Roadkill. 20% layoff and folks are streaming out the door.
Nice product but a very competitive space and the IPO
coupled with a less than stellar sales growth curve spells
bad new in the public market.
Beleaguered array vendor Tintri has had to face reality with its latest falling quarterly sales and widening losses prompting drastic refinancing and restructuring action. Revenues of $28.9mn for Tintri's Q4 ended 31 January were down 29 per cent year-over-year – which did exceed Tintri's own guidance. Product sales (67 per …
It sure sounds to me like Tintri is putting too much faith in an acquisition, but I don't think anybody is going to acquire them. Why would they? Just wait until they run out of cash, file for bankruptcy, and then pick off the IP at fire sale prices. At that point, the investors and shareholders will be happy to take pennies on the dollar and get something back, dump it, and move on.
Just do everyone a favour and give up. The existing customers won't like it but I would bet a substantial amount that many of those are not genuine paying customers.
There sales approach was akin to used to the PPI phone calls.
They will not fold until every last drop of cash has been syphoned out by those at the top/
Any company that bet the farm with Tintri deserves to go down with them.
No company should put all their eggs in one basket, especially with a startup. Betting the farm on an established company like Dell/EMC, HPE, etc, is understandable (although I personally wouldn't do it). Doing that with a startup is just a foolish financial risk given the high rate of failure with startups.
The risk should be spread around by buying kit from multiple startups and/or established players.
I disagree - somewhat. You bet the farm on a startup, it isn't clear thinking in some cases. But a number of folks jumped on startups out of the gate and got competitive advantage. VMWare for instance. Many examples. The problem with a "Tintri" was even though the tech is sexy, you can't become enamored just with the tech. You have to keep a clear head and look at the company as a whole and do a number of "what ifs?" Discussing this with a salesdroid, he quipped... "yeah, I had someone come to me and ask about the Violin array(s) and what they could do for support and direction. Fortunately, they insisted on purchasing and it wasn't me pushing it." I feel sorry (somewhat) for the Tintri BPs that drank the kool-aid lock stock and barrel, pushed it on some of their best customers, those customers are "all-in" and the high must have been great. Now.. not so much especially the last two weeks. Tintri won't be around long, you can smell it.
So people should keep using the same things from the same vendors? why innovate with ppl like you!
We should embrace with caution innovation, and buying a ton of product from them would probably not destroy a company.
Also, a leaner company might be more profitable.. or at least less losses.
Note: I work for a startup, and our product is not just good, it is great.
Updated Arm today told The Reg its restructuring ahead of its return to the stock market is focused on cutting "non-engineering" jobs.
This is after we queried comments made this morning by Arm chief executive Rene Haas in the Financial Times, in which he indicated he was looking to use funds generated by the expected public listing to expand the company, hire more staff, and potentially pursue acquisitions. This comes as some staff face the chop.
This afternoon we were told by an Arm spokesperson: "Rene was referring more to the fact that Arm continues to invest significantly in its engineering talent, which makes up around 75 percent of the global headcount. For example, we currently have more than 250 engineering roles available globally."
The Chinese government has announced that it will again allow "platform companies" – Beijing's term for tech giants – to list on overseas stock markets, marking a loosening of restrictions on the sector.
"Platform companies will be encouraged to list on domestic and overseas markets in accordance with laws and regulations," announced premier Li Keqiang at an executive meeting of China's State Council – a body akin to cabinet in the USA or parliamentary democracies.
The statement comes a week after vice premier Liu He advocated technology and government cooperation and a digital economy that supports an opening to "the outside world" to around 100 members of the Chinese People's Political Consultative Congress (CPPCC).
Arm-based server processor upstart Ampere Computing has signaled its intention to go public, and said it has filed the initial paperwork with the US Securities and Exchange Commission (SEC).
Ampere announced in an a brief statement that it had filed a draft registration statement for an IPO on a confidential basis with the SEC, but did not disclose the number of shares it expects to offer or the price range for the proposed public offering, saying that these have not yet been determined.
The public offering is expected to be completed following the SEC review process, subject to market and other conditions.
SoftBank is said to be planning to keep a controlling stake in Arm after its public offering, rather than divesting itself of the chip design firm as had been thought. The move may indicate that SoftBank does not believe it would get the valuation it has been seeking for a full sale of Arm.
