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US-based automotive digital marketplace <keyword id="2453612" type="General" weightage="100" keywordseo="truecar" source="Orion">TrueCar</keyword> has announced the laying off of nearly 24 per cent of its workforce, or about 102 employees, amid restructuring. <keyword id="17711620" type="General" weightage="50" keywordseo="michael-darrow" source="Orion">Michael Darrow</keyword>, President and CEO, has also stepped down from both of his executive positions, which will be filled by Jantoon Riggersman. Reigersman previously served as TrueCar's chief operating officer (<keyword id="6423421" type="General" weightage="50" keywordseo="coo" source="Orion">COO</keyword>) and chief financial officer (<keyword id="53346" type="General" weightage="50" keywordseo="cfo" source="Orion">CFO</keyword>). "The restructuring announced today better aligns our cost structure with our revenue base and is designed to make TrueCar a nimbler, more efficient company," Barbara Carbone, incoming Chair of the Board, said in a statement. "We made this difficult decision after an extensive review and believe that it is necessary to enable TrueCar to achieve its strategic priorities and create long-term shareholder value," she added. Moreover, the company said that the restructuring is expected to result in non-recurring cash payments of approximately $7 million, primarily in the second and third quarters of 2023, and an annualised reduction in expenses exclusive of stock-based compensation of over $20 million. As of May 31, 2023, TrueCar had cash and cash equivalents of approximately $146.5 million. However, the company expects that in the near term, this aggregate cash balance could drop below $125 million. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-bard-cool-things-you-can-do-with-the-ai-chatbot/articleshow/101012445.cms">Google Bard: Cool things you can do with the AI chatbot</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/5g-adoption-to-unlock-wealth-of-opportunities-for-indias-tech-talent-pool-teamlease/articleshow/101012899.cms">5G adoption to unlock wealth of opportunities for India's tech talent pool: TeamLease</a>

Automotive digital marketplace TrueCar lays off 24% of workforce

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Michael Seto/Business InsiderAmazon CEO Jeff Bezos</div></div></div>For many years, VMware has been waging a war against Amazon's encroaching cloud computing business. Next week it is finally expected to wave the white flag. That's when VMware is expected to announce it is partnering with Amazon to make VMware's software run more easily on Amazon's cloud, <a href="http://fortune.com/2016/10/05/vmware-amazon-cloud-pact/?xid=soc_socialflow_twitter_FORTUNE">reports Fortune's Barb Darrow.</a> This will be a big about face for VMware, who sells its own cloud services and its own cloud software that competes with Amazon.In addition to selling its own cloud, known as "vCloud Air," VMware has created a network thousands of data center and hosting providers to also offer vCloud Air. The idea being that if you choose vCloud, you aren't trapped with one service provider but have many to choose from. And you can use them in conjunction with running apps and data (aka a "workload") in your own corporate data centers, too.This "anti-Amazon" cloud strategy attempted to keep VMware's customers buying VMware's flagship data center software.Back in 2013, <a href="http://www.crn.com/news/cloud/240149626/vmware-top-execs-lash-out-at-amazon-public-cloud.htm?itc=xbodyjk">VMware CEO Pat Gelsinger famously</a> told its army of resellers and consultants and service providers that when clouds like Amazon's gain customers, "we all lose."VMware vice president Carl Eschenbach went even further, reported <a href="http://www.crn.com/news/cloud/240149626/vmware-top-execs-lash-out-at-amazon-public-cloud.htm?itc=xbodyjk">CRN's Steven Burke at the time</a>, saying, "I find it really hard to believe that we cannot collectively beat a company that sells books." Eschenbach went on to become COO at VMware but just left the company in April to become a venture capitalist at Sequoia.Needless to say, VMware didn't beat Amazon, nor did it own the cloud industry. Amazon's cloud has eaten <a href="http://www.businessinsider.com/amazon-ate-emc-says-former-emc-exec-2016-8">much of the computer industry.</a> VMware, meanwhile, became a subsidiary of Dell in September when Dell completed its acquisition of VMware parent company EMC. However, some of VMware's shares are publicly owned, and it has its own tracking stock, while Dell is private.VMware declined comment. Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/stephen-hawking-warning-space-aliens-seti-2016-9">Stephen Hawking warned us about contacting aliens, but this astronomer says it's 'too late'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RzeTAyNjE6gtR_2DvSKCIS3S7yEAsIlS" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

