A digest of the top business and technology news stories from the past week.
Silicon Valley Bank to establish an Irish presence – US$100m of new lending
A major Silicon Valley Bank is to establish a presence in Ireland with US$100m of new lending facilities for innovative companies. A partnership has been forged with the National Pensions Reserve Fund.
Silicon Valley Bank, which recently opened a branch in London, will complete two independent transactions as part of its partnership with the National Pensions Reserve Fund.
In the first transaction, Silicon Valley Bank expects to deploy US$100m of new lending commitments to fast-growing Irish technology, life sciences, clean-tech, private equity and venture capital businesses over five years, subject to its usual lending criteria.
The bank will, either directly or through one of its group affiliates, also add a local representative to work with these businesses in Ireland as they grow. The NPRF will help Silicon Valley Bank identify potential clients in these niche sectors.
In a separate transaction, the NPRF has made a commitment to invest in technology-focused funds managed by SVB Capital.
RIM sheds jobs to save $1bn in operating costs
Job cuts are part of BlackBerry maker Research In Motion (RIM)’s plan to save $1bn in operating costs by the end of its 2013 fiscal year, the company said last week.
“RIM has reduced some positions as part of this programme and may continue to do so as the company methodically works through a review of the business,” the company said in a statement.
RIM did not provide specific numbers regarding the job cuts, but previous reports have said RIM will cut 2,000 jobs from its global workforce of about 16,500 employees as part of global restructuring plans.
The company may well provide a business update on 28 June, when it reports its financial results from the first quarter. It has already said it expects an operating loss in the face of decreasing sales in North America and pricing pressure in international markets.
Adobe reaps Q2 revenue of US$1.1bn
The successful launch of Creative Cloud and Creative Suite 6, strong Acrobat revenue and 35pc year-over-year revenue growth in its Digital Marketing Suite business has pushed Adobe Systems Inc’s second-quarter revenue to US$1.1bn.
The figure represents a 10pc year-over-year growth.
The software giant’s president and CEO Shantanu Narayen said the results demonstrate the company’s leadership in the digital media and digital marketing markets.
Adobe’s diluted earnings per share amounted to US$0.45 on a GAAP-basis, and US$0.60 on a non-GAAP basis.
Operating income totalled US$305.1m and net income reached US$223.9m on a GAAP-basis. Operating income hit US$404.4m and net income totalled US$299.6m on a non-GAAP basis.
The company’s deferred revenue increased by US$43.9m quarter-over-quarter to US$592.8m.
Cash flow from operations amounted to US$448.2m.
Yahoo! appoints new VP and chief revenue officer
Digital media giant Yahoo! has hired a former Google staffer as its new executive vice-president and chief revenue officer. Michael Barrett will take on the job in early July.
Barrett will be responsible for Yahoo!’s advertising revenue and operations globally for the company, with Americas, EMEA and APAC regional leads reporting to him.
“Michael Barrett is regarded as one of the most successful and influential executives in media and technology, and I am thrilled to have him join Yahoo! in this critical role,” said Ross Levinsohn, interim CEO of Yahoo!
“I am confident that his deep industry experience and relationships will help us drive our strategic vision, taking Yahoo!’s industry-leading position to the next level.”
In his new role, Barrett will be part of the senior executive team, reporting directly to Levinsohn.
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