including Calix, Financial Engines, Netflix and Silver Spring Networks. For more information, visit www.foundationcapital.com

    About Accel Partners
    Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, London, New York City and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has invested in over 500 companies, many of which have defined their categories, including Angry Birds (Rovio), Atlassian, Cloudera, ComScore, Dropbox, Facebook, Groupon, Imperva, JBoss, Kayak, Lookout, Playfish, QlikTech, Spotify, Supercell, Tenable, Varonis, Wonga and XenSource.

    The post ForgeRock Raises $15M appeared first on peHUB.

  • Reuters – Blackstone’s SeaWorld Plans $2.5B IPO

    Blackstone Group‘s SeaWorld Parks and Entertainment set the price range of its initial public offering at $24 to $27 per share, valuing the company at up to $2.5 billion. At the high end, the IPO would raise $540 million. SeaWorld and selling shareholders are selling 10 million shares each. The company plans to use the funds it raises to repay debt.

    (Reuters) – Blackstone Group’s SeaWorld Parks and Entertainment set the price range of its initial public offering at $24 to $27 per share, valuing the company at up to $2.5 billion.

    At the high end, the IPO would raise $540 million.

    SeaWorld and selling shareholders are selling 10 million shares each.

    The company plans to use the funds it raises to repay debt.

    SeaWorld, which is perhaps best known for its performing killer whale Shamu, applied for a $100 million IPO in December and raised this to $500 million on Monday.

    The amount of money a company says it plans to raise in its IPO filings is used to calculate registration fees. The final size of the IPO could be different.

    SeaWorld owns 11 theme parks under brands such as SeaWorld, Busch Gardens and Sesame Place, caring for more than 67,000 animals.

    Established operators in the U.S. theme park industry, which hosts about 315 million visitors per year, have proved resilient in a weak economy.

    Shares of amusement park operator Six Flags Entertainment Corp have risen about 19 percent since the beginning of the year, while those of Cedar Fair LP have risen about 16 percent.

    Blackstone acquired SeaWorld from brewer Anheuser-Busch InBev SA in December 2009 for $2.3 billion, according to the private equity firm’s website.

    U.S. IPO volumes rose about 65 percent in the first quarter as private equity-backed companies rushed to take advantage of a surge in share prices.

    Goldman Sachs and JPMorgan Securities are the lead underwriters for the offering. ()

    Orlando, Florida-based SeaWorld intends to list on the New York Stock Exchange under the symbol “SEAS”.

    The post Reuters – Blackstone’s SeaWorld Plans $2.5B IPO appeared first on peHUB.

  • Podcast: Who’s afraid of podcasts as a business? Not Earwolf

    Podcasts are an awesome way to connect your content with audiences, and they are especially good for doing so in an increasingly mobile world — but they aren’t necessarily awesome at generating money.

    Slate runs some of the best podcasts in the news business, but during a recent Reddit “Ask Me Anything,” editor David Plotz wrote “[Podcasts] are probably not profitable dollar for dollar directly, but they are so good for our brand that we might do them even if we didn’t make a dollar on them.”

    Another guy who is pretty bullish on the power of podcasting is Jeff Ullrich, Co-Founder and CEO of the Earwolf podcast network. Founded in 2010 and self-funded with $30,000, the network claims to have made a real business out of podcasting. According to Ullrich, the company generated more than $1 million in revenues last year with 70 percent of that coming from advertising.

    We thought Ullrich’s DIY approach to building a budding content empire was a nice complement to our upcoming paidContent LIVE conference (April 17 in New York City), which is all about how technology is changing the media business. So we sat down with him for our own podcast:

    (Download this episode)

    Subscribe to RSS

    iTunes

    Stitcher Radio

    Previous paidContent Podcasts:

    How Hugh Howey’s Wool became a self-published smash hit

    How Indie Game stayed indie and became a hit

    Related research and analysis from GigaOM Pro:
    Subscriber content. Sign up for a free trial.

          

    • Chinese auto giant building $200M factory to make EcoMotor’s efficient engines

      Startup EcoMotors has reached a “massive inflection point” in the life of its business, as Khosla Ventures partner Andrew Chung explained it to me in an interview last week. On Tuesday the five-year-old startup, which is backed by Khosla, Bill Gates and Braemar Energy Ventures, announced that it has struck a deal to have Chinese auto parts giant Zhongding Power build a $200 million factory in the Anhui Province in eastern China that will make EcoMotor’s efficient, low cost and light weight engines.

      The factory will be the first in the world building EcoMotor’s “opoc,” opposed piston, opposed cylinder engine, at a commercial scale. When it starts production in 2014, the factory will aim to produce 150,000 engines per year. There’s also an adjacent site that could expand production to 400,000 engines per year down the road.

      EcoMotorsStrategic deals with huge Chinese companies are becoming a valuable way for Valley cleantech startups to move into commercial production and actually have a chance at succeeding. In particular Khosla Ventures has been adept as of late at helping its companies navigate deals in China.

      Chinese parts company Wanxiang invested $420 million into GreatPoint Energy – a company based in Cambridge, Mass. that converts coal into cleaner-burning natural gas — in order to commercialize GreatPoint’s technology in China. LanzaTech, which turns gases emitted from industrial processes into biofuels and biochemicals, is working with Chinese coal producer Yankuang Group to build a coal to fuel project in China. Khosla Ventures has invested in both of these firms.

