#software company sic code

[mariacallous]

The recent installation of Elon Musk ally Thomas Shedd atop the federal IT structure has thrown an agency in charge of servicing much of the US government’s technical infrastructure into disarray.

Over the last few days, workers at the Technology Transformation Services (TTS), which is housed within the General Services Administration (GSA), have been summoned into what one source called “sneak attack” meetings to discuss their code and projects with total strangers—some quite young—who lacked official government email addresses and have been reticent to identify themselves. TTS workers have also received confusing transition guidance and a sudden DC office visit from Musk.

It was announced last week that Shedd, who previously worked as a software engineer for eight years at Tesla, Musk’s electric car company, would be the new TTS director. In emails to TTS staff, Shedd reinforced the Trump administration’s commitment to cutting costs and maximizing efficiency—something Musk’s Department of Government Efficiency, or DOGE, has been charged with carrying out.

“I’ve spent my entire career in Silicon Valley,” Shedd wrote in an introductory email to staff last Thursday and obtained by WIRED. “If we work together and execute well we will be able to navigate the policies, leverage our technical expertise and be a critical part of accelerating technology adoption across agencies to enable great gains in efficiency.”

TTS helps develop the platforms and tools that underpin many government services, including analytics tools and API plugins that agencies can use to deploy tech faster. This means that the group has access to troves of government data and systems across agencies. That access is useful for standardizing the many, not always interoperable, systems that the federal government uses, but could also provide invaluable information to a private company or be weaponized against government employees and citizens.

Early Wednesday morning, rumors began to spread at TTS that employees would be receiving surprise one-on-one meeting notifications from management. During these brief meetings, employees would, according to a staff email that Shedd sent later on Tuesday, be asked to identify their biggest “wins” and the most significant “blockers” preventing them from working as efficiently as possible. The email linked to a Google Form questionnaire for employees to fill out ahead of their scheduled meetings. The invites included people without official GSA email accounts who were using Gmail addresses as well as official government accounts, multiple sources told WIRED.

“These should be items that you completed,” a screenshot of the form obtained by WIRED said. “It is OK to have a mix of big projects and small wins (examples: fixed a critical bug, shipped XYZ feature, saved this amount on a renegotiated contract, ect [sic] … If you are an engineer or designer please include a link to a PR [pull request] or a screenshot of one of your wins from the past 3 months.”

The email is reminiscent of one that Musk sent early in his Twitter days, demanding that employees email a one-page description of what they had accomplished the previous month and how it differed from their goals.

Rather than convening with Shedd in these meetings, TTS employees were instead surprised to be met with people they had never seen or worked with before.

“It was a very confusing call because I expected to be meeting you, and I was instead met by two people reluctant to identify themselves,” one TTS employee told Shedd in an open Slack channel, one of several reviewed by WIRED. “They had not seen the information I submitted in my form, so I was left trying to explain things without the visuals/links I had submitted,” one wrote.

“Also had the same exact experience,” another employee added. “The individual I had met with had no idea about the google form I submitted and when I did reference it, I was met with avoidance.”

In a Slack message to TTS staff on Thursday morning viewed by WIRED, Shedd apologized for the vague and sudden meeting invites, and for including unnamed individuals in the meetings who joined with Gmail addresses.

“They are each in the onboarding process of obtaining a GSA laptop and PIV card. I take full responsibility for the actions of each of them in the calls. I’ve asked them to start the calls with their first name and confirming that they are an advisor to me,” Shedd said in a screenshot of the Slack message viewed by WIRED.

Shedd told employees that the people on the calls were “vetted by me, and invited into the call.” He said they were physically present with him at the GSA headquarters, and that he had “badged them all into the building.” This implies that those joining the calls did not currently have official government IDs issued to agency staff.

At least two of these individuals appeared to be “college students with disturbingly high A-suite clearance,” one TTS source told WIRED. (A-suite clearances tie employees to the GSA administrator’s office.)

One person says they were brought into a review with Edward Coristine, a recent high school graduate who spent several months at Neuralink, Musk’s brain-computer interface company, whom WIRED has previously identified as a person working at the Office of Personnel Management (OPM) and reporting directly to its new chief of staff, the former xAI employee Amanda Scales. He has not responded to requests for comment from WIRED, and OPM has declined to comment.

“We do not have any additional personnel announcements at this time.” a GSA spokesperson told WIRED on Thursday.

It’s typical for TTS workers to work in tandem with other agencies across government, with many of their projects containing data external to GSA and subject to sensitivity agreements. Being required to share specific technical achievements, though, spooked some employees who feared they could breach these agreements.

