THE NEWS WRAP: On-demand cleaning startup Homejoy shuts down
On-demand house-cleaning and home-service startup Homejoy has shut down.
In a blog post, CEO and co-founder Adora Cheung says the startup will cease operations by the end of the month.
“Although we succeeded in many ways, we also faced obstacles,” Cheung says. “There are still many unresolved challenges in the home-service space.”
US-based Homejoy was facing numerous lawsuits over how it classifies its users as contractors rather than workers, an issue that is plaguing many other on-demand services like Uber and Lyft.
Cheung told Recode these impending lawsuits were “deciding factors” in closing down the business.
Google has already swooped in and hired about 20 members of Homejoy’s tech team, while competitor Handy is offering a $1000 signing bonus for contractors that make the switch.
Apptio plans IPO valued at $1 billion
Cloud-based software manager Apptio is planning an IPO that could value the startup at up to $1 billion, the Wall Street Journal reports.
Apptio has raised nearly $100 million in funding over the last three years.
One of the startup’s main features is software that assists companies in analysing their spending on technology.
Microsoft buys Israeli cloud service Adallom
Microsoft has reportedly purchased Israeli cyber security company Adallom for $US320 million ($A433 million).
As Globes reports, if this amount is correct it’ll be the company’s largest acquisition in the country.
Adallom has already raised nearly $50 million to date, including a $30 million investment from HP.
The Dow Jones Industrial Average is down 33.80, falling 0.19% overnight to 18,086.45. The Australian dollar is currently trading at US74 cents.