BlockSpaces | June 24, 2022
On June 23rd, Cogent Bank, a full-service commercial and retail bank, and BlockSpaces, a B2B integration platform that links business applications to blockchain networks, announced their banking partnership. The news was made at the annual conference of the Florida Bankers Association (FBA), which has been operating since 1888 and is one of Florida's oldest trade organizations.
Cogent Bank's awareness of the blockchain business, which includes a thorough grasp of the dangers, distributed ledger technology, virtual currency, decentralized finance, and the changing regulatory landscape, is what led to the collaboration with BlockSpaces. The partnership enables the business to make use of Cogent's real-time, tokenized payment platform, cutting-edge treasury management tools, and API gateway for data integration because Cogent Bank focuses on delivering flexible, innovative, and forward-thinking services.
As the blockchain industry continues to rapidly develop, it's critical for emerging companies to leverage progressive banking institutions for business operations. Very few providers are up to serving customers with these unique needs. We are thrilled to have found such an innovative partner in Cogent Bank that truly embraces the coming digital transformation."
Rosa Shores, Co-Founder and CEO of BlockSpaces
We couldn't be happier to build our business with such a forward-thinking banking partner. We're having exciting discussions on how to bring digital asset services to more businesses and organizations in the future.”
Gabe Higgins, Co-Founder and Chief Blockchain Officer of BlockSpaces
We know clients like BlockSpaces are in need of instantaneous payments using blockchain technology in today's fast-paced, digital economy. At Cogent Bank we are always looking towards the future of banking, creating innovative solutions to fit the unique needs of our customers."
Chirag Bhavsar, president of Cogent Bank
BlockSpaces has strengthened its partnership with Cogent Bank as they lead the way in enabling functionality for their clients through cutting-edge services, even as the traditional financial services sector experiences upheaval as a result of technological advancements like blockchain, Web 3.0, and decentralized finance (DeFi).
Saphyre | June 29, 2022
The Saphyre platform is now accessible to Citi Securities Services' shared custody clients to manage new account openings and maintenance, according to a fintech business leveraging patent-approved AI technology. The Saphyre technology offers Citi an alternative to its current account management system and can have the advantage of greatly automating and accelerating client onboarding.
"Our constant focus is on reducing friction and providing efficiencies for clients. Adding Saphyre into our ecosystem further eliminates manual tasks for clients and reduces time to market.” Rebekah Flohr, Managing Director, North America Head of Custody Product, Citi
"Adding Saphyre to our open architecture platform provides flexibility for shared clients, allowing them to connect seamlessly across our extensive custody network via a single onboarding portal.” Michele Pitts, Managing Director, U.S. Head of Custody Product at Citi
Having Citi Securities Services live on the Saphyre platform is a tremendous accolade for our firm. By doing so, Citi takes advantage of Saphyre's strategic technology capabilities in providing a true ready-to-trade status of client accounts. This patented AI-driven end-result is made possible on the back of Citi's operations taking advantage of our smart technology that pre-fills client custody packs, digital signatures, auto-setup SWIFT Reporting, trade message routing, and corporate action standing instructions – all the while tracking market requirements and their respective document statuses. The post-COVID world requires AI and digital strategies. Together, Citi and Saphyre are utilizing these technologies to provide innovative solutions that benefit their clients. As part of Citi's integrated custody experience for its clients, integrating with Saphyre will further enhance the bank's ability to further streamline processes seamlessly for clients that use both global and direct custodian businesses."
Gabino M. Roche, Jr., CEO and Founder at Saphyre
SGH | June 30, 2022
SMART Global Holdings, Inc. (“SGH” or the “Company”) (Nasdaq: SGH) today announced that it has entered into a definitive agreement with affiliates of Siris Capital Group, LLC, to acquire Stratus Technologies (“Stratus”), a global leader in simplified, protected, and autonomous computing solutions in the data center and at the Edge. Under the terms of the agreement, SGH will pay $225 million in cash at closing and an earn-out payment of up to $50 million, based on the gross profit performance of the Stratus business during the first full 12 fiscal months of Stratus following the closing.
Consistent with the Company’s existing lines of business, Stratus delivers differentiated technology solutions to specialty end markets. In particular, the addition of Stratus’ high-availability, fault-tolerant computing platforms, software, and services will expand the Company’s Intelligent Platform Solutions (“IPS”) business to better serve Stratus and IPS customers worldwide.
This transaction builds upon our successful track record of M&A at SGH, The high-availability and fault-tolerant capabilities of Stratus will expand our IPS offerings in Edge, Core, and Cloud, and will enable us to more comprehensively address our combined customers’ needs. We look forward to welcoming the Stratus team to SGH.”
Mark Adams, CEO of SGH.
For leaders digitally transforming their operations to drive predictable, peak performance with minimal risk, Stratus ensures the continuous availability of business-critical applications by delivering zero-touch Edge Computing platforms that are simple to deploy and maintain, protected from interruptions and threats, and autonomous. For 40 years, we have provided reliable and redundant zero-touch computing, enabling global Fortune 500 companies and small-to-medium sized businesses to securely and remotely turn data into actionable intelligence at the Edge, Cloud and Data Center – driving uptime and efficiency.
At SGH, our companies are united by a drive to raise the bar, execute with discipline and focus on what’s next for the technologies that support and advance the world. Across computing, memory, and LED lighting solutions, we build long-term strategic partnerships with our customers. Backed by a proven leadership team, we operate with excellence around the globe while unlocking new avenues of growth for our business and industry.
Siris is a leading private equity firm that invests primarily in mature technology and telecommunications companies with mission-critical products and services, facing industry changes or other significant transitions. Siris' development of proprietary research to identify opportunities and its extensive collaboration with its Executive Partners and Advisors are integral to its approach. Siris' Executive Partners and Advisors are experienced senior operating executives that actively participate in key aspects of the transaction lifecycle to help identify opportunities and drive strategic and operational value. Siris is based in New York, Silicon Valley and West Palm Beach, and has raised nearly $6 billion in cumulative capital commitments.