Salesforce first opened an office in Dublin back in 2001, and has since expanded to 1,400 employees. Today’s announcement represents a significant commitment to expand even further, adding 1,500 new jobs over the next five years.
The new tower in Dublin is actually going to be a campus made up of four interconnecting buildings on the River Liffey. It will eventually encompass 430,000 square feet with the first employees expected to move into the new facility sometime in the middle of 2021.
Martin Shanahan, who is CEO at IDA Ireland, the state agency responsible for attracting foreign investment in Ireland, called this one of the largest single jobs announcements in the 70-year history of his organization.
As with all things Salesforce, they will do this up big with an “immersive video lobby” and a hospitality space for Salesforce employees, customers and partners. This space, which will be known as the “Ohana Floor,” will also be available for use by nonprofits.They also plan to build paths along the river that will connect the campus to the city center.
The company intends to make the project “one of the most sustainable building projects to-date” in Dublin, according to a statement announcing the project. What does that mean? It will, among other things, be a nearly Net Zero Energy building and it will use 100 percent renewable energy, including onsite solar panels.
Finally, as part of the company’s commitment to the local communities in which it operates, it announced a $ 1 million grant to Educate Together, an education nonprofit. The grant should help the organization expand its mission running equality-based schools. Salesforce has been supporting the group since 2009 with software grants, as well as a program where Salesforce employees volunteer at some of the organization’s schools.
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1. How Trump’s government shutdown is harming cyber and national security
The government has been shut down for nearly three weeks, and there’s no end in sight. While most of the core government departments — State, Treasury, Justice and Defense — are still operational, others like Homeland Security, which takes the bulk of the government’s cybersecurity responsibilities, are suffering the most.
2. With SEC workers offline, the government shutdown could screw IPO-ready companies
The SEC has been shut down since December 27 and only has 285 of its 4,436 employees on the clock for emergency situations. While tech’s most buzz-worthy unicorns like Uber and Lyft won’t suffer too much from the shutdown, smaller businesses, particularly those in need of an infusion of capital to continue operating, will bear the brunt of any IPO delays.
In 2018, seed activity as a percentage of all deals shrank from 31 percent to 25 percent — a decade low — while the share and size of late-stage deals swelled to record highs.
N26 is building a retail bank from scratch. The company prides itself on the speed and simplicity of setting up an account and managing assets. In the past year, N26’s valuation has exploded as its user base has tripled, with nearly a third of customers paying for a premium account.
Bird is reportedly nearing a deal to extend its Series C round with a $ 300 million infusion led by Fidelity. The funding, however, comes at a time when scooter companies are losing steam and struggling to prove that its product is the clear solution to last-mile transportation.
It’s no secret that AWS has long been accused of taking the best open-source projects and re-using and re-branding them without always giving back to those communities.
Looks like Samsung is giving Mobile World Congress the cold shoulder and has decided to announce its latest flagship phone a week earlier in San Francisco.
At CES, IBM today announced its first commercial quantum computer for use outside of the lab. The 20-qubit system combines the quantum and classical computing parts it takes to use a machine like this for research and business applications into a single package. That package, the IBM Q system, is still huge, of course, but it includes everything a company would need to get started with its quantum computing experiments, including all the machinery necessary to cool the quantum computing hardware.
While IBM describes it as the first fully integrated universal quantum computing system designed for scientific and commercial use, it’s worth stressing that a 20-qubit machine is nowhere near powerful enough for most of the commercial applications that people envision for a quantum computer with more qubits — and qubits that are useful for more than 100 microseconds. It’s no surprise then, that IBM stresses that this is a first attempt and that the systems are “designed to one day tackle problems that are current seen as too complex and exponential in nature for classical systems to handle.” Right now, we’re not quite there yet, but the company also notes that these systems are upgradable (and easy to maintain).
“The IBM Q System One is a major step forward in the commercialization of quantum computing,” said Arvind Krishna, senior vice president of Hybrid Cloud and director of IBM Research. “This new system is critical in expanding quantum computing beyond the walls of the research lab as we work to develop practical quantum applications for business and science.”
