Salesforce co-CEO Keith Block on Apple relationship, rise of 'the modern company'. (CNBC)

Salesforce co-CEO Keith Block on Apple relationship, rise of 'the modern company' from CNBC.



at 4:35 PM 0 comments

Churchill Capital Corp and Clarivate Analytics Announce Merger Agreement
Clarivate Analytics to Become a Publicly Listed Company


Churchill Capital Corp and Clarivate Analytics Announce Merger Agreement English
- Clarivate Analytics to Become a Publicly Listed Company- Churchill Founders Agree to Double Investment in Company- Management and Current Equity Owners to Remain 100% Invested

NEWS PROVIDED BY
Clarivate
Jan 14, 2019, 09:10 ET
SHARE THIS ARTICLE

NEW YORK, Jan. 14, 2019 /PRNewswire/ -- Churchill Capital Corp ("Churchill") (NYSE: CCC), a public investment vehicle, and Clarivate Analytics ("Clarivate"), a global leader in providing trusted insights and analytics to accelerate the pace of innovation, announced they have entered into a definitive agreement to merge. The combined company will operate as Clarivate and will become publicly listed on the New York Stock Exchange. The transaction implies an initial enterprise value of approximately $4.2 billion1 with a multiple of approximately 12.5x Clarivate's estimated 2019 Standalone Adjusted EBITDA before synergies at the time of close.

Churchill CEO Jerre Stead, who had a long and very successful tenure serving as Chairman and CEO at IHS Markit Ltd. and previously as Executive Chairman and CEO at IHS Inc., will serve as Executive Chairman of the combined company. Clarivate's existing management team, led by CEO Jay Nadler and CFO Richard Hanks, will continue to lead the business.

Clarivate provides comprehensive intellectual property and scientific information, decision support tools and services that enable academia, corporations, governments, and the legal community, to discover, protect and commercialize new ideas, mission-critical content, and brands. Clarivate's many well‐known brands include Web of Science™, Cortellis™, Derwent Innovation™, Derwent World Patents Index™, CompuMark™, MarkMonitor®, and Techstreet™, among others. Funds affiliated with Onex Corporation ("Onex") (TSX: ONEX) and Baring Private Equity Asia ("BPEA") acquired Clarivate in a carve-out transaction from Thomson Reuters in 2016. Since the acquisition, Clarivate has continued to capitalize on its unique legacy and assets while separating from its former parent and positioning the business for success as a standalone entity, which included recruiting a new management team and re-energizing its products and commercial capabilities. As the business completes its multi-year separation from Thomson Reuters this year, it is well positioned for accelerated growth.

"We have respected Clarivate for a long time and are very pleased to now merge our companies. Clarivate has a superior set of data assets, valuable customer relationships and extraordinary people. I look forward to working with Clarivate's management team to accelerate growth in organic revenue, EBITDA and free cash flow over time," said Jerre Stead, CEO of Churchill.

Jay Nadler, CEO of Clarivate, explained: "Clarivate accelerates the pace of innovation by supporting the world's innovators - the people and organizations behind a new idea, invention or brand. This is an exciting milestone in Clarivate's evolution that will open a wide range of future growth opportunities for the business and allow us to further invest in the brightest minds, game changing data science, and robust technologies. Jerre is a veteran of the industry and his insights will be invaluable as we enter our next phase of growth."

Summary of Transaction
Onex, BPEA and Clarivate management are retaining 100% of their equity, which converts to 73.8% ownership of the outstanding shares of the combined company at closing, assuming no redemptions by Churchill's public stockholders. The remaining outstanding shares of the combined company will be held by the current stockholders and founders of Churchill. Onex will continue to be the majority owner.

The transaction is expected to be completed during the second quarter of 2019, subject to approval by Churchill stockholders and other customary closing conditions. Clarivate will also enter into a tax receivable agreement with its current equity holders, which will provide for the sharing of tax benefits relating to certain pre-business combination tax attributes as those tax benefits are realized by Clarivate. Churchill and Clarivate intend to hold a joint conference call providing further details on the transaction on January 15, 2019 at 9:00 AM ET; please see Exhibit 1 for dial-in details. The boards of directors of both Churchill and Clarivate have unanimously approved the proposed transaction. The combined company will apply to list its ordinary shares and warrants on the New York Stock Exchange.

