A Recent Acquisition
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Preparing your company for a merger or acquisition involves a complex process that requires expert knowledge, due diligence, and open communication to ensure the deal runs smoothly for all parties. At Morrow Sodali, we take on the role of the exchange agent to assist clients with their business growth plans.
M&A stands for mergers and acquisitions. It is the process where one company either combines their assets and technologies with another company, or one company purchases the other to incorporate it into one larger business.
In 2002, the Department of Defense (DOD) provided the Missile Defense Agency (MDA) with flexibilities to diverge from traditional requirements-setting and acquisition processes and instead implement a unique approach to managing its acquisitions. After completing studies in 2019, DOD revised those flexibilities in 2020 by making significant changes to MDA's requirements-setting and acquisition processes (see figure). Most notably, the Under Secretary of Defense for Acquisition and Sustainment, rather than the MDA Director, now determines whether major MDA programs may progress through the development phases.
Most of the changes are consistent with GAO's identified acquisition best practices and align with changes GAO previously recommended. For example, MDA must now obtain independent cost estimates and Under Secretary of Defense approval of its acquisition strategies. The warfighter (military planners and weapon system operators) also now has greater requirements-setting responsibility. GAO previously recommended these actions to improve the likelihood of MDA delivering effective capabilities to the warfighter as promised.
GAO also found that DOD generally met the statutory requirements Congress established for changing missile defense non-standard acquisition processes and responsibilities by: (a) consulting with required DOD officials; (b) certifying this consultation occurred; (c) reporting the changes to Congress; and (d) generally waiting the required 120 days before implementing the changes. U.S. Strategic Command determined that it did not need to take these same actions on changes it made to requirements-setting processes. GAO also found that DOD generally met a statutory requirement to obtain an independent study on MDA's acquisition process and organizational placement within DOD. As required, DOD updated congressional defense committees on the scope of the study report and provided the report to congressional committees. However, DOD exceeded the statutorily mandated reporting deadline by 13 days.
Since MDA was established in 2002, DOD has invested over $174 billion developing and fielding missile defense capabilities. MDA has used its acquisition flexibilities to quickly develop and field capabilities, but has also had setbacks. In 2020, DOD determined that modifications to MDA's acquisition flexibilities were needed to better balance risk.
Congress recently prohibited DOD from changing certain missile defense acquisition processes and responsibilities unless certain requirements were met. Congress also required DOD to enter into a contract for an independent study of MDA's acquisition process and organizational placement within DOD. The National Defense Authorization Act for Fiscal Year 2021 included a provision for GAO to assess whether DOD complied with these requirements. This report assesses the effects of recent changes DOD made to missile defense non-standard acquisition processes and responsibilities and whether, in doing so, it met the statutory requirements.
Which mergers and acquisitions does 2020 have in store If January alone is anything to go by, there will be no slowing of major deals across the industry, with security already proving to be a hot area.
The SaaS company expects to make close to $850 million in revenue for the 2021 financial year, but is still running at a loss despite having 130,000 paying users at last count. In Salesforce, it joins a company that recently passed an annualized run rate of $17 billion. Slack cofounder and CEO Stewart Butterfield will continue to lead the company after the deal closes.
Inphi specializes in optical-networking chips, which are most commonly used in cloud data centers and by telcos to power their 5G networking infrastructure. Marvell has historically been strong in similar areas, making the acquisition highly complementary.
Mergers and acquisitions are part of our strategy. Citizens is ready to earn its place as a valued part of our new communities. We are here to listen and help our customers, colleagues and communities at all stages of their journeys.
National security space leadership responsibilities are fragmented across approximately 60 stakeholder organizations within the Department of Defense (DOD), the Executive Office of the President, the Intelligence Community, and civilian agencies. Officials and experts generally said that no one seems to be in charge of space acquisitions. According to officials and experts, DOD space acquisitions generally take too long due to fragmented leadership, a redundant oversight bureaucracy, and difficulty coordinating among numerous stakeholders. While these challenges are not limited to space-related acquisition efforts, officials and experts stated that the problems are often magnified because space technologies are frequently obsolete by the time they are deployed.
