EMC set to buy its smaller rival Isilon in $2.3bn deal

first_img EMC, the biggest maker of corporate data storage equipment, plans to buy smaller rival Isilon Systems for $2.25bn (£1.4bn) as consolidation in the technology sector gains steam.EMC’s $33.85-a-share cash offer for Isilon, announced by both companies yesterday, represents a 29 per cent premium over Isilon’s closing share price on Friday. Isilon shares were at $33.77 in afternoon Nasdaq trade, just eight cents shy of the offer price.The growing popularity of online video from media companies, and new software from industries like life sciences, particularly related to gene sequencing, are expected to generate exponentially large amounts of data.Data storage companies have been among the hottest targets in the recent round of consolidation as they play a crucial role in “cloud computing” – the use of technology to access remote computing power and data over the Internet. KCS-content whatsapp Show Comments ▼ EMC set to buy its smaller rival Isilon in $2.3bn deal Tags: NULL More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Share whatsapp Monday 15 November 2010 7:56 pmlast_img read more

500.com resumes Multilotto operations in Sweden

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 10th September 2020 | By Conor Mulheir Regions: China Europe Nordics Sweden Tags: Mobile Online Gambling Casino & games Chinese lottery provider 500.com announced the resumption of activity in Sweden, via its The Multi Group (TMG) lottery betting subsidiary, having renewed its online gaming licence in the jursidiction for the next two years.The licence covers secondary lottery and casino, allowing the TMG-operated Multilotto brand to return to business in Sweden after a period of inactivity in the market.Activity was halted in January 2020 after 500.com failed to renew the year-long licence under which it was operating.While it hoped to resume operations by mid-February, and expressed its wish to complete the renewal process as quickly as possible, delays have left the company unable to operate in the jurisdiction until now.For the fiscal year ending 31 December 2019, revenue generated by TMG accounted for approximately 89.7% of 500.com’s total net revenue, of which approximately 61.3% was generated in Sweden.Earlier this month, 500.com revealed that despite seeing a 51.1% year-on-year drop in revenue during the first half of 2020, it was able to significantly reduce its comprehensive loss in the period.Overall revenue for H1 2020 amounted to RMB99.1m (£10.8m/€12.1m/$14.5m), less than half of its revenue for the same period in 2019.However, operating expenses were also reduced, coming in 51.1% lower than the previous year, while cost of services were down by 72.4%, and sales and marketing expenses reduced by 67.1%.Comprehensive loss in the six months to 30 June therefore amounted to RMB86.3m, down 33.6% from RMB130.0m in the same period last year.The Multi Group was acquired by 500.com in May 2017, securing a 93% share of the business in a deal worth approximately €49.8 million ($55.8 million) Email Address 500.com resumes Multilotto operations in Sweden Subscribe to the iGaming newsletter Chinese lottery provider 500.com announced the resumption of activity in Sweden, via its The Multi Group (TMG) lottery betting subsidiary, having renewed its online gaming licence in the jursidiction for the next two years. Topics: Casino & games Lotterylast_img read more