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tv   Bloomberg Technology  Bloomberg  May 14, 2018 11:00pm-12:00am EDT

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♪ caroline: this is "bloomberg technology" and we are live from boston, showcasing innovation diversity and power of the regional tech economy. we come to you from boston's institute of contemporary art. we will be live from various tech center locations in boston through the week. coming up in the next hour, investor and celtics co-owner joins the show. we will get his input on bain
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capital and the nba season. president trump threw a lifeline to zte -- we will discuss the next steps. we will hear from the ceo of a boston-based company who plans to stay ahead in cloud and data security. first, to our top story we have been covering. the u.s. supreme court struck down a federal rule that has barred single game gambling in is to be country, giving states individualegalize sporting events. the decision will have an impact on professional leagues in the u.s. let's bring in steve, bain capital cochair and co-owner of the boston celtics. let's get your take on this ruling. is it a good thing for sport? >> the ruling is focused on
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states' rights more than anything else. we will see how that plays out. they have gambling all over the rest of the nation, and the u.k., soccer gambling. i think it will play out as a states' rights ruling. caroline: and the massachusetts approach? >> that is up to the state. i'm sure they will figure out the best way to handle it. caroline: we are hearing from the nba commissioner adam silver. he has been a relative supporter, saying overall, they have to ensure the legitimacy of the sport remains intact. do you think it would affect the game? >> without them silver as -- without them silver as commissioner, the game has always had a high integrity with david stern and adam silver. whether anything changes in gambling or not, people want to see a fair game and they do an incredible job. caroline: would you like to see
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the nba be a part of the gambling? >> that is up to adam silver. we are focused on trying to win a championship with the celtics. caroline: yesterday, the win is all i heard about. a phenomenal performance against the cavaliers. what does this mean for you? >> it is only one game, but we are proud of the team. when you have two of the top players go out with injuries, many teams fold. brad stevens and the team pulled together. the team stepped up. it is a cinderella story. i love watching it every night, and they are competing hard and playing as a team. caroline: what does it mean for the franchise? >> the franchise has been strong before we purchased it. it is an iconic franchise. we feel like we are stewarding the asset for boston and massachusetts and new england. this story makes it stronger. young players coming in, looking at those 17 banners, really inspires them. we have a fantastic coach and general manager.
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the best ceo in sports and co-owner. things are looking good. right now, knock on wood, we hope for the best every night. lebron is a transcendent player. you can't count him out. this was one game. we are off to a great start. caroline: let's talk about the investment side of your focus. particularly cyber chips, software, you are in it at bain capital. where do you see the most value? we see a lofty level across any industry. >> i think the price points are high, especially in tech. we have done over 150 deals for bad and good cycles, chip deals. the focus is how we can fundamentally change it
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company's trajectory. that can outweigh the ups and downs of pricing and allow you to buy companies in these frothy markets. for example, trying to grow a company through multiple acquisitions, through exporting rather than selling domestically. we try to be disciplined in these markets. so far, that has been successful. our funds have done well. our word right now is to be disciplined, to use our folks, and we are founded as a group that can help management teams develop strategies and grow companies. we are going back to our roots even stronger in each vertical market. caroline: how does the environment affect you in terms of, we are all talking about data, privacy, the fact, the way that companies monetize that. how does that affect how you look at assets, particularly in software? >> the issue with any internet software company that collects data, if you take a step back, almost every business is a tech business. technology in this time, it has revolutionized every business we are looking at.
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we spent a day with our global partner group, meeting with the gartner group to discuss how technology affects banking, consumer companies, and the game has changed. every investment you do, you need to factor that in. in terms of privacy, that is important, as well. the companies are responding in a good way to fence that in. the positive of having data is, i like getting customized ads for the things i like. if you can do that in a responsible way, which i think companies are trying to do, that will be good for everybody. caroline: about the government and how that affects the way you invest, you have looked at assets in china. when you have these geopolitical risks or trade skirmishes, how does that affect your willingness to do business in a country like china? >> we have been successful in asia and china. we think the long-term view is, it is a great developing market. we think china is coming towards
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the world economies and not going against it. they are implementing rules they vrable for investment. we hope the ongoing discussions will result in a better climate. you have to weigh that, and pick your spots as to where you can be successful. we have a great on the field team in china who understands that. caroline: the spots, where the spots where you can be successful? you are looking at opportunities, where is exciting you? >> in boston in general, 40% of the people are involved somehow in innovation. we are fortunate we are on top of innovation. you see things at harvard, the engineering school, companies here, we have a company that is growing rapidly for our venture fund. we are looking at all for -- all things, how the internet affects companies, how you can add value.