In connection with the transaction, Churchill founders have agreed to invest an additional $15 million, doubling their investment in Churchill. Founders have also have entered into agreements to amend the terms of its founder shares and founder warrants to align with the long-term valuation creation and performance of Clarivate. Churchill founders have delayed the majority of their equity to vest only if the share price of the company exceeds $15.25 per share by 2022 and $17.50 per share by 2024. The majority of net cash proceeds from this transaction are expected to be used to pay down existing Clarivate debt and for working capital and general corporate purposes.

Important Information for Churchill Investors and Stockholders:
Churchill and Clarivate intend to file a proxy statement, prospectus and other relevant documents with the Securities and Exchange Commission ("SEC") to be used at Churchill's annual meeting of stockholders to approve the proposed transaction with Clarivate. The proxy statement will be mailed to stockholders as of a record date to be established for voting on the proposed business combination. Investors and security holders of Churchill are urged to carefully and fully read the proxy statement, prospectus and other relevant documents that will be filed with the SEC as they will contain important information about the proposed transaction and related parties. Free copies of these documents will be available through SEC's website at http://www.sec.gov. Documents filed by Churchill and/or Clarivate can be obtained free of charge from Churchill's website at www.churchillcapitalcorp.com, by written request to Churchill Capital Corp, 640 Fifth Avenue, Floor 12, New York, NY 10019, or by emailing info@churchillcapitalcorp.com.

Advisors
Citigroup Global Markets is acting as capital markets advisor to Churchill. Citi and M. Klein and Company served as financial advisors to Churchill. Blank Rome LLP and Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to Churchill.

Credit Suisse served as exclusive financial advisor to Clarivate, Onex and BPEA. Latham & Watkins LLP served as legal counsel to Clarivate and Onex . BPEA was advised by Ropes & Gray LLP.

About Clarivate Analytics
Clarivate is the global leader in providing trusted insights and analytics to accelerate the pace of innovation. The company offers subscription-based services focused on scientific and academic research, life sciences, patent research and intelligence, industry codes and standards and intellectual property management. Building on a heritage going back more than a century and a half, Clarivate has built some of the most trusted brands across the innovation lifecycle, including Web of Science, Cortellis, Derwent, CompuMark, MarkMonitor and Techstreet. Formerly the Intellectual Property and Science business of Thomson Reuters, today Clarivate is on a bold entrepreneurial mission to help their customers radically reduce the time from new ideas to life-changing innovations. For more information, please visit Clarivate.com.

About Churchill Capital Corp
Churchill Capital Corp is a public investment vehicle formed for the purpose of effecting a merger, acquisition or similar business combination in the information services segment of the broader technology services and software industry. Churchill is led by Chairman Michael Klein and Chief Executive Officer Jerre Stead. Churchill's securities are quoted on the New York Stock Exchange under the ticker symbols CCC, CCCW and CCCU. The company raised $690 million of cash proceeds in an initial public offering in September 2018. www.churchillcapitalcorp.com

Forward Looking Statements
This press release includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Churchill's or Clarivate's management's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by Churchill stockholders; the ability to meet NYSE's listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; Clarivate's ability to execute on its plans to develop and market new products and the timing of these development programs; Clarivate's estimates of the size of the markets for its solutions; the rate and degree of market acceptance of Clarivate's solutions; the success of other competing technologies that may become available; Clarivate's ability to identify and integrate acquisitions; the performance and security of Clarivate's services; potential litigation involving Churchill or Clarivate; and general economic and market conditions impacting demand for Clarivate's services. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. Neither Churchill nor Clarivate undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures
Adjusted EBITDA represents net income from continuing operations before provision for income taxes, depreciation and amortization and interest income and expense ("EBITDA") adjusted to exclude acquisition or disposal-related transaction costs, losses on extinguishment of debt, stock-based compensation, unrealized foreign currency gains / (losses), transition services agreement costs, carveout and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenue, non-cash income / (loss) on equity and cost method investments, non-operating income or expense, the impact of certain non-cash and other items that are included in net income for the period that Clarivate does not consider indicative of its ongoing operating performance, and certain unusual items impacting results in a particular period to more accurately reflect management's view of the recurring profitability of the business. Standalone Adjusted EBITDA is calculated using Adjusted EBITDA adjusted further to include the difference between annualized run-rate savings and savings realized during that same twelve-month period as well as the difference in Clarivate's actual standalone costs incurred relative to the steady state standalone cost estimate that Clarivate expects to achieve after completing the carveout and optimizing standalone functions by the end of 2020.