More than anything, though, IBM seems to be proud of the design of the Q systems. In a move that harkens back to Cray’s supercomputers with its expensive couches, IBM worked with design studios Map Project Office and Universal Design Studio, as well Goppion, the company that has built, among other things, the display cases that house the U.K.’s crown jewels and the Mona Lisa. IBM clearly thinks of the Q system as a piece of art and, indeed, the final result is quite stunning. It’s a nine feet tall and nine feet wide airtight box, with the quantum computing chandelier hanging in the middle, with all of the parts neatly hidden away.
If you want to buy yourself a quantum computer, you’ll have to work with IBM, though. It won’t be available with free two-day shipping on Amazon anytime soon.
In related news, IBM also announced the IBM Q Network, a partnership with ExxonMobil and research labs like CERN and Fermilab that aims to build a community that brings together the business and research interests to explore use cases for quantum computing. The organizations that partner with IBM will get access to its quantum software and cloud-based quantum computing systems.
Cloudera and Hortonworks, two of the biggest players in the Hadoop big data space, today announced that they have finalized their all-stock merger. The new company will use the Cloudera brand and will continue to trade under the CLDR symbol on the New York Stock Exchange.
“Today, we start an exciting new chapter for Cloudera as we become the leading enterprise data cloud provider,” said Tom Reilly, chief executive officer of Cloudera, in today’s announcement. “This combined team and technology portfolio establish the new Cloudera as a clear market leader with the scale and resources to drive continued innovation and growth. We will provide customers a comprehensive solution-set to bring the right data analytics to data anywhere the enterprise needs to work, from the Edge to AI, with the industry’s first Enterprise Data Cloud.”
The companies describe the deal as a “merger of equals,” though Cloudera stockholders will own about 60 percent of the equity in the company.
The combined company expects to generate more than $ 720 million in revenue from its 2,500 customers that rely on it to help them manage the complexities of processing their data. While Hadoop itself is open source and freely available, Cloudera and Hortonworks abstract away most of the infrastructure. Both focused on slightly different markets, though, with Hortonworks going after a more technical user and a pure open-source approach, while Cloudera also offered some proprietary tools.
“Together, we are well-positioned to continue growing and competing in the streaming and IoT, data management, data warehousing, machine learning/AI and hybrid cloud markets,” said Hortonworks CEO Rob Bearden back when the deal was first announced. “Importantly, we will be able to offer a broader set of offerings that will enable our customers to capitalize on the value of their data.”
Cloud Spanner, Google’s globally distributed relational database service, is getting a bit more distributed today with the launch of a new region and new ways to set up multi-region configurations. The service is also getting a new feature that gives developers deeper insights into their most resource-consuming queries.
With this update, Google is adding to the Cloud Spanner lineup Hong Kong (asia-east2), its newest data center location. With this, Cloud Spanner is now available in 14 out of 18 Google Cloud Platform (GCP) regions, including seven the company added this year alone. The plan is to bring Cloud Spanner to every new GCP region as they come online.
The other new region-related news is the launch of two new configurations for multi-region coverage. One, called eur3, focuses on the European Union, and is obviously meant for users there who mostly serve a local customer base. The other is called nam6 and focuses on North America, with coverage across both costs and the middle of the country, using data centers in Oregon, Los Angeles, South Carolina and Iowa. Previously, the service only offered a North American configuration with three regions and a global configuration with three data centers spread across North America, Europe and Asia.
While Cloud Spanner is obviously meant for global deployments, these new configurations are great for users who only need to serve certain markets.
As far as the new query features are concerned, Cloud Spanner is now making it easier for developers to view, inspect and debug queries. The idea here is to give developers better visibility into their most frequent and expensive queries (and maybe make them less expensive in the process).
In addition to the Cloud Spanner news, Google Cloud today announced that its Cloud Dataproc Hadoop and Spark service now supports the R language, in addition to Python 3.7 support on App Engine.
Microsoft today announced a new Office app that’s now available to Windows Insiders and that will soon roll out to all Windows 10 users. The new Office app will replace the existing My Office app (yeah, those names…). While the existing app was mostly about managing Office 365 subscriptions, the new app provides significantly more features and will essentially become the central hub for Office users to switch between apps, see their pinned documents and access other Office features.
The company notes that this launch is part of its efforts to make using Office easier and help users “get the most out of Office and getting them back into their work quickly.” For many Office users, Outlook, Word, PowerPoint and Excel are basically their central tools for getting work done, so it makes sense to give them a single app that combines in a single place all the information about their work.
