The sales price has not been disclosed, but Uber will receive a 27.5% stake in Grab as part of the deal, reports Recode. Additionally, Uber CEO Dara Khosrowshahi will be joining Grab’s board of directors, while Grab will be taking on 500 Uber employees across the region and acquiring UberEats in Southeast Asia. In an email to Uber’s Southeast Asia employees, Khosrowshahi said: “I’m conscious that much of the hard work happened before I arrived, and I want to recognize the operations you have built across these eight countries. After investing $700 million in the region, we will hold a stake worth several billion dollars, and strategic ownership in what we believe will be the winner in an important global region.” Khosrowshahi also noted that with the Grab deal, this was now the third major market Uber has exited: “It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind, from China to … [Read more...] about Uber is selling its Southeast Asia business to rival Grab
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Uber agrees to sell Southeast Asia business to rival Grab: Sources
Reuters Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, sources with knowledge of the matter said on Sunday, in what would be the US company’s second retreat from Asia. The deal, which could be announced as early as Monday, marks the industry’s first big consolidation in Southeast Asia, home to about 640 million people, and puts pressure on rivals such as Indonesia’s Go-Jek, backed by Alphabet Inc’s Google and China’s Tencent Holdings Ltd. As part of the transaction, Uber would get a stake of as much as 30 per cent in the combined business, said a source with direct knowledge of the matter who did not want to be identified as the deal is not yet public. Another source familiar with the deal said Uber would acquire a 25 per cent to 30 per cent stake in Grab, valuing the entire business at $6 billion, the same valuation it commanded in its most recent capital raising. Uber and … [Read more...] about Uber agrees to sell Southeast Asia business to rival Grab: Sources
An Atlassian ‘work guru’ says businesses should stop being efficient and become effective
Business Insider is the media partner for the NextGen in Business conference series, hosted by the Australian Chamber of Commerce in Sydney, Brisbane, and Melbourne in May and aimed at helping companies prepare for the multigenerational future. Use the code BizInsider-150 to book discounted tickets here » A leading expert on the future of the workplace has warned many business leaders are not bracing themselves and their teams for the next evolutions in business. Dom Price, the Work Futurist for Australian tech giant Atlassian, told an audience at the SXSW conference most businesses are set up to deliver efficiency rather than effectiveness, which is a bad place to be in the modern business world. He pointed to the changes in most businesses from being manually-based to more intellectual pursuits as the reason for these changes. “When disruption happens in hundred year cycles efficiency is cool,” Price told the audience in Austin, Texas during his talk entitled … [Read more...] about An Atlassian ‘work guru’ says businesses should stop being efficient and become effective
Amazon’s most profitable business has already been running in Australia for years
Amazon is gearing up to launch full retail operations in Australia any day now, but its most profitable venture globally has already been running in this country with many customers for several years. “It’s an $US18 billion revenue run rate business, with a 42% growth rate in the last financials that we released. It’s a pretty healthy clip on a reasonable sized business. We have millions of active customers,” said Amazon Web Services chief executive Andy Jassy in Las Vegas. Amazon Web Services is a cloud computing provider that has taken over as the most profitable division within Amazon. In fact, the last five quarters has seen it single-handedly cancel out the losses taken on by the retail arm. In the quarter just ended in September, AWS globally racked up a $US1.2 billion operating profit to completely negate the $US936 million operating loss that came out of the e-commerce division. And Australian companies have been customers for years. Some of the … [Read more...] about Amazon’s most profitable business has already been running in Australia for years
3 Australian small business owners share how they tapped into China’s huge online shopping market
According to recent research, increased connectivity and strong international demand for Aussie products has fuelled a new breed of local small and medium enterprises (SMEs) who are operating globally while remaining in their local office – going Glocal. To help encourage burgeoning SME’s to go Glocal, nbn launched new initiatives to help businesses tap into global markets through a series of free webinars, and with the winners receiving one-on-one mentoring with Chinese business expansion experts. To find out more about nbn for business, please visit www.nbnco.com.au/connect-business today. As Chinese demand for Australian products shows no signs of slowing, small Australian businesses are looking at how they can better tap into this huge international market. But there are a number of key factors that determine whether a small business is capable of making the jump from local to global. One of the most important issues is connectivity and the ability to service … [Read more...] about 3 Australian small business owners share how they tapped into China’s huge online shopping market