Additional Information
Churchill and Clarivate and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of Churchill's stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of Churchill's directors and officers in Churchill's filings with the SEC, including Churchill's Form S-1 registration statement, which was declared effective by the SEC on September 6, 2018. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Churchill's stockholders in connection with the proposed business combination will be set forth in the registration statement for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement, prospectus and related documents that the parties intend to file with the SEC.

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Contacts:

Churchill Capital Corp info@churchillcapitalcorp.com

Clarivate Analytics media.enquiries@clarivate.com

Exhibit 1

Conference Call and Webcast Information

Churchill and Clarivate executives will conduct a conference call and webcast to discuss this news release on January 15, 2019 at 9:00 a.m. Eastern Daylight Time.

Webcast link: https://event.webcasts.com/starthere.jsp?ei=1226721

Dial-in:
US Toll-free:
(800) 289-0438

UK Toll-free:
0800 358-6377

Conference ID: 8637311

An archived webcast will be available for one week following the live call at https://event.webcasts.com/starthere.jsp?ei=1226721

Participant Access - Dial in 5-10 minutes prior to the start time

1 Based on Q3 2018 pro forma net debt of approximately $1.3B, which includes net proceeds from the sale of Clarivate's Intellectual Property Management business and its acquisition of TrademarkVision, both completed in Q4 2018.

SOURCE Clarivate



at 9:33 AM 0 comments

Philly EnterpriseTech Highlights 1/19; New pre-seed fund powered by First Round Capital will target recent graduates; Drexel University Leveraging NLP to Improve Clinical and Research Processes; Will regional approach work for Philly?


























































at 10:25 PM 0 comments

CES '19 from a Philly perspective (Wrap)

Tom Paine




 Subscribe in a reader
Subscribe to Philadelphia Tech News by Email




CES (the Consumer Electronics Show) is not designed for most early stage startups without wads of VC money, because the total cost of exhibiting there is too expensive.

Startups that want to make an impression at the show can work on getting placed on panel discussions, partner under the umbrella of a larger exhibitor, or exhibit at a parallel show at a a nearby venue. Or just roam the hall to collect market intelligence and develop contacts.

In the past, shows like the Trenton Computer Festival (to be held on March 23 this year) were invaluable to startups seeking to reach the cognesecti or just geeks face-to-face. TCF is still a great event, but not as important as it was in the pre-internet days. Millenials who have grown up with the Internet probably don't realize how hard it was in the psst to get product information, or to understand a vendor's roadmap.

CES '19 was similar for the Philly startup community; a number of companies represented but few exhibitors.

One that tried a novel approach was Promobot, a Russian state-backed venture that claims Warminster as its home office on its website. One of its robots, which are marketed as promotional tools (thus the name ), got in the way of a Tesla on a Vegas road . Promobot claimed that the Tesla "killed" its robot, but in truth it looked like a staged publicity event.




Two areas of major interest at CES '19 were the speed wars (between future 5G offerings from the wireless companies and Cable's DOCSIS standard), and smart home tech.

It will be at least two years until meaningful 5G (Fifth Generation) is available in the US. Meanwhile, Cable is touting 10G (Gigabits) as an achievable future goal in full duplex within its DOCSIS architecture. How the two modes will compete with or interact with each other in the future is a major topic of discussion, given the tens of billions Telecom and Cable invests in infrastructure.

Comcast announced a partnership with Intel to utilize a special chip that will enable faster download speeds and WiFi service. Comcast expects its first 10 Gig and WiFi 6 services will come in 2020.


