What CEO Blankfein's lymphoma diagnosis means for Goldman Sachs
The chairman and chief executive officer of Goldman Sachs, Lloyd C. Blankfein, has been diagnosed with a “highly curable” form of lymphoma, Blankfein revealed in a note to the bank’s employees and shareholders today.
Blankfein, 61, said he underwent a series of tests over the summer due to not feeling well and a biopsy last week revealed that he had the form of cancer.
Click here to read the September 2015 edition of Business Review USA!
“Fortunately, my form of lymphoma is highly curable and my doctors’ and my own expectation is that I will be cured,” Blankfein wrote in the letter posted on the investment bank’s website.
Blankfein received his final diagnosis from his doctors about midday on Monday and informed the company’s board about 4 p.m., according to the New York Times.
RELATED TOPIC: Goldman Sachs sounds out on what Google’s new CFO should do
According to the National Cancer Institute, lymphoma is the most common type of blood cancer in the United States. It represented about 5 percent of all new cancers diagnosed in the United States last year, or about 80,000 cases.
Blankfein’s treatment plan will include chemotherapy over the next several months in New York and he will continue to work “substantially as normal.” Blankfein will, however, reduce some of his previously planned travel during the treatment period.
Blankfein, a Brooklyn native and Harvard University graduate who rose through the firm’s currency and commodity trading unit, took over as CEO when Henry Paulson left to become U.S. Treasury Secretary in 2006.
“There are many people who are dealing with cancer every day,” wrote Blankfein. “I draw on their experiences as I begin my own. I have a lot of energy and I’m anxious to begin the treatment. I appreciate your support and good wishes.”
RELATED TOPIC: How Google and Novartis are shaping health tech
Goldman Sachs shares declined 2.8 percent to $178.28 at 11:26 a.m. in New York, compared with the 1.7 percent drop of the 88-company Standard & Poor’s 500 Financials Index, according to Bloomberg.
Dell to sell cloud-based iPaaS Boomi in US$4bn deal
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.”