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FOCUS-UniCredit’s Orcel was plotting bid before Banco BPM forced hand, sources say

LivemintLivemint · 6m ago
FOCUS-UniCredit’s Orcel was plotting bid before Banco BPM forced hand, sources say
Medial

UniCredit CEO Andrea Orcel had been planning a takeover of Banco BPM for years but was forced to rush a bid due to BPM's own M&A moves. Orcel's dealmaking reputation is now on the line as BPM's shares surged following its announcement of bids for Anima Holding and acquiring a stake in Monte dei Paschi di Siena (MPS), raising the possibility of a BPM-MPS tie-up. Orcel had long desired BPM's position in Lombardy, but had hesitated due to the premium in its shares. UniCredit's bid, offering a 15% premium, has been deemed undervalued by BPM, leading to a price demand increase from the market. Orcel indicated the possibility of offering cash to BPM shareholders and engaging with 'industrial' investors, starting with Credit Agricole. However, Italian conservative government members oppose Orcel's proposal as it derails plans for a BPM-MPS merger, which could create a strong rival to UniCredit and Intesa Sanpaolo. Credit Agricole, the largest shareholder of BPM, has strengthened its position and has informal approval from the Italian government. UniCredit's spokesperson cautioned BPM investors against Credit Agricole's strategy in Italy and a BPM-MPS merger, and BPM is examining its options within the limits of Italian takeover rules. Orcel has approximately €6.5 billion in excess cash and can present various options to convince BPM shareholders that merging with UniCredit is in their best interest. However, time constraints and possible delays in securing investment screening approvals by the government could work against UniCredit.

SaaS unicorn Amagi acquires Argoid AI

EntrackrEntrackr · 7m ago
SaaS unicorn Amagi acquires Argoid AI
Medial

Amagi, a cloud media SaaS technology firm, has announced the acquisition of Argoid AI, an AI company specializing in recommendation engines and programming automation for OTT platforms. By integrating Argoid AI’s advanced algorithms into Amagi’s existing platform, this acquisition will significantly boost the functionality of Amagi’s product suite, Amagi NOW and CLOUDPORT offerings. This will enable the media companies to make faster, smarter, and personalized content scheduling decisions at scale. With the acquisition, Argoid’s founders, Gokul Muralidharan, Soundararajan Velu, and Chackaravarthy E, will join the Amagi team. Argoid AI has developed innovative AI products that enhance content recommendations and enable real-time programming decisions. According to the company, its solutions have been pivotal in increasing viewer engagement and optimizing channel operations for customers in the streaming media space. Amagi has emerged as a rare comeback story in the B2B SaaS space. The company pivoted in 2018 from providing advertising solutions for local businesses on television channels to a SaaS-based monetization platform for TV networks and content owners. Amagi achieved unicorn status after securing $95 million in a new funding round led by existing investor Accel in March 2022 along with an additional $110 million in November. According to media reports, it was in discussions to raise $250 million in a forthcoming round. According to data intelligence platform, TheKredible, Amagi’s revenue from operations spiked to Rs 879.15 crore during the last fiscal year from Rs 680 crore in FY23.

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