March 23, 2022
Hello and welcome to Protocol Enterprise! Today: Anaplan’s chief development officer on how IT can — and should — influence the deal process, Okta fesses up, and Nvidia’s Jensen Huang imparts a cooking lesson.
If you needed another sign that hybrid cloud is here to stay, the folks at Spiceworks Ziff Davis have you covered. Although the number of workloads in the cloud is expected to cross the 50% mark by the end of 2023, 75% of large enterprises say they plan to keep some data centers around as they increase their cloud spending.
Private investors are continuing to look for deals amongst enterprise software companies that rode the SaaS investment boom over the last several years. Just a few months ago PE firms Vista and Evergreen bought Citrix for $16.5 billion, and earlier this week, Thoma Bravo bought Anaplan for $10.7 billion.
Just as the final touches of the deal were coming to a close but before it was announced, Protocol spoke with Anaplan Chief Development Officer Ana Pinczuk about the tech investing landscape and the role CIOs should play in helping deals come together.
The market for technology stocks is volatile, but there’s still interest in dealmaking from PE firms and large SaaS companies.
CIO involvement in the dealmaking process is increasing as the role becomes more strategic.
The complexities of tech stack management, data and cyber risk have made CIOs essential to the due diligence process. The proliferation of enterprise technology means factors like data, cybersecurity risk and enterprise environments are key to acquisitions.
CIOs' increased involvement in dealmaking is changing the way the role is evaluated. To be a more strategic CIO means being tied to metrics that go beyond efficiency measures towards growth and customers.
The interplay between CTOs and CIOs will define how enterprises approach dealmaking moving forward. It’s becoming increasingly common for tech companies to have both CTOs and CIOs, roles that are distinctive but should work in tandem.
Seeking to triple its employee base, Whisk, a fully remote team, sought diverse talent from a wide variety of regions through Upwork, a work marketplace that connects businesses with independent professionals and agencies around the globe.
Okta grew into a $25 billion company by promising customers it could verify that everyone granted access to their internal data was an authentic user. This week, those customers have lots of questions.
After initially downplaying the impact of the remote takeover of an internal account belonging to a contractor working for Okta, the company confirmed Tuesday night that the group behind the takeover was able to view the internal data of hundreds of customers. The incident occurred in January, but David Bradbury, Okta’s chief security officer, wrote in a blog post that Okta did not receive the forensic report from the contracting company until Tuesday morning, hours after the Lapsus$ hacker group posted screenshots of Okta’s internal IT systems to Twitter.
“[W]hile the attacker never gained access to the Okta service via account takeover, a machine that was logged into Okta was compromised and they were able to obtain screenshots and control the machine through the RDP session,” he wrote. Support engineers have “limited” access to Okta customer data, according to Bradbury, but he still called the incident “embarrassing.”
However, the length of time between the discovery of the incident in January and Tuesday’s disclosure could prove to be more embarrassing for Okta in the long run. Security incidents are somewhat inevitable, even at companies that offer security services, but enterprise customers are more forgiving of vendors that disclose incidents clearly and promptly.
Despite Nvidia’s failed attempt to acquire Arm, CEO Jensen Huang said his company’s plans for the future include doubling down on the number of Arm-based chips as part of the company’s “holy trinity” of computing.
“You know in cooking, almost every culture has their holy trinity, if you will. My daughter is a trained chef and she taught me that in Western cooking it’s celery, onions and carrots — it’s the core of just about all soup,” Huang said at a Wednesday press conference. “And in computing, we’ve got our three things: the CPU, the GPU and the networking that gives us that foundation to do just about everything."
Video game developers saw the launch of two new cloud services for building and supporting games, one from AWS and one from Microsoft.
Chip executives including Intel CEO Pat Gelsinger asked Congress to pass the long-delayed chip subsidies bill, raising the specter of falling behind other countries.
Intel is reportedly about to purchase Israel’s Granulate, a cloud-computing optimization startup, for $650 million.
A baffling decision to introduce GitHub users to an algorithmically driven feed went over about as well as you’d expect.
Whisk isn’t alone in unlocking the global marketplace to find the right types of employees to support its business goals. More than three-quarters of U.S. companies have used remote freelancers, according to research from Upwork, and more than a quarter of businesses plan to go fully remote in the next five years.
Thanks for reading — see you tomorrow!