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Robert F. Smith’s Vista Equity Partners has marked off a new milestone. Axios reports that the private equity firm has raised over $20 billion for its new fund — making the fund its largest to date. As a platform that invests in technology companies, Vista Equity Partners is set to focus on artificial intelligence (AI). According to the outlet, Smith wrote to investors ahead of Vista Equity Partners’ annual general meeting in April about what they can expect soon. “You will also hear more about how we have adopted generative artificial intelligence not just as a tool but as a pivotal component of our value creation and underwriting processes,” Smith wrote, per the outlet. He added, “This has enabled us to identify and capitalize on opportunities, including dramatically expanding TAM [total available market], product innovation, GTM [go-to-market] strategies, with greater precision and speed, ensuring that we stay ahead of the curve in a rapidly evolving market landscape.” Before its...
Atlanta Mayor Andre Dickens has dished out a proposal for Microsoft. Bloomberg reports that back in 2021, the technology corporation shared it would build a new complex in Grove Park in Atlanta, GA, with a goal to create 15,000 jobs for the city. However, by 2023, it’s reported that Microsoft placed the project on pause due to the effects of the COVID-19 pandemic. Now, Dickens is putting the spotlight back on the initial commitment from Microsoft. According to the outlet, he is set to reach out to the company about the status of the complex. What’s more, if the plan isn’t going to move forward, he aims to either help seize back the land for Atlanta or team up with a developer. “We really want them to develop their property or offer it back to us so we can develop it,” Dickens told the outlet. “Even if you don’t know what you want to do, just let us know what you know you won’t be able to do.” While Bloomberg notes that Microsoft has yet to comment on Dickens’ statement, the...
The humble beginnings of Herman Moore were not going to stop him from achieving greatness, even beyond his playing days in the National Football League (NFL). According to Detroit Free Press, the former Detroit Lions player was taught by his mother the habit of looking at life from a broader perspective, a practice he maintained even in the face of financial difficulties. “She had me at 21 and worked so many jobs,” Moore told the outlet about growing up in Danville, VA. He continued, “We were a low-income family. We lived on less than $18,000 a year. But she made sure my sister and I always knew the endgame. We lived in government housing and were on food stamps, but that is not an excuse to not excel in life and to also help others.” Moore would lay his own foundation for generational wealth-building in 1991 after being drafted to the Detroit Lions and signing a three-year $2.4 million contract with the team, which included a $1.2 million signing bonus, according to Spotrac. Moore...
Saalex Corp., an engineering and informational technology services firm, is expanding its influence in the defense sector. According to a news release, the company has acquired Spalding Consulting — a software development, information technology (IT), and engineering services provider in the defense sector — for $75 million. The move is expected to accelerate Saalex Corp.’s annual revenue, which is now projected to be more than $175 million. “We’re starting off 2024 with great success,” Travis Mack, chairman and CEO of Saalex, said on LinkedIn. The acquisition brings significant rewards for Saalex, per the press release, as the company is now poised to see expansion and increase opportunity in the sector through Spalding’s clientele and 430 trained professionals boosting its number of employees to more than 1,200 across the United States. Additionally, Saalex’s visibility will increase in the East Coast region as it will be serving a key customer located at the Naval Air Warfare...
Bookstore owner Jeannine Cook will be able to remain in business after receiving support from her community. Cook is the owner of Ida’s Bookshop, located in Collingswood, NJ. The shop opened in 2021 to amplify women authors, artists, and activists, and it is the sister shop of her first bookstore located in Philadelphia, PA, according to Black In Jersey. On Jan. 3, Cook shared with the New Jersey community that Ida’s was on the brink of closure due to the landlord increasing the price of rent. This would mean the store won’t be able to cater to local customers in-store for Black History Month since its lease is set to expire during February. “Just so folks aren’t alarmed if we potentially have to move/close, our landlord is going up on rent into a rate that we cannot afford-all we sell are books- and if you can imagine the margins ain’t great. Our lease ironically ends in February (Blk History Month) which could mean sadly one of a handful of Blk owned businesses would be closing...
Russell Westbrook’s passion for sports is spilling into the investment arena. According to a press release, the Los Angeles Clippers player is investing in the 320-acre sports complex Arizona Athletic Grounds, previously known as Bell Bank Park and Legacy Sports Park, in Mesa, AZ. Per the Phoenix Business Journal, it is not clear how much stake Westbrook acquired in the deal. Arizona Athletic Grounds caters to the youth and adults offering various athletic programming and events throughout the year. The facility offers eight baseball and softball fields; 19 basketball courts; 24 soccer fields, football and lacrosse fields; 57 indoor volleyball courts; 12 beach volleyball courts; 41 pickleball courts; 22 futsal courts; a 14,000-square-foot performance center; and an array of festival fields. Its diverse sports offerings draw more than 4 million annual visitors per year. Looking ahead, Arizona Athletic Grounds leaders hope to accelerate their basketball programming with the help of...