<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li>Verily, the enigmatic life-sciences company formerly known as Google Life Sciences, recently <a href="https://www.businessinsider.com/verily-raises-billion-google-alphabet-ruth-porat-2019-1">raised $1 billion</a> and appears to have its hands in a wide range of health initiatives.</li><li>The company is building advanced contact lenses; releasing hordes of <a href="https://www.businessinsider.com/wolbachia-mosquitoes-california-google-alphabet-2017-7">bacteria-infected (and thus sterile) mosquitoes</a> in Fresno, California; and <a href="https://www.businessinsider.com/alphabets-verily-launches-baseline-study-with-duke-and-stanford-2017-4">building a watch</a> that helps researchers gather data for clinical studies.</li><li>Verily's chief medical officer told Business Insider there's one thread that unites all of its projects: information.</li></ul><p>From an outsider's perspective, the researchers at Google-affiliated health-tech company <a href="https://www.businessinsider.com/verily-raises-billion-google-alphabet-ruth-porat-2019-1">Verily</a> seem to have their hands in a little bit of everything.</p><p><span>They're working on contact lenses for people with age-related vision issues; superior versions of the <a href="https://www.businessinsider.com/blood-sugar-tracking-device-diet-health-fitbit-sano-diabetes-weight-loss-2018-1">devices</a> that help people with diabetes track their blood sugar; and a watch </span><span>that helps researchers <a href="https://www.businessinsider.com/alphabets-verily-launches-baseline-study-with-duke-and-stanford-2017-4">gather data</a> for clinical studies. </span></p><p><span>In addition to all that, they're also setting loose <a href="https://www.businessinsider.com/wolbachia-mosquitoes-california-google-alphabet-2017-7">hoards of bacteria-infected (and thus sterile) mosquitoes</a> to wipe out the ones that carry disease; hunting for more personalized cures for Parkinson's; and helping people fight diabetes on their phones and computers.</span></p><p><span>Not to mention, Verily just raised a fresh $1 billion to fund its projects, after taking in $800 million about two years ago.</span></p><p><span><em><strong>Subscribe to Business Insider's weekly healthcare newsletter <a href="http://newsletter.businessinsider.com/join/4np/health-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">Dispensed</a>.</strong></em></span></p><p>According to Jessica Mega, Verily's top scientist and chief medical officer, there's one thread that unites all of these disparate projects, and will help guide how the company uses its cash.</p><p>That thread is information, she told Business Insider during a recent interview on the sidelines of the <a href="https://www.businessinsider.com/category/jpm19">J.P. Morgan Healthcare Conference</a> in San Francisco.</p><p>A cardiologist by training and a graduate of Stanford, Yale, and Harvard, Mega has watched as clinicians, providers, and patients deal with a mushrooming cloud of data - from smartphone metrics on steps and heart rate to the detailed patient insights contained in an electronic medical record. That dataset is only going to continue to grow.</p><p>Overall, healthcare data is expected to swell 36% each year through at least 2025, according to a recent <a href="https://www.seagate.com/files/www-content/our-story/trends/files/idc-seagate-dataage-whitepaper.pdf">report</a> from market intelligence firm International Data Corporation. That's a higher rate than what's anticipated for other fields like manufacturing or media and entertainment.</p><p>"We reached a point where we realized the inflection in data - we're going from gigabytes to terabytes of health data. That's a 1,600-fold increase," Mega said.</p><p>As part of its efforts at bracing for that data wave, Verily recently <a href="https://www.businessinsider.com/verily-raises-billion-google-alphabet-ruth-porat-2019-1">raised $1 billion</a> in a mammoth funding round led by technology-investment firm Silver Lake. </p><p>In a statement released with the announcement, Egon Durban, Silver Lake's managing partner and an oncoming Verily board member, said he looked forward to working with Verily to "use cutting-edge <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">science</keyword> and technology to change the paradigm of care delivery and improve clinical outcomes."</p><p>Mega agreed.</p><p>"What we're trying to do with things like that investment is trying to stay ahead of the infrastructure you need to handle this next wave of data," she said.</p><p>"That's where I see our big value."</p><p class="tagline"><a href="http://www.businessinsider.com/intelligence/ai-in-us-healthcare?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=dhealth_ctgr_leadgen&amp;utm_campaign=dhealth_ctgr_leadgen_ai_in_us_healthcare"></a></hr></p>

We talked to the top scientist at Alphabet's life-sciences company about the common thread uniting all its seemingly random health projects - and how she plans to spend $1 billion

New Delhi, May 4 () Following footsteps of Facebook, Silver Lake Partners - the world's largest tech investor - on Monday agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in billionaire Mukesh Ambani's digital unit that houses India's youngest but biggest telecom firm.<p> The investment in Jio Platforms is at a 12.5 per cent premium to the Facebook's USD 5.7 billion (Rs 43,574 crore) investment for a 9.99 per cent stake in the firm.</p><p> The deal, as well as some other strategic and financial investments in works, will help Ambani cut debt at its oil-to-telecom conglomerate, Reliance Industries Ltd (RIL).</p><p> "Silver Lake will invest Rs 5,655.75 crore into Jio Platforms," Reliance said in a statement. "This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020."</p><p> Jio Platforms is a subsidiary of RIL.</p><p> Facebook had bought a 9.99 per cent stake in Jio Platforms for USD 5.7 billion (Rs 43,574 crore) at an enterprise value of Rs 4.62 lakh crore.</p><p> Strategic and financial investors are to form 20 per cent of Jio Platforms -- half of this has already been picked by Facebook. Silver Lake is one of the investors for the remaining and more such investments are likely.</p><p> Ambani, 63, chairman and managing director of RIL, had in August last year set a target of March 2021, to make his conglomerate net debt-free. But thanks to the Facebook deal, a Rs 53,125 crore rights issue, Silver Lake investment, and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.</p><p> "Jio Platforms, a wholly-owned subsidiary of RIL, is a next-generation technology company building a digital society for India by bringing together Jio's leading digital apps, digital ecosystems, and India's #1 high-speed connectivity platform under one umbrella," the statement said.</p><p> "Reliance Jio Infocomm Ltd, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms," it added.</p><p> With around USD 40 billion in combined assets under management and committed capital, Silver Lake is the global leader in large-scale technology investing.</p><p> Its investments include Airbnb, Alibaba, Ant Financial, Alphabet's Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.</p><p> At the end of March quarter, Reliance had an outstanding debt of Rs 3,36,294 crore and cash in hand of Rs 1,75,259 crore. After adjusting cash, the net debt came to Rs 1,61,035 crore.</p><p> Of the outstanding debt, Rs 2,62,000 crore is on RIL books and Rs 23,000 crore is with Jio.</p><p> As part of debt reduction plans, the company expects to complete a capital raising programme totalling Rs 1.04 lakh crore by June. This includes the rights offering of one share for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30.</p><p> Also included is the Rs 43,574 crore from the Facebook-Jio Platforms deal and Rs 7,000 crore from the sale of 49 per cent stake in fuel retailing venture to UK's BP plc.</p><p> Commenting on the deal, Vikas Halan, Senior Vice President, Corporate Finance, Moody's Investors Service, said "Silver Lake's investment in Jio Platforms further illustrates RIL ability and willingness to monetize its digital services business and reinforces the company's commitment to achieve a zero net debt position by March 31, 2021."