Tag Archives: Tech Insider

The startup that was supposed to be the first tech IPO of 2017 pulled a shady move on some of its own bankers (CSCO)

David Wadhwani AppDynamics

It looks like AppDynamics’ last-minute deal to sell itself to Cisco — rather than go public as planned — was a surprise to more people than just investors.

Some of the bankers working on the initial public offering, or IPO, were kept out of the loop until “moments before” the press release, according to Bloomberg’s Alex Sherman and Alex Barinka.

Morgan Stanley, Goldman Sachs, and JPMorgan were the lead banks on the IPO, according to an SEC filing, with Barclays, UBS, Wells Fargo, William Blair, and JMP Securities also acting as underwriters.

But AppDynamics hired the boutique bank Qatalyst to work on a sale behind the scenes, according to the the report. During the IPO roadshow they held late-night meetings in hotel rooms after underwriters and investors had left for the day, Bloomberg reported.

Fortune’s Erin Griffith reports that Morgan Stanley and Goldman Sachs advised on the sale along with Qatalyst.

While Cisco has been interested in a deal with AppDynamics for months, Fortune reports that it wasn’t until late last week that the company decided to go after a merger “aggressively.”

Qatalyst founder Frank Quattrone is a long-time adviser to Cisco, which frequently acquires companies.

It’s worth noting Cisco has made this sort of play before. Back in 1999, the company paid about $7 billion to buy Cerent shortly before that company was to go public. Credit Suisse First Boston, whose head of technology at the time was Quattrone, advised on that sale.

SEE ALSO: The first tech IPO of 2017 is canceled: Cisco is buying AppDynamics for $3.7 billion

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NOW WATCH: The Property Brothers teach the actual meaning of tricky real estate ‘code words’

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Ex-Microsoft COO Kevin Turner is already out from his hedge fund job

Kevin Turner Citadel

Kevin Turner who left the Microsoft COO position in July to become CEO of hedge fund Citadel Securities, is already out at Citadel, the company says.

Turner is being replaced by long-time Citadel exec Peng Zhao who currently serves as vice chairman of Citadel.

Zhao had previously been global head of market making for Citadel Securities. He joined the company in 2006 and worked his way up from a senior quantitative researcher role.

Citadel Securities provides automated market making and execution services. It trades products like equities, equity options, and interest rate swaps for retail and institutional clients. The hire of a former Microsoft exec came a time when technology is becoming an increasing part of the financial system.

However, Turner was never a technologist at Microsoft. He ran sales and marketing. And he came from the tight-margin world of retail, cutting his teeth at Walmart, spending nearly two decades there where he worked his way up from a cashier to chief information officer and later president and CEO of the Walmart-owned retailer Sam’s Club.

Turner then spent 11 years at Microsoft and was a major part of former CEO Steve Ballmer’s brain trust. Turner was at one time in the running to be named CEO of Microsoft after Ballmer announced his retirement. Obviously, the job went to Satya Nadella instead.

He was known as a tough operator and wasn’t particularly beloved at Microsoft by the employees, several Microsoft employees told us. When he left, they took an anonymous chat app called Blind to basically cheer his departure.

A person close to Citadel tells us that Turner sent a nice note to the CS team when his departure was announced and Ken Griffin, CEO of this unit’s parent company Citadel, also publicly wished Turner well, sending us this statement:

“I am pleased to announce Peng Zhao has been named CEO of Citadel Securities. I want to thank Kevin Turner for his leadership and the lasting impact he made on our firm. Kevin has made important contributions across many areas of Citadel Securities.”

Turner also had polite things to say about Griffin with this statement: “I want to thank Ken Griffin for his friendship and support, and for the opportunity to be a part of one of the most respected financial services companies in the world. I wish him and the entire team continued success.”

SEE ALSO: Microsoft employees took to an anonymous-chat app to rejoice after their COO left

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14,900 nukes: All the nations armed with atomic weapons and how many they have

The Bulletin of the Atomic Scientists has advanced its symbolic Doomsday Clock by 30 seconds, suggesting humanity is an alarming 2 minutes and 30 seconds away from the brink of an apocalypse.

It’s a dramatic statement, but the clock’s annual movement is determined by a board of preeminent global security and scientific experts, including 15 Nobel laureates. And they’re deadly serious.

