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Delivery Hero Buys Foodpanda in Sought After Food Delivery Market

by Rajdeep
written by Rajdeep

Delivery Hero Buys Foodpanda in Sought After Food Delivery Market

Berlin-based online food takeaway service Delivery Hero, one of Europe’s biggest start-ups, will acquire competitor Foodpanda, a sign of further consolidation to fend off new competition in Europe’s sought after food-delivery business.

Delivery Hero, which was valued at EUR 2.89 billion ($3.05 billion or roughly Rs. 20,614 crores) in its last funding round a year ago, in a statement on Saturday said it signed a definitive agreement to buy Foodpanda, itself a Berlin-based start-up.

Delivery Hero and Foodpanda are both backed by German e-commerce firm Rocket Internet, which invested EUR 800 million (roughly Rs. 5,706 crores) in Delivery Hero last year and holds 49.1 percent in Foodpanda which focuses on deliveries in Eastern Europe, the Middle East and Asia.

Delivery Hero said in a statement the acquisition will be funded by issuing new shares, with major shareholder Rocket increasing its stake by 1.1 percentage points to 37.7 percent.

Based on Delivery Hero’s last valuation, the sales value of Rocket’s stake in Foodpanda amounts to roughly EUR 31.8 million.

The companies did not disclose a purchase price but Foodpanda struggles with sales in Asian countries and other media reported earlier this year it failed to attract buyers at a $10-15 million valuation for its India business and closed its operations in Indonesia.

Last month, Foodpanda announced plans to sell its Russian business, known as Delivery Club, for 100 million euros to Mail.ru, owners of VKontakte, the country’s most popular social networking site.

Globally, Foodpanda took in 2 million monthly food orders compared with Delivery Hero’s 18 million monthly orders. After consolidating overlapping businesses, Delivery Hero expects to be active in 47 countries, it said.

Currently Europe is home to many of the most active international players in the online food takeaway business and they are counting on their local ties, established customer bases and extensive restaurant networks to fend off new competition from the likes of Uber and Amazon.

[Source:- gadgets.ndtv]

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Internet

Samsung Buys US Luxury Home Appliance Maker Dacor in IoT Push

by Rajdeep
written by Rajdeep

Samsung Buys US Luxury Home Appliance Maker Dacor in IoT Push

Samsung Electronics said Thursday it had acquired US luxury appliance maker Dacor, as part of its push towards a full production line of high-end, Internet-connected homeware.

The purchase of the California-based company is the latest in a series of acquisitions by the South Korean electronics giant in recent years – including that of US home automation startup SmartThings in 2014.

A Samsung statement gave no details on the value of the deal to acquire Dacor, whose products include stovetops, ovens, ranges and refrigerators.

Samsung – the world’s top smartphone maker – is also a leading home appliance manufacturer, producing refrigerators, washers and air conditioners.

It has been on a something of a buying spree in the United States, snapping up a handful of firms including cloud computing start-up Joyent in June.

Samsung has been searching for ways to bolster profits beyond its key smartphone business as growth in the global handset market continues to slow.

[Source:- ndtv.gadgets]

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Internet

Google Buys Output From Two New Nordic Wind Farms

by Rajdeep
written by Rajdeep

Google Buys Output From Two New Nordic Wind FarmsGoogle has bought future output from two yet to be built wind power farms in Norway and Sweden to power its data centres in Europe, the company and farm developers said on Thursday.

Google said in a separate statement it has also agreed to buy power from a smaller wind farm project in Sweden, putting the total newly acquired capacity at 236 megawatts (MW).

Norway’s Zephyr and Norsk Vind Energi said the 50-turbine, 160-megawatt capacity onshore Tellenes wind farm south of Stavanger is expected to be fully operational in late 2017, when it would become the largest wind farm in the country.

In Sweden Google is buying power from a 22-turbine project near Mariestad, central Sweden, which will be completed by early 2018.

The value of the deals was not disclosed.

“Google has been carbon-neutral since 2007 and we are committed to powering 100 percent of our operations with renewable energy sources,” said Marc Oman, EU Energy Lead, Google Global Infrastructure.

“Today’s announcement, Google’s first wind power deal in Norway and the largest to date in Europe, is an important step towards that commitment,” he added.

Funds managed by BlackRock, the world’s largest asset manager, will provide equity financing for the project, the developers said in a statement.

New Nordic power purchase agreements add to Google’s three previous deals in Sweden, and brings the total capacity of its renewable power purchases in Europe to 500 MW, the company said.

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Internet

PayPal Buys Payments Startup iZettle for $2.2 Billion

by Loknath Das
written by Loknath Das

PayPal Buys Payments Startup iZettle for $2.2 Billion

HIGHLIGHTS

  • iZettle is poised for a stock market debut
  • It is the biggest acquisition by PayPal, a unit of eBay
  • Small businesses are the engine of global economy: PayPal

PayPal on Thursday announced a deal to buy Swedish online commerce startup iZettle for $2.2 billion (roughly Rs. 15,000 crores), a deal that came as the young company was poised for a stock market debut.

US-based PayPal, a unit of eBay, said that its biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses, particularly in Europe and Latin America.

“Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile,” PayPal chief executive Dan Schulman said in a release.

“In today’s digital world, consumers want to be able to buy when, where and how they want.”

Schulman described the merging of iZettle and PayPal as a “strategic fit” combining shared values and culture with complementary product offerings and geographies.

The iZettle platform for handling retail transactions is used by nearly a half million merchants, according to PayPal.

The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets.

Buying iZettle will expand PayPal’s reach into shops in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden.

“Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants,” iZettle chief executive Jacob de Geer said in the release.

The Stockholm-based startup founded in 2010 expected to handle about $6 billion in transactions this year, taking in gross revenue of approximately $165 million (roughly Rs. 1,100 crores) in the process. The company said it expects to reach profitability by the year 2020.

After close of the acquisition, co-founder Jacob de Geer will remain in charge of iZettle, reporting to PayPal chief operating officer Bill Ready, according to the companies.

Earlier this month, iZettle filed paperwork to go public with an offering of shares that valued the company at slightly more than a billion dollars.

PayPal closed the Nasdaq trading day in New York with a market value of about $94 billion (roughly Rs. 6.38 lakh crores) based on its share price, which rose a percent to $80 in after-hours trades.

[“Source-gadgets.ndtv”]

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Online Marketing

Google buys online marketing startup to boost discount moves

by Loknath Das
written by Loknath Das

Image result for Google buys online marketing startup to boost discount moves

Google has agreed to buy the marketing firm Incentive Targeting in a move that gives the tech giant more tools to work with retailers on discounts and other promotions, the two firms said Wednesday.

Terms of the deal were not disclosed.

We are excited to announce that Incentive Targeting has been acquired by Google!” said a blog post by the Massachusetts-based firm.

“When we founded Incentive Targeting in 2007, we set out to do for retail couponing what Google had done for online advertising: make it simple, relevant, measurable, and effective. So, it is both humbling and gratifying to be joining the ranks of the company that inspired our initial vision.”

A Google spokesperson said: “We look forward to working with Incentive Targeting in our ongoing efforts to help consumers save time and money and enable retailers deliver relevant discounts to the right customers.”

According to its website, Incentive Targeting partners with retail chains to provide targeted marketing for manufacturers of grocery and consumer products, using technology which aims to deliver the most relevant promotions.

The effectiveness of the promotions can be measured in real time over the Internet, the company says.

[“Source-ndtv”]

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