Intercom integrates ChatGPT features into their customer service platform

Key Signals in Enterprise Software

Dell is laying off staff; says the future is uncertain
The company has announced a major restructuring effort resulting in layoffs of some of its staff and cited the challenges posed by the global economic environment as the reasons for its decisions. The company has taken several steps to stay ahead of the impact of the downturn, including a pause on external hiring, limiting travel, and reducing outside services spending. Read More>>
SecureWorks to cut 9% of its workforce
The company had 2,351 employees as of January 28, 2022, according to the cyber-security company’s latest annual report, which means the layoffs could affect about 212 employees. And it will also implement real estate-related cost optimization actions. Read More>>
San Jose-based Zoom Video to cut 1,300 jobs as part of a restructuring
The company is eliminating 15% of its workers as the service that became ubiquitous during the pandemic adapts to slower growth. The reductions are a bigger share of the workforce than cuts announced at enterprise software companies. Read More>>
Intercom integrates Chat GPT features into the customer service platform
It will allow clients to tap into the technology to interact with customers. More than 100 customers are already testing the features, with the Articles product available as part of a limited beta. Read More>>
Centre Setup and Expansion
Oracle will invest USD 1.5 Bn in Saudi Arabia, open Data Center in Riyadh
The company is building its cloud footprint in the Kingdom and opening its third public cloud region in Riyadh. Increased demand for cloud computing has pushed technology companies such as Oracle, Microsoft, Amazon, and Alphabets Google to set up data centers across the world to speed up data transfer. Read More>>
New Forcepoint Arabia Office opens in Riyadh
The new office is the latest step in the company’s commitment to investing in the Middle East and strengthening relationships with customers and strategic partners. In line with Vision 2030, it will collaborate with regional governments and businesses to accelerate digital transformation and secure digital infrastructure in the Kingdom. Read More>>
Merger and Acquisition
LexisNexis to acquire Cipher-branded UK patent classification company Aistemos
After the acquisition, Cipher will become part of LexisNexis PatentSight, the LexisNexis flagship IP analytics solution. Read More>>
Executive Movements
Microsoft names BCG veteran Miki Tsusaka as new Japan president
She will lead Microsoft’s full operation in Japan, including engagement with customers and business partners, responsibility for all product, solution, service, and support offerings, and internal governance and operations. She joins Microsoft from Boston Consulting Group, where she spent her entire 30+ year career in the firm’s Japan and US offices. Read More>>
Mitchell joins the Xceedance Board of Directors
Her responsibilities will include providing strategic guidance for the organization as well as setting and measuring organizational goals for continued global expansion. Read More>>
Cargotec Appoints Lindholm as President and CEO
Casimir Lindholm will succeed Mika Vehvilinen as the company’s president and CEO, effective April 1, 2023. Casimir is a seasoned leader as a listed company CEO with a proven track record of reshaping businesses. Read More>>
Financial and Market Activity
PayPal’s quarterly profit jumps 15% on higher payment volumes
The surge comes as more people opt for online payment in the post-pandemic era. The global payments company’s net profit in three months to December 31 climbed to USD 921 Mn. Revenue during the period increased 7% annually to nearly USD 7.4 Bn. Read More>>
Honeywell Automation Q3 PAT jumps 18.2% YoY to USD 12.8 Mn
Net sales stood at USD 122.98 Mn in the quarter that ended December 31, 2022, up 18.3% from USD 103.9 Mn recorded in the corresponding quarter last fiscal. Read More>>