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technology is a hot area for a venture and bio perspective. but what you have to pay for these companies? i could tell you, hotspots here and there. if you are paying too much, you won't make a return. we try to take that disciplined approach, where we try to find a company that can be transformative, reduce costs, give them better marketing materials, and we invest in those companies to build and grow them to be immune to devaluation issues. caroline: when you have such juggernauts coming into the space, particularly in venture, for example softbank's vision fund, do you feel they are disciplined? are they what is driving the frothiness? >> the economies of the world are doing well. we have come out of the crisis of 2008, the banks are stabilized in the u.s. every plane and restaurant is full.
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we are in a good situation on the face of it economically, globally. softbank is an issue, but not for us. our venture funds are smaller and can be more selective. softbank is trying to make large bets on companies that they could gain share on globally. what really affects us is in general, there is lots of money chasing deals. that comes back to our theme song, to be disciplined, to stick to what we know, which we have been doing for 30 years, trying to find companies that can grow and become larger. caroline: do you look at economies as they grow, do you think interest rates changing could affect the frothiness? >> i don't foresee interest rates, no one can predict them but if you look at the situations in most of the world economies and governments, there is a lot of debt in the governments themselves. our national debt is $20 trillion. when i came out of business school, it was $1 trillion.
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if interest rates went back to 5%, five point 5%, i don't think many governments could afford that. a prudent approach would be raising interest rates slowly and hopefully that will mitigate a large fall back. when they go up, valuations go down. caroline: you launched a real estate team. how is that affected by interest rates going up slowly or dramatically? >> it is the same issue. real estate is more stable. we have had a great team, over to bain capital from harvard, who has been a top performer for the past 10 years. it worked out great. we are excited about that team. they will be selective. they stick to specific niches, like funding biotech office space, dr. office space, things that have demand and will withstand these interest rate increases. caroline: excited about teams at bain. it is great to have you here.
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i don't big we have ever had -- i don't think we have ever had a better team at bain, and i hope the celtics do well, as well. caroline: thank you for being here. drama among management at tesla continues. elon musk announced reorganization among management in a memo to employees monday. he added tesla was changing its structure to improve communication and get rid of activities that aren't vital to the success of the company's mission. the news comes after several executives announced their departure in recent months. coming up, more from the institute of contemporary art in boston. we will speak with the chief curator and discuss art and technology. if you like bloomberg news, check us out on the radio. listen on the bloomberg radio app.
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or and in the u.s. on sirius xm. this is bloomberg. ♪
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♪ caroline: welcome back to "bloomberg technology" in boston. we are at the institute of contemporary art, a prominent modern art museum. it was founded in 1936. in 2006, it opened its new building right here. the chief curator joins us. wonderful to have you here. what a beautiful setting. thanks for hosting us. >> you brought the good weather. caroline: i would like to take the credit.
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let's talk about what you are hosting in terms of the final week or so of a perfect thing we talk about on technology, art in the age of internet 1989-today. how has technology changed art, and vice versa? >> with this exhibition, you will see technology has profoundly changed art. the argument we are making is, technology has changed all of art, painting, sculpture, photography, not only technologically oriented media but the oldest media of all have been changed by the internet. what we are trying to explore with this exhibition, which has over 60 artists and over 70 artworks, so it is a large survey, is that we are looking at the internet as a set of social relationships. if we think about how the internet has changed every aspect of our lives, how we date, shop, travel, make friends, see ourselves, how we vote and understand the truth, by that logic, it has changed contemporary art fundamentally, how artists think and how they see and produce.
