Veritas Capital to Buy Cotiviti

Veritas Capital has agreed to acquire Cotiviti Holdings, the provider of payment accuracy and analytics services to health insurers and other healthcare companies, in a deal worth $4.9 billion.Under the deal, Verscend Technologies, a portfolio company of Veritas, will acquire Cotiviti. Cotiviti s...

By William Sprouse • June 19, 2018

New York Grants BitLicense to Square

Square, the digital payments firm founded by Twitter CEO Jack Dorsey, has received a BitLicense from the New York Department of Financial Services, DFS announced.Since March, the company had been seeking a license to expand its Cash App’s bitcoin buying option to New York, a spokesperson confirme...

By William Sprouse • June 18, 2018

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Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

Avalara Shares Jump On First Day Of Trading

Shares of Avalara, the sales tax automation software company, opened at $35 this morning and were up a total of nearly 60% at $12:50 p.m.The software company priced its initial public offering of 7.5 million shares of common stock at $24 per share. It had raised the price range twice before debut...

By William Sprouse • June 15, 2018

CFOs on the Move: Week Ending June 15

Following the close of its acquisition of Aetna, expected in the second half of the year, Shawn Guertin will become head of finance at CVS Health. He will replace David Denton, who will be leaving the company. Guertin is currently CFO and chief enterprise risk officer at Aetna.Paul Young Susan La...

By Joan Urdang • June 15, 2018

U.S. Immigration Policy Hurts the Economy: Opinion

Regardless of daily news headlines, there should still be a place in this world for common sense.Even some conservative-leaning organizations are critical of the import tariffs the Trump Administration has levied on a number of the United States’ closest allies.But it’s not my purpose here to wri...

By David McCann • June 14, 2018

Medicare Trustees Downgrade Finances

A new report from the trustees who oversee the federal government’s Medicare program says its hospital insurance fund will be depleted in 2026, three years earlier than projected.Meanwhile, Social Security had to tap its trust fund to pay for the program this year, the first time it has had to do...

By William Sprouse • June 8, 2018

MiMedx Announces Restatement, Replaces CFO

Biomedical company MiMedx’s shares plunged on Thursday after it said it will restate its financial statements for five years and had replaced CFO Michael Senken with a veteran healthcare executive.The restatement reflects the results of a previously disclosed investigation into the accounting tre...

By Matthew Heller • June 7, 2018

Brown-Forman Ships More Overseas Amid Trade War Fears

Brown-Forman, the maker of Jack Daniel’s Tennessee whiskey, said it has been working in recent months to blunt the impact of potential trade restrictions by shipping more liquor overseas.“It’s a tough, tricky situation that we’ve been watching now for months. It seems like every day we wake up an...

By William Sprouse • June 7, 2018

Investors Push for Climate Risk Disclosure

While companies may drag their feet on disclosing the true extent of their risks relating to climate change, investors can overcome such subterfuge by raising awareness of the risks and engaging directly with targeted companies.So says Four Twenty Seven, a provider of climate risk intelligence fo...

By David McCann • June 5, 2018

Toshiba Sells PC Business to Sharp

Toshiba has agreed to sell Toshiba Client Solutions, its personal PC business, to Sharp in a deal valued at about 4 billion yen ($36 million). The move signals a return to the PC business by Sharp, which closed down its PC unit in 2010 due to poor earnings and intense competition.Under the terms ...

By William Sprouse • June 5, 2018

U.S. Factory Orders Fall Slightly

Orders for U.S. factory goods fell 0.8% in April, more than expected, according to the latest figures from the Commerce Department.Economists polled by Reuters had expected factory orders to decrease 0.5% from March’s level.Despite the weak number, strong momentum in the manufacturing sector is e...

By William Sprouse • June 4, 2018

Unemployment Falls To Lowest Levels Since Dot-Com Boom

Employers added 223,000 jobs last month, pushing the unemployment rate to 3.8%, the lowest level since 2000, according to the latest numbers from the Labor Department.The tightening jobs market could stir fears of inflation and cements expectations the Federal Reserve will raise interest rates th...

By William Sprouse • June 1, 2018

Goldman Exec Charged With Insider Trading

The Securities and Exchange Commission has charged a vice president of investment banking at Goldman Sachs with insider trading.The SEC said Woojae Jung, who worked in the bank’s San Francisco and New York offices, repeatedly used his access to confidential client information to place illegal tra...

