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Yahoo
4 minutes ago
- Yahoo
Thoma Bravo nearing deal to acquire software firm Dayforce, source says
(Reuters) -Private equity firm Thoma Bravo is nearing a deal to acquire HR software company Dayforce, a source familiar with the matter told Reuters on Monday. Shares of Dayforce, which has seen its stock lose more than 27% of its value so far this year, were up about 29% in late-afternoon trading. Dayforce had a market value of $8.44 billion as of Friday's closing price. Dayforce offers a cloud-based human capital management platform that includes payroll, workforce management, benefits, talent management, compliance and analytics. Thoma Bravo has been actively pursuing software acquisitions this year, betting on the build-out of artificial intelligence and the resilience of recurring revenue in a volatile economy. A deal could be announced as early as this week or possibly next week, the source said. Thoma Bravo and Dayforce did not immediately respond to requests for comment. Bloomberg News, which first reported the potential deal on Sunday, said that while the talks were advanced, they could still be delayed or falter. Dayforce beat Wall Street expectations for second-quarter revenue and raised its annual revenue forecast last week, as more enterprises increase use of AI and cloud-based platforms to run day-to-day operations. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
5 minutes ago
- USA Today
Banreservas Shows Public Banking's Potential: The Dominican Lender Powering Growth at Home and Abroad
Banco de Reservas (Banreservas) is rewriting conventional wisdom about banks. Long viewed as slow, politically entangled institutions, public lenders rarely make headlines for record profits or overseas expansion — but the Dominican Republic's 83-year-old Banco de Reservas is doing both. Since 2020, the bank has nearly doubled its assets, opened offices in New York, Miami, and Madrid to serve the Dominican diaspora. Its momentum coincides with a five-year run in which the Dominican economy has outpaced most of Latin America, suggesting a virtuous feedback loop between smart public finance and national growth. Banreservas and the Dominican economic upswing Banreservas has expanded almost in lockstep with its home economy. In 2024, the country's GDP grew by five percent — twice the Latin American average — while public debt fell and exports reached a record US$13.85 billion. As the government's principal financial arm, Banreservas channels many of the funds behind those numbers, from infrastructure loans to credit lines for exporters. An annual survey by The Banker places Banreservas in the 'top 1000 World Banks 2025,' up 43 slots in a single year and comfortably inside the region's top five by Tier 1 capital. That climb is partly the result of a balance sheet that has almost doubled since 2020. In late June, the bank reported a credit portfolio of RD$601 billion (about US$10 billion) — an 89 percent increase in five years. Banreservas strengthens financial inclusion Among them is this administration's flagship program, Bancarizar es Patria, a nationwide effort that combines access to banking with basic money management workshops. When the ninth outreach event rolled into the working-class Capotillo neighborhood in June, Pereyra framed the effort in civic terms (translating from Spanish to English), 'Financial inclusion is a fundamental element of any free and fair society. When someone leaves here with a new savings account, they hold in their hands a great opportunity to start planning for their future with the support of the bank of all Dominicans.' Financial access drives are one reason ratings agencies, such as Fitch, cite Banreservas' strong franchise and 32 percent domestic asset share when explaining its positive credit outlook. Beyond borders: Banreservas' first offices in Miami, New York, and Madrid Public banks rarely expand overseas, but Banreservas has done so for a practical reason: nearly 3 million Dominicans live abroad. Between 2023 and 2024, the lender opened representative offices in Madrid, Miami, and New York, becoming the first Dominican bank with a presence in these significant international cities. Because all transactions settle in Santo Domingo, the outposts bypass the regulatory hurdles of full branches while still allowing expatriates to apply for mortgages, open remittance accounts, and invest in Dominican projects without needing to board a plane. Financing the engines of growth The bank's lending book increasingly targets sectors that underpin the country's expansion. Tourism, which the World Travel & Tourism Council projects will contribute more than US$21 billion to national GDP this year, receives a dedicated credit line that already exceeds RD$40 billion (approximately USD$665 million). Manufacturing, housing, and small businesses draw similar revolving facilities, often at rates below those available from private lenders. Banreservas's approach pairs commercial discipline with a public policy mandate. Awards for corporate governance and digital banking from Global Finance and Euromoney further underscore operational standards that align with its regional ambitions. What success means for the other emerging-market banks Critics often argue that public banks crowd out private capital or become instruments of political influence. Banreservas provides a counterexample: the institution's profitability, return on equity, and capital adequacy metrics have all improved, while also widening access to credit. The Dominican experience will not map perfectly onto every emerging market. Yet it suggests that, with clear governance rules and commercially minded managers, a state lender can support national goals — such as export promotion and diaspora engagement — without sacrificing efficiency. Looking ahead Banreservas says it will continue to grow organically and prudently. The bank's current administration remains focused on generating conditions and opportunities for Dominicans and the Dominican economy through large-scale loans for substantial tourism projects and affordable housing construction, medium-scale loans for small- and medium-sized enterprises (SMEs), and smaller-scale individual loans for homes and cars. Whether those plans materialize, the bank's recent trajectory already challenges a long-held assumption that public ownership and high performance in banking are mutually exclusive. In the Dominican Republic, they increasingly resemble two sides of the same coin. By centering everyday users rather than balance‑sheet optics, Banreservas aims to convert public trust into measurable growth. In the Dominican Republic, public ownership and high performance now share common ground, and the people‑first mandate at Banreservas is a big reason why. Investing involves risk, and your investment may lose value. Past performance gives no indication of future results. These statements do not constitute and cannot replace investment advice.
