Software Financial News

Cisco Systems said on Wednesday it was witnessing rebounding demand for its networking equipment and announced a 7% cut in its global headcount to focus on high-growth areas such as AI and cybersecurity. Shares of the company were up 5% in extended trading after it forecast upbeat current-quarter revenue. «Inventory digestion is complete and we're now returning to a more normalized demand environment,» CEO Chuck Robbins said on an analyst call.

Cognizant Technology Solutions is said to have handed out annual salary hikes as low as 1% to some of its employees as the global technology services giant rolled out increments after deferring them by four months. The hikes are as low as 1% and the highest is said to be 5%, at least two people aware of the development told ET on the condition of anonymity. “For a rating of 3, the hike is around 1-3% while a 4 rating has been granted a 4% hike and a 5 rating to an employee is paid an increment of around 4.5% and at the most 5%,” one of the persons said.

While financial advisors have massively ramped up their tech adoption since the COVID-19 pandemic, the industry still faces many challenges with respect to technology, according to a report by Cerulli Associates.

CCI on Wednesday approved the US-based Hewlett Packard Enterprise Company's proposal to acquire Juniper Networks, Inc. HPE specialises in business information technology, offering infrastructure products to support the IT systems of customers, related software to automate and simplify IT operations, and cloud solutions as a service. «The proposed combination pertains to the acquisition by Hewlett Packard Enterprise Company (HPE) of 100 per cent of the outstanding shares of, and sole control over, Juniper Networks, Inc. »The proposed combination is to be carried out by way of a reverse triangular merger through which Jasmine Acquisition Sub, Inc. (a wholly-owned subsidiary of HPE) will merge with and into Juniper, such that Juniper will be the surviving entity and will become a wholly-owned subsidiary of HPE," CCI said in a release.

Benchmark NSE Nifty closed 4.75 points up at 24143.75 amid buying in frontline bluechip counters.

Ola Electric, FirstCry and Unicommerce, which went public this month, have boosted the worth of Japanese technology investor SoftBank’s stakes in these companies to almost Rs 16,000 crore, or nearly $2 billion, based on the latest stock prices of these three companies. SoftBank has already realised around $400 million, or around Rs 3,300 crore (at current exchange rates), from secondary stake sales in the three companies. SoftBank had invested more than Rs 4,100 crore in FirstCry, which listed at a premium of 40% on the National Stock Exchange (NSE) Tuesday to the issue price of Rs 465 apiece.

Bengaluru traffic police have issued an advisory to companies along the Outer Ring Road (ORR) to implement work-from-home (WFH) arrangements on August 14. The recommendation comes in anticipation of heavy traffic congestion due to a long weekend and predicted heavy rainfall. On August 13, the Bengaluru traffic police issued this advisory through a letter addressed to the Outer Ring Road Companies Association (ORRCA). Joint Commissioner of Police (Bengaluru traffic) MN Anucheth stated, «This is to bring to your attention that heavy traffic congestion is expected on August 14, 2024, due to the upcoming long weekend coupled with the predicted heavy rainfall.» ORRCA represents technology parks, IT/ITeS companies, and software development and research centres on the Central Silk Board-KR Pura section of ORR. The advisory further explained, «To minimize disruptions and avoid undue delays, it is requested that member companies consider allowing WFH for their employees on August 14. This measure will not only reduce the number of vehicles on the road but also ensure a smoother commute for those who need to travel.»

eSentire are exploring options including a potential sale that could value the cybersecurity company at about $1 billion, including debt, according to people familiar with the matter. ESentire — which is owned by investment firms Warburg Pincus, Caisse de depot et placement du Quebec (CDPQ) and Georgian — is working with investment bank Evercore on a sale process that could attract interest from other private equity firms, the sources said, requesting anonymity as the discussions are confidential. Waterloo, Ontario-based eSentire's owners are hoping to command a valuation for the company equivalent to more than 7 times its annual recurring revenue of about $150 million, the sources said, cautioning that no deal is guaranteed.