      By partnering with a giant like Zhongding, EcoMotors doesn’t have to raise and spend a lot of money on infrastructure. In return, Zhongding will sell the engines domestically in China — these particular engines will be powerful ones used for generators, off-road vehicles and commercial vehicles. Chung called the strategy “cleantech done right.”

      EcoMotors’ engine can be 20 to 50 percent more efficient, 20 to 25 percent lower in cost to buy, and half the size and half the weight of a traditional engine. For car manufacturers the capital savings are even greater — at 30 to 40 percent — when using EcoMotors engine to build an efficient vehicle. When placed in a passenger light weight vehicle, the engine could deliver a 100 MPG, 5-passener, car.

      The Chinese car market, as well as the engine market, are the largest and fastest growing in the world. And the Chinese government has set very aggressive goals to reduce the country’s air pollution and carbon emissions.

      EcoMotors is a particularly unusual investment for a venture capital firm because the internal combustion hasn’t seen much innovation in decades. But the global trends of needing this innovation are clear: more and more countries are pushing for lowered car emissions, air pollution is a massive problem throughout developing countries, and the cars that will catch on in the price conscious developing markets will be cars that use fuel efficiently and thus save their customers money. Other startups working on efficient engines include Pinnacle Engines, Achates Power, Grail Engine Technologies, and Transonic Combustion.

      Related research and analysis from GigaOM Pro:
      Subscriber content. Sign up for a free trial.

          

    • AFCOM Names Finalists for DC Manager of Year

      AFCOM, the world’s leading data center association, named the 2013 finalists for its annual “Data Center Manager of the Year” award, nominating Tate Cantrell, chief technology officer for Verne Global; Donna Manley, senior IT director, computer operations at the University of Pennsylvania; and David Shaw, senior vice president of IO. The award will be given at the Data Center World spring conference.

      These data center professionals are being honored for their outstanding leadership and excellence in the field. “We received many submissions this year for the DCMY award and like in the past the selection was difficult. These three individuals stood out at as leaders for their companies and have shown a high level of commitment to the Data Center industry,” said Tom Roberts, president of AFCOM and chairperson of Data Center World. “Their methods, innovations and contributions inspire all of us to keep moving forward toward continual improvement.”

      Tate_VerneTATE CANTRELL
      Verne Global

      Tate Cantrell, Chief Technology Officer at Verne Global

      Notable Achievement: Verne Global’s Icelandic campus is the industry’s first efficient, sustainable, recyclable, zero emission data center.

      Tate Cantrell is responsible for product design and development, and data center operations. Mr. Cantrell has overseen the build-out and operations of some the largest and most sophisticated data centers in the industry.

      • 15+ Years’ Experience
      • 25 Staff Members
      • Innovative designs utilizing geothermal and hydroelectric energy for power and cooling
      • ISO 27001 Certification Standard for Information Security
      Donna-ManleyDONNA MANELY
      U of Penna

      Donna Manley, Senior IT Director at the University of Pennsylvania

      Notable Achievement: University of Pennsylvania is the only Ivy League University Data Center with ISO 9001:2008 certification and HIPAA, PCI, and FISMA compliancy

      Donna Manley is a senior IT director at the University of Pennsylvania’s Information Systems and Computing (ISC) Systems Engineering and Operations organization. Ms. Manley evaluates evolving technologies and the changing demands of the Penn community, finding creative ways to prolong the life of the existing Data Center well beyond the expected capacity limits. Despite several additions to the Computer Operations’ services portfolio, process reengineering and workflow automation strategies have resulted in sustained staffing and budget levels over an eight year period.

      • 25+ years’ experience Data Center Management in various industry verticals
      • 28 Staff Members
      • IT Infrastructure Library (ITIL) V2 and V3 Certified – Foundations
      • President – AFCOM Mid-Atlantic Chapter (6 years)
      David-Shaw-tnDAVID SHAW
      IO

      David Shaw, Senior Vice President at IO

      Notable Achievement: Manages over 1.5 million square feet of data center capacity – including the world’s largest modular data center.

      As Senior Vice President at IO, David Shaw is responsible for IO’s global Data Center as a Service (DCaaS™). Mr. Shaw oversaw the opening of the world’s largest modular data center, IO.New Jersey, in Edison, New Jersey, and ensured that the data center was 100 percent operational during Hurricane Sandy and in its aftermath in late 2012.

      • 4 US data centers and currently implementing new data center in Singapore
      • 50 Staff Members
      • 25 years of global data center operations, engineering management & information technology experience
      • Certified Specialist in Information Technology Infrastructure (ITIL)

      More detailed bios on the Data Center Manager of the Year Finalists can be found at http://www.datacenterworld.com.

      The Spring Data Center World 2013 will be held April 28 – May 2 at Mandalay Bay in Las Vegas. The schedule for the Spring 2013 Data Center World can be found at http://www.datacenterworld.com/spring2013/attend/schedule-of-events/.

      To track the DCW conference on Twitter, follow @datacenterworld and search for the hashtag: #datacenterworld.

    • Firebase brings Google Docs-like collaboration to its real-time backend

      Firebase, which offers a real-time back-end for software developers, is adding capabilities that let developers easily build real-time collaboration into their applicatins, according to co-founder James Tamplin.

