Connect with us

Business

Uber announces to acquire shipping software company in $2.25 billion deal

Uber Freight Thursday announced that it is acquiring shipping software company Transplace in a deal that values the transportation logistics company at $2.25 billion.

Published

on

Uber announces to acquire shipping software company in $2.25 billion deal
Uber announces to acquire shipping software company in $2.25 billion deal

Uber shares were slightly negative Thursday morning following the announcement.

Uber Freight will acquire Transplace from TPG Capital, the private equity platform of alternative asset firm TPG that acquired Transplace in 2017. The deal consists of of up to $750 million in common stock of Uber and the remainder in cash.

It’s a rare move for Uber, which has spent the last year shedding its profit-eating self-driving unit and flying taxi segment. Instead, Uber has been choosing to pour billions into strengthening its Uber Eats segment, acquiring alcohol delivery company Drizly and food delivery service Postmates.

Transplace makes software that helps companies manage their supply chains to ship goods. The company claims it operates one of the largest software platforms for supply chain management and logistics in the world.

Uber Freight, a separate division of Uber, offers similar software tools to manage supply chains and shipping. Uber Freight says it has over 70,000 carriers on its network that can ship items for companies.

Uber Freight booked $301 million in revenue in the first quarter of this year, up 51% from the first quarter of 2020. Despite the growth, Uber Freight contributes just a small slice of Uber’s overall revenue, the bulk of which comes from rides and food delivery.

The deal is expected to help Uber’s trucking division reach profitability. The company said it could help the segment break even on an adjusted EBITDA basis by the end of 2022. The deal is still subject to regulatory approval.

 

SOURCE: CNBC

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 3 months.

Entertainment

BTS takes over UNGA, performs ‘Permission to Dance’ inside assembly hall

BTS’ speech was followed by a pre-recorded performance of their latest song ‘Permission to Dance’ which in itself is a message of positivity and hoping for an end to the pandemic.

Profile Avatar

Published

on

BTS takes over UNGA, performs ‘Permission to Dance’ inside assembly hall

New York: Acclaimed K-POP band BTS addressed the United Nations General Assembly (UNGA) as the special presidential envoy for future generations and culture from their native South Korea— expressing their faith in young people's ability to imagine a better world despite pandemic.

They spoke about climate change, and sustainable development amid the pandemic. The band discussed the difficulties that the youth encountered as a result of the pandemic.

The group leader Kim Namjoon (RM) taking centrestage, began in Korean, “It is an honor to be here today, where BTS has been appointed as Special Presidential Envoy for The Republic of Korea. We’re here today to share the stories of a future generation. Before we came here, we asked the young people in their teens and 20s around the world about their past two years and about the world they find themselves in today".

BTS’ speech was followed by a pre-recorded performance of their latest song ‘Permission to Dance’ which in itself is a message of positivity and hoping for an end to the pandemic.

The artists took turns on stage during their seven-minute speech, but it wasn't all about UN goals. 

The pre-recorded video was presented soon after all members of the band- Jimin, J-Hope, Jin, Suga, RM, Jungkook, and V- spoke about the possibilities of the future generation and their ability to adapt to changing times amid a raging coronavirus pandemic.

Korean President Moon Jae-in, at the conclusion of his speech in session, introduced the seven band members as the ‘World's most loved artist’.

The UNICEF tweeted, “Today, BTS returned to #UNGA to share a powerful message on climate action, COVID-19 vaccines & the importance of taking care of ourselves and our communities. Thank you, @BTS_twt for inspiring a generation of young people. Together, we can create a better world. #BTSLoveMyself".

It is pertinent to mention here that BTS began their ‘Love Myself campaign’ with UNICEF in 2017, and it was the subject of RM's first UN speech, which he gave in English.

The band virtually attended the 75th Assembly. It took place last year and offered its message through a film that brought people comfort.

This time, the band members took turns speaking in Korean, which was simultaneously dubbed in English.

Continue Reading

Pakistan

Pakistan: Daily COVID-19 cases drop below 2,000

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

Profile Avatar

Published

on

Pakistan: Daily COVID-19 cases drop below 2,000

Islamabad: Pakistan's coronavirus positivity ratio decreased to 4.10% from more than 11% a couple of weeks ago.

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

According to National Command and Operations Center (NCOC), around 1,897 cases of coronavirus were reported while 81 people succumbed to the disease in the last 24 hours, taking the total death toll to 27,327. The daily Covid-19 positivity rate in Pakistan is at 4.22%.

The total number of cases has reached 1,227,905.

As many as 1,137,656 patients have recovered from the disease with 4,846 critical cases.

Punjab            

The number of patients swelled to 423,670 in the province with 12,449 causalities.

Sindh

The number of infections has surged to 451,448 in the province, while the death toll has reached 7,289.

Khyber Pakhtunkhwa

The confirmed cases have surged to 171,589 in the province with 5,426 casualties.

Balochistan

There are 32,772 confirmed cases while 344 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,821 coronavirus cases in the AJK while the death toll has reached 733. On the other hand, there are 10,257 cases in GB with 182 coronavirus deaths.

Islamabad

There are 104,348 cases in the capital city while 904 people have lost their lives.

Continue Reading

Pakistan

Pakistan's COVID-19 positivity rate drops to 4.22%

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

Profile Avatar

Published

on

Pakistan's COVID-19 positivity rate drops to 4.22%

Islamabad: Pakistan's coronavirus positivity ratio decreased to 4.22% from more than 11% a couple of weeks ago.

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

According to National Command and Operations Center (NCOC), around 2,167 cases of coronavirus were reported while 40 people succumbed to the disease in the last 24 hours, taking the total death toll to 27,246. The daily Covid-19 positivity rate in Pakistan is at 4.22%.

The total number of cases has reached 1,226,008.

As many as 1,135,038 patients have recovered from the disease with 4,840 critical cases.

Punjab             

The number of patients swelled to 422,790 in the province with 12,407 causalities.

Sindh

The number of infections has surged to 450,787 in the province, while the death toll has reached 7,270.

Khyber Pakhtunkhwa

The confirmed cases have surged to 171,388 in the province with 5,412 casualties.

Balochistan

There are 32,769 confirmed cases while 344 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,787 coronavirus cases in the AJK while the death toll has reached 729. On the other hand, there are 10,245 cases in GB with 182 coronavirus deaths.

Islamabad

There are 104,242 cases in the capital city while 902 people have lost their lives

Continue Reading

Trending

Take a poll