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French and Swiss Business Software Firms Merge to Form $1.1 Billion Unicorn

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French business software provider LumApps and Swiss counterpart Beekeeper announced a merger on Wednesday that will create a new unicorn valued at approximately $1.1 billion. The deal, expected to close this month, is supported by British private equity firm Bridgepoint, which was a major shareholder in LumApps and will hold a majority stake in the combined company.

The new firm will be headquartered in Lyon, France — home to LumApps — and led by LumApps CEO Sebastien Ricard. Together, the company will employ around 600 people worldwide.

Beekeeper CEO Cristian Grossmann said that an IPO or trade sale could be considered midterm options, with the U.S. and Europe as potential venues given the company’s core markets.

LumApps develops software primarily used to manage corporate intranets and aims to enhance or replace products like Microsoft’s SharePoint. Their client base includes prominent companies such as Airbus and luxury goods giant LVMH.

Meanwhile, Beekeeper offers an app designed to connect frontline workers with the wider company, serving clients like Swiss retailer Coop and Heathrow Airport. Founded by ETH Zurich graduates, Beekeeper plans to break even this year.

Within six months, the merged company intends to launch a unified platform. Current annual revenue is around $150 million and is projected to double to $300 million by 2030. LumApps is already profitable, and the combined business is expected to be profitable from day one, according to LumApps CTO Elie Melois.

GoTo Achieves First Full-Year Profit, Targets Strong Growth in 2025

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Indonesia’s largest tech conglomerate, PT GoTo Gojek Tokopedia (GoTo), has reported its first-ever full-year underlying profit and forecasted significant growth for 2025. The company, which operates in ride-hailing, food delivery, logistics, and financial services, expects a sharp increase in its core earnings (adjusted EBITDA) next year.

Financial Milestones

  • 2024 underlying profit: 327 billion rupiah (~$20 million), reversing a 3.67 trillion rupiah loss from the previous year.
  • 2025 adjusted EBITDA forecast: 1.4 trillion to 1.6 trillion rupiah (~$85-97 million), signaling a sharp profitability surge.
  • Financial technology segment: Earnings soared 70% in 2024, driven by GoPay’s expanding user base and growing loan book.

CEO’s Outlook

GoTo Group CEO Patrick Walujo attributed the strong performance to rising user numbers and growing demand across its digital services. “We saw a significant increase in our user numbers throughout the year and expect this to continue into 2025,” he stated.

Merger Speculation

Amid industry consolidation rumors, GoTo was linked to a potential merger with Southeast Asian rival Grab. While the company denied any active talks, Walujo signaled openness to deals that enhance shareholder returns in the long term.

Backed by SoftBank Group and Singapore’s GIC, GoTo continues to solidify its position as a dominant player in Southeast Asia’s digital economy, with a strong focus on profitability and expansion in 2025.

China’s SMIC Flags Chip Oversupply Risk on Weakening Demand, Rising Output

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Semiconductor Manufacturing International Corp. (SMIC), China’s largest chipmaker, has raised concerns about a potential oversupply of mature-node chips in the second half of 2025. The company, which specializes in established chips used in consumer electronics and home appliances, noted that the market could face an imbalance due to weakening demand and increased output.

During the COVID-19 pandemic, SMIC benefited from a surge in demand for its chips as people relied on consumer electronics during stay-at-home orders. However, as people return to offices and replacement demand slows, SMIC has experienced a drop in consumer-driven demand. Advanced chips for Huawei smartphones account for a small portion of SMIC’s revenue, with the company never confirming whether it produces chips for Huawei.

Co-CEO Zhao Haijun warned analysts that two key factors could impact the second half of 2025. First, the company expects a decline in order volume as demand for chips has been pulled forward into the first half of the year. Second, the increase in production capacity across the industry is likely to result in price competition among manufacturers for orders.

SMIC reported a 31.5% year-on-year increase in revenue for the October-December period, reaching $2.2 billion, meeting market expectations. The company expects first-quarter revenue to grow by 6% to 8% compared to the previous quarter. The positive share movement was attributed to broader optimism in Chinese stocks and the development of cost-effective AI models by DeepSeek, which could benefit domestic chipmakers like SMIC.

Despite the challenges, SMIC’s strong first-quarter outlook and steady capital expenditure (CAPEX) plans have bolstered investor confidence. In 2023, SMIC’s capital expenditure surged to $7.3 billion from $4.5 billion in 2021, and the company expects to maintain a similar level in 2024 and 2025.

However, SMIC’s gross profit margin has seen a decline, dropping to 20% in 2023 compared to over 30% in previous years. While profitability improved in the October-December period, Zhao expects continued pressure on profitability in 2025 due to rising depreciation costs from increased capital expenditure. Profit attributable to owners of SMIC was reported at $107.6 million for the period, below analysts’ expectations of $193.45 million.