Rêv and Searchlight Complete Acquisition of Netspend for $1 Billion

 AUSTIN, Texas - Tuesday, 02. May 2023

Netspend founders combine assets to expand global footprint and increase access to digital innovations in payment products

(BUSINESS WIRE) -- International payments company Rêv Worldwide (Rêv), in partnership with funds advised by Searchlight Capital Partners, L.P. (Searchlight), today completed its purchase of the Netspend consumer business from Global Payments (NYSE: GPN) in an all-cash transaction valued at $1 billion.

The carve-out transaction sees Netspend come back under the control of its founders Roy and Bertrand Sosa, prepaid industry innovators who also founded Rêv. Netspend will remain a partner to Global Payments, supporting the company’s retained pay card business.

“This acquisition represents both a reunion and reimagining of the vision of financial empowerment we pioneered at Netspend more than 20 years ago,” said Roy Sosa, Rêv Chairman and CEO, who assumes the same role with Netspend. “Netspend has a well-deserved reputation for creating and delivering innovative products tailored to fulfill the important needs of all its customers, from the underserved to the affluent. This transaction sets us up for strong future success and profitable growth.”

Since its founding in 1999, Netspend has become a clear industry leader in prepaid debit cards, processed hundreds of billions of dollars of cardholder purchases, and established the world’s largest retail partner network comprising 100,000 locations where consumers can load or purchase prepaid and debit card products. Those locations span large grocers, financial service centers, convenience stores and pharmacies, among others. Netspend is also the product and payments processing partner behind numerous well-known brands and offers its consumer products via mobile and web channels.

Together, Netspend and Rêv create an international payments powerhouse with a broad array of products and services and strategic partners which include ADIB, Banco Itaú, Correos (Spanish Post), and Etihad Airways. The combined companies are uniquely positioned to expand their current programs across the world, and to drive growth across market segments.

“From day one of Netspend’s founding we have been focused on helping customers gain access to payment products that simplify their lives and deliver real value,” said Rêv President, Bertrand Sosa. “This acquisition allows us to continue building on our commitment to deliver financial empowerment to more people in more places by leveraging Netspend’s industry scale and Rêv’s technology platform and digital product innovations.”

Commenting on the deal, Christopher Cruz, Partner at Searchlight, added: “The transaction allows Netspend to combine its market-leading position with Rêv’s geographic reach to offer an enhanced customer value proposition, introduce innovative products, and grow partnerships on a global scale. The combined company can uniquely serve the entire market with its differentiated distribution capabilities, including direct-to-consumer, partner-enabled, and digital partnership models.”

About Rêv

Rêv is a fintech company, founded by prepaid debit industry founders Roy and Bertrand Sosa, dedicated to delivering innovative payment experiences to consumers worldwide. Its solutions are powered by the company’s proprietary multi-currency and multi-language payments processing platform. With vast experience pioneering a number of payment industry firsts, Rêv focuses on the international banking and travel sectors. Rêv has partnered with companies across the globe to launch products in North America, Latin America, Europe, the Middle East, and Asia-Pacific. Learn more at www.revworldwide.com.

About Searchlight

Searchlight is a global private investment firm with over $11 billion in assets under management and offices in New York, Miami, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.

About Netspend

Netspend is a leading provider of payments and financial solutions for consumers and businesses. From prepaid and debit card solutions to digital account and money movement services, Netspend has a broad suite of products and technologies that deliver exceptional experiences for its customers and business partners. For more information, visit www.netspend.com and follow Netspend on Twitter, LinkedIn and Facebook.

 

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Contacts

Rêv Worldwide

Meredith DeSpain

(512) 815-2721

mdespain@legendlabs.com

Wemade Updates ‘Potential’ in MIR4 to Offer More Growth

 New growth system increases character stats with the unlocking of Hunting, PvP, and Secondary Spot Points

Check-in event to celebrate the update offers various items including “Skill Tome Summon Tickets”

 

(BUSINESS WIRE) -- Wemade’s blockbuster MMORPG MIR4 unveiled "Potential," new contents for character growth on May 2nd.

