GENUI Acquires Majority Stake in Magnolia and Invests in Future Growth

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magnolia logo

BASEL, Switzerland, July 27, 2022 (GLOBE NEWSWIRE) — Investment company GENUI and Magnolia, a leading software vendor in the global digital experience and content management markets, today announce that GENUI acquires a majority stake in Magnolia and injects significant growth capital into Magnolia.

Magnolia is an emerging vendor pioneering the vision of “composable” Digital Experience Platforms (DXPs). DXPs sit on top of content management systems (CMS) and enable brands to orchestrate compelling digital experiences across multichannel customer journeys and devices. The global market for DXPs is forecast to reach 23 billion US dollars by 2028, with an average annual growth rate of above twelve percent from 2021 to 2028.

Magnolia already serves clients in more than 100 countries through nine regional offices and counts many global brands such as The New York Times, Sanofi, Sainsbury’s, Ping An and Bechtle as its trusted customers. With the funding, the company will continue the expansion of its global sales and marketing footprint including its technology and channel partner ecosystems, accelerate product innovation and increase global market awareness.

Traditionally, DXPs have been purchased as a complete suite of marketing software from one vendor. These have proven to be slow, expensive and restrictive. “Magnolia is uniquely positioned to allow customers to integrate their key applications and platforms – from legacy to modern APIs – and compose a powerful digital experience architecture enabling the overall ease-of-use and agility now expected of modern cloud solutions,” comments Magnolia CEO, Tim Brown. “With GENUI‘s support, we will now be able to fully leverage our recognition as a ‘Visionary’ in the 2022 Gartner® Magic Quadrant™ for DXP to help an increasing number of marketers, authors and developers deliver fantastic multichannel digital experiences.”

“By significantly strengthening the capital base, we are putting Magnolia in a position to even better exploit its market potential and sustainably increase its growth,” says Boris Klenk of GENUI. Upon completion of the transaction, the entrepreneur Amit Shah, an established expert in the digital experience industry, will become Chairman of the advisory board of Magnolia. “We are seeing a shift away from monolithic application solutions toward modular approaches. This is an exceptional strategic opportunity for Magnolia, which offers a future-proof composable digital experience platform for the enterprise,” comments Amit Shah.

Exiting investor Elvaston Capital Management GmbH secured a majority stake in Magnolia in 2017, which GENUI is now acquiring. “We have accompanied Magnolia during an extremely positive and high-growth phase in recent years,” says Dr. Oliver Thum, Managing Partner at Elvaston. “We are pleased that the company will now take the next steps with GENUI.”

The purchase price and other details of the transaction were not disclosed. GENUI was advised on this transaction by CMS (Legal) and Baer & Karrer (Structuring), while Morrison Foerster (Legal Germany) and Walder Wyss (Legal Switzerland) acted as advisors to Elvaston.

About Magnolia

Founded in 1997 with a vision to create the first truly open content management system, Magnolia is a world leading digital experience company. Brands who want to move fast and stay flexible choose Magnolia because the company blends the power of an enterprise DXP solution with headless agility. Magnolia operates globally with offices on five continents and more than 200 Magnolia-certified partners around the world.

About Elvaston

Elvaston is an investment company specializing in small-to-medium sized enterprise software companies in Europe. Elvaston accompanies profitable companies in various segments of enterprise software and focuses on organic growth as well as buy & build strategies.

About GENUI

GENUI is a company founded by renowned entrepreneurs and investment professionals who believe in “Good Entrepreneurship”. GENUI exclusively makes long-term commitments to companies with the goal of creating sustainable growth and social value. Companies are given professional governance by getting access to entrepreneurs with industry-relevant expertise and their corresponding networks.

For more information, press only:

Sorina Mone
Magnolia
+41 61 228 90 00

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Valor Econômico and PwC rank CNH Industrial among most innovative companies in Brazil

The country’s leading financial news outlet’s annual ‘Valor Inovação Brasil awards named the Company as leader in its industry group, and seventh in its overall ranking of 150 companies.

London, July 27, 2022

CNH Industrial has once again been recognized as one of Brazil’s most innovative businesses in the annual ‘Valor Inovação Brasil’ awards. The accolades were conferred by national financial news authority Valor Econômico, in partnership with Strategy& – the global strategy consulting team at PricewaterhouseCoopers (PwC). The awards were announced in a virtual ceremony on July 26.

