Techcrunch blog!: Daily Crunch - SoftBank throws WeWork a lifeline

Wednesday, October 23, 2019 • By Anthony Ha

Happy Wednesday

SoftBank is putting even more money into WeWork, SAP’s outgoing CEO gets a new job and automated logistics startup Fabric raises $110 million. Here’s your Daily Crunch for October 23, 2019.

WeWork confirms an up to $8 billion lifeline from SoftBank Group; names new executive chairman

Confirming earlier reports, The We Company and SoftBank Group have agreed to a new capital infusion, which will see SoftBank committing $5 billion in new financing and issuing a tender offer for another $3 billion in buybacks for shareholders.

After the closing and the tender offer, SoftBank will own approximately 80% of The We Company, according to a statement. However, it will not hold a majority of voting rights, thanks to WeWork's convoluted ownership structure.

WeWork confirms an up to $8 billion lifeline from SoftBank Group; names new executive chairman image

Image Credits: Theo Wargo / Getty Images

The roles of AI & Cryptography in remote identity verification

Former SAP CEO Bill McDermott taking over as ServiceNow CEO

When Bill McDermott announced he was stepping down as CEO at SAP a couple of weeks ago, it certainly felt like a curious move — but he landed on his feet pretty quickly.

Fabric raises $110 million Series B to expand its network of automated fulfillment centers in the US

Last October, Fabric opened its first micro-fulfillment center in Tel Aviv, giving an inside look into how the company's system works: Robots move around the warehouse, picking up inventory so human workers can stay at a scanning station.

Image Credits: Fabric

Snapchat beats in Q3, adding 7M users & revenue up 50%

The Snap-back continues.

Google's Play Store is giving an age-rating finger to Fleksy, a Gboard rival

Do a search on Google's Play Store in Europe and you'll find the company's own Gboard app has an age rating of PEGI 3. But if you do a similar search for the rival Fleksy keyboard app, you'll find it has a PEGI 12 age rating.

How tech companies measure 'legal'

Interviews with tech company general counsels — and a survey conducted by TechGC — reveal how innovative in-house attorneys measure both productivity and quality, and position their teams as central to advancing enterprise-wide goals. (Extra Crunch membership required.)