The "Potential" growth system offers users another way to increase character stats by unlocking 3 types of Spot Points, which are Hunting, PvP, and Secondary. Characters of level 90 or higher can increase Spot Point stages up to stage 6 using Dragonsteel and Skill Tomes.

There are a total of 189 Spot Points that can be unlocked for various stats. Each time the stage of a Spot Point is increased, up to two stats can be obtained additionally and enhanced through training. And when each Spot Point is unlocked at certain stages, new passive skills will become available.

To celebrate the update, MIR4 is holding the “Potential 7-day Check-in Event” until May 15th. All users can receive items necessary to unlock Potential system contents including “Skill Tome Summon Ticket” and “Epic Dragonsteel Box” depending on the number of days logged in during the event period.

Also, the "Golden Cherry Blossom 14-Day Check-in Event" celebrating the 600th day of service will be held until May 15th.

From My Battle, To Our War! Detailed information on MIR4 can be found on the official website.

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Contacts

Wemade Co., Ltd. (112040: KOSDAQ)

Jennifer Jung, PR Manager

jennifer@wemade.com

 

The TOM FORD Brand Announces Executive Leadership Team

NEW YORK - Monday, 01. May 2023

Guillaume Jesel named President and CEO, TOM FORD

Peter Hawkings appointed Creative Director, TOM FORD

(BUSINESS WIRE) -- The TOM FORD brand, now owned by The Estée Lauder Companies Inc. (NYSE:EL), announced the appointments of Guillaume Jesel to President and CEO, TOM FORD, and Peter Hawkings to Creative Director, TOM FORD, effective at the closing of the acquisition. Ermenegildo Zegna N.V. (NYSE: ZGN) (“Zegna Group”) has appointed a CEO of TOM FORD FASHION who is expected to be announced in July and assume the role in the third quarter of calendar 2023. These leaders will work together to ensure a consistent and cohesive image across all products, brand communication and retail.

The Estée Lauder Companies (“ELC”) acquired the TOM FORD brand today in a transformational deal that establishes the company as the sole owner of the TOM FORD brand and all its intellectual property. The stewardship of the brand by ELC and the new leaders announced today, and through its licenses with the Zegna Group for fashion and accessories, and Marcolin Group for eyewear, provides continuity and allows for the further evolution of the TOM FORD brand as one of the preeminent global luxury brands of the twenty-first century. The Zegna Group acquired operations of the TOM FORD fashion business (“TOM FORD FASHION”) necessary to perform its obligations as a licensee of ELC.

Tom Ford and Domenico De Sole will continue to serve as brand advisors through the end of calendar 2023. About the new leadership appointments, Tom Ford said, “I could not be happier with the acquisition of the TOM FORD brand by The Estée Lauder Companies. The team there has been a great partner and Guillaume is an exceptional leader, with not only a strong business understanding of beauty, but a great understanding of fashion as well.

“I am also pleased that the Zegna Group will continue to manufacture and distribute TOM FORD fashion and accessories, and operate retail for TOM FORD FASHION. I have worked closely with Zegna for more than 30 years, first at Gucci, then at Yves Saint Laurent. When contemplating the creation of the TOM FORD brand there was simply no other partner that we would have turned to, to produce high quality fashion products and a flawless retail experience.

“Marcolin has been an excellent partner in producing and distributing TF eyewear since the inception of the brand and I have enjoyed close collaboration with Maurizio Marcolin and his talented team for many years now.

“These companies, under the brand stewardship of The Estée Lauder Companies, provide me with confidence that the TOM FORD brand will continue to be something that I will be proud of for many years to come.”

Domenico De Sole said, "I am delighted with this acquisition. We have had a long-standing partnership between the TOM FORD brand and The Estée Lauder Companies dating from the brand’s inception, as well as a close relationship with Gildo Zegna and the Zegna Group over the past 30 years. Given our long and successful histories together, I am certain that the two companies, together, will carry on the legacy that Tom and I have built over the past 18 years. I am grateful to Tom for his magnificent vision and leadership, and I thank our amazingly talented TOM FORD team for their dedication to and hard work for the brand."

