Latest news with #EchoWang
Business Insider
4 days ago
- Business
- Business Insider
Netskope taps Morgan Stanley for U.S. IPO, Reuters reports
Cybersecurity firm Netskope has hired Morgan Stanley (MS) to lead preparations for a U.S. initial public offering, according to a Reuters report by Echo Wang and Milana Vinn. Netskope is aiming to go public as early as the third quarter of this year, potentially raising over $500M with a valuation that could exceed $5B, sources indicated, though these plans are subject to market conditions. Founded in 2012, Netskope provides cloud-based security software, competes with firms like Rubrik (RBRK) and Zscaler (ZS), and was valued at $7.5B in 2021. CEO Sanjay Beri previously told Reuters in June 2024 that an IPO would help grow brand awareness for the company. Confident Investing Starts Here:
Yahoo
4 days ago
- Business
- Yahoo
Exclusive-Cybersecurity provider Netskope taps Morgan Stanley for US IPO, sources say
By Echo Wang and Milana Vinn NEW YORK (Reuters) -Cybersecurity firm Netskope has hired Morgan Stanley to lead preparations for a U.S. initial public offering that could raise more than $500 million, according to people familiar with the matter. Netskope is aiming to go public as early as the third quarter of this year, two of the sources said, with one of them and two further sources indicating the IPO could value the company at more than $5 billion. All the sources cautioned that factors including timing, valuation, and the amount the offering would raise are subject to market conditions. They also spoke on condition of anonymity to discuss confidential deliberations. Netskope did not respond to a comment request. Morgan Stanley declined to comment. Founded in 2012, Netskope provides cloud-based security software that helps companies protect apps, websites, and data from cyber threats. It competes with companies such as Rubrik Inc and Zscaler Inc. Santa Clara, California-based Netskope has been backed by investors including Morgan Stanley Tactical Value, CPP Investments, Goldman Sachs Asset Management, and the Ontario Teachers' Pension Plan. It was valued at $7.5 billion in 2021, although valuations of technology startups have broadly dropped since then. Among Netskope's clients include retailer Ross Stores Inc and Yamaha, according to its website. Chief Executive Sanjay Beri told Reuters in June 2024 that the company had been making internal preparations for an IPO, and going public would help grow awareness of its brand. Expectations for a strong rebound in U.S. IPO activity this year have been tempered by geopolitical tensions and economic uncertainty, including tariff-related concerns. Still, signs of market stabilization in recent weeks have offered companies and their advisers encouragement of a more robust IPO pipeline for the remainder of the year. Fintech firm Chime and trading platform eToro, which had postponed their IPOs amid market volatility triggered by new tariffs in April, have since moved forward with their listing plans. Meanwhile, shares of cybersecurity peer Rubrik have surged nearly 200% since their debut in April, boosting investor interest in the sector. 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
Yahoo
22-05-2025
- Business
- Yahoo
Exclusive-OnlyFans owner in talks to sell to investor group at about $8 billion value, sources say
By Echo Wang, Linda So and Milana Vinn (Reuters) -OnlyFans owner Fenix International Ltd is in talks to sell the porn-driven company to an investor group at a valuation of around $8 billion, three sources familiar with the matter told group is led by the Forest Road Company, a Los Angeles-based investment firm, the sources said. Reuters could not identify the investors in the group. The investor group and current deal value have not previously been reported. OnlyFans, which exploded in popularity during the COVID-19 pandemic, is best known as an online platform that enables porn creators to charge subscribers for content. OnlyFans takes 20% of creators' earnings. In the year ended November 2023, the company generated $6.6 billion in revenue, according to a filing with British regulators. That is up from $375 million in 2020, and this rapid growth has attracted investor interest. Some executives at Forest Road were part of a special purpose acquisition company that was in talks to take OnlyFans public in 2022, according to sources and filings with the U.S. Securities and Exchange Commission. OnlyFans and Forest Road declined to comment. One of the three sources and another source familiar with sale discussions said Fenix International Ltd is also in talks with other potential suitors. The London-based company has drawn interest from several suitors in recent months. Talks have been held at least since March, the people said. Three sources said a deal could be reached in the next week or two. The sources also cautioned that there was no certainty a deal will be struck and requested anonymity ahead of an official announcement. An initial public offering is also being considered, three of the sources said. The company's sole shareholder is Leonid Radvinsky, a Ukrainian American whose location could not be confirmed. He bought OnlyFans in 2018 and has paid himself at least $1 billion in dividends over the past three years, British filings showed. Last year, Reuters published a series of investigative stories on OnlyFans that documented complaints in U.S. police and court records that child sexual abuse material and nonconsensual pornography has appeared on the site since 2019. The series also identified cases of sex traffickers using the platform to abuse and exploit women. Porn makes OnlyFans untouchable for many big banks and investors, sources have told Reuters, because due diligence might find illegal content such as child sexual abuse material, trafficking victims and nonconsensual porn. The New York Post reported on Wednesday the company was exploring a potential sale. Founded in 2017, Forest Road is an investment firm interested in media, renewable energy and digital assets, according to its website. Its ventures have included a Formula E racing team and it in 2024 expanded its advisory business by acquiring a majority stake in ACF Investment Bank. Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Exclusive-OnlyFans owner in talks to sell to investor group at about $8 billion value, sources say
