Square announced it will acquire Australia-based financial tech company Afterpay in an all-stock deal worth about $29 billion, with Square chief executive Jack Dorsey stating that the two companies “have a shared purpose.” Afterpay appeals to a younger demographic that mistrusts traditional credit companies; its technology lets a consumer pay for goods in four interest-free installments and receive the goods immediately. Customers only pay a fee if they miss an automated payment, which also locks their account until the balance is repaid. Continue reading Square Will Purchase Afterpay Credit Company for $29 Billion

To accelerate its shift to cloud computing, IBM revealed it is breaking out its IT unit to focus on that and artificial intelligence. Chief executive Arvind Krishna called it a “landmark day” for the 109-year old company. IBM’s move acknowledges the powerful shift to the cloud, with almost all new software created as cloud services delivered online from remote data centers. Amazon pioneered the cloud market by launching Amazon Web Services in 2006, and IBM is a latecomer but has made significant moves in recent years. Continue reading With Spinoff, IBM Aims to Lead In Corporate Cloud Services