Video conference company Pexip surges 54% in IPO debut

OSLO (Reuters) – Shares in Norway’s Pexip Holding soared by 54% in early trade on Thursday as the video conferencing company made its stock market debut after an initial public offering (IPO) that was more than 12 times oversubscribed.

The shares rose to 97 Norwegian crowns at 0710 GMT, up from 63 crowns in a sale of new and existing stock that concluded on Tuesday, now valuing the company at about 9.6 billion Norwegian crowns ($942 million).

Pexip, which competes with the likes of Zoom and BlueJeans and says it is used by the U.S. military and the German government, has registered a jump in demand for its services since the start of the novel coronavirus crisis.

Its offer of 38 million new and existing shares had amounted to 2.39 billion crowns, but investor interest in the stock had exceeded 30 billion crowns, Pexip said.

Taking advantage of its own

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IAC revenue rises as home-bound take to online dating, video streaming

(Reuters) – IAC/InterActiveCorp reported an 11% rise in quarterly revenue on Wednesday, as its online dating business and video hosting platform added more stuck-at-home users.

Surge in users in these units partially offset a drop in demand in its homeservices platform ANGI, which reported quarterly revenue of $343.6 million, missing estimates of $345.8 million, according to IBES data from Refinitiv.

IAC flagged last month that demand for ANGI’s services had dropped considerably as people were shelving plans to renovate their houses amid the COVID-19 pandemic.

The company, which pulled its full-year forecast in late April, expects second quarter to be tougher, Chief Executive Officer Joey Levin said in a letter to shareholders.

However, it had also signaled a spike in demand for Vimeo’s video tools in the quarter as more people shift to working and learning remotely. Revenue at this unit rose 31% to $57 million, above estimates of $54.5

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Syrian tycoon appeals to Assad in rare video to help save his telecom firm

AMMAN (Reuters) – Syria’s leading tycoon, Rami Makhlouf, said he will appeal to President Bashar al-Assad to allow his mobile communications company, Syriatel, to reschedule payment of taxes owed to the government in order to avoid a possible collapse of the firm.

Makhlouf, who is chairman of Syriatel, is a maternal cousin of Assad and widely considered part of the president’s inner circle. He said the government’s demand of 130 billion Syrian pounds ($300 million) was “unjust” but that he would comply.

“We are not evading taxes or deceiving the state … because you are our people. Does anyone steal oneself?” he said in a rare video message on social media released late on Thursday.

Makhlouf and his family are believed to own at least 69% of Syriatel, which is one of the war-ravaged economy’s main sources of revenue. He said the company has 11 million subscribers and more than

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Google makes Meet video conferencing free to all users, challenging Zoom

OAKLAND, California (Reuters) – Alphabet Inc’s (GOOGL.O) Google on Wednesday said any user will soon be able to host free video conferences on Meet, turning its previously business-only tool into a bigger rival to Zoom and others battling for users during the coronavirus outbreak.

FILE PHOTO: The Google logo is pictured at the entrance to the Google offices in London, Britain January 18, 2019. REUTERS/Hannah McKay

Zoom Video Communications Inc (ZM.O), Microsoft Corp’s (MSFT.O) Skype and Facebook Inc’s (FB.O) Messenger introduced features this month to attract users as people barred from going out to socialize seek free options to connect with friends and family by online video.

But Meet, which has 100 million daily users, had required a Google business or education account to set up calls. While Google has long offered free versions of business tools including Gmail and Google Docs,

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