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Acquisition

Planbox Acquires IdeaConnection, an Open Innovation Expert Solver Network

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Planbox, a pioneer in cloud-based AI-powered agile innovation management platforms, today announced that it has acquired IdeaConnection, an open innovation platform, and marketplace. This is the fourth acquisition for Planbox since 2015 as it continues to develop and lead with the most comprehensive agile innovation management solution in the market. Planbox will now further extend and distinguish its solution by including IdeaConnection’s open innovation platform and highly skilled, vast and far-reaching expert problem-solver network in its Agile Innovation Suite offering.

“The world is facing unprecedented social, technological and global disruption which has caused massive turbulence and great challenges across all sectors. Companies face pressing demands for solutions to complex problems. We give businesses access to the world’s most creative and innovative minds who work collaboratively to solve problems and develop innovations,” said Scott Wurtele, CEO of IdeaConnection. “Our motto is multidisciplinary teams solve problems.”

IdeaConnection has a long-standing record as a trusted open innovation partner for some of the world’s most recognized brands with a reputation for running completely confidential challenges with pre-screened candidates under NDA. Hand-picked teams of diverse experts are selected to develop innovative solutions and alleviate the burden on the client who has to choose from a select number of proposed solutions. This unique confidential challenge service provides the perfect platform for solving critical path problems quickly by de-risking a part of the discovery and research stages of problem-solving and new innovation activities.

IdeaConnection gives organizations the tools to discover, invent and explore the technologies and processes that will shape tomorrow’s world. The virtual workforce of 20,000+ experts, thought leaders, scientists and innovators across 180+ countries is ready to help by working together and delivering the innovations that are needed right now. The emphasis is on the quality of the contributors in the network who are heavily screened, continuously vetted and reviewed by customers to ensure only top-notch solvers are invited to participate, all of which contribute to IdeaConnection’s industry-best 80% solver rate, an unparalleled figure that speaks to the volume of challenges solved through the network.

“The global collaboration between public and private organizations all across the world to defeat this health pandemic is a great example of what can be achieved when the world’s best minds come together to solve a problem,” said Ludwig Melik, CEO of Planbox. “IdeaConnection has built its business on establishing the most impressive network of expert knowledge over the last decade based on this premise. Now, by combining IdeaConnection with Planbox, we are launching a unique innovation platform AND marketplace that can provide any organization with an end-to-end experience to discover the best opportunities, solve the toughest problems and deliver the most incredible solutions.”

IdeaConnection has been solving problems since 2007 by assembling carefully built multidisciplinary teams led by world-class facilitators. These expert teams develop intensely researched and highly innovative solutions. Using this approach, IdeaConnection has achieved a best-in-class solve rate for thousands of problems ranging from food science, chemistry, engineering, biology, manufacturing, crop science, packaging, artificial intelligence, machine learning, big data, consumer products and hundreds of other areas of expertise. It has also built a network of networks with thousands of relationships for prior art citation searches on a contingency basis. Customers can gain unprecedented access to source emerging technology leads through a global network, actively and continually researching for potential opportunities that turn the conventional method companies pursue on its head.

This News has been Published in Partnership with PR Newswire

Acquisition

UK’s Payroll provider Payescape Acquires API Payroll Solution PayRun.io

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Payescape, one of the UK’s fastest growing payroll providers, has added a powerful API payroll engine, PayRun.io to their business. Managing Director John Borland said, “We are delighted to welcome the PayRun.io team to Payescape, combining our skills and knowledge means Payescape can continue our growth trajectory and advance our offering.”

Steve Sarowitz, the Billionaire founder of the US payroll company, Paylocity (PCTY) and joint owner of Payescape, commented, “Payroll software is at the heart of our business model and until now we have relied on a third-party software to process our UK payrolls. Acquiring PayRun.io will allow us to be more efficient and productive in how we deliver our service.”

Stuart Hall from PayRun.io, who is no stranger to building successful software companies and sold his company to Intuit in 2014, said, “We are excited about the opportunities ahead and the success we can achieve together.”