Lutron was on hand to introduce its new ceiling fan control system and remote for its Caseta smarthome platform. Lutron also launched late last year an expanded 4500 squad foot 'Experience Center' in Manhattan. It has another similar center located at its headquarters in Coopersburg, PA. near Allentown.

Lutron made a significant acquisition of Ketra in 2018.

"Lutron’s deal was notable because it accelerated the lighting giant’s position in the consumer “Circadian” lighting market, where Ketra plays. It was also notable because Lutron doesn’t, as a matter of course, purchase other companies. The last big deal was the 2000 acquisition of Vimco, which propelled Lutron into the motorized shading business … in a big way. The same could happen in the wellness-lighting market with Ketra," CEPro wrote.

And Ring launched a whole new range of smart lighting at CES, which integrate with a Ring security system.

Comcast introduced its Xfinity xFi Advanced Security product at CES. It uses artificial intelligence and machine learning technology, based on a platform developed by A.I. Security company Cujo AI, to monitor and analyze Wi-Fi traffic in a smart home and automatically block suspicious activity in real time.

Other Philly companies active at CES include ROAR for Good, Amino, Medical Guardian, STRATIS , USA Technologies, and 3D TV maker Stream TV.

The latest in 8K and OLED TVs were on display. Ewing-based Universal Display is a major force behind OLED TVs, which usually employ its technology and materials.


at 7:19 PM 0 comments

Mueller's office refutes BuzzFeed story on Trump telling Cohen to lie to Congress

Tom Paine




 Subscribe in a reader
Subscribe to Philadelphia Tech News by Email






Special Consul Mueller's office issued a statement tonight totally denying the existence of evidence mentioned in a BuzzFeed article that concluded Trump had instructed Michael Cohen to lie to Congress.

Unless there's some halfway point that BuzzFeed can find to say there is something to these allegations, the web publication should be completely discredited in the eyes of reasonable people.

The problem is that Buzzfeed, which has been valued at $1.5 billion, largely on the legs of two $200 million investments by Comcast, has no place to go. Before its financial problems became more evident, it had been widely assumed BuzzFeed would end up becoming a part of the Comcast / NBCU family. See the article from today's Guardian on BuzzFeed's current business problems.


NBC has had its own newsroom credibility problems, so its not as if it could straighten out BuzzFeed's direction.

Comcast would do well by either bringing down whatever power it can upon BuzzFeed, or else promptly seek to unwind its investment as soon as possible.

Its bad for the Comcast and NBC brands, and bad for the business.


at 9:04 PM 0 comments

Labels: , , ,

Elemica and crossinx Deliver Blockchain Pilot for Leading Global Chemical Manufacturers
. Goal to Automate Multi-Tier Processes (Press Release)

Elemica and crossinx Deliver Blockchain Pilot for Leading Global Chemical Manufacturers

Goal to Automate Multi-Tier Processes

Wayne, PA – January 15, 2019 – Elemica, the leading Digital Supply Network for process manufacturing industries, announces the completion of a successful blockchain pilot project between leading global chemical manufacturers as part of an innovation initiative testing new technologies that will redefine B2B processes and support digital transformation.

In the pilot program, Elemica and crossinx, a network for financial business collaboration solution, exist as nodes on a public blockchain, connecting structured data with unstructured data, such as documents, to enable multi-tier payment. In the pilot, two large global chemical companies facilitate document and data transfer of invoices, purchase orders, delivery tenders and proof-of-delivery posts. With the ability to connect to a digital network, blockchain functionality can be made accessible to support a many-to-many connection of companies, facilitating payment processing.

“Similar to any new technology, there is a period of learning and evolution before adoption,” said Arun Samuga, CTO of Elemica. “We like what we see so far and are identifying areas of clear applicability of the technology.”

Elemica’s blockchain pilot project tested the ability to use blockchain to support a many-to-many architecture. Blockchain technology can be used to break supply chain data out of silos and reveal this information to all trading partners regardless of the network they are connected to.