      Based on what it’s seen from its users, the San Francisco startup sees collaboration as a really big vertical, Tamplin said in an interview.”Many people have tried to build collaborative text editors like Google Docs but it’s really difficult. Users were using Firebase to synchronize their whole text block, but that’s not as efficient as Google Docs which just syncs the changes,” Tamplin added. Figuring out how to just deal with the deltas and how to handle re-dos and un-dos when multiple people work on the same thing at the same time is a really hard problem, he said.

      firepadscreen1

      “We actually replicated a full collaborative text editing library atop Firebase and are open sourcing it [under the MIT license],” he said.

      As GigaOM has reported, developers user Firebase to easily create and debug web applications without having to worry about server infrastructure

      If several people are collaborating on a WordPress blog post, if there is a Firepad plug-in, they would be able to work on the same document at the same time, with Firepad tracking edits and enabling re-dos as needed, Tamplin said.

      Atlassian is using Firepad  in a plug-in for Stash, a tool for managing Git code repositories. That add-on lets different team members edit code together. and startup LiveMinutes is using it to build a way to pull content out of Evernote and work with that content collaboratively, Tamplin said.

      What Firebase is doing with Firepad is similar to Etherpad, which Google bought in 2009 and Firebase competes in a broader sense with companies like Pusher and Pubnub.

      Being able to endow apps with collaboration is becoming table stakes for building the next wave of applications,  Tamplin said. “We want the next Twitter or Facebook to be built on Firebase,” he said.

      Related research and analysis from GigaOM Pro:
      Subscriber content. Sign up for a free trial.

          

    • Burgundy bounce lifts fine wines

      Investors are reaching for a glass of Burgundy as fine wines have enjoyed a more robust start to 2013 after the weaker performances seen in 2011 and 2012.

      Wine investors will rejoice that the Liv-ex 100 index, the industry’s main benchmark, has posted four consecutive monthly gains and is now 8.7 percent up from its last November low. Cellar Watch, the market data provider, says that the wider fine wine market has begun to recover over the last four months, with  the Liv-ex 100 having risen 7.3% year to date.  That’s not too far behind the 10 percent gain on the S&P500 and 8 percent on the FTSE100 share indices. And after a lacklustre couple of years, turnover in Liv-ex fine wine indices is also on the rise,  hitting a one-year high in March, up 21 percent on February.  (For the non-connoisseurs  among us, the Liv-ex Fine Wine 100 represents the price movement of 100 of the most sought-after fine wines for which there is a strong secondary market).

      Cellar Watch attributes the gains to the surge in interest in Burgundy, which increased its share of trade to 9% for the second time this year—well above its 2012 average of 5.5%. Top sellers were  Pape Clement (2010),  Pichon Baron (2004) and Talbot (2000) , with gains of 45.9 percent, 18.9 percent and 13.3 percent respectively.

      Cellar Watch notes that last month the DRC index, which tracks the price moves of recent Burgundy vintages, was just 1.8% shy of its April 2012 peak. In contrast,the Bordeaux 500 Index was off its peak of June 2011 by 13.2.

      But actually, Bordeaux, the mainstay of most wine investment portfolios, isn’t doing too badly either — Liv-ex Fine Wine 50—the Bordeaux equivalent of the DRC 50 Index—has gained 6.8%, Cellar Watch points out. The question now, according to Cellar Watch, is:

      With prices for DRC hitting new highs—often in excess of £2,000 per bottle— is this growth unsustainable? As the Bordeaux market gains more traction, will DRC continue to outperform?

    • Ghana: Final thoughts

      After 18 months my time in Ghana is up. In the frantic rush to pack up, leave and say goodbye I thought I would write down some final thoughts.

      A village in Northern Ghana. Picture: Henry Donati

      Warmth – of the humid tropical sun, of stifling evenings – yes, but of people as well. The richly infectious sound of Ghanaian laughter, humour in the language itself; ‘obruni wawu’ is the name for the piles of second hand clothes donated by well-meaning Westerners for sale in every market – it literally translates as ‘dead white man’s clothes’. Akpteshie – the fiery sugar cane spirit – the favoured drink at funerals, also known as ‘kill me quick’ – a name that gives some clues as to its effects.Ghanaian friends and colleagues will strongly disapprove, but I think Francophone West Africa does seem to do the finer things in life rather better – food, music, fashion, beer… But you just need to look across the rest of the region to see how well Ghana does in some of the things that really are more important to people’s every day lives: ethnic and religious tolerance, a free press, an (in many ways) booming economy, a vibrant democracy. Ghana doesn’t have the wide open landscapes of Namibia, not the stunning landscape and wildlife of East Africa, not even the beaches and mountains of Sierra Leone or the skyscrapers and public transport of Abidjan.What it does have is a sense of pride in a cohesive national identity, in its democratic tradition. Not the scars of apartheid which still run below the surface of South Africa, nor perhaps the growing geographical and religious divides of other West African countries.

      Wrought, perhaps, in the heady days of the 1950s and 60s after Ghana became the first African nation to gain its independence in 1957, this democratic sense was then submerged in murky periods of military rule, coup and counter coup through the 70s and 80s, before resurging in the 90s.

