The future of connectivity is the future of commerce, as well as payments and financial services.
\nAnd with the Thursday (Sept. 5) news that Verizon has entered into a definitive agreement to acquire Frontier,the largest pure-play fiber internet provider in the U.S., in an all-cash transaction valued at $20 billion, the future of connectivity \u2014 and therefore the connected economy \u2014 looks bright.
\nWith the rise of 5G and even 6G, the increasing reliance on fiber optics and the ongoing shift to digital-first lifestyles, this acquisition speaks volumes about the future of connectivity and the strategic maneuvers large corporations are making to position themselves in a rapidly evolving landscape.
\n\u201cLess than four years ago, we set out an ambitious plan to build \u2026 the digital infrastructure this country needs to thrive for generations to come,\u201d Frontier President and CEO Nick Jeffery said in a press release announcing the acquisition. \u201cToday\u2019s announcement is recognition of our progress building a best-in-class fiber network and delivering reliable, high-speed broadband to millions of customers across the country.\u201d
\nAs industries digitize, from manufacturing to logistics and agriculture, reliable high-speed connectivity is becoming a competitive necessity. Fiber and 5G are the cornerstones of the next wave of digital transformation, and by acquiring Frontier, Verizon has secured a key piece of the infrastructure puzzle.
\n\u201cConnectivity is essential in nearly every part of our lives and work,\u201d Verizon Chairman and CEO Hans Vestberg said in the release.
\nThe deal aims to bring together Frontier\u2019s pure-play fiber business and Verizon\u2019s fiber and wireless networks to expand the telecom giant\u2019s footprint across the market. Per the announcement, Verizon\u2019s fiber network largely covers regions in the Northeast and mid-Atlantic, while Frontier\u2019s own coverage connects users in areas across the Mid-West, as well as Texas and California.
\nRead more: Why the Connected Economy Isn\u2019t\u00a0
\nNew data from PYMNTS Intelligence finds that consumers in the U.S.\u00a0engage in an average of 14 different digital activities each month: paying bills online, conducting telehealth visits, streaming music and videos, and shopping and paying for groceries and retail products using digital payments and apps.
\nIn an earlier interview with PYMNTS,\u00a0Frank Boulben, senior vice president and chief revenue officer of Verizon Consumer Group, said, \u201cVerizon is reintroducing itself, leveraging its longstanding reputation as a trusted network provider and highlighting its pivotal role in enabling how people live, work and play \u2026\u00a0We\u2019ve established a foundation of reliability over two decades, and now we\u2019re illuminating the transformative potential of our network.\u201d
\nBut as PYMNTS\u2019 Karen Webster wrote this summer, \u201ctoo much of the digital transformation to this point is digital \u2014 but not exactly transformational.\u201d
\nIn essence, while companies are making their operations digital \u2014 moving from analog to digital systems, implementing cloud services and adopting digital tools \u2014 many of these efforts fail to fundamentally transform how businesses operate or drive new value. In essence, many organizations are embracing digital tools without fully realizing their potential to drive innovation, disrupt markets or reshape business models.
\nWebster covered on Tuesday (Sept. 3) how, as digital becomes the DNA of business, success won\u2019t be measured by the products a business makes or sells, but how well they create and monetize ecosystems that connect activities across traditional industry sectors. \u201cAs I have written many times,\u00a0payments is the cornerstone for this digital transformation,\u201d she wrote.
\nSee also: Nine Things Payments Execs Need to Know for Their 2025 Business Plans
\nAt its core, digital transformation should represent a fundamental rethinking of how businesses use technology to meet customer needs, improve efficiency and drive new value. However, in many cases, businesses are simply digitizing existing processes, often automating them or moving them online, but not reimagining how they operate in a truly innovative way.
\n\u201cThe Industrial 4.0 revolution was based on\u00a0digitization, and it\u2019s starting to mature now,\u201d\u00a0Prateek Kathpal, president and CEO of\u00a0SymphonyAI Industrial, told PYMNTS in an interview posted Dec. 1.
\nAutomating a broken or inefficient process can give the illusion of progress, but it doesn\u2019t address the underlying need for redesigning those workflows to be more adaptable, data-driven, or customer-focused.
\n\u201cBusinesses are realizing that there is a\u00a0cost to some of the legacy things\u00a0that they\u2019re doing, and that it can be an impediment to making their business efficient,\u201d\u00a0Robin Gregg, CEO at\u00a0RoadSync, told PYMNTS. \u201cI think businesses now understand that no matter how traditional they are, how they\u2019ve been operating, that now is the time to update how they work.\u201d
\nThe post Verizon Acquires Frontier for $20 Billion as Connected Economy Evolves appeared first on PYMNTS.com.
\n", "content_text": "The future of connectivity is the future of commerce, as well as payments and financial services.\nAnd with the Thursday (Sept. 5) news that Verizon has entered into a definitive agreement to acquire Frontier,the largest pure-play fiber internet provider in the U.S., in an all-cash transaction valued at $20 billion, the future of connectivity \u2014 and therefore the connected economy \u2014 looks bright.\nWith the rise of 5G and even 6G, the increasing reliance on fiber optics and the ongoing shift to digital-first lifestyles, this acquisition speaks volumes about the future of connectivity and the strategic maneuvers large corporations are making to position themselves in a rapidly evolving landscape.\n\u201cLess than four years ago, we set out an ambitious plan to build \u2026 the digital infrastructure this country needs to thrive for generations to come,\u201d Frontier President and CEO Nick Jeffery said in a press release announcing the acquisition. \u201cToday\u2019s announcement is recognition of our progress building a best-in-class fiber network and delivering reliable, high-speed broadband to millions of customers across the country.\u201d\nAs industries digitize, from manufacturing to logistics and agriculture, reliable high-speed connectivity is becoming a competitive necessity. Fiber and 5G are the cornerstones of the next wave of digital transformation, and by acquiring Frontier, Verizon has secured a key piece of the infrastructure puzzle.\n\u201cConnectivity is essential in nearly every part of our lives and work,\u201d Verizon Chairman and CEO Hans Vestberg said in the release.\nThe deal aims to bring together Frontier\u2019s pure-play fiber business and Verizon\u2019s fiber and wireless networks to expand the telecom giant\u2019s footprint across the market. Per the announcement, Verizon\u2019s fiber network largely covers regions in the Northeast and mid-Atlantic, while Frontier\u2019s own coverage connects users in areas across the Mid-West, as well as Texas and California.\nRead more: Why the Connected Economy Isn\u2019t\u00a0\nEnsuring Digital Transformation Is Transformational\nNew data from PYMNTS Intelligence finds that consumers in the U.S.\u00a0engage in an average of 14 different digital activities each month: paying bills online, conducting telehealth visits, streaming music and videos, and shopping and paying for groceries and retail products using digital payments and apps.\nIn an earlier interview with PYMNTS,\u00a0Frank Boulben, senior vice president and chief revenue officer of Verizon Consumer Group, said, \u201cVerizon is reintroducing itself, leveraging its longstanding reputation as a trusted network provider and highlighting its pivotal role in enabling how people live, work and play \u2026\u00a0We\u2019ve established a foundation of reliability over two decades, and now we\u2019re illuminating the transformative potential of our network.\u201d\nBut as PYMNTS\u2019 Karen Webster wrote this summer, \u201ctoo much of the digital transformation to this point is digital \u2014 but not exactly transformational.