“The team is correct in feeling nervous sharing details about other agencies in these calls and should continue to follow the normal guidance which is to not share sensitive information,” Shedd wrote in the GSA Slack on Thursday. “The point of these calls is to talk through interesting example problems/wins and dig into how that win was realized. A chance for you to brag about how you solved a problem.”

This week, it appears that TTS has become the primary target of these meetings, but members of the US Digital Services—which a Trump executive order has rebranded as Musk’s DOGE—also met with management to go over their recent work last week. The DOGE meetings were conducted similarly in structure to the TTS ones, according to The Washington Post.

Like many other agencies, GSA has been making changes to DEI initiatives that have put workers on edge. On January 23, TTS deputy director Mukunda Penugonde announced that as part of the GSA’s new initiative to curtail DEIA programs, the agency would be shutting down its “Diversity Guild meeting series” and the “#g-diversity Slack channel effective today,” in an email reviewed by WIRED.

Musk was seen at the GSA office near the White House on Thursday, but it’s unclear what he was doing there. Shedd was scheduled to lead a meeting with around 40 TTS program supervisors Thursday afternoon. On Wednesday, WIRED reported that Musk has been telling his friends that he’s been sleeping at the DOGE office in DC.

Of all parts of the government, TTS, perhaps even more so than DOGE, is well positioned to get inside agencies’ technology and data, including government spending data, explaining why it’s such a focus for the new administration.

“TTS represents the consolidation of 20-plus years of tech and data expertise, brought together by the hard work of hundreds (if not thousands) of civil servants,” Noah Kunin, a cofounder of 18F, a team of designers and engineers within the GSA that help government agencies build and deploy new tech products, and a former infrastructure director at GSA, tells WIRED. “They have the products, platforms, and people to do this work right, within the confines of current law, and fast.”

[calcbench]

KPI Alert: 'RPO' for Revenue

One of the complaints about financial statement analysis is that those statements only show you the history of what a company has already achieved, when financial analysts want to project future outcomes. 

Sure, we can always look at past trends to make predictions, but fear not! Calcbench can also help analysts examine leading indicators, too. 

As part of our occasional series looking at key performance indicators (KPIs), today we want to examine a leading indicator for revenue: remaining performance obligations, or RPO.

RPO represents revenue that a company expects to collect in future periods based on the company’s current contracts. So if a company has high RPO today, that implies it will have high revenue in the future.

The data to capture this information is available in Calcbench today. Some of the metrics that illuminate RPO include:

A subscriber may obtain values for these metrics using our tools, including our Multi-company Page, our Excel Add-In or even our API (for advanced users).

Here’s an example. We reviewed a bundle of companies in the prepackaged software sector. (SIC code 7372, for you sticklers out there.) By examining trends in reported revenue and RPO from 2018 to 2022, we could calculate the average revenue and average RPO for the sample group overall. Figure 1, below, shows that on average, revenue increased by 10.5 percent and RPO by 16.7 percent. 

Of course, what we see is just an average. When you analyze specific companies, many different tales emerge. 

Figure 2, below, charts the revenue and RPO for Activision Blizzard (ATVI), Oracle (ORCL), and Salesforce (CRM). Revenue is the solid line for each company; RPO is the dotted line.

As you can see, Salesforce seems to show a solid increase in both revenue and RPO (18.7 and 13.6 percent per year on average, respectively). Oracle shows a relatively flat trend for revenues, but a significant increase in RPO, which would likely lead to an increase in revenues in the future. Activision Blizzard has shown an average revenue increase of 0.1 percent per year, but its RPO has an average decrease of 5.4 percent per year. 

To demonstrate the value of RPO as a metric, look at Oracle circa 2020. Its RPO (the dotted line) starts to pull above the solid revenue line. Then from 2021 into 2022, revenue starts to increase along a similar slope as RPO’s line from 2020. Presumably that is the prior period’s RPO finally arriving in Oracle’s bank account. If past is prologue, then RPO’s even steeper increase in 2022 should mean brisk revenue growth in 2023. 

Will that be the case? We’ll try to revisit Oracle’s numbers when it files its next annual report in early 2024. For now, we encourage you to develop your own models for RPO and see what the data tells you.

[bd-softhub1]

BD-Softhub is the living embodiment of a legacy built a dream to take the country ahead in technology through constant innovations and relentless efforts.