      The current President, John Mahama wrote his memoirs My First Coup D’Etat about his time in these so-called ‘lost decades’ in Africa: years of authoritarian rule, stagnation in politics, the economy, the arts. But in it he writes about how for some people like him, these lost years actually became an awakening, a time they began to find their own voices. The book opens with the poignant memory of himself as a 7 year old boy returning home from school to find his home empty, his father had disappeared; a minister in Nkrumah’s government, he had been imprisoned following a coup. Mahama writes that this moment was an “awakening of consciousness”, a coming to the realisation that this was not how things should be, and a determination to try to change them.

      Children at a village in Upper West Region. Picture: Henry Donati

      Kenyan author Ngugi Wa’Thiongo wrote a brilliant Garcia Marquez-esque novel called Wizard of the Crow, which brilliantly satirises the venal African kleptocrat in a fantastical but politically astute way. It shows a wickedly imagined stereotypical image of an African leader in those ‘lost decades’, and one that still might strike a little close to home for some leaders today, but not in Ghana. It is a vision that does not seem to fit in Ghana’s political and democratic history, or alongside Mahama’s warm, personally felt memoir. The democratic tradition, the cohesive sense of national identity which had been forged in Ghana’s early years re-emerged as democracy returned in the 1990s; it’s a democracy that can be loud, discordant and messy, and works through complex overlapping webs of ethnic and political allegiance; but people really do feel like they have a voice. This sense of democratic pride came out most clearly to me in December’s Presidential elections. Taxi drivers vigorously debated the different parties’ education policies, security guards would listen to the radio rapt to the epic 4 hour (!) long Presidential debates (partly funded by UK aid).As an election observer (read my blog about it here), everywhere I went I saw lines, hundreds long, of people waiting patiently in the baking sun for the chance to cast their vote, old men who had queued out in the open since the night before to have the chance to vote when polls opened at 7am. It was a privilege to witness a small part of Ghana’s democratic history.

      A new mother in front of her UK aid funded mosquito net

      And even in 18 months, I think about the growth of Accra I’ve witnessed – every day a new building going up, every night a new bar or restaurant opening, and all the time the traffic gets worse, battered tro tros jammed full of people lumbering along the roads billowing out acrid smoke.I think about the dynamism of some of the young people I met – some born and bred in Ghana, some returning from studying abroad, or children of Ghanaians who are visiting the land of their parents for the very first time. Where 20 years ago the talented people were leaving the country, now many are coming back. And they are young, energetic, creative, entrepreneurial – I think of my friends who’ve built property businesses from scratch, started think tanks, built mobile applications.

      And then I also think about the people this growth isn’t really touching at all – villages way out in Upper West region, hours from the nearest tarred road, clinic or electricity connection. Schools where teachers haven’t turned up, where children don’t have books.

      Girls in a ‘School for Life’ class. Picture: Henry Donati

      I think about my visits to UKaid-supported ‘School for Life’ classes. Seeing kids who had been forced to drop out of primary school, or who never had the chance to join in the first place, getting a second chance at education – something that should be every child’s right. Then meeting the parents, hearing them explain their determination that their children should have a better opportunity than they did.I think of the challenges ahead. A booming economy, but one still largely reliant on commodities and riding high on the first wave of reforms that came with democratisation in the 90s. Now as a middle income country Ghana really has to push for the second wave – reforming its public institutions and the way it manages its money, diversifying the economy – otherwise its progress will stagnate.I think about the contrasts. The juxtaposition of what seems to be tradition and modernity – chiefs in traditional dress welcoming you to their village, with one hand pouring the customary bottle of schnapps you’ve brought them onto the floor as an offering, and fiddling with their smartphones with the other.

      Meeting the Asantehene – who went from working in Brent borough council to becoming King of the Ashanti – who leads one of Ghana’s biggest ethnic groups and a royal lineage going back 300 years, who inherited a palace and a bling gold jewellery collection that would put most self-respecting rappers to shame. (See here)

      The variety of geography – rain-forested coastal Western Region, to verdant green and hilly Volta Region. The regions up north – the dry arid savannah where the harmattan wind sweeps in every January bringing the fine dust from the Sahara which filters out the sun. Here it’s a different world from the sprawling metropolis of Accra – mudcracked houses and dirt roads, subsistence farmers growing maize, cassava and rice.

      View over Ghana’s Volta Region. Picture: Henry Donati

      Visits to companies like Blue Skies – a firm previously supported by UK aid that works 24 hours a day taking fresh mangoes and pineapples from smallholder farmers and turning them into the packets of freshly chopped fruit you see on the shelves of Sainsbury’s and Waitrose a few hours later. And then less sustainable business models – towns I’ve been to in Ghana’s central region that are like the wild west, where small scale gold miners raze the ground and turn the rivers milky white with toxic chemicals as they dredge them in search of precious flecks of gold.