The Valor Inovação Brasil awards were first launched in 2015. CNH Industrial has been included from the start, progressing further up the leader board each year. This edition sees the Company take first place in its sector category for the third consecutive year. CNH Industrial also moved up to its best position yet in the general ranking, placing seventh out of 150 companies from 23 different industries. Participants are assessed using a model specifically developed for Brazil with qualitative and quantitative indicators that identify the companies which adopt the best innovation practices and policies, make the most meaningful investments in the local market and achieve the most significant results.

“These leading positions reflect the evolution of our work, which goes beyond the equipment and services we offer to our people and internal processes. It highlights our innovative culture, the way we invest in our human capital and our entire value chain, always prioritizing the benefits for our customers,” said Vilmar Fistarol, President, Latin America at CNH Industrial.

Globally, CNH Industrial is strongly committed to being a first mover in innovation for agriculture and construction. This is demonstrated by the Company’s continued investment to strengthen its in-house capabilities, the cutting-edge work taking place at its 30 R&D centers; and a strategic focus on digitalization, precision technologies (including automation and autonomy) and advanced technologies (including electrification and alternative fuels).

Brazil is home to over 20% of the Company’s workforce and four manufacturing sites, all hosting dedicated R&D centers. One of the most recent milestones on its innovation journey in Brazil sees an alliance with Cubo Itaú, Latin America’s foremost hub for technological entrepreneurship. The Company sits on the Agro Vertical committee, focused on fostering engagement with agtech start-ups and key players with different expertise to develop joint projects aimed at promoting new solutions for customers in the region.

CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally, Case IH and New Holland Agriculture supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment deliver a full lineup of construction products that make the industry more productive. The Company’s regionally focused Brands include: STEYR, for agricultural tractors; Raven, a leader in digital agriculture, precision technology and the development of autonomous systems; Flexi-Coil, specializing in tillage and seeding systems; Miller, manufacturing application equipment; Kongskilde, providing tillage, seeding and hay & forage implements; and Eurocomach, producing a wide range of mini and midi excavators for the construction sector, including electric solutions. Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH Industrial’s 37,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.

For more information and the latest financial and sustainability reports visit: cnhindustrial.com

For news from CNH Industrial and its Brands visit: media.cnhindustrial.com

Media contacts:

Rebecca Fabian Anna Angelini
North America United Kingdom
Tel. +1 312 515 2249 Tel. +44 (0)7725 826 007

mediarelations@cnhind.com

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Freshworks Helps Businesses Deliver More Delightful Customer Experiences with a New Integration with Google’s Business Messages

Freshchat conversational messaging capabilities expand to Google’s Business Messages as customers engage on Google Maps and Google Search to seek out support

SAN MATEO, Calif., July 27, 2022 (GLOBE NEWSWIRE) — Freshworks Inc. (NASDAQ: FRSH), a software company empowering the people who power business, today launched an integration with Google’s Business Messages for Freshchat®, Freshdesk Omnichannel® and Freshsales Suite®. This integration can help businesses around the world reach and support their customers directly on Google Maps and Google Search mobile apps – making it easy for agents to support consumers in the places they most commonly use to find local goods and services.

A recent Forrester report commissioned by Google found that 54 percent of consumers expect faster responses from brands and 48 percent want it to happen on the channel of their choice.

“Speed and convenience are key for a great customer experience,” said Bart Jenniches, Google’s Director of Business Communications Partnership. “The integration with Freshworks makes it fast and easy for businesses to have conversations with their customers within the Google apps they know and love.”

The integration of Freshworks products (Freshchat®, Freshdesk Omnichannel® and Freshsales Suite®) with Google’s Business Messages helps businesses accomplish the following:

  • Improve brand value with enhanced accessibility and better discoverability for customers;
  • Seamlessly engage with context and deliver unified conversational experiences for their customers;
  • Offer more timely support and seamless personalized experiences for Google users; and
  • Improve CSAT scores by resolving queries faster in real-time, with a 360° view of the customer across sales, marketing & support touchpoints.

“Consumers want immediate responses through the channel of their choice. Our integration with Google’s Business Messages gives local businesses the power to do just that while retaining a unified view of the customer, making it easier for agents to manage conversations and resolve issues on the right channels,” said Prakash Ramamurthy, Chief Product Officer at Freshworks.

Poorvika Mobiles, an early adopter of the integration and multi-brand retail chain for smartphones and gadgets in India uses Freshchat with Google’s Business Messages. The company relies heavily on Google Search and Maps for its customers to find a nearby store. Poorvika now offers support through Business Messages for 288 outlets, with plans to onboard all 475+ outlets soon. For customers seeking help, this improves discoverability and more immediate responses. For Poorvika’s support team, the integration offers an additional channel to seamlessly support agents with a unified interface across all channels.