</p><p> Investment by Silver Lake is priced at a premium to recently announced investment by Facebook Inc and establishes another pricing benchmark for Jio Platforms, he said adding the deal was credit positive as it enhances RIL's already strong financial flexibility.</p><p> Including the recently announced rights issue and investments by Silver Lake and Facebook Inc, RIL has announced initiatives that could reduce net debt by about USD 13.6 billion from reported net debt of USD 21.4 billion as on March 31, 2020, he added.</p><p> "In the wake of the severe economic disruptions caused by the COVID-19 pandemic, globally and especially within India, this partnership with one of the most renowned tech-investors globally, Silver Lake, has special significance," Reliance statement said.</p><p> This is the first sizable investment by Silver Lake in India.</p><p> Ambani said: "I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.</p><p> "Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society's transformation."</p><p> Commenting on the investment, Egon Durban, Silver Lake Co-CEO and Managing Partner, said, "Jio Platforms is one of the world's most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision.</p><p> "They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous, and we are honoured and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission."</p><p> The transaction is subject to regulatory and other customary approvals.</p> Morgan Stanley acted as financial advisor to Reliance Industries and AZB &amp; Partners and Davis Polk &amp; Wardwell acted as legal counsels.  MBI ANZ  DRR

Silver Lake follows Facebook, to invest Rs 5,656 cr in Ambani's Jio Platforms

<p><div type="image" title="mark zuckerberg" height="1365" width="2048" msid="76733772" hostid="261"></div></p><p><em>Hello and welcome back to <keyword id="1083886" type="ORGANIZATION" weightage="60" keywordseo="trending">Trending</keyword>, Business Insider's weekly look at the world of tech. I'm Alexei Oreskovic, Business Insider's West Coast Bureau Chief and Global Tech Editor. If you want to get Trending in your email inbox every Wednesday, <a href="http://newsletter.businessinsider.com/join/4np/trending">just click here.</a></em></p><h2>This week: Tech's "surge" of goodbyes and <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword>'s network effects nightmare</h2><p><div type="image" title="facebook nightmare 4x3" height="901" width="1200" msid="76733774" hostid="261"></div></p><p>The tech business thrives on newness — new products, new features, new speeds. Even when the new stuff is really just old stuff with a new name, you can be sure there will a press release to mark the occasion (see: <a href="https://www.businessinsider.com/aol-and-yahoo-will-become-oath-after-merger-closes-2017-4">AOL and Yahoo become Oath</a>, circa 2017; and <a href="https://www.businessinsider.com/oath-gets-rebranded-verizon-media-group-roasted-on-twitter-2018-12">Oath becomes Verizon Media Group</a>, circa 2018). </p><p>But a lot of changes in tech lately have involved eliminating things.</p><ul><li><a href="https://www.businessinsider.com/the-rise-and-fall-of-the-segway-cops-and-tourists-2020-6"><strong>Let's start with the Segway, or "Ginger" as the self-balancing two-wheeler was once nicknamed</strong>.</a> The <keyword id="435625" type="COMPANY" weightage="60" keywordseo="Segway">Segway</keyword> rolled into the sunset this week: After nearly two decades ferrying tourists and security guards, the "human transporter" that was supposed to revolutionize society <a href="https://www.businessinsider.com/the-original-segway-is-dead-as-company-ends-production-2020-6">will no longer be made, the company announced.</a><br /><br />While the Segway was buried under a warm blanket of nostalgia, <keyword id="1042120" type="PERSON" weightage="60" keywordseo="Uber">Uber</keyword>'s <a href="https://www.businessinsider.com/what-happened-to-jump-bike-rise-and-fall-uber-2020-6">goodbye to its Jump electric bikes caused some backlash.</a> Video footage of Uber demolishing thousands of e-bikes from a company it spent $200 million to acquire two years earlier struck many as wasteful and as another indictment of the tech industry's problematic values.<br /><br /></li><li><strong><keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword> pulled the plug on two fairly big projects recently,</strong> including its <a href="https://www.businessinsider.com/microsoft-closing-physical-stores-analysts-2020-6">chain of retail stores </a>(much to the chagrin of Business Insider Deputy Editor Matthew Weinberger) and the Mixer online streaming service.<br /><br />The end of Mixer was especially surprising, as Microsoft had just shelled out tens of millions of dollars to attract top-tier talent like game streamers "Ninja" and "Shroud." Ashley Stewart and Ben Gilbert <a href="https://www.businessinsider.com/microsoft-mixer-shutdown-inside-story-xbox-2020-6">have a must-read story on how Microsoft's expensive effort to take on Amazon's Twitch went fatally wrong. </a></li><li><strong>And then, there's been a seemingly spontaneous rush to banish the trolls and to shun their enablers.</strong> <a href="https://www.businessinsider.com/reddit-youtube-twitch-crack-down-on-trump-hate-speech-groups-2020-6">The sudden ejection of abhorrent accounts and forums on Reddit and YouTube</a> is significant mainly in the fact that it's taken the companies so long to do so little.</li></ul><p>The <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> boycott of Facebook, however, is gaining a surprising momentum that feels like a nightmare version of the network effects that helped Facebook grow its audience so rapidly. Instead of users' sociability contributing to Facebook's value, the peer pressure among advertisers is now working against it.</p><p>Just a couple of weeks ago a handful of brands announced plans to stop advertising on Facebook because of its policies allowing toxic or misleading content. Now the <a href="https://www.businessinsider.com/companies-no-longer-advertising-on-facebook-after-poor-speech-moderation-2020-6">band of boycotters includes giants like Adidas, BestBuy and Coca-Cola. </a></p><p>Is the Facebook boycott approaching a "tipping point" that could significantly harm its revenue? That depends on how long the marketer's resolve lasts. An anonymous <a href="https://www.businessinsider.com/chief-marketer-discusses-facebook-advertising-boycott-2020-6">CMO at Fortune 500 company recently told Business Insider's Lucia Moses:</a> "I'm constantly fighting with our business leads who think it's killing their business to not be on Facebook.</p><p>And this CMO's perspective on other companies in the boycott says a lot: </p><p>"Half the CMOs out there are sincere. The other half are doing it because they're worried about being tone-deaf," the person said. "They've all written their boycott statements vaguely enough so they can keep their options open and come back to Facebook."</p><h2><a href="https://www.businessinsider.com/how-much-big-tech-faang-companies-pay-salaries-google-amazon-2020-6">Introducing BI's first-ever interactive Big Tech salary database</a></h2><p><a href="https://www.businessinsider.com/how-much-big-tech-faang-companies-pay-salaries-google-amazon-2020-6"><div type="image" title="faang salary thumb 4x3" height="1251" width="1667" msid="76733776" hostid="261"></div></a></p><p>How much does a marketing director at Apple get paid, and how does it compare to what Netflix pays? How about a mechanical engineer at Tesla or Google? </p><p>We assembled salary data for 13 of the top tech companies, including Apple, Amazon, Google, Netflix, Tesla, and Uber, based on the companies' filings to the US government. </p><p>These are not estimates: The figures correspond to actual salaries that tech companies report for foreign workers hired through H-1B visas. As such, the interactive database, which lets you drill down by company and by job title, provides a uniquely revealing window into Silicon Valley compensation. </p><h3><a href="https://www.businessinsider.com/how-much-big-tech-faang-companies-pay-salaries-google-amazon-2020-6">Check out BI Big Tech interactive salary database here</a></h3><h2 id="sound-bite-of-the-week:"><a href="https://www.businessinsider.com/talend-ceo-christal-bemont-coronavirus-crisis-2020-6">Sound bite of the week:</a></h2><p><strong><em>"I've seen people fall to the ground and succumb to their circumstances. Or figure out a way to get through that."