GIC in consortium to buy cyber-security firm McAfee for over $18.9 billion
NEW YORK (AFP) - US cyber-security firm McAfee announced on Monday (Nov 8) that it will be sold to a group of investors for more than US$14 billion (S$18.9 billion), just over a year after going public. The consortium led by Advent International Corporation and Permira Advisers will pay about US$12 billion in cash to acquire all of McAfee's outstanding shares, with the cost rising to more than US$14 billion when the company's debt is added. The investor group also includes Crosspoint Capital Partners, Canadian pension fund CPP Investments, Singapore sovereign wealth fund GIC and a subsidiary of the Abu Dhabi Investment Authority sovereign wealth fund. The sale is the latest episode in the history of the company founded by cyber-security pioneer John McAfee in 1987, the namesake of the antivirus software. The firm once went public in 1992, then again in 1999 following a merger, before Intel bought it for about US$7.7 billion and delisted it in 2011. Following an integration process that observers viewed as fraught, Intel in 2016 then spun McAfee off from its core business, keeping a large stake but handing control to investment company TPG Capital. McAfee returned to the stock marke...
Aircraft engine manufacturer Pratt & Whitney to hire 250 people in S’pore over a year after Covid-19 layoffs
SINGAPORE - Aircraft engine manufacturer Pratt & Whitney will hire 250 new staff by the end of the year, in a move that shows the aviation and aerospace sector is slowly getting back on its feet. The United States-based firm had retrenched 400 staff at five of its six facilities here in August last year due to the impact the Covid-19 pandemic had on the industry. It had employed about 2,000 workers in Singapore. Mr Tim Cormier, Pratt & Whitney's vice-president of aftermarket operations in Asia-Pacific, told The Straits Times on Friday (Oct 8) that the firm had started hiring workers in the last few months. Most of the new hires will be hourly workforce technicians and production associates, said Mr Cormier, but they will be complemented by salaried workforce made up of degree and diploma holders as well. Asked whether the new staff are filling up the roles left by those who were retrenched or if they are taking on new roles, Mr Cormier said they are doing both. "There is some volume-related hiring we need to do, which would lend itself to bringing back some of the employees, or at the very least, some of the same skill sets that we have. "But our eyes are trained on the future... t...
Pacer Ventures announces Pacer Labs, Pan-African software development firm
LAGOS, Oct 4, 2021 - (ACN Newswire via SEAPRWire.com) - Sub-Saharan Africa venture firm Pacer Ventures is set to further unlock the power of digital transformation in Africa with the launch of Pacer Labs, a software development firm born to support the African digital ecosystem and the growth of forward-looking organisations by harnessing the power of advanced technologies.Projections indicate that Africa will be the world's next tech talent center due to the emerging mobile population. This in turn inspires Pacer Labs' confidence for the future market in Africa, positioning them at the forefront of the push towards maximising the tech talent of the African economy.Ray Sharma, Chairman, Pacer Labs and Founder, Extreme Venture Partners and XtremeLabs, says "Pacer Labs aims to become Africa's leading software development firm as measured by sales and employees by 2025, leveraging the success of XtremeLabs and a soon-to-be-announced global partner for the success of Pacer Labs and its customers. Africa has risen. Pacer Labs is set to help deliver efficiency and digital transformation."The true acceleration potential of the African continent lies in the rapid spread of mobile digital t...
Crypto Financial Services Firm Blofin Raises US$12 Million Series A2 Led by KuCoin Eco Fund
BEIJING, Sep 27, 2021 - (ACN Newswire via SEAPRWire.com) - Crypto financial services firm Blofin has raised US$12 million in a series A2 round of financing, led by KuCoin Eco Fund, followed by Matrix Partners, Lingfeng Capital and Fenbushi Capital. In March of this year, Blofin finished a US$10 million A+ round of financing led by SIG and Matrix Partners.At present, Blofin's current global assets under management (AUM) has reached US$150 million. As a Cayman Island registered crypto finance service agency, its proprietary quantitative database covers over 50+ exchanges worldwide through real-time data and is connected with over 200 global quantitative trading teams.Blofin also provides crypto asset management services by focusing on small and medium sized Quantitative Hedge Funds to provide capital investments, lower trading fees, and other financial services.With this new round of financing, Blofin will onboard more talent to develop new products and apply for more licenses globally. Blofin obtained the US federal MSB license (the last four digits are 0143) signed by FinCEN two weeks ago. Blofin is close to securing additional digital asset management licenses for Hong Kong, Singa...
