Its just remarkable to see the results these three companies are producing, and you could cetainly add Facebook and Amazon to the list. You’ll see smaller niche players produce margins like these, but rarely such large ones.
Its a testament to the tremendous market power they have.
Gopuff has hired former Amazon Vice President of Global Logistics Tim Collins as its new senior vice president of operations, Business Insider reported last week. Collins had been with Amazon since 1999, except for one brief departure.
Collins had left Amazon for Uber in early 2015, but returned to Amazon in late 2016.
Meanwhile, The Information reported Monday that Gopuff revenue more than tripled in 2020 to $340 million, and is expected to triple again this year to around $1 billion. I could only read a snippet (subscription required), so I couldn’t tell if the article had any additional information about Gopuff’s finances, or what its breakeven point might be.
CHESTERBROOK, Pa., April 22, 2021 /PRNewswire/ — Boomi™, a Dell Technologies™ business and leading provider of cloud-based integration platform as a service (iPaaS), today announced that it has achieved a company milestone with 15,000 customers across 75 countries. Boomi has thrived in one of the toughest economic climates in history. Customers are driving change in their businesses with Boomi, automating business processes and creating pervasive connectivity while reducing project times by as much as 70 percent, and achieving ROI levels by as much as 300 percent. The iPaaS leader’s recent highlights include a best-in-class1 customer renewal rate of 95 percent, nearly 800 global partners, 36,000+ certifications, 100,000+ Boomiverse community members and the creation of thousands of jobs globally across its customer and partner networks.
Boomi has continued to be a pioneer, with its leading AtomSphere™ integration platform playing a critical role in organizations’ IT ecosystems as they collectively rush to modernize and migrate to the cloud. As organizations accelerate these digital transformation initiatives, they are under increasing pressure to engage with customers, partners, and employees across a range of locations and devices. Boomi’s low-code integration platform enables customers to create integrated experiences and instantly connect to what they want — making it faster and easier to unify data, systems, applications, processes, people, enterprises, and organizations globally.
“As digital transformation becomes table stakes for survival, data has rapidly become organizations’ most valuable asset,” said Chris McNabb, CEO, Boomi. “Data, along with seamless user engagement, is the ultimate source of competitive differentiation, a revenue enabler, and driver of new services that enable businesses to innovate. Enterprises worldwide are choosing Boomi because we can unlock the power of their data easier and faster than anyone else.”
Boomi has consistently been recognized by top technology industry analyst firms as a leader in enterprise iPaaS, including Gartner, IDC, Forrester, Ovum, and Constellation Research.
Throughout the past year, Boomi has continuously innovated and pushed the envelope of what’s possible with data. Additional milestones include:
Customer Momentum Boomi has achieved significant customer wins across the North America, APJ, and EMEA regions. Key wins by region include:
Moderna – Pharmaceutical
HealthBridge Financial – Financial Services
Oshkosh Corporation – Manufacturing
Boomi has also supported over 2,000 governments, schools, non-profits and hospitals by providing free Boomi services as a result of the Boomi for Good initiative.
Gartner Disclaimer: Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Boomi Boomi, a Dell Technologies business, instantly connects everyone to everything with our cloud-native, unified, open, and intelligent platform. Boomi’s integration platform as a service (iPaaS) is trusted by more than 15,000 customers globally for its speed, ease-of-use, and lower total cost of ownership. As the pioneer at fueling intelligent use of data, Boomi’s vision is to make it quick and easy for customers and partners to discover, manage, and orchestrate data, while you connect applications, processes, and people for better, faster outcomes.
Ascensus, the Dresher, Montgomery County-based retirement plan services manager that had been reported to be on a path to a 2021 IPO, instead agreed today to be acquired by Connecticut-based PE firm Stone Point Capital and Singapore sovereign wealth fund GIC. Bloomberg reported the deal was worth $3 billion.
Ascensus to Be Acquired by Stone Point Capital and GIC From Private-Equity Consortium
DRESHER, Pa., April 26, 2021 /PRNewswire/ — Ascensus announced today that funds managed by Stone Point Capital, the Greenwich, CT-based private equity firm specializing in financial services, along with GIC, Singapore’s sovereign wealth fund, have entered into a definitive agreement to acquire Ascensus from its current private equity ownership group led by Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital. Genstar Capital and Aquiline Capital Partners will maintain a minority stake in Ascensus.
The transaction is expected to close in the third quarter of 2021, following regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.
Now in its 41st year of operations, Ascensus is a technology-enabled services company that helps millions of people save for retirement, education, and healthcare. It is also the leading independent recordkeeping services partner, retirement plan third-party administrator, and government savings facilitator in the United States. Through the company’s network of institutional, financial advisor, and state partners, Ascensus supports more than 12 million savers through a variety of tax-advantaged retirement, education, and consumer-directed health savings accounts.
