After months and months of rumors it’s finally been confirmed that ride-hailing giant Uber is picking up its Middle East rival Careem in an acquisition deal worth $3.1 billion — with $1.7BN to be paid in convertible notes and $1.4BN in cash.
Uber writes that it expects the transaction to close in Q1 2020, pending applicable regulatory approvals.
It says it will acquire all of Careem’s mobility, delivery, and payments businesses across the greater Middle East region, which it notes ranges from Morocco to Pakistan.
Major markets for Careem are stated to include Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates, with the business operating in 120 cities across 15 countries in total.
Social investing and trading platform eToro announced that it has acquired Danish smart contract infrastructure provider Firmo for an undisclosed purchase price.
Firmo’s platform enables exchanges to execute smart financial contracts across various assets, including crypto derivatives, and across all major blockchains. Firmo founder and CEO Dr. Omri Ross described the company’s mission as “…enabling] our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain.” Firmo’s only disclosed investment, according to data from Pitchbook, came in the form of a modest pre-seed round from the Copenhagen Fintech Lab accelerator.
McDonald’s is announcing an agreement to acquire personalization company Dynamic Yield.
The announcement does not include a price, but a source with knowledge of the deal said that it’s more than $300 million. This is the fast food chain’s largest acquisition in 20 years.
Dynamic Yield works with brands across e-commerce, travel, finance and media to create what’s been described as an Amazon-style personalized online experience.
Infinity Augmented Reality, an Israeli startup, has been acquired by Alibaba, the companies announced this weekend. The deal’s terms were not disclosed. Alibaba and InfinityAR have had a strategic partnership since 2016, when Alibaba Group led InfinityAR’s Series C. Since then, the two have collaborated on augmented reality, computer vision and artificial intelligence projects.
Founded in 2013, the startup’s augmented glasses platform enables developers in a wide range of industries (retail, gaming, medical, etc.) to integrate AR into their apps.
Apple announced three new subscription services, including a TV service, gaming bundle, and all-you-can-read magazine subscription on Monday at its campus in Cupertino, California. Apple also announced an Apple-branded credit card in partnership with Goldman Sachs.
Apple stock was down almost 2 percent during intraday trading on Monday after the event.
The iPhone giant is focusing on subscription services at a critical time for the company as it searches for new areas of revenue growth to compensate for stalling iPhone sales.[More Info…]