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what you will see on view here is all the ways in which this technology of the internet, the ways in which the internet has changed our society, has also changed art, whether it is painting or video or sculpture or virtual reality. caroline: it is interesting that you say technology has changed the way we date and vote and interact and see ourselves. not always for the best. has art been changed through the best? >> i would say no. what you see upstairs is varied ways in which artists are reflecting on how technology has changed us as a culture and a society and how we see ourselves. there is a tension with the work you see in the galleries. some artists speak to this utopic possibility, the idea of universal connectivity and images can be accessed by all. what you see now is a deep suspicion of the internet, the
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idea that we are in these echo chambers that speak to our own worldview. artists speak to that suspicion, the idea that the technology has really shaped how we understand ourselves, how we relate to each other in ways that maybe aren't always for the best. quite a few people have commented on the dark nature of many of the works on view, and i would say we live in divisive times, so artists, what they can do is hold a mirror up to our culture and society and that is what you see upstairs. artists are grappling with this issue. caroline: your timing couldn't be better in terms of, the facebook scandal and data coming in march. our artists telling you about this concern ahead of the charge? what made you bring it to the museum now? >> artists absolutely do that. it goes back further than that.
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we have a section of the exhibition that is about surveillance and the threat to privacy, something we are all thinking about. artists have been thinking about this for a long time. we have a work from 1994 that is a nanny cam, a sculpture that has the capacity to surveil -- we have a large eyeball the tracks you in the gallery, a visual reminder of big brother. 1992, think about that. at the time, these artists were pushing the envelope. while the cultural context might have changed over time, in the last 5-15 years, they have changed a lot. i would say some of the concerns we see in this show are universal ideas about a threat to privacy, ideas about how images and information circulates today. these ideas, artists have been thinking about for a long time. caroline: thank you for having us here in this beautiful setting.
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the ica chief curator joining us there about the current exhibition. coming up, president trump is looking to save jobs, they are -- only this time, they are in china. what that means for zte, next. this is bloomberg. ♪
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caroline: welcome back to a special edition of "bloomberg technology." president trump has made bringing back jobs a focus of his platform. he wants to help chinese companies save jobs. the president is working with the chinese president to try to get china's number two telecom company, zte, back in business after it ceased major operations. let's go to emily chang in san francisco.
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talk to us about the ban on zte. are we seeing possible easing? emily: this is a stunning reversal in the rhetoric we are hearing from president trump. this administration is suddenly concerned about jobs in china. let's go back over the tweet he sent out sunday. president xi and i are working together to give zte a way to get back into business. too many jobs in china lost. commerce department has been instructed to get it done. then, monday, the president tweeted, "zte, buying a bunch of individual parts. in context, the u.s. imposed a seven-year ban on zte for violating sanctions involving iran and north korea and reportedly, lying about it. there are several u.s. chip and software companies that sell to
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zte. zte uses these parts to make their phones and cell phone towers. this is sending a signal about the broader implications for the trade tensions happening now between the u.s. and china. however, condemnations from lawmakers on both sides of the aisle, there is concern president trump could be backing down from some of his tough talk. here is a tweet from marco rubio saying "the problem with zte isn't jobs and trade, it is national security and espionage." of course, a lot remains to be seen. the white house this morning walked back these tweets from the president, saying it is up to the commerce department. many more conversations will be happening this week with respect
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to this zte case in particular. caroline: plenty of tweets and talk. we understand a delegation is coming from china this week emma as soon as tomorrow, to washington. emily: right. president xi is sending diplomats. they will be talking with steven mnuchin, and he has more moderate views that may be influencing the president right now. the commerce secretary wilbur ross, take a listen to what he had to say today. >> zte did do some inappropriate things. they have admitted to that. the question is, are there alternative remedies to the one that we had originally put forward? that is the area we will be exploring very, very promptly. emily: secretary ross emphasized the zte case is specific to zte and shouldn't be taken as a signal for broader implication
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for the looming trade war. that said, the chinese government is fast tracking its review of the qualcomm deal. they stalled that process, and it is a big deal to qualcomm, which is a u.s. company. on both sides, we are seeing some sort of compromise, some sort of giving in that really could signal that this trade war and these trade tensions could be going in a different direction. caroline: hopeful qualcomm and its deal, what about qualcomm's relationship with zte? they were a major supplier. emily: the ban, definitely not good for qualcomm. this could be good for qualcomm. we have two things working in qualcomm's favor. caroline: emily chang breaking it down for us.
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coming up, the boston tech scene. our conversation with an investor. this is bloomberg. ♪ mom you called?
