Jan 25, 2017

Cisco spikes AppDynamics IPO

The first tech IPO of 2017 is no more.

AppDynamics, at the 11th hour, has sold to Cisco Systems for a whopping $3.7 billion in cash and assumed equity awards, according to a press release published on Tuesday. The San Francisco-based company, whose tools help businesses spot and fix bugs in their applications, was due to price its IPO on Wednesday night and begin trading on Thursday.

Last minute deal: A source close to the deal says that Cisco and AppDynamics have been in talks for several weeks, but that the final agreement wasn't signed until just a few hours ago. In fact, the senior AppDynamics team was still meeting with IPO investors in Los Angeles as of noon local time this afternoon, at which point they canceled all further meetings and hopped a flight back to San Francisco. At this moment, there are still AppDynamics employees in New York, who had been sent ahead of the Wednesday night pricing.

Money talks: Cisco is paying much more than the $2.2 billion value (fully-diluted) that AppDynamics would have been worth had it priced at the top of its IPO range. It's also paying more than the company's last venture capital valuation, which was $1.9 billion. The deal is expected to close by the end of April, with AppDynamics CEO David Wadwani continuing to run the business from inside Cisco.

Why this matters: AppDynamics was expected to not only be the first tech IPO of 2017, but also a bellwether for the plethora of enterprise software companies that were lined up to follow in their footsteps. And it probably would have been a positive indicator, given that we hear the original offering was oversubscribed after AppDynamics' first day of road-show. Now the enterprise tech market needs a new leader.

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World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Brazil on Monday recorded for the first time more deaths from the novel coronavirus in a single day than the United States, Reuters notes. Brazil reported 807 deaths from COVID-19 in the past 24 hours, compared to 620 in the U.S. for the same period.

By the numbers: Almost 5.5 million people have tested positive for the virus as of Monday, and more than 2.2 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 14.6 million tests). The U.K. is reporting over 36,900 deaths from the coronavirus — the most fatalities outside the U.S.

Go deeper (2 min. read)ArrowUpdated 34 mins ago - Health

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 5,490,954 — Total deaths: 345,962 — Total recoveries — 2,228,915 — Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 1,662,250 — Total deaths: 98,218 — Total recoveries: 379,157 — Total tested: 14,604,942 — Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answered — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 1 hour ago - Politics & Policy

In photos: Authorities issue warning as Americans venture out for Memorial Day weekend

Ocean City in New Jersey on May 25. Photo: Donald Kravitz/Getty Images

Authorities urged Americans to maintain social distancing and wear masks to protect against the spread of the novel coronavirus amid reports of packed beaches and bars during the Memorial Day weekend.

Details: Law enforcement stepped up beach patrols, and there were crowded scenes in several places, notably at Lake of the Ozarks bars in Missouri and at Daytona Beach and on the Gulf Coast in Florida, per AP. Police dispersed crowds in some places, ABC notes. But many Americans did take precautions against COVID-19 as they ventured outside for the long weekend, some three months after the pandemic began in the U.S.

Go deeper (<1 min. read)ArrowUpdated 1 hour ago - Health