</em></strong></p><p><a href="https://www.businessinsider.com/talend-ceo-christal-bemont-coronavirus-crisis-2020-6">Talend CEO Christal Bemont </a>on growing up in a family of four living in a trailer in Missouri, and what it taught her about resilience and leadership.</p><p><a href="https://www.businessinsider.com/talend-ceo-christal-bemont-coronavirus-crisis-2020-6"><div type="image" title="Talend CEO Christal Bemont" height="3264" width="4352" msid="76733778" hostid="261"></div></a></p><h2>The big picture: <a href="https://www.businessinsider.com/mini-version-ibm-iconic-1401-computer-2020-6">So what did you do during lockdown?</a></h2><p>Montreal technical director Nicolas Temese wanted to celebrate the 60th birthday of an iconic computer, so he built his own version of an <keyword id="10875" type="CITY" weightage="60" keywordseo="IBM">IBM</keyword> 1401 datacenter - complete with everything from the central processing unit to the punchcard reader - at a tiny scale.</p><p>The 1401 is considered one of the first mass-produced computers (a whopping 12,000 units were produced!) and it turned 60 in 2019. Temese began his Lilliputian passion project on his evenings after work in December 2019 and he's chronicled his progress on Instagram. </p><p><a href="https://www.businessinsider.com/mini-version-ibm-iconic-1401-computer-2020-6"><div type="image" title="ibm 1401 mini model" height="1334" width="2000" msid="76733784" hostid="261"></div></a></p><p><a href="https://www.businessinsider.com/mini-version-ibm-iconic-1401-computer-2020-6">Temese's IBM 1401 is a replica, not a functioning machine, of course.</a> But given the power of Moore's law and the unpredictable duration of the coronavirus lockdowns, there's no telling what kind of upgrades he could make.</p><p><strong>Special Announcement: Join Business Insider on July 8 at 12 p.m. ET for "Planning for the Future in Uncertain Times</strong>," <strong>a free digital event</strong> and part of the <strong>Master Your Money</strong> series. Presented by Fidelity, it will explore components of a strong financial plan and how to adjust it given recent events. <strong><a href="https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg30.jsp&amp;partnerref=editorial_newsletter_inclusion&amp;eventid=2421485&amp;sessionid=1&amp;key=B77CA071AA13C5EB5DC445AFD40F1885&amp;regTag=&amp;sourcepage=register&amp;sourcepage=register" target="_blank" rel="noopener">Click here to register</a>.</strong></p><h2>Recommended Readings:</h2><p><a href="https://www.businessinsider.com/kat-schneider-ritual-vitamin-startup-men-multivitamin-founder-profile-2020-6">Kat Schneider quit her VC gig while pregnant so she could launch a vitamin brand for the Instagram generation. Now her $125 million startup, Ritual, is facing its biggest test.</a></p><p><a href="https://www.businessinsider.com/google-verily-alphabet-suspends-bonuses-redirects-diversity-efforts-leaked-memo-2020-6">LEAKED MEMO: Alphabet's healthcare unit Verily suspended bonuses mid-pandemic to fund diversity programs instead, frustrating employees</a></p><p><a href="https://www.businessinsider.com/19-top-airbnb-execs-leading-business-pandemic-recovery-2020-6">These are the 19 Airbnb execs rebuilding the company for growth and an IPO amid the biggest travel industry crisis in decades</a></p><p><a href="https://www.businessinsider.com/lemonade-wants-to-be-considered-tech-company-but-its-not-2020-6">SoftBank-backed Lemonade wants IPO investors to think of it as a technology company. Here's why it really isn't.</a></p><p><a href="https://www.businessinsider.com/aws-honeycode-no-code-competition-microsoft-google-2020-6">Amazon wants to expand its customer base beyond developers with a new tool to build apps without code, but analysts say it faces fierce competition from Microsoft and Google</a></p><h2>Not necessarily in tech:</h2><p><a href="https://www.businessinsider.com/profile-of-silver-lakes-egon-durban-2020-6">40 insiders reveal the meteoric rise of Silver Lake's Egon Durban, the tech-focused PE firm's No. 1 dealmaker who strong-armed his way to the top and is about to get $18 billion more to invest</a></p><p>OK, I think that's enough for this week. Thanks for reading, and remember, if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>. </p><p>— Alexei</p>

Mark Zuckerberg's network effects nightmare

<p>Hello readers, </p><p>Happy New Year!</p><p>In case you missed it, <a href="https://www.businessinsider.com/top-finance-stories-of-the-year-2020-12">check out our rundown of the Wall Street stories that defined 2020</a>. There's plenty to catch up on, but here are just a few of my personal favorites: </p><ul><li>How Dan Sundheim became the LeBron James of investing and <a href="https://www.businessinsider.com/dan-sundheim-profile-d1-viking-billionaire-net-worth-bio-performance-2020-10">launched one of the hottest hedge funds on earth</a></li><li>40 insiders reveal the meteoric rise of <a href="https://www.businessinsider.com/profile-of-silver-lakes-egon-durban-2020-6">Silver Lake's Egon Durban, </a>the tech-focused PE firm's No. 1 dealmaker</li><li>Meet Ram Sundaram,<a href="https://www.businessinsider.com/profile-of-goldman-sachs-executive-ram-sundaram-2020-7"> the leader of a secretive Goldman Sachs desk that's minting billions </a>by designing some of the bank's most imaginative - and controversial - trades</li></ul><p>And now that we're officially on Day 2 of 2021, it's a great time to take stock of what to expect in the year ahead for everything from <a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12">M&amp;A activity</a> and the future of the <a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12">IPO roadshow</a> to <a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12">financial-advisor moves</a> and the <a href="https://www.businessinsider.com/fintech-trends-vc-investors-watching-2021-embedded-finance-2020-12">next hot fintech trends</a>. You can read some of our biggest predictions below. </p><p>If there's one takeaway, it's that there will be plenty of news, deals, and drama to keep tabs on. If you're not yet a newsletter subscriber<em>,</em> <a href="http://newsletter.businessinsider.com/join/4np/insider-finance">you can sign up here</a> to get your daily dose of the stories dominating banking and business.</p><p>We also have a must-see live event coming up on Jan. 5 - <a href="https://www.businessinsider.com/webinar-how-to-make-the-most-of-ppp-loans-guidance-2020-12">Sign up here</a> <a href="https://www.businessinsider.com/webinar-how-to-make-the-most-of-ppp-loans-guidance-2020-12">for our webinar on how to make the most out of PPP.</a></p><h3><a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12">M&amp;A trends to watch, from a SPAC buying frenzy to a jump in cross-border deals</a></h3><p><a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12"><em></em></a></p><p>From Reed Alexander:</p><p style="padding-left: 40px;"><em><keyword id="101447" type="EVENT" weightage="60" keywordseo="MA">M&amp;A</keyword> activity came <a href="https://www.businessinsider.com/inside-sp-global-merger-ihs-markit-bankers-travel-deals-advisors-2020-12">surging back</a> in the latter half of 2020. Now, <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> is primed for robust dealmaking in 2021. </em></p><p style="padding-left: 40px;"><em>A new regime in Washington could alleviate the apprehensions of some overseas buyers and spark renewed cross-border dealmaking activity, said Vito Sperduto, co-head of global M&amp;A at RBC Capital <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">Markets</keyword>.</em></p><p style="padding-left: 40px;"><em>Cross-border transactions are likely to see a "significant uptick" once the administration of President-elect Joe Biden steps in, Sperduto said. While some international deals have happened in the past four years, "there already was a slowdown in cross-border transactions pre-pandemic," he said, "and it's just gotten worse."