Elliott presses SoftBank to identify $10 billion of investments it holds: sources

SoftBank | February 28, 2020

Elliott Management Corp is pressing SoftBank Group Corp (9434.T) for details of nearly-$10 billion of investment securities on its balance sheet, as part of its campaign to improve the value of the Japanese conglomerate in which it holds a stake, sources said. The $40 billion hedge fund, one of the most powerful activist investors, has a $3 billion stake in the company and is trying to push for changes after SoftBank’s bet on start-ups such as space-sharing firm WeWork soured. SoftBank’s stock trades at a deep discount to the value of its holdings, and analysts say there is a lack of clarity on its internal valuation calculations for private holdings in its flagship Vision Fund. Elliott has asked for improved disclosure on the valuation of assets in the fund, the sources said.

Spotlight

How can I manage my cash flow? There are different ways you can manage your cash flow in Sage 50. To improve your cash flow, it is necessary to increase the money coming into your business (revenue) or decrease the money going out (expenses).

Spotlight

How can I manage my cash flow? There are different ways you can manage your cash flow in Sage 50. To improve your cash flow, it is necessary to increase the money coming into your business (revenue) or decrease the money going out (expenses).

Related News

FINANCIAL MANAGEMENT

SparkCognition Took Over Financial Technology Company AIM2

SparkCognition, AIM2 | February 24, 2021

SparkCognition announced that it agreed to acquire AIM2 from hedge fund management company Brevan Howard and global investment bank Nomura. Being the world's leading industrial artificial intelligence (AI) company, SparkCognition aims to expand further into financial services and with more capabilities in the future. SparkCognition has also executed contracts with both Brevan Howard and Nomura. They will allow SparkCognition to expand its AI capabilities and meet the needs of its customers across the globe. AIM2 got launched in 2015 and became a major joint venture between Brevan Howard and Nomura in 2019. It is a financial technology company. It transformed market-making and quantitative investment strategy with cutting-edge artificial intelligence products. With this agreement, SparkCognition will begin providing AIM2's products and technology. This includes Alpha Cycles, ORCA/AI Trader, and Alpha Waves. This will also allow SparkCognition to extend opportunities in financial services. It would also provide a comprehensive portfolio of AI offerings complementing products such as Darwin, DeepNLP, and DeepArmor On this, SparkCognition CEO Amir Husain mentioned this acquisition is yet to be finalized and would move the AIM2 team and products under the SparkCognition umbrella. Continuing to work with the accomplishments of Brevan Howard and Nomura will allow accelerating the momentum of SparkCognition’s capabilities in financial services and position it at the heart of this industry. SparkCognition's unique skill set coupled with AIM2's financial products and expertise will make the company recognized. Nomura is accelerating the global deployment of AIM2's ORCA/AI Trader across businesses. It will assist banks to drive their trading ecosystem for broad asset classes such as fixed income, credit, swaps, and FX.

Read More

FINANCIAL MANAGEMENT

Bento Launches Enhanced Accounting Features to Simplify Bookkeeping

Bento | January 11, 2021

Bento for Business, the leading spend management solution for businesses, unveiled another and powerful stack of accounting features to help businesses save time, streamline bookkeeping and close books quicker. With these new features, Bento customers will have the option to import their GL Account, Class, and Location esteems into Bento and code transactions straightforwardly in Bento with two or three ticks. Moreover, they will have the option to make custom mapping rules to disentangle transaction coding for their association or meet other explicit requirements. Once coded, money professionals will have the option to survey and alter prior to trading transactions to their accounting software. Joined with Bento's powerful, AI-driven, receipt capture and coordinating features, these upgrades eliminate a large part of the grating of gathering and sorting out data that CFOs and Controllers need to accommodate their books. Also, the new custom field creation and mapping choice makes it simple for organization workers to code their own transactions utilizing basic terms, if necessary. Notwithstanding the accounting software an organization utilizes, Bento's new accounting improvements are a critical move up to conventional bank items and ought to altogether streamline and accelerate feared month end closings for any business. “Our customers have been telling us that reconciling their books at month and year end was one of their biggest pain points,” said Guido Schulz, CEO, Bento for Business. “With these enhancements, we hope we are able to eliminate yet another area of stress and inefficiency for our customers and continue on our mission to be the most helpful financial partner for our customers.” About Bento Based in Chicago and San Francisco, Bento is an award-winning SMB fintech solution led by veteran financial service executives and backed by leading financial technology investors. An intuitive debit card-based spend management platform, Bento’s mission is to save business owners money, time and effort. Bento’s virtual and corporate cards and industry-leading financial management tools give companies unprecedented control and visibility over company expenses, eliminating fraud and administrative overhead. Bento Pay, Bento’s B2B payment product, enables business owners to make and receive payments with a simple email address while allowing the receiver to input their banking credentials and accept funds in seconds, avoiding the hassle of paper checks.

