Vista-backed IT software provider Datto sets terms for $561 million IPO

Datto Holding, which sells a hybrid IT infrastructure platform to managed service providers, announced terms for its IPO on Wednesday.

The Norwalk, CT-based company plans to raise $561 million by offering 22 million shares at a price range of $24 to $27. New investors Investment Group of Santa Barbara and Dragoneer Investment Group intend to purchase $112 million worth of shares in the offering. At the midpoint of the proposed range, Datto Holding would command a fully diluted market value of $4.2 billion.

Datto is the leading provider of cloud-based software and technology solutions purpose-built for delivery through the managed service provider (MSP) channel to small and medium businesses. The company’s cloud-based platform offerings include Unified Continuity, Networking, and Business Management software solutions and it currently serves 17,000 MSP partners.

Datto Holding was founded in 2007 and booked $493 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol MSP. Morgan Stanley, BofA Securities, Barclays, Credit Suisse, Citi, Jefferies, RBC Capital Markets, Evercore ISI, BMO Capital Markets and Macquarie Capital are the joint bookrunners on the deal. It is expected to price the week of October 19, 2020.

The article Vista-backed IT software provider Datto sets terms for $561 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Nigeria’s Fastest Growing Internet Service Provider Expands Internet Access with Cambium Networks Wireless Technology

ROLLING MEADOWS, Ill., Oct. 14, 2020 /PRNewswire/ — Cambium Networks (NASDAQ: CMBM), a leading global provider of wireless networking solutions, today announced it is supplying Tizeti Network Limited, Nigeria’s leading public Wi-Fi operator, with an end-to-end wireless fabric solution. Cambium will help Tizeti expand its ISP operations in Africa’s most populous nation and meet customers’ increased demand for quality and high-speed connectivity, which has been accelerated by the COVID-19 pandemic. Cambium equipment will also be deployed in Ghana, as Tizeti expands its Express Wi-Fi coverage.

With more than 1.5 million users, Tizeti is the fastest-growing internet service provider in Nigeria – a nation with almost 200 million people with relatively low broadband penetration. The company recently hit a major milestone in the growth of its ISP operations in Nigeria by delivering over 70,000 GB per day of traffic to its subscribers using Cambium wireless networking technology. The company is now expanding its network using Cambium’s cnPilot Wi-Fi access points with ePMP fixed wireless wide area distribution, and cnMaestro™ cloud-based management platform. By using solar power in the majority of its sites, Tizeti is able to rapidly deploy a highly resilient network, despite the challenging local conditions. As part of this effort, Tizeti has also begun deploying Cambium technology in Ghana to deliver gigabit broadband speeds over wireless.

“We are excited to have crossed this important network threshold in record time,” said Kendall Ananyi, Founder and CEO at Tizeti. “This would have been impossible without Cambium’s high-performance technology and disruptive economics. As we continue to invest in our core infrastructure to bring affordable, high-speed internet access to local communities around the country, end-to-end wireless solutions like Cambium’s comprising Wi-Fi access and fixed wireless broadband backhaul will be key to help us deliver the high performance and reliability our

Enterprise security software provider Intrusion sets terms for $44 million Nasdaq uplisting

Intrusion, which provides a family of software products for enterprise security, announced terms for its IPO on Monday.

The Richardson, TX-based company plans to raise $44 million by offering 3.1 million shares (35% insider) at $14.32, the last close of its shares on the OTCQB (INTZ). At the proposed price, Intrusion would command a market value of $242 million. 

Intrusion develops, markets, and supports a family of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products. Its end-user customers include US federal government entities, state and local government entities, large and diverse conglomerates, and manufacturing entities, among others. Its product families include TraceCop, a database of worldwide IP addresses, registrant information, and their associations; Savant, a high speed network data mining and analysis hardware and software product; and Shield, which is currently in development to be a next generation intrusion detection and protection solution.

Intrusion was founded in 1983 and booked $10 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol INTZ. B. Riley FBR is sole bookrunner on the deal. It is expected to price during the week of October 5, 2020.

The article Enterprise security software provider Intrusion sets terms for $44 million Nasdaq uplisting originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NEC snaps up Swiss digital banking solutions provider Avaloq in $2.2 billion deal

NEC has agreed to acquire Avaloq in order to secure a global pathway into the digital payments market. 

Announced on October 5, the deal will bring Avaloq under the Japanese IT group’s umbrella, although Avaloq will continue to operate using its own brand. 

Under the terms of the agreement, NEC will pay CHF 2.05 billion, or approximately $2.23 billion, for 100% of Avaloq shares. At present, 45% is owned by global private equity firm Warburg Pincus, whereas the rest are held by the firms’ founders and employees. 

Founded in 1985, Avaloq is an IT solutions company now specializing in banking, wealth management, and the digital payments space. The firm has developed business process as a service (BPaaS) and software as a service (SaaS) cloud solutions for banks and financial organizations. 

See also: Infosys acquires GuideVision in European services push

Headquartered in Switzerland, Avaloq is listed on the Tokyo stock exchange (TYO) and has a presence in over 50 countries. 

Avaloq has traditionally served high-end wealth managers and private banks but intends to “democratize” this area in the future by expanding to include “affluent investors” rather than just high net-worth individuals. 

“Clients will continue to enjoy the high level of service they’ve grown used to,” Avaloq says. “This transaction will not lead to a reduction in workforce and the management remains fully committed to Avaloq’s growth story.”

While NEC is the provider of a range of IT solutions in industries spanning from aerospace to data analytics, by picking up a company already established worldwide in banking technology, the organization will add digital finance to its bow — as well as the ability to enter this market on a global scale. 

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The news comes on the heels of

VMware to acquire automation software provider SaltStack

VMware said Tuesday that it plans to acquire SaltStack, makers of event-driven automation software, to bolster its cloud portfolio. Financial terms of the deal were not immediately disclosed. 

VMware announced the acquisition alongside a bevy of platform and product updates timed to the company’s virtual VMworld event this week.

SaltStack is the company behind the hugely popular Salt open-source software, which is used by IT admins to handle a range of remote execution tasks. By acquiring SaltStack, VMware said it will be able to extend its automation capabilities beyond infrastructure to the software and packages inside virtual machines and containers. 

The company also intends to use SaltStack to enhance its vRealize cloud management software suite with end-to-end automation and integrated configuration management.

“These software configuration management capabilities will help us address the full spectrum of customers’ automation needs and further strengthen customers’ ability to automate the deployment and configuration of infrastructure platforms both on-premises and in the cloud with VMware vRealize Automation,” said Ajay Singh, SVP and GM of VMware’s cloud management business unit. “Additionally, SaltStack offers robust configuration compliance and vulnerability management capabilities, which will enable VMware vRealize to help customers address their SecOps practices, after close.”

VMware said it’s committed to preserving SaltStack’s open source community after the deal closes, with Singh noting that VMware will fully support SaltStack’s work on open source projects. Beyond automation and configuration, SaltStack is also known for its SecOps suite, which aims to help IT and security teams to find and remediate compliance issues and vulnerabilities.

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