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Archivo del Autor: Belen De Leon

Pivotal Software closed up 5% following IPO, raised $555 million

Stock market investors showed lukewarm enthusiasm for Pivotal Software’s debut on Friday. After pricing the IPO at $15, the company closed the day at $15.73.

Although it didn’t “pop” for new investors, pricing at the midpoint of its proposed range allowed Pivotal to raise $555 million. Its public company market cap exceeded $3 billion.

The enterprise cloud computing company has been majority-owned by Dell, which came about after its merger with EMC in 2016. It was spun off from Dell, EMC and VMware in April 2013.

After that, it raised $1.7 billion in funding from Microsoft, Ford and General Electric.

Here’s how it describes its business in the S-1 filing:

Pivotal looks to “provide a leading cloud-native platform that makes software development and IT operations a strategic advantage for our customers. Our cloud-native platform, Pivotal  Cloud Foundry (‘PCF’), accelerates and streamlines software development by reducing the complexity of building, deploying and operating new cloud-native applications and modernizing legacy applications.”

According to the filing, Pivotal brought in $509.4 million in revenue for its fiscal year ending in February. This is up from $416.3 million in revenue for 2017 and $280.9 million in revenue the year before.

The company is still losing a lot of money, however. Losses for fiscal 2018 stood at $163.5 million, improved from the than the negative $232.5 million seen in 2017 and $282.5 million in 2016.

“We have incurred substantial losses and may not be able to generate sufficient revenue to achieve and sustain profitability,” the company warned in the requisite “risk factors” section of its IPO filing.

Pivotal also acknowledged that it faces competition from “legacy application infrastructure and middleware form vendors” like IBM and Oracle. The company says it additionally competes with “open-source based offerings supported by vendors” like RedHat. Pivotal also faces challenges from SAP Cloud Platform, Amazon Web Services and Microsoft Azure.

The company says it believes it will stand out from the pack because of its strong security and easy-to-use platform. Pivotal also claims to have strong brand awareness and a good reputation. It has 118 U.S. patents and 73 pending and is betting that it will remain innovative.

Morgan Stanley and Goldman Sachs served as lead underwriters. Davis Polk and Fenwick & West worked as counsel.

The company listed on the New York Stock Exchange under the ticker “PVTL.”

It has been an active spring for tech IPOs, after a slow winter. Dropbox, Spotify and Zuora are amongst the companies that have gone public in recent weeks. DocuSign, Smartsheet, Carbon Black and Pluralsight are all expected to debut within the next month.


Source: TechCrunch

Founder of cryptocurrency debit card faces new fraud charges for $32 million ICO scheme

The U.S. government is following through on its promise to crack down on initial coin offering scams. On Friday, the SEC announced charges against Raymond Trapani, the third co-founder of Centra Tech Inc., which raised $32 million for a cryptocurrency debit card last year through a flashy ICO endorsed by DJ Khaled and boxer Floyd Mayweather. The company’s other two co-founders, Sam Sharma and Robert Farkas, were charged and arrested earlier this month.

“We allege that the Centra co-founders went to great lengths to create the false impression that they had developed a viable, cutting-edge technology,” the SEC’s Cyber Unit Chief Robert A. Cohen said of the ICO. “Investors should exercise caution about investments in digital assets, especially when they are marketed with claims that seem too good to be true.”

The SEC calls Trapani the “mastermind” of the fraudulent ICO scheme, which lured investors with claims of major credit card partnerships, misrepresentations about the company’s product, fake founder biographies and price manipulation of its Centra tokens (CTR).

According to SEC documents, these particular ICO fraud artists were caught red-handed:

Text messages among the defendants reveal their fraudulent intent. After receiving a cease-and-desist letter from a major bank directing him to remove any reference to the bank from Centra’s marketing materials, Sharma texted to Farkas and Trapani: “[w]e gotta get that s[***] removed everywhere and blame freelancers lol.” And, while trying to get the CTR Tokens listed on an exchange using phony credentials, Trapani texted Sharma to “cook me up” a false document, prompting Sharma to reply, “Don’t text me that s[***] lol. Delete.

The U.S. Attorney’s Office for the Southern District of New York also unsealed criminal securities and wire fraud charges against Trapani, who was arrested Friday morning. Trapani faces one count of conspiracy to commit securities fraud, one count of conspiracy to commit wire fraud, one count of securities fraud and one count of wire fraud. Three out of the four charges carry a maximum sentence of 20 years,

“As alleged, Raymond Trapani conspired with his co-defendants to lure investors with false claims about their product and about relationships they had with credible financial institutions,” Deputy U.S. Attorney Robert Khuzami said of the criminal charges.

“While investing in virtual currencies is legal, lying to deceive investors is not.”


Source: TechCrunch

DNC Lawsuit Against Russia Reveals New Details About 2016 Hack

In suing Russia, the Trump campaign, and others over the hack of its systems in 2016, the Democratic National Committee has also filled in important timeline details.
Source: Wired

Nintendo sells replacement parts for Labo kits because cardboard doesn't last forever – CNET

Nintendo’s quirky Labo accessory kits are fun, but they’re made out of cardboard. Fortunately, you can buy replacement parts for cheap.
Source: CNET

New 'exploding ant' species puts on a gory, goo-filled show – CNET

A new kind of exploding ant found in Borneo will simultaneously fascinate you and gross you out with its toxic self-sacrifice.
Source: CNET

Pot is getting more personalized – CNET

The race is on to develop a 23andMe-type genetics test for cannabis, with the goal of breeding marijuana for specific ailments.
Source: CNET

Apple HomePod: Here are the apps you can use with your voice – CNET

There is a growing number of third-party apps that are compatible with Apple’s HomePod’s voice-control capabilities.
Source: CNET

Even Westworld creators are deleting Facebook – CNET

At the Tribeca Film Festival, Jonathan Nolan compares Facebook to Cuba’s authoritarian regime under Fidel Castro, and Lisa Joy says she’s canceled her account.
Source: CNET

How to Build Custom Alexa Skills for the Amazon Echo

The new Blueprints tool makes it easy for anyone to build custom skills for Alexa.
Source: Wired

Gadget Lab Podcast: The Tech We Can't Live Without

This week, we discuss our personal relationships with our most beloved gadgets.
Source: Wired

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