\u201d\nIn essence, while companies are making their operations digital \u2014 moving from analog to digital systems, implementing cloud services and adopting digital tools \u2014 many of these efforts fail to fundamentally transform how businesses operate or drive new value. In essence, many organizations are embracing digital tools without fully realizing their potential to drive innovation, disrupt markets or reshape business models.\nWebster covered on Tuesday (Sept. 3) how, as digital becomes the DNA of business, success won\u2019t be measured by the products a business makes or sells, but how well they create and monetize ecosystems that connect activities across traditional industry sectors. \u201cAs I have written many times,\u00a0payments is the cornerstone for this digital transformation,\u201d she wrote.\nSee also: Nine Things Payments Execs Need to Know for Their 2025 Business Plans\nDigitizing Legacy Systems Without Modernizing Them\nAt its core, digital transformation should represent a fundamental rethinking of how businesses use technology to meet customer needs, improve efficiency and drive new value. However, in many cases, businesses are simply digitizing existing processes, often automating them or moving them online, but not reimagining how they operate in a truly innovative way.\n\u201cThe Industrial 4.0 revolution was based on\u00a0digitization, and it\u2019s starting to mature now,\u201d\u00a0Prateek Kathpal, president and CEO of\u00a0SymphonyAI Industrial, told PYMNTS in an interview posted Dec. 1.\nAutomating a broken or inefficient process can give the illusion of progress, but it doesn\u2019t address the underlying need for redesigning those workflows to be more adaptable, data-driven, or customer-focused.\n\u201cBusinesses are realizing that there is a\u00a0cost to some of the legacy things\u00a0that they\u2019re doing, and that it can be an impediment to making their business efficient,\u201d\u00a0Robin Gregg, CEO at\u00a0RoadSync, told PYMNTS. \u201cI think businesses now understand that no matter how traditional they are, how they\u2019ve been operating, that now is the time to update how they work.\u201d\nThe post Verizon Acquires Frontier for $20 Billion as Connected Economy Evolves appeared first on PYMNTS.com.", "date_published": "2024-09-06T14:30:05-04:00", "date_modified": "2024-09-06T14:30:05-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Verizon-acquires-Frontier.png", "tags": [ "5G", "Acquisitions", "Connected Economy", "digital infrastructure", "digital transformation", "fiber optics", "Frontier", "Frontier Communications", "high-speed internet", "internet", "News", "PYMNTS News", "Verizon", "wireless networks" ] }, { "id": "https://www.pymnts.com/?p=2094682", "url": "https://www.pymnts.com/acquisitions/2024/bny-acquires-archer-tap-retail-managed-account-market/", "title": "BNY Acquires Archer to Tap Retail Managed Account Market", "content_html": "BNY agreed to acquire asset management solutions firm Archer.
\n\u201cManaged accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale,\u201d Emily Portney, global head of asset servicing at BNY, said in a news release announcing the deal Thursday (Sept. 5). \u201cBy combining Archer\u2019s market-leading capabilities with BNY\u2019s broader footprint and expertise, BNY will offer fully integrated, end-to-end retail managed account solutions across our entire platform.\u201d
\nArcher provides middle- and back-office solutions for asset and wealth managers working with institutional, private wealth and retail investors, the release said. The deal is expected to close in the fourth quarter of this year.
\nBy integrating Archer\u2019s managed account solutions, capabilities and professional servicing team, BNY will bolster its enterprise platform to support retail managed accounts, a market expected to reach $8 trillion in assets over the next three years in the United States, according to the release.
\nIn addition, Archer will provide BNY Investments and BNY Pershing\u2019s Wove wealth platform for advisors with \u201cexpanded distribution of model portfolios and access to Archer\u2019s multi-custodial network,\u201d the release said.
\n\u201cToday\u2019s asset and wealth managers have a strong desire to create multi-asset solutions across a variety of products, along with direct indexing and tax optimized portfolios, to meet the needs of their distribution partners and investors,\u201d Archer President and CEO Bryan Dori said in the release. \u201cAs a new addition to the BNY platform, Archer\u2019s expertise, capabilities and scale will be leveraged across all of BNY to help even more clients drive long-term growth for their businesses.\u201d
\nBNY rebranded from BNY Mellon in June. It also renamed its investment management and wealth management arms BNY Investments and BNY Wealth, while its financial solutions unit, BNY Mellon Pershing, became BNY Pershing.
\nIn other wealth management news, PYMNTS wrote earlier this year about the potential for open banking to reshape the industry.
\nDespite its promise, \u201cthe widespread adoption of open banking across sectors, including investment and wealth management, is not without its challenges,\u201d the report said. \u201cInteroperability issues and varying API standards across regions and institutions can impede seamless integration and collaboration within the open banking ecosystem.\u201d
\nThe post BNY Acquires Archer to Tap Retail Managed Account Market appeared first on PYMNTS.com.
\n", "content_text": "BNY agreed to acquire asset management solutions firm Archer.\n\u201cManaged accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale,\u201d Emily Portney, global head of asset servicing at BNY, said in a news release announcing the deal Thursday (Sept. 5). \u201cBy combining Archer\u2019s market-leading capabilities with BNY\u2019s broader footprint and expertise, BNY will offer fully integrated, end-to-end retail managed account solutions across our entire platform.\u201d\nArcher provides middle- and back-office solutions for asset and wealth managers working with institutional, private wealth and retail investors, the release said. The deal is expected to close in the fourth quarter of this year.\nBy integrating Archer\u2019s managed account solutions, capabilities and professional servicing team, BNY will bolster its enterprise platform to support retail managed accounts, a market expected to reach $8 trillion in assets over the next three years in the United States, according to the release.\nIn addition, Archer will provide BNY Investments and BNY Pershing\u2019s Wove wealth platform for advisors with \u201cexpanded distribution of model portfolios and access to Archer\u2019s multi-custodial network,\u201d the release said.\n\u201cToday\u2019s asset and wealth managers have a strong desire to create multi-asset solutions across a variety of products, along with direct indexing and tax optimized portfolios, to meet the needs of their distribution partners and investors,\u201d Archer President and CEO Bryan Dori said in the release. \u201cAs a new addition to the BNY platform, Archer\u2019s expertise, capabilities and scale will be leveraged across all of BNY to help even more clients drive long-term growth for their businesses.\u201d\nBNY rebranded from BNY Mellon in June. It also renamed its investment management and wealth management arms BNY Investments and BNY Wealth, while its financial solutions unit, BNY Mellon Pershing, became BNY Pershing.\nIn other wealth management news, PYMNTS wrote earlier this year about the potential for open banking to reshape the industry.\nDespite its promise, \u201cthe widespread adoption of open banking across sectors, including investment and wealth management, is not without its challenges,\u201d the report said. \u201cInteroperability issues and varying API standards across regions and institutions can impede seamless integration and collaboration within the open banking ecosystem.\u201d\nThe post BNY Acquires Archer to Tap Retail Managed Account Market appeared first on PYMNTS.com.", "date_published": "2024-09-05T15:53:45-04:00", "date_modified": "2024-09-05T15:53:45-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Bank-rebrands-BNY.png", "tags": [ "Acquisitions", "Archer", "banking", "Banks", "BNY", "Investments", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2094184", "url": "https://www.pymnts.com/acquisitions/2024/paylocity-to-add-spend-management-software-solution-with-airbase-acquisition/", "title": "Paylocity to Add Spend Management Software Solution With Airbase Acquisition", "content_html": "Paylocity plans to create a consolidated platform for all business-related spend by acquiring Airbase.