[mevwalnutcreek]

Software

Address:

1212 Broadway Plaza 2nd floor

Walnut Creek, CA 94596 United States

Phone: (212) 933-9921

Email: sales@mev.com

Website: https://mev.com

Description: MEV is a custom software development company that helps clients build amazing software products. It doesn't matter if you're a pre-seed startup or well-established enterprise - MEV works with you to let you get to your goals using the right technology.

Keyword: Product Software Development, Software Development Outsourcing, Product Management, Product Development, Outsourcing Firm, IT Outsourcing, Outstaffing, Staff Augmentation Company, IT management, IT Consulting, Custom Software Development, IT Engineering.

Status: Private Independent Company

SIC Code: 7373 NAICS

Year Founded: 2006

Company size: 51-200 people

Blog: https://blog.mev.com/

Twitter: https://twitter.com/mev_nyc

Linkedin: https://www.linkedin.com/company/mev-llc/

Facebook: https://www.facebook.com/mev.ukraine

[b2bindustry]

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[narwhaldatapatners-blog]

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[katelyngomez-blog1]

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To make you realize the gravity of the positions held by CTOs/CIOs in various companies, we present a brief synopsis of the responsibilities performed by them.

Chief information officers (CIOs) are responsible for the technical aspects to be implemented along with the company’s strategy. They ensure that the technical strategy is in alignment with the business strategy. Chief information officers (CIOs) perform intensive market and internal research to discover and implement new technologies. CIO Email List also help departments in using and including technical advancements within the systems. Supervision of the system infrastructure is also done by them to ensure functionality and efficiency. As the companies are introducing more technological aspects into their system, it becomes the responsibility of Chief information officers (CIOs) to create data protection processes and quality assurance policies. A companies’ IT budget will also be finalized by CIOs while implementing necessary improvements.  Lastly, it’s a CIOs duty to elaborate and communicate the technology strategy with partners and investors.

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[npsbank]

B2B Vault Episode 14: Emerging Markets Payment Solutions

Hey, this is Allen. With another episode of the B2B Vault today, we're going to talk about emerging markets. This is one of my favorite subjects to talk about. And most business owners don't even understand what's emerging markets are, and you know what it's all about. So a lot of people confuse emerging markets with international credit card processing. What doesn't have anything to do with that? Emerging markets are certain types of businesses that visa and MasterCard assigned special rates for those businesses. And, you know, so the merchants get special interchange rates. Those interchange rates can result in an enormous amount of savings. We do consult. So part of our consulting is that we make sure that your business is classified correctly with the correct SIC code that you have licensing to match the SIC code so that your business can qualify for these emerging market rates. We call it interchange-busting. It does take some work on our part because we have to make sure we have everything in the file. We have to register you with the card brands and the same way as CPA. Deciphers the tax code. We decipher the code with visa and MasterCard. So who qualifies for these businesses that are involved in education telecom? So education can be anything, schools, childcare services, preschools, um, online education, anything involving education, you, you could be saving tons of money, especially if you're using a platform like PayPal square or Stripe, um, or even regular credit card processing. You could save anywhere from 50 to a hundred basis points just on interchange telecommunications.So this qualifies for phone companies, companies who sell phone systems that are over the internet, the IP telephone systems that everybody's buying in their business. Many, many, many small companies sell those of yours. Small telecommunications company, you qualify childcare services, fuel dealers. There are tons of fuel dealers out there. And this doesn't mean just gas stations. These are fuel dealers who are delivering fuel to people's homes, to boats, um, supplying all kinds of different fuel propane. Maybe it's a propane delivery company or a company that delivers gas to you, somebody has natural gas. All of this qualifies under fuel government entities, government entities, any kind of city police stations, um, collecting, uh, taxes, collecting any kind of government fees, licenses, all qualify. The next one is subscription services. These are huge concerts. Subscription services are growing, growing, growing business. SAAS, which is the service as a software, um, the snack boxes and things like that, that people order those all qualify under subscription services. So anybody that's having a monthly thing, you know, sometimes I talk to a merchant, they go, well, we have this recurring monthly fee. And then we have regular, you know, our regular business, like let's say an air conditioning company. So they want to have people on a monthly fee instead of paying yearly for their service contracts. So that's a SAS service, and they can split their merchant account up and get much, much lower rates for this SAS part of their business. So, um, that's great utilities, so utilities, it doesn't matter. It doesn't have to be FPNL's largest, uh, an electric company in Florida. It can be much smaller utility companies and we have helped them. You know, other types of companies we've helped like, uh, companies who supply dumpsters to businesses. That's also regularly. Folks can be a recurring type of business. Plus they're also considered a utility charity. Also, get lower rates from visa and MasterCard. Many of them don't know that I, I sat with a charity wants and we saved them about 75 basis points from what they were paying. They couldn't believe this, oh, why didn't our bank do that? Well, your bank makes money off of interchange because they're a card issuer. We're not a card issuer. So we don't care about making, we don't make any money from energy. So if we cut your interchange, that only helps that helps our customers. And it helps you. Insurance is huge. We, in the last couple of years, switched quite a few insurance companies. They were paying retail rates. They were completely unaware that they could qualify for emerging markets and with emerging markets. Um, a couple of them saved more than a hundred basis points per month on their processing. So if you're processing, let's say, um, you know, eight, $900,000 a month and you can save a hundred basis points. Cause you're not on a market emerging market. That's right, $9,000 a month in fees that you're saving. So if you think that your business can qualify for emerging markets, let us know, go to the website, find the emerging markets. You can contact us, set up an appointment, or you can apply now and we can start the process with you to apply. Now, we also work with your software vendors. We have over 500 integrations and two different software, and we can get you integrated into our platform. So again, this is Alan Kopelman with the B2B vault. Hope you enjoyed the podcast. Click follow. You can also follow us on your favorite social media. We're on Facebook, Instagram, YouTube, and catch us on the blog, LinkedIn. And thank you very much for listening today. Read the full article