Using the app, users can switch between apps, see everything they’ve been working on, as well as recommended documents based on what I assume is data from the Microsoft Graph. There’s also an integrated search feature and admins will be able to customize the app with other line of business applications and their company’s branding.
The app is free and will be available in the oft-forgotten Microsoft Store. It’ll work for all users with Office 365 subscriptions or access to Office 2019, Office 2016 or Office Online.
M&A activity was brisk in the enterprise market this year, with 10 high-profile deals totaling almost $ 88 billion. Companies were opening up their wallets and pouring money into mega acquisitions. It’s worth noting that the $ 88 billion figure doesn’t include Dell paying investors more than $ 23 billion for VMware tracking stock to take the company public again or several other deals of over a billion dollars that didn’t make our list.
Last year’s big deals included Intel buying MobileEye for $ 15 billion and Cisco getting AppDynamics for $ 3.7 billion, but there were not as many big ones. Adobe, which made two large acquisitions this year, was mostly quiet last year, only making a minor purchase. Salesforce too was mostly quiet in 2017, only buying a digital creative agency, after an active 2016. SAP also made only one purchase in 2017, paying $ 350 million for Gigya. Microsoft was active buying nine companies, but these were primarily minor. Perhaps everyone was saving their pennies for 2018.
This year, by contrast, was go big or go home, and we saw action across the board from the usual suspects. Large companies looking to change their fortunes or grow their markets went shopping and came home with some expensive trinkets for their collections. Some of the deals are still waiting to pass regulatory hurdles and won’t be closing until 2019. Regardless, it’s too soon to judge whether these big-bucks ventures will pay the dividends that their buyers hope, or if they end up being M&A dust in the wind.
IBM acquires Red Hat for $ 34 billion
By far the biggest and splashiest deal of the year goes to IBM, which bet the farm to acquire Red Hat for a staggering $ 34 billion. IBM sees this acquisition as a way to build out its hybrid cloud business. It’s a huge bet and one that could determine the success of Big Blue as an organization in the coming years.
Broadcom nets CA Technologies for $ 18.5 billion
This deal was unexpected, as Broadcom, a chip maker, spent the second largest amount of money in a year of big spending. What Broadcom got for its many billions was an old-school IT management and software solutions provider. Perhaps Broadcom felt it needed to branch out beyond pure chip making, and CA offered a way to do it, albeit a rather expensive one.
SAP buys Qualtrics for $ 8 billion
While not anywhere close to the money IBM or Broadcom spent, SAP went out and nabbed Qualtrics last month just before the company was about to IPO, still paying a healthy $ 8 billion. The company believes that the new company could help build a bridge between SAP operational data inside its back-end ERP systems and Qualtrics customer data on the front end. Time will tell if they are right.
Microsoft gets GitHub for $ 7.5 billion
In June, Microsoft swooped in and bought GitHub, giving it a key developer code repository. It was a lot of money to pay, and Diane Greene expressed regret that Google hadn’t been able to get it. That’s because cloud companies are working hard to win developer hearts and minds. Microsoft has a chance to push GitHub users toward its products, but it has to tread carefully because they will balk if Microsoft goes too far.
Salesforce snares MuleSoft for $ 6.5 billion
Salesforce wasn’t about to be left out of the party in 2018 and in March, the CRM giant announced it was buying API integration vendor Mulesoft for a cool $ 6.5 billion. It was a big deal for Salesforce, which tends to be acquisitive, but typically on smaller deals. This one was a key purchase though because it gives the company the ability to access data wherever it lives, on premises or in the cloud, and that could be key for them moving forward.
Adobe snags Marketo for $ 4.75 billion
Adobe has built a strong company primarily on the strength of its Creative Cloud, but it has been trying to generate more revenue on the marketing side of the business. To that end, it acquired Marketo for $ 4.75 billion and immediately boosted its marketing business, especially when combined with the $ 1.68 billion Magento purchase earlier in the year.
SAP acquires CallidusCloud for $ 2.4 billion
SAP doesn’t do as many acquisitions as some of its fellow large tech companies mentioned here, but this year it did two. Not only did it buy Qualtrics for $ 8 billion, it also grabbed CallidusCloud for $ 2.4 billion. SAP is best known for managing back-office components with its ERP software, but this adds a cloud-based, front-office sales process piece to the mix.