“Our goal is to use the blockchain to automate document exchange along the supply chain and make it more transparent. This is the basis for our Supply Chain Finance solutions," explains crossinx CEO and founder Marcus Laube.

The benefits of this capability with blockchain could lead to:
· Feasibility of employing a trustless, intermediary-free, decentralized standard to exchange information between different stakeholders
· Simplify existing business processes and make them smarter
o Auto-ordering based on IoT information
o Automated PO confirmations
o Auto-invoice creation based on Pickup or PoD
o Auto-matching of invoices
o Auto-payments
· Extend to other complementary decentralized networks and from IoT devices

The success of the blockchain pilot project shows that the new technologies brings value to supply chains and businesses through the sharing of information, workflows and economies.

About crossinx
crossinx brings the accounting of private and public sectors to the next level with a business network unique to the German speaking market. A team of 100 multinational employees help companies digitize their document-based finance and business processes. With over 150,000 connected companies, an invoice volume of 25 billion Euro and an expansion rate of 100%, the company is a leading provider for financial business collaboration. For more information, visit www.crossinx.com.

About Elemica
Elemica is the leading Digital Supply Network for the process manufacturing industries. Elemica accelerates digital transformation by connecting, automating, anticipating and then transforming inter-business supply chain processes for the products they buy, sell, and move. Launched in 2000, customers process over $500B in commerce annually on the network. For more information, visit www.elemica.com.

--
Becky Boyd
VP, MediaFirst
415 State Street, Roswell, GA 30075 USA
O: (770) 642-2080 x 214
C: (404) 421-8497
becky@mediafirst.net


at 6:32 AM 0 comments

Apple should buy private digital health records operation Epic Systems, says Jim Cramer

Apple should buy private digital health records operation Epic Systems, says Jim Cramer from CNBC.



at 7:43 PM 0 comments

Philly EnterpriseTech Highlights 1/16: Walgreens, Microsoft Ink Strategic Deal to “Transform Healthcare Delivery”; Like The Shutdown, TiVo-Comcast Legal Fight Has No End in Sight



Vanguard founder Jack Bogle dead at 89


Fiserv is buying First Data in a $22B deal
Radian makes another data-oriented acquisition
Walgreens, Microsoft Ink Strategic Deal to “Transform Healthcare Delivery”
AWS For Everyone: New clues emerge about Amazon’s secretive low-code/no-code project
TiVo-Comcast Legal Fight Has No End in Sight
DuckDuckGo will use Apple Maps for local searches on the web; furthers my speculation that Apple would be a great partner for DuckDuckGo
Another view on "Is digital health in a bubble?"



























































































at 8:00 PM 0 comments

Vanguard's Bogle dead at 89

Jack Bogle, founder of the Vanguard Group, died at the age of 89, it was announced this evening.

Bogle, a very bright and inventive man, revolutionized investing and financial markets with a very simple concept - index funds. Vanguard was founded in 1974.

He died in Bryn Mawr. The cause was cancer.

"Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children's futures," said Vanguard CEO Tim Buckley. "He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor 'a fair shake.'"




A look back at the life of Vanguard’s founder
COMPANY NEWS JANUARY 16, 2019
https://investornews.vanguard/a-look-back-at-the-life-of-vanguards-founder/?cmpgn=Ext:SM:RIG:XX:011619:XX:POST:XX:TW:Oth:XX:XX:XX:sf206086288&sf206086288=1


Vanguard regrets to announce the passing of our founder, John Clifton Bogle, who died January 16, 2019, at his home in Bryn Mawr, Pennsylvania. He was 89.

John BogleMr. Bogle had near-legendary status in the American investment community, largely because of two towering achievements:

He introduced the first index mutual fund for individual investors and, in the face of skeptics, stood behind the concept until it gained widespread acceptance.
He drove down costs across the mutual fund industry by ceaselessly campaigning in the interests of investors. Vanguard, the company he founded to embody his philosophy, is now one of the largest investment management firms in the world.
“Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures,” said Vanguard CEO Tim Buckley. “He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor ‘a fair shake.’”

