IN THE PAPERS
In The Papers 18 October
18-10-2010
by Sylvia Leatham
US equity firm to acquire Trintech | IrishTimes.com wins top Irish Web Award
The Irish Times reports that Irish financial software firm Trintech is to be acquired by US private equity firm Spectrum Equity Investors for USD129.4 million. Under the deal, which is subject to shareholder approval, shareholders will receive USD6.60 per American Depository Share (ADS). Trintech founder Cyril McGuire will gain an estimated USD27 million from the transaction. Cerasus, a wholly owned subsidiary of Spectrum, is acquiring Trintech.
The paper also says that IrishTimes.com was named the 'Best Website' at the 2010 Realex Irish Web Awards. The award was presented to online editor Hugh Linehan at a ceremony at the Mansion House in Dublin on Saturday. The website was also named 'Best Online Publication'. Other winners included State.ie, 98FM, Ragged Words and Movies.ie.
The Irish Independent says that Apple is expected to announce strong results this week thanks to the popularity of its iPad and iPhone 4. The company is expected to report an almost doubling in profits of approximately USD13.4 billion when it reports full-year results on Tuesday. Sales for the year are expected to come in at about USD63.7 billion, compared with USD36.5 billion a year earlier.
The Financial Times says that information theft and electronic data theft have surpassed physical property losses as the biggest crime problem for global companies, according to a Kroll annual global fraud survey. More than 27 percent of 801 companies surveyed reported data loss, up from 18 percent last year, while the share of companies reporting physical theft fell slightly from 28 percent in 2009. "This is a reflection of the changing nature of the economy. More and more of the value of a company is intangible rather than things. Firms don't make widgets. They make ideas," said Richard Plansky, head of Kroll's New York office.
The paper also says that BT has stuck to its revenue guidance after concluding a review of its central government contracts with ministers. The UK company has confirmed its estimate for 2010-11 and said it has not lost any government contracts following the review. Analysts are expecting BT Global Services, the subsidiary responsible for most of the government contracts, to generate STG8.2 billion in revenue in 2010-11, compared with STG8.5 billion in 2009-10.
The Wall Street Journal reports that Yahoo plans to mimic a strategy used by rival Facebook to help drive traffic to its site, according to sources. The company will soon roll out a feature called Y Connect to allow media publishers, web developers and other websites to integrate elements of their services with Yahoo -- an approach Facebook has used to allow sites to forge links to the social network. With Y Connect, users could register with and log in to media sites simply by clicking on a Yahoo button. Then, users' activity on the media site can easily be shared with contacts on Yahoo. Content on non-Yahoo sites would be shared via Yahoo Pulse, a hub connected to Yahoo Mail accounts.
The Sunday Times reports that almost EUR250,000 has been spent in the past seven years on mobile phones for TDs and senators, with many politicians claiming a maximum amount of EUR750 every 18 months. The paper's investigation also revealed that 12 Fianna Fail TDs and senators have bought their phones from the brother of Tanaiste Mary Coughlan, who owns Millennium Communications Cellular. The company said it is a major O2 dealer. Other facts revealed by the investigation include that Ivor Callely claimed more than any other politician for mobile phones.
The Sunday Business Post reports that the Minister for Communications Eamon Ryan is to invite the heads of telecoms firms and content creators in Ireland to be part of a task force on how to build new broadband networks. The taskforce is expected to include representatives of firms such as Google and Facebook, and will look at how to fund new infrastructure. The article also says that Eircom chief executive Paul Donovan has called for rival telecoms firms to invest money in its fibre broadband technology.
The paper also writes that Bank of Ireland customers are turning to paperless billing as the bank reduces the amount of paper it is sending out. Monthly statements have been changed to quarterly. The bank said the move is not designed to push people online, but instead is an initiative aiming to be environmentally friendly and efficient. However, some companies have been criticised for moving to electronic billing. Vodafone and O2 have switched over to the new method, but lobby groups have said customers should have to agree to the switch.
The same paper says that a new aircraft anticollision system has been developed by researchers at Trinity College Dublin. The system, named WingWatch, uses cameras on the tail of the plane to give a 3D image of the area around the aircraft. It is aimed at helping pilots assess the proximity of another aircraft, and triggers an alert on screen showing the risk level posed by objects near the aircraft. The system will be tested at Dublin Airport later this month.
The paper also briefly reports that wireless hotspot provider Bitbuzz has recorded more than 100,000 monthly logins for the first time; software company TerminalFour will create 16 new jobs by 2011; and Digiweb has launched a new utility cloud computing platform. The paper also says Dublin-based IT services firm Damovo has secured platinum partner status from Canadian communications company Aastra.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 