Tuesday, May 23, 2017

Bay Area Tech Wire - May 23

BAY AREA TECH WIRE -- May 23, 2017
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San Francisco-Based Fastly Raises $50 Million in Fifth Round of Funding
o Cupertino-Based Apple Ends Legal Battle with Nokia
Santa Clara-Based Siva Power Raises $25 Million in New Funding
San Francisco's Govini Names Chris Taylor as New CEO
Target to Pay $18.5 Million in Largest-Ever Multistate Data Breach Settlement
o Briefly Noted:
ServiceNow, Mezi, 8x8

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--Happy People and Bottom-Line Results: How Bankable Leaders Deliver Both
--Baird Global Technology Investment Banking

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o San Francisco-Based Fastly Raises $50 Million in Fifth Round of Funding

San Francisco -- Fastly, the San Francisco-based developer of an edge cloud platform, said on Tuesday it has raised $50 million in its fifth round of funding, led by Sorenson Capital. New investor Sapphire Ventures and previous backers Iconiq Capital, Amplify Partners, August Capital, O'Reilly AlphaTech Ventures and IDG Ventures also participated in the round, which increased the company's total funding to $180 million. Fastly's platform provides a suite of application delivery, video and streaming, and cloud security tools designed to help online brands build scalable applications, innovate rapidly and defend against complex security threats at the edge. Clients include The New York Times, Airbnb, Spotify, Pinterest and Ticketmaster. "Enterprise brands rely increasingly on edge cloud services to support overwhelming consumer demand for dynamic, secure experiences across web, mobile and IoT," said founder and CEO Artur Bergman. "This additional funding will help accelerate Fastly's exponential growth trajectory."

o Cupertino-Based Apple Ends Legal Battle with Nokia

Cupertino, Calif. -- Ending patent litigation that many had expected to drag on for much longer, Cupertino-based Apple said on Tuesday it has reached a settlement in its intellectual property dispute with Nokia. Apple said it will make an unspecified upfront payment to Nokia, as well as additional revenue payments. The two companies also have signed a multi-year patent license, with Nokia providing certain network infrastructure products and services to Apple, and Apple again carrying Nokia digital health products in its retail and online stores. The companies said they plan to explore future collaboration in digital health, as well. "It moves our relationship with Apple from being adversaries in court to business partners working for the benefit of our customers," said Maria Varsellona, the chief legal officer of Nokia. The patent dispute was first announced in December after a previous patent license expired earlier last year.

o Santa Clara-Based Siva Power Raises $25 Million in New Funding

Santa Clara, Calif. -- Siva Power, a Santa Clara-based manufacturer of thin-film solar technology, said on Tuesday it has raised $25 million in a new round of funding, which the company will use to build out its pilot line and develop its solar module business. Jim Simons and Mark Heising led the investment, which also included participation from Jonathan Sheets. "We are very pleased by the confidence that our investors have placed in our technical team and business model," said CEO Bruce Sohn. Siva Power is developing a solar factory that the company said will produce solar panels at "unprecedented scale and the lowest production cost."

o San Francisco's Govini Names Chris Taylor as New CEO

San Francisco -- Govini, the San Francisco- and Virginia-based developer of a business intelligence platform for companies that sell to the public sector and government agencies that buy from them, on Tuesday named Chris Taylor as its new CEO. He succeeds founder Eric Gillespie, who will become executive chairman. Taylor previously founded tech startup Novitas Group and was the CEO of Mission Essential. Gillespie said that Taylor's "leadership in the national security sector" make him a "natural fit for the opportunities in front us." Since its founding in 2013, Govini has focused on providing market intelligence to federal contractors, federal agencies, private equity firms and hedge funds. The company issues an annual "Federal Scorecard." In addition to Gillespie, Govini's investors include Accel Partners, Salesforce Ventures and Symphony Technology Group.

o Target to Pay $18.5 Million in Largest-Ever Multistate Data Breach Settlement

Sacramento -- Retail giant Target will pay $18.5 million to 47 states and Washington, DC in the largest multistate data breach settlement to date, the states announced on Tuesday. California will receive more than $1.4 million from the settlement, the largest share of any state. The settlement comes nearly four years after a cyber attack on the company's servers exposed the sensitive information of more than 41 million payment card accounts and 60 million customers, including names, email addresses and payment card numbers. The attorneys general, including Xavier Becerra of California, alleged that Target had "multiple weaknesses" in its system that allowed hackers to access the information. In addition to the payment, Target will be required to develop a comprehensive information security program to be assessed by an independent third party. "Families should be able to shop without worrying that their financial information is going to get stolen, and Target failed to provide this security," said Becerra. "This should send a strong message to other companies: you are responsible for protecting your customers' personal information. Not just sometimes -- always."

o Briefly Noted:

(Santa Clara, Calif.) Santa Clara-based cloud computing giant ServiceNow said it plans to raise $750 million through an offering of convertible senior notes, due 2022. The company said it will use $575 million of the proceeds to repay existing notes due in 2018, aqs well as repurchase up to $100 million in company stock.

(Sunnyvale, Calif.) Sunnyvale-based Mezi, developer of an AI-powered personal travel assistant app, on Tuesday named Johnny Thorsen as its vice president of travel strategy and partnerships. Thorsen most recently was a senior director at SAP Mobile Services, and previously was the co-founder and CEO of ConTgo.

(San Jose, Calif.) San Jose-based 8x8, developer of a platform that combines unified communications, team collaboration, contact center and analytics tools, on Tuesday named Rani Hublou as its chief marketing officer (CMO). Hublou most recently served as the chief product and marketing officer at Comprehend Systems, and previously was the CMO of PSS Systems.

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> Happy People and Bottom-Line Results: How Bankable Leaders Deliver Both

Why do I have a hard time getting my employees to listen? Why do I struggle to inspire and motivate them? How can I motivate my employees while driving strong financial results? Many of today's leaders ask themselves these same questions. Here, we share three tips to become more "bankable."


> Baird Commentary: How the IoT Revolution Is Driving Consolidation

In a recent commentary on the ever-evolving Internet of Things (IoT) revolution, Baird's senior technology bankers discuss how the proliferation of IoT-enabled software and services and ongoing industry consolidation. Today's sophisticated IoT software and systems not only connect disparate devices, they collect, verify and cleanse data -- diminishing the long-time challenge of cutting through "noise" inherent to data aggregation and facilitating in-depth analysis and application of the collected information into actionable intelligence. This IoT revolution is quickly catching up to its hype by transforming businesses across many sectors. The value of IoT technology has become imperative, and growing demand is fueling tremendous acquisition interest from a diverse range of buyers, pushing competition higher and accelerating consolidation in the space. Read Baird's insights into this rapidly evolving space and the related M&A activity: http://www.rwbaird.com/news/Unlocking-Intelligence 


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