On Tuesday, Shares of Cisco Systems, Inc. (NASDAQ:CSCO), lost -0.58% to $27.27.
Cisco Systems, named Eigen Innovations as the only Canadian startup company to make it to the final Super Six of their global Innovation Grand Challenge. Eigen Innovations will make their final presentation at the invitation-only Internet of Things World Forum on December 7, 2015 in Dubai , UAE.
Our Intellexon® solution tells operators and engineers the where, when and how processes or product quality is starting to degrade within highly complex manufacturing systems, says Eigen Innovations Chief Technology Officer Scott Everett , our algorithms use massive amounts of data to learn how to differentiate between good and bad quality products; when conditions are starting to change, it can tell the reasons why.
Ciscos challenge was launched in June 2015 receiving 3,000 entries from over 100 countries. After a series of elimination rounds, Eigen Innovations made it onto the list of 15 semifinalists, declared in October 2015 , and now the final six. Top prize is $150,000 USD and VIP access to industry, investment and business experts counting Ciscos Innovation Centers and Cisco Investments teams.
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP) based networking products and services related to the communications and information technology industry worldwide.
Shares of TeleCommunication Systems Inc. (NASDAQ:TSYS), remained flat to $4.94, during its last trading session.
Comtech Telecommunications Corp. and TeleCommunication Systems, Inc. jointly declared recently the signing of a definitive merger agreement under which Comtech will purchase TCS in a cash transaction for $5.00 per TCS share, or about a $430.8 million enterprise value. The $5.00 price per share represents a premium of 13.9% as contrast to the last closing trading price of TCS common stock, a premium of 28.6% as contrast to the volume-weighted average trading price over the last ninety trading days and a premium of 35.1% as contrast to the last closing trading price one day after TCS’s July 6, 2015 declaration that its Board had formed a special committee to explore planned alternatives to enhance stockholder value.
During the twelve months ended September 30, 2015, TCS stated revenue of $364.1 million and Adjusted EBITDA of $40.4 million, and during the twelve months ended July 31, 2015, Comtech stated revenue of $307.3 million and Adjusted EBITDA of $51.8 million. Based on the trailing twelve months stated for the two companies, pro forma combined revenue would have been $671.4 million, with Adjusted EBITDA of $92.2 million (not taking into account synergies). The combined companies employ about 2,000 people.
Dr. Stanton Sloane, President and Chief Executive Officer of Comtech, said, “We are excited to have reached this agreement with TCS and believe this combination is beneficial to the stakeholders of both companies. TCS is a unique business and a leading provider of mission-critical C4ISR solutions and next generation emergency 911 services to leading cellular and VoIP providers. The acquisition is a noteworthy step in our strategy of entering complementary markets and expanding our domestic and international commercial offerings. We welcome TCS’s senior administration and talented workforce to the Comtech team and are excited about the future.”
TeleCommunication Systems, Inc. develops and delivers wireless communication technology in the United States, Europe, Latin America, Africa, and Asia. The company operates through two segments, Commercial and Government.
Finally, Shares of SolarCity Corporation (NASDAQ:SCTY), ended its last trade with 1.28% gain, and closed at $28.57.
SolarCity Corporation declared that it has promoted Chief Operations Officer (COO) Tanguy Serra to the new role of President, reporting to CEO Lyndon Rive. The company also declared that CFO Brad Buss plans to retire in 2016. Buss will remain as CFO through the completion of SolarCitys financial reporting for the fiscal year 2015—predictable in early February—and will remain in an advisory role until later in 2016 to ensure a smooth transition. Mr. Serra will continue to oversee SolarCitys operations in his new role, and has assumed administration of the companys structured finance, asset administration and investor relations organizations. The companys global finance and accounting organizations will continue to report to Mr. Buss until his retirement in February.
Mr. Serra brings a deep background in finance to his expanded role. Before joining SolarCity, he served as the first CEO of Vivint Solar, where he oversaw both finance and operations and was responsible for raising the companys tax equity funds. Before Vivint, from 2004 – 2011, Mr. Serra served as Vice President of TPG Capital, L.P., a private equity investment firm, where he managed a number of the firms investments. As part of his role he raised equity and debt capital and oversaw financial planning and analysis and cash forecasting for a range of portfolio companies. Before TPG Capital, Mr. Serra held financial analyst positions with Morgan Stanley Capital Partners and Merrill Lynch. Mr. Serra holds a bachelors degree in accounting and finance from ESCP Europe.
Tanguy has a rare combination of experience in solar operations and finance, and he has a unique understanding of finance and operations at SolarCity, said Rive. As COO, Tanguy has significantly reduced the cost of our operations while maintaining strong growth, and his raised responsibilities as President will put him in a position to accelerate those trends.
SolarCity Corporation designs, manufactures, installs, maintains, monitors, leases, and sells solar energy systems to residential, commercial, government, and other customers in the United States. It offers solar energy systems; solar lease and power purchase agreement finance products; mounting hardware for photovoltaic panels; and related software, in addition to develops a proprietary battery administration system, which is designed to enable remote, bidirectional control of distributed energy storage that can provide benefits to customers, utilities, and grid operators.
You may also like
Remarkable Stocks News Analysis: Wells Fargo …Remarkable Stocks News Review: AT&T;, (NYSE:T)…Most Active Stocks Now: UnitedHealth Group Incorpo…Hottest Stocks Now: SeaDrill Limited, (NYSE:SDRL),…Three Active stocks among hottest: ArcelorMittal, …Sizzling Stocks Update: Chesapeake Energy Corporat…Hot Stock to Observe: Aeterna Zentaris, (NASDAQ:AE…Active Stock to Observe: American Capital, (NASDAQ…Trending Stock to Observe: Ambev, (NYSE:ABEV), Joh…