      The author and his coach in Jamestown

      My favourite place in Accra is the area around Jamestown –the oldest part of the city – ramshackle fishing villages, and crumbling colonial buildings. Famous for producing World Champion boxers (see here), I used to go there to learn boxing myself, picking my way across the courtyard littered with shattered tiles, broken bricks, and clapped out cars to find the Attoh Quarshie gym, a small dark room, with a couple of punch bags and a ring, and walls covered in tattered old posters advertising boxing matches. No fan or AC, only narrow windows, just wide enough to let the smells of smoked fish and burning rubbish in off the beach.I helped coach Ghana’s national rugby tournament as they played in a West Africa Sevens tournament. The World Cup this was not – the only support they received from the government was the loan of a minibus to take them to Togo (which broke down). The ‘athletes’ village’ was mattresses on the floors of the changing room, and they only had 1 supporter (who doubled as the bus driver). But the guys stood proudly singing the Ghanaian national anthem with tears in their eyes.

      Ghana’s rugby team sings the national anthem. Picture: Henry Donati

      I think about people we have lost – my friend who died in a traffic accident, relatives of colleagues and friends. Traffic lights that don’t work, street lamps that won’t light, roundabouts that cars don’t go round. Frustration, elation and enervation; plans that don’t work and work that doesn’t seem to plan. Endless battles with unreliable water, mobile reception, internet and electricity.

      Rainy season – torrents of water pouring down, rapidly blocking storm drains, flooding streets. Green tomatoes, green lemons, mounds of dried fish, joints of meat with clouds of flies gathering overhead, chickens – dead, alive and everywhere in between. And when you drive out of town – towers of pineapples tasting sweeter than you could ever imagine, cracked open coconuts cool and refreshing inside. Fishing boats along the coast – giant hollowed out tree trunks painted in bright colours with bible quotations emblazoned on the sides. Fishermen with gnarled hands mending nets. Heat and sweat, lights out and traffic jams. Sitting in the back of a pick-up truck in the tropical sunshine, coated in layers of dirt, bones aching from potholed roads.

       

      Fishing boats at Elmina

      Driving through towns and villages on Sunday mornings, people flocking to church in their Sunday best –loud African print skirts, brightly polished shoes. Churches that are Anglican, Methodist, Roman Catholic – and every other denomination imaginable.

      Roadside hawkers swooping in as traffic lights in town turn red – selling you fried plaintain, sachets of water and phone credit, but also items less immediately plausible as impulse buys. I’ve seen vendors selling stepladders, games of cluedo, broken mirrors, power drills and tummy trimmers.

      I’m moving to London to work for DFID there. But I’m sure I’ll be back.

      A child at a village in Northern Ghana. Picture: Henry Donati

    • VTB Capital to Acquire Minority Stake in Tricolor TV

      VTB Capital has acquired a minority stake in National Satellite Company, a Russian satellite TV operator. VTB Capital as a global investment bank and a financial investor will help Tricolor TV to increase value of its assets and get prepared for an IPO in few years.

      PRESS RELEASE

      VTB Capital announces today the acquisition of a minority stake in National Satellite Company, the largest Russian satellite TV operator operating under “Tricolor TV” brand.

      With its subscriber base over 12.4 million (registered subscribers) including paying subscribers of 9.12 million as of March 25, 2013, Tricolor TV is the leader of Russia’s pay TV market and one of the largest pay TV providers in Europe.

      VTB Capital as a global investment bank and a financial investor will help Tricolor TV to increase value of its assets and get prepared for an IPO in few years.

      Tim Demchenko, Global Head of Private Equity and Special Situations at VTB Capital, noted: “Investment in Tricolor TV is one more step in implementing VTB Capital’s private equity strategy to invest in consumer-related industries in Russia. We believe its strong market position and countrywide footprint will enable the company to capitalize on opportunities in rapidly growing Russian pay-TV market and successfully complete IPO in the next few years”.

      Alexander Makarov, CEO of National Satellite Company, said: “”Partnership with VTB Group is a strategic step which will allow the Company to get prepared for the next level of Company’s development.”

      Additional information:

      Tricolor TV is Russia’s largest satellite TV operator that has been broadcasting its digital channel package in the European part of Russia as well as the Siberian, Ural and Far East regions. According to British market research company IHS Screen Digest, Tricolor TV ranked first in the world for the pace of growth of subscriber base in 2012, it is the most popular Pay TV operator in Europe and is one of the five Pay TV world leaders. Tricolor TV holds the third position in the ranking of the world’s largest television operators according to the number of subscribers.

      Press Office

      Vadim Bely
      [email protected]

      Julia Govorun
      [email protected]

      Alexandra Shablovskaya
      [email protected]

      The post VTB Capital to Acquire Minority Stake in Tricolor TV appeared first on peHUB.

    • Active vs passive debate: the case of “monkeys”

      As CalPERS considers switching all of its portfolios to passive investing,  questioning the effectiveness of active equity investment, there have been some interesting findings that would stir up the active vs passive debate.

      Researchers at Cass Business School find that equity indexes constructed randomly by “monkeys” would have produced higher risk-adjusted returns (ie return adjusted by measuring how much risk is involved in producing that return) than an equivalent market capitalisation-weighted index over the last 40 years.

      How does this work? Using 43 years of U.S. equity data, researchers programmed a computer to randomly pick and weight each of the 1,000 stocks in the sample, effectively simulating the stock-picking abilities of a monkey.The process was repeated 10 million times over each of the 32 years of the study.  Nearly all 10 million indices weighted by chance delivered vastly superior returns to the market cap approach. Andrew Clare, co-author of the paper, says:

      “The results of this experiment showed that many of the monkey fund managers would have generated a superior performance than was produced by some of the alternative indexing techniques.  However, perhaps most shockingly we found that nearly every one of the 10 million monkey fund managers beat the performance of the market cap-weighted index.”

