Connected Newsletter
Connected at the Business Post is your source for the news that matters in technology and innovation, all told from an Irish perspective
Greetings from Copenhagen where I’ve been here the past few days for TechBBQ, an annual gathering that’s becoming a ‘must-attend’ fixture with plenty of great speakers and panels.
The big news story of the week has of course been the Apple tax case ruling. As I wrote in the hours after the ruling was announced, the result is certainly no win for Ireland. Separately, my colleague Sarah Collins warned that Ireland and its multinationals will now need to be much more wary of the EU’s role in future tax affairs.
Meanwhile, in his analysis, my other colleague Ian Guider suggested that when we finally get the €13 billion, then it would be a good idea to use the the cash to seed really innovative Irish companies for the future.
“Surely even Steve Jobs would appreciate that,” Ian writes, and who could possibly argue with that?
You can find all our reporting on the Apple tax ruling here.
Apple wasn’t just in the news for the tax ruling. On Monday it introduced the latest version of its flagship product, the iPhone 16, with chief executive Tim Cook saying it is designed to take advantage of artificial intelligence from the “ground up.” The tech giant also unveiled a version of its smartwatch with a bigger screen and the ability to detect sleep apnea, as well as new software that can turn AirPods into hearing aids.
On the same day of the Apple ruling, Google lost its attempt to topple a once-record €2.4 billion ($2.6 billion) fine for abusing its monopoly power to crush rival shopping services.
Elsewhere, Coimisiún na Meán, the media regulator, launched a review of major online platforms, including TikTok, YouTube and X, amid concerns people find it difficult to report illegal content on the platforms
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Another big news story, but one that has failed to gain momentum as yet, is a global ransomware campaign being orchestrated by the Russia-linked Akira grouping. You may not have heard much about it but techies across the globe are working flat out to stop the gang, which is targeting SonicWall VPN accounts.
In more positive news, Sequoia Capital has completed its $861 million purchase of shares in Stripe in a transaction that values the payments company at $70 billion. And, while the company didn’t receive any of the proceeds of that transaction, its founders Patrick and John Collison, are sitting pretty anyhow with their personal fortunes having increased lately.
Imprint, the Irish co-founded payments company led by Daragh Murphy, which was recently named on a Forbes list of start-ups likely to reach a $1 billion valuation, has closed a $300 million credit facility with Citibank.Coincidently, Imprint’s backers include Stripe!
Are you overpaying on your mobile bill? According to Sky, over 300,000 Irish people currently are. The company is seeking to lure these customers away from rivals with its new Sky Mobile service, which it says has been built with “fairness, flexibility and transparency at its core.” It is launching with a compelling ‘price for life’ offer that includes unlimited calls, texts and 5G data for €15 per month.
CloudSphere, a Dublin and California-headquartered company that was formed from the merger of Irish and US firms, iQuate and HyperGrid, has raised $12 million (€10.8 million) in financing. Elsewhere, CashAnalytics, a Dublin-based cash forecasting management platform for growth-focused businesses, was acquired by US company GTreasury for an undisclosed sum.
Elsewhere, Finbourne Technology, an Irish co-founded financial data management company, has raised a further £45 million (€53.3 million) to take total investment secured this year to £100 million.
One of the world’s biggest whistleblowers has claimed we’re living in an era of radical transparency, in which it is almost impossible to retain secrets. Speaking at TechBBQ in Copenhagen, Chelsea Manning, who spent seven years in prison for leaking classified US documents to Wikileaks, said she now keeps most of her secrets offline.
In case you missed it, Ireland’s oldest and biggest angel investment syndicate opted to dissolve last week. Here is the inside story of the issues at the Halo Business Angel Network (Hban), which in part led to Bloom’s decision to shutter.
In our weekly update, we are giving you the lowdown on the best tech jobs currently available locally. If you want to be included, then email topjobs@businesspost.ie
In other news:
• Epower, the Irish renewables technology company, has secured €16 million in funding
• AI start-up Contenseo raises €390,000 for content licensing tool
• Limerick graduate wins Irish James Dyson award with device to prevent hair loss in chemo patients
• Atomico raises $1.24 billion for two new funds
Send on your news and views to connected@businesspost.ie
All the best,
Charlie
““No tables, no chairs, no activities. The profits were not taxed anywhere,” Margrethe Vestager speaking on Apple’s use of Irish subsidiaries to shrink its tax bills
The Hot 100 Start-ups in Ireland
What you need to know about the new digital identity wallet
Inside Google’s 7-year mission to give AI a body (Wired)
AI has colonised our world – so it’s time to learn the language of our new overlords (The Register)