\nThe planned acquisition will add Airbase\u2019s finance and spend management software solution to Paylocity\u2019s human resources (HR) and payroll software platform, Paylocity said in a Wednesday (Sept. 4) press release.
\nSubject to customary closing conditions and regulatory approvals, the transaction is expected to close in the first or second quarter of fiscal 2025, according to the release.
\n\u201cMany companies use disparate software solutions or manual processes to manage their labor costs and non-labor vendor and procurement spend, and we expect this acquisition will give us the ability to provide a comprehensive solution and modern client experience for managing all spend on a single integrated platform,\u201d Paylocity President and CEO Toby Williams said in the release.
\nAirbase Founder Thejo Kote said in a Wednesday post on LinkedIn that he was convinced to sell the business by the opportunity to create a unified human capital management (HCM) and finance platform for mid-market companies.
\n\u201cAirbase\u2019s mission has always been to improve the lives of those who work in the office of the CFO and help companies control their destiny with better management of their non-payroll spend,\u201d Kote said in the post. \u201cBy joining forces with Paylocity, we now have an opportunity to deliver a unified experience to manage 100% of the spending that happens in a business.\u201d
\nPaylocity\u2019s software solutions help businesses automate and streamline HR and payroll processes, according to the release.
\nAirbase\u2019s platform features bill pay and accounts payable automation, expense management, corporate cards, procurement process automation, and workflow automation across key spend and business process systems, per the release.
\nThe planned integration of these solutions will enable companies to see payroll and non-payroll spend \u201cthrough a single pane of glass,\u201d the release said.
\n\u201cAirbase represents an exciting opportunity to expand our relationship with our nearly 40,000 clients to offer an integrated software platform for running their business operations, while also offering a very compelling value proposition for prospects across our target market,\u201d Williams said in the release.
\nThis news comes about nine months after Paylocity acquired headcount planning firm Trace. Paylocity said in December 2023 that the addition of that firm will enable it to expand its platform and offer labor planning tools to model, forecast, implement and analyze headcount decisions.
\nThe post Paylocity to Add Spend Management Software Solution With Airbase Acquisition appeared first on PYMNTS.com.
\n", "content_text": "Paylocity plans to create a consolidated platform for all business-related spend by acquiring Airbase.\nThe planned acquisition will add Airbase\u2019s finance and spend management software solution to Paylocity\u2019s human resources (HR) and payroll software platform, Paylocity said in a Wednesday (Sept. 4) press release.\nSubject to customary closing conditions and regulatory approvals, the transaction is expected to close in the first or second quarter of fiscal 2025, according to the release.\n\u201cMany companies use disparate software solutions or manual processes to manage their labor costs and non-labor vendor and procurement spend, and we expect this acquisition will give us the ability to provide a comprehensive solution and modern client experience for managing all spend on a single integrated platform,\u201d Paylocity President and CEO Toby Williams said in the release.\nAirbase Founder Thejo Kote said in a Wednesday post on LinkedIn that he was convinced to sell the business by the opportunity to create a unified human capital management (HCM) and finance platform for mid-market companies.\n\u201cAirbase\u2019s mission has always been to improve the lives of those who work in the office of the CFO and help companies control their destiny with better management of their non-payroll spend,\u201d Kote said in the post. \u201cBy joining forces with Paylocity, we now have an opportunity to deliver a unified experience to manage 100% of the spending that happens in a business.\u201d\nPaylocity\u2019s software solutions help businesses automate and streamline HR and payroll processes, according to the release.\nAirbase\u2019s platform features bill pay and accounts payable automation, expense management, corporate cards, procurement process automation, and workflow automation across key spend and business process systems, per the release.\nThe planned integration of these solutions will enable companies to see payroll and non-payroll spend \u201cthrough a single pane of glass,\u201d the release said.\n\u201cAirbase represents an exciting opportunity to expand our relationship with our nearly 40,000 clients to offer an integrated software platform for running their business operations, while also offering a very compelling value proposition for prospects across our target market,\u201d Williams said in the release.\nThis news comes about nine months after Paylocity acquired headcount planning firm Trace. Paylocity said in December 2023 that the addition of that firm will enable it to expand its platform and offer labor planning tools to model, forecast, implement and analyze headcount decisions.\nThe post Paylocity to Add Spend Management Software Solution With Airbase Acquisition appeared first on PYMNTS.com.", "date_published": "2024-09-04T21:33:32-04:00", "date_modified": "2024-09-04T21:33:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Paylocity-Airbase.jpg", "tags": [ "Acquisitions", "Airbase", "human resources", "News", "Paylocity", "payroll", "PYMNTS News", "spend management", "Thejo Kote", "Toby Williams", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2081268", "url": "https://www.pymnts.com/acquisitions/2024/gohealth-to-acquire-e-telequote-to-expand-health-insurance-marketplace/", "title": "GoHealth to Acquire e-TeleQuote to Expand Health Insurance Marketplace", "content_html": "Health insurance marketplace GoHealth has inked an agreement to buy Medicare-focused e-TeleQuote.
\nThe acquisition is expected to close Sept. 30, GoHealth said in a Wednesday (Sept. 4) news release. \u00a0The company called the acquisition a \u201csignificant milestone in GoHealth\u2019s mission to deliver unparalleled consumer-centric solutions while reinforcing the companies\u2019 shared values of integrity, empathy, and accountability.\u201d
\nGoHealth said both firms have deep industry expertise, and each has a \u201ccomplementary set of strengths that will dive mutual growth \u2026 especially as the upcoming benefit season expects to bring significant disruption and high demand for a high-quality shopping experience.\u201d
\nGoHealth CEO Vijay Kotte said in a statement that the acquisition would benefit Medicare consumers.
\n\u201cGoHealth\u2019s scale, proprietary technology and operational excellence combined with e-TeleQuote\u2019s established talent and high-quality track record will create a mutually accretive relationship poised to drive better outcomes for and meet the evolving needs of our Medicare consumers,\u201d Kotte said.
