Apple buys PowerbyProxi

Apple has acquired a little-known wireless charging company called PowerbyProxi. The company founded in 2007 by entrepreneur Fady Mishriki as a spin out venture from the University of Auckland, specializes in small, Qi standard compliant modules that allow wireless power transfer to larger devices like robots, drones and medical equipment.

Wireless charging allows users to recharge devices by placing them on a pad or other surface rather than inserting them in a cradle or attaching a cable. Apple has been slow to adopt the technology, lagging behind its biggest rival Samsung Electronics and other mobile phone companies that have offered wireless charging in some of their devices for several years.

With the introduction of the iPhone 8, iPhone X, and Apple Watch Series 3 this past September, Apple laid out its vision for a simplified form of charging that works with the Qi industry standard and, at least in part, justifies its removal of the headphone jack and its investments in Bluetooth accessories. To that end, Apple is planning to release a charging mat, due out next year, called the AirPower that will simultaneously charge any glass-backed iPhone and Apple Watch alongside the wireless AirPods earbuds.

It is unclear how exactly PowerbyProxi will help Apple in its ambitions, and whether Apple will shut down the company’s commercial operations. But the New Zealand Company does make wireless charging modules capable of 100-watt power transfers, suggesting Apple could down the line integrate wireless charging technology into larger and more power-hungry devices like the MacBook. 

TeamLease to acquire Evolve Technologies

Human Resources Company TeamLease Services Ltd agreed to acquire Evolve Technologies, a smaller Pune based staffing firm, to enter the specialized telecom staffing space.

This is the second acquisition by TeamLease since July this year. It had acquired Bengaluru-based ASAP Info Systems Pvt. Ltd for Rs67 crore in July. It had then said that the acquisition would help it expand its footprint in the core IT hiring space. The acquisition of Evolve is in line with our long-term strategy of expanding our footprint into specialized areas of staffing.

India’s telecom sector has generated a lot of attention over the last one year after Reliance Jio Infocomm Ltd entered the sector. The annual revenue of the telecom sector in India is about Rs2 trillion. It is saddled with a debt of around Rs4.5 trillion. The industry also owes close to Rs3 trillion in spectrum payment charges to the government, according to industry estimates. Evolve, which posted revenue of Rs108.64 crore in financial year 2016-17, will continue to operate as a separate entity following the acquisition.

TeamLease, which has been operating since 2002, mainly offers temping services where it provides temporary workforce to its clients in bulk on a contract. This allows clients to hire without adding to their direct employee base. This employment and business model is closely associated with sectors like manufacturing, banking, BPO and retail, among others. Temping also involves hiring senior level managers on a short-term basis.

Paynear acquires GoSwiff

Payment solutions provider Paynear Technologies Pvt. Ltd has acquired Singapore based mobile commerce firm GoSwiff for an undisclosed amount.

Paynear also raised $5 million from Harvard Business School alumnus Deepak Yadav in March 2016. Yadav is the chairman of Yadu Corporation, which has interests in power generation, sugar, distillation, beverages, software technology, real estate, hospitality, and education.

In December 2015, Paynear raised $2.5 million in pre-Series A funding from serial investor Mitesh Majithia. GoSwiff is a global financial solutions provider, which has subsidiaries in Thailand, Indonesia, Russia, Africa, and the US. The firm is owned by Swiss billionaire and currency ink maker Maurice Amon.

Founded in 2013, Hyderabad-based Paynear helps businesses and merchants make digital payments through mobile point-of-sale devices and an app. Paynear clocked revenues of Rs 33 crore in FY16-17 and a profit of Rs 3 crore, and is targeting revenues of Rs 110 crore in FY17-18 with a marginal EBITDA. GoSwiff posted revenues of Rs 144 crore last year.

Zee Entertainment to acquire 9X Media

Media tycoon Zee Entertainment Enterprise Ltd has agreed acquire 9X Media Pvt. Ltd and its unit INX Music Pvt. Ltd for a total of Rs 160 crore in cash. Zee has signed a pact to buy 9X and INX Music from private equity firm Rivendell PE LLC, earlier known as New Silk Route, and other shareholders.