One of Amazon's fiercest rivals, VMware, is about to give in and join Amazon's cloud

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Michael Seto/Business Insider</div></div></div>Amazon and Microsoft are quickly becoming the king and queen of cloud computing.Here's another case in point: the two of them <a href="http://www.csc.com/newsroom/press_releases/133565-csc_team_wins_federal_aviation_administration_cloud_services_contract_valued_at_more_than_108_million">just won a huge contract with the FAA, led by IT consultant CSC</a>. This contract will consolidate the FCC's data centers, moving data to both Amazon's cloud Amazon Web Services (AWS) and Microsoft's cloud, Azure.CSC says the contract is worth $108 million out of the gate, and because its a long-term contract, could be worth as much <a href="http://www.csc.com/newsroom/press_releases/133565-csc_team_wins_federal_aviation_administration_cloud_services_contract_valued_at_more_than_108_million">as $1 billion over the next 10 years.</a>The FAA isn't getting rid of its data centers altogether to run on AWS and Azure (although that is increasingly becoming a thing that <a href="http://www.businessinsider.com/yamaha-ditched-its-computers-for-amazon-2015-7">huge companies like Netflix </a>and <a href="http://www.businessinsider.com/yamaha-ditched-its-computers-for-amazon-2015-7">Yahama of America are doing</a> - both of whom are using AWS).The FAA is just trying to shrink its data centers and use the two clouds as much as it can - a type of cloud computing known as "hybrid" computing. A lot of big organizations are moving towards hybrid computing these days, rather than ditching their own data centers altogether.The most interesting thing about this announcement: IBM was left out in the cold.IBM and the FAA have a long and storied relationship, s<a href="http://www.bloomberg.com/bw/stories/1993-04-25/flying-in-place-the-faas-air-control-fiasco">tretching back for decades.</a> That's not to say that the FAA is dropping its relationship with IBM completely. But it's interesting that of the two clouds FAA chose for this huge consolidation project, IBM didn't make the cut.IBM is battling big time for its share of the huge-and-growing cloud computing market and is currently placed third, according to <a href="https://www.srgresearch.com/articles/big-four-cloud-providers-are-leaving-rest-market-behind">Synergy Research</a>.But Amazon is killing it when it comes to winning business from government agencies with extreme security needs. A couple of years ago, it famously won a contract to build a new cloud for the CIA out from IBM. That cloud has become a big winner, not just for Amazon and the CIA, but all the intelligence agencies are reportedly loving this new cloud, <a href="http://fortune.com/2015/06/29/intelligence-community-loves-its-new-amazon-cloud/">Fortune's Barb Darrow reported</a>.And, as we <a href="http://www.businessinsider.com/cia-600-million-deal-for-amazons-cloud-2013-3">predicted back in 2013</a>, that win meant that Amazon would be in good standing with other government agencies, not to IBM's benefit.We reached out to IBM for comment and will update when we hear back.Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/amazon-employees-benefits-nyt-report-culture-retail-orders-shipping-2015-8">Maybe working at Amazon is hard for a reason</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="d4eG4ydzr2sR8Qz-S2fyywm5v_r2LOIM" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Amazon and Microsoft just scored a huge $100 million cloud deal that can't be making IBM too happy

