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Intel Takes 15 Percent Stake in German Digital Mapping Firm Here

by Rajdeep
written by Rajdeep

Intel Takes 15 Percent Stake in German Digital Mapping Firm Here

US chip maker Intel will take a 15 percent stake in German digital mapping firm Here, it said on Tuesday, as it seeks to build its presence in automated driving technology.

A filing to the German cartel office on Tuesday showed Intel has sought approval to buy a stake in the company, which is controlled by German carmakers Daimler, BMW and Volkswagen .

Intel and Here said in a statement that they had also signed an agreement to collaborate on the research and development of real-time updates of high definition (HD) maps for highly- and fully-automated driving.

Intel did not disclose how much it would pay for the stake but said the transaction is expected to close in the first quarter.

The deal highlights a shift in the dynamics of research and development in the car industry, which until recently saw automakers largely dictating terms for suppliers to manufacture their proprietary technologies at specified volumes and prices.

Now carmakers are increasingly striking partnerships with technology firms using open technology standards, seeking to harness their expertise in areas including machine learning and mapping as they race against Silicon Valley companies such as Google, Tesla and Apple to develop driverless vehicles.

Last month two Chinese companies and Singapore’s sovereign wealth fund GIC agreed to buy a 10 percent stake in Here and in July, BMW teamed up with Intel and Mobileye to develop self-driving cars by 2021.

BMW, Daimler and Volkswagen bought Here for EUR 2.8 billion ($2.9 billion) in 2015 from mobile equipment maker Nokia of Finland.

Last September, Here said it would introduce a new set of traffic services allowing drivers to see for themselves what live road conditions are like miles ahead using data from competing automakers, an industry first.

[Source:- gadgets.ndtv]

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Internet

Here Mapping Firm Sells Stake to Chinese Investors

by Rajdeep
written by Rajdeep

Here Mapping Firm Sells Stake to Chinese Investors

Two Chinese companies and Singapore’s sovereign wealth fund GIC have agreed to buy a 10 percent stake in a digital mapping company controlled by Germany’s leading carmakers to help them develop self-driving cars.

Chinese digital mapping company NavInfo, Internet group Tencent and the Singapore fund will invest in mapping company Here under a deal announced on Tuesday.

China is pushing the development of electric and autonomous cars and has made several high-profile investments in high tech companies in Europe.

German carmakers Audi, BMW and Daimler will reduce their combined ownership of Here by 10 percent, Here and the buyers said in a statement.

China is on track to overtake the United States as the largest market for premium cars, a step which forces the German manufacturers to find alliances with local players in Asia to help them expand new services such as autonomous driving.

Here and the Chinese consortium did not disclose financial details of the deal, which they expect to close in the first half of 2017.
Germany’s luxury carmakers bought Here from Nokia for EUR 2.55 billion ($2.6 billion) last year to create a platform for developing self-driving cars and to secure their access to intelligent high-precision mapping systems.

The German carmakers have developed their own prototype autonomous vehicles and wanted to cut their dependence on mapping data from software giant Google which has also developed a self-driving vehicle.

Here needs capital to expand its network of high-precision maps quickly, and has been in discussion with potential partners including Amazon.com, Microsoft and Bosch.

Self-driving cars need such maps to navigate, and use sensors to create services such as a system for monitoring road conditions and finding parking spaces by using vehicle-mounted cameras to scan the road ahead.

China has taken an interest in automotive technology investments to help develop its autonomous and self driving car know-how.

Earlier this month Chinese mobile operating systems company Thunder Software Technology Co Ltd (Thundersoft) agreed to acquire Finnish automotive software company Rightware for EUR 64 million ($67 million).

Future Mobility, a Chinese automaker controlled by Tencent Holdings has poached autonomous driving personnel from Google, Daimler and BMW in the race to make self-driving cars.

There have also been high-profile takeover approaches for high-tech companies in Europe, particularly in Germany, though Chinese overtures have not always been welcome.

Home appliance maker Midea bought industrial robot firm Kuka in a EUR 4.5 billion deal in May, in what was the biggest Chinese deal for a German industrial technology company.

