Current investors Long Arc Capital and Bpifrance provide additional fuel for increased ambition
PARIS — Tinubu Square, the market leader for enterprise software solutions to Credit and Surety Insurers, announces an additional investment of €15M by New York-based Long Arc Capital and the French investment bank Bpifrance.
Advancing Tinubu Square’s Strategic Goals
In 2018, Tinubu Square launched a 5-year strategic plan to expand its global footprint and propel innovation.
“The early results of our 5-year plan have already been extremely successful,” said Jérôme Pezé, CEO. “In just two years, we have more than doubled our annual recurring software revenue.”
“We have a clear vision of what we need to do to achieve our goals over the next three years,” added Olivier Placca, Deputy CEO. “Our teams, our shareholders and our partners are all aligned and committed to our mission.”
Tinubu Square intends to use the additional €15M of capital to target high growth international markets for Credit Insurance and Surety software.
An ambition supported by Long Arc Capital and Bpifrance
At the end of 2017, Long Arc Capital and Bpifrance invested €53M in Tinubu Square. (announcement of October 2017).
Long Arc Capital has significant experience in partnering with entrepreneurs to build category-leading businesses.
“The Tinubu team has performed incredibly well over the last few years,” said Vincent Fleury, Tinubu Board Member and a Partner of Long Arc Capital. “The business is now poised to become the market-leading enabler of digital transformations for the Credit and Surety Insurance industries. With this additional capital, we expect Tinubu will achieve new levels of success in the U.S. as well as in the rest of the world.”
Bpifrance, invested in Tinubu Square since 2011, continues to demonstrate its mission as a long-term stakeholder enabling entrepreneurial projects to deliver their full potential. Nicolas Herschtel, Deputy Managing Director of Large Venture, the Growth fund of Bpifrance, applauded Tinubu Square’s international development which, according to him, is a wonderful example of world-leading technology originating from France.
About Long Arc Capital
Long Arc Capital LP (“Long Arc”) is a NY-based private equity firm dedicated to building and scaling breakthrough businesses. Founded in 2016, Long Arc has six Partners with significant investing and operating experience. The firm has a philosophy of “active ownership” and partners with entrepreneurs and management teams to build successful businesses.
Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra-financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).
For more information, please visit: www.bpifrance.fr and presse.bpifrance.fr – Follow us on Twitter: @Bpifrance – @BpifrancePresse
Founded in 2000, Tinubu Square is the enabler of the Credit Insurance & Surety digital transformation. Tinubu Square provides across the globe SaaS solutions and services to Credit & Surety Insurers that enable them to reduce significantly their exposure to risk as well as their financial, operational and technical costs with best-in-class technology solutions and services. Tinubu Square has built an ecosystem of customers in over 20 countries worldwide and has a global presence with offices in Paris, London, New York, Montreal, Mumbai and Singapore.
Phone: +33 1 5595 85 85
Phone: + 33 1 4179 95 26
Phone: +1 (212) 430 2275
Huawei-built data centre a ‘failed investment,’ Papua New Guinea says – The Globe and Mail
A Huawei-built data centre in Papua New Guinea is a “failed investment,” that country’s government says, after a technical review found serious security vulnerabilities in what was designed to be an important piece of the country’s digital infrastructure.
Dated encryption technology and the placement of some devices in the centre meant that “data flows could be easily intercepted,” according to a review commissioned by Papua New Guinea’s National Cyber Security Centre and obtained by The Globe and Mail. The security centre receives funding from Australia’s Department of Foreign Affairs and Trade. Canberra was given a copy of the report, whose findings were first reported by the Australian Financial Review.
The report details numerous technical deficiencies in the National Data Centre, including firewall devices “with basic settings for defence”; the use of 3DES, a 1995-era encryption standard “considered openly broken since 2016”; and the installation of core switches outside firewalls, which means “remote access would not be detected.” The physical configuration of the data centre was different from the schematics for its design, and the differences made it more vulnerable to hacking.