Issues associated with fragmentation in space leadership have been studied in depth over the last 20 years by GAO and others. Four generally acknowledged major studies during that period recommended a number of changes to defense space acquisition management and oversight, many of which have not been adopted by DOD. With increasing space-based threats to national security, DOD has recently made some changes aimed at unifying space leadership. Specifically, in October 2015 the Deputy Secretary of Defense designated the Secretary of the Air Force as the Principal DOD Space Advisor (PDSA) with responsibilities that include: promoting a unified approach to space issues; overseeing the entire DOD space portfolio; and serving as an independent advisor on all space matters to top DOD officials.
Officials and experts remain skeptical that the recently designated PDSA role will have sufficient decision-making authority to effectively consolidate fragmented leadership responsibilities. However, PDSA officials and others expressed a strong belief that it does. It is still too early to gauge the efficacy of the PDSA, although PDSA plans to develop metrics to assess effectiveness.
DOD relies on space systems to provide critical capabilities that support military and other government operations, including communications; missile warning; positioning, navigation, and timing; and intelligence information. These systems can be very challenging to develop and expensive to acquire and field. Our past work has shown that, in addition to these challenges, fragmentation and overlap in DOD space acquisition management and oversight contribute to program delays and cancellations, cost increases, and inefficient operations.
We are not making any recommendations. DOD disagreed with GAO for publishing this report at this time citing concerns that it might be too early to tell if reforms, including the designation of the PDSA, are working. However, GAO believes there is value in considering a range of reform alternatives as suggested by DOD officials and experts, including allowing time to evaluate whether recent reforms will prove effective. Additional technical comments from DOD have been incorporated as appropriate.
In connection with the proposed acquisition of Figma, Adobe will file a registration statement on Form S-4 with the SEC to register the shares of Adobe common stock to be issued in connection with the proposed transaction. The registration statement will include a consent solicitation statement/prospectus, which will be sent to the shareholders of Figma seeking their approval of the proposed transaction.
Investigations into recent data breaches have shown that despite increased investment, companies continue to struggle with managing their attack surface. In fact, 67% of organizations saw their external attack surface expand over the past two years due to the rising use of cloud, third-party services, the Internet of Things and cyber-physical systems.1 And 69% have been compromised via unknown, unmanaged, or poorly managed internet-facing asset in the past year.1
Randori is IBM's fourth acquisition in 2022 as the company continues to bolster its hybrid cloud and AI skills and capabilities, including in cybersecurity. IBM has acquired more than 20 companies since Arvind Krishna became CEO in April 2020.
Upon close of the acquisition, IBM plans to integrate Randori's attack surface management software with the extended detection and response (XDR) capabilities of IBM Security QRadar. By feeding insights from Randori into QRadar XDR, security teams will be able to leverage real-time attack surface visibility for intelligent alert triage, threat hunting, and incident response. This can help eliminate the need for customers to manually monitor new critical applications and respond quickly when new issues or emerging threats arise on their perimeter.
The survey of more than 300 technology leaders, which was conducted after the acquisition was announced, found that while many tech leaders believe there could indeed be synergies between the two companies, 40% of respondents had negative feelings about the proposed deal.
STAFF: All right, good afternoon, everybody. Today, I'm joined by Under Secretary of Defense for Acquisition and Sustainment Bill LaPlante and Deputy Under Secretary of Defense for Policy Sasha Baker (who will) discuss the recent meeting of national armaments directors under the auspices of the Ukraine Defense Contact Group. However, if you have other questions about USAI Tranche Six that came out the other day, they can address those questions. I would ask that you keep your questions within these bounds for today, as we are limited on time and have about 25 or 30 minutes. And also, unless you are asking a question, please keep your phones on mute. 153554b96e
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