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12/02/20: What’s Going On

SoftBank, Netflix and more from around the business world.
(Burdun Iliya)
(Burdun Iliya)
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“Hewlett Packard Enterprise Co. — a descendant of the firm that Bill Hewlett and Dave Packard famously started in a Palo Alto, Calif., garage — is moving its headquarters to the Houston area, the latest sign of how the pandemic is reshaping the way Silicon Valley companies operate. HPE disclosed its plan to relocate as it posted fourth-quarter earnings after a difficult year that generated a full-year loss, highlighting its need to lower costs. The departure of a company so closely linked to Silicon Valley’s origin story is a striking example of how the area once synonymous with tech innovation may be losing some of its luster.”

“A year ago, SoftBank Group Corp. faced criticism when its strategy of pouring billions of dollars into highly unprofitable startups became bogged down by some high-profile flops. Soon, the Japanese conglomerate may have a notable winner to flaunt: DoorDash Inc. The San Francisco-based food-delivery company is gearing up to go public in coming weeks at a valuation as high as $32 billion, it said in securities filings Monday.”

“Lightspeed POS just announced the acquisition of Upserve, expanding Lightspeed’s presence in the restaurant industry. The company already offers cloud-based point-of-sale software for restaurants and other businesses. It went public in Canada last year before recently debuting on the New York Stock Exchange and acquiring another point-of-sale company, ShopKeep, for $440 million. The Upserve acquisition is similarly sized — Lightspeed will pay $123 million in cash, along with stock that will bring the total deal size to around $430 million.”

Companies Raising Capital
NameAmountDescription
Bizzabo$138 MillionPlatform To Build and Run Virtual Conferences
Monzo£60 MillionU.K. Challenger Bank
Genesis Therapeutics$52 MillionAI-Focused Drug Discovery

“A Chinese spacecraft sent to return lunar rocks to Earth collected its first samples Wednesday after landing on the moon, the government announced, adding to a string of successes for Beijing’s increasingly ambitious space program.”

“Netflix Inc. is planning to double its spending on original content in Asia next year to help stay ahead in a crowded streaming market, where billionaires including China’s Pony Ma and Hong Kong’s Richard Li are seeking to expand their presence.”

“India’s Tata Group is in advanced talks to buy as much as 80% of BigBasket in a deal that is likely to value the local online grocer backed by Alibaba Group Holding Ltd. at about $1.6 billion.”

“The Department of Homeland Security’s internal watchdog said it would open an investigation into the use of mobile-phone surveillance technologies to track Americans without a warrant, the latest salvo in a debate within the U.S. government over the legality of such techniques.”

“Global temperatures from January to October were around 1.2 degrees Celsius (2.2 degrees Fahrenheit) above pre-industrial levels, putting 2020 on track to being one of the three warmest years on record.”

“Chinese fintech giant Ant Group is considering selling its 30% stake in Indian digital payment processor Paytm amid tensions between the two Asian neighbors and a toughening competitive landscape.”

“President Donald Trump is threatening to veto a $740 billion defense spending bill unless Congress ends a critical legal protection for companies that host user-generated content.”

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