The planned initial public offering (IPO) for Arm was set to value the chip designer at up to $60 billion, but according to Bloomberg, owner SoftBank is now considering selling off a smaller portion of the business than originally planned so that it can retain a controlling interest in the company.
One reason for this may be that SoftBank is concerned by the current supply chain issues that are affecting the semiconductor market and which have led to a fall in the value of chip company stocks as investors lose confidence. The Japanese conglomerate may have decided that it is better to hold on to much of Arm for now and wait for better market conditions.
The US Securities and Exchange Commission is said to be preparing to adopt rules that would make those overseeing special purpose acquisition companies (SPACs) liable for financial exaggerations to investors.
According to Bloomberg, the Wall Street watchdog is expected to release expanded rules for SPACs on Wednesday. The rule change "would clarify that investors can sue over inaccurate special purpose acquisition company forecasts." Specifically, forecasts about the company a SPAC and its sponsors are trying to take public.
Asked to confirm the report, an SEC spokesperson pointed to SEC Chair Gary Gensler's comment on Twitter that the agency will be having a meeting on Wednesday to discuss SPACs.
Goldman Sachs is reportedly lined up to be the lead underwriter for Arm's public offering in a move expected to value the chip designer at up to $60bn, higher than the purchase price first offered by Nvidia.
Owner SoftBank is said to be favoring Goldman Sachs to head up the Arm flotation, according to Reuters, which cited loquacious anonymous sources. Bloomberg also named JPMorgan Chase & Co. and Mizuho Financial Group as firms that SoftBank was locked in discussions with.
MariaDB Corporation Ab, which sells the popular open source database by the same name, said on Tuesday that it intends to become a public company with the help of Angel Pond Holdings Corporation.
The deal, announced in a S-1 filing with the US Securities and Exchange Commissio,n [PDF] describes the Cayman Islands-based biz as a special purpose acquisition company (SPAC). It was formed by Shihuang "Simon" Xie, a co-founder of Alibaba Group, and Theodore Wang, a former Goldman Sachs partner, to raise capital from investors in order to acquire another company.
SPAC-driven deals have become popular in recent years partly as a defense against market volatility, which can complicate initial public offerings when companies try to go the traditional route to market. They also provide a clearer exit path for investors, allowing acquired firms to go public more quickly and at less cost, and to negotiate their value directly with the SPAC.
Cloud software biz Hashicorp hit the markets this week with an initial public offering priced at $80 per share after which its stock enjoyed a modest rise as investors cracked open their wallets.
The Nasdaq debut went ahead on Thursday, and the offer price valued the company at approximately $14bn. The 15.3 million shares of its Class A common stock were expected to result in gross proceeds of $1.22bn. At close yesterday, the stock was priced at just over $85, a bit below highs of $88 but comfortably above the IPO price.
2021 has had its fair share of tech IPOs. GitLab finally went public in September, attracting a price of $77, per share. It soared above $130 before dropping during November when investors took a bit of a reality check on the loss-making source shack.
Singaporean superapp Grab has signaled an intention to further its digital banking segment and beef up its mapping tech to improve its ride-hailing services, after an underwhelming debut on the NASDAQ stock exchange.
In an interview on the sidelines of the US market opening yesterday, Grab CEO Anthony Tan told Nikkei Asia that building better digital maps of the areas in which it operates is the number one technology the superapp company will focus on over the next decade.
"We invest in mapping because it's a very local technology: Local technology on the drivers' side, merchants' side and consumers' side gives us an edge versus other peers," said Tan. The company's second priority is figuring out how to deliver groceries more efficiently for both partners and consumers – which is why the mapping effort will concentrate on finding places drivers can stop.
GlobalFoundries has filed for an initial public offering in the United States.
Abu Dhabi-based Mubadala, which owns GlobalFoundries, confirmed on Monday what has been rumored for a while: the contract chip maker is going to be publicly listed – on the Nasdaq – and is looking to raise at least $1bn from the move. The IPO could value the biz at around $25bn, it was reported in August.
GlobalFoundries – which moved its HQ from Silicon Valley to New York in April – has manufacturing facilities in the US, Asia, and Europe, with its most advanced being the 12nm node, which is used for components in PCs and other electronics. It famously gave up in 2018 on going any smaller than that, leading to it breaking promises to make 10 and 7nm chips for IBM. Big Blue sued GlobalFoundries this year as a result.
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