Lucas Jackson/Reuters<ul class="summary-list"><li>Business Insider spoke with more than a half-dozen industry insiders, including executives and wirehouse advisers, about recent client conversations and working remotely as the coronavirus spreads.</li><li>Wealth advisers and the wider wealth management industry around the US are trying to calm clients' nerves, from home, as asset classes of all stripes crash and economists come out with recession calls. </li><li>The market's recent volatility is unprecedented. Many advisers are echoing mantras they also make when stocks are charging higher: we have a plan in place. </li><li>On Wednesday, the finance chief of UBS told a remote industry conference the firm had created "an online viewing room" for clients interested in purchasing art.</li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more wealth management stories</a>.</li></ul>Earlier this month, before the <a href="https://www.businessinsider.com/thursday-coronavirus-hit-home-for-america-2020-3">novel coronavirus outbreak</a> started upending life across the US, Michael Bapis was looking forward to a few business trips he had coming up this spring. Bapis, a private wealth adviser and managing director with Vios Advisors at Rockefeller Capital Management in New York City, planned to visit Washington, D.C. He was going to fly to Greece, and to Las Vegas in time for a golf outing."Now everything is on hold," he told Business Insider this week by phone from his at-home office on Long Island, where he started working on Monday instead of heading into the office.Bapis, whose nine-person team based in New York and Salt Lake City oversees some $1.2 billion in client assets, said he's been fielding a flood of calls from clients about equity markets' wild swings.The S&amp;P 500, Dow Jones Industrial Average, and Nasdaq Composite <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-slump-2000-coronavirus-low-goldman-sachs-2020-3-1029000121">have all plunged into bear markets</a> in record time as analysts and economists expect the coronavirus to wreak havoc on the global economy. The Federal Reserve executed another <a href="https://markets.businessinsider.com/news/stocks/emergency-rate-cuts-events-caused-past-fed-coronavirus-timeline-when-2020-3-1028964493">emergency interest-rate cut</a> earlier this week to try and cushion the blow. As stocks plunged on Wednesday morning, some clients were buying, Bapis said, "not jumping in with two feet, but some people were buying. Then there were some panic-sellers." "We just try to tell them that there's a plan in place," he said of jittery clients, adding many portfolios are comprised of a mix of alternative investments, equities, and fixed-income assets. Richard Drew/AP PhotoBapis thinks his clients can weather the storm. Though the situation feels dire, he doesn't think financial conditions mirror the global financial crisis of 2007 to 2009. When it comes to calming anxious clients through markets' plunges and unprecedented volatility, his peers at <a href="https://www.businessinsider.com/category/wealth-management">wealth management</a> firms from large wirehouses and independent firms to small shops are in similar positions. And unlike past crises, they can't always see clients face-to-face to help talk through their financial future. For a window into how the industry is <a href="https://www.businessinsider.com/wall-street-is-preparing-for-remote-trading-as-coronavirus-spreads-2020-3">grappling with the fallout</a>, Business Insider spoke with more than a half-dozen industry insiders, including executives and wirehouse advisers, about recent client conversations and working remotely as the coronavirus spreads. Advisers - many paid to map out plans for clients, oversee all aspects of their financial well-being, and, yes, hand-hold - have their work cut out for them. Most insiders we spoke with said they were confident in how they have positioned their clients' portfolios and are aiming to assure them that stocks will recover. But they say the estimated economic toll the novel coronavirus could have, particularly to vulnerable smaller businesses, remains unknown. "I don't think any of us expected something of this nature to take hold," Citigroup chief financial officer Mark Mason said on March 11 at a financial institutions conference that was switched from in-person to a remote event.The pandemic has infected at least 222,643 people and killed at least 9,115 worldwide as of Thursday, as Business Insider <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1">is tracking</a>. More than 84,000 people known to be infected have since recovered, mostly in China.<h2>'They know it's been a bloodbath'</h2>Financial advisers and executives are adjusting in different ways around the US, though can claim some similarities: they're working remotely, practicing "<a href="https://www.businessinsider.com/your-questions-about-social-distancing-during-the-coronavirus-answered">social distancing</a>," and having lots of video and phone calls with clients. Morgan Stanley, UBS, Wells Fargo, and Merrill Lynch, the four US wirehouse wealth managers with some 52,000 combined US-based financial advisers and thousands of other wealth associates and support staff, have been guiding their financial advisers with different policies in recent weeks.For many advisers, that's meant working from home, or going into the office in shifts to prevent forming clusters of people in close quarters. One Texas-based wirehouse adviser wanted to speak with Business Insider for this article, but could not find the time because the market was too volatile and he had to tend to clients. <a href="https://www.businessinsider.com/morgan-stanley-ubs-merrill-lynch-on-san-francisco-coronavirus-case-2020-3">Business