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📈 $370m Boost Lights Up Hospitality Tech

Deloitte's Slimming Spree Hits 180 Staff

November 22, 2024

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This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • $370m Boost Lights Up Hospitality Tech

  • Deloitte's Slimming Spree Hits 180 Staff

  • Britain Clamps Down on Dirty Money

The summary: Lighthouse, the AI-driven hospitality tech trailblazer, has soared to unicorn status with a $370m boost, proving Europe’s knack for innovation while revolutionising how hotels and rentals maximise revenue worldwide.

The details:

  • From Belgium to Billionaire Dreams: Lighthouse, an AI-powered hotel software startup, originally Belgian, now UK-based, has joined the unicorn club with a $370m Series C led by KKR. It’s one of London’s biggest funding hauls this year.

  • AI Meets Hospitality: Lighthouse processes a staggering 400TB of travel data daily, helping hotels and B&Bs worldwide price smartly, book smoothly, and grow revenue—all with cutting-edge AI.

  • Strategic Moves: Recent acquisitions, like Stardekk and Transparent, bolster its all-in-one capabilities, ensuring dominance in both traditional hotel chains and the booming short-term rental market.

  • Global Aspirations: Backed by 70,000+ hospitality providers in 185 countries, Lighthouse plans to supercharge its AI, grow its team, and reshape the $15bn hospitality tech market. Europe’s influence? Stronger than ever.

Why it matters: Lighthouse’s rise to unicorn status highlights how Europe, and the UK in particular, are driving innovation in the lucrative hospitality tech market. By blending AI wizardry with smart acquisitions, it’s reshaping how hotels and rentals manage their bottom lines—and it’s doing it on a global scale. For an industry that thrives on razor-thin margins, having Lighthouse in your corner could mean the difference between being fully booked or utterly bankrupt.

The summary: Deloitte's latest job cuts highlight the Big Four's scramble to stay nimble post-pandemic, as they trim the fat and reshape for a more competitive consulting landscape.

The details:

  • Downsizing at Deloitte: The UK branch of the Big Four giant is axing 180 roles in its strategy, risk, transactions, and tech divisions, citing the need to trim costs after post-pandemic over-hiring.

  • Post-Covid Growing Pains: While consulting boomed during the pandemic, demand has since normalized, leaving Deloitte with an inflated workforce and stagnant revenue growth of just 1.9% globally in 2024.

  • Serial Layoffs: This isn’t Deloitte’s first rodeo – with 900 UK layoffs announced between 2023 and 2024 – and further cuts appear likely as part of a restructuring strategy.

  • Not Alone in the Trenches: Deloitte’s slimming spree mirrors moves by PwC, KPMG, and EY, as Big Four firms globally contend with challenging markets and recalibrate their headcounts.

Why it matters: Deloitte’s latest layoffs are a sharp reminder that even corporate juggernauts aren’t immune to post-pandemic belt-tightening, as the consulting boom deflates like yesterday’s soufflĂ©. With growth lagging behind both the global sector and its UK peers, the firm’s cost-cutting spree signals a market recalibration that’s hitting the Big Four harder than their PR spin lets on. For businesses and employees alike, it’s a warning: when giants stumble, the ripples can rock the entire consulting pond.

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The summary: The UK’s new sanctions on notorious kleptocrats send a strong message that the days of laundering dirty money through Britain are over, with a promise to clean up its act and return stolen wealth where it belongs.

The details:

  • Klepto-crackdown goes global: The UK has slapped sanctions on Ukrainian oligarch Dmitry Firtash, Angolan billionaire Isabel dos Santos, and Latvian tycoon Aivars Lembergs, accusing them of siphoning fortunes at the expense of their nations. Firtash’s alleged gas profiteering, dos Santos’ ÂŁ350m embezzlement spree, and Lembergs’ bribe-stuffed trusts made the cut.

  • Dirty money hits a roadblock: Foreign Secretary David Lammy declared “the golden age of money-laundering is over,” as these sanctions mark a bold step against corruption under the UK’s 2021 Global Anti-Corruption Sanctions Regulations.

  • Campaigners cheer cautiously: Anti-corruption advocates see this as a major step but call for more teeth, demanding investigations into the origins of suspect wealth and stronger financial transparency across the UK's offshore territories.

  • What’s next?: Transparency champions are urging the government to open company registers, tighten oversight of enablers, and seize dirty money to return to Ukraine, Angola, and Latvia—because, as they say, "laundering day is over."

Why it matters: The UK’s latest sanctions remind dodgy billionaires that Britain isn’t their piggy bank for parking ill-gotten gains. By targeting kleptocrats, it signals a serious effort to clean up the economy and shed the reputation of London as the “Laundromat of the World.” If this crackdown sticks, it’s not just about justice abroad—it’s about safeguarding trust (and cash) closer to home.