Cisco grabs Duo Security for $ 2.35 billion
Cisco has been hard at work buying up a variety of software services over the years, and this year it added to its security portfolio when it acquired Duo Security for $ 2.35 billion. The Michigan-based company helps companies secure applications using their own mobile devices and could be a key part of the Cisco security strategy moving forward.
Twilio buys SendGrid for $ 2 billion
Twilio got into the act this year too. While not in the same league as the other large tech companies on this list, it saw a piece it felt would enhance its product set and it was willing to spend big to get it. Twilio, which made its name as a communications API company, saw a kindred spirit in SendGrid, spending $ 2 billion to get the API-based email service.
Vista snares Apttio for $ 1.94 billion
Vista Equity Partners is the only private equity firm on the list, but it’s one with an appetite for enterprise technology. With Apttio, it gets a company that can help companies understand their cloud assets alongside their on-prem ones. The company had been public before Vista bought it for $ 1.94 billion last month.
When it comes to shift workers communicating with each other in the workplace when they are not face-to-face, gone are the days of cork announcement boards. Now, the messaging app is the medium, and today one of the startups tackling that opportunity in a unique way has raised a round of funding to get to the next stage of growth.
Crew, a chat app that specifically targets businesses that employ shift workers who do not typically sit at computers all day, has now raised $ 35 million in Series C funding from DAG Ventures, Tenaya Capital and previous backers Greylock Partners, Sequoia Capital, Harrison Metal Capital and Aspect Ventures. With the funding news, it’s also announcing the launch of a new feature called Crew Enterprise, which helps businesses better manage messaging across large groups of these workers.
The funding and new product come on the heels of the company hitting 25,000 organizations using its service — many of them multi-store retailers with an emphasis in the food industry; household names like Domino’s Pizza and Burger King — with some strong engagement. Its users are together sending some 25 million messages or responses to other messages each week, on average six times per day per user, with more than 55 percent of its whole user base logging in on an average day.
There are quite a lot of messaging apps out in the market today, but the majority of them are aimed at so-called knowledge workers, people who might be using a number of apps throughout their day, who often sit at desks and use computers alongside their phones and tablets. Crew takes a different approach in that it targets the vast swathe of other workers in the job market and their priorities.
As it turns out, co-founder and CEO Danny Leffel tells me that those priorities are focused around a few specific things that are not the same as those for the other employment sector. One is to get the latest shift schedules for work, especially when they are not at work; another is to be able to swap those shifts when they need to; and a third, largely coming from the management end, is to make sure that everything gets communicated to the staff even when they are not in for work to attend a staff meeting.
“Some of the older practices feel like versions of a Rube Goldberg machine,” he said. “The stories we hear are quite insane.” Shift schedules, he said, are an example. “Lots of workplaces have rules, where you can’t call in to check the schedule because it causes employees to come off the floor. One hotel manager told us he couldn’t hold staff meetings with everyone there because he runs a 24/7 workplace so some people would have to come in especially. One store GM from a supermarket chain told us that the whole store has only one email address, so when an announcement goes out, the GM prints that and hands it to everyone. And the problems just compound when you talk to them.”
Crew is by no means the only business internal messaging service that is aiming to provide a product specifically for shift workers. Workplace, Facebook’s own take on enterprise communications, has also positioned itself as a platform for “every worker,” and has snagged a clutch of huge clients such as Walmart (2.2 million employees globally) and Starbucks (254,000) to fill out that vision.
Leffel, however, paints a sightly different picture of how this is playing out, since in many cases even when a company has been “won” as a global customer that hasn’t translated to a global roll out.
“Starbucks is theoretically using Workplace, but it’s been deployed only to managers,” he said. “We have almost 1,000 Starbucks locations using Crew. We knew we had a huge presence there, and we were worried when Facebook won them, but we haven’t seen even a dent in our business so far.”
Leffel has had some previous experience of getting into the ring with Facebook — although it hasn’t ended with him the winner. His previous startup, Yardsellr, positioned itself as the “eBay of Facebook,” working as a layer on top of the big social network for people to sell items. It died in 2013, when Facebook took a less friendly turn to Yardsellr using Facebook’s social graph to grow its own business (it was a time when it was cutting off apps from Zynga for similar reasons). Today, Facebook itself owns the experience of selling on its platform via Marketplace.