Insider previously reported</a> on March 10 that Wells Fargo had confirmed an employee working in one of its San Francisco buildings tested positive. That prompted the three competing wirehouses, which all also have offices in that building, to provide guidance on what measures they were taking in response. Keith Bedford/ReutersOne Fort Lauderdale, Florida-based financial adviser at Merrill Lynch said he's been fielding nervous calls from clients about where their portfolios stand as the markets go haywire. "It is exhausting to talk them down from their high level of anxiety," he said, adding many are looking to him to be "the voice of reason and calm." Other firms catering to the ultra-rich are adjusting in their own ways. On Wednesday, the finance chief of UBS, <a href="https://www.businessinsider.com/category/ubs">among the largest wealth managers in the world</a> with some $2.6 trillion in client assets, said at a remote industry conference the firm had created "an online viewing room" for clients interested in purchasing art."Now, of course, we've seen extreme spikes in volumes. We've seen drawdowns in credit facilities. We've seen extensive margin calls across the industry," Kirt Gardner said, adding he is seeing that both within the firm's institutional and wealth management client base. A Florida-based adviser with UBS said the firm is not providing viable "official" video options for external communications with clients, which need to be monitored and reviewed for compliance purposes, as is often the case with banks.While advisers and people in team associate roles (formerly known as "client service associates") can work from home if they'd like, some support staff are not granted the same flexibility, the adviser said. Other firms, <a href="https://www.businessinsider.com/charles-schwab-1000-bonus-amid-coronovirus-excludes-contract-workers-2020-3">including Charles Schwab</a>, have also said critical on-site staffers like those in network operations and trading would still work in branch locations through the outbreak. A person familiar with the Swiss bank's policy said the firm has been encouraging employees, including team associates, in its wealth management offices to work remotely. The firm is also granting remote capabilities to all employees, another person familiar with the firm's policy said.UBS has also temporarily closed its downtown Miami office after an employee showed coronavirus-like symptoms, according to the first person familiar with the situation.Over at Darrow Wealth Management, a firm in Concord, Massachusetts managing some $188 million in assets, most of Kristin McKenna's clients are simply trying not to look at their accounts. "They know it's been a bloodbath, and there's no sense in stressing themselves out by checking their accounts, because they don't need the money anytime soon," McKenna, a wealth adviser and managing director at the firm, told Business Insider. "That makes me so proud, because it's the right attitude and the best thing to do."Her clients want to know, for the most part, the same things: Is this the bottom? When will this end? Should I be doing anything? Should I invest more? Should I go to cash? McKenna's clients who are retired, or nearing retirement, have other concerns, she said, "and rightfully so, this is uncharted territory for us all." She's moved all client meetings to screen-sharing, or video conferences. <h2>'People are freaking out' </h2>In a leafy suburb just outside of New Orleans, a financial adviser at a national wealth management firm said she started working from home on Monday."This hasn't been as difficult as I thought it was going to be," she said by phone, adding her remote capabilities made it easy for her to communicate with clients. "We have a plan in place," the adviser, who primarily works with clients in the LGBTQ community, said. "We're not just throwing money in the market when it's down."Clients are expressing more interest in buying up insurance products during the outbreak, she said, as some grow nervous about their own medical situations. Other clients on edge are looking to open accounts they may have wanted to hold off on initially, she said, like a Roth IRA. "People are freaking out, so if you don't have a plan in place, that's a problem," she added. ReutersSome firms with presences in areas where the coronavirus outbreak has been most severe are taking special precautions. D.A. Davidson, the financial services firm with a wealth management division overseeing some $50 billion in client assets, has about a fifth of its national offices in Washington state. The firm moved Seattle-area employees to remote work on March 9 as the number of coronavirus cases in the area climbed quickly. The state reported 175 new cases on Wednesday, bringing the state total to 1,187 cases and 66 deaths, <a href="https://www.seattletimes.com/seattle-news/health/coronavirus-daily-news-updates-march-19-what-to-know-today-about-covid-19-in-the-seattle-area-washington-state-and-the-nation/">the Seattle Times reported</a>. A bulk of those cases are in King County, which includes Seattle, the outlet reported.When Business Insider earlier this month first checked in with Los Angeles-based Andrew Crowell, the vice chairman of wealth management at the firm, he was still working in the office. He's now working from home. D.A. Davidson had to cancel its annual gathering of financial advisers and other wealth management staffers initially scheduled for late March, Crowell said, an event that usually draws between 600 and 700 employees.<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-its-like-travel-during-coronavirus-outbreak-planes-airports-virus-2020-3">Here's what it's like to travel during the coronavirus outbreak</a></h3>