GUILLAUME JESEL NAMED PRESIDENT AND CEO, TOM FORD AND LUXURY BUSINESS DEVELOPMENT, THE ESTÉE LAUDER COMPANIES

Guillaume Jesel brings nearly a decade of successful brand leadership of TOM FORD BEAUTY to his new executive leadership position at the TOM FORD brand. As President and CEO of TOM FORD, Guillaume will have oversight across all verticals and set a holistic luxury strategy for the brand. Guillaume will report to ELC executive leaders Jane Hertzmark Hudis, Executive Group President, and Tracey T. Travis, Executive Vice President and Chief Financial Officer.

“Guillaume has been instrumental in shaping the luxury beauty sector of our business. His ability to articulate the TOM FORD brand has resulted in TOM FORD BEAUTY achieving remarkable global success, making him ideally suited to lead the TOM FORD brand into its exciting future,” said Fabrizio Freda, President and Chief Executive Officer, The Estée Lauder Companies.

Under Guillaume’s tenured leadership at TOM FORD BEAUTY, where he worked directly with Tom Ford and his team, the brand spearheaded iconic innovation and strategically expanded its global reach, firmly establishing TOM FORD BEAUTY as a powerhouse in luxury beauty. Since 2014 when Guillaume started with TOM FORD BEAUTY, he has led the brand to achieve strong net sales growth on a compound annual basis and significantly improved ranking in global prestige fragrance and makeup, respectively.

PETER HAWKINGS APPOINTED CREATIVE DIRECTOR, TOM FORD

Peter Hawkings has been working alongside Tom Ford for nearly twenty-five years, most recently as Senior Vice President of TOM FORD Menswear. In his ascension to Creative Director, Peter will succeed Tom Ford with respect to his responsibilities as Creative Director of Fashion, including womenswear, menswear and accessory categories, assuming the role of lead designer for the fashion segment and fashion shows.

Peter will be responsible for upholding the TOM FORD brand’s vision, ensuring consistency of creative direction and decisions across all fashion categories and ushering the TOM FORD brand into its next chapter. He will report directly to Guillaume and matrix report to the CEO of TOM FORD FASHION.

“In Peter Hawkings the brand has found the perfect Creative Director,” said Tom Ford. “Peter began working with me 25 years ago as a menswear design assistant at Gucci and rapidly worked his way up to become the senior men’s designer at the company when he left to join me at the TOM FORD brand. Since the creation of TOM FORD menswear, Peter has been instrumental in the success of the brand. He is an incredibly talented leader with tremendous industry experience, and his appointment gives me confidence that my commitment to creating fashion products with the highest level of design and quality will continue.”

Peter began his career in 1998 at Gucci under the helm of Tom Ford and worked closely with him on the development of the highly successful Gucci menswear collections. Peter left Gucci in 2006 to join Tom Ford in the launch of his eponymous brand where he was charged with overseeing the design and production of all categories of TOM FORD menswear including tailoring, sportswear, leather goods, and accessories.

“Peter is one of the world’s most accomplished menswear designers. His design experience working under Tom Ford is unparalleled and his commitment to quality is relentless,” said Guillaume. “There is no one more perfectly suited than Peter to carry the founder’s legendary creative vision into the future.”

TOM FORD FASHION LEADERSHIP

The CEO of TOM FORD FASHION has been appointed and is expected to be announced in July and assume the role in the third quarter of calendar 2023. The leader will be responsible for the end-to-end TOM FORD FASHION business from collection development, to merchandising, through to production as well as retail and wholesale distribution.

Ermenegildo “Gildo” Zegna, CEO of Ermenegildo Zegna Group said, “We are delighted to appoint a strong leader for TOM FORD FASHION and look forward to leveraging the leader’s luxury business acumen and international experience to further grow the TOM FORD FASHION business globally. I am thrilled about the opportunities that this transaction brings to all of us as we continue the journey started by Tom and Domenico whom we congratulate for their remarkable achievements.”

About The Estée Lauder Companies Inc.

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers, marketers, and sellers of quality skin care, makeup, fragrance, and hair care products, and is a steward of outstanding luxury and prestige brands globally. The company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, and the DECIEM family of brands, including The Ordinary and NIOD.

