May 19, 2020

March job report: Highest growth in three years

recession
Census
Job increase
Job report
Bizclik Editor
1 min
March job report: Highest growth in three years
In recent weeks we’ve seen things such as the jobless claims number falling and a new jobs bill, and we’ve presumed the economy was on its way to a substantial rebirth. Yesterday, we saw the surest sign of this upsurge when according to a government report, the US economy gained more jobs in March than any other month in the past three years.

Despite the increase in employment, the unemployment rate stayed at 9.7 percent. The majority of economists don’t believe hiring will go at a rapid enough pace to curb unemployment significantly. The increase in employment was actually less than predicted by many analysts.

The numbers may have been inflated by the Census bureau adding 48,000 jobs. It also may have benefited from the fact February was a tremendously slow month due to poor weather. Yet despite these factors, the report is good news considering it’s the first significant gain in three years.

Perhaps most surprising was the fact the added jobs were increased across nearly every major sector: construction, manufacturing, retail, hospitality, etc. “Every major industry, except financial services and information, showed gains in employment. From manufacturing, to construction, to retail, it really didn’t matter. They’re all hiring now,” John Ryding, chief economist at RDQ Economics, stated to The New York Times.

Check out more on this report: http://www.bls.gov/news.release/empsit.nr0.htm

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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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