[calcbench]

SPACs, Part V: The Afterlife

We have one more post about SPACs today to explore the final phase of existence for these firms: what happens to a special purpose acquisition company after it acquires an operating company. Or, more simply — where do SPACs go after they die?

A fair number of them go into the software and tech sectors, apparently.

The crack Calcbench research team examined 135 SPACs to see what operating businesses they acquired, and what the balance sheets of those resulting firms looked like. Of those 135 firms, 22 “de-SPACed” into prepackaged software businesses and another 16 went into computer processing and data preparation.

Following a SPAC firm into the operating company beyond isn’t easy, because once the SPAC acquires the target, it ceases to exist. No longer do you have a ticker symbol or other standard identifier that would let an analyst follow the SPAC from its prior form into the new one.

But as a matter of standard procedure, Calcbench does assign a unique identifier to every registrant in our database, SPACs included. So we can follow along and see which operating companies today were SPACs in the past. By examining the resulting firm’s new SIC code, we can see which industries were most popular with SPACs as the SPACs acquired their way into operating company status.

Figure 1, below, is the breakdown for the 135 SPACs we studied. As you can see, the picture quickly gets messy. After prepackaged software, business services, and computer processing, most other industries have only a handful of SPACs entering their lines of work.

Where the Money Goes

We were also curious to see how de-SPAC transactions work in specific instances. So we looked at Diamond Eagle Acquisition Corp., which acquired both online sports betting company DraftKings ($DKNG) and sports betting technology firm SBTech at the same time in April 2020.

Prior to the acquisitions, Diamond Eagle had about $400 million in its coffers to make an acquisition. Executives there struck a deal to acquire DraftKings and SBTech at the end of 2019, and part of the deal included several institutional investors pumping another $304 million into the resulting public company in exchange for stock. That’s known as a PIPE deal (private investment in public equity) and they’re a common part of de-SPAC transactions.

The accounting for de-SPAC transactions, however, is tricky. Essentially, accounting rules treat DraftKings as the acquiring firm, which scooped up both Diamond Eagle and SBTech. So there is no purchase price allocation one can examine to see what the SPAC paid for DraftKings.

Rather, Diamond Eagle and the PIPE investors pumped a total of $704 million into DraftKings and SBTech, and the resulting public company had $1.82 billion in cash on the balance sheet at the end of 2020. (Up from only $76.5 million in 2019.)

On the other hand, DraftKings also acquired that other business, SBTech — and we do have a purchase price allocation for that one. If you look at the Business Combinations disclosure that DraftKings included in its 10-K from May 3, you find this:

In other words, DraftKings (or Diamond Eagle and its PIPE investors, depending on your point of view) paid $977 million to acquire SBTech, and $538 million of that sum (55 percent) went to goodwill.

You can conduct similar research yourself using our Interactive Disclosures page to research business combinations, with some assistance from the Company in Detail page to analyze the balance sheet.

And if you want more information about tracing SPACs from their pre-acquisition life to post-acquisition existence as a new operating company, using our Calcbench identifier, just drop us a line at info@calcbench.com and we’re happy to help you out.