Dear Reader, welcome to the May Tech Round-Up.

With the world locked down, it seems like we’ve all been forced into our own digital transformation - creating a modified operating system for both work and life.

At North Ridge Partners we have embraced the new way forward, advising multiple clients we’ve yet to meet in person, and getting deals done around the clock using an array of tech tools.

From our homes to yours, all the best.

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Stuff we’ve been working on:

More proof that deals can be done in pandemics: PrimePartners, one of Southeast Asia’s most experienced financial services groups, has invested in North Ridge Partners as part of its strategy to build a tech ecosystem. Another deal done via Zoom!

Pandemic? What Pandemic?

Q1 results are out on Wall St. With revenue growth at Facebook +14%, Apple +1%, Microsoft +14%, Amazon +26%, Alphabet +13%, and Netflix +28%, Big Tech showed their resilience (even as advertising revenues and Apple’s iPhone supply chain are under pressure).

The story was better at the smaller tech stocks, with life-at-home clearly suiting the likes of Peloton +66%, Snap +44%, Zynga +42%, and Atlassian +33%.

Across the other side of town, the pain is being felt - with New York Times’ Q2 ad revenues set to tumble by 50%, Expedia selling $1bn in stock to Silver Lake and Apollo, Airbnb raising cash and laying off 25% of its workforce and Uber slashing its workforce.

Tech News from Asia:

Facebook’s game-changing investment in Jio: Facebook, hotly followed by Silver Lake and Vista, invested $5.7bn in India’s Reliance Jio platforms.

Ninja Van raises $279m: A million eCommerce parcels a day across Southeast Asia catches the eye of Grab, GeoPost, Monk’s Hill, and B Capital in this sizeable Series D.

Sequoia’s Surge accelerator names its latest Asian cohort: Surge, the Southeast Asia/ India accelerator run by Sequoia, unveils the 15 companies in its third early-stage cohort.

Chinese cloud services will be important in Asia’s post-virus revival: Smashed by disruptions, companies need to improve their efficiency. Here comes Chinese cloud computing.

Inside the get-rich-quick world of dropshipping: Snake oil abounds.

Tech News from Elsewhere:

Google launches a global app to accelerate child learning: Read Along is an Android app that taps AI and Machine Learning to help children across 180 countries learn.

Fintech company survives attack without paying ransom: The inside story of Finastra’s breach.

Zoom gets serious about security: Zoom acts to shore up its position as security fears grow stronger.

And while we’re at it - look out, Zoom - here comes Apple: Apple wants us to video conference each other as avatars in augmented reality.

Uber rolls on: Despite laying off 3, 700 workers as Rides plummet and Eats bloom, Uber invests $170m in Lime Scooters.

Silicon Valley Bank’s State of the Markets Report: Read what the eponymous financial institution has to say about tech in this economic cycle.

The End of the Line?

What now for Zoox? After signing a settlement with Tesla and cutting hundreds of jobs, Zoox hires Frank Quattrone to sell the company.

When the magic’s over: Magic Leap’s death throes have little to do with COVID-19; its problems have been 10 years in the making.

The dismantling of Google’s Moonshots strategy continues: Sidewalks Labs abandons its futuristic Toronto city development.

Stuff to keep you awake at night:

China lockdown - cameras, robots, and hazmat suits: Effective though they may be, China’s methods for enforcing lockdown do look a bit like dystopian sci-fi.

Why the end is always near: Whether you like or hate Dan Carlin, this polarising podcaster has achieved considerable recognition. Listen and judge for yourself.

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Build, fund and exit your technology company, with North Ridge Partners

North Ridge Partners works with technology companies across the Asia Pacific to achieve transformational outcomes through advice on strategic positioning, raising third party funding, M&A and direct investment. We’re experienced deal-makers who have built, run and sold numerous technology companies.

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