Latest news with #StephenGallagher
Boston Globe
03-04-2025
- Business
- Boston Globe
Siemens to buy Insight-backed Dotmatics for $5.1 billion
'Combining our next-generation scientific intelligence platform and industry-leading scientific applications together with Siemens' Digital Twin and AI capabilities, we'll drive a new wave of innovation in life sciences R&D,' Dotmatics Chief Executive Officer Thomas Swalla said in a separate statement. Siemens shares declined as much as 5.3 percent in early trading in Frankfurt as US tariff announcements weighed on markets. The drop pared the stock's gain over the past year to about 16 percent. Advertisement The transaction comes at a time when Insight is in the process of exiting other portfolio companies to strategic buyers. Last month, Alphabet Inc. agreed to buy Insight-backed cloud-security company Wiz Inc., while CoreWeave Inc. said it was acquiring AI developer platform Weights & Biases and Roper Technologies Inc. said it would acquire CentralReach. Boston-based Dotmatics was founded in 2005 by Merck & Co. scientists Stephen Gallagher and Alastair Hill. More than 2 million scientists in 125 countries use its software, which helps to digitize lab data, enhance collaboration and analyze findings, according to the company's website. Advertisement Insight, a New York-based venture capital and private equity firm, first invested in Dotmatics in 2017, according to its website. A fund backed by Insight agreed in 2021 to buy the company, then based in the UK, in a deal valued at as much as £500 million ($648 million). Bloomberg News reported late last year that Insight was exploring options for Dotmatics. 'The transition of Dotmatics from Insight Partners to Siemens represents a logical next step, empowering Dotmatics to further advance its mission of accelerating innovation within life sciences,' Jared Rosen, managing director at Insight, said in an emailed statement. Last year, Insight realized $8 billion from the sale of companies including Jama Software, Recorded Future, Own and WalkMe. Evercore Inc. served as exclusive financial adviser to Dotmatics on the transaction. The deal ranks as the sixth-biggest for Siemens out of hundreds of acquisitions over its century-plus history, according to data compiled by Bloomberg. Last year's deal for Altair Engineering Inc. for about $10 billion including debt stands as its largest acquisition. With assistance from Michelle F. Davis.
New York Times
07-02-2025
- Business
- New York Times
Jobs Report Will Offer a First Look at the 2025 Labor Market
A Labor Department report on Friday is expected to show another solid month of job growth to start 2025, despite routine but larger-than-usual annual revisions. The median estimate among economists surveyed by Bloomberg pegs growth at 175,000 jobs in January, which would be in line with the average over the preceding quarter — although the numbers from month to month have been volatile. The numbers will reflect some effect from the devastating wildfires in Southern California, which hit right before the Labor Department's surveys started, as well as bitterly cold weather across the Midwest and East Coast that may have pushed up unemployment claims slightly. The report will also be somewhat difficult to interpret, as earlier data will be revised to incorporate more complete estimates of population growth as well as claims from state unemployment insurance programs. But overall, it's forecast to show a labor market that was still in fine form on the eve of the transition to the administration of President Trump, with the unemployment rate remaining at 4.1 percent. Layoffs remain lower than historical norms, and while the job-opening rate has sunk back to where it was before the pandemic, few employees are quitting. 'While people are not being aggressively recruited away from their current job, they still feel pretty confident about their job,' said Stephen Gallagher, chief U.S. economist at the French bank Société Générale. 'And if they were to lose their job, they have a certain level of confidence that they could find one relatively quickly.' Mr. Trump is taking actions that may disrupt employment through sharp reductions in the federal work force and the removal of unauthorized immigrants — but those changes will show up only in future months.