“We are delighted to partner with Stone Point Capital and GIC, who share our confidence in the strategic importance and growth potential of the retirement, education, and health savings markets,” said David Musto, president and CEO of Ascensus. “Their commitment will only strengthen our ability to continue investing in new capabilities, technology, and solutions; enhance our already world-class client service levels; and attract top talent to our organization.”
Musto added, “We thank Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital for their support throughout our long relationship, which helped us become the leader we are today in the markets we serve.”
“We have followed Ascensus’ success for some time and see tremendous opportunities for further growth and positive impact on the industry,” said Chuck Davis, CEO of Stone Point Capital. “We believe Ascensus is a true leader in providing technology, expertise, and partnership to enable savings across the critical areas of retirement, education, and healthcare. We look forward to partnering with their management team and talented associates to support their continued growth, solutions innovation, and strong service delivery.”
Yong Cheen Choo, GIC’s chief investment officer of private equity, said, “Ascensus is delivering industry-leading solutions to help people save for what matters most. As a long-term investor, we believe Ascensus’ unique technology, market insights, and business knowledge will continue to drive growth and innovation in this space. We are thrilled to grow our years-long partnership through this increased investment, and look forward to working with Ascensus’ impressive management team over the long term.”
“Our journey with Ascensus and their management team over the last five years has been both remarkable and rewarding,” said Tony Salewski, managing director of Genstar.
Jeff Greenberg, chairman and CEO of Aquiline Capital Partners added, “We are very pleased Ascensus has become a market-leading savings business, having grown both organically and through acquisitions under our ownership. The company is well led and in a strong position to achieve its next phase of development over the coming years.”
“It has been an honor to be an investor in Ascensus twice in my career,” said David Schamis, founding partner and chief investment officer of Atlas Merchant Capital LLC. “Ascensus combines a strong market position with a highly skilled and shareholder value-focused management team. I am eager to continue to watch them flourish.”
Barclays and Goldman Sachs & Co. LLC acted as co-financial advisors to Ascensus in connection with this transaction. J.P. Morgan Securities LLC acted as sole financial advisor to Stone Point Capital. Willkie Farr & Gallagher LLP acted as legal counsel to Ascensus. Simpson Thacher & Bartlett LLP acted as transactional counsel to Stone Point Capital. Kirkland & Ellis LLP acted as financing counsel to Stone Point Capital.
About Ascensus Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, retirement plan third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.
Get the latest trends and insights based on our proprietary data from more than 113,700 retirement plans, 6.0 million 529 accounts, 426,500 health savings accounts, and 23 ABLE plans.* Inside America’s Savings Plans highlights average savings levels across these tax-advantaged accounts and showcases plan features that drive participation and growth.
*As of December 31, 2020.
About Stone Point Capital LLC Stone Point is an investment firm based in Greenwich, CT, with approximately $30 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity through its flagship Trident Funds. Stone Point also manages both liquid and private credit funds and managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit www.stonepoint.com.
About GIC GIC is a leading global investment firm, established in 1981, to strengthen Singapore’s financial future by managing its foreign reserves. As a disciplined long-term value investor, we engage across a wide range of asset classes in over 40 countries. Headquartered in Singapore, we have a strong global talent force of over 1,700 people positioned in 10 key financial cities. For more information on GIC, please visit www.gic.com.sg or LinkedIn.
About Aquiline Capital Partners LLC Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York and London investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. The firm had $6.1 billion in assets under management as of December 31, 2020. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.
About Genstar Capital LLC Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar X and all active funds, Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials and software industries.
About Atlas Merchant Capital LLC Atlas Merchant Capital LLC was founded to participate in compelling market opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond and David Schamis, who together with their partners form a complementary partnership with extensive operating and investing expertise across the financial services landscape. For more information about Atlas Merchant Capital, please visit www.atlasmerchantcapital.com.
Rockville, MD-based Infinite Computer Solutions says it has acquired IBM’s Talent Acquisition Suite SaaS Products, including BrassRing. The product group contains most of what appears to have been Kenexa, the Wayne-based company founded by Rudy Karsan that was acquired by IBM in 2012 for $1.3 billion. Terms of the deal were not disclosed.
“BrassRing supports more than 20 languages and provides candidate lifecycle management and employee onboarding for more than 240 customers, many of whom appear on the Fortune 500.”, according to an ICS press release.
“As part of the transaction, Infinite will work closely with IBM to transition identified employees”.
BrassRing has been considered a best-in-breed SaaS recruiting product. But I have little knowledge of how its progressed under IBM, which in its past often chewed up and spit out software acquisitions. Kenexa was married with the Watson AI brand at one point.