Read More

FINTECH

Paysafe to Acquire viafintech

Paysafe | August 23, 2021

Paysafe, a leading specialized payments platform, today announced that it has signed a definitive agreement to acquire market-leading German fintech company, viafintech, in an all-cash transaction. viafintech, known under the brands of Barzahlen/viacash and viacash, offers the largest, bank independent, payments infrastructure in the DACH region, allowing a popular alternative to the traditional banking structure. For Paysafe, this latest acquisition not only boosts its growth opportunities in Germany, a critical market for its international merchants, it also creates revenue-generating opportunities to cross-sell viafintech’s alternative banking and payments solutions to its merchants around the world. Paysafe’s core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallets, eCash and open banking solutions. It offers over 70 payment types in over 40 currencies around the world. viafintech was founded in 2011 and integrates with digital banking apps to offer an innovative “mobile ATM” concept which enables consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode; something that is becoming increasingly popular in the region as bricks and mortar bank branches close and fast-growing challenger banks and digital wallets disrupt the market. viafintech solutions are also used widely for bill payments and credit payouts, as well as for online shopping in general, supporting millions of consumers in the region who don’t have bank accounts, or who simply prefer the heightened security of using eCash to pay online. The combination of viafintech’s established banking framework and market leadership in Germany and elsewhere in Europe, together with Paysafe’s diverse payments portfolio and international merchant base, is expected to create compelling growth opportunities for each organisation, both within Europe and beyond. As part of the deal, the viafintech team, including viafintech’s managing directors, Sebastian Seifert, Achim Bönsch and Andreas Veller, will become part of Paysafe’s expanding eCash and open banking solutions’ team which is headed up by Paysafe eCash CEO, Udo Müller. This latest acquisition builds on Paysafe’s recent Latin American acquisition agreements with PagoEfectivo and SafetyPay and allows Paysafe to solidify its position as a global market leader for eCash and open banking solutions where multiple payments players are competing to gain a stronger foothold in the emerging open banking ecosystem and the provision of alternative payment methods (APMs). On completion of the three acquisitions, the Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points. Following the sale of their shares to Paysafe, viafintech’s majority shareholder - Glory Ltd., a global leader in cash technology solutions - will enter into a new strategic partnership with Paysafe. The two companies have signed a referral agreement that enables Glory to offer paysafecard, one of Paysafe’s leading eCash solutions, as a form of payment within its in-store payments kiosks, and, in turn, for Paysafe to offer Glory’s cash technology solutions to its merchants around the world. About Paysafe Limited Paysafe Limited is a leading specialised payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualised transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. About viafintech viafintech was founded in 2011 and is headquartered in Berlin, Germany. It is led by Achim Bönsch, Sebastian Seifert, Junichi Takemura and Andreas Veller. The company integrates with digital banking apps to offer an innovative “mobile ATM” concept which enables consumers to make deposits, transfers or withdraw cash from their digital bank accounts at a nearby retail store using a barcode. viafintech solutions are also used widely for bill payments and credit payouts, as well as for online shopping in general, supporting millions of consumers in the region who don’t have bank accounts, or who simply prefer the heightened security of using eCash to pay online.

Read More