By Echo Wang, Linda So and Milana Vinn (Reuters) -OnlyFans owner Fenix International Ltd is in talks to sell the porn-driven company to an investor group at a valuation of around $8 billion, three sources familiar with the matter told group is led by the Forest Road Company, a Los Angeles-based investment firm, the sources said. Reuters could not identify the investors in the group. The investor group and current deal value have not previously been reported. OnlyFans, which exploded in popularity during the COVID-19 pandemic, is best known as an online platform that enables porn creators to charge subscribers for content. OnlyFans takes 20% of creators' earnings. In the year ended November 2023, the company generated $6.6 billion in revenue, according to a filing with British regulators. That is up from $375 million in 2020, and this rapid growth has attracted investor interest. Some executives at Forest Road were part of a special purpose acquisition company that was in talks to take OnlyFans public in 2022, according to sources and filings with the U.S. Securities and Exchange Commission. OnlyFans and Forest Road declined to comment. One of the three sources and another source familiar with sale discussions said Fenix International Ltd is also in talks with other potential suitors. The London-based company has drawn interest from several suitors in recent months. Talks have been held at least since March, the people said. Three sources said a deal could be reached in the next week or two. The sources also cautioned that there was no certainty a deal will be struck and requested anonymity ahead of an official announcement. An initial public offering is also being considered, three of the sources said. The company's sole shareholder is Leonid Radvinsky, a Ukrainian American whose location could not be confirmed. He bought OnlyFans in 2018 and has paid himself at least $1 billion in dividends over the past three years, British filings showed. Last year, Reuters published a series of investigative stories on OnlyFans that documented complaints in U.S. police and court records that child sexual abuse material and nonconsensual pornography has appeared on the site since 2019. The series also identified cases of sex traffickers using the platform to abuse and exploit women. Porn makes OnlyFans untouchable for many big banks and investors, sources have told Reuters, because due diligence might find illegal content such as child sexual abuse material, trafficking victims and nonconsensual porn. The New York Post reported on Wednesday the company was exploring a potential sale. Founded in 2017, Forest Road is an investment firm interested in media, renewable energy and digital assets, according to its website. Its ventures have included a Formula E racing team and it in 2024 expanded its advisory business by acquiring a majority stake in ACF Investment Bank.
Yahoo
15-05-2025
- Business
- Yahoo
AI firm Cohere doubles annualized revenue to $100 million on enterprise focus
By Echo Wang NEW YORK (Reuters) -AI startup Cohere has doubled its annualized revenue since the beginning of the year, driven by growing demand for secure, customized AI tools among enterprise clients in regulated sectors, the company told Reuters. The company has crossed an annualized revenue of $100 million as of May 2025, according to one person familiar with the matter. A Cohere spokesperson declined to comment on the financials. The growth followed a strategic shift in the third quarter of 2024 with a focus on private deployments tailored for customers in sectors such as finance, healthcare and government. Chief Executive Aidan Gomez outlined the new direction in a year-end memo, emphasizing a move toward building tailored models for enterprise users over larger foundation models. Most of its revenue stems from long-term contracts, the company said. Roughly 85% of Cohere's business now comes from such private deployments, the company said, with margins reaching 80%. As part of the strategy, Cohere in January launched a ChatGPT-style application called North, aimed at helping knowledge workers with tasks such as summarizing documents. The product is currently being tested with a limited group of customers, including Royal Bank of Canada and LG. Founded in 2019, Cohere has raised more than $900 million from investors including Nvidia, Cisco and Inovia Capital. Its customers also include Fujitsu, Oracle and Notion. The company was last valued at $5.5 billion. Cohere's shift toward smaller, specialized models reflects a broader trend in the AI sector, as companies prioritize domain-specific tools over large, generalized systems. The move comes as AI labs report diminishing returns from scaling up model size — a strategy that once drove major breakthroughs.