Each shift takes into account major threats to civilization, including climate change. However, it assesses — first and foremost — the threat of nuclear war.

This year the Bulletin is especially concerned with the rise of totalitarian and authoritarian regimes, and North Korea’s recent weapons tests. But in an unusual move, it took aim at President Donald Trump’s aggressive rhetoric on expanding US weapons programs, including his desire to proliferate atomic weapons — just one of which can wipe out millions of people in a matter of seconds — to other countries.

The Bulletin’s board said in its full statement that, while it “takes a broad and international view of existential threats to humanity” and “the statements of a single person […] have not historically influenced” its decisions, “wavering public confidence in the democratic institutions required to deal with major world threats do affect the board’s decisions.”

Below is a map that shows which countries have nuclear warheads and the best estimates of how many.

BI Graphics_Nuke Count

SEE ALSO: 8 terrifying ways the world could actually end

DON’T MISS: This is the most dangerous thing President Trump has said yet

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NOW WATCH: This Cold War-era technology could safely power the world for millions of years

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Details on Snap's $25 billion IPO are expected to be revealed next week

Evan Spiegel

All of Silicon Valley is holding its breath for the IPO details on Snap, parent company of Snapchat. The company is already did a private filing with the SEC but the public S-1 documents have not been made available yet.

That will change soon, probably late next week, unnamed sources told Re/Code’s Kara Swisher. If true, that could mean that the actual IPO will likely occur in March, Swisher says, if Snap does a classic nine week road show pitching itself to potential investors. 

This is a closely watched IPO for a few reasons. One is the sheer size of it. Sources have told Business Insider that the offering could value Snap between $20 billion and $25 billion. 

Snap is also an incredibly secretive company, so the SEC prospectus documents should reveal a lot of information about the company and its business operations.

Evan Spiegel, the 26-year-old CEO and cofounder of Snap, is being pitched as the “visionary,” to potential investors who may not be as familiar with the product, given that its core audience of 150 million daily users is predominantly young Millennials.  

SEE ALSO: Evan Spiegel is selling his vision to investors ahead of Snap’s huge IPO

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NOW WATCH: Here’s the gorgeous trailer for ‘Super Mario Odyssey’ — the first Mario game for Nintendo Switch

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Snap will reportedly file publicly for its massive IPO late next week

Evan Spiegel Snap — the makers of Snapchat — had confidentially filed for its IPO late last year, but it looks like we’ll be getting a look at the inner guts of the company’s financials and workings as early as late next week. The company will file publicly for its initial public offering late next week, according to a new report from Kara Swisher over at Recode. This is yet… Read More

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Protestors still plan to march along Mark Zuckerberg's Hawaiian wall

Mark Zuckerberg

Hundreds of Hawaiians still plan to march in protest on Saturday along the six-foot-high wall that Mark Zuckerberg built in Kauai, despite the Facebook CEO’s decision to drop lawsuits that would compel some of them to give up ownership of their land.

The protest’s organizer, a local hibiscus farmer named Joe Hart, told Business Insider on Friday that “the march is on” because “the Kupuna Elders won’t accept him dropping the suit while his partners continue on his behalf.”

Kupuna is a Hawaiian term for elder. Hart is encouraging people who attend the march to blow conch shells and bang drums in peaceful protest.

“People are furious down here with him,” Hart told Business Insider in an earlier interview on Thursday. He explained that Zuckerberg’s move to file so-called quiet title action lawsuits wasn’t the only reason locals had become enraged.

Neighbors of Zuckerberg like Hart have said the Facebook CEO’s security team has used intimidation tactics to keep them off the public beaches and trails that intertwine with Zuckerberg’s mostly undeveloped property. Hart said he was recently confronted by security guards while walking along a public beach adjacent to Zuckerberg’s property. Similar encounters have been reported by other locals.

According to Hart, another source of contention is the location of Saturday’s planned protest: the six-foot-high wall Zuckerberg built last year. He said that the wall had cut off access to an inherited parcel of land, or “kuleana,” that the original owner’s family members had been able to access.

Representatives for Mark Zuckerberg declined to comment.

SEE ALSO: Mark Zuckerberg comes out against Trump’s orders on immigration

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THE IoT 101 REPORT: Your essential guide to the Internet of Things

IOT

You’ve likely heard the phrase Internet of Things, or IoT, at some point if you have been following any tech news in the last several years.

