Verint Systems Acquires KANA Software for $514.2 million in Cash

The United States based company Verint Systems Inc. (NASDAQ: VRNT) has completed the acquisition of KANA Software for $514.2 million in Cash on 3^rd February 2014. KANA Software is a portfolio company of a technology focused investment firm named Accel‐KKR. 

 

Verint System is one of the leading providers of analytics software. The company is headquartered in Melville, New York, with offices across the globe. The company has gone through series of acquisition following a strategy of organic growth in the few years.  

Accel-KKR portfolio company, KANA Software is a California based company provides software solutions for service experience management (SEM) to large and mid-size organizations.

The private equity firm Accel-KKR has brought the KANA Software in December 2009. The company has supported KANA Software through investments in order to achieve organic growth.  

Quippi Raises $2 Million for International Money Transfers

Another United States based international shopping card company named Quippi, has secured a financing of $2 million for International Money Transfers socalTech.com. The financing came from an early stage venture capital fund named Avalon Ventures.

Quippi is a shopping card company which sells gift cards throughout the United States. The gift cards help the people to support their relatives or friends who are living abroad. The company trade through its retail store, company website and a group of sales representative.   

The venture capital firm, Avalon Ventures is a California based company which offers investment in growth, seed, venture and early stage companies. The company seeks to invest in various sectors which include pharmaceuticals, media, technology, life science, software and others.

Paylocity Files for $115 Million in its Initial Public Offering

Paylocity, the United States based company which provides payroll services and human resource software solutions to small and mid-market clients and employees has filed for an initial public offering to raise up to $115 million.

The company is in filing with Securities and Exchange Commission and is planning to be listed on the NASDAQ exchange under the symbol PCTV. William Blair, Deutsche Bank and BofA Merrill Lynch are listed as joint bookrunners on the deal, according to NASDAQ and no pricing information were disclosed.

Paylocity has experienced growth in the last few years which has led the company to made in Deloitte's Technology Fast 500 list in 2013. The company has registered a sales of $91 million in 2013. Paylocity is one of the fastest growing telecommunication, technology, media, life sciences and clean technology companies in North America. Paylocity CEO Steve Beauchamp has utilized the company's technology and exceptional combination of services for the company's growth.

Fiat to buy rest of Chrysler for $4.35 billion

Turin based Italian automobile manufacturer, Fiat S.p.A., has announced to buy remaining stake of Chrysler Group LLC.  Fiat will acquire 41.46% stake of Chrysler from United Auto Workers' VEBA trust, and in-turn Chrysler will receive in total $4.35 billion.  This agreement has aborted the chances of Initial Public Offering (IPO) of Chrysler Group.

Chrysler is one of "Big Three" American automobile manufacturers behind Ford and General Motors.  Company was founded by  Walter Chrysler in 1925.  Company was well run till the crisis of 2008-2010.  It received loans from US government to avoid shutting down.  But company filed for reorganization under Chapter 11 bankruptcy protection in April 2009.  Post reorganization company was owned by United Auto Workers pension fund, Fiat, United States and Canadian government.  Gradually Fiat acquired other's stake and became principle owner with 58.54% stake.    

This agreement is expected to close by January 20, 2014 and will make combined company seventh largest automobile manufacturer in the world.  Fiat will pay $1.75 billion in cash, Chrysler will make contribution of $1.9 billion.  Additional $700 million will be paid over a period of four years in annual installments.

This pricing move is supposedly the biggest victory for savvy Mr. Merchionne, Fiat's CEO.  The pricing is much less than $36 billion Daimler-Chrysler paid for the company in 1998 or $ 7.4 billion paid by Cerberus Capital Management paid for 80% stake in company in 2007.  Moreover company's sales has increased from a while with the success of its new models

Although Chrysler and Fiat have shared platforms and teams for year, the consolidation move will make financial statements more clear and will make product development and Research more familiar will same platform sharing field. Geographically also this move will make consolidated company more versatile against melt down in a particular country.