A spokesperson for Infinite confirmed in an email the company would onboard “200 employees who are subject matter experts in talent acquisition, client success managers and engineers who are technically competent in cloud and [software-as-a-service] product engineering and operations,” following the closure of the acquisition, which is expected to occur within the next 90 days.
Lots of recent action in the CRO (Contract Research Organization) space. While most large CROs are not based in Philly, they typically are connected to the area in significant ways. They sell to pharma companies and research organizations, and work closely with clinical trial tech firms (which are frequently in Philly).
Last week, Thermo Fisher Scientific Inc. agreed to buy PPD Inc., for $17.4 billion. In February, Icon Plc agreed to acquire PRA Health Sciences Inc. for about $12 billion.
Veeva’s chief strategy officer Henry Levy came from PPD.
Would Veeva ever consider buying a CRO? I doubt it, but wouldn’t rule it out. Veeva’s acquisitions so far have been very focused and small, and they like highly digital businesses, and that’s worked well for them. But they could afford an acquisition of that size.
Participants sell their New Jersey net operating losses and unused research-and-development (R&D) tax credits to unrelated profitable corporations for cash. The cash can then be used as working capital or to fund research. The NJEDA and the New Jersey Department of the Treasury’s Division of Taxation jointly administer the program.
Whenever the names of the companies are announced, NJTechWeekly.com lists the ones that are in the tech and clean tech segments, and we include their descriptions on our list. The idea is that these are among the most innovative emerging companies in the state, but they may take a long, unprofitable time to develop their products and commercialize them. You may want to become familiar with these companies at this stage of their development. This source of non-dilutive capital is a helping hand to companies in their infancy. The average award in 2020 was $1.1 million.
The participants in 2020 shared approximately $55.4 million. The amount for those participating in 2021 will be increased to $75 million, authorized by the New Jersey Economic Recovery Act of 2020. The Act also increased the lifetime cap for an individual applicant from $15 million to $20 million.
This year we also included some healthtech companies in our list, as these are companies involved in wearables; 3D printing; or improvements based on data, AI or machine learning. For example, Angel Medical Systems has an implanted medical device that sends data to the physician. If you are interested in the life sciences and biotech sector, the complete list of companies can be found here.
Most of the descriptions below were taken from the companies’ websites.
Company Headquarters/Base of Operations (Municipality)
Ailares is a “financial technology company that leverages machine learning (ML) and artificial intelligence (AI) in the fields of wealth management, investment management and risk management. Leaders of Ailares have spent the last 20+ years working on, creating and managing highly automated analytical platforms for Fortune 500 companies as well as startup companies around the world. Before the terms ‘big data,’ ‘machine learning’ and ‘artificial intelligence’ were being tossed around, leaders of Ailares had been delving deep into grid computing, cloud-based business intelligence and alternative data applications in investment management, banking, fraud management and risk management.”
“The Guardian System’s principle of operation is based on the well understood relationship between ST-segment changes and cardiac ischemia. Ischemia occurs when blood is not flowing due to blockage of a coronary artery and the heart does not have enough oxygen. The Guardian System continuously monitors the patient’s heart signal (known as the ‘electrogram’) for these ST-segment changes and provides notification using a triple-modality alerting when an abnormal change occurs.”
“From automation to intelligent systems, we apply an AI-first approach that addresses every challenge with machine learning and deep learning techniques as the basis of our technology. Our Solutions work as a dynamic layer that stacks on top of rule-based systems making operations smarter while future-proofing workflows. We advance businesses leading the way for intelligent transformations with cutting-edge technology designed to expand existing capabilities.”
Bloqcube has a “transformative approach to efficient remote clinical trials.” It is “an integrated CTMFS platform for the remote management and acceleration of clinical trials with an integrated financial module for speedy payments.”
“Brilliant Light Power has developed a new commercially competitive, non-polluting, plasma-based primary source of massive power from the conversion of hydrogen atoms of water molecules to dark matter, the previously unidentified matter that makes up most of the mass of the universe. The SunCell that was invented to harness the new power source catalytically converts hydrogen directly into dark matter form called Hydrino releasing brilliant high-energy light which is down-converted in energy to facilitate the production of electricity using commercially-available concentrator photovoltaic cells.”
“CircleBlack delivers portfolio management and performance reporting, tightly integrated with your choice of technology and custodial feeds, to provide a 360-degree view of an advisor’s book of business.”
“Forefront Telecare is a recognized national leader of Virtual Behavioral Health for Seniors across America. If a Senior has Medicare, Medicare Advantage or Medicaid and begins in a Hospital then moves to a Long Term Care Facility, including Skilled Nursing Homes or Assisted Living, or can return home for Home Health – Forefront will follow the senior patient. We produce superior outcomes with the same care and human connection for the patient and the facilities we serve.”