      But investment advisers are not fully convinced that active is the way. A survey by housing investment specialist Castle Trust shows one in three advisers do not believe they can beat the index over five years. Sean Oldfield, chief executive officer, Castle Trust says:

      “Concern over the long-term ability of active managers to outperform their benchmark indices is well-documented and is recognised by advisers. They clearly recognise the need to deliver long-term performance for their clients and that should mean at least a core holding of index- tracking investments.”

      The emergence of “smart beta” approach — kind of half way between active and passive investing — is prompting pension funds to reconsider equities. Read the analysis here.

    • EE to double the speed of its 4G network in the UK

      EE has announced plans to double the speed of its 4G network in 10 British cities, increasing the maximum theoretical speed to 130Mbps, or around 80Mbps in the real world. The mobile operator will also be doubling the average speeds for 4GEE customers to more than 20Mbps.

      Double-speed 4G, as the improved offering will be known, will be rolling out to Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, and Sheffield by the summer.

      Olaf Swantee, Chief Executive Officer, EE, said of the move: “We are ensuring that the UK remains at the forefront of the digital revolution. Having already pioneered 4G here, we’re now advancing the country’s infrastructure again with an even faster, even higher-capacity network, and at no extra cost to our customers”.

      According to EE, mobile data traffic is expected to grow by as much as 750 percent within three years, partially down to the speeds and possibilities offered by 4G.

      “Since we launched 4G, we’ve seen a huge shift in the way people are using mobile,” Swantee explains. “Video already accounts for 24 percent of all traffic on our 4G network — that’s significantly more than on 3G. Maps, mobile commerce, sat-nav tools and cloud services are all seeing a similar rise. Mobile users in the UK have a huge appetite for data-rich applications, and this will only grow as people become more familiar with and reliant upon next generation technologies and services. Our double speed 4G network will provide developers with the quality and speeds needed to develop the next wave of killer 4G apps. Whatever innovations they come up with, we’re ready”.

      By doubling the amount of the 1800MHz spectrum it currently allocates to its 4G network, EE’s UK mobile internet service will be one of the fastest in the world, bringing it line with Japan and placing it comfortably ahead of the US.

      EE has set itself a target of reaching one million 4G customers by the end of 2013. Rival mobile services O2, Vodafone and Three will be switching on their 4G services in the coming months.

      Photo credit: Digital Storm/Shutterstock

    • Full speed ahead, as EE reveals 4G boost for the summer

      The carrier EE has a head-start on 4G in the UK, but a recently-concluded spectrum auction will allow its rivals to join the party this summer. So, ahead of that, EE has announced that it will be doubling its LTE speeds in a few months’ time, reaching a “headline” speed of 80Mbps (i.e. the speed you will get if you’re dangling from a mobile mast with one hand) and a real-world average of over 20Mbps.

      EE gets to do this because it is using 1800MHz spectrum – formerly dedicated to 2G services – for its 4G. As it is the result of a merger of France Telecom and Deutsche Telekom’s UK operators, Orange and T-Mobile, it has an unusually large amount of this spectrum to play with (even after giving some to rival Three, and it will double the speeds by simply doubling the amount of 1800MHz spectrum it dedicates to LTE, from 10MHz to 20MHz.

      As well as warding off the threat of rival LTE carriers, the speed boost may also convince some consumers who see LTE as not that much faster than HSPA+, and therefore not worth the switch.

      Here’s what EE chief Olaf Swantee said in a statement:

      “We are ensuring that the UK remains at the forefront of the digital revolution. Having already pioneered 4G here, we’re now advancing the country’s infrastructure again with an even faster, even higher-capacity network, and at no extra cost to our customers.

      “Since we launched 4G, we’ve seen a huge shift in the way people are using mobile. Video already accounts for 24 percent of all traffic on our 4G network – that’s significantly more than on 3G. Maps, mobile commerce, sat-nav tools and cloud services are all seeing a similar rise. Mobile users in the UK have a huge appetite for data-rich applications, and this will only grow as people become more familiar with and reliant upon next generation technologies and services.”

      On the subject of take-up, EE said it hoped to have a million 4G customers by the end of the year:

      “Among 4G network rollouts around the world, converting 10 percent of pay monthly base after 24 months is considered to indicate a successful deployment. More than one million 4GEE customers would represent around 8 percent of the EE pay monthly user base, upgraded or acquired from rival networks within just 14 months.”

      The carrier added that it intended to trial carrier aggregation this year, combining spectrum from the different bands it has at its disposal – in addition to the 1800MHz spectrum, EE picked up 800MHz and 2.6MHz spectrum at the auction. Carrier aggregation is key to LTE-Advanced, the next generation of LTE and, technically speaking, the first mobile broadband technology that should be able to bear the moniker “4G”. EE also noted that it was working on supplying its customers with voice-over-Wi-Fi services — a move that might lessen the load on its LTE network — and voice-over-LTE.

      Right now, EE’s LTE network covers 50 towns and cities in the UK. The doubling of the speeds will affect customers in 10 of those cities initially, namely Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester and Sheffield.