The data centre was financed by a US$53-million loan from the Export-Import Bank of China and designed by engineers from Huawei Technologies Co. Ltd. Its deficiencies have renewed questions about the trustworthiness of Huawei technology at a time when Ottawa and other Western capitals are mulling whether to allow equipment from the Chinese company in 5G networks.
“To some extent, we can conclude that it truly is a failed investment,” Timothy Masiu, Papua New Guinea’s Minister for Information and Communication Technology, said in a statement on Thursday. He suggested looking instead to cloud storage from companies like Amazon.comInc. and Microsoft Corp., before cautioning against geopolitical point-scoring over digital infrastructure. “Our national issues are our business, and must not be used to fit any other narrative,” he said.
Outside Papua New Guinea, however, the problems with the data centre add to concerns about the security of technology made by a company headquartered in China, where the law compels organizations and citizens to “support, assist and co-operate” with the country’s intelligence apparatus.
The United States, the U.K. and Australia have to varying degrees banned Huawei’s 5G technology.
Last year, the UK’s Huawei Cyber Security Evaluation Centre oversight board faulted Huawei more broadly for problems with “basic engineering competence and cyber security hygiene that give rise to vulnerabilities that are capable of being exploited by a range of actors.” In April, 2019, Ian Levy, the technical director of the National Cyber Security Centre in the U.K., told the BBC that “the security in Huawei is like nothing else – it’s engineering like it’s back in the year 2000 – it’s very, very shoddy.”
Huawei was also the main digital supplier to the Chinese-built African Union headquarters, where, for five years, data were transferred to servers in Shanghai, according to reports in Le Monde Afrique and The Financial Times. Officials have denied such problems existed, and Huawei has said that if any data leaked, it wasn’t from the company’s equipment.
Still, such problems point to “a relatively immature … security culture in the company,” said Christopher Parsons, a senior research associate at The Citizen Lab, which specializes in communications and security studies at the Munk School of Global Affairs and Public Policy.
In Papua New Guinea, “some of the issues being raised are not particularly advanced problems to have identified and then remediated,” Mr. Parsons said. “The fact they weren’t is unfortunate, and speaks poorly of the security culture that Huawei has.”
Huawei did not offer an on-record response to detailed questions about the Papua New Guinea data centre from The Globe. It told the Australian Financial Review: “This project complies with appropriate industry standards and the requirements of the customer.”
Huawei has a deep foothold in Papua New Guinea. The company built 4G networks for the country, a high-speed broadband network, and a network of submarine cables to connect coastal settlements. At least one local community complained that excavators used to lay underwater cable broke reefs.
Huawei was also the contractor for a national identity project that includes an electronic identification (e-ID) system backed by a database. That database, service for which has occasionally been interrupted for days, is at the National Data Centre.
The company’s importance to Papua New Guinea means trouble with the data centre is “a very sensitive issue,” the Ministry of Information and Communication Technology said in a chat message.
In Beijing, foreign ministry spokesman Zhao Lijian said the “Chinese government always requires Chinese companies, in their overseas operations, to strictly follow international regulations.” But, he said, the Chinese government firmly opposes “some foreign media’s malicious discussions about the data centre.”
In Papua New Guinea, security vulnerabilities have become less of a concern than disrepair. The data centre has a slow internet connection, and some of its components – including backup batteries and an e-mail server – are broken. Software licences have expired, and the report says local authorities do not have enough funds to properly maintain the centre.
As a result, it “is not currently used by a significant portion of the government of PNG,” the report found. “It is assessed that a full rebuild would need to occur to modernize the facility.”
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When is the right time to start investing? Plus, the importance of patience and a growing disconnect between markets and the economy – The Globe and Mail
If we waited for an ideal time to start a lifetime of investing, few of us would ever get into the stock market at all.
The March crash was a great time, in retrospect. But a lot of investors held back because they worried about worse losses ahead as the pandemic spread globally. Stocks have powered back from their lows with a vengeance, which brings a new set of complications. If the economic recovery from the pandemic disappoints, stocks could fall again.