About TOM FORD

In April 2005, Tom Ford announced the creation of the TOM FORD brand. Ford was joined in this venture by former Gucci Group President and Chief Executive Officer Domenico De Sole, who served as Chairman of the company. In that same year, Ford announced his partnership with Marcolin Group to produce and distribute optical frames and sunglasses, as well as a partnership with The Estée Lauder Companies to create TOM FORD BEAUTY. In April 2007, the brand’s first directly owned flagship store opened in New York on Madison Avenue which coincided with the debut of the TOM FORD menswear and accessory collections. In September 2010, during an intimate presentation at his Madison Avenue flagship, Ford presented his highly anticipated womenswear collection. In February 2018, Ford debuted TOM FORD timepieces and his underwear collection for the first time on the runway. Presently, there are over 100 freestanding TOM FORD stores and shop-in-shops globally. In 2023, The Estée Lauder Companies became the sole owner of the TOM FORD brand and all its intellectual property.

About Ermenegildo Zegna Group

Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE: ZGN) is a leading global luxury group. The Group is the owner of the world-renowned ZEGNA and Thom Browne brands, and operates TOM FORD FASHION through a long-term license agreement with The Estée Lauder Companies Inc. The Group also manufactures and distributes the highest quality fabrics and textiles through its Luxury Textile Laboratory Platform. At the Group’s core is a uniquely vertically integrated supply chain that brings together the best of Italian fine craftsmanship. Responsibility towards people, community and the natural world has been at the heart of the Ermenegildo Zegna Group’s belief since its founding by the Zegna family over 100 years ago. Ensuring the highest quality of products without compromising the quality of life for future generations is a commitment carried from the Group’s home in Italy to its operations around the world. Today the Group operates in approximately 80 countries around the world through 500 ZEGNA and Thom Browne stores, of which 304 are directly operated by the Group as of March 31, 2023 (242 ZEGNA stores and 62 Thom Browne stores). At the end of 2022, Ermenegildo Zegna Group had more than 6,000 employees and revenues of approximately €1.5 billion.

About Marcolin

Marcolin is a worldwide leading group in the eyewear industry founded in 1961 in the heart of the Veneto district, Italy. It stands out for the unique ability to combine craftsmanship with advanced technologies through the constant pursuit of excellence and continuous innovation. It signed a long-term license with The Estée Lauder Companies for TOM FORD eyewear as a substantial extension of its license with TOM FORD since 2005. Its portfolio includes proprietary brands, as well as more than twenty licensed brands. Through its own direct network and global partners, Marcolin distributes its products in more than 125 countries. At the end of 2022, Marcolin Group had about 2,000 employees and net sales of €547.4 million.

The forward-looking statements in this press release, including those in the quoted remarks and those relating to the closing of the transactions and benefits and other expectations for TOM FORD and TOM FORD BEAUTY involve risks and uncertainties. Factors that could cause actual results to differ from those forward-looking statements include current economic and other conditions, including volatility, in the global marketplace, actions by retailers, suppliers and consumers, competition, the transition and ongoing success of the collaborative relationship of the parties, contingencies set forth in the various transaction agreements, the abilities to implement the forward business plans, and those risk factors described in ELC’s annual report on Form 10-K for the year ended June 30, 2022.

ELC-B

ELC-L

 

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Contacts

ELC:

Investors: Rainey Mancini

rmancini@estee.com

Media: Jill Marvin

jimarvin@estee.com

Zegna Group:

Investor Relations/Group Communications/Media:

Francesca Di Pasquantonio

francesca.dipasquantonio@zegna.com

+39 335 5837669

Clementina Tito

clementina.tito@zegna.com

Marcolin Group:

Investor Relations

invrel@marcolin.com

Group Communication

Clara Magnanini

cmagnanini@marcolin.com

Workiva Strengthens its Business Reporting Platform by Integrating with CDP to Advance Customers’ ESG Programs

 Continuous Platform Innovation Transforms How Customers Drive Data Consistency and Assurance for Global ESG Reporting Requirements

 

(BUSINESS WIRE)--Workiva Inc. (NYSE:WK), the world’s leading cloud platform for assured integrated reporting, today announced that CDP, widely regarded as the leading disclosure system for measuring environmental impacts, has been incorporated into the Workiva platform to advance customers’ ESG programs. This latest innovation leverages Workiva’s ESG Program and ESG Explorer to streamline customer responses to CDP questionnaires, empowering companies to manage their sustainability data more efficiently and effectively, and drive positive environmental impact and business outcomes. According to CDP, more than 18,700 companies, representing half of global market capitalization, disclosed environmental data through its online response system in 2022, an increase of 38 percent over the previous year.

