iWorld
Evergent expands internationally and opens sales offices in india and south america
MUMBAI: Evergent Technologies, Inc. (http://www.evergent.com), a leading provider of cloud-based, user lifecycle management solutions for video service providers, today announced the opening of two new sales offices in Mumbai, India and Sao Paulo, Brazil that will service the India, South Asian and South American markets supporting customers and partners – both regions a key area of customer growth for Evergent.
In India, Manoj Padmanabhan joins Evergent as the Regional Director, Sales, for India, SAARC and Middle East. Manoj has more than 20 years of experience and has worked with large consumer brands including Videocon, Sansui, Toshiba, Tata Indicom, Zee, DittoTV, and Eureka Mobile. Manoj holds an MBA and a BE in Industrial Electronics.
In South America, Renato Cotrim joins Evergent as the Regional Director, Sales for South and Central America. Renato has more than 20 years of experience working at Microsoft, Ericsson, AT&T and IBM supporting telecom and video service providers in the South American region. Renato holds an MBA and BS in Electrical Engineering. Both executives join a team at Evergent that has doubled in the last 18 months as the company has pushed hard to meet the demands of its exponential growth in OTT and cloud video user management services around the globe.
According to CEO, Evergent Founder of Vijay Sajja, “Adding these two veterans to our team is a big win for Evergent – they’re both highly regarded in the industry. It also gives us the talent and leadership to focus 100 percent on the exponential growth taking place in these two key locations. We understand the issues that video service providers face in global markets, and work hard to provide solutions that benefit our customer’s global reach – taking into account local diversification, cultural differences, and much more.”
The two new regional directors will serve customers and partner sales in their respective regions and provide direct support when and where it’s needed.
iWorld
Bill Ackman makes a $64bn bid for Universal Music Group
The hedge fund boss wants to list the world’s biggest record label in New York and thinks he knows exactly what ails it
NEW YORK: Bill Ackman wants to buy the world’s biggest record label. Pershing Square Capital Management, the hedge fund run by the billionaire investor, submitted a non-binding proposal on Tuesday to acquire all outstanding shares of Universal Music Group in a business combination transaction worth roughly $64.4 billion (around 55.8 billion euros).
Under the terms of the offer, UMG shareholders would receive 9.4 billion euros in cash, equivalent to 5.05 euros per share, plus 0.77 shares of a newly created company, dubbed New UMG, for each share held. Pershing Square values the total package at 30.40 euros per share, a 78 per cent premium to UMG’s closing price on April 2.
The deal would see UMG merge with Pershing Square SPARC Holdings, with the combined entity incorporating as a Nevada corporation and listing on the New York Stock Exchange. New UMG would publish financial statements under US GAAP and become eligible for S&P 500 index inclusion. Pershing Square says the transaction is expected to close by year-end, with all equity financing backstopped by Ackman’s firm and its affiliates, and all debt financing committed at signing. The transaction would cancel 17 per cent of UMG’s outstanding shares, leaving New UMG with 1.541 billion shares outstanding.
Ackman has a long history with UMG. Pershing Square first bought approximately 10 per cent of the company from Vivendi in the summer of 2021 for around $4 billion, around the time of UMG’s listing on the Euronext Amsterdam exchange. He has since trimmed that position, raising around $1.4 billion from the sale of a 2.7 per cent stake in March 2025, and resigned from UMG’s board in May 2025, citing new executive and board obligations arising from recent investments.
His diagnosis of UMG’s troubles is blunt. The company’s stock has fallen around 33 per cent over the past twelve months on the Euronext Amsterdam exchange, and Ackman lays out six reasons why. These include uncertainty around the Bolloré Group’s 18 per cent stake in the company, the postponement of UMG’s US listing, the underutilisation of UMG’s balance sheet, the absence of a publicly disclosed capital allocation plan and earnings algorithm, a failure to reflect UMG’s 2.7 billion euro stake in Spotify in its valuation, and what Ackman calls suboptimal shareholder investor relations, communications and engagement.
The Bolloré stake has long cast a shadow over the company. Cyrille Bolloré stepped down from UMG’s board in July 2025 as the Bolloré Group battled the French financial markets regulator over its stake in Vivendi, which holds a further capital interest in UMG. UMG had confidentially filed a draft registration statement with the US Securities and Exchange Commission in July 2025 for a proposed secondary listing in America, but put those plans on hold in March 2026, citing market conditions.
Ackman has kind words for UMG’s management, at least. “Since UMG’s listing, Lucian Grainge and the company’s management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance,” he said. But he made his diagnosis plain: “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction.”
In other words, Ackman believes UMG is a great business trapped inside a broken structure. If the board agrees, he intends to fix that, loudly and in New York.
