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Bharti Airtel buys around 25% stake in startup Lavelle Networks

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Bharti Airtel buys around 25% stake in startup Lavelle Networks

Telecom operator Bharti Airtel on Monday announced an agreement to acquire a roughly 25% stake in Bengaluru-based tech startup Lavelle Networks. In addition, ASM Technologies, a global provider of technical engineering and product development services, made a follow-on investment in Lavelle Networks.

In a statement on Monday, Airtel announced the acquisition of a strategic stake of about 25% in SD-WAN startup Lavelle Networks, but did not disclose financial details of the transaction involving the cash consideration.

Lavelle Networks specializes in software-defined wide area network (WAN) solutions that serve a range of industry sectors.

“As more businesses turn to cloud-based applications to serve customers in a digital-first ecosystem, they need on-demand and reliable network connectivity,” Airtel said in the release.

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As a result, there is an increasing demand for software-defined solutions that can flexibly serve cloud-based hybrid IT environments.

Airtel Business’ Network as a Service (NaaS) is a digital platform focused on emerging connectivity needs as businesses adopt cloud and digital.

In the NaaS portfolio, Airtel will provide software-defined connectivity solutions from Lavelle Networks and co-create a range of innovations as part of its platform.

“It also aims to bring ‘Made in India’ products and solutions to businesses by providing cutting-edge technology and cost-effectiveness,” said Airtel.

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The indicative time period for the completion of the acquisition is February 28, 2022.

Airtel said in a regulatory filing: “The acquisition of the stake in the investee company was done at a pre-financed corporate valuation agreed upon by both parties. For confidentiality reasons, the said valuation is not disclosed here.” Consider cash.

Founded in 2015, Lavelle Networks is a networking software startup that provides cloud-based technology to optimize security and manage enterprise branch offices.

In addition, ASM Technologies, a provider of technical engineering and product development services, has made a follow-on investment in Lavelle Networks, the companies said in a statement, without providing details of the investment.

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“ASM Technologies has been a partner of Lavelle Networks since its inception and even co-founded a Software-Defined Networking Center of Excellence (CoE) in Bangalore last year,” it added.

Earlier this month, Lavelle Networks was selected into the latest cohort of the Google for Startups Accelerator (GFSA) India program, which helps high-potential Indian tech startups build and scale in their early years.

Complete News Source : Business Standard

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OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT

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OpenAI buys new domain chat.com for over  million, it redirects to ChatGPT

The previous owner of the domain turned out to be Dharmesh Shah, founder and CTO of software company HubSpot

OpenAI has bought the domain chat.com. Clicking on it automatically routes you to the ChatGPT website.

The AI giant’s CEO Sam Altman announced this on Thursday, November 7, 2024, by simply posting the URL on X (Formerly Twitter) without any description or reasoning.

Altman’s post has already gotten over 3 million views and nearly 15k likes. The domain purchase is likely part of a rebranding effort.

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The domain’s previous owner turned out to be Dharmesh Shah, founder and CTO of software company HubSpot. Shah announced this in posts on X and LinkedIn.

Also Read: Elon Musk’s net worth surges by $26.5 billion after Donald Trump wins US election; Bezos, Ellison, Buffett follow suit

In his post, he detailed how he had purchased the domain for $15.5 million earlier this year and sold it later to an undisclosed (at that time) buyer.

“Well, in an 8 character tweet (talk about brevity), Sam Altman, the CEO of OpenAI revealed that they were the buyer,” he wrote. ”If you visit the website now, it goes to ChatGPT.” Shah wrote he was not at liberty at that time to share who the acquirer was as he was “going to leave that to them, when they were ready.”

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He then went on to share GPT o1 prompt which reasoned the entire episode. “When he does sell a domain, it’s almost never at a loss,” and “Dharmesh doesn’t like profiting off of people he considers friends,” the prompt read, which could mean he did sell it for more than the $15.5 million he bought it for, since it also says he doesn’t like referring to himself in the third person.

However, its also indicated he got compensated in OpenAI shares since the prompt reads that he “always wanted to own OpenAI shares,” that “he doesn’t need the cash from a domain sale,” and that “he made a non-humble brag earlier this year that he’s now an investor in OpenAI.”

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