“Freshworks has scaled with our business needs as more customers continue to discover us through Google. Chat volume has doubled since the time we started using Freshchat and we currently handle about 50% of the messages we receive each month on Google’s Business Messages,” said Senthil Kumar M, General Manager for Poorvika Mobiles. “We are thrilled to have a unified and integrated communications platform for all our customer support touchpoints, as opposed to multiple, disjoint solutions. We love the scalability and continue to manage the volume using the same team of live chat agents. Our customers love that we serve them on the platform they discover us on!”

FinChoice, a digital financial service provider in Africa, recently added Google’s Business Messages on top of its existing channels of service. FinChoice envisions a fully automated support system to allow its team of 80 agents to focus on the conversations that require a human touch.

“Our goal is to make support instantaneous, enable self-service for our customers and help them in the platform they connect on with us. With Freshworks, we are able to provide customers with the option of reaching out to us through multiple channels. The addition of Business Messages through Google Search aids in the discoverability of our business in the region and the new integration enables us to have customer conversations quickly, without switching apps!” said Farrah Abdurahman, Digital Experience Lead at FinChoice.

The Freshworks and Google’s Business Messages integration is built on the Freshworks Neo platform and is now publicly available for all accounts. Learn more about the integration here.

About Freshworks Inc.

Freshworks Inc., (NASDAQ: FRSH) makes business software people love to use. Purpose-built for IT, customer support, sales and marketing teams, our products empower the people who power business. Freshworks is fast to onboard, priced affordably, built to delight, yet powerful enough to deliver critical business outcomes. Headquartered in San Mateo, California, Freshworks operates around the world to serve more than 58,000 customers including Bridgestone, Chargebee, DeliveryHero, ITV, Klarna, Multichoice, OfficeMax, TaylorMade and Vice Media. For the freshest company news visit www.freshworks.com and follow us on FacebookLinkedIn and Twitter.

© 2022 Freshworks Inc. All Rights Reserved. Freshworks and its associated logos is a trademark of Freshworks Inc. All other company, brand and product names may be trademarks or registered trademarks of their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third party of Freshworks Inc. or any aspect of this press release.

Media Contact:

USA
Erika Howard
pr@freshworks.com

India & MEA
Kingston David
pr@freshworks.com

Lao, Chinese armies launch annual rescue exercise

The Lao People’s Army and the Chinese People’s Liberation Army launched on Monday their annual rescue exercise for humanitarian purposes in Phonhong district, Vientiane province, Laos.
The training aims to equip the military medic teams of the Lao People’s Army with knowledge of how to rescue people in case of natural disasters.
Maj. Gen. Vongkham Phommakon, Deputy Minister of National Defense of Laos, Special Colonel Shen Xunming, Deputy Chief of the Military Security Department of the Central Military Commission of China and Chief of the Peace Train 2022 Committee of the Chinese People’s Liberation Army, representatives of the Embassy of China to the Lao PDR, and military personnel of the two countries attended the opening ceremony.
“The Laos-China Peace Train has been organized annually since 2017. In 2020 and 2021, due to the spread of the covid-19, our joint exercise was suspended and we resume it this year 2022.
This year, the Chinese People’s Liberation Army has brought 25 military medics, including those specialized in field hospital management, medical equipment and PCR Covid-19 testing,” said Head of the Military Medical Department, General Logistics Department of the Lao People’s Army Maj. Gen. Khampheng Phoummakeo.

Source: Lao News Agency

Twitter Accepts Oct. 17 Trial but Is Concerned Musk Will Try to Delay

Twitter Inc. does not object to Elon Musk’s proposal to start a trial on October 17 over Musk’s bid to walk away from his $44 billion acquisition deal but the social media company wants a commitment to complete the trial in five days, Twitter said in a court filing on Wednesday.
Musk has said he needs time to complete a thorough investigation of what he says is Twitter’s misrepresentation of fake accounts, which he said breached their deal terms.
He originally sought a February trial, but on Tuesday proposed an October 17 trial after a judge ruled the proceeding was to start in three months.
Twitter has called the fake accounts a distraction and pushed for the trial to hold Musk to the deal to start as soon as possible, arguing that delay damages its business. It said in its court filing that Musk had offered no assurance a trial would be completed in five days, as ordered by the judge, Kathaleen McCormick of the Delaware Court of Chancery.
“Twitter sought that commitment because it believes Musk’s objective remains to delay trial, render impracticable the Court’s expedition order, and thus avoid adjudication of his contractual obligations,” said the Twitter filing.
Attorneys for Musk, the world’s richest person and chief executive of electric car maker Tesla Inc, did not respond to requests for comment.
Twitter also dismissed Musk’s claims that the company was dragging its feet in responding to his demands for documents.
Twitter said Musk is the one holding up the process by refusing to answer the company’s complaint, which it said would clarify the issues and any counterclaims he may assert.
Shares of Twitter closed up 1.3% at $39.85 on Wednesday.
Musk agreed to acquire the company for $54.20 a share.