\nEarlier this year, GoHealth noted in its earnings call in March that its investment in in its data science platform, Encompass, was paying off. The company said it launched the platform in 2023, and saw it\u00a0drive 75% of its enrollment as of March.
\nThis was happening, Kotte told analysts at the time, as GoHealth is expecting consumers to increasingly swap health plans.
\n\u201cWe want them to shop. We expected them to shop,\u201d Kotte said. \u201cThey\u00a0are shopping. But when it comes to the appropriate time to make switches, it is either because they\u2019ve got incrementally much better benefits, or in contrast, when they have a lot of change in their benefit structure.\u201d
\nIn other Medicare news, Amazon announced in June that it was expanding its Amazon Pharmacy offerings to Medicare members.
\nAs of June 18, more than\u00a050 million enrollees in the government health insurance program became eligible for Amazon\u2019s RxPass, a Prime member benefit that allows for affordable access to common medications, free delivery each month and the ability to connect with a pharmacist around the clock, PYMNTS reported at the time.
\nAmazon said Medicare beneficiaries who take at least one medication through RxPass could save around $70 per year, while a beneficiary who takes two or more medications could save more. If every Medicare beneficiary was to use RxPass, Medicare spending would be reduced by close to $2 billion, while customer out-of-pocket spending would decrease as well, Amazon added.
\nThe post GoHealth to Acquire e-TeleQuote to Expand Health Insurance Marketplace appeared first on PYMNTS.com.
\n", "content_text": "Health insurance marketplace GoHealth has inked an agreement to buy Medicare-focused e-TeleQuote.\nThe acquisition is expected to close Sept. 30, GoHealth said in a Wednesday (Sept. 4) news release. \u00a0The company called the acquisition a \u201csignificant milestone in GoHealth\u2019s mission to deliver unparalleled consumer-centric solutions while reinforcing the companies\u2019 shared values of integrity, empathy, and accountability.\u201d\nGoHealth said both firms have deep industry expertise, and each has a \u201ccomplementary set of strengths that will dive mutual growth \u2026 especially as the upcoming benefit season expects to bring significant disruption and high demand for a high-quality shopping experience.\u201d\nGoHealth CEO Vijay Kotte said in a statement that the acquisition would benefit Medicare consumers.\n\u201cGoHealth\u2019s scale, proprietary technology and operational excellence combined with e-TeleQuote\u2019s established talent and high-quality track record will create a mutually accretive relationship poised to drive better outcomes for and meet the evolving needs of our Medicare consumers,\u201d Kotte said.\nEarlier this year, GoHealth noted in its earnings call in March that its investment in in its data science platform, Encompass, was paying off. The company said it launched the platform in 2023, and saw it\u00a0drive 75% of its enrollment as of March.\nThis was happening, Kotte told analysts at the time, as GoHealth is expecting consumers to increasingly swap health plans.\n\u201cWe want them to shop. We expected them to shop,\u201d Kotte said. \u201cThey\u00a0are shopping. But when it comes to the appropriate time to make switches, it is either because they\u2019ve got incrementally much better benefits, or in contrast, when they have a lot of change in their benefit structure.\u201d\nIn other Medicare news, Amazon announced in June that it was expanding its Amazon Pharmacy offerings to Medicare members.\nAs of June 18, more than\u00a050 million enrollees in the government health insurance program became eligible for Amazon\u2019s RxPass, a Prime member benefit that allows for affordable access to common medications, free delivery each month and the ability to connect with a pharmacist around the clock, PYMNTS reported at the time.\nAmazon said Medicare beneficiaries who take at least one medication through RxPass could save around $70 per year, while a beneficiary who takes two or more medications could save more. If every Medicare beneficiary was to use RxPass, Medicare spending would be reduced by close to $2 billion, while customer out-of-pocket spending would decrease as well, Amazon added.\nThe post GoHealth to Acquire e-TeleQuote to Expand Health Insurance Marketplace appeared first on PYMNTS.com.", "date_published": "2024-09-04T13:49:50-04:00", "date_modified": "2024-09-04T13:49:50-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/GoHealth-e-TeleQuote-insurance.pmg_.png", "tags": [ "Acquisitions", "e-TeleQuote", "GoHealth", "health insurance", "Healthcare", "Medicare", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2081059", "url": "https://www.pymnts.com/acquisitions/2024/salesforce-acquires-artificial-intelligence-voice-agent-developer-tenyx/", "title": "Salesforce Acquires AI Voice Agent Developer Tenyx", "content_html": "Salesforce is acquiring Tenyx, the latest sign of the company\u2019s growing artificial intelligence ambitions.
\nThe customer relationship management company will use Tenyx\u2019s expertise in developing AI-powered voice agents to advance its own AI solutions, according to a Tuesday (Sept. 3) press release.
\n\u201cUpon close of the acquisition, Tenyx will extend Salesforce\u2019s existing autonomous agent capabilities for Agentforce Service Agent by integrating Tenyx\u2019s innovative voice AI solutions, specifically tailored for service use cases,\u201d the release said. \u201cWith Tenyx\u2019s expertise, Salesforce aims to advance its AI-driven solutions, delivering more intuitive and seamless customer interactions.\u201d
\nThe deal, expected to close Oct. 31, will see Tenyx\u2019s co-founders \u2014 CEO Itamar Arel and Chief Technology Officer Adam Earle \u2014 and their employees join Salesforce.
\nThe acquisition follows Salesforce\u2019s announcement in July that it had developed Einstein Service Agent, its first fully autonomous AI agent.
\nEinstein \u201cis designed to replace conventional chatbots by understanding and taking action on a broad range of service issues without preprogrammed scenarios and make customer service more efficient,\u201d PYMNTS wrote at the time.
\nKishan Chetan, general manager of Salesforce\u2019s Service Cloud, said the agent \u201cwill not just complete service jobs on its own; it will augment how human agents work and completely transform how service teams operate, making them far more efficient and productive.\u201d
\nA week later, Salesforce announced a partnership with Workday that combines the companies\u2019 AI platforms and data offerings to build an agent that can communicate with workers in natural language and human-like comprehension, making tasks such as onboarding, health benefit changes and career development easier.
\nMeanwhile, the PYMNTS Intelligence report \u201cHow Consumers Want to Live in the Voice Economy\u201d found that Americans are optimistic about voice technology, with 60% of them saying that voice assistants will eventually match human intelligence and reliability.
\n\u201cThis optimism is further reflected in a willingness to invest financially in the promise of advanced voice assistants, with nearly 30% of American consumers open to paying a monthly fee for services that deliver the envisioned level of intelligence and reliability,\u201d PYMNTS wrote in April. \u201cAmong millennials, this figure rises to 43%, reflecting a strong demand for next-generation voice technology among this age group.\u201d
\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
\nThe post Salesforce Acquires AI Voice Agent Developer Tenyx appeared first on PYMNTS.com.