Crew seems to have found a strong foothold among enterprises in terms of its usefulness, not just use, which is one sign of how it might have more staying power.
A survey it conducted among 50,000 of its users found that 63 percent of leaders who use Crew report fewer missed shifts and 70 percent see increased motivation on their team. Crew worked out that among respondents, it is generating time savings of four or more hours per week for 93 percent of surveyed managers. And because of better communication, people are working faster when handing off things to each other on the front line — a Domino’s Pizza franchisee sped up delivery punctuality by 23 percent as one example. (The company offers services on three tiers, ranging from free for small teams, Pro at $ 10 per month per location and to Enterprise priced on negotiation.)
Crew’s new enterprise tier is aiming to take the company to the next step. Today, Leffel says that a lot of its customers are buying on a location-by-location basis. The idea with Crew Enterprise is that larger organizations will be able to provide a more unified experience across all of those locations (not to mention pay more for the functionality). Managers can use the service to message out details about promotions, and they have a better ability to manage conversations across the platform and also get more feedback from people who are directly interacting with customers. Meanwhile, admins also gain better ability to manage compliance.
If some of this sounds familiar, it’s not just because Workplace is the only one that is also targeting the same users. Dynamic Signal and Zinc (formerly Cotap) are two other startups that are also trying to provide better messaging-based communications to more than just white-collar knowledge workers. Crew will have its work cut out for it, but there is a lot of room for now for multiple players.
“We are seeing a shift in the marketplace, going from ‘absolutely don’t use your phone at work’ to ‘don’t use it when customers are present,’” Leffel said of the opportunity. “Some have started to change the rules to allow workers to use their own phones to perform price checks. We are solving for this evolving workflow.”
The good times kept on rolling this year for Salesforce with all of the requisite ingredients of a highly successful cloud company — the steady revenue growth, the expanding product set and the splashy acquisitions. The company also opened the doors of its shiny new headquarters, Salesforce Tower in San Francisco, a testament to its sheer economic power in the city.
Salesforce, which set a revenue goal of $ 10 billion a few years ago is already on its way to $ 20 billion. Yet Salesforce is also proof you can be ruthlessly good at what you do, while trying to do the right thing as an organization.
Make no mistake, Marc Benioff and Keith Block, the company’s co-CEOs, want to make obscene amounts of money, going so far as to tell a group of analysts earlier this year that their goal by 2034 is to be a $ 60 billion company. Salesforce just wants to do it with a hint of compassion as it rakes in those big bucks and keeps well-heeled competitors like Microsoft, Oracle and SAP at bay.
A look at the numbers
In the end, a publicly traded company like Salesforce is going to be judged by how much money it makes, and Salesforce it turns out is pretty good at this, as it showed once again this year. The company grew every quarter by over 24 percent YoY and ended up the year with $ 12.53 billion in revenue. Based on its last quarter of $ 3.39 billion, the company finished the year on a $ 13.56 billion run rate.
This compares with $ 9.92 billion in total revenue for 2017 with a closing run rate of $ 10.72 billion.
Even with this steady growth trajectory, it might be some time before it hits the $ 5 billion-a-quarter mark and checks off the $ 20 billion goal. Keep in mind that it took the company three years to get from $ 1.51 billion in Q12016 to $ 3.1 billion in Q12019.
As for the stock market, it has been highly volatile this year, but Salesforce is still up. Starting the year at $ 102.41, it was sitting at $ 124.06 as of publication, after peaking on October 1 at $ 159.86. The market has been on a wild ride since then and cloud stocks have taken a big hit, warranted or not. On one particularly bad day last month, Salesforce had its worst day since 2016 losing 8.7 percent in value,
When you make a lot of money you can afford to spend generously, and the company invested some of those big bucks when it bought Mulesoft for $ 6.5 billion in March, making it the most expensive acquisition it has ever made. With Mulesoft, the company had a missing link between data sitting on-prem in private data centers and Salesforce data in the cloud.
Mulesoft helps customers build access to data wherever it lives via APIs. That includes legacy data sitting in ancient data repositories. As Salesforce turns its eyes toward artificial intelligence and machine learning, it requires oodles of data and Mulesoft was worth opening up the wallet to provide the company with that kind of access to a variety of enterprise data.
But Mulesoft wasn’t the only thing Salesforce bought this year. It made five acquisitions in all. The other significant one came in July when it scooped up Dataorama for a cool $ 800 million, giving it a market intelligence platform.
