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Apple (NASDAQ:AAPL) confirms acquiring VR firm Spaces for undisclosed terms.
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Apple’s standard way of confirming an acquisition is a vague statement: “Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.”
DreamWorks Animation spun out Spaces in 2016, and the company originally focused on destination VR experiences that could fit into theme parks or retail locations.
During the pandemic, Spaces shifted to software that helps VR headset users have better experiences with Zoom and other booming video conferencing services.
Late last year, Bloomberg reported that Apple was working on a combined AR/VR headset for a 2021 or 2022 release.
Spaces is just the latest AR and VR startup that Apple has snatched up recently, following the likes of NextVR, Akonia Holographics, and Vrvana.
Cisco Systems (NASDAQ:CSCO) plans to acquire BabbleLabs in a deal to improve its video meeting experience.
BabbleLabs uses artificial intelligence to distinguish speech from unwanted noise – enhancing the former and removing the latter (barking dogs, lawn mowers, car alarms, sirens) in real time to enhance communications.
Cisco says its survey indicates 98% of workers are frustrated by distractions in video meetings, with two of the top five frustrations coming from background noise.
The company plans to integrate BabbleLabs first into its Webex meetings, and later across the entire Collaboration portfolio.
The deal is expected to close in Cisco’s first fiscal quarter.
Facebook (NASDAQ:FB) is announcing new shopping moves – adding a new Shop tab to its baseline app and expanding access to its Shops checkout system.
Shares are up 2.7% following the news.
Facebook Shop is a new destination in the Facebook app that echoes its Instagram shop feature, added last month. The dedicated space aims to simplify finding products and purchasing all in one spot in the mainline app.
Meanwhile, it’s rolling out the recently launched Facebook Shops feature (allowing businesses to showcase products on Facebook and Instagram) to any eligible business, and adding customization features, messaging and measurement.
And it’s expanding checkout on Instagram to all U.S. businesses and creators, it says – allowing users to complete a purchase in the app with just a few taps. Facebook has partnered with BigCommerce (NASDAQ:BIGC) as well as Shopify (SHOP +2.7%) to enable the checkout, or businesses can use Facebook Commerce Manager along with the Shops feature.
Aside from BigCommerce – which is vaulting 20.9% on the news – Facebook says it will add more platform partners soon.
Late yesterday, UBS issued a Street-high price target on Facebook ($330) tied to the company’s potential to take advantage of the shift to online shopping.
Alphabet’s (GOOG +0.8%)(GOOGL +0.7%) life sciences group Verily launches Coefficient Insurance, a new health insurance subsidiary backed by Swiss Re.
Coefficient will offer stop-loss insurance, which is used by employers who self-fund employee coverage but don’t want to take on all of the liability for losses.
Verily hopes its data and tech expertise can help employers better assess risks and eventually predict an employee’s healthcare spending.
In 2018, about 79% of private employers with 500 or more employees offered self-insured health insurance plans.
Extending a long-term relationship, Marvell (NASDAQ:MRVL) and foundry partner TSMC (NYSE:TSM) will produce a 5nm portfolio that provides “essential high-performance compute, networking and security technology required to advance infrastructure development for a multitude of end-market applications.”
The targeted markets include carriers, enterprises, auto, and data centers.
Marvell’s first 5nm products will start sampling by the end of the year.
The products are now in development on TSMC’s N5P process, which the company says offers 20% faster speeds and 40% power reduction compared to the previous gen 7nm process.