Malaysia says auditor KPMG to pay $108 million in 1MDB settlement
KUALA LUMPUR (REUTERS) - Malaysia said audit firm KPMG has agreed to pay a US$80 million (S$108 million) settlement to resolve all claims related to their fiduciary duties on auditing of 1Malaysia Development Berhad (1MDB) accounts from 2010 to 2012. The Finance Ministry said in a statement on Thursday (Sept 16) that the settlement will conclude a lawsuit filed against the auditor in July, and that KPMG will expedite the payment. KPMG confirmed to Reuters in an e-mail that a settlement has been reached in the claim filed against a number of current and former partners at the audit firm in Malaysia. "This settlement represents a collective agreement by all the parties, including the Malaysian government," it said. The outcome, it said, will enable all involved to "move forward", and for the firm to focus on building public trust. The Finance Ministry said the settlement was valued at more than 800 times the audit fees earned by KPMG, which "represents one of the largest 1MDB-related settlements by an audit firm in South-east Asia". The government, 1MDB and its subsidiaries filed a US$5.6 billion lawsuit against 44 current and former partners at the audit firm on July 6, allegations ...
China’s mRNA vaccine firm Abogen raises over $955m from investors including Temasek
BEIJING (REUTERS) - China's Suzhou Abogen Biosciences said on Thursday (Aug 19) it has raised over US$700 million (S$955 million) to support clinical development of its potential Covid-19 vaccine and expand pipeline of other vaccine and treatment candidates. Abogen's potential shot against the new coronavirus, which it is jointly developing with a research institute affiliated with Chinese military and Walvax Biotechnology, adopts the messenger RNA (mRNA) technology. The candidate ARCoV is being tested in a phase three clinical trial. The fund-raising was led by seven investors, including Singapore's state investment firm Temasek Holdings and Hillhouse-backed GL ventures, Abogen said in a statement. More on this topic Related Story MRNA vaccine access carves up world into haves and have-nots Related Story China to approve mRNA Covid-19 vaccine soon
Non-profit organisation seeks to build connections between youth in Asean and China
SINGAPORE - It was her knowledge of Malay that helped Ms Lee Zi Xin, 26, land an internship in a venture capital firm in what some would consider an unlikely place - China. Having spent six years learning Malay as a third language in school as well as having done her master's degree in Mandarin, Ms Lee's strong bilingual ability allowed her to function as a channel between the firm and start-ups in Malaysia and Indonesia. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
Temasek among investors in Brookfield’s $9.5 billion global energy transition fund
NEW YORK (REUTERS) - Canadian investment firm Brookfield Asset Management said on Tuesday (July 27) it has raised US$7 billion (S$9.5 billion) for the first close of its fund that invests in renewable power companies and businesses that aim to achieve carbon neutrality. The Brookfield Global Transition Fund, which has a target of $12.5 billion, secured commitments from two of its anchor investors: Canada's Ontario Teachers' Pension Plan Board and the Singaporean sovereign investment firm Temasek Holdings. Other fund investors include the Investment Management Corporation of Ontario and Canada's PSP Investments. Brookfield said its new fund, possibly the largest energy asset vehicle to date, will allow it pursue large-scale "decarbonisation-driven investment opportunities". "Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition," Mr Mark Carney, the former governor of the Bank of England and head of transition investing at Brookfield, said in a statement. More on this topic Related Story Temasek-backed payments firm Conductor readies US IPO: Sources Related Story Sydney firm bucks hybrid work trend, adds more space and pi...