Fast Company
5 minutes ago
- Fast Company
Meta spent $27 million protecting Mark Zuckerberg last year, more than any other CEO
The targeted murder of United Healthcare CEO Brian Thompson last December put the business world on alert. Companies beyond the insurance and healthcare industries began ramping up security for founders and CEOs, worried that Thompson's death (and some of the public's reaction to it), along with rising cyberattacks and death threats, could increase real-world risks for any business leader. That has led to a substantial increase in security spending, and a new study from the Financial Times finds that no company is spending more to protect its CEO than Meta. Security spending was up more than 10% last year at the parent company of Facebook, Instagram, and WhatsApp, with $27 million spent to protect Mark Zuckerberg—$3 million more than in 2023. 'We believe that Mr. Zuckerberg's role puts him in a unique position: He is synonymous with Meta and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg,' the company says in its 2025 proxy statement. Google parent Alphabet and Amazon also saw increases of more than 10% in protection costs last year. Altogether, the 10 major tech firms spent more than $45 million to protect their leaders. Meta's spending dwarfed all others. The next highest was Alphabet, which allocated $6.8 million to protect Sundar Pichai. Coinbase spent nearly as much, dedicating $6.2 million to guard CEO Brian Armstrong. The big question on many minds, though, is how much is being spent to protect Elon Musk, arguably the most polarizing of the tech CEOs. The answer isn't entirely clear. Only one of his companies, Tesla, is public, and it disclosed spending $500,000 to protect Musk last year (down from $2.4 million in 2023). SpaceX and xAI are private and did not disclose figures. Musk also owns his own security company, Foundation Security—described as a mini Secret Service, run in part by a former Army special forces weapons sergeant. While some companies have boosted spending, others have scaled back, perhaps due to one-time expenses in previous years. Here's what other corporations reported: Nvidia: $3.5 million to protect CEO Jensen Huang, up from $2.2 million in 2023 Apple: $1.4 million for Tim Cook, down from $2.4 million in 2023 Amazon: $1.1 million for CEO Andy Jassy, and $1.6 million for Jeff Bezos, an amount consistent for at least 15 years Palo Alto Networks: $1.6 million for CEO Nikesh Arora, down from $3.5 million in 2023 JPMorgan: $882,000 for CEO Jamie Dimon, up slightly from $866,000 in 2023 Some companies declined to break out their security costs but offered hints. Fox, for example, said it was spending more to protect CEO Lachlan Murdoch as partisanship grows. Lockheed Martin now requires its CEO to fly exclusively on private corporate jets. And Alex Karp, CEO of AI and military intelligence company Palantir, always travels with at least four bodyguards. For some executives, the threat is very real, and not always tied to corporate activities. Musk, for example, told shareholders last year: 'We actually did have two homicidal maniacs in the last roughly seven months come to aspirationally try to kill me.' The number of businesses protecting their CEOs continues to rise. Intelligence firm Equilar found that 34.4% of companies in the S&P 500 offered executive security last year, compared to just 28.2% in 2023. Median spending rose 6% overall, with an average of $105,749.