\n", "content_text": "Salesforce is acquiring Tenyx, the latest sign of the company\u2019s growing artificial intelligence ambitions.\nThe customer relationship management company will use Tenyx\u2019s expertise in developing AI-powered voice agents to advance its own AI solutions, according to a Tuesday (Sept. 3) press release.\n\u201cUpon close of the acquisition, Tenyx will extend Salesforce\u2019s existing autonomous agent capabilities for Agentforce Service Agent by integrating Tenyx\u2019s innovative voice AI solutions, specifically tailored for service use cases,\u201d the release said. \u201cWith Tenyx\u2019s expertise, Salesforce aims to advance its AI-driven solutions, delivering more intuitive and seamless customer interactions.\u201d\nThe deal, expected to close Oct. 31, will see Tenyx\u2019s co-founders \u2014 CEO Itamar Arel and Chief Technology Officer Adam Earle \u2014 and their employees join Salesforce.\nThe acquisition follows Salesforce\u2019s announcement in July that it had developed Einstein Service Agent, its first fully autonomous AI agent.\nEinstein \u201cis designed to replace conventional chatbots by understanding and taking action on a broad range of service issues without preprogrammed scenarios and make customer service more efficient,\u201d PYMNTS wrote at the time.\nKishan Chetan, general manager of Salesforce\u2019s Service Cloud, said the agent \u201cwill not just complete service jobs on its own; it will augment how human agents work and completely transform how service teams operate, making them far more efficient and productive.\u201d\nA week later, Salesforce announced a partnership with Workday that combines the companies\u2019 AI platforms and data offerings to build an agent that can communicate with workers in natural language and human-like comprehension, making tasks such as onboarding, health benefit changes and career development easier.\nMeanwhile, the PYMNTS Intelligence report \u201cHow Consumers Want to Live in the Voice Economy\u201d found that Americans are optimistic about voice technology, with 60% of them saying that voice assistants will eventually match human intelligence and reliability.\n\u201cThis optimism is further reflected in a willingness to invest financially in the promise of advanced voice assistants, with nearly 30% of American consumers open to paying a monthly fee for services that deliver the envisioned level of intelligence and reliability,\u201d PYMNTS wrote in April. \u201cAmong millennials, this figure rises to 43%, reflecting a strong demand for next-generation voice technology among this age group.\u201d\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.\nThe post Salesforce Acquires AI Voice Agent Developer Tenyx appeared first on PYMNTS.com.", "date_published": "2024-09-04T11:13:28-04:00", "date_modified": "2024-09-04T11:13:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Salesforce.jpg", "tags": [ "Acquisitions", "artificial intelligence", "GenAI", "Innovation", "News", "PYMNTS News", "Salesforce", "Technology", "Tenyx", "voice activation", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2080972", "url": "https://www.pymnts.com/acquisitions/2024/ncontracts-adds-third-party-risk-management-expertise-with-venminder-acquisition/", "title": "Ncontracts Adds Third-Party Risk Management Expertise With Venminder Acquisition", "content_html": "Ncontracts has enhanced its third-party risk management expertise by acquiring Venminder.
\nThis acquisition will add Venminder\u2019s unified platform for managing third-party risk to Ncontracts\u2019 integrated compliance, risk and vendor management solutions for the financial services industry, the companies said in a Wednesday (Sept. 4) press release.
\nSimultaneously with this transaction, software and services business investor Hg bought out prior Ncontracts shareholder Gryphon Investors and prior Venminder shareholders, according to the release. Hg\u2019s specialty is supporting the development of sector-leading enterprises that supply businesses with software applications or workflow services.
\nThe combined business created by these transactions will be led by Ncontracts founder and CEO Michael Berman, per the release.
\n\u201cWith our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve,\u201d Berman said of the combination of Ncontracts and Venminder. \u201cWith the investment and support from Hg, we are well positioned to continue our rapid growth.\u201d
\nNcontracts provides governance, risk and compliance (GRC) software solutions to more than 4,000 banks, credit unions, mortgage companies, FinTechs and registered investment advisors, according to the release.
\nWith the company’s acquisition of Venminder and its more than 1,200 customers, Ncontracts will serve a total of more than 5,000 customers, per the release.
\nHg Head of North America Alan Cline said in the release: \u201cWe see Ncontracts swiftly becoming a \u2018gold standard\u2019 provider of highly automated, AI-enabled, integrated software solutions for the financial industry. The merger with Venminder creates a compelling platform with a comprehensive product suite that can deliver significant value to customers.\u201d
\nArtificial intelligence can be harnessed to address the pain points financial institutions face when grappling with vendor lifecycle management, Berman told PYMNTS in an interview posted in January.
\nFor example, when agreements come up for renewal, the technology can flag language that is missing or that needs to be improved so that remediation measures can be taken, Berman said.
\n\u201cAI is going to allow us to address risk and compliance in a much more efficient way than we\u2019ve ever been able to do before,\u201d Berman said.
\nThe post Ncontracts Adds Third-Party Risk Management Expertise With Venminder Acquisition appeared first on PYMNTS.com.
\n", "content_text": "Ncontracts has enhanced its third-party risk management expertise by acquiring Venminder.\nThis acquisition will add Venminder\u2019s unified platform for managing third-party risk to Ncontracts\u2019 integrated compliance, risk and vendor management solutions for the financial services industry, the companies said in a Wednesday (Sept. 4) press release.\nSimultaneously with this transaction, software and services business investor Hg bought out prior Ncontracts shareholder Gryphon Investors and prior Venminder shareholders, according to the release. Hg\u2019s specialty is supporting the development of sector-leading enterprises that supply businesses with software applications or workflow services.\nThe combined business created by these transactions will be led by Ncontracts founder and CEO Michael Berman, per the release.\n\u201cWith our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve,\u201d Berman said of the combination of Ncontracts and Venminder. \u201cWith the investment and support from Hg, we are well positioned to continue our rapid growth.\u201d\nNcontracts provides governance, risk and compliance (GRC) software solutions to more than 4,000 banks, credit unions, mortgage companies, FinTechs and registered investment advisors, according to the release.\nWith the company’s acquisition of Venminder and its more than 1,200 customers, Ncontracts will serve a total of more than 5,000 customers, per the release.\nHg Head of North America Alan Cline said in the release: \u201cWe see Ncontracts swiftly becoming a \u2018gold standard\u2019 provider of highly automated, AI-enabled, integrated software solutions for the financial industry. The merger with Venminder creates a compelling platform with a comprehensive product suite that can deliver significant value to customers.\u201d\nArtificial intelligence can be harnessed to address the pain points financial institutions face when grappling with vendor lifecycle management, Berman told PYMNTS in an interview posted in January.\nFor example, when agreements come up for renewal, the technology can flag language that is missing or that needs to be improved so that remediation measures can be taken, Berman said.\n\u201cAI is going to allow us to address risk and compliance in a much more efficient way than we\u2019ve ever been able to do before,\u201d Berman said.\nThe post Ncontracts Adds Third-Party Risk Management Expertise With Venminder Acquisition appeared first on PYMNTS.com.", "date_published": "2024-09-04T10:30:39-04:00", "date_modified": "2024-09-04T22:25:36-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/01/risk-management.jpg", "tags": [ "Acquisitions", "B2B", "B2B Payments", "commercial payments", "financial services", "Hg", "Ncontracts", "News", "PYMNTS News", "risk management", "software", "Venminder", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2080127", "url": "https://www.pymnts.com/acquisitions/2024/tarabut-acquires-vyne-as-new-open-banking-rules-come-online/", "title": "Tarabut Acquires Vyne as New Open Banking Rules Come Online", "content_html": "Open banking platform\u00a0Tarabut\u00a0has acquired British account-to-account (A2A) business payments platform\u00a0Vyne.