"Having one single source of truth drives consistency, transparency, and auditability, which ultimately reduces costs and builds trust with stakeholders. As the technology company uniting financial reporting, ESG, audit and controls, Workiva is uniquely positioned to streamline the disclosure process while applying the same rigor and investor-grade assurance to climate data that’s expected of financial data,” said Paul Dickinson, Founder and Chair, CDP and ESG advisor, Workiva. “This is a significant and timely addition to Workiva’s ESG reporting solution, and I believe it will be a game-changer—not only for sustainability professionals, but for the finance, audit, and risk management teams that are now responsible for corporate climate disclosures as well.”

Responding to CDP questionnaires and other ESG-related frameworks is often a time-consuming and complex undertaking involving multiple teams across different departments. Workiva simplifies this process through its centralized hub for reporting collaboration and automated data collection, saving companies time and resources while ensuring accuracy, consistency, and assurance.

“Customers tell us that some of their biggest challenges involve collecting data and aligning to global ESG frameworks and standards with rapidly changing reporting requirements. The new CDP reporting capability is an extension of our industry-leading ESG reporting solution and leverages Workiva’s unrivaled, integrated reporting platform that connects disparate data sources and supports our customers’ unique reporting needs,” said Paul Volpe, Senior Vice President of Growth and Head of ESG Solutions at Workiva. “There’s no time to wait. ESG reporting is quickly becoming a board-level mandate. Not only are organizations tasked with meeting their ESG commitments and science-based targets, leaders are making critical business decisions by evaluating both financial and ESG data together. Workiva is committed to investing in continuous innovation and working with partners like CDP to help more companies around the world manage and scale their positive environmental and social impact.”

Workiva’s new capability supplements a separate disclosure API pilot led by CDP. A Gold Accredited Solution Provider, Workiva was selected to pilot a new disclosure API that will enable customers to automatically transfer data from the Workiva platform into CDP’s online response system. For the 2023 disclosure cycle, the CDP API pilot is restricted to climate data, but Workiva’s CDP innovation also supports responses to the organization’s forests and water security questionnaires. From 2024 onwards, CDP hopes to be able to work with providers to make it available to responding cities, states and regions and look forward to expanding its reach and impact.

For more information, watch “Hot Topics for Sustainability, Reporting and Disclosure in 2023,” a free webinar recording featuring insights from leaders at CDP and Workiva.

About CDP

CDP is a global non-profit that enables companies to disclose environmental information at the request of investors, customers and other stakeholders. Founded in 2000 and working with more than 740 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy.

About Workiva

Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading cloud platform for assured integrated reporting to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Workiva offers the only unified SaaS platform that brings customers’ financial reporting, Environmental, Social, and Governance (ESG), and Governance, Risk, and Compliance (GRC) together in a controlled, secure, audit-ready environment. Our platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.

Follow Workiva on LinkedIn: www.linkedin.com/company/workiva

Like Workiva on Facebook: www.facebook.com/workiva

Follow Workiva on Twitter: www.twitter.com/workiva

 

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Media Inquiries:

Rotha Brauntz

Lauren Covello

press@workiva.com

 

Arm Announces Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering

 CAMBRIDGE, England - Monday, 01. May 2023 AETOSWire 

(BUSINESS WIRE) -- Arm today announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of American depositary shares representing its ordinary shares. The size and price range for the proposed offering have yet to be determined. The initial public offering is subject to market and other conditions and the completion of the SEC’s review process.

This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the "Securities Act"), and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act and other applicable securities laws.