</em></p><h4><a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12">Read our full list of 12 M&amp;A predictions here. </a></h4><h3><a href="https://www.businessinsider.com/hedge-fund-managers-to-watch-2021-coatue-bridgewater-launches-emerging-2020-12">Hedge funds to watch: Big names, new launches, and under-the-radar managers</a></h3><div type="image" title="Daniel Sundheim" height="2184" width="4368" msid="80074762" hostid="261"></div><p>From Bradley Saacks:</p><p style="padding-left: 40px;"><em>Hedge funds, on average, had a good year - the most recent Preqin data shows hedge funds are up more than 13% for the year after a strong November. </em></p><p style="padding-left: 40px;"><em>But performance wasn't equal across all strategy types, with concentrated equity man</em>ager<em>s - especially those with <a href="https://www.businessinsider.com/dan-sundheim-profile-d1-viking-billionaire-net-worth-bio-performance-2020-10?r=d1-teaser">big private-market bets</a>- leading the way while well-known <a href="https://www.businessinsider.com/quant-hedge-funds-are-getting-slammed-thanks-to-coronavirus-volatility-2020-3">quants struggled</a>. And a lot of those trends are expected to carry over through the new year. </em></p><h4><a href="https://www.businessinsider.com/hedge-fund-managers-to-watch-2021-coatue-bridgewater-launches-emerging-2020-12">Here are the 12 hedge funds to have on your radar in 2021.</a></h4><h3><a href="https://www.businessinsider.com/fintech-trends-vc-investors-watching-2021-embedded-finance-2020-12">Embedded finance, finfluencers, and a 'great rebundling'</a></h3><div type="image" title="Charli Damelio and Dixie Damelio speak during Graduate Together" height="1267" width="2535" msid="80074764" hostid="261"></div><p>From Shannen Balogh:</p><p style="padding-left: 40px;"><em>Insider asked four <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> investors what they're looking out for in 2021. All mentioned embedded <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> as a major trend that's likely to continue as fintechs, and those in other industries, look to expand the types of services they offer customers.</em></p><p style="padding-left: 40px;"><em>"I think we're in a great rebundling," Ashley Paston, an investor at Bain Capital Ventures, told Insider. "If you look in any fintech, they have expanded outside of their initial product to create more value for their end customer."</em></p><p style="padding-left: 40px;"><em>Investors also see a rise of 'finfluencers' to help reach younger customers, especially after Step, a digital bank for teens, launched in partnership with TikTok star Charli D'Amelio. Since its rollout in October, the fintech has over 500,000 sign-ups and <a href="https://www.businessinsider.com/step-no-fee-digital-bank-teens-launches-charli-damelio-tiktok-2020-9">raised a $50 million Series B</a>.</em></p><h4><a href="https://www.businessinsider.com/fintech-trends-vc-investors-watching-2021-embedded-finance-2020-12">Read our full rundown of the next hot fintech trends here. </a></h4><h3><a href="https://www.businessinsider.com/banking-2021-industry-trends-outlook-citi-jpmorgan-wells-ally-retail-2020-12">What's next for consumer banking</a></h3><div type="image" title="FILE PHOTO: A woman passes by a Chase bank in Times Square in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid" height="400" width="800" msid="80074765" hostid="261"></div><p>From Carter Johnson:</p><p style="padding-left: 40px;"><em>The past 12 months accelerated trends like mobile banking and digitization that have long been building in consumer banking. Both were part of a broader shift away from in-person branch visits as customers shunned human contact during the pandemic. </em></p><p style="padding-left: 40px;"><em>It's no surprise, then, that as 2020 turns into 2021, predictions for what banks will prioritize revolve around further developing technological capabilities and online customer experience. </em></p><p style="padding-left: 40px;"><em>Digitization and cloud technology, as well as the broader consumer credit environment and <a href="https://www.businessinsider.com/citigroup-spending-1-billion-to-shore-up-risk-management-controls-2020-9">cost-cutting</a> measures, were top of mind when bank execs discussed their goals for the year ahead.</em></p><h4><a href="https://www.businessinsider.com/banking-2021-industry-trends-outlook-citi-jpmorgan-wells-ally-retail-2020-12">Here's what's in store for 5 big banks in 2021, from leadership changes to ambitious tech pushes.</a></h4><h3><a href="https://www.businessinsider.com/fintech-exits-vc-investors-deals-ipo-2021-outlook-funding-valuation-2020-12">Fintech investors are excited for another big year after 2020 blew away their expectations</a></h3><p><a href="https://www.businessinsider.com/fintech-exits-vc-investors-deals-ipo-2021-outlook-funding-valuation-2020-12"><div type="image" title="Jay Ganatra" height="1133" width="2266" msid="80075098" hostid="261"></div></a></p><p>From Shannen Balogh:</p><p style="padding-left: 40px;"><em>Many fintechs saw massive growth and adoption in 2020. </em><em>There's also been no shortage of funding. Private funding has surged with a record number of mega-rounds - $100 million and above - this year, <a href="https://www.cbinsights.com/research/report/fintech-trends-q4-2020/">according to a recent CBInsights report</a>. And fintechs like <a href="https://www.businessinsider.com/buy-now-pay-later-growth-timeline-fintechs-affirm-klarna-paypal-2020-9">Affirm</a> and Marqeta are gearing up for IPOs.</em></p><p style="padding-left: 40px;"><em>Investors don't see things cooling down any time soon.</em></p><p style="padding-left: 40px;"><em>"We're very excited for some of our more mature companies for the exit environment that they'll be seeing," said Jay Ganatra, partner at PayPal Ventures, whose <a href="https://www.businessinsider.com/biggest-strategic-investments-from-payments-companies-like-paypal-and-amex-2020-2">portfolio companies</a> include personal finance app Acorns and <a href="https://www.businessinsider.com/earned-wage-access-on-demand-pay-privacy-gusto-adp-payroll-2020-11">earned wage access</a> startup Even.</em></p><h4><a href="https://www.businessinsider.com/fintech-exits-vc-investors-deals-ipo-2021-outlook-funding-valuation-2020-12">Here's why fintech investors are so optimistic about opportunities in 2021, from M&amp;A and public listings to competitive private funding rounds.</a></h4><h3><a href="https://www.businessinsider.com/legal-tech-trends-predictions-2021-industry-insiders-consolidation-platforms-2020-12">Tech will continue transforming the legal industry at lightning speed</a></h3><div type="image" title="legal tech lady justice code 2x1" height="762" width="1525" msid="80074768" hostid="261"></div><p>From Yoonji Han: </p><p style="padding-left: 40px;"><em>2020 was a big year for legal <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword>. As law firms and businesses across industries shifted to remote work, legal tech companies stepped in to offer digital solutions to help streamline the transition, from client relationship management to contract analysis.</em></p><p style="padding-left: 40px;"><em><a href="https://www.businessinsider.com/vcs-reveal-how-tech-will-impact-the-legal-industry-workforce-2020-7">Shrinking budgets and increasing client demands</a> for efficiency further spurred lawyers' adoption of technology. </em></p><p style="padding-left: 40px;"><em>"It's an exciting time for the legal profession," said Jack Rives, executive director of the American Bar Association. "Attorneys are embracing and growing more comfortable with technology."</em></p><p style="padding-left: 40px;"><em>Insider spoke with six legal tech experts on the biggest transformations of 2020, and their predictions for the year ahead.</em></p><h4><a href="https://www.businessinsider.com/legal-tech-trends-predictions-2021-industry-insiders-consolidation-platforms-2020-12">Here are the 5 big trends to watch.