\nThe deal,\u00a0announced\u00a0Tuesday (Sept. 3), is designed to strengthen Tarabut\u2019s ability to offer faster and more accessible and interconnected financial services in the Middle East/North Africa (MENA) region and around the world.
\nAccording to a news release, the acquisition \u2014 which officially closed Aug. 1 \u2014 comes as Saudi Arabia and the United Arab Emirates impose new regulations dealing with payment initiation services and open banking.
\n\u201cAs the region braces for the new financial regulations, Tarabut is poised to lead with its compliance-first approach and advanced technology offerings,\u201d the release said. \u201cTarabut\u2019s existing tech stack of data and compliance products coupled with Vyne\u2019s payment expertise opens new doors for seamless, cardless, account-to-account payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.\u201d
\nThe release adds that the deal also extends Tarabut\u2019s operational footprint to the U.K., furthering its position in the open banking world.
\nThe deal comes on the heels of an open banking milestone in the U.K., with the country recently marking\u00a010 million active open banking users, or 15% of the British population. Is that a good number? PYMNTS put the question to Marion King, chairperson and trustee of the U.K.\u2019s Open Banking Ltd regulatory and advocacy group.
\nAnd though she isn\u2019t resting on any laurels, King said she was satisfied that the government-mandated direction from the country\u2019s leading financial institutions to make data sharing and new payment options available will usher in more success in the short term.
\nPart of that momentum, she told PYMNTS, will come from the next tier of banks and their business customers.
\n\u201cIt\u2019s a\u00a0very good number,\u201d King said.
\n\u201cWe\u2019re seeing really strong double-digit growth. And I think this is just the beginning, because you need to remember that this is only measured from the nine banks that were involved in the Competition and Market Authority\u2019s initial open banking effort \u2014 so it could actually be higher. So double-digit growth month on month is very positive, and I think it shows pent-up demand for secure data exchange as we move forward with all of this.\u201d
\nTarabut last year announced it had\u00a0raised $32 million, funds it said it hoped would help it expand in Saudi Arabia.
\n\u201cOpen banking is reshaping the financial landscape in KSA and the wider Middle East, and we at Tarabut Gateway are proud to be at the forefront of this innovation,\u201d founder and CEO Abdulla Almoayed said in a news release. \u201cThis fundraise reflects the potential of open banking, our advanced technology and the trust placed in us by our partners both in KSA and globally.\u201d
\nThe post Tarabut Acquires Vyne as New Open Banking Rules Come Online appeared first on PYMNTS.com.
\n", "content_text": "Open banking platform\u00a0Tarabut\u00a0has acquired British account-to-account (A2A) business payments platform\u00a0Vyne.\nThe deal,\u00a0announced\u00a0Tuesday (Sept. 3), is designed to strengthen Tarabut\u2019s ability to offer faster and more accessible and interconnected financial services in the Middle East/North Africa (MENA) region and around the world.\nAccording to a news release, the acquisition \u2014 which officially closed Aug. 1 \u2014 comes as Saudi Arabia and the United Arab Emirates impose new regulations dealing with payment initiation services and open banking.\n\u201cAs the region braces for the new financial regulations, Tarabut is poised to lead with its compliance-first approach and advanced technology offerings,\u201d the release said. \u201cTarabut\u2019s existing tech stack of data and compliance products coupled with Vyne\u2019s payment expertise opens new doors for seamless, cardless, account-to-account payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.\u201d\nThe release adds that the deal also extends Tarabut\u2019s operational footprint to the U.K., furthering its position in the open banking world.\nThe deal comes on the heels of an open banking milestone in the U.K., with the country recently marking\u00a010 million active open banking users, or 15% of the British population. Is that a good number? PYMNTS put the question to Marion King, chairperson and trustee of the U.K.\u2019s Open Banking Ltd regulatory and advocacy group.\nAnd though she isn\u2019t resting on any laurels, King said she was satisfied that the government-mandated direction from the country\u2019s leading financial institutions to make data sharing and new payment options available will usher in more success in the short term.\nPart of that momentum, she told PYMNTS, will come from the next tier of banks and their business customers.\n\u201cIt\u2019s a\u00a0very good number,\u201d King said.\n\u201cWe\u2019re seeing really strong double-digit growth. And I think this is just the beginning, because you need to remember that this is only measured from the nine banks that were involved in the Competition and Market Authority\u2019s initial open banking effort \u2014 so it could actually be higher. So double-digit growth month on month is very positive, and I think it shows pent-up demand for secure data exchange as we move forward with all of this.\u201d\nTarabut last year announced it had\u00a0raised $32 million, funds it said it hoped would help it expand in Saudi Arabia.\n\u201cOpen banking is reshaping the financial landscape in KSA and the wider Middle East, and we at Tarabut Gateway are proud to be at the forefront of this innovation,\u201d founder and CEO Abdulla Almoayed said in a news release. \u201cThis fundraise reflects the potential of open banking, our advanced technology and the trust placed in us by our partners both in KSA and globally.\u201d\nThe post Tarabut Acquires Vyne as New Open Banking Rules Come Online appeared first on PYMNTS.com.", "date_published": "2024-09-03T15:15:57-04:00", "date_modified": "2024-09-03T15:15:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/08/mergers-acquisitions.jpg", "tags": [ "A2A payments", "Account-To-Account Payments", "Acquisitions", "MENA", "News", "Open Banking", "PYMNTS News", "Tarabut", "Vyne", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2076418", "url": "https://www.pymnts.com/acquisitions/2024/draftkings-to-enhance-in-play-betting-offering-with-simplebet-acquisition/", "title": "DraftKings to Enhance In-Play Betting Offering With Simplebet Acquisition", "content_html": "Digital sports entertainment and gaming company DraftKings plans to enhance its in-play betting offering by acquiring Simplebet.
\nThe proposed transaction has been approved by the boards of directors of both companies but is subject to the receipt of required gaming regulatory approvals and other customary closing conditions, DraftKings said in a Wednesday (Aug. 28) press release.
\nSimplebet provides micromarket pricing and content for sports betting, according to the release.
\nThe incorporation of its proprietary machine learning (ML) models into DraftKings\u2019 pricing and technology platform would create highly accurate betting opportunities during every moment of the game; improve the quality, breadth and speed of data throughout the DraftKings trading lifecycle; and unlock a faster and more frictionless experience for DraftKings\u2019 customers, per the release.