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caroline: this is a special edition of "bloomberg technology" live from boston's institute of contemporary art. i am caroline hyde. we are looking that the best boston's burgeoning tech has to offer. our next guest is helping to get startups off the ground. john is a partner at crv, whcih ich has been providing capital for
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they just closed their 17th fund to the tune of $600 million. welcome to "bloomberg technology." what are you spending $600 million on? >> we just closed our fund, our 17th. we might be the first firm to raise the 17th fund. there is a lot of history. we have always been early stage technology investors. we have been lucky enough to be involved with some of the companies you mentioned. also we are expanding our end date slightly this time and will pursue selective growth investing as the companies get more mature. caroline: why do you say lucky? don't you make your own luck? john: most venture capitalists believe we are differentiated -- they are different ways. we have 48 years of data, and that data shows us week are not differentiated. a lot of what we do is luck, about how you create your own luck through hard work and
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networks, and most importantly, having credibility among tech entrepreneurs. the ones doing the real hard work. caroline: how much of those entrepreneurs are based in boston? you spend your time between here and silicon valley, so what are you seeing? jon: they are very different markets. in the 1990's, boston was having its technology heyday because boston understood how to tie computers together. in the 1990's, we were plumbing out the internet. the internet got built, the out the internet. -- the bubble burst, and silicon valley and san francisco stepped in. boston is a different, lower-point market, but because of that history, there is a small group of talented entrepreneurs. we have a company called drift in the software service space that is one of the fastest-growing companies we have ever seen, and it is from a five-time entrepreneur who grew up in the 1990's in the boston heyday.
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caroline: what have the exits been like? do they want to go for ipos, selling out? what do you see as the strategy at the moment? jon: in a way entrepreneurship is an affliction, something that remains in your system from life. it does not matter the size of the exit for the person who wants to create something that will change the world. the ceo is an extremely talented entrepreneur who realized that there is a big market that he can exploit and build something. drift is fundamentally changing the way that customers can talk to the companies that sell them products. it is about cutting out the middleman. uber and air b&b are about cutting out the middleman, and so is drift. caroline: air b&b was a purchaser of pencil labs. they bought them a few years
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ago. we are looking now at regulation that doesn't always help some of these companies cutout the middlemen because they get across. in boston, maher walsh looking at making it harder to be renting to airb&b. are these appropriate regulations? jon: they are appropriate for a politician who needs to be reelected. marty walsh has been a tremendous mayor and is looking out for housing stock, so he specifically targeted units. many of the other units outside airb&b are also investor-owned, and this is part from march towards technology, creating marketplaces where most of us would agree our lives are better because of airb&b, not worse. caroline: talk about the progression of companies such as airb&b. there is a lot of private money to fund these companies to be
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phenomenally valuable. the cfo has just exited from airb&b and they cannot be ipo-ing anytime soon. are they waiting too long, or is it appropriate? jon: i think it had many ceos concerned about whether it made sense to go public, whether they wanted to be public company ceos. we sense that that is changing and people are realizing that in order to be successful as a leader of a company, they need to create shareholder by you and have liquidity before the employees first and foremost, and that is why you are seeing more openness. most companies that can go public and feel as though they will trade well as public companies can and should. caroline: some of the vast amounts of cash coming into these companies are coming from the enormous funds. i brought it up earlier, the
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vision fund and softer banks $100 billion fund. what does that do to your marketplace? are they good because they are exits, or do they warp valuation? jon: to be determined. from the capital raising perspective, that is good. the world does not know whether they will be friend or foe in the long-term, and whether they are aligned with the ceos of the company to create that shareholder value in the best possible place for employees to to work. caroline: one of the companies you helped to fund and sold off was flatiron school, bought by wework. what do you think of wework and the direction it is going? wework seesms to get getting into accommodatinon
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rental as well. is it trying to do too much? jon: they have a bold and powerful management team that sees a world in a far different way, and that is what makes a great entrepreneur. we don't know that they will be successful in each of these areas, but it's important expand into areas like learning, which is incredibly powerful. caroline: what about learning in general? the industry you came from, this industry, a mediaman, boston globe, wall street journal. what is the media missing? jon: a profitable business model. caroline: what does the media industry have to do? jon: rightsizing organizations because they continue to be tens of thousands of talented journalism students who come out with a point of view and want to change the world and have the right plays and bright
