ROUNDUPS
In the papers 24 July
24-07-2006
by Sylvia Leatham
System Dynamics acquires Software Resources | AMD set to purchase ATI Technologies
The Irish Times reports that technology services firm System Dynamics has acquired Software Resources Ltd in an all-cash deal believed to be worth around EUR1 million. System Dynamics would not confirm the price paid, citing confidentiality clauses, but said the SRL acquisition would increase its revenues by EUR3 million to EUR18 million this year.
The Irish Independent reports that millions of personal papers relating to former US president John F Kennedy are to be made available on the internet. The John F Kennedy Library in Boston is digitising and putting online more than 8.4 million documents covering his entire career. Also included will be the papers relating to his visit to Ireland in 1963.
The Wall Street Journal reports that Advanced Micro Devices has struck a USD5.4 billion deal to acquire ATI Technologies. The companies' boards approved the transaction, which is expected to be formally announced on Monday, people familiar with the situation said. It is believed AMD will pay ATI shareholders cash and stock currently valued at about USD20.47 for each ATI share. The purchase price is one of the largest amounts paid for a chip maker.
According to the Financial Times, three teams of private equity firms were on Sunday night putting the final touches on bids for the semiconductor division of Philips Electronics, which could be worth more than USD10 billion in a sale. According to people familiar with the situation, Netherlands-based Philips had set a deadline for the submission of final bids later this week, and would then proceed to determine whether to sell the unit.
The Sunday Independent reports that State-backed tech firm Acra Control has won the contract to develop a key part of the top secret US Air Force unmanned stealth attack plane, now being tested by Northrop Grumman. Acra Control was selected to supply flight test instrumentation for the combat aircraft.
The Sunday Times reports that SoftBank, a Japanese finance house, has bailed out of Irish banking software firm Cognotec, booking a loss of over USD40 million in the process. Cognotec founder Brian Macabba and FinVentures have agreed to pay USD9.5 million for SoftBank's stake under pre-emptive rights it holds. The shares will then be bought by Cognotec for the same price.
The paper also says that Vodafone is expecting holders of over 10 percent of its shares to oppose the re-election of Chief Executive Arun Sarin to its board. Shareholders with as much as a 15 percent stake are also planning to vote against the company's remuneration report, which reduces the performance hurdle required for directors to qualify for share option grants.
The same paper says that Smart Telecom is facing losses of at least EUR7.7 million if ComReg's decision to withdraw its offer of a 3G licence is upheld in the courts, the company has revealed. The expenses relate to consultant charges, financing costs and legal bills.
The Sunday Tribune reports on the launch of new music website Bandwagon.ie, a social networking site that will feature music from a range of popular and unsigned Irish acts. The company is a joint venture with Irish telecoms firm Imagine.
The Sunday Business Post reports that the Guardian Media Group and the Irish Times have emerged as front-runners to buy property website MyHome.ie, with sources saying that the bidding process has entered the final stages. There is also speculation that British website Rightmove has put in a final bid, though it remains unclear whether Independent News and Media is still in the race.
The Sunday Business Post also says that mobile operators are charging customers more for calls made from far-flung destinations than they were three years ago, according to research by the paper. The research compared today's cost of roaming to the cost three years ago. In April 2003, Vodafone charged Irish customers in Australia EUR0.45 a minute to make a local call on the Vodafone network, according to a survey published by the Consumers' Association of Ireland at the time. Today, Vodafone charges over twice the price at EUR1.09 a minute.
The paper also notes that Sony Ericsson is planning a push to win over more Irish consumers in the second half of 2006 with 14 new phones to be launched by year-end, compared with two in the first half of the year.
The same paper says that RTE.ie is to undergo a massive redesign as part of an ever-increasing emphasis on online services. Marcus O'Doherty, technology development manager of RTE's publishing division, has said the new site will consists mainly of multimedia content.
The paper also reports that Dublin software company Accuris made a loss of EUR385,000 last year after investing heavily in marketing and research and development. Accounts just filed by Accuris Holdings show that the company now has retained losses of EUR643,000, having recorded a pre-tax loss of EUR176,000 in 2004.
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