\n\u201cLive betting represents an area for potential growth for online sports betting, and the proposed acquisition would allow DraftKings to leverage Simplebet\u2019s proprietary technology to create an in-play wagering experience that moves at the speed of sports,\u201d Corey Gottlieb, chief product officer at DraftKings, said in the release.
\nDraftKings and Simplebet have already been long-term collaborators, Chris Bevilacqua, co-founder and CEO of Simplebet, said in the release.
\n\u201cThis transformative acquisition, upon completion, will marry our best-in-class AI and machine learning technology with the DraftKings product offering, enhancing the customer experience for a new era of real-time, in-play gaming,\u201d Bevilacqua said.
\nThis news comes about six months after DraftKings announced that it reached an agreement to acquire Jackpocket, a digital lottery app. When announcing the acquisition, executives said they expected there to be significant overlap between Jackpocket and DraftKings, together with an opportunity to cross-sell their product offerings.
\nDraftKings reported Aug. 2 that it saw a revenue bump in the second quarter, primarily due to continued healthy customer engagement, efficient acquisition of new customers, expansion of its sportsbook product offering into new jurisdictions, higher structural sportsbook hold percentage and the impact of the acquisition of Jackpocket, which closed on May 22.
\n\u201cWe will continue to capitalize on the healthy customer acquisition environment for the rest of 2024 which positions us to achieve $900 million to $1 billion of adjusted EBITDA in 2025,\u201d DraftKings CEO and Co-Founder Jason Robins said Aug. 2 during the company\u2019s quarterly earnings call.
\nThe post DraftKings to Enhance In-Play Betting Offering With Simplebet Acquisition appeared first on PYMNTS.com.
\n", "content_text": "Digital sports entertainment and gaming company DraftKings plans to enhance its in-play betting offering by acquiring Simplebet.\nThe proposed transaction has been approved by the boards of directors of both companies but is subject to the receipt of required gaming regulatory approvals and other customary closing conditions, DraftKings said in a Wednesday (Aug. 28) press release.\nSimplebet provides micromarket pricing and content for sports betting, according to the release.\nThe incorporation of its proprietary machine learning (ML) models into DraftKings\u2019 pricing and technology platform would create highly accurate betting opportunities during every moment of the game; improve the quality, breadth and speed of data throughout the DraftKings trading lifecycle; and unlock a faster and more frictionless experience for DraftKings\u2019 customers, per the release.\n\u201cLive betting represents an area for potential growth for online sports betting, and the proposed acquisition would allow DraftKings to leverage Simplebet\u2019s proprietary technology to create an in-play wagering experience that moves at the speed of sports,\u201d Corey Gottlieb, chief product officer at DraftKings, said in the release.\nDraftKings and Simplebet have already been long-term collaborators, Chris Bevilacqua, co-founder and CEO of Simplebet, said in the release.\n\u201cThis transformative acquisition, upon completion, will marry our best-in-class AI and machine learning technology with the DraftKings product offering, enhancing the customer experience for a new era of real-time, in-play gaming,\u201d Bevilacqua said.\nThis news comes about six months after DraftKings announced that it reached an agreement to acquire Jackpocket, a digital lottery app. When announcing the acquisition, executives said they expected there to be significant overlap between Jackpocket and DraftKings, together with an opportunity to cross-sell their product offerings.\nDraftKings reported Aug. 2 that it saw a revenue bump in the second quarter, primarily due to continued healthy customer engagement, efficient acquisition of new customers, expansion of its sportsbook product offering into new jurisdictions, higher structural sportsbook hold percentage and the impact of the acquisition of Jackpocket, which closed on May 22.\n\u201cWe will continue to capitalize on the healthy customer acquisition environment for the rest of 2024 which positions us to achieve $900 million to $1 billion of adjusted EBITDA in 2025,\u201d DraftKings CEO and Co-Founder Jason Robins said Aug. 2 during the company\u2019s quarterly earnings call.\nThe post DraftKings to Enhance In-Play Betting Offering With Simplebet Acquisition appeared first on PYMNTS.com.", "date_published": "2024-08-28T22:08:54-04:00", "date_modified": "2024-08-28T22:08:54-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/DraftKings-Simplebet.jpg", "tags": [ "Acquisitions", "Chris Bevilacqua", "Corey Gottlieb", "DraftKings", "News", "Online gambling", "online sports betting", "PYMNTS News", "Simplebet", "sportsbook", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2065047", "url": "https://www.pymnts.com/acquisitions/2024/vista-seeks-1-billion-dollars-help-fund-jaggaer-deal/", "title": "Report: Vista Seeks $1 Billion to Help Fund Jaggaer Deal", "content_html": "Vista Equity Partners is in funding discussions for its purchase of software firm Jaggaer.
\nThe firm is talking with Wall Street banks and direct lenders in hopes of getting roughly $1 billion of debt financing, Bloomberg reported Tuesday (Aug. 27).
\nVista has not decided what financing route it wants to take and is discussing terms with competing groups of lenders, according to the report, which cited unnamed sources.
\nJaggaer and Vista announced the acquisition earlier this month, although the terms of the deal were not disclosed.
\n\u201cThis new partnership with Vista underscores Jaggaer\u2019s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base,\u201d Jaggaer CEO Andy Hovancik said at the time in a press release.
\n\u201cJaggaer provides configurable source-to-pay and supplier collaboration software for direct and indirect procurement processes through a single, unified platform,\u201d the release said. Its artificial intelligence-enabled solutions \u201chelp optimize and automate sourcing, spend management, contracting, eProcurement, invoicing and supply chain visibility.\u201d
\nPrivate equity groups Apollo, Ares, KKR and Blackstone reportedly invested $162 billion between April and June in anticipation of a revival in deal-making. Apollo\u2019s contribution accounted for more than 40% of the total.
\nExecutives said they are readying for an increase in mergers and buyouts as they wait for central banks to reduce interest rates.
\n\u201cThe deal market is back,\u201d said Scott Nuttall, co-head of KKR. \u201cThis year, we not only have an open market, we have pent-up supply of deals\u2009\u2026\u2009coming to markets. So, we are optimistic.\u201d
\nPrivate equity groups are holding onto more than $2 trillion of dry powder, a term for money that has been committed but not yet invested.
\nThere has also been an 18-month slowdown in dealmaking triggered by the Federal Reserve\u2019s aggressive interest rate hikes, leaving companies struggling to sell existing investments and return money to their backers.
\nThe post Report: Vista Seeks $1 Billion to Help Fund Jaggaer Deal appeared first on PYMNTS.com.