We have two vastly different sets of market conditions in March and August, but a common sense of caution about whether it’s a good time to start investing. I offer this up as context for a recent question from a reader in Toronto: “My 27-year-old has never invested and is asking is this a good time to start? She is thinking of using a robo-adviser and has about $50,000 to invest. What would you suggest about timing and robo investment?”
First off, thumbs up to the idea of using a robo-adviser. It’s a cost-effective way for investing newcomers to instantly start building a well-diversified portfolio of exchange-traded funds with a risk level tied to their personal needs.
Is now a good time to start investing through a robo-adviser or any other channel? Any time is a good time, if you handle it right.
This reader’s daughter should consider a plan to have a preset amount transferred electronically to the robo account and invested every time she gets paid. As for the $50,000, she should give some thought to a staggered approach. Maybe invest $10,000 right now and an additional $5,000 each month for the next eight months. This would be in addition to those regular contributions from her paycheque.
Invest the entire $50,000 now and she runs the risk of getting hit by a nasty market pullback that shears off 20 per cent or 30 per cent of her investment in short order. Hold off on investing the $50,000 until after a crash and she runs the risk of missing the rally that follows all market downturns. It’s asking a lot for an investing rookie to put $50,000 into a stock market that seems to be falling off a cliff.
— Rob Carrick
This is the Globe Investor newsletter, published three times each week. If someone has forwarded this e-mail newsletter to you or you’re reading this on the web, you can sign up for the newsletter and others on our newsletter signup page.
Stocks to ponder
Stay patient if the pandemic’s get-rich-quick phase has you feeling left out
Who knew five months ago that the pandemic would be such a money-making opportunity? Stocks are flying, the housing market is surging, gold has popped and bitcoin’s on a tear. Did you miss the memo about pivoting from financial self-preservation to aggressive speculation? Feeling left out because you played it safe while others were daring?, writes Rob Carrick (for Globe subs)
How can Wall Street be so healthy when Main Street isn’t?
The stock market is not the economy. Rarely has that adage been as clear as it is now. An amazing, months-long rally means the S&P 500 is roughly back to where it was before the coronavirus slammed the U.S., even though millions of workers are still getting unemployment benefits and businesses continue to shutter across the country. The Associated Press reports (for Globe subs)
Trading in securities could jeopardize your CERB benefits
As CERB benefits end, the Canada Revenue Agency’s review of Canadians who received the benefit will move into high gear. There are some recipients who may mistakenly think they’re entitled to CERB, but the taxman might disagree and ask for repayment. I’m talking about frequent traders in securities, including day traders. Tim Cestnick explains (for Globe subs)
Others (for subscribers)
Others (for everyone)
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Ask Globe Investor
Question: I would like to get some technology exposure for my portfolio. What do you recommend?
Answer: Unless you have a deep understanding of the technology space, I would not recommend buying individual tech stocks. A low-cost exchange-traded fund that provides diversified exposure is a better bet because it will help to control your risk. I’ll discuss a few worthy candidates among the dozens available.
The iShares Core S&P U.S. Growth ETF (IUSG) isn’t specifically a technology fund, but nearly 40 per cent of its weighting is in tech stocks such as Microsoft Corp. (MSFT), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Facebook Inc. (FB) and Alphabet Inc. (GOOG). You’ll also find plenty of non-tech growth stalwarts such as Johnson & Johnson (JNJ) and Procter & Gamble Co. (PG), which increases diversification and may enhance stability. IUSG’s management expense ratio is a rock-bottom 0.04 per cent and the fund pays a modest dividend yield of about 1.4 per cent.
For a pure-play tech fund, consider the Vanguard Information Technology ETF (VGT), which has an MER of 0.1 per cent. If you’re investing in IUSG, VGT or any of the dozens of other U.S.-listed growth or technology ETFs, keep in mind that you’ll need to buy them in U.S. dollars. This exposes you to currency conversion costs and exchange-rate volatility. If you want to eliminate or at least minimize such currency impacts, consider a Canadian-listed ETF such as the BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ), which has about half of its assets in technology stocks and charges an MER of 0.39 per cent.