“The Vanguard Experiment”
Under Mr. Bogle’s tutelage, Vanguard began operations on May 1, 1975. He called the new venture “The Vanguard Experiment,” where mutual funds would be operated at cost and independently. Vanguard thus represented a radical change from the traditional mutual fund structure, in which an external management company manages a fund for profit.

“Our challenge at the time,” Mr. Bogle recalled a decade later, “was to build … a new and better way of running a mutual fund complex. The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.”

An aficionado of naval history, Mr. Bogle named the company after Admiral Horatio Nelson’s flagship at the Battle of the Nile in 1798; he thought the name “Vanguard” resonated with the themes of leadership and progress. The nautical theme can still be seen in Vanguard’s logo and communications to shareholders.

“Father of indexing”
In 1976, Vanguard introduced the first index mutual fund for individual investors. Ridiculed by others in the industry as “un-American” and “a sure path to mediocrity,” the fund, First Index Investment Trust, collected a mere $11 million during its initial underwriting. Now known as Vanguard 500 Index Fund, it has grown to be one of the industry’s largest, with more than $400 billion in assets. Today, index funds account for more than 70% of Vanguard’s $5.1 trillion in assets under management; they are offered by many other fund companies as well and they make up most exchange-traded funds (ETFs). For his pioneering of the index concept for individual investors, Mr. Bogle is often called the “father of indexing.”

Standing up for the individual investor
Mr. Bogle and Vanguard again broke from industry tradition in 1977, when Vanguard ceased to market its funds through brokers and instead offered them directly to investors. The company eliminated sales charges and became a pure no-load mutual fund complex—a move that would save shareholders hundreds of millions of dollars in sales commissions.

A champion of the individual investor, Mr. Bogle is widely credited with helping to bring increased disclosure about mutual fund costs and performance to the public. His commitment to safeguarding investors’ interests often prompted him to speak out against practices that were common among his peers in other mutual fund organizations.

“We are more than a mere industry,” he insisted in a 1987 speech before the National Investment Company Services Association. “We must hold ourselves to higher standards, standards of trust and fiduciary duty. Change we must—in our communications, our pricing structure, our product, and our promotional techniques.”

Early career
The New Jersey native began his career in 1951 after graduating magna cum laude in economics from Princeton University. His senior thesis on mutual funds had caught the eye of fellow Princeton alumnus Walter L. Morgan, who had founded Wellington Fund, the nation’s oldest balanced fund, in 1929, and was one of the deans of the mutual fund industry. Mr. Morgan hired the ambitious 22-year-old for his Philadelphia-based investment management firm, Wellington Management Company.

Mr. Bogle worked his way up through the ranks, and, in 1967, he was named president. Mr. Bogle became the driving force behind Wellington’s growth into a mutual fund family after he persuaded Mr. Morgan to start an equity fund that would complement Wellington™ Fund. Windsor™ Fund debuted in 1958.

In 1967, Wellington Management Company merged with the Boston investment firm Thorndike, Doran, Paine & Lewis (TDPL). Seven years later, a management dispute with the principals of TDPL led Mr. Bogle to form Vanguard in September 1974 to handle the administrative functions of Wellington’s funds, while TDPL/Wellington Management would retain the investment management and distribution duties.

Beyond Vanguard
Health problems caused Mr. Bogle to step down as Vanguard’s chief executive officer in 1996. The same year, he underwent a heart transplant. A self-described “battler by nature,” Mr. Bogle came through the surgery with flying colors. He returned to work as senior chairman until 1999, when he turned 70, the maximum age for a Vanguard board member. Mr. Bogle never actually retired; he became president of the Bogle Financial Markets Research Center to continue his work on behalf of investors. He also continued to write and speak about the industry.

Awards and accomplishments
In 2004, Time magazine named Mr. Bogle one of “the world’s 100 most powerful and influential people” and Institutional Investor magazine presented him with its Lifetime Achievement Award. In 2010, Forbes magazine described him as the person who “has done more good for investors than any other financier of the past century.” Fortune magazine designated him one of the investment industry’s four “Giants of the 20th Century” in 1999. In January 2012, some of the nation’s most respected financial leaders celebrated his career at the John C. Bogle Legacy Forum.