</a></h4><h3><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12">Top headhunters expect another busy</a><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12"> year for financial-advisor moves</a><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12"></a></h3><p><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12"><div type="image" title="rise in financial advisor hiring 2x1" height="1200" width="2400" msid="80074769" hostid="261"></div></a></p><p>From Rebecca Ungarino:</p><p style="padding-left: 40px;"><em>Not since the last financial crisis has Jeff Feldman, a Chicago-based recruiter and consultant for financial advisors, seen such a frenetic year of activity.</em></p><p style="padding-left: 40px;"><em>2020 has been his second-busiest on record by volume, bested only by 2009. And he doesn't see that slowing down. Today, Feldman's roster of clients includes wealth managers First Republic, LPL Financial, RBC Capital Management, and <a href="https://www.businessinsider.com/rockefeller-capital-greg-fleming-recruiting-expansion-strategy-2020-7">Rockefeller Capital Management</a>. </em></p><p style="padding-left: 40px;"><em>"I think you're going to see a lot of movement in the first half" of next year, Feldman said. "Because of the past six months, advisors have taken this time to educate themselves on new business models - and the competition."</em></p><h4><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12">You can read more about what's stoking the frenzy here. </a></h4><h3><a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12">Goldman Sachs tech bankers predict the IPO roadshow will never be the same</a></h3><p><a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12"><div type="image" title="digital wall street virtual remote work 3 2x1" height="871" width="1743" msid="80074770" hostid="261"></div></a></p><p>From Reed Alexander:</p><p style="padding-left: 40px;"><em>One big change from 2020 that's likely here to stay is the efficiency that has been introduced in the IPO roadshow process, according to <a href="https://www.businessinsider.com/goldman-sachs-partner-jane-dunlevie-investment-banking-tmt-2020-11">Jane Dunlevie</a>, co-head of Goldman Sachs' global internet investment banking.</em></p><p style="padding-left: 40px;"><em>Traditionally, bankers hit the road leading up to an IPO to court investors and generate buzz. </em><em>But the pandemic forced bankers to find <a href="https://www.businessinsider.com/shift4-payments-ipo-nyse-raises-345-million-virtual-2020-6">creative virtual solutions</a> for engaging investors without meeting them face-to-face.</em></p><p style="padding-left: 40px;"><em>"It's been highly productive," Dunlevie said. "We're getting roadshows done in fewer days, for the most part, so we can cut off one or two or even three days of meetings, and these IPOs are getting done I think incredibly successfully."</em></p><p style="padding-left: 40px;"><em>Aspects of that will likely continue.</em></p><p style="padding-left: 40px;"><em>"Our expectation is to try and take the best of both worlds, if and as the world reopens," she said. That might mean management teams hit up one or two large cities, but "we can probably take many of these efficiencies into processes going forward."</em></p><h4><a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12">Read more predictions for IPOs in 2021.</a></h4><h2><strong>Top news from the past week:</strong></h2><ul><li>The <a href="https://www.businessinsider.com/biggeest-legal-lateral-hires-recruiters-headhuntetrs-big-law-trends-2020-12">16 biggest lawyer moves that defined 2020,</a> according to the industry's top legal recruiters</li><li>QR codes are catching on like crazy in restaurants. Now, <a href="https://www.businessinsider.com/paypal-qr-code-payments-in-store-analysts-retail-square-checkout-2020-12">PayPal wants to turn the tech into a new way to pay in-store</a>.</li><li>The Floor, <a href="https://www.businessinsider.com/former-goldman-sachs-cio-joins-banking-fintech-the-floor-2020-12">a startup building app stores for banks that nabbed a 25-year Goldman Sachs veteran as chairman</a>, is eyeing fresh funding and a hiring push</li><li>Mastercard's <a href="https://www.businessinsider.com/mastercard-new-chief-product-office-craig-vosburg-b2b-data-payments-2020-12">new chief product officer</a> has big plans for B2B payments and open banking</li><li><a href="https://www.businessinsider.com/goldman-sachs-asset-management-gsam-sheila-patel-retire-memo-solomon-2020-12">Sheila Patel</a>, chair of Goldman Sachs' $1.8 trillion asset-management division and one of the most senior women at the firm, is retiring</li></ul>

Big predictions for the year ahead on Wall Street

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Lucas Jackson</span></p><p class="caption">Michael Dell</p></div><p></p></div></div>Dell announced on Monday that it would buy IT giant EMC in the <a href="http://www.businessinsider.com/dell-acquires-emc-vmware-2015-10">biggest ever technology deal.</a></p><p>The $65.7 billion deal will create one of the largest private companies in the world. </p><p>Although talks between the two companies stepped up in the past five months, the deal can trace its origins to Dell's buyout two years ago.</p><p>Jamie Dimon, the chief executive of JPMorgan, played a role, along with <a href="http://www.businessinsider.com/silverlake-doubles-down-on-dell-with-emc-2015-10">tech investor Silver Lake</a>, sovereign wealth fund Temasek, and Michael Dell himself.<br /><br /> And, like with many company sales these days, there was an activist investor in the background.</p><h2>Ratcheting up pressure</h2><p>The record-setting deal can be traced back to 2013 when Michael Dell and private equity firm Silver Lake took Dell private for $24 billion.</p><p>That's when founder Michael Dell was able to start transforming his company from a PC-only company to a broader tech firm, without the pressure of meeting quarterly goals.</p><p><div class="KonaFilter image-container float_left"><div class="image on-image"><p class="source"><span>AP Images</span></p><p class="caption">JPMorgan CEO Jamie Dimon</p></div><p></p></div>At EMC, in contrast, the pressure was ratcheting up.</p><p>Activist investment firm Elliot Management bought into EMC in July 2014 and started pushing the company to boost its stock price.</p><p>That led EMC to begin searching for alternatives like a partnership, and in time those discussions turned to possible business combinations.</p><p>The timing for Dell and EMC was "perfect", according to one person familiar with the deal. </p><p>Dell was in better shape financially following its buyout and Michael Dell was looking for his next step, right when EMC was looking at making a change.</p><p>In the spring of this year JPMorgan got involved as an adviser to Dell, according to people familiar with the matter. </p><p>JPMorgan CEO Jamie Dimon met with both Michael Dell and Silver Lake managing director Egon Durban, and the Dell board started looking seriously at a deal.</p><h2>How to finance the biggest tech deal in history </h2><p>The biggest challenge to getting a deal agreed was the huge financing package required to make the deal happen.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>EMC</span></p><p class="caption">EMC CEO Joe Tucci</p></div><p></p></div></div>The deal will be funded by Michael Dell, his investment vehicle MSD Partners, the private equity firm Silver Lake, and the Singaporean sovereign wealth fund Temasek. </p><p>Oh, and somewhere between <a href="http://www.businessinsider.com/dell-taking-on-debt-to-buy-emc-2015-10">$40 and $50 billion in debt.</a></p><p>JPMorgan, which is the lead financial adviser to Dell, spent much of the summer assuring people that it was doable.</p><p><span>Advising EMC on the transaction was Morgan Stanley. </span></p><p>In early September, Dimon met with EMC's board to ensure directors that the financing was in fact achievable.</p><p>Then, in the six weeks that followed, a handful of other banks came on board and committed financing. Credit Suisse stepped up, a fact reflected by their role as global financing coordinators along with JPMorgan. </p><p>A long list of banks also committed to the financing, including Barclays, Bank of America Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs, and RBC. </p><p>It amounts to one of the largest financing commitments for a technology transaction in history. The deal is big news for Wall Street: it <a href="http://www.businessinsider.com/bank-fees-for-dell-emc-deal-2015-10">could mean up to $700 million in fees</a> for the investment banks involved in the deal - and for the tech industry. </p><p>The deal is expected to close between May and October 2016.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/dell-dude-comeback-2014-10">How The 'Dell Dude' Could Bring Back Dell From Obscurity</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="t2djZicTrAvWhFFeb8A5FYED9IULArh4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