Key Signals in Consumer Software

Centre Setup and Expansion
Third Apple contract manufacturer to launch operations in Chennai
The company’s entry into India will be a major boost for Apple as the former is into manufacturing wearables and hearables for the Cupertino-based global electronics major. The approval for Luxshare will allow Apple to manufacture accessories for the domestic and international markets. Read More>>
Samsung joins hands with Qualcomm and Google to build the XR ecosystem
The company aims to transform the future of the mobile industry. XR is an umbrella term covering virtual reality (VR) and augmented reality (AR). It will take time to introduce new products, but they will make progress and provide new updates. Read More>>
The new integration of Uber and Apple CarPlay with a major update to its iOS app
Specifically, the Uber Driver app, which is used by drivers who work for the company, will soon be integrated with Apple CarPlay. This will allow drivers to interact with the platform directly from the vehicle’s dashboard while their iPhone is connected to CarPlay. Read More>>
Yahoo! will lay off 20% of its workforce and reorganize its advertising business
The company will lay off 1,600 employees, i.e., 20% of its workforce. It has notified and fired 12% of its workforce, that is, 1,000 employees. The other 8%, which corresponds to 600 people, will be separated from the company in a period of six months, starting in the second half of this year. Read More>>
Meta reportedly plans more job cuts
The company reportedly plans to further reduce its headcount in the coming weeks. Meta is likely to announce the restructuring after it has completed staff performance reviews sometime in March. Read More>>
Deliveroo to cut 350 jobs amid unforeseen economic headwinds
The company is set to begin a redundancy process across the entire company, which will result in job cuts to around 9% of employees. While the food delivery service has warned that 350 staff could be affected by this process, it expects closer to 300 with redeployments; however, it has confirmed that all levels of the business will be impacted. Read More>>
Merger and Acquisition
Auction Technology acquires Vintage Software in USD 40 Mn deal
The company said the acquisition expands its immediate addressable market into the “growing and fragmented US estate sales market,” which had an estimated gross merchandise value of USD 5.0 Bn in 2022. ATG’s cash and debt will fund the acquisition. Read More>>
Virtua Consulting acquires Gravity, Mid-Missouris only Apple Authorized Service Provider
Gravity’s repair and networking services are a valuable addition to the Virtua Consulting family, which includes Virtua Computers, an NYC-based Apple consultant, and MyMacMentor, an Apple technology training company. Read More>>
Executive Movements
Etsy appoints Colin Stretch as Chief Legal Officer and Corporate Secretary
Colin’s extensive experience will be critical to Etsy’s efforts to ensure they remain a safe and trusted marketplace, broaden its reach across all its brands, and advocate for micro-businesses around the world. Read More>>
Croud hires Former Google Analytics Exec Kaushik
Kaushik’s responsibilities will span strategy, product, and data, as well as mergers and acquisitions. Kaushik joined after a sixteen-year career at Google, where he was part of the team that launched Google Analytics, and he built a consulting practice for Google’s largest customers. Read More>>
Financial and Market Activity
Policybazaar parent posts sharp drop in Q3 loss; targets profitability in FY24
The company expects to turn a profit in 2023-24 after its insurance and credit operations increased significantly in the third quarter. Consolidated loss for the three months ended December fell to USD 10.5 Mn from USD 36 Mn a year earlier. Operations revenue rose from USD 44.3 Mn to USD 73.7 Mn. Read More>>
Zomato’s Q3 Losses Widen 5.5X YoY, Revenue Jumps 75%
The company reported its Q3 results which saw the restaurant aggregators’ losses widen to USD 41.8 Mn, a 5.5x increase year-on-year (YoY). It posted USD 7.6 Mn in losses in the corresponding period in FY22. The widening of losses is attributed to the company’s acquisition of Blinkit, which was completed in the quarter. Read More>>

Latest Industry Insights from Draup Braindesk

Google’s India focus for 2023 & beyond:
  1. Google focuses on creating coordinated AI initiatives to democratize this potential and solve for languages, security, and the transformation of large-scale industries like agriculture and healthcare. 
  2. The firm is working with the IISC on Project Vaani, which aims to collect voice data from all 773 districts in India. 
  3. Google used powerful AI and Machine Learning skills and remote sensing technologies to create a model that can generate comprehensive knowledge of India’s agricultural environment. 
  4. The company uses artificial intelligence to interpret and copy handwritten prescriptions. This will serve as a supplemental technology for digitizing handwritten medical documentation by complementing humans in the loop, such as pharmacists. 
  5. Google intended to contribute USD 1 Mn in grants to the Indian Institute of Technology, Madras (IIT-M) to construct the first interdisciplinary center for Responsible Artificial Intelligence. 
  6. It plans to invest USD 10 Bn in India over the next five to seven years. The funds will be used to develop goods and services for India, to assist businesses in going digital.
Innovative Product Development
  1. Google will begin 2023 by releasing the One-fold and two premium Pixels. 
  2. The Pixel 9 would be released in three variants in 2023: a standard Pixel 9, a Pixel 9 Pro, and another ‘Pro’ Pixel 9. 
  3. Google intends to release the Galaxy Z Flip, a foldable phone with a clamshell design, in 2025. 
  4. Google is heavily focused on introducing breast cancer screening technology based on Artificial Intelligence. 
  5. Google intended to present more than 20 Artificial Intelligence projects, including a search bot demo, to deliver its search bot in 2023. 
  6. Google continues to test its AI technology internally to ensure that it is both useful and secure. 
  7. Utilizing ultra-wideband (UWB) and Bluetooth low energy (BLE) technologies, Google is aiming to produce location tags. The gadget will be unveiled with a tiny internal speaker for warnings and in a variety of color options. 
  8. Google focuses on developing augmented reality headsets that will mix the real-world view with computer graphics.

Key Funding Alert

Reliance Industries to invest USD 9 Bn in UP, India, in four years
The investment is to create an additional over 1 lakh jobs in the state. Under its new green mission, Reliance will set up 10GW of renewable energy capacity, which is the largest in Uttar Pradesh. The company has already invested USD 6 Bn since Ambani last visited the state’s investor summit in 2018, and previous investments have generated 85,000 jobs in the state. Reliance Retail will revolutionize hundreds of thousands of kiranas and small stores across UP, enabling them to grow more and earn more. Read More>>

Startup Spotlight

Company – ChartHop
Total Funding – USD 74.1 Mn
About: ChartHop is an information technology company that specializes in the fields of software development and management. ChartHop is designed to be used by the whole organization. This helps companies improve organizational health, drive alignment and accountability, and save time and money. It was founded in 2019 and is headquartered in New York, United States. Read More>>
Latest Reports Published in Draup
CDK Global Account Intelligence Report
CDK enhances on communication platform using AI-powered solutions with voice connect systems through mobile capabilities. Read More>>
Hewlett Packard Enterprise Account Intelligence Report
Hewlett Packard Enterprise accelerates digital transformation and drives new revenue streams from the growing 5G network through deploying HPE’s end-to-end service orchestration software. Read More>>
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