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In a wide-ranging conversation at TechCrunch Disrupt San Francisco last week, Postmates co-founder and chief executive officer Bastian Lehmann made light of the company’s lack of IPO documents.

The San Francisco-based on-demand delivery business was expected to publicly file its IPO prospectus in September in preparation for a fall exit, sources familiar with the matter told TechCrunch this summer. September, however, has come and gone and we’re still waiting on Postmates to release the critical document.

“The reality is that we will IPO when we believe we find the right time for the business and the right time for the markets,” Lehmann told TechCrunch. “And if you look at the markets right now, I believe they are a little choppy. They are a little choppy when it comes to growth companies specifically … We are hopeful that we find a good window to get out there.”

Lehmann made reference to Uber and other companies to recently float, citing market conditions as an IPO deterrent. Uber, Lyft, Slack and other fast-growing unicorns have struggled since entering the public markets earlier this year despite sky-high private market valuations. WeWork, a money-losing endeavor, recently decided to delay its IPO after demand from Wall Street devalued the business by the billions. Whether Postmates will complete its debut by the end of the year is unclear.

Postmates confidentially filed with the U.S. Securities and Exchange Commission for an IPO in February. Shortly after, Postmates held M&A talks with DoorDash, another food delivery unicorn, according to people familiar with the matter, but failed to come to mutually favorable terms. DoorDash has previously declined to comment on these reports. On stage last week, Lehmann declined to confirm the reports.

“I don’t think it does any good to speculate on M&A,” he said. “I think you have four well-funded players here in the U.S. in this space. I think everyone is well aware of the strengths and the weaknesses of each other and you know at some point down the line, if we take Europe for example, you will see consolidation in the market. People have conversations all the time but I wouldn’t read too much into it.”

Postmates operates its on-demand delivery platform, powered by a network of local gig economy workers, in more than 3,500 cities across all 50 states. The company does not yet operate in any international markets aside from Mexico City, however, Lehmann’s comments suggest the business could be plotting a foray into Europe, where Deliveroo, Just Eat and others dominate the market.

Postmates has raised about $ 900 million to date, including a $ 225 million round announced last month that valued the company at $ 2.4 billion. DoorDash, on the other hand, reached a $ 12.6 billion valuation in May with a $ 600 million Series G and has raised more than double that of Postmates. When asked why DoorDash, a similar and competing business, needed that much more capital, Lehmann joked “Maybe [DoorDash CEO Tony Xu] needs a jet, I don’t know.”

Postmates, founded in 2011 by Lehmann, is backed by Spark Capital, Founders Fund, Uncork Capital, Slow Ventures, Tiger Global, Blackrock and others. In our interview with Lehmann, the long-time CEO discussed the ‘choppy’ public markets, competitors, the company’s autonomous robotics delivery efforts and more.


TechCrunch

Security researchers at Google say they’ve found a number of malicious websites which, when visited, could quietly hack into a victim’s iPhone by exploiting a set of previously undisclosed software flaws.

Google’s Project Zero said in a deep-dive blog post published late on Thursday that the websites were visited thousands of times per week by unsuspecting victims, in what they described as an “indiscriminate” attack.

“Simply visiting the hacked site was enough for the exploit server to attack your device, and if it was successful, install a monitoring implant,” said Ian Beer, a security researcher at Project Zero.

He said the websites had been hacking iPhones over a “period of at least two years.”

The researchers found five distinct exploit chains involving 12 separate security flaws, including seven involving Safari, the in-built web browser on iPhones. The five separate attack chains allowed an attacker to gain “root” access to the device — the highest level of access and privilege on an iPhone. In doing so, an attacker could gain access to the device’s full range of features normally off-limits to the user. That means an attacker could quietly install malicious apps to spy on an iPhone owner without their knowledge or consent.

Google said based off their analysis, the vulnerabilities were used to steal a user’s photos and messages as well as track their location in near-realtime. The “implant” could also access the user’s on-device bank of saved passwords.

The vulnerabilities affect iOS 10 through to the current iOS 12 software version.

Google privately disclosed the vulnerabilities in February, giving Apple only a week to fix the flaws and roll out updates to its users. That’s a fraction of the 90 days typically given to software developers, giving an indication of the severity of the vulnerabilities.

Apple issued a fix six days later with iOS 12.1.4 for iPhone 5s and iPad Air and later.

Beer said it’s possible other hacking campaigns are currently in action.

The iPhone and iPad maker in general has a good rap on security and privacy matters. Recently the company increased its maximum bug bounty payout to $ 1 million for security researchers who find flaws that can silently target an iPhone and gain root-level privileges without any user interaction. Under Apple’s new bounty rules — set to go into effect later this year — Google would’ve been eligible for several million dollars in bounties.

When reached, a spokesperson for Apple declined to comment.


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