 

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Contacts

Media

Arm External Communications

Eliza Walsh (US)

eliza.walsh@arm.com

Alexandra Harrod (UK)

alexandra.harrod@arm.com

FGS Global

ArmLimited@FGSGlobal.com

Investor Relations

Arm IR

Ian Thornton

Ian.thornton@arm.com

Hyatt to Further Strengthen Position in Luxury with Plans to Acquire Mr & Mrs Smith

 CHICAGO 

Planned acquisition of global travel club platform presents opportunity for World of Hyatt loyalty program to expand and welcome even more members 

(BUSINESS WIRE) -- Hyatt Hotels Corporation (NYSE: H) and Mr & Mrs Smith today announced an agreement for a Hyatt affiliate to acquire London-based Mr & Mrs Smith, a platform offering direct booking access to a carefully curated and growing collection of over 1,500 boutique and luxury properties in some of the world’s most desirable locations. Hyatt will acquire 100 percent of the asset-light Mr & Mrs Smith platform for an enterprise value of £53.0 million in cash consideration.

“We are excited by this planned acquisition and to explore bringing guests and World of Hyatt members even more global luxury offerings across hundreds of geographies – including over 20 countries where there are currently no Hyatt hotels such as Fiji, Croatia, Iceland and Anguilla,” said Mark Vondrasek, chief commercial officer, Hyatt. “Founders Tamara and James Lohan alongside their impressive team have built the ultimate global direct booking collection of truly unique stay experiences including rooms located in treehouses, within caves, and underwater suites. Importantly, we see a lot of synergy between our collective ethos of care, and we look forward to working together to bring our shared focus to new, memorable stay experiences for guests and World of Hyatt members – and introduce new guests to Hyatt hotels around the world.”

The planned acquisition of Mr & Mrs Smith is expected to build on Hyatt’s leadership position in luxury and further strengthen Hyatt’s distribution capabilities, especially across Europe – through forging relationships with additional hotel owners and more than 1 million loyal Mr & Mrs Smith members. This acquisition builds on a transformative growth period for Hyatt in the last 12 months, which included the recently completed acquisition of Dream Hotel Group’s lifestyle brand and management portfolio and the conversion of a portfolio of over 30 franchise agreements with Lindner Hotels & Resorts and me and all hotels, as well as substantial organic growth of Hyatt’s global portfolio. As a result of Hyatt’s expanded brand portfolio and ever-growing offering for every stay occasion, membership in the World of Hyatt loyalty program has more than tripled during the past five years.

The transaction is anticipated to close in the second quarter of this year, subject to customary closing conditions. At a later date following the closing, Hyatt plans to unveil direct booking access to properties within the Mr & Mrs Smith platform through Hyatt’s distribution channels, including Hyatt.com and the World of Hyatt app. The anticipated move will have the potential to unlock access to more than twice the number of global boutique and luxury properties within Hyatt direct booking channels, and Hyatt is exploring ways to enable World of Hyatt members to earn and redeem points across eligible hotels in the Mr & Mrs Smith collection. World of Hyatt members are some of the most valuable travelers in the industry who spend more and stay more, generating high-quality revenue for hotel owners.

“I am really excited that we have found such a dynamic and globally trusted brand as Hyatt to take Mr & Mrs Smith into our next chapter. We have long admired and respected Hyatt and are confident that there is no one better placed to build on what we have achieved and take our company to new heights,” shared Tamara Lohan, co-founder and chief executive officer, Mr & Mrs Smith. “Our vision has always been for Mr & Mrs Smith to be the world’s definitive travel club for hotel lovers. Thanks to Hyatt, that vision has become much closer to reality. With Hyatt’s support, Mr & Mrs Smith will be able to offer our community of members, hoteliers and partners so much more.”

Following the planned acquisition close, over 100 Mr & Mrs Smith colleagues are expected to join Hyatt’s Commercial Services team, including Tamara Lohan who will serve as Mr & Mrs Smith CEO, reporting to Mark Vondrasek, Hyatt’s chief commercial officer, and James Lohan who will serve as Mr & Mrs Smith chief creative officer.

In connection with the transaction, Credit Suisse served as financial advisor to Hyatt and Linklaters LLP acted as its legal advisor. Arrowpoint Advisory (part of Rothschild & Co) served as financial advisor to Mr & Mrs Smith and Fieldfisher LLP acted as its legal advisor.