What could be on board for 2019? If Salesforce sticks to its recent pattern of spending big one year, then regrouping the next, 2019 could be a slower one for acquisitions. Consider that it bought just one company last year after buying a dozen in 2016.
One other way to keep revenue rolling in comes from high-profile partnerships. In the past, Salesforce has partnered with Microsoft and Google, and this year it announced that it was teaming up with Apple. Salesforce also announced another high-profile arrangement with AWS to share data between the two platforms more easily. The hope with these types of cross pollination is that the companies can both increase their business. For Salesforce, that means using these partnerships as a platform to move the revenue needle faster.
Even while his company has made big bucks, Benioff has been preaching compassionate capitalism using Twitter and the media as his soap box.
He went on record throughout this year supporting Prop C, a referendum question designed to help battle San Francisco’s massive homeless problem by taxing companies with greater than $ 50 million in revenue — companies like Salesforce. Benioff was a vocal proponent of the idea, and it won. He did not find kindred spirits among some of his fellow San Francisco tech CEOs, openly debating Twitter CEO Jack Dorsey on Twitter.
Speaking about Prop C in an interview with Kara Swisher of Recode in November, Benioff talked in lofty terms about why he believed in the measure even though it would cost his company money.
“You’ve got to really be mindful and think about what it is that you want your company to be for and what you’re doing with your business and here at Salesforce, that’s very important to us,” he told Swisher in the interview.
He also talked about how employees at other tech companies were driving their CEOs to change their tune around social issues, including supporting Prop C, but Benioff had to deal with his own internal insurrection this year when 650 employees signed a petition asking him to rethink Salesforce’s contract with the U.S. Customs and Border Protection (CBP) in light of the current administration’s border policies. Benioff defended the contract, stating that that Salesforce tools were being used internally at CBP for staff recruiting and communication and not to enforce border policy.
Regardless, Salesforce has never lost its focus on meeting lofty revenue goals, and as we approach the new year, there is no reason to think that will change. The company will continue to look for new ways to expand markets and keep their revenue moving ever closer to that $ 20 billion goal, even as it continues to meld its unique form of compassion and capitalism.
One of the biggest providers of domain names and web hosting in Europe is changing hands today. One.com, which has around 1.5 million customers mainly across the north of the region, has been sold by private equity firm Accel-KKR to Cinven, another PE player that focuses on investments in Europe.
Terms of the deal are not being disclosed, but as a rough guide, Cinven once owned and sold another European hosting provider of comparable size: it acquired Host Europe Group in 2013 for $ 668 million and then sold it in 2016 for $ 1.8 billion to GoDaddy two years ago almost to the day. At the time of the sale, Host Europe Group also had about 1.5 million customers.
One.com and its business segment represent a significant, if not wildly evolving, part of the tech landscape: for as long as businesses and consumers continue to use the web, there will be a need for companies who sell and host domain names and provide services around that.
With a catchy domain name of its own, One.com has been riding the wave of that solidity of purpose for several years already. KKR-Accel says that organic growth at the company has been accelerating at a rate of 20 percent and that revenues under its four-year ownership doubled to €60 million ($ 69 million) with profitability growing 50x on a marketing pitch in which it positions itself as the ‘budget’ option to businesses.
“The vision of One.com since its founding has been to deliver value-added and easy-to-use solutions to small- and medium-sized businesses and prosumers,” said Jacob Jensen, Founder and CEO of One.com, in a statement. He is staying on to continue leading the company.
Cinven says it is interested in growth the business by way of acquisition, specifically: “There are opportunities to accelerate the growth of the business organically and through acquisition.”
In other words, expect some consolidation moves in the future where some of the smaller providers in Europe potentially get gobbled up to create a bigger entity with better economies of scale. That’s needed not just because GoDaddy has ramped up its presence here, but because the likes of Amazon has only grown in stature and provides a number of other services to users to make its offerings more sticky.
“We are very excited to invest in One.com alongside Jacob. It is a high quality business with an attractive brand and scalable technology platform, operating in a market with structural growth drivers,” said Thomas Railhac, Partner at Cinven, in a statement. “This is a subsector we know well through Cinven’s successful investment in HEG in Fund 5, continuing to invest in both the organic growth story and targeted acquisitions.”
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