According to Reuters, the Israel-based company will not only make the cuts but also close some of its offices in Asia. The reason for this is a scandal involving a fake letter of credit used as collateral in a deal with an insurer.
The offices the company is expected to close are in Tokyo, Hong Kong and Seoul, but it will retain employees in Tel Aviv, New York, London, Dubai and Bermuda.
“In order to solidify the foundation of the company and reassure the industry, leadership must return its focus to core services while reducing overall costs, including parting ways with some of our employees”, Vesttoo said in an emailed statement to Reuters.
Vesttoo is currently conducting an internal and external analysis of the events leading up to the first fraudulent credential report. The size of the fintech company was 200 employees.
“These are painful, but important decisions that we must make at this time. Our focus remains on regaining our footing and emerging from this challenge stronger than before”, the company continued.
The scandal surrounding the fraud has changed and halted the company’s plans to raise about $200 million in late-stage funding that would have valued the firm at nearly $2 billion.
]]>The deal will be an important step for Microsoft’s Xbox gaming brand in its battle against Sony’s PlayStation. The purchase of the “Call of Duty” maker comes as Microsoft is fiercely trying to expand its Game Pass subscription service. Microsoft’s chief executive Satya Nadella, said:
“We’re investing deeply in world-class content, community and the cloud to usher in a new era of gaming that puts players and creators first and makes gaming safe, inclusive and accessible to all.”
However, Sony’s PlayStation 5 is being recognized as the leader over Microsoft’s Xbox models. In the past few years, Sony made its network stronger and offered some exclusive hits such as its Spider-man franchise.
Also, the Japanese company is one of the very first companies in virtual reality. Not only that but this month Sony even revealed some more details about its next generation headset.
Now, Sony meets really strong competition in the gaming industry.
]]>Builder.ai empowers enterprises, small businesses and entrepreneurs to build, run and scale their software using reusable lego-like features, a vetted network of developers and a state of the art software assembly line running in the cloud so they don’t require technical expertise and any lines of code.
While COVID-19 took its toll on businesses and resulted in countless closures worldwide, it also drove over a third of businesses to increase the use of digital technology to adapt and stay competitive. Meanwhile, Forrester predicts that 75 percent of application development will use low-code platforms by the end of 2021. It’s also projected that the global low-code development platform market will generate $187 billion in revenue by 2030. This growth will be driven by an increasing demand for business digitization, less dependency on information technology professionals and stringent government norms. Combined, these factors played a key role in Builder.ai’s business growth over the last year.
“Given the uncertainty brought on by the pandemic, I want Builder.ai to be a platform that serves as a sign of hope for small businesses looking to keep their customers engaged, and for entrepreneurs ambitiously driven to launch new business ideas – they are the new developers,” said Sachin Dev Duggal, CEO and Co-Founder of Builder.ai.
“Businesses in certain industries, such as retail, fashion, travel and hospitality, have been hit especially hard and we want to be their partner as they adopt a digital-first mindset to stay competitive. With our order-to-create style platform and its ability to drastically reduce the cost and effort typically required to build software, we want to give businesses, small and large, a fighting chance at survival and long-term growth. Our customers’ growth is our growth. With that in mind, we will continue to push our platform to drive digital adoption for small businesses.”
Key milestones achieved by Builder.ai in 2020 include:
As the company moves forward with its 2021 business strategy and plans, CEO Sachin Dev Duggal has tapped two prominent executives to join the C-suite.
Builder.ai is a global brand with its headquarters in London, supported by offices in New Delhi, Singapore, Los Angeles, Tokyo and Dubai.
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