China’s Fujian Grand Chip Investment Fund withdrew a EUR 670 million bid for chip equipment maker Aixtron this month after the United States blocked the acquisition of its US division on national security grounds and German authorities withdrew their approval.

Germany and China have become involved in an increasingly public dispute about access to each others’ markets, with China complaining about unfair scrutiny of its acquisition targets in Germany, and Germany wanting reciprocal access to firms in China.

Here also said it will form a joint venture with NavInfo to extend its products to China using NavInfo’s data and services.

Tencent will use Here’s mapping and location platform services in its own products, both in China and internationally.

[Source:- gadgets.ndtv]

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Internet

Intel to Spin Out McAfee Unit, Sell Stake in Business to TPG

by Rajdeep
written by Rajdeep

Intel to Spin Out McAfee Unit, Sell Stake in Business to TPG

Intel Corp said it would spin out its cyber security division, formerly known as McAfee, and sell a majority stake in it to investment firm TPG for $3.1 billion in cash.

TPG will own 51 percent of the new entity, valuing the entire company at $4.2 billion including debt.

Intel, which bought McAfee for $7.7 billion in 2011, will retain a 49 percent stake in the business.

The deal ends a failed effort by Intel to stake out a major position in the computer security business. At the time of the acquisition, Intel spoke of integrating McAfee security technology into its chips, but little came of those plans.

Intel executives at the time also said they hoped the acquisition would give it a piece of the emerging business of protecting corporations from sophisticated espionage, but newer players such as Mandiant, now a unit of FireEye, came to dominate that business.

At the same time, PC growth slowed, eroding the traditional McAfee customer base’s potential.

The unit, rebranded as Intel Security Group in 2014, will revert to the McAfee brand name following the closing of the deal, expected in the second quarter of 2017.

McAfee’s founder, John McAfee, was for a time on the run from a murder investigation in Belize and is a pariah in the industry. He recently sued Intel to get back the right to use his name.

Chris Young, Intel Security’s general manager, will be named chief executive of the new company.

Intel Security’s revenue rose 11 percent to $1.1 billion through the first half of this year, the company said in a statement.

TPG, which is making a $1.1 billion equity investment in the company, first approached Intel’s board about a potential transaction for McAfee around a year ago, sources familiar with the matter said.

TPG also led a $120 million investment round for security startup Tanium last year and was the lead investor in a $100 million funding round in internet security firm Zscaler.

[Source:- gadgets.ndtv]

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Internet

redBus Acquires Majority Stake in Peru’s Busportal

by Rajdeep
written by Rajdeep

redBus Acquires Majority Stake in Peru's Busportal

Ibibo Group-owned redBus has bought a majority stake in Peru-based bus ticketing platform Busportal for an undisclosed amount, a move that will help the Indian entity foray into the Latin American market.

redBus, which also has operations in Malaysia and Singapore, will now gain entry into large and under-penetrated online bus ticketing markets in the Latin American region like Peru, Colombia and Chile.

No financial details of the deal were disclosed. In addition to its local market expertise, Busportal.pe will leverage the redBus technology, product and brand name to launch and grow these markets, redBus said in a statement.

The co-founders of Busportal – Hassan Bourgi and Carol Riboud – will continue to drive the operations in Peru and further expand into Colombia and Chile, it added.

“redBus’s entry in the region will benefit the overall online e-commerce market. We are very enthusiastic about scaling up the platform with the support of the most innovative company in the industry,” Bourgi said.

Busportal’s application allows users to book bus tickets for over 20 bus operators in Peru and covers more than 70 percent of the routes.

“We are excited to partner with Hassan and Carol to expand redBus into Peru, Columbia and Chile. We believe that this will be a strong combination of local knowledge and the robust global platform and technology of redBus,” Ibibo Founder and CEO Ashish Kashyap said.

Ibibo Group also owns other online properties like Goibibo.com, Yourbus and ibibo Ryde.

redBus, which is present on mobile and desktop, has sold over 60 million tickets through its platform. It offers services of over 2,300 bus operators across 70,000 routes in India.

[Source:- gadgets.ndtv]

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