Dun & Bradstreet Privatization Update

Dun & Bradstreet Logo
Dun & Bradstreet Logo

Dun & Bradstreet continues to dribble out news about its privatization plan.  Last week the firm announced that Motive Partners has joined the acquisition group and that Stephen C. Daffron, Co-Founder and Industry Partner of Motive Partners, will assume the role of President upon transaction close.

Two weeks ago Black Knight announced that it is acquiring a $375 million stake in Dun & Bradstreet.  Once the transaction closes, Anthony Jabbour, Black Knight’s CEO, will assume the Dun & Bradstreet CEO position. Black Knight’s Executive Chairman William P. Foley II will serve in a similar position at Dun & Bradstreet.

Black Knight describes itself as “a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.”

“With an impressive 177-year legacy and the support of a phenomenal group of investors, Dun & Bradstreet is entering an important next chapter in its evolution as a company.  I am excited by the opportunities in leading Dun & Bradstreet and look forward to working closely with management, Bill and the rest of the consortium and continuing the Company’s long history of excellence in helping customers and partners around the world.”

Anthony Jabbour, Incoming CEO of Dun & Bradstreet

Dun & Bradstreet shareholders have already approved the $6.5 billion transaction which is expected to close no later than Q1 2019.  Other investors include CC Capital, Cannae Holdings and Thomas H. Lee Partners, L.P. 

Last month, Dun & Bradstreet shareholders approved the deal.  Dun & Bradstreet still needs approval from the Russian Federal Antimonopoly Service and the UK Financial Conduct Authority.

Motive is a sector specialist investment firm focused on technology-enabled financial services companies.

Daffron served as the CEO of Interactive Data and held senior positions at Morgan Stanley, Renaissance Technologies, Goldman Sachs and Motive Partners.

“I am excited by this unique opportunity to work side-by-side with Anthony [Jabbour] in leading Dun & Bradstreet and look forward to working closely with management, Bill [Foley] and the rest of the investor consortium to help unlock the value within this renowned company,” said Daffron.  “Dun & Bradstreet is entering an important chapter in its evolution as a company and will be well positioned as a private company to increase operating efficiencies and effectively execute the company’s growth strategy.”

Benioff Dreamforce Keynote

Salesforce CEO Mark BenioffSalesforce CEO Mark Benioff has long taken a stakeholders’ approach to his business, understanding that technology firms can do both good and evil.  Unlike many of the social media companies which are now beginning to understand the dangers of taking a laissez-faire approach to how others use their technology, Benioff has ensured that his enterprise cloud company takes an affirmative action towards social justice, equality, and the ethical application of his firm’s technology.

Eighteen years ago, he started the 1:1:1 campaign (1% of product, time, and resources) to nonprofits and philanthropic purposes.  At Dreamforce and World Tour events, the firm regularly promotes local nonprofits and holds sessions for them.  The firm has also taken stands against discriminatory legislation and adjusted salaries to ensure gender pay equity.  Benioff is calling for “inclusive capitalism” which benefits all members of society and recently created an Office of Ethical and Humane Use of their technology.

Here is what Benioff had to say at this year’s Dreamforce (abridged):

What is really important to us? what is the most important thing what are our values? What are we going to stand for? What do we really want?…

We’re watching…for companies who are not listening to their key stakeholders, not listening to their customers, not listening to their employees, not listening to the kids…Then we watch the executives walk out. The employees walk out.  The customers walk out as a vote of no-confidence against their values and as a community we stand here and we say we are going to commit to a higher level.  We are going to a higher level together to express our values.  We know what the most important thing is to us and in this community and we’ve said it for years and we’ll say it again:  Our culture is built on trust – The fundamental trust that we have with you; the fundamental trust that we have with our key stakeholders, with our customers, with our employees, with our partners.

Our trust is with you and we take that very seriously.  It’s our highest value and we ask every company to ask what is your highest value and in the world when technology is taking us over and in a world where technology through the Fourth Industrial Revolution is grabbing us, realize that we all have a higher responsibility to ask that question especially you see the gambits that are unfolding really before us. Especially as artificial intelligence gets released into the whole world we must ask this question, “What is truly important to us?”…

We realize technology is not good or bad, it’s what you do with it that matters…We’ve restructured our company to have an Office of Ethical and Humane Use of the technology so that as our employees or our customers or our partners say “Are we doing this? Are we aligned with our values? Are we moving forward?”

We can have a structured conversation not just with our own employees myopically but by bringing in the key advisors and supporters and pundits and philosophers and everybody necessary…to ask the question, “Is what we are doing today ethical and humane?” and we’re all gonna have to ask that question in the technology industry and every company and every CEO better be ready to answer to that question through their values.

And we’re putting our values into action because our values create our behaviors…

We believe we have to bring everyone in.  Everyone has to come in to the Fourth Industrial Revolution. It’s inclusive capitalism.  Inclusive capitalism means we’re all going together into the future.  We are leaving no one behind. Nobody will be left.

 

 

Salesforce: Benioff Names Block Co-CEO

logo-salesforceAfter 19 years, Marc Benioff has chosen to share the reins at Salesforce, naming President and COO Keith Block his co-CEO.  Block, who decamped from Oracle in 2013 where he ran the sales and consulting groups, will focus on “growth strategy, execution and operations.”  Benioff will lead Salesforce’s “vision and innovation in areas including technology, marketing, stakeholder engagement and culture.”

Block emphasized that Benioff is not looking to step down at the company he helped found in 1999.  “This is just a natural evolution of what’s been happening over the last five years,” Block told The Wall Street Journal.  “Marc is very engaged in the business, and he’s going to work for a very, very long time.”

Block was responsible for Salesforce’s verticalization strategy with targeted offerings in financial services, healthcare, and retail.  He also has been out front in explaining recent acquisitions such as the $6.5 billion purchase of MuleSoft in March.

“Keith has been my trusted partner in running Salesforce for the past five years, and I’m thrilled to welcome him as co-CEO,” said Benioff.  “Keith has outstanding operational expertise and corporate leadership experience, and I could not be happier for his promotion and this next level of our partnership.”

The firm also named co-founder and CTO Harris Parker to its Board.

“Since our founding in 1999, Parker has been instrumental in driving Salesforce’s innovation and shaping our culture,” said Benioff.