But at the same time, you might be scratching your head figuring out what it is or what it means past a flashy buzzword.

Simply put, the IoT refers to the connection of devices (other than typical fare such as computers and smartphones) to the Internet. Cars, refrigerators, juicers, wine racks, heart monitors, ovens, watches, and more are all candidates for connection.

A new report from BI Intelligence, Business Insider’s premium research service, called IoT 101: The Essential Guide to the Internet of Things, outlines the basics of the IoT and what this next wave of technology means to the everyday individual. The report dives into key IoT terms, predictions and trends for the IoT in the next five years, the industries that the IoT will affect the most, and the biggest challenges facing the IoT.

Here are the key takeaways from the report:

  • The IoT will surge into the mainstream by the end of this decade to include 24 billion devices. This would mean that approximately four IoT connected devices would exist for every human being on the planet.
  • Governments and companies will invest billions of dollars into IoT devices in the next few years. And that investment will pay off by generating trillions of dollars by 2025.
  • The IoT will profoundly transform daily life for governments, consumers, and businesses. These changes will occur in transportation, agriculture, utilities, smart cities, and more.
  • There are dozens of companies with their hands in the IoT space, and more will soon join them. The list includes Apple, Cisco, Microsoft, Fitbit, IBM, Google, Amazon, and more.

In full, the report:

  • Reveals the best IoT companies in which to invest.
  • Explains why system integration is the biggest challenge to those in the IoT space.
  • Details the biggest security and privacy issues that the IoT creates.
  • Dives into the 5 Stages of the IoT and explains why many companies have yet to fulfill the IoT’s true potential.

To get your copy of this invaluable guide to the IoT, choose one of these options:

  1. Purchase the Ultimate IoT Reports Bundle to receive this report PLUS 36 other expertly researched IoT reports. SAVE 89% >> BUY THE BUNDLE
  2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the IoT.

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Mark Zuckerberg comes out against Trump's orders on immigration (FB)

Mark Zuckerberg

Mark Zuckerberg came out against President Trump’s executive orders on immigration policy in a lengthy post on his Facebook page Friday.

“Like many of you, I’m concerned about the impact of the recent executive orders signed by President Trump,” Zuckerberg said, referencing the orders Trump signed earlier this week to build a wall along the U.S.-Mexican border and prioritize the deportation of undocumented immigrants from so-called sanctuary cities in the U.S.

“We need to keep this country safe, but we should do that by focusing on people who actually pose a threat,” the Facebook CEO continued. “Expanding the focus of law enforcement beyond people who are real threats would make all Americans less safe by diverting resources, while millions of undocumented folks who don’t pose a threat will live in fear of deportation.”

While he was critical of Trump’s stance on immigration during the presidential campaign, Friday’s post is the first time that Zuckerberg has publicly addressed the president’s policies since the inauguration. His comments also come one day after Facebook COO Sheryl Sandberg voiced her opposition to Trump’s anti-abortion executive order.

In his post on Friday, Zuckerberg said he remained optimistic about Trump’s vague commitment to protecting “Dreamer” immigrants who were brought into the U.S. at a young age from deportation.

“I’m also glad the President believes our country should continue to benefit from ‘people of great talent coming into the country,'” Zuckerberg said. Trump has proposed a “merit-based” immigration policy that he’s said will directly benefit tech companies like Facebook that already rely on being able to hire skilled workers from other countries.

Zuckerberg has been an immigration reform activist for years, dating back to his cofounding of the FWD.us lobbying group in 2013. Despite recent speculation that Zuckerberg is interested in getting into government, the billionaire was noticeably absent from Trump’s recent meeting with tech CEOs.

Here’s Zuckerberg’s full post on Trump’s immigration orders from Friday:

My great grandparents came from Germany, Austria and Poland. Priscilla’s parents were refugees from China and Vietnam. The United States is a nation of immigrants, and we should be proud of that.

Like many of you, I’m concerned about the impact of the recent executive orders signed by President Trump.

We need to keep this country safe, but we should do that by focusing on people who actually pose a threat. Expanding the focus of law enforcement beyond people who are real threats would make all Americans less safe by diverting resources, while millions of undocumented folks who don’t pose a threat will live in fear of deportation.

We should also keep our doors open to refugees and those who need help. That’s who we are. Had we turned away refugees a few decades ago, Priscilla’s family wouldn’t be here today.