Apple is finally giving users a way to easily turn Bluetooth on and off. There is a new dedicated Bluetooth toggle in Control Center, separate from the standard connectivity control.

₹33,999 for the sole 12GB RAM/256GB storage and with bank offers it can effectively bought for ₹29,999. For comparison, the standard version with the same configuration is listed for ₹31,999, while the top-end 512GB variant is also available for ₹33,999.For the extra ₹2,000, you get a wholesome unboxing experience, customized back design, charger and even the SIM ejector.

Kazam EV Tech, which offers several charging products and services for electric vehicles, said on Monday that it raised $8 million in a funding round led by Vertex Ventures. Existing investors like Avaana Capital and Alteria Capital, among others, also participated in this round, the company said. Kazam plans to use the proceeds to strengthen its tech and product teams, increase its offerings and expand its market presence. The firm had raised about $11 million before the latest round, according to data from Tracxn.

Siemens and Honeywell. The consumer division, which generates a third of sales, makes all manner of devices that can connect with 5G. It has begun releasing fancy smartphones again, but also makes watches, televisions and the systems that control many Chinese electric vehicles (evs).

Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $16 million last quarter, along with a decline in revenue

Stocks that traded heavily or had substantial price changes on Friday: Trade Desk, Expedia rise; Capri Holdings, Five9 fall

The state of California is partnering with tech giant Nvidia to help train California students, college faculty, developers and data scientists in artificial intelligence

companies gradually coming out of the slump and actively ramping up their hiring efforts, a report on Thursday said that recruitment is set to surge with an estimated 8.5 per cent increase in job roles within the industry by next year. The demand for skilled IT talent is growing after a slow period late last year and early this year. Hiring is set to surge, with an estimated 8.5 per cent increase in job roles within the industry by next year, according to a report by Indeed, a global job matching and hiring platform and a subsidiary of Recruit Holdings. This data from Indeed has been compiled from Indeed Hiring Tracker and Indeedas platform data. Indeed Hiring Tracker is a quarterly report that explores the employment landscape and job market. The report further revealed that almost 70 per cent of all tech jobs currently on the Indeed platform are for software roles.

DevRev has raised $100.8 million in series A funding round from Khosla Ventures and others, as interest in firms utilizing artificial intelligence continues to grow. The latest funding round has brought the Palo Alto-based company's valuation to $1.15 billion, marking its entry into the unicorn club. The AI boom has reinvigorated venture capital funding, with investors making significant bets on AI startups in hopes of substantial returns from widespread AI adoption.

OpenAI has recently announced exciting news for ChatGPT users, particularly those utilizing the free version of the platform. The company is now extending the ability for free users to generate up to two images daily using DALL-E 3, their advanced generative AI model.

autonomous driving startup WeRide said on Friday it was seeking a valuation of as much as $5.02 billion in its initial public offering in the United States. The IPO announcement comes at a time when the Biden administration is expected to propose barring Chinese software in autonomous and connected vehicles in the United States in the coming weeks. WeRide is aiming to raise as much as $119.4 million by offering 6.45 million American depositary shares at a price range of $15.50 and $18.50 per share.

India is the country among major global economies that experienced the fastest growth in intangible investment from 2011 to 2020, according to a recent report. The World Intellectual Property Organisation (WIPO) said in its report that India recorded the fastest growth in intangible investments, exceeding countries like Sweden and the US — the two most intensive economies in terms of intangible investment as a share of GDP.

OnePlus Pad 2 with Snapdragon 8 Gen 3 chip launched in India, price starts at ₹39,999: All you need to knowPoco Pad is essentially a rebrand of the Redmi Pad Pro 5G, which was launched in China in the month of April. The first-ever Poco tablet features a 12.1-inch IPS LCD display with a resolution of 2560 x 1600 pixels.