      Here’s hoping EE also boosts the amount of data it offers for its 4G customers — the entry-level package there comes with just 500MB, which already doesn’t go far with 10Mbps usage speeds.

      Related research and analysis from GigaOM Pro:
      Subscriber content. Sign up for a free trial.

          

    • Reuters – Princeling-backed Firm Eyes $500m China Buyout Fund

      Nepoch Capital, a new private equity firm founded by the son of a former member of China’s politburo, has launched the first ‘princeling’ fundraising since the new government took power last month vowing to clamp down on cronyism and nepotism, writes Reuters. China’s so-called princelings, the sons and daughters of the country’s elite, have a long association with private equity funds, and their investments – and sometimes bumper profits from a swift exit from lucrative initial public offerings – have drawn accusations of favoritism and corruption, according to Reuters.

      Reuters – Nepoch Capital, a new private equity firm founded by the son of a former member of China’s politburo, has launched the first ‘princeling’ fundraising since the new government took power last month vowing to clamp down on cronyism and nepotism.

      China’s so-called princelings, the sons and daughters of the country’s elite, have a long association with private equity funds, and their investments – and sometimes bumper profits from a swift exit from lucrative initial public offerings – have drawn accusations of favoritism and corruption.

      The view that princelings have the inside track on investments through their families’ political connections is often what attracts investors, industry executives say.

      He Jintao, the son of He Guoqiang, who used to be in charge of Communist Party discipline, has quickly raised $200 million from investors despite a tough fundraising climate, and is expected to reach a target of as much as $500 million by the mid-year, two people with knowledge of the plans told Reuters.

      The success of He’s fundraising may put Beijing in an awkward position, so soon after Xi Jinping took over as China’s new president pledging to tackle widespread corruption within government. The behavior and wealth of the nation’s princelings came to symbolize that corruption.

      Four of the best-known funds with a history of high-level princeling involvement have raised a combined $10.4 billion for investments, according to Thomson Reuters and Preqin data.

      Their ranks include Liu Lefei, CEO of CITIC Private Equity Funds Management and the son of politburo standing committee member Liu Yunshan; Winston Wen, co-founder of New Horizon Capital and the son of former premier Wen Jiabao; and Jiang Mianheng, a board member at New Margin Venture Capital in the 1990s and son of former China President Jiang Zemin.

      INSIDE TRACK

      Despite Xi’s drive for more austere government and a clean-up of official excesses such as lavish banquets that fuelled social resentment, the Nepoch launch shows that princelings are still pursuing business interests, attracting investors through their political ties.

      “It’s getting harder to make money in Asia, and you need someone with an inside track,” said one investor in China private equity funds, explaining the strong interest in Nepoch.

      Skeptics question whether it’s realistic to expect the government to root out endemic Communist Party favors. They see princelings remaining active, though maybe less in plain view.

      “They will eventually find some way to find more distant relatives or find more subtle ways to control these economic resources,” said Ho-fung Hung, associate professor of sociology at Johns Hopkins University and author of “China and the Transformation of Global Capitalism”.

      Hung believes the opaque nature of private equity makes it more of a safe haven for princelings. “If you say Wen Jiabao’s family has connections to the gem and diamond industry, people immediately understand what that is and how it makes money,” he told Reuters in a telephone interview. “Most people don’t understand how private equity works. That’s why it’s under the radar and people’s reaction won’t be that strong.”

      Even if Nepoch’s founder operates entirely outside his father’s circle, the connection between the fund and He Guoqiang’s former position as head of China’s Central Commission for Discipline Inspection – responsible for stamping out corruption among government officials – is unavoidable.

      “In this market, everyone is looking for distinguishing factors. You could say this distinguishes the fund,” said the private equity fund investor.

      RESTRICTED INVESTMENT

      Investors in private equity funds usually meet the fund’s founders to discuss investment strategies before they commit money. At Nepoch, investors only get to meet He Jintao after they have agreed to invest, said one of the people familiar with the matter.

      Nepoch has already made two investments, including one in the technology, media and telecommunications sector, which is a restricted area for foreign investors, said the people with knowledge of the plans. They declined to name the investments.

      Duncan Zheng, a former principal at European buyout firm Triton Partners, is a co-founder with He, the people said, declining to be identified as they are not authorized to talk to the media.

      Nepoch, He and Zheng did not respond to phone calls and messages seeking comment for this article.

      Returns from China private equity have proved disappointing, and fundraising more than halved last year to $23.4 billion, according to Asia Venture Capital Journal data.

      (This story is corrected with spelling of Xi Jinping in para 5)

      (Additional reporting by Megan Zhao; Editing by Michael Flaherty and Ian Geoghegan)

      The post Reuters – Princeling-backed Firm Eyes $500m China Buyout Fund appeared first on peHUB.

    • Reuters – AXA Sells Duplomatic Oleodinamica to Progressiosgr

      AXA Private Equity is selling Duplomatic Oleodinamica to Progressiosgr. The PE business will sell its majority 88 percent stake in Duplomatic Oleodinamica.

      Reuters – AXA Private Equity: * AXA Private Equity sells Duplomatic Oleodinamica to Progressiosgr * AXA Private Equity to sell its majority (88 percent) stake in Duplomatic

      Oleodinamica.