'Uncharted territory for us all': Wealth managers explain how they're calming client freakouts as stocks tank - and in-person hand-holding isn't an option

<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://www8.hp.com/hpnext/posts/discover-2013-meg-whitman-s-top-10-list#.U358Gi-tqOR">HP</a>HP CEO Meg Whitman</div></div></div>When HP officially announced it had settled three shareholders' lawsuits over its acquisition of software firm Autonomy, its <a href="http://www8.hp.com/us/en/hp-news/press-release.html?id=1723292#.U7RTFY1dXR1">press release</a> didn't mention the details, like how much it was going to pay.
HP did confirm that the shareholders agreed to drop all claims against HP's executives and board members, including CEO Meg Whitman.
HP also said the deal required the shareholders to assist with any potential legal actions it pursues against former officials from Autonomy. 
Shareholders had accused HP of not doing enough to investigate potential weaknesses in Autonomy's business, <a href="http://online.wsj.com/articles/h-p-reaches-settlement-in-shareholder-suits-over-autonomy-1404177896">the Wall Street Journal reported</a>. For its part, HP said Autonomy misrepresented itself and tricked HP into paying $11 billion for it. (That's likely why HP may be pursuing legal claims against former Autonomy officials.)
While we don't know how much HP paid to settle the shareholder litigation, court filings dug up by GigaOm's Barb Darrow <a href="http://gigaom.com/2014/06/30/hp-and-shareholder-groups-settle-and-agree-to-turn-legal-sights-on-former-autonomy-execs/">revealed an interesting bit of information.</a>
HP has turned around and hired the shareholders' lawyers directly and will pay them a percentage of money it is awarded in any legal actions it files against ex-Autonomy officials.
HP agreed to pay the shareholders' lawyers a monthly retainer that adds up to $562,500 for 32 months worth of work, plus up to $30 million of whatever money HP "recovers" from former Autonomy execs. The shareholders' lawyers will get 10% of up to $100 million and 25% of anything over $100 million, capped at $30 million.
HP also agreed to pay $25,000 to one shareholder involved in the suits, <a href="http://www.ft.com/intl/cms/s/0/59c79fd4-013d-11e4-a938-00144feab7de.html#axzz36KJTIoPL">the Financial Times reports. </a>
The agreement offers some interesting insight into the business of shareholder lawsuits, which are extremely common with any M&amp;A deal valued at over $100 million. The majority of them settled, according <a href="http://blogs.law.harvard.edu/corpgov/2013/03/22/shareholder-litigation-involving-mergers-and-acquisitions-february-2013-update/#more-41964">to the Harvard Law School.</a>
To recap the lawsuit against Autonomy: HP paid $11 billion for Autonomy. Less than a year later, <a href="http://www.businessinsider.com/meg-whitman-hp-autonomy-blame-2012-11">HP wrote off $8.8 billion</a> and alleged that Autonomy had improperly inflated its revenues and margins, to the tune of $5 billion.
Former Autonomy CEO Michael Lynch has consistently and vehemently denied all wrongdoing and has said that HP's own mismanagement of Autonomy after the acquisition caused the problems. 
He calls this latest settlement <a href="http://www.businessinsider.com/hp-autonomy-suit-hp-wants-help-2014-6">a</a><a href="http://www.businessinsider.com/hp-autonomy-suit-hp-wants-help-2014-6"> "smear campaign"</a> and says he hopes "HP will finally give a full explanation."
Here's the bit in the court filing that talks about HP hiring the shareholders' lawyers:
"In recognition of the substantial benefits conferred upon HP, HP, by and through its Independent Committee, has entered into an engagement letter with the Settling Plaintiffs' Counsel that provides for a fixed fee and fee contingent upon the amount recovered by HP. More particularly, in addition to a fixed monthly retainer in the amount of $562,500 for 32 months, Settling Plaintiffs' Counsel will be eligible to receive a contingent fee equal to 10% of the amount recovered by HP up to $100 million, and 25% of any amount in excess of $100 million, up to a maximum contingent amount of $30 million. 
HP had no further comment.

HP Hired The Lawyers Who Were Suing It And Could Pay Them Up To $30 Million

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Automotive digital marketplace TrueCar lays off 24% of workforce

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