How the biggest tech deal in history came together

<p><div class="image-container float_right" style="width:480px"><div class="image"><p class="source"><a href="http://en.wikipedia.org/wiki/File:Dell_wiki.JPG">Wikimedia</a></p></div></div>The drama over the fate of <keyword id="28251" type="CITY" weightage="60" keywordseo="Dell">Dell</keyword> Inc. continues.</p>
<p>Dell just announced that Michael Dell and his partners at Silver Lake are boosting their offer for the company to $13.75 per share. </p>
<p>This is up from an earlier offer of $13.65.</p>
<p>"This is our best and final proposal," they said.</p>
<p>Dell will be holding a vote on the buyout offer on August 2 at 9 a.m. Dallas time.</p>
<p>For months, legendary corporate raider Carl Icahn has been pushing Dell to repurchase shares for $14 and offer warrants. This is according to Bloomberg.</p>
<p>Here's the full statement from <a href="http://finance.yahoo.com/news/dell-special-committee-receives-revised-121000896.html">Dell via Businesswire</a>:</p>
<p id="yui_3_9_1_1_1374668637419_984" style="padding-left: 30px;">ROUND ROCK, Texas--(BUSINESS WIRE)--</p>
<p style="padding-left: 30px;">The Special Committee of the Board of Dell Inc. (DELL) announced today that it has received a revised proposal from Michael Dell and global technology investment firm Silver Lake under which they would increase the price at which they would acquire the company to $13.75 per share in cash, subject to certain conditions.</p>
<p style="padding-left: 30px;">In light of the revised proposal, which the Special Committee is evaluating with the assistance of its financial and legal advisors, the Special Meeting of Stockholders previously scheduled to be reconvened today at 5:00 p.m. Central Daylight Time at the Dell Round Rock Campus, 501 Dell Way, Round Rock, Texas 78682 will be adjourned to August 2, 2013 at 9:00 a.m. Central Daylight Time at the same location.</p>
<p style="padding-left: 30px;">The proposal letter follows:</p>
<p style="padding-left: 30px;">July 23, 2013</p>
<p style="padding-left: 30px;">Special Committee of the Board of Directors of Dell Inc.<br />c/o Debevoise &amp; Plimpton LLP<br />919 Third Avenue<br />New York, New York 10022<br />Attention: Jeffrey J. Rosen</p>
<p style="padding-left: 30px;">Dear Members of the Special Committee:</p>
<p style="padding-left: 30px;">In light of the circumstances surrounding the Dell Inc. (the “Company”) stockholders’ consideration of the proposal to adopt the merger agreement between the Company and Denali Holding Inc. and certain of its affiliates, we propose amending the merger agreement as described below. We believe these amendments are fair and in the best interests of the Company’s unaffiliated stockholders and provide the best alternative available to the Special Committee to maximize stockholder value.</p>
<p style="padding-left: 30px;">Our proposed amendments to the merger agreement are as follows:</p>
<p class="bwmarginl2" style="padding-left: 30px;">1. increase the merger consideration to $13.75 in cash per share of Company common stock, representing an increase in the consideration to be paid to unaffiliated stockholders of approximately $150 million; and</p>
<p class="bwmarginl2" style="padding-left: 30px;">2. modify the “Unaffiliated Stockholder Approval” requirement in the merger agreement to provide that the voting requirement is the approval of a majority of the outstanding shares held by the unaffiliated stockholders that are present in person or by proxy and voting for or against approval of the merger agreement at the stockholder meeting.</p>
<p style="padding-left: 30px;">This is our best and final proposal. We are not willing to discuss any further increase in the merger consideration nor are we willing to increase the merger consideration to $13.75 per share without the change to the Unaffiliated Stockholder Approval requirement described above. If the Special Committee believes that it would be appropriate to reset the record date for the special meeting in connection with this change to the Unaffiliated Stockholder Approval requirement, we would be ready to accept a new record date so long as the resulting delay in the special meeting is the minimum required by law.</p>
<p style="padding-left: 30px;">We believe our proposed change to the Unaffiliated Stockholder Approval requirement is fair and reasonable to the Company’s unaffiliated stockholders, particularly in the context of our willingness to increase the merger consideration. There is simply no rational basis for shares that are not voted to count as votes against the merger agreement for purposes of the unaffiliated stockholder vote. If a majority of the shares held by unaffiliated stockholders who vote are voted in favor of the merger agreement, it would be unfair to deny these stockholders the merger consideration they wish to accept solely because shares not voting are counted as votes against the transaction.</p>
<p style="padding-left: 30px;">We welcome the opportunity to discuss this proposal with the Special Committee and its advisors as soon as possible. This proposal will automatically be withdrawn and terminate at 6:00 p.m. New York time on July 24, 2013, unless extended in writing by us in our sole discretion. No legally binding obligation will be created on any person with respect to this proposal unless and until a mutually acceptable definitive amendment to the merger agreement has been entered into by the parties.</p>
<p style="padding-left: 30px;">We look forward to your response.</p>
<p class="bwmarginl5" style="padding-left: 30px;">Sincerely,</p>
<p class="bwmarginl5" style="padding-left: 30px;">DENALI HOLDING INC.</p>
<p class="bwmarginl5" style="padding-left: 30px;">By:__/s/_____________________<br />Name: Egon Durban</p>
<p id="yui_3_9_1_20_1374668637419_261" class="bwmarginl5" style="padding-left: 30px;">By:__/s/_____________________<br />Name: Michael S. Dell</p>

FINAL PROPOSAL: Michael Dell And Silver Lake Just Boosted Their Bid For Dell

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Jonathan Abrams / Nuzzel</span></p><p class="caption">Jonathan Abrams</p></div><p></p></div></div>Nuzzel, the app that creates a personal news feed based on the news stories your friends are sharing in social media, has taken another round of investment, this time from an all-star list of investors including:</p><ul><li><span style="line-height: 1.5em;">Akash Garg (the director of engineering at Uber, and formerly the director of engineering at Twitter).</span></li><li><span style="line-height: 1.5em;">Matt Cutts (head of the anti-webspam team at Google).</span></li><li><span style="line-height: 1.5em;">Nikesh Arora (vice chairman of SoftBank and formerly the chief business officer at Google).</span></li><li><span style="line-height: 1.5em;">Marc Benioff (CEO and founder of Salesforce).</span></li></ul><p>The company also announced it was releasing a new version of the product, "Nuzzel 2.0," that lets people use it without logging in to Twitter. Users can also create custom email lists and alerts, and the app will have new functions to make discovering new sources of news easier (full press release below).</p><p>The goal of the company is to solve the problem of people "missing" news stories that are directly relevant to them. For instance, <a href="http://www.wsj.com/articles/are-there-critters-and-germs-in-my-library-books-1447700280">this Wall Street Journal article about bugs in libraries</a> is probably of interest to almost every librarian on the planet. But unless all those librarians are staring at their Twitter stream, or the WSJ site, on the day (or even hour) that the story is published, they are going to miss it. Someone may alert them to it later via email of Facebook, but it's likely the majority of librarians will not have read that article. Nuzzel fixes that either by letting librarians create email lists and alerts for library news, or by re-surfacing library stories that are being tweeted by other librarians they know from their social networks.