\n", "content_text": "Vista Equity Partners is in funding discussions for its purchase of software firm Jaggaer.\nThe firm is talking with Wall Street banks and direct lenders in hopes of getting roughly $1 billion of debt financing, Bloomberg reported Tuesday (Aug. 27).\nVista has not decided what financing route it wants to take and is discussing terms with competing groups of lenders, according to the report, which cited unnamed sources.\nJaggaer and Vista announced the acquisition earlier this month, although the terms of the deal were not disclosed.\n\u201cThis new partnership with Vista underscores Jaggaer\u2019s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base,\u201d Jaggaer CEO Andy Hovancik said at the time in a press release.\n\u201cJaggaer provides configurable source-to-pay and supplier collaboration software for direct and indirect procurement processes through a single, unified platform,\u201d the release said. Its artificial intelligence-enabled solutions \u201chelp optimize and automate sourcing, spend management, contracting, eProcurement, invoicing and supply chain visibility.\u201d\nPrivate equity groups Apollo, Ares, KKR and Blackstone reportedly invested $162 billion between April and June in anticipation of a revival in deal-making. Apollo\u2019s contribution accounted for more than 40% of the total.\nExecutives said they are readying for an increase in mergers and buyouts as they wait for central banks to reduce interest rates.\n\u201cThe deal market is back,\u201d said Scott Nuttall, co-head of KKR. \u201cThis year, we not only have an open market, we have pent-up supply of deals\u2009\u2026\u2009coming to markets. So, we are optimistic.\u201d\nPrivate equity groups are holding onto more than $2 trillion of dry powder, a term for money that has been committed but not yet invested.\nThere has also been an 18-month slowdown in dealmaking triggered by the Federal Reserve\u2019s aggressive interest rate hikes, leaving companies struggling to sell existing investments and return money to their backers.\nThe post Report: Vista Seeks $1 Billion to Help Fund Jaggaer Deal appeared first on PYMNTS.com.", "date_published": "2024-08-27T15:59:12-04:00", "date_modified": "2024-08-27T15:59:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/01/Vista-Equity-Partners.jpg", "tags": [ "Acquisitions", "funding", "Investments", "Jaggaer", "News", "PYMNTS News", "vista equity partners", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2064536", "url": "https://www.pymnts.com/acquisitions/2024/report-apollo-and-blackrock-to-aid-merger-of-branded-and-heyday/", "title": "Report: Apollo and BlackRock to Aid Merger of Branded and Heyday", "content_html": "Apollo Global Management and BlackRock are reportedly considering providing debt financing for a merger of Amazon aggregators Branded and Heyday.
\nBranded is in talks to acquire Heyday in exchange for $521 million in equity in a new company, Essor, that would be worth more than $1 billion, Bloomberg reported Monday (Aug. 26), citing unnamed sources.
\nThe deal would include debt from Apollo and BlackRock to help the new company make acquisitions in the direct-to-consumer eCommerce market, according to the report.
\nReached by PYMNTS, BlackRock declined to comment on the report. Neither Apollo Global Management nor Heyday immediately replied to PYMNTS\u2019 request for comment.
\nBranded was founded in 2020 as a consumer products firm focused on acquiring and scaling Fulfillment by Amazon (FBA) companies.
\nThe company said in 2021 that it had \u201cestablished the structure to thrive in the new retail paradigm, where online convenience and social proof in the form of customer reviews are the ultimate drivers of customer purchase behavior.\u201d
\nIt added that it aimed to capitalize on a consumer shift to online buying, the perceived value of customer ratings and reviews, and the opportunity for small and medium-sized businesses (SMBs) to thrive in an increasingly digital environment.
\nAmazon aggregators are built on the premise of acquiring private-label sellers that have been visible, successful and growing via Amazon, PYMNTS reported in February.
\nWhile this was a highly successful business model in the past couple of years, especially during the pandemic, fortunes changed rapidly as the growth of eCommerce hit some headwinds, funding dried up and macro pressures confronted the aggregators.
\nAmazon aggregator Thrasio Holdings filed for Chapter 11 bankruptcy protection in February.
\nAnother Amazon aggregator, Benitago, filed for bankruptcy in 2023, two years after raising $325 million in funding.
\nSimilar to others in the field, Benitago\u2019s business model involved acquiring small third-party sellers on Amazon\u2019s online marketplace and running them as a group, thereby providing marketing and logistics expertise and benefiting from economies of scale.
\nHowever, Benitago faced challenges as consumer preferences shifted during the later stages of the pandemic. The eCommerce sector experienced a decline as lockdowns ended, leading to a rapid reversal of fortune for Benitago, and the shrinking eCommerce market contributed to its financial difficulties.
\nThe post Report: Apollo and BlackRock to Aid Merger of Branded and Heyday appeared first on PYMNTS.com.
\n", "content_text": "Apollo Global Management and BlackRock are reportedly considering providing debt financing for a merger of Amazon aggregators Branded and Heyday.\nBranded is in talks to acquire Heyday in exchange for $521 million in equity in a new company, Essor, that would be worth more than $1 billion, Bloomberg reported Monday (Aug. 26), citing unnamed sources.\nThe deal would include debt from Apollo and BlackRock to help the new company make acquisitions in the direct-to-consumer eCommerce market, according to the report.\nReached by PYMNTS, BlackRock declined to comment on the report. Neither Apollo Global Management nor Heyday immediately replied to PYMNTS\u2019 request for comment.\nBranded was founded in 2020 as a consumer products firm focused on acquiring and scaling Fulfillment by Amazon (FBA) companies.\nThe company said in 2021 that it had \u201cestablished the structure to thrive in the new retail paradigm, where online convenience and social proof in the form of customer reviews are the ultimate drivers of customer purchase behavior.\u201d\nIt added that it aimed to capitalize on a consumer shift to online buying, the perceived value of customer ratings and reviews, and the opportunity for small and medium-sized businesses (SMBs) to thrive in an increasingly digital environment.\nAmazon aggregators are built on the premise of acquiring private-label sellers that have been visible, successful and growing via Amazon, PYMNTS reported in February.\nWhile this was a highly successful business model in the past couple of years, especially during the pandemic, fortunes changed rapidly as the growth of eCommerce hit some headwinds, funding dried up and macro pressures confronted the aggregators.\nAmazon aggregator Thrasio Holdings filed for Chapter 11 bankruptcy protection in February.\nAnother Amazon aggregator, Benitago, filed for bankruptcy in 2023, two years after raising $325 million in funding.\nSimilar to others in the field, Benitago\u2019s business model involved acquiring small third-party sellers on Amazon\u2019s online marketplace and running them as a group, thereby providing marketing and logistics expertise and benefiting from economies of scale.\nHowever, Benitago faced challenges as consumer preferences shifted during the later stages of the pandemic. The eCommerce sector experienced a decline as lockdowns ended, leading to a rapid reversal of fortune for Benitago, and the shrinking eCommerce market contributed to its financial difficulties.\nThe post Report: Apollo and BlackRock to Aid Merger of Branded and Heyday appeared first on PYMNTS.com.", "date_published": "2024-08-26T21:42:33-04:00", "date_modified": "2024-08-26T21:42:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Apollo-Global-Management.jpg", "tags": [ "Acquisitions", "Amazon", "Amazon aggregators", "Apollo Global Management", "BlackRock", "Branded", "ecommerce", "Heyday", "News", "PYMNTS News", "Retail", "What's Hot" ] } ] }