Mr. Bogle served on several investment industry boards: chairman of the board of governors of the Investment Company Institute (1969–1970) and chairman of the NASD’s (now FINRA) Investment Companies Committee (1972–1974). In 1997, he was appointed by then-SEC Chairman Arthur Levitt to serve on the Independence Standards Board.

Mr. Bogle was sought after in the corporate community and served as a director for several corporations. He received honorary doctorate degrees from 14 universities, including his alma mater, Princeton.

Civic work
An avid booster of Philadelphia and the surrounding area, Mr. Bogle was active in civic affairs. “I loved Philadelphia, my adopted city that had been so good to me. I established my roots there, finding even more unimaginable diamonds,” he wrote in one of his many books.

His civic work extended to organizations involved in education, leadership, and public affairs. He served as the first chairman of the board of trustees and chairman emeritus for the National Constitution Center. Former President Bill Clinton was also on the board and later wrote the foreword to the paperback edition of Mr. Bogle’s book Enough. True Measures of Money, Business, and Life.

Sportsman and family man
Mr. Bogle was born May 8, 1929, in Montclair, New Jersey. He worked his way through Blair Academy and Princeton University as a waiter and also managed Princeton’s athletic ticket office.

A tall, athletic man who sported a crew cut for most of his life, Mr. Bogle played squash, tennis, and golf, and also enjoyed sailing. He was often described as a “fierce competitor” on the court and course, a demeanor he also maintained on the job. Reading was among his pleasures, as was The New York Times crossword puzzle, which he often completed in less than 20 minutes.

He married Eve Sherrerd in 1956. The couple had 6 children—daughters Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John, and Sandra Bogle Marucci, and sons John C. Bogle Jr. and Andrew Armstrong Bogle. They had 12 grandchildren and 6 great-grandchildren.
















at 6:12 PM 0 comments

Philly EnterpriseTech People News 1/15





Subscribe to Philly Tech People News by Email




David Sorin gives remarks at NJ Tech Council Awards Ceremony (NJTechWeekly)

NBCUniversal Shakeup: Mark Lazarus, Jeff Shell and Bonnie Hammer Promoted, Streaming Service to Launch in 2020


Megyn Kelly walks away from NBC with the remainder of her $69M deal (NBC News)

OMERS Ventures opens Silicon Valley office, hires Comcast Ventures Managing Director Michael Yang (PE Hub)

WICT Names Global Board (Broadcasting & Cable)

Sapphire Ventures Announces Promotion of Jai Das to President


Box hires former SAP exec as chief information security officer (TechCrunch)

Laurette Pitts Named VSBLTY CFO

Alarm Capital Alliance Names Teresa Brewer as New VP of Business Development

ERT Further Enhances its Market-Leading Delivery Expertise


Princeton life sciences company adds clinical exec (ROI)


at 10:26 PM 0 comments

Villanova-based roundCorner acquired by Salesforce.org

Tom Paine




 Subscribe in a reader
Subscribe to Philadelphia Tech News by Email






roundCorner, the Villanova-based software firm for non-profits, foundations, and educational institutions, has been acquired by Salesforce.org , it was announced on Monday.

roundCorner offers cloud-based SaaS CRM solutions built on the Salesforce platform and designed specifically for non-profits and higher ed institutions. Major customers include Girl Scouts, City Year, American Red Cross, Skoll Foundation and ASPCA. Salesforce.org is a non-profit arm of Salesforce (CRM).

roundCorner received a Series A round in 2013 lead by Salesforce Ventures , with the amount not disclosed. It appears there was an earlier seed round, , in which Boston-based CPD , a collaborative fundraising service for public media stations, participated.

roundCorner's relationship to Salesforce has been difficult to acsertain at times, though this acquisition certainly clarifies things. A 2016 statement indicated that Salesforce,org would no longer be directly selling and servicing roundCorner products .

Meanwhile, co-founder and CEO Dan Lamont departed late last year and put a shingle out for a new venture, Threshold World .

In addition to the non-profit angle, Salesforce has been focusing on developing more vertical apps, of which roundCorner is one.





at 7:31 PM 0 comments

Subscribe to: Posts (Atom)