Payescape has over 1,200 clients in the UK and has seen a 40% growth in sales in 2019.

Adrian Geffert, Sales and Marketing Director, added, “Having our own payroll engine means Payescape will have access to new markets and integration possibilities we haven’t seen before.”

Payescape, founded in 2006, has customers throughout the UK and Ireland, offering payroll, HR and time management solutions. Through customer focus and innovation, they remove the burden of workload from their clients across all industries sectors to deliver a simple, reliable and compliant service.

This News has been Published in Partnership with PR Newswire

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Acquisition

Growmore Group to Acquire Medicinos Bankas, Lithuania’s Leading Retail Bank With Assets over US$395 Million

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DUBAI based Growmore Group, a global investment and financial services conglomerate with businesses across the UAE, UK, Switzerland, India, and the Caribbean, has entered into an agreement for the strategic acquisition of Medicinos Bankas, a leading Lithuanian bank with assets of US$395 million. Ernst & Young and Sorainen were Growmore’s financial and legal advisors on the deal, respectively. The Bank’s sale process was managed by Deloitte and the legal firm TGS Baltic.

Backed by diversified revenue streams, a resilient net interest margin, and sustained profitability, Medicinos Bankas has healthy fundamentals with a deposit portfolio at US$334 million.

Talking about the acquisition, Nitin Shelke, Chairman of Growmore Group, said: “This deal marks a strategic step in Growmore’s vision of evolving into a full-suite financial services conglomerate. Operating in a highly competitive and high-potential market, Medicinos Bankas is well-capitalized and has reported continued growth over the years. Despite the challenging global environment, we continue to look at growth opportunities with the goal of creating a one-stop-shop for the banking needs of our clients while delivering long-term value to all our stakeholders.”

Animesh Saxena, Chief Investment Officer of Growmore, added: “We believe in the tremendous value-add that this acquisition will bring with its strategic location offering us the springboard to further strengthen our footprint across the EU.”

This News has been Published in Partnership with PR Newswire

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Acquisition

R&D and Engineering services company InSemiTech Acquires Ambit Semiconductors and Semtosys

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nSemiTech Acquires Ambit Semiconductors and Semtosys

Semiconductor and Embedded Technology service provider InSemiTech, today announced that it acquired two leading engineering services companies, Ambit Semiconductors Pvt. Ltd. and Semtosys Pvt Ltd. These acquisitions reinforce InSemiTech’s technology expertise and market leadership in a rapidly consolidating semiconductor and embedded space. InSemiTech is headquartered in Bengaluru, India.

The acquisition of Ambit elevates InSemiTech’s Research and Development capabilities to spur innovation and strengthen service offerings for customers. Founder and CEO of Ambit Semiconductors, Mr. J Saseendra would join InSemiTech leadership team. The acquisition of Semtosys, a leading service provider in Foundation IP and Semiconductor space will invigorate InSemiTech’s industry leadership in these areas.

Arup Dash, CEO of InSemiTech, said, “As the world is witnessing the biggest business transformation since industrial revolution and digital technologies are disrupting the way people live all across the globe, we see great potential for our solutions in electronics design, automation, platform design and embedded technologies. As organizations are striving to ensure business continuity in the current conditions, we witnessed an upsurge in demand for our solutions.”

“With the current growth rate, we expect to double our size and revenue by the end of 2020. I strongly believe these acquisitions will be a key catalyst in achieving our business goals and a great advocate in our vision to accelerate product innovation for our customers,” added Mr. Dash.

J Saseendra, CEO of Ambit, said, “Ambit’s passion to innovate in Semiconductor & IP Design will get new strength by combining with InSemiTech. It is through innovation and value addition as a company Ambit distinguishes itself from the competition. We are excited to operate jointly with a company that deems in success through customer satisfaction, transparency and values.”

With this acquisition, InSemiTech is all set to meet the growing customer demand and continue to support cutting-edge technology development with deep expertise in semiconductor and embedded technologies.

This News has been Published in Partnership with PR Newswire

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