May 19, 2020

General Motors posts $3.2 billion profit in 2011

GM
General Motors
IPO
Ally Financial
Bizclik Editor
2 min
General Motors posts $3.2 billion profit in 2011

 

General Motors posted its first quarter profits of 2011 and made $3.2 billion, making for its fifth-straight quarterly profit. GM’s sale of its stake in Delphi and stock in lender Ally Financial for a combined total of $1.5 billion made for a substantial factor. The car manufacturer was only estimated to make about $1.6 billion this quarter, according to financial analysts.

“Excluding special items, GM made $2 billion before interest and taxes, which compares with earnings of $1.7 billion a year earlier. The 18 percent improvement adds to a string of quarterly profits that’s the automaker’s longest since an eight-quarter stretch from 2002 to 2004,” according to an article on the Detroit Free Press.

See top stories in the WDM Content Network:
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“It’s good progress. It sets up a good foundation for the rest of the year,” Chief Financial Officer Dan Ammann said in a statement on Thursday morning, while mentioning that GM doesn’t think its 2011 sales or earnings will be impacted by the Japanese earthquake or tsunami. “Our purchasing and engineering teams have done a good job.”

In the U.S., vehicle sales grew 24.7 percent, picking up 0.7 points of market share. GM had raised incentives in January and February in an attempt to get ahead of other automakers’ springtime deals that might appeal to owners driving now-discontinued Pontiac and Saturn vehicles, the paper says.




 

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May 3, 2021

Dell to sell cloud-based iPaaS Boomi in US$4bn deal

Dell
Boomi
Cloud
Acquisition
Kate Birch
3 min
Francisco Partners and TPG Capital agree to acquire Boomi – provider of cloud-based integration platform as a service – from Dell Technologies for US$4bn
Francisco Partners and TPG Capital agree to acquire Boomi – provider of cloud-based integration platform as a service – from Dell Technologies for U...

Global investment firm Francisco Partners and private equity platform TPG Capital have entered into an agreement with Dell Technologies to acquire cloud-based integration platform as a service provider Boomi in a cash deal valued at US$4bn. The deal is expected to complete this year.

“Boomi has flourished as part of Dell Technologies, growing exponentially since we acquired them in 2010. This proposed transaction positions Boomi for its next phase of growth and is the right move for both companies, our shared customers and partners,” said Jeff Clarke, vice chairman and chief operating officer of Dell Technologies.

“For us, we're focused on fuelling growth by continuing to modernise our core infrastructure and PC businesses and expanding in high-priority areas including hybrid and private cloud, edge, telecom and APEX. All designed to help organisations thrive in the do-from-anywhere economy.”

Dell’s Boomi sell-off follows VMware spin-off

This announcement comes just two weeks after Dell said it would spin-off its 81% equity ownership of VMware to form two standalone companies. This would result in an expected US$9.3bn cash dividend payment to Dell, which says it will use those funds to pay down debt.

When Dell acquired Boomi in 2010 for an undisclosed fee, Boomi offered the industry’s only pure SaaS application integration platform, powered by its revolutionary AtomSphere technology. Dell saw Boomi as addressing one of the top barriers to cloud adoption at that time, which was managing and integrating cloud-based applications with existing applications and databases.

Now, Boomi has more than 15,000 customers globally and is still seen as a leader when it comes to organisations connecting applications, processes and people across a range of locations and devices – a process that can take weeks rather than months.

“I am incredibly proud that through innovation, passion and relentless execution, the Boomi team has created a unified platform for the modern-day hybrid IT landscape that thousands of customers worldwide depend on to digitally transform their business,” said Chris McNabb, chief executive officer of Boomi.

“By partnering with two tier-one investment firms like Francisco Partners and TPG, we can accelerate our ability for our customers to use data to drive competitive advantage. In this next phase of growth, Boomi will be in a position of strength to further advance our innovation and market trajectory while delivering even more value to our customers.”

Francisco Partners has invested in more than 300 technology companies since its launch 20 years ago and has more than US$25bn in assets under management.

“The ability to integrate and connect data and workflows across any combination of applications or domains is a critical business capability, and we strongly believe that Boomi is well positioned to help companies of all sizes turn data into their most valuable asset,” said Dipanjan Deb, co-founder and chief executive officer, and Brian Decker, partner, at Francisco Partners

Nehal Raj, partner, and Art Heidrich, principal, at TPG Capital added: “The need for automation and data integration across applications has never been greater. Boomi's cloud-native platform enables enterprises to streamline business processes and is essential for driving digital transformation.”

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