In a separate transaction, the media company will acquire the 26% stake it doesn’t already own in Zee Turner Ltd from joint venture partners Turner International India Pvt. Ltd for Rs 2.6 lakh. The joint venture was set up in 2001 to distribute Zee and Turner channels but stopped active operations a few years ago. Meanwhile, Zee said it will buy 100% of 9X Media for Rs 155.20 crore and spend Rs 4.80 crore to buy 29.15% of INX Music; 9X Media owns the remaining 70.85% of INX Music. The deal is likely to be concluded within two months.

Zee operates 33 channels while 9X Media runs five music channels—9XM, 9X Jalwa and 9X Bajao in Hindi, 9X Jhakkas in Marathi and 9XO in English—and INX broadcasts Punjabi channel 9X Tashan. The target company’s Bollywood news portal, SpotBoyE, will also be part of the transaction. 9X and INX Music posted consolidated loss Rs 5.1 crore in the year through March 2017 on total revenue of Rs 158.6 crore. This compares with a profit of Rs 11.7 crore on revenue of Rs 176.2 crore the year before.

9X Media, previously known as INX Media, was founded in 2007 by Indrani Mukerjea and housed the Hindi general entertainment channel 9X as well. In 2010, ZEEL bought the said Hindi GEC for Rs 64 crore. The same year, the company changed its name to 9X Media and focused its energies on growing its music portfolio.

Wipro buys Consultancy firm Cooper

India’s third largest IT services company Wipro has acquired US based design and business consultancy firm Cooper, which counts Google and Starbucks as clients, as it looks to strengthen its digital offerings to clients globally.

Cooper, which Wipro is buying for $ 8.5 million (Rs 56 crore), will be integrated with Designit, the digital arm of the Indian firm as CEO Abidali Neemuchwala deepens the company’s expertise in digital offerings and focus on earning higher revenue. Cooper’s founders -Sue Cooper and Alan Cooper will join Wipro to push the company’s aggressive digital strategy. Alan Cooper is considered the ‘Father of Visual Basic,’ and is a prominent player in interaction design, UX and professional design education for more than 25 years.

Wipro also gets access offices in New York and San Francisco with the acquisition. Wipro said Cooper would also help the company expand its reach in North American market and add capabilities in professional design education. Wipro acquired Designit for nearly Rs 595 crore in July, 2015 to add design and digital technology capabilities.

Wipro’s digital arm and Designit currently serve clients from across 16 offices in different markets in the world. The acquisition process is expected to be completed in the October-December quarter of the current financial year, subject to customary closing condition.

Future Group to acquire HyperCity

Kishore Biyani led Future Retail Ltd is set to acquire Shoppers Stop Ltd HyperCity for Rs 700 crore. The deal is expected to combine cash and shares of Future Retail to be given to shareholders of HyperCity, a subsidiary of the listed Shoppers Stop.

HyperCity, a network of high-end grocery and general merchandise retail chain, has yet to turn profitable. It operates 19 stores over a 1.34 million square feet area, according to an investor presentation by Shoppers Stop for the quarter ended June 2017. The company made losses worth Rs 84.73 crore in FY16-17 on revenues of Rs 1,154.57 crore, as per annual report data.

HyperCity also has high debt, worth nearly Rs 400 crore, even as its equity remains low at Rs 11.45 crore, according to data from its latest annual report for FY16-17. However, the company might transfer a part of this debt to Future Group with this sale.

Meanwhile, Future Retail, that owns four major retail brands, will find HyperCity sit somewhere between its existing Big Bazaar departmental store network and Foodhall, a premium upscale gourmet store. It is unclear how HyperCity will be integrated in Future Retail’s clearly defined networks. Big Bazaar has 235 stores in India which have been undergoing an upgrade from a go-to destination for discounts to a lifestyle departmental store.