That said, I was glad to hear President Trump say he’s going to “work something out” for Dreamers — immigrants who were brought to this country at a young age by their parents. Right now, 750,000 Dreamers benefit from the Deferred Action for Childhood Arrivals (DACA) program that allows them to live and work legally in the US. I hope the President and his team keep these protections in place, and over the next few weeks I’ll be working with our team at FWD.us to find ways we can help.

I’m also glad the President believes our country should continue to benefit from “people of great talent coming into the country.”

These issues are personal for me even beyond my family. A few years ago, I taught a class at a local middle school where some of my best students were undocumented. They are our future too. We are a nation of immigrants, and we all benefit when the best and brightest from around the world can live, work and contribute here. I hope we find the courage and compassion to bring people together and make this world a better place for everyone.

SEE ALSO: After months of silence, Sheryl Sandberg took a stand against Trump

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ICYMI – Campaign APIs, desktop app magic and improved analytics

Developers, developers, developers!

We’ve got quite a few updates for you this week, ranging from the upcoming live event to improved analytics for your apps in the Windows Store. Read on to see our recap of the past week.

Windows Developers Day – Creators Update

Only a few days left to RSVP for the upcoming Windows Developers Day – Creators Update. You definitely don’t want to miss this event! Click the below tweet to find out how to RSVP and see a schedule of the sessions.

Campaign APIs for the Windows Store

We are very excited to announce the release of campaign APIs for the Windows Store. Using these REST APIs, media agencies can promote apps and manage their ad campaigns easily. ‘Promote your App’ is a feature within DevCenter that allows you to create ad campaigns for your apps to grow your audience and engage with them. Using ‘Promote your App,’ you can leverage advanced targeting capabilities and use our popular ad templates to advertise your apps among Windows users.

Calling Windows 10 APIs from a Desktop App

So here’s a question that generates a lot of confusion. Can PC software written in WPF, WinForms or MFC access the Windows 10 APIs used by the Universal Windows Platform (UWP)?

The answer is yes. There are some exceptions to this rule (and we’ll go over how to find them), but in general you can access the Windows 10 APIs. Or put a different way, there are no secret APIs being kept away from Windows developers.

Windows Store Analytics Updates

The team has enabled two new features that will simplify reporting even further: the Windows Store Analytics API set for both Advertising Performance Reporting and App Promotion Performance Reporting.

The Windows team would love to hear your feedback. Please keep the feedback coming using our Windows Developer UserVoice site. If you have a direct bug, please use the Windows Feedback tool built directly into Windows 10.

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New Ad Performance and App Promotion Performance Reporting in Windows Store Analytics API

The team in charge of the Windows Store and Dev Center tools is constantly working to make your dev life simpler. Take the release of the Windows Store analytics API in March as an example — they hear your feedback and work to make sure our features are top notch and as up-to-date as possible.

Now, the team has enabled two new features that will simplify reporting even further: the Windows Store Analytics API set for both Advertising Performance Reporting and App Promotion Performance Reporting.

These API methods have long been a top request, and we are excited to have them ready and available for you and your team to use right now!

As with the original analytics API, these new methods provide the information you once had to navigate in a dashboard via a simple REST method. These methods simplify information retrieval, so you no longer need to log into the Dev Center Advertising Performance Reports and the App Promotion Campaign Performance Reports for every piece of information. And the data can now be assessed with your favorite analytics tools – from Microsoft Excel to Power BI.

With unprecedented analytics access right at your fingertips you can retrieve data, collate it and format it to best suit your needs. This enables easier assessment of trends and improved ability to analyze your apps and campaigns’ performance over time (and in comparison to other apps and campaigns).

Several top Windows and Windows Mobile developers have already started using these methods to better integrate the data from the Windows Store into their internal reporting frameworks. “The Dev Center reporting API was easy to integrate and lets us access all of our earnings and campaign reporting in one place,” said Jake Poznanski, co-founder of Random Salad Games, which tracks over 90 apps for its publisher-partners using the Dev Center API and PowerBI. “The reporting API is indispensable if you are a serious publisher on the Windows platform.”

They are finding them extremely useful and vital to their planning and lifecycle management. We hope that you will too!

Get started with the Windows Store Analytics API here, and check out the new Ads performance reporting and Ad campaign performance reporting API – then let us know what you think!

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