Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
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Here’s whats happening:
- Societe Generale and AllianceBernstein to form a joint venture
- HP announces mass layoffs globally
- Bitpanda obtains German crypto license
- Taktile, a SaaS startup nabbed $20 million in Series A
- Twitter rival Koo Gains Popularity in Brazil
Societe Generale And Alliancebernstein to Form a Joint Venture 🤝
European banking giant Societe Generale and AllianceBernstein, a leading global investment management and research firm, have announced their plans to form a joint venture combining their cash equities and equity research businesses.
- Societe Generale will own 51% of the joint venture, while AllianceBernstein will own the remaining 49% with the option to sell its shares to Societe Generale beginning on the fifth anniversary of the deal’s closing date.
- For both companies, this new joint venture would offer a comprehensive global suite of world-class services across cash equities and research, combined with Societe Generale’s integrated equity capital markets, equity derivatives, and more.
- The joint venture would also provide premier investment insights into the American, European, and Asia Pacific equity markets.
- Overall, the merged entity aims to expand and bring in new and unique perspectives, expertise, and insights to better serve its clients.
The deal is expected to close before the end of 2023, subject to workers’ council consultation, approval of regulators, and customary closing conditions.
HP Announces Mass Layoffs Globally ✂️
Hewlett Packard Enterprise will lay off thousands of employees over the next three years, becoming the latest tech company to significantly downsize staffing amid rising economic uncertainty.
- HP plans to axe 4,000–6,000 workers as the tech giant looks to cut costs by reducing its global headcount.
- The mass layoffs are expected to be completed by the end of fiscal 2025.
- The layoffs, part of a wider cost-cutting plan, come as the computer maker reported weak commercial and consumer PC sales during the fourth quarter, which ended on October 31, 2022.
In a statement, Enrique Lores, HP President and CEO added that the company’s so-called “Future Ready strategy” will “enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future.”
The latest mass layoffs come more than three years after HP laid off between 7,000 and 9,000 employees in 2019.
Bitpanda Obtains German Crypto License 📃
Austrian cryptoexchange Bitpanda announced that it received a crypto trading license from Germany’s Federal Financial Supervisory Authority.
Here are the details:
- Bitpanda secured a crypto custody license from the German Federal Financial Supervisory Authority (BaFin).
- With the license from BaFin, Bitpanda Asset Management GmbH can independently offer crypto custody, as well as proprietary trading for crypto assets for German residents.
- The crypto exchange will also be able to maintain an order book and directly market services for crypto assets, enabling them to provide a secure and regulated environment for German customers to invest in a wide range of cryptocurrencies.
Statement from Bitpanda:
“We will continue to work hard to provide industry-leading and fully compliant financial services. Only by doing so will we manage to equip both retail investors and businesses with the tools they need to build an independent financial future.”
Taktile, a SaaS Startup Nabbed $20 Million in Series A 💰
Taktile, a SaaS startup revolutionizing how businesses make automated decisions, has raised $20 million in its Series A funding round.
The funding was co-led by Index Ventures and Tiger Global.
What will Taktile do with the funding?
The fresh capital will help the company to further develop its unique product capabilities and accelerate ongoing expansion in the United States — where the company has seen rapid growth.
Founded in 2020, Taktile is a high-growth Software as a Service (SaaS) platform that allows companies of all sizes to easily build, run, and evaluate automated decision flows without requiring developers to write complex code.
The startup helps companies to bring products to the market faster, act proactively in a constantly changing environment, and eliminate guesswork for their most relevant decisions.
The platform lets companies quickly improve their decision accuracy and risk selection and combines high growth with sound portfolio dynamics.
Twitter Rival Koo Gains Popularity in Brazil 🇧🇷
Indian-based microblogging platform Koo received a massive response from Brazilian users soon after its launch in the country.
Within 48 hours of its launch in Brazil, the app amassed more than 1 million downloads, 2 million Koos, and 10 million likes. The app is currently in the #1 position on both the Android Play Store and Apple App Store in the country.
Koo further plans to strengthen its global position by expanding the app’s availability and launching in multi-global languages.
That’s a wrap for today, ladies & gents. See ya tomorrow!
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This is a daily newsletter that covers the top business, tech and finance stories for today.