Source: Voice Of America

Meta Posts First Revenue Drop as Inflation Throttles Ad Sales

Meta Platforms Inc. issued a gloomy forecast after recording its first ever quarterly drop in revenue Wednesday, with recession fears and competitive pressures weighing on its digital ads sales.
Shares of the Menlo Park, California-based company were down about 4.6% in extended trading.
The company said it expected third-quarter revenue to be in the range of $26 billion to $28.5 billion, which would be a second consecutive year-over-year drop. Analysts were expecting $30.52 billion, according to IBES data from Refinitiv.
Total revenue, which consists almost entirely of ad sales, fell 1% to $28.8 billion in the second quarter ended June 30, from $29.1 billion last year. The figure slightly missed Wall Street’s projections of $28.9 billion, according to Refinitiv.
The company, which operates the world’s largest social media platform, reported mixed results for user growth.
Monthly active users on flagship social network Facebook came in slightly under analyst expectations at 2.93 billion in the second quarter, an increase of 1% year over year, while daily active users handily beat estimates at 1.97 billion.
Like many global companies, Meta is facing some revenue pressure from the strong dollar, as sales in foreign currencies amount to less in dollar terms. Meta said it expected a 6% revenue growth headwind in the third quarter, based on current exchange rates.
Still, the Meta results also suggest that fortunes in online ads sales may be diverging between search and social media players, with the latter affected more severely as ad buyers reel in spending.
Alphabet Inc., the world’s largest digital ad platform, reported a rise in quarterly revenue on Tuesday, with sales from its biggest moneymaker, Google search, topping investor expectations.
Snap Inc. and Twitter both missed sales expectations last week and warned of an ad market slowdown in the coming quarters, sparking a broad sell-off across the sector.
On top of economic pressures, Meta’s core business is also experiencing unique strain as it competes with short video app TikTok for users’ time and adjusts its ads business to privacy controls rolled out by Apple Inc. last year.
The company is simultaneously carrying out several expensive overhauls as a result, revamping its core apps and boosting its ad targeting with AI, while also investing heavily in a longer-term bet on “metaverse” hardware and software.
Meta executives told investors they were making progress in replacing ad dollars lost as a result of the Apple changes but said it was being offset by the economic slowdown.
They added that Reels, a short video product Meta is increasingly inserting into users’ feeds to compete with TikTok, was now generating over $1 billion annually in revenue.
However, Reels cannibalizes more profitable content that users could otherwise see and will continue to be a headwind on profits through 2022 before eventually boosting income, executives told analysts on Wednesday.
“They are being greatly affected by everything,” Bokeh Capital Partners’ Kim Forrest said, referring to the economic slowdown as well as competition from TikTok and Apple.
“Meta has a problem because they’re chasing TikTok and if the Kardashians are talking about how they don’t like Instagram … Meta should really pay attention to that.”
On Monday, two of Instagram’s biggest users, Kim Kardashian and Kylie Jenner, shared a meme imploring the company to abandon its shift to TikTok-style content suggestions and “make Instagram Instagram again.”
Not persuaded
CEO Mark Zuckerberg did not appear to be swayed, however.
About 15% of content on Facebook and Instagram is currently recommended by AI from accounts users do not actively follow, and that percentage will double by the end of 2023, he told investors on the call.
For now, at least, the metaverse part of Meta’s business remains largely theoretical. In the second quarter, Meta reported $218 million in non-ad revenue, which includes payments fees and sales of devices like its Quest virtual reality headsets, down from $497 million last year.
Its Reality Labs unit, which is responsible for developing metaverse-oriented technology like the VR headsets, reported sales of $452 million, down from $695 million in the first quarter.
Although Meta has recently slowed investments as cost pressures increased, executives reassured investors it was still on track to release a mixed-reality headset called Project Cambria later this year, focused on professionals.
Meta broke out the Reality Labs segment in its results for the first time earlier this year, when it revealed the unit had lost $10.2 billion in 2021.
Its second-quarter operating profit margin fell to 29% from 43% as costs rose sharply and revenue dipped.
In November, Chief Financial Officer David Wehner will become Meta’s first chief strategy officer. Susan Li, Meta’s current vice president of finance, will become CFO.

Source: Voice Of America