      The post Reuters – AXA Sells Duplomatic Oleodinamica to Progressiosgr appeared first on peHUB.

    • Adknowledge Acquires SocialWeekend Labs

      Adknowledge has acquired Montipay, doing business as SocialWeekend Labs, which operates a portfolio of Facebook and mobile apps and has built tools to help app developers acquire, engage and retain users. SocialWeekend, which was founded by Shane Walker, Andrew Tso and Fariz Chowdhury, was backed by Great Oaks Venture Capital, Brad Harrison Ventures, and a number of prominent angel investors.

      PRESS RELEASE

      Adknowledge announced today that it has acquired Montipay, Inc., doing business as SocialWeekend Labs, which operates a portfolio of popular Facebook and mobile apps and has built robust tools to help app developers acquire, engage and retain users.
      SocialWeekend Labs is attractive for both its technology, which helps developers easily add powerful Facebook and mobile marketing features to their apps, and its incredible roster of talent. The company has one of the industry’s most experienced social media user acquisition teams, which has helped build some of the largest social applications and networks in the world, including Hi5.
      “SocialWeekend has a first-class team of engineers with proven user acquisition expertise,” said Ryan Stephens, general manager of Adknowledge’s Apps business. “They can help us take our already-robust marketing suite for app developers to an entirely new level.”
      The companies seek to combine SocialWeekend Labs’ app promotion technologies with Adknowledge’s capabilities in ad monetization and paid user acquisition to build a revolutionary toolset for app developers to grow their audiences and maximize revenue. Adknowledge, the only company Facebook has designated as both an Ad Provider and Strategic Preferred Marketing Developer via its AdParlor unit, is eager to offer additional tools that leverage the Facebook platform for app developers.
      “Our companies together possess an unrivaled set of tools for Facebook and mobile app developers to maximize revenue and acquire more users cost-effectively,” said Shane Walker, founder of SocialWeekend Labs. “We’re really excited about the combination.”
      SocialWeekend, which was founded by Shane Walker, Andrew Tso and Fariz Chowdhury, was backed by Great Oaks Venture Capital, Brad Harrison Ventures, and a number of prominent angel investors. The entire SocialWeekend team, already based in San Francisco, will join Adknowledge’s office there.
      About Adknowledge
      Adknowledge is a leading online network that offers unique ad formats, data analysis, targeting algorithms, and creative approaches, providing advertisers with quality leads from hard-to-reach places on the Web across multiple channels, including social networks, display, games, mobile, apps, and email. With hundreds of employees located throughout North America, plus growing offices in Europe and Asia, Adknowledge aims to set the standard in optimizing online advertiser ROI.

      The post Adknowledge Acquires SocialWeekend Labs appeared first on peHUB.

    • Veteran Digital Exec Rapp Joins Technology Studio Science

      Science Inc, a technology studio that creates, acquires and scales successful digital businesses, has appointed Jason Rapp as a managing director. In his new role, Rapp will find and develop new opportunities for the science portfolio and offer strategic counsel to the firm and its existing portfolio companies as they mature and grow.

      PRESS RELEASE

      Science Inc., the technology studio that creates, acquires and scales successful digital businesses, announces that Jason Rapp has joined as Managing Director.

      In his new role, Mr. Rapp will find and develop new opportunities for the Science portfolio and offer strategic counsel to the firm and its existing portfolio companies as they mature and grow.

      “I’m thrilled to team up with Mike Jones, whom I’ve known and admired professionally for years,” said Mr. Rapp. “He and the Science team have taken an innovative approach to building great companies. I’m excited to join them as they grow Science into a truly transformative enterprise and a powerful force within the startup ecosystem.”

      “Jason is an accomplished digital media executive, known and respected in Silicon Valley, New York and here in Los Angeles. He’s a great example of the caliber of talent we want at Science. He is ideally experienced to help us build our existing businesses and to launch and acquire new ones. I’m ecstatic to be working with him,” noted Michael Jones, CEO of Science Inc.

      Mr. Rapp is an executive, investor and advisor to digital media and technology companies. He has consulted start-up companies on fundraising, M&A, strategy and business development and advised larger companies with digital market entry.

      Prior to joining Science, Mr. Rapp was the president and member of the board of directors of Mahalo.com, the educational app and video company. From 2006-2009, he was a senior executive in Barry Diller’s IAC corporation (Nasdaq: IACI) where he served as CEO of Gifts.com and ran IAC’s mergers and acquisitions operation in New York.

      Prior to his work at IAC, Mr. Rapp was an executive at The New York Times Company, serving as Associate General Manager and head of operations for NYTimes.com, the leading newspaper web site. He also held management positions in operations, strategy and corporate development.

      He is a member of the board of directors of Blip Networks, and an advisor to several dynamic start-ups.

      About Science
      Based in Santa Monica, Calif., Science Inc. is a technology studio that creates, acquires and scales successful digital businesses by bringing together the best ideas, talent, resources and financing through a centralized platform. Science focuses on three things: developing new businesses, providing emerging startups with operational strategy and capital and transforming later-stage Internet ventures with new talent and innovation. The company has more than 13 investments with dynamic companies such as DollarShaveClub, DogVacay, Ellie, Uncovet and others.

      The post Veteran Digital Exec Rapp Joins Technology Studio Science appeared first on peHUB.