It’s a done deal

[The beef 675] [I'm an image] “All this payment software, but nobody spending money.” - Jeff Hey there carnivores, Markets started hot Tuesday but finished slightly in the red. Today we’re talking about SoFi’s new software investment. Keep raging, Jeff & Jason [Image] [I'm an image] Shake my hand Someone put their deal sleds on yesterday. SoFi is throwing down $1.2B to buy Galileo. The Italian astronomer? Nope, the payment software company you’ve probably never heard of that’s been around since 2000. The deal is a cash and stock transaction that includes $75M in cash, $250M in debt, and the remaining $875M in stock. So, to clarify, not the astronomer? No, no telescopes were acquired in the making of this transaction. Galileo utilizes application programming interface software (APIs) to connect banks to credit card processors. For the non-virgins out there, APIs allow two machines to talk to each other, like a server communicating with a cloud app. Or, used in a sentence... Chad to a girl at a bar: "Yea, it's a small batch API play." Many of the companies that Galileo partners with, such as Robinhood and Chime, [are actually SoFi’s competition](. But Galileo’s CEO, Clay Wilkes, assured everyone that the companies will operate independently, and there certainly won't be any funny business or trade secrets thrown over the firewall. The CEOs of both companies ensured investors that both [should benefit](, as the deal will help the companies launch new products, expand further outside the states, allow for synergies... and presumably provide SoFi with Robinhood's intellectual property. The bottom line... With the M&A pipeline drier than a single person's sex life during quarantine, the deal was unexpected to say the least. Potential deals have largely come to a standstill thanks to corona boi. In fact, the U.S. announced that deal volume in Q1 [dropped 51% from a year earlier](. Companies are preparing for a downturn and cutting costs as more than 12k startups have laid off employees in the past month. Doesn’t exactly scream ‘let’s make a deal’, does it? With that said, 2020 has been the year of the fintech mega-deal. In January Visa bought plaid for $5.3B and in February Intuit scooped up Credit Karma for $7.1B. And it's safe to assume Galileo and SoFi started getting hot and heavy when coronavirus was just a measly epidemic. [Image] Urgent: Event starts at 2 PM ET. Believe It or Not You Can Triple Your Account Size (In 3 Months) With Just Three Simple Trades [I'm an image]( Join Dave Lukas On April 8th at 2 PM ET—LIVE When He Introduces—TRIPLE THREAT [Register Here]( [I'm an image] ☑️ Thirsty for more. Lawmakers are looking to provide small businesses with more aid in addition to what was approved in the $2.2T CARES act. Treasury Secretary Steve Mnuchin announced that he has spoken with members of the House and Senate [to secure another $250B for small businesses.]( Senate Majority Leader Mitch McConnell said he hopes to approve the funding when the Senate meets on Thursday. Then it would be off to the House for approval. While both parties seem to agree, making additional funds available doesn’t help them get distributed. As of Monday, $36B of the initial $350B allotted had been disbursed. But some banks and lenders had trouble processing applications and distributing the funds. Uncle Sam needs to get the Publisher’s Clearing House Prize Patrol team on the case. ☑️ We will see you in court. WeWork isn’t going away quietly after SoftBank announced it was pulling the plug on its $3B investment in the co-working giant. A special committee put together by We’s board is [taking SoftBank to court]( with a motion filed in Delaware yesterday. Many of the company’s earliest shareholders were planning to sell their own shares as part of the $3B investment, including former CEO Adam Neumann who stood to make $970M. That isn't going to help him become the world's first trillionaire. ☑️ Pin of honor. Shares of Pinterest stock [jumped as much as 13%]( yesterday as the company announced Q1 guidance ahead of analysts’ estimates. Pinterest said it expects revenue to come in between $269M and $272M, ahead of the predicted $267M. The company also expects its global Monthly Active Users to grow more than expected to between 365M to 367M, compared to the 353M estimate. In its statement, the online network said “First quarter revenue was consistent with our expectation through mid-March…” Hmmmm, what could have happened since then? Luckily for Pinterest, its revenue did not have much exposure to travel, automotive, or restaurant industries. It probably helps to have people spending more time at home on the app, too. The company did say it will not be issuing full-year guidance at this time though, as the future impacts of coronavirus could take a toll on its advertising down the road. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of this website are advised that all information presented on this website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user's particular investment needs or objectives. Past performance is NOT indicative of future results. 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