By William Sprouse • June 1, 2018

CFOs on the Move: Week Ending June 1

Furniture manufacturer La-Z-Boy has named Melinda Whittington to head finance, effective June 21. She replaces Louis Riccio, who is retiring but will stay on as an adviser through Aug. 1. Whittington formerly was CFO at Allscripts Healthcare Solutions.Rolland Johns Rolland Johns has been promoted...

By Joan Urdang • June 1, 2018

IBM Watson Health to Slash Workforce: Report

Editor’s note: This article has been updated from the original version to include input from IBM.IBM Watson Health is laying off a portion of its workforce, according to a report from The Record, which cited “inside sources” and posts on Facebook and TheLayoff.com.The layoffs are said to be prima...

By William Sprouse • May 31, 2018

The Fed Proposes Significant Volcker Rewrite

The Federal Reserve is proposing a rewrite of the Volcker Rule, one of the central pieces of the Dodd-Frank financial reform legislation implemented after the financial crisis. The rule banned most proprietary trading by banks.The Fed’s changes would relax rules that only permit trades related to...

By William Sprouse • May 31, 2018

Salesforce Beats Earnings Estimates

Customer-relationship management software maker Salesforce reported revenue of $3.01 billion for the first quarter, beating analyst expectations, according to Thomson Reuters. The company said revenue was up 25% year-over-year, and cash generated from operations was $1.47 billion, up 19% year ove...

By William Sprouse • May 30, 2018

HP Names New CFO, as LesJak Moves Into Interim COO Role

HP named Steve Fieler chief financial officer, replacing Cathie Lesjak, effective July 1. Lesjak is becoming chief operating officer on an interim basis ahead of her retirement in early 2019, the company said.“Having worked with Steve over many years, I have great confidence in his ability to pro...

By William Sprouse • May 30, 2018

Why Life Insurance Portfolios Must Be Audited

Buying life insurance policies on key executives is a good strategy for certain companies. Crossing that task off a checklist and then ignoring the policy for the next 20 years isn’t.Why buy such insurance? For one reason, so-called “key person insurance” is designed to compensate a company for f...

By David McCann • May 30, 2018

U.S. GDP Revised Down to 2.2%

The U.S. economy grew at 2.2% in the first quarter of 2018, according to the latest figures from the Commerce Department, which revised down a previous estimate of 2.3% growth.“The revision to headline GDP growth was small, as were most of the revisions to GDP components. The standouts were weake...

By William Sprouse • May 30, 2018

KKR to Buy BMC Software

Private equity firm KKR announced it has agreed to buy BMC Software from a group of investors that includes Bain Capital, Golden Gate Capital, GIC Pte Ltd, Insight Venture Partners, and Elliott Management.The terms of the deal were not disclosed.Last week, the New York Post reported the deal was ...

By William Sprouse • May 29, 2018

Durable Goods Orders Fall, But Key Capital Goods Beat Expectations

Overall orders for durable goods dropped 1.7% in the U.S. in April, according to data released Friday by the Commerce Department.But new orders for key capital goods made in the U.S. increased 1.0% last month, exceeding expectations. The latter category, which includes non-defense capital goods e...

By William Sprouse • May 28, 2018

Gap Revenue Tops Estimates, But Earnings Fall Short

Gap reported total sales of $3.8 billion for the first quarter, exceeding analyst estimates, but its earnings per share was lower than expectations, CNBC reported.The company reported net income of $164 million, or 42 cents per share, four cents lower than analyst expectations. Same-store sales r...

By William Sprouse • May 25, 2018

CFOs on the Move: Week Ending May 25

Andrew Levy, who heads finance at United Airlines, has opted to leave the company. Gerry Laderman, treasurer and senior vice president of finance and procurement, will become acting CFO.Gerry Laderman Jennifer Lada has been promoted to the top finance spot at Web.com, effective July 1. She replac...

By Joan Urdang • May 25, 2018

Deutsche Bank Announces Job Cuts; Chair Survives Removal Vote

Deutsche Bank said it was cutting about 7,000 jobs in a major restructuring, and its Chairman Paul Achleitner survived a motion at the bank’s annual general meeting to remove him from the supervisory board.The bank, Germany’s largest, said it would cut global staff levels to less than 90,000, inc...

By William Sprouse • May 24, 2018