Temasek-backed payments firm Conductor readies US IPO: Sources
SAO PAULO (REUTERS) - Brazilian payments firm Conductor has hired banks for an initial public offering in the United States that could come as early as this year, as Latin America's financial sector is enlivened by the arrival of several newcomers, three sources familiar with the matter said. Conductor, which is backed by venture capital firm Riverwood Capital and payments processor Visa, is a provider of technology for financial services. Its tools allow retailers, banks and financial startups to offer credit cards and payment wallets to their clients, for instance. Investment banking units of Goldman Sachs, JPMorgan, Bank of America and Credit Suisse will manage the offering, the sources added. None of those banks immediately commented on the matter. The company also declined to comment. Should Conductor conclude a listing on a US exchange, it will follow in the footsteps of two other Brazilian payments companies, StoneCo and PagSeguro Digital. The sources did not say which US exchange Conductor was likely to pick for the listing, how much money it would seek to raise, or what valuation it hoped for. Conductor has 95 million users and processes US$20 billion (S$27 billion) in pay...
Founder of crypto firm Torque faces $12m lawsuit from Greek investor
SINGAPORE - A Singaporean businessman dealing with the failure of his cryptocurrency trading firm now finds himself entangled in a US$9 million (S$12 million) lawsuit relating to a company he worked for. Greek investor Georgios Baizanis has accused Mr Bernard Ong of breaching a corporate guarantee for millions of dollars in investments placed with the firm Snap Innovations. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
GIC-backed clinical trial firm WCG reveals revenue jump in IPO filing
BENGALURU (REUTERS) - WCG Clinical, a clinical trial solutions company backed by Singapore's sovereign wealth fund GIC, filed for an initial public offering (IPO) in the United States on Thursday and revealed a jump in its quarterly revenue. The company, which also counts buyout firm Leonard Green & Partners LP among its investors, plans to list on the Nasdaq. WCG was valued at US$3.1 billion when Leonard Green took a stake in the company in 2019, Reuters reported at the time. Private equity firm Arsenal Capital Partners is also an investor in the firm which helps clients reduce the time and cost of enrolling patients in clinical trials. The company's revenue jumped by a third to US$137.6 million in the three months ended March 31, its filing showed. Net loss came in at US$20.6 million from US$30.1 million last year. Princeton, New Jersey-based WCG is looking to issue into an IPO market which has been on a record run, helped by the US. Federal Reserve's easy money policy and unprecedented government stimulus. Goldman Sachs, Morgan Stanley and BofA Securities are among the underwriters for WCG's IPO.
Investing in Grab: ‘It’s about how CEO spoke to his mum’
Sometimes, the investment journey to creating a US$40 billion (S$53 billion) valuation company can begin with a missed opportunity to fund a US$100 billion firm when you could have got in at just 1/2,000th of that price. In a sense, that is the background to Vertex Holdings' early investment in ride-hailing and delivery company Grab, South-east Asia's star Internet firm that got a nearly US$40 billion valuation when it merged in April with the special purpose acquisition vehicle Altimeter Growth Corp, with plans for a subsequent listing. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
Sea to scale up digital financial services as Q1 revenue doubles to US$1.8 billion
SINGAPORE (REUTERS) - Singapore technology group Sea chairman Forrest Li said the firm would scale up its fintech offerings in South-east Asia, as the firm more than doubled revenue in 2021 thanks to growth in e-commerce and entertainment. "Digital financial services in our region are at early stages and we expect use cases to grow," the executive told an investor call. Sea, which claimed US$3.4 billion (S$4.5 billion) in payments for its mobile wallet for the first quarter of 2021, won a digital banking licence in Singapore in December and purchased last year Indonesian lender Bank BKE ( Bank Kesejahteraan Ekonomi) to turn into a digital bank. The New York-listed firm announced on Tuesday (May 18) it had booked a revenue of US$1.8 billion for the first quarter of 2021, up 147 per cent year on year. Its net loss widened to US$422 million from US$281 million, as the company more than doubled sales and marketing expenses. Sea's e-commerce arm Shopee brought in US$922 million in revenue, up 250 per cent year on year, while its gaming arm Garena raked in US$781 million in revenue, up 111 per cent on the year. Mr Li told reporters that Shopee was seeing growth in Brazil due to a nascent...