Daily Brief TMT/Internet: Fuji Soft Inc, Swiggy, Accenture Plc Cl A, Idt Corp Class B, Shift Up, ARM Holdings, Confluent, Raspberry Pi, ACI Worldwide, Alps Alpine and more

• KKR has extended the close date of the Fuji Soft Inc (9749 JP) second tender offer period from 9 to 24 January. All other terms remain unchanged. 
• KKR unconvincingly tries to criticize the Bain offer and unsurprisingly believes there will not be a tender offer by Bain that investors can tender into. 
• Despite KKR’s gamesmanship, it has not declared its offer final. A bump remains necessary as Bain remains resolute in launching its offer. The final winning offer could be around JPY10,000. 

• In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.
• This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
• The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.

• Nicola Tangen interviews CEO and Chair of Accenture, Judy Sweet, discussing digital transformation and innovation.
• Accenture focuses on helping companies harness the power of technology and AI to be more efficient and grow.
• Sweet emphasizes the importance of leadership, storytelling, and communication skills in guiding companies through change and fostering a culture of continuous reinvention.

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• An accelerated return of capital looks unavoidable. IDT has a net cash balance sheet yet generates substantial cash every quarter.
• Traditional business is “adding” ice. Investors (including me) view the traditional telecom business as a “melting ice cube,” but IDT’s CFO says the business might start “adding ice.” Key areas of strength include IDT Digital and Mobile Top Up.
• Spin-offs aren’t imminent. NRS is performing incredibly well, but IDT’s CEO doesn’t see a spin-off happening until the business is generating $100MM of EBITDA.

• Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from their lockup soon.
• Shift Up is a South Korean games developer, which as released three games so far for the global markets.
• In this note, we will talk about the lockup dynamics and possible placement.

• ARM licenses its intellectual property to companies that design chips, fitting into the broader semiconductor ecosystem
• ARM’s business model involves upfront license payments and royalties for chips shipped by licensees
• ARM’s CPU is a general-purpose chip, while GPUs are designed for specific tasks like graphics, illustrating the importance and interplay between the two architectures

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• Confluent’s third quarter 2024 financial results reveal a blend of positives and negatives for investors.
• The company demonstrated strong subscription revenue growth, particularly in its cloud operations, but some broader business challenges warrant careful consideration.
• On the positive side, Confluent reported a significant year-over-year subscription revenue increase of 27%, totaling $240 million, with Confluent Cloud revenue growing even more impressively by 42% to $130 million.

• Ubiquiti, founded by Robert Pera, has seen a 1,500% rise in stock since its IPO in 2010
• The company’s unique approach to product development includes inexpensive, innovative products tailored to specific applications
• Ubiquiti’s flat organizational structure and focus on employee ownership and innovation have contributed to its rapid growth and success

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• ACI Worldwide Inc. recently reported its third quarter financial results for 2024, demonstrating both strengths and challenges within its business operations.
• During the quarter, the company showcased a notable 24% increase in total revenue year-over-year, driven by strategic efforts to accelerate contract signings, including both renewals and new contracts.
• This allowed ACI Worldwide to recognize new contract revenues upon signing, setting a promising foundation for their financial outlook for the remainder of 2024 and beyond.

• Forecasted trends for AI server market by 2025 indicate a significant growth in the industry, with US targeting Tencent and examining the future of WeChat.
• CES 2025 showcases a growing fascination with autonomous vehicles, with Nvidia and Qualcomm leading ecosystem competition, while Garmin’s AI-driven Unified Cabin wins Innovation Award.
• India’s fab dream holds huge potential but faces significant challenges, as Nvidia and MediaTek surprise alliance disrupts supercomputer market, and Malaysia and Singapore agree on Johor-Singapore Special Economic Zone.