“Fusion Recruiting Labs, Inc. builds employment tools that accelerate hiring processes and increase the efficiency of recruitment advertising campaigns for the fast-growing needs of Human Resources Departments. FusionRL’s suite of products gives employers the power to drive their candidate lead generation process to quickly fill open jobs, identify qualified leads and provide the best candidate experience.”
“Hope Trust takes a revolutionary approach to special needs planning and trust administration … Through our technology, we know every issue and challenge facing each beneficiary. With an amazing team of Hope Care Coordinators trained to serve those with challenges, we actively seek solutions to social, medical, financial, legal, and daily living struggles.”
“Our Interpace Diagnostics business unit provides evidence-based, clinically beneficial molecular diagnostic tests and pathology services, including such widely respected tests as PancraGen, ThyGeNext, ThyraMir, RespriDX and BarreGen. Our Interpace Pharma Solutions business supports clinical trials by providing lab testing, data management, project management, and biorepository services to biopharmaceutical companies, enabling them to effectively integrate pharmacogenomics into their drug development and clinical trial programs to deliver safer, more effective drugs to market faster.”
“Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX PEARL) and MIAX Emerald, LLC (MIAX Emerald and together with MIAX and MIAX PEARL, the MIAX Exchange Group) are wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH). The MIAX Exchange Group has deep rooted experience in developing, operating and trading on exchanges. The initial focus of MIH was to leverage management’s expertise and relationships in the equity options space to launch MIAX, a fully electronic options exchange for the trading of OCC issued standardized options on equities and ETFs. Trading on MIAX commenced on December 7, 2012 following its approval from the SEC as a National Securities Exchange. MIAX now lists and trades options on over 2,600 multi-listed classes.
“Information from the oceans can help us understand climate change and natural disasters while also providing sources for food and energy. Persistent, reliable and cost-effective instrumentation, communication, and power sources are necessary to support the maritime activities to obtain such information. Present solutions and technologies suffer from the need for costly and repetitive maintenance as well as the rather limited electric power output they provide. The PowerBuoy system integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. The result is a leading edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications.”
“Onkos Surgical is a privately held, specialty medtech company founded in 2015. We believe that individuals with cancer requiring surgery deserve solutions designed specifically for them. This principle is the driving force behind our Precision Oncology initiatives. Built on a digital platform, our solutions are rooted in unmatched expertise in patient imaging analysis, personalized surgical planning, and the latest advancements in 3D printing. At Onkos, we are passionate about reducing complexity for our customers and addressing the clinical challenges associated with tumor surgery.”
“Solidia is a cement and concrete technology company, offering patented green solutions that make it easy and profitable to use CO2 to create superior, sustainable building materials. The technology has the potential to eliminate a minimum of 1.5 gigatonnes of CO2 each year. Solidia provides two core technologies: 1) A sustainable cement manufacturing technology, which can be produced in traditional cement kilns using less energy, reducing greenhouse gas emissions during manufacture by 30-40%; 2) A sustainable concrete curing technology, curing concrete with CO2 instead of water, permanently and safely consuming 240 kg of CO2, and potentially saving 3 trillion liters of fresh water every year.
Sunbird is a data center solutions company. “Since 2007, Sunbird products are being used globally by 1300+ customers across hundreds of thousands of racks, managing millions of assets, and monitoring billions of data points each and every day. From colo to owner operated, medium to large, private to public and non-profit, you can find Sunbird solutions helping customers improve availability, efficiency, and better utilize their data center assets.”
Tallvx is developing and “Open Financial Supply Chain Marketplace that puts Corporates at the center, goes beyond financing, coupled with Tallyx 1*2*3 that offers forward-looking win-win-win value proposition for Anchors, Small and Medium Enterprises (SME’s) and Financial Institutions.”
“Throtle offers the best in class identity and onboarding solutions. We drive personalization and relevant marketing with the most accurate 1:1 view of your customers, across multiple channels and devices.”
“TrueFort was founded on a mission to help IT organizations connect business security policy with operational reality. We help reduce cost and risk by taking an application-first approach that offers comprehensive application protection – not simply disparate controls – for real-time visibility and analysis, protection and better communication across business, IT, and security teams.”
The company’s vision is “to accelerate SiC adoption using our innovative device technology, enabling our customers to deliver industry transforming levels of power efficiency to society’s most advanced applications, particularly in mobility, IT infrastructure and renewable energy.”
“Wellsheet envisions a much different future, one in which providers make decisions with a comprehensive view of relevant information, structured precisely for their needs. Predicting providers’ information needs is a tremendous technology challenge, only possible through exceptional engineering and design talent, the latest advances in machine learning, and partnership with EHR vendors. Wellsheet brings these together to deliver the first comprehensive workflow support system that learns and anticipates providers’ needs.”