</p><p>The funding came to $1.7 million (£1.11 million) and the company has now taken about $5 million (£3.27 million) in total. The latest round came just a few weeks <a href="http://uk.businessinsider.com/nuzzel-investment-funding-round-2015-9">after Nuzzel took a small investment from a group of media-centric investors</a> including Matter, the old media-funded startup accelerator. The putative valuation was not disclosed.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Akash Garg / Twitter</span></p><p class="caption">Akash Garg</p></div><p></p></div></div>The new investment is noteworthy because it includes Garg, the former Twitter engineer now at Uber. One of the reasons people like Nuzzel is that it rationalises your Twitter feed by showing you only news that your friends are tweeting or that friends of friends are tweeting. All the other junk - non-news tweets and "witty" subtweets - disappear. The app is heavily used by people in the news business.</p><p>The idea that Twitter's content is too chaotic to be useful - it comes into your feed in chronological order, rather than by relevance - has gained traction over the last few months as new Twitter CEO Jack Dorsey works on improving the product. Twitter investor Chris Sacca, for instance, once said that Twitter should just outright acquire Nuzzel, because "<a href="http://uk.businessinsider.com/interview-with-nuzzel-ceo-jonathan-abrams-2015-6 ">Nuzzel makes Twitter better</a>."</p><p>Business Insider asked Garg why he wanted to put his money into Nuzzel. "I started using Nuzzel to help me keep up with all of the great content that was in my Twitter feed. For news, I would usually use a combination of Google News and Techmeme, however given that I've spent many years tailoring my Twitter follow graph, Nuzzel ended up being a much better source of relevant, personalized news for me."</p><p>"I believe Nuzzel does a fantastic job of highlighting the amazing content that lives on Twitter -- it's such a hard problem to surface relevant and timely information and Nuzzel has a large lead on any other similar product in the market. I also believe in Jonathan as a strong entrepreneur and feel he can innovate at a rapid pace with a small and nimble team."</p><p>"I see Nuzzel becoming the de-facto destination for personalized news and interests based on your existing social graphs on Twitter, Facebook, Instagram, etc." </p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Matt Cutts / Twitter</span></p><p class="caption">Matt Cutts</p></div><p></p></div></div>Matt Cutts, the Google executive, told us he has been fan of Nuzzel from the moment he first heard of it. "I requested an invite pretty early on, and then tweeted about how great Nuzzel was. So I was excited about Nuzzel as soon as I heard about it. To tell the truth, I've been interested in different approaches to news back to the early days of Google News and Techmeme. "</p><p>"The beauty of Nuzzel is you can immediately see its utility. If you follow a lot of people on Twitter, Nuzzel helps you cut through the noise. And if you're looking for interesting content that you haven't seen before, the 'news from friends of friends' tab is fantastic and a good way to step outside your normal circle of news," he said.</p><p>It's also interesting that executives from both Google and Twitter - which both have huge presences in the surfacing and distribution of online news - seem to feel that getting news to the right audiences is still a problem that isn't solved. "Finding important news items or interesting links is big opportunity, and I love that Nuzzel is tackling that space," Cutts told us. "Short-term, I really like a new custom newsletters feature that Nuzzel just introduced. Not everybody wants to be a Twitter power user, but tons of people want to discover neat new things, or to hear about things from the perspective of their favorite celebrity or VIP." </p><p>One unanswered question remains, of course. How many monthly users does Nuzzel have? CEO Jonathan Abrams declined to answer Business Insider's question on that. His team is focusing on getting the product right rather than building a huge user-base. For that reason, we believe the user-base is still small.</p><p><strong>Here is the press release:</strong> </p><p style="padding-left: 30px;">This Thursday Nov 19, we are launching Nuzzel 2.0 on web, iOS, and Android.  This is the most major Nuzzel release since we launched our iPhone app a year and a half ago.  Nuzzel 2.0 aka "Nuzzel For Everyone" is a completely new version of our apps and website that does not require a Twitter account to enjoy the benefits of social curation.</p><p style="padding-left: 30px;">Here's what's changed in Nuzzel 2.0:</p><p style="padding-left: 30px;">• Twitter login is not required (although optional login with Twitter still provides automatically personalized news for anyone with a Twitter account)</p><p style="padding-left: 30px;">• There is a Discover experience on both apps and web that showcases recommended feeds created by both Nuzzel and Nuzzel users</p><p style="padding-left: 30px;">• Search -- you can now search for both feeds and stories</p><p style="padding-left: 30px;">• Favorite feeds -- you can add any feed to your favorites and easily swipe between them</p><p style="padding-left: 30px;">• Subscriptions and news alerts -- Email subscriptions and mobile push alerts are now available for ALL feeds, and to anyone, even without a Twitter login</p><p style="padding-left: 30px;">Here are some screenshots of Nuzzel 2.0 on web and iOS:  https://dl.dropboxusercontent.com/u/3414849/Nuzzel_2.0.zip</p><p style="padding-left: 30px;">We are also pleased to announce the closing of a new round of funding.  Several of Nuzzel's existing investors participated in this new round of funding, and new investors include:</p><p style="padding-left: 30px;">• Akash Garg -- Director of Engineering at Uber, previously Director of Engineer at Twitter<br />• Anil Dharni -- Former COO of GREE<br />• Ben Smith -- CEO of Wanderful Media<br />• Darren Herman -- VP of Content Services at Mozilla<br />• Dathan Pattishall -- CTO of Shots<br />• Egon Durban -- Managing Partner of Silver Lake<br />• Marc Benioff -- Founder &amp; CEO of Salesforce.com<br />• Mark Goldstein -- Founder of Bass Ass Advisors<br />• Matt Cutts -- Head of webspam team at Google<br />• Nikesh Arora -- Vice Chairman of SoftBank<br />• Ram Gudavalli -- Former CTO of Funzio</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/uber-passenger-allegedly-attacked-driver-2015-11">An Uber passenger was arrested after allegedly attacking his driver in California</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Zub2xreDq9qLcuVyBD5SseI-bsIhJY2c" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Nuzzel just took on an all-star roster of new investors including Marc Benioff, Nikesh Arora and Matt Cutts

<p><keyword id="28251" type="CITY" weightage="60" keywordseo="Dell">Dell</keyword> has <a href="http://finance.yahoo.com/news/dell-enters-agreement-acquired-michael-142000548.html">officially announced</a> that it's going private after weeks of reports and negotiations.</p>
<p>The final price is $13.65 a share.<em> </em>The deal is valued at $24.4 billion.</p>
<p>Company founder Michael Dell is taking the company private in partnership with private equity firm Silver Lake.</p>
<p>According to the release, the buyout will be funded by a big consortium. Dell and Silver Lake are going to finance it along with Microsoft which is kicking in $2 billion as a loan, according to the release. Other financing will come from BofA Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets.</p>
<p>Microsoft's involvement in the process is particularly noteworthy. The reason Dell is going private is that its business of selling Windows-based PCs has not been going well. If, as a private company, Dell wanted to initiate a radical change and break away from its reliance on Microsoft, that would appear less likely with Microsoft's involvement.</p>