— John Heinzl
What’s up in the days ahead
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Compiled by Globe Investor Staff
Ontario Supports Municipalities with Critical Infrastructure Investments – Government of Ontario News
Priority Projects will help Create Jobs and Support Growth as the Province Safely Reopens after COVID-19
TORONTO – The Ontario government is investing more than $4.2 million through the Regional Development Program to support important infrastructure projects in the County of Simcoe, the Town of Tillsonburg and the City of Sarnia. These investments will help attract local investment and create jobs as the province starts down the path to renewal, growth and economic recovery.
“As the province continues to safely and gradually reopen and we turn our attention to growth and recovery, we are helping local communities and local municipalities create jobs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “These projects will make a significant impact in facilitating economic growth for the communities of Simcoe, Tillsonburg and Sarnia-Lambton. They will enable long-term measurable outcomes, including private sector investments, job creation, and growth of the regions.”
Ontario is providing $1.5 million for the County of Simcoe to invest in the widening of the Lake Simcoe Regional Airport runway from 100 ft to 150 ft. With Ontario’s support, the widening will increase safety, improve a key municipal asset and position Simcoe County for private-sector investment. The widening of the runway is a regional priority for the County and is considered a critical piece of infrastructure for future business opportunities and economic benefits.
“The Lake Simcoe Regional Airport is a gateway to our community, and this expansion provides an opportunity for significant growth and increased economic activity right here in Oro-Medonte,” said Doug Downey, MPP for Barrie-Springwater-Oro-Medonte. “I appreciate that the Ministry of Economic Development has seen the great value in this project, and understands the significant impacts it will bring to rural Ontario. I thank them for partnering with the County to help ensure shovels will soon hit the ground!”
Ontario is providing more than $1.2 million for the Town of Tillsonburg to build and develop the Van Norman Innovation Park, which will give the region a competitive advantage in attracting new investment. With Ontario’s support, the town will invest in critical infrastructure, including sewers, watermains and roads to make the innovation park investment ready. This will also encourage the growth of high-tech manufacturing cluster with a focus on the advanced manufacturing, automotive and agri-food processing sectors.
“Since taking office, our government has sent a clear message that Ontario is open for business and open for jobs,” said Ernie Hardeman, MPP for Oxford. “We’re creating an environment where businesses can focus on what they do best — developing great products and services and building successful companies. It’s great to see the Town of Tillsonburg invest in the infrastructure that will help to attract and retain those businesses here in Oxford.”
Ontario is providing $1.5 million for the City of Sarnia to build an oversized load corridor that will increase capacity of the Port of Sarnia and surrounding road networks. The oversized load corridor will facilitate the transportation of oversized loads from local industrial fabricators and manufacturers to national and overseas markets, addressing the costly and cumbersome process of transporting products. With Ontario’s support, the City will invest in infrastructure improvements including overhead utility crossings, municipal roadways, and the deep-water Port of Sarnia.
“As a community we have been working on getting the funding for this project for nearly a decade,” said Robert Bailey, MPP for Sarnia—Lambton. “This investment by the Ontario government is coming at just the right time as the economy starts to reopen. This project will help to support our world class fabrication shops and local industry by making it easier to move large industrial components and machinery to and from Sarnia Harbour.”
To support regional priorities and challenges, the RDP provides cost-shared funding to municipalities and economic development organizations to help communities attract investment, diversify their economies, and plan for long-term sustainability. Provincial and local leaders will be joining together at the first virtual AMO 2020 Conference from August 17 to 19 to share experiences, build understanding, and plan for a strong future.
- The government launched the Regional Development Program for eastern and southwestern Ontario in November 2019. Businesses and municipalities can get financial support through the Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF) and guided access to a range of complementary services and supports.
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