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  • 📈 Rightmove Snubs Murdoch's £6.1bn Offer

📈 Rightmove Snubs Murdoch's £6.1bn Offer

Apron Bags £30M to Banish Invoice Hassles

Author

mohamed mohamed
September 25, 2024

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:

  • Rightmove Snubs Murdoch's £6.1bn Offer

  • Apron Bags £30M to Banish Invoice Hassles

  • Ascensos sold for £42 Million to Firstsource!

The summary: In a classic display of British stiff upper lip, Rightmove has coolly turned down a third takeover attempt from Rupert Murdoch's REA, deeming the £6.1bn offer unimpressive as the clock ticks towards a September 30th deadline.

The details:

  • Rightmove politely rebuffed Rupert Murdoch’s REA Group's latest £6.1bn proposal, dismissing it as rather uninspiring and undervaluing their prospects.

  • The Australian suitor, in its third attempt, dangled 770p a share with a bit of cash and REA stock, though a recent 12% dip in REA’s share price rather dampened the allure.

  • Rightmove, unmoved, encouraged shareholders to sit tight, calling the offer "unattractive" while REA pouted, lamenting its lack of "substantive engagement."

  • The clock ticks for REA, with a September 30th deadline looming—make a formal offer or gracefully exit stage left.

Why it matters: Rupert Murdoch's REA making a third attempt to woo Rightmove shows just how desperate they are to snap up the UK’s biggest property portal. With Rightmove brushing off the offer like a minor inconvenience, it hints that the British company thinks it's worth far more than what’s been dangled. And with a September 30th deadline looming, REA may soon have to tiptoe away quietly or come back with an offer that actually impresses.

The summary: With a fresh $30 million boost and some star-studded backing, Apron is revolutionising the way small businesses handle payments, slashing admin time and turning tedious invoicing into a seamless, speedy process—so owners can get back to doing what they love.

The details:

  • Apron, the fintech wunderkind, has bagged $30 million in Series B, bringing their war chest to over $50 million. Led by Zinal Growth (backed by Checkout.com’s founder, no less) and a star-studded cast of investors, including Tony “iPod inventor” Fadell, the company is primed for more fintech magic.

  • With plans to beef up their engineering and product teams, Apron is set to debut a suite of tools, including one that helps large suppliers get paid faster and a nifty expense management solution aimed squarely at SMBs—because who doesn't want less admin and more cash flow security?

  • The pain of invoice management is real for small businesses, with owners spending a fifth of their week on it. Apron swoops in to turn this headache into a breeze, helping companies reconcile payments, eliminate manual tasks, and get back to the fun bits—like, you know, running the actual business.

  • Founded by ex-Revolut product guru Bogdan Uzbekov, Apron’s platform integrates with accounting staples like Xero and Quickbooks. With its customer base growing 20-fold, Apron is fast becoming the go-to for UK SMBs looking to escape the tedium of payments. Their mission? To flip payments from "painful to powerful."

Why it matters: Apron is giving small businesses the fintech equivalent of a power tool—cutting through the time-wasting tedium of payments, so owners can focus on what really matters: running their businesses. With a fresh $30 million injection and a dream team of backers, they’re poised to make cash flow hiccups a thing of the past. In short, it's a big win for SMBs drowning in invoices, with Apron promising to simplify payments and make admin headaches a distant memory.

The summary: Ascensos is set to soar as it teams up with Indian tech titan Firstsource, blending their retail expertise with top-notch technology for a customer service upgrade that will leave the competition in the dust!

The details:

  • Ascensos, a Scottish customer experience firm, has been snapped up by Indian tech giant Firstsource but will retain its brand and CEO, operating independently.

  • Firstsource, part of the RP-Sanjiv Goenka Group, brings its 27,000-strong workforce and tech prowess to the table, with both companies eager to combine their strengths.

  • Ascensos CEO John Devlin is chuffed about the minimal overlap and sees the acquisition as a golden opportunity to supercharge their transformation for retail and B2C clients.

  • Dr. Sanjiv Goenka, chairman of RPSG, hailed the move as part of Firstsource’s growth strategy, envisioning a powerful trio of retail expertise, tech innovation, and global reach.

Why it matters: Ascensos joining forces with Firstsource is like adding rocket fuel to customer service, with both companies bringing complementary skills to the party and not stepping on each other’s toes. For Ascensos, it’s the chance to turbocharge its retail expertise with Firstsource’s global tech muscle. And with two blue-chip powerhouses coming together, it’s safe to say the competition will be left nervously polishing their shoes.