<p>And from Microsoft's perspective, it is likely to upset its partners. Remember, the entire PC industry is in decline. This isn't a Dell-only problem. If HP is on the cusp of going to out of business, will Microsoft rush in with billions of dollars to bail it out?</p>
<p>At $13.65 a share, Dell says in the release it's buying the company for a 25% premium over the stock's closing price before news leaked of a potential buyout.</p>
<p>We expect there will be multiple shareholder lawsuits over this deal. Just a year ago, the stock was trading at ~$17.66 a share. Today, Dell and Silver Lake want to buy the whole thing for considerably less. Dell has a 45-day "go-shop" period where the board can look for a better deal.</p>
<p>Why is Dell going private? In general, the real reason a company goes private is that its backers think the market is undervaluing it. It also believes that it can fix things up, then re-enter the public markets at a higher valuation delivering a big return, in this case, for Michael Dell and Silver Lake.</p>
<p>In the release Dell explained the move, saying, "We can deliver immediate value to stockholders, while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise. Dell has made solid progress executing this strategy over the past four years, but we recognize that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision."</p>
<p>Here's the release, we're updating this post as we go, so more to come.</p>
<p style="padding-left: 30px;">Dell Inc. today announced it has signed a definitive merger agreement under which Michael Dell, Dell’s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake, will acquire Dell.</p>
<p style="padding-left: 30px;">Under the terms of the agreement, Dell stockholders will receive $13.65 in cash for each share of Dell common stock they hold, in a transaction valued at approximately $24.4 billion. The price represents a premium of 25 percent over Dell’s closing share price of $10.88 on Jan. 11, 2013, the last trading day before rumors of a possible going-private transaction were first published; a premium of approximately 35 percent over Dell’s enterprise value as of Jan. 11, 2013; and a premium of approximately 37 percent over the average closing share price during the previous 90 calendar days ending Jan. 11, 2013. The buyers will acquire for cash all of the outstanding shares of Dell not held by Mr. Dell and certain other members of management.</p>
<p style="padding-left: 30px;">The Dell Board of Directors acting on the recommendation of a special committee of independent directors unanimously approved a merger agreement under which Michael Dell and Silver Lake Partners will acquire Dell and take the company private subject to a number of conditions, including a vote of the unaffiliated stockholders. Mr. Dell recused himself from all Board discussions and from the Board vote regarding the transaction.</p>
<p style="padding-left: 30px;">A Special Committee was formed after Mr. Dell first approached Dell’s Board of Directors in August 2012 with an interest in taking the company private. Led by Lead Director Alex Mandl, the Special Committee retained independent financial and legal advisors J.P. Morgan and Debevoise &amp; Plimpton LLP to advise the Special Committee with respect to its consideration of strategic alternatives, the acquisition proposal and the subsequent negotiation of the merger agreement.</p>
<p style="padding-left: 30px;">The Special Committee also engaged a leading management consulting firm to conduct an independent analysis, including a review of strategic alternatives for Dell and opportunities for the company as a public entity, and thereafter engaged Evercore Partners.</p>
<p style="padding-left: 30px;">The merger agreement provides for a so-called “go-shop” period, during which the Special Committee – with the assistance of Evercore Partners – will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. The initial go-shop period is 45 days. Following that period, the Special Committee will be permitted to continue discussions and enter into or recommend a transaction with any person or group that submitted a qualifying proposal during the 45-day period. A successful competing bidder who makes a qualifying proposal during the initial go-shop period would bear a $180 million (less than 1 percent) termination fee. For a competing bidder who did not qualify during the initial go-shop period, the termination fee would be $450 million.</p>
<p style="padding-left: 30px;">Mr. Mandl, lead director of Dell’s Board of Directors, said: “The Special Committee and its advisors conducted a disciplined and independent process intended to ensure the best outcome for shareholders. Importantly, the go-shop process provides a real opportunity to determine if there are alternatives superior to the present offer from Mr. Dell and Silver Lake.”</p>
<p style="padding-left: 30px;">Mr. Dell said: “I believe this transaction will open an exciting new chapter for Dell, our customers and team members. We can deliver immediate value to stockholders, while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise. Dell has made solid progress executing this strategy over the past four years, but we recognize that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision. I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake, a world-class investor with an outstanding reputation. We are committed to delivering an unmatched customer experience and excited to pursue the path ahead.”</p>
<p style="padding-left: 30px;">"Michael Dell is a true visionary and one of the preeminent leaders of the global technology industry," said Egon Durban, a Silver Lake Managing Partner. "Silver Lake is looking forward to partnering with him, the talented management team at Dell and the investor group to innovate, invest in long-term growth initiatives and accelerate the company's transformation strategy to become an integrated and diversified global IT solutions provider."</p>
<p style="padding-left: 30px;">Following completion of the transaction, Mr. Dell, who owns approximately 14 percent of Dell’s common shares, will continue to lead the company as Chairman and Chief Executive Officer and will maintain a significant equity investment in Dell by contributing his shares of Dell to the new company, as well as making a substantial additional cash investment. Dell will continue to be headquartered in Round Rock, Texas.</p>
<p style="padding-left: 30px;">The transaction will be financed through a combination of cash and equity contributed by Mr. Dell, cash funded by investment funds affiliated with Silver Lake, cash invested by MSD Capital, L.P., a $2 billion loan from Microsoft, rollover of existing debt, as well as debt financing that has been committed by BofA Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets (in alphabetical order), and cash on hand. There is no financing condition.</p>
<p style="padding-left: 30px;">The transaction is subject to other customary conditions, including receipt of required regulatory approvals, in addition to the Dell stockholder approvals described above. The transaction is expected to close before the end of the second quarter of Dell’s FY2014.</p>
<p style="padding-left: 30px;">For further information regarding all terms and conditions contained in the definitive merger agreement, please see Dell’s Current Report on Form 8-K, which will be filed in connection with this transaction.</p>
<p style="padding-left: 30px;">J.P. Morgan and Evercore Partners are acting as financial advisors and Debevoise &amp; Plimpton LLP is acting as legal advisor to the Special Committee of Dell’s Board of Directors. Goldman, Sachs &amp; Co. is acting as financial advisor and Hogan Lovells US LLP is acting as legal advisor to Dell. Wachtell, Lipton, Rosen &amp; Katz is acting as legal advisor to Mr. Dell. BofA Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets (in alphabetical order) are acting as financial advisors to Silver Lake, and Simpson Thacher &amp; Bartlett LLP is acting as legal advisor to Silver Lake.</p>

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