AppFolio To Sell 100% Interest In Subsidiary MyCase To Apax Partners – Quick Facts
Software firm AppFolio, Inc. (APPF) announced Tuesday that it agreed to sell 100% of the equity interest of its wholly-owned subsidiary, MyCase, Inc., which provides legal practice and case management software solutions, to Funds advised by Apax Partners for approximately $193 million in cash.
The Apax Funds will support MyCase with increased investments in Product Development, Sales, and Marketing to continue its impressive growth trajectory. Veteran software executive, John Borgerding, former CEO of Accruent and SumTotal, will join the MyCase board after the closing of the transaction.
The transaction was approved by AppFolio’s Board of Directors and is expected to close before the end of the third quarter, subject to regulatory approval and other closing conditions.
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Volkswagen CEO Herbert Diess denies Tesla ties after he is seen with Elon Musk
Volkswagen CEO Herbert Diess brushed aside speculation of a potential partnership with Tesla after he gave Elon Musk a test drive of the German carmaker’s new ID.3 electric car.
“Just to be clear: We just drove the ID.3 and had a chat – there is no deal/cooperation in the making,” Diess wrote on LinkedIn.
He also posted a video of the pair driving the car around an airfield.
“Thanks for the visit, Elon!,” Diess wrote. “It was great driving the ID.3 with you! You were just quite critical with the available torque at higher speed. I told you: ‘Yes, we are on the runway – but no need for take off – it’s not a sports car.’”
Musk was in Germany to visit a site near Berlin where Tesla’s European gigafactory is going to be built. Tesla will build a new version of the Model Y crossover at the factory, and may also build battery cells.
Honda and General Motors last week announced a North American partnership which will see them share common vehicle platforms on the continent, including electrified and internal combustion propulsion systems. The partnership comes as carmakers are feeling the heat as they try to meet demands for cleaner vehicles.
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Stock Alert: Boeing Down 5% After News Of FAA Investigation
Shares of Boeing Inc. (BA) are losing almost 5 percent or $8.53 in Tuesday’s morning trade at $162.52.
The Wall Street Journal reported Monday, citing an internal government memo and people familiar with the matter, that the Federal Aviation Administration or FAA is reviewing quality control errors at Boeing that could potentially stretch back almost ten years. According to the report, the latest review was prompted by production issues at a Boeing 787 Dreamliner factory.
Boeing has traded in a range of $89.00 to $391.00 in the past 52 weeks.
Demand for electric cars has grown slowly. But the tsunami is coming
New York (CNN)General Motors and Nikola are teaming up to work on the Nikola Badger, a fully electric and hydrogen fuel cell electric pickup truck.
The partnership gives General Motors (GM) an 11% stake in the startup, receiving $2 billion in equity, the companies said in a news release. GM will also get the right to nominate one director to Nikola’s board.
Nikola shares rose more than 30% in premarket trading Tuesday on the news.
General Motors will be the exclusive supplier of fuel cells to Nikola’s (NKLA) Class 7/8 trucks, in all areas besides Europe, the companies said.
The partnership is the latest move by GM to expand its electric vehicle alliances. Last week, GM announced that it was teaming up with Honda to to develop a range of electric and petroleum-powered vehicles.
“This strategic partnership with Nikola … continues the broader deployment of General Motors’ all-new Ultium battery and Hydrotec fuel cell systems,” said General Motors CEO Mary Barra. “We are growing our presence in multiple high-volume EV segments while building scale to lower battery and fuel cell costs and increase profitability.”
Senate to vote on COVID-19 aid as soon as this week: McConnell
WASHINGTON (Reuters) – The Republican-led U.S. Senate will move to take up their proposed COVID-19 relief legislation and vote as soon as this week, Senate Majority Leader Mitch McConnell said in a statement on Tuesday.