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of December 31, 2022, the Company’s portfolio included more than 1,250 hotels and all-inclusive properties in 75 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Residence Club®, Hyatt Place®, Hyatt House®, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

About Mr & Mrs Smith

Founded in 2003, Mr & Mrs Smith is the travel club for hotel lovers: an award-winning boutique and luxury hotel booking service specialising in the world’s most seductive stays. There are now more than 1,800 hotels and villas in the collection, all hand-picked and anonymously reviewed. Smith members are guaranteed best prices wherever and whenever they book, free extras on arrival, and round-the-clock service from in-house travel specialists, Smith24. Dedicated to meeting the highest standards of environmental and social responsibility, Mr & Mrs Smith was officially recognised as a B Corp in 2022. Go to mrandmrssmith.com to browse and book.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, the planned acquisition of Mr & Mrs Smith and the anticipated timeline to close the transaction, anticipated booking access and distribution, and anticipated World of Hyatt membership benefits. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

 

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Contacts

Hyatt Media Contact:

Franziska Weber

franziska.weber@hyatt.com

Hyatt Investor Contact:

Noah Hoppe

noah.hoppe@hyatt.com

Mr & Mrs Smith Media Contact:

Helen Bailey

press@smithhotels.com

Mavenir’s Open vRAN Solution Wins Best Cloud Solution in Open RAN

 BERLIN - Saturday, 29. April 2023 AETOSWire

(BUSINESS WIRE) -- Mavenir, the Network Software Provider building the future of networks with cloud-native solutions that run on any cloud, has won Best Cloud Solution for Open RAN at the Open RAN World Awards, recognising Mavenir’s Open vRAN as the best cloud-native solution that is enabling a virtualised network strategy for Communication Service Providers (CSPs).

Mavenir's Open vRAN solution is the industry’s first fully microservices-based, containerised, cloud-native solution commercially deployed with Dish Networks providing 5G voice over new radio (VoNR) services in a multi-vendor environment supporting over 40,000 Fujitsu 5G Open RAN radios across over 7,100 cell sites. Other publicly announced deployments of Mavenir’s Open vRAN include Triangle Communications and Paradise Mobile.

"Mavenir's Open vRAN solution is a game-changer for the telco industry, enabling operators to modernise their network in a cost and energy-efficient manner," said John Baker, Senior Vice President of Ecosystem Business Development at Mavenir. “Mavenir's win at the Open RAN World Awards highlights the company's commitment to delivering innovative and flexible 5G solutions to help CSPs improve network performance and service delivery, while reducing operational complexity and TCO,” Baker added.

Mavenir's Open vRAN solution enables CSPs to achieve the optimal balance of performance and cost-effectiveness in running large-scale networks. With hybrid DU and CU deployment across private and public clouds, CSPs can allocate CAPEX at the network edge and leverage cloud economies for the centralised network or data centre with a pay-as-you-grow OPEX model. This flexible solution allows CSPs to optimise their investment strategy.

Mavenir’s Open vRAN solution provides the following benefits to CSPs:

Vender diversity with open interfaces.

Fast deployment of thousands of edge nodes to build the world's first hyper-distributed cloud.

Automated deployment and management of physical and virtual infrastructure and applications at scale.

Simplified zero-touch provisioning and lifecycle management for cloud infrastructure and network functions.

New platform for developers to stretch the cloud to end devices and create a bridge between hyper-scale clouds.

CI/CD pipeline for automation built on IT best practices.

Lower network deployment time and cost for CSPs and enterprises.

Distributed management, using part of public and private cloud.

Combined with Mavenir’s RAN Intelligent Controller (RIC), automated optimization of RAN power usage, coverage and performance with Artificial Intelligence and Machine Learning (AI/ML) capabilities.

Supporting links:

- Full list of Open RAN World Awards winners

- MAVair Radio Access Solutions

About Mavenir

Mavenir is building the future of networks and pioneering advanced technology, focusing on the vision of a single, software-based automated network that runs on any cloud. As the industry's only end-to-end, cloud-native network software provider, Mavenir is focused on transforming the way the world connects, accelerating software network transformation for 250+ Communications Service Providers and Enterprises in over 120 countries, which serve more than 50% of the world's subscribers.

For more information, you can visit www.mavenir.com.

 

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Contacts

PR@mavenir.com

Emmanuela Spiteri