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M&S Digital Chief Steps Down Months After Cyberattack

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Marks & Spencer (M&S) announced on Thursday that Rachel Higham, its chief digital and technology officer, is leaving the company less than a year after a major cyberattack crippled its online operations.

Higham, who joined in June 2023, will be taking a career break, according to an M&S spokesperson. “She has been a steady hand and calm head at an extraordinary time for the business and we wish her well for the future,” the company said.

Fallout from the Cyberattack

  • In May, M&S estimated the hack would cost about £300 million ($405 million) in lost operating profit for the 2025/26 financial year.

  • The retailer said it hoped to offset about half of that hit through insurance payouts and cost controls.

Leadership Reshuffle

Higham’s departure has prompted a broader management shake-up:

  • Sacha Berendji, a long-time M&S executive, will now oversee digital and technology alongside his role in property and store development.

  • Thinus Keeve, retail director since June, will shift to report directly to CEO Stuart Machin.

Market Impact

M&S shares are down 8.5% year-to-date, as investors weigh the financial impact of the cyberattack alongside leadership changes.

Advent International to Acquire Insurance Software Firm Sapiens for $2.5 Billion

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Israeli insurance software provider Sapiens International (SPNS.O) announced on Wednesday that it will be acquired by U.S. private equity firm Advent International for $2.5 billion in cash, as Advent continues its focus on the insurance technology sector amid growing adoption of AI-powered solutions.

DEAL DETAILS

  • Purchase Price: $43.50 per share in cash, representing a 47.5% premium over Sapiens’ last Nasdaq close of $29.50.

  • Ownership Structure: Sapiens will become privately held post-acquisition, while existing shareholder Formula Systems retains a minority stake.

  • Strategic Intent: Advent aims to accelerate Sapiens’ AI and SaaS-driven innovation, enhancing technology and customer-centric solutions for insurers.

INDUSTRY CONTEXT

  • Insurance companies are increasingly deploying AI-powered software to improve efficiency, reduce costs, and drive profitability.

  • Advent has actively pursued deals in the sector, including exclusive negotiations for Kereis, the leading housing protection insurance broker in France.

STATEMENTS FROM EXECUTIVES

  • Douglas Hallstrom, Advent Director: “Insurers are increasingly turning to technology to help unlock growth and profitability… We will work with Sapiens to accelerate investment into technology innovation, AI, and customer centricity.”

  • Guy Bernstein, CEO of Formula Systems: “Formula will continue to retain ownership in Sapiens and is excited to partner with Advent to accelerate the transition to AI and SaaS.”

RECENT DEAL ATTEMPTS

  • Earlier in August, Advent failed to acquire Spectris, a British scientific instruments maker, after it opted for a rival offer from KKR worth £4.8 billion ($6.48 billion).

CONCLUSION
The acquisition underscores the growing importance of AI and digital transformation in the insurance sector, while marking Advent International’s continued commitment to technology-driven investments in insurance software.

Amazon Web Services to Deliver Up to $1 Billion in Savings to U.S. Government for Cloud Modernization

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Amazon Web Services (AWS) has entered into an agreement with the U.S. General Services Administration (GSA) to provide federal government agencies with up to $1 billion in savings through incentives aimed at cloud adoption, IT modernization, and training programs. This initiative is set to run through the end of 2028 and is designed to accelerate large-scale digital transformation across government departments while fostering innovation in artificial intelligence.

The U.S. federal government spends over $100 billion annually managing and updating its IT infrastructure, a process historically challenged by outdated systems. AWS, which supports more than 11,000 government agencies worldwide, has secured billions in contracts to assist in transitioning federal agencies to cloud-based platforms.

The $1 billion incentive credits will be distributed across civilian federal agencies and include savings on core AWS cloud services, modernization efforts, and training resources. AWS CEO Matt Garman described the deal as a “significant milestone” in government digital transformation, highlighting the provision of expert support and training to facilitate cloud migration.

The agreement aligns with broader federal efforts to reduce IT costs, improve efficiency, enhance innovation, and maintain U.S. leadership in AI technologies. In recent years, the Pentagon has awarded multi-billion dollar cloud contracts to AWS and other tech giants such as Microsoft, Google, and Oracle. This follows the Joint Warfighting Cloud Capability program, a successor to the controversial $10 billion JEDI contract, which AWS contested after it was awarded to Microsoft amid allegations of political interference.