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backgrounds, and there ought to be platforms to accommodate those people. unfortunately they are just an anchor around the neck of most media organizations. caroline: who is doing it right? jon: politico, they have right sized an organization. you are seeing early signs of subscription commerce starting to pick up. people will be willing to pay for content. look at hbo. they are a creator of great content. people pay for it. longform journalism has a place in this world and people will pay for it. caroline: what about data? should we be being paid for our data? jon: we are definitely in the fourth industrial revolution, and that is all about data. if the third industrial revolution was the onset of computers after world war ii, now it is data, and data is power. we have seen how it can be a corrupting force, but natural
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economics will take effect here and the data will be good for all of us. we are all creating data, measuring data, and it is powerful for all of us. caroline: where should we be looking forward, excited about, and what you getting into in terms of the fourth industrial revolution? jon: the iphone was released in 2007, and that began a 10 year push towards mobile, new apps, new designs, select left, swipe right, which had a tremendous impact. the story of hope in these next 10 years will be about technologies, artificial intelligence, nlp, nlu, but look at a place like health care that is finally realizing you let computers into the equation as a partner and you can more accurately diagnosed dermatological conditions, breast cancers, cardiological conditions, and so these next 10 years will be about partnering
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with computers as they learn and help as opposed to just using the computer as something that helps us complete a task. caroline: thank you. great to have you with us again. crv,uerbach, partner at joining us in boston. meanwhile, tim cook gave the commencement address at his alma mater. he did not shy away from divisive political topics like gun control and immigration, and he took tech companies to task for not protecting user data. tim: they reject the excuse they getting the most out of technology means trading away your right to privacy, so we choose a different path, collecting as little data as possible, being thoughtful and respectful when it is in our care, because we know that it belongs to you. caroline: tough talk.
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coming up, desktop metal selling 3-d printers to various industries and putting its mark on boston. we will go behind the scenes with the ceo next. plus, one company is powering the streaming world and keeping hackers at bay. we speak to the ceo. this is bloomberg. ♪
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caroline: 3-d printing is still in its infancy, but could
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disrupt the $12 trillion global manufacturing industry. they are quietly revolutionizing the technology for mass production of medical devices, consumer products, and auto manufacturing. we visited desktop metal, that prints products in stainless steel and other metals and recently brought in ford motor as a strategic investor. ♪ >> desktop metal is making 3-d metal printers. >> this is the first machine that can print metal parts in an office. >> and there is a larger one for mass production. >> it starts around $500,000 and goes up to several million dollars. >> ceo ric fulop explains it is the same inkjet technology that other 3-d printing machines use, but faster and cheaper than welding or melting metal with lasers. >> the laser system part would be $80. this part is four dollars. >> the goal is to make 3-d printing scalable on the
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production line for various industries. >> it can be applied to stainless steel to titanium. it is suitable for automotive, heavy-duty, valves, airplane parts, high in consumer products, many applications for this technology. ♪ >> 3-d printing has long been a novel technology in search of a huge market. according to one source, production applications could eventually grab 5% of the worldwide manufacturing economy. that translates into $640 billion in annual sales. other companies are taking notice. hp and 3-d systems are making the shift. >> it has been around 20-25 years. today it was all prototyping, and for the first time in the next 20 years it will be about in the use part production. >> desktop metal counts bmw and caterpillar as customers.
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the company has raised $277 million with backing from ge ventures, lowe's, bmw, alphabet's venture arm, and most recently ford. >> it is a great market and will probably be the largest market for the technology. >> desktop metal employs 150 people, mostly engineers. along with research and development, this latest funding round will increase staff with plans to expand to more markets, europe and asia. caroline: in the wake of the cambridge analytica data scandal, facebook suspended 200 apps that may have also leaked private data. mark zuckerberg promised an examination of all apps in late march. the 200 apps are suspended pending an investigation into whether they did in fact misuse
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data. coming up, we speak to the ceo of akamai about keeping the internet secure. that is next. this is bloomberg. ♪
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caroline: welcome back to as special edition of "bloomberg technology" live from boston's institute of contemporary art. companies are spending more to protect their online systems from distributed the knowledge attacks. that number is expected to jump 22% to $1.2 billion in 2018. one of the leaders is akamai. frank leighton joins us now. we were talking about the growth area of business, cybersecurity protection. frank: it is a quarter of our
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revenue and grew 36% in q1 year, so fantastic growth. caroline: the demand rose, or where is it coming from? frank: all major enterprises are subject to dos attack, takeover, and fraud. one of the world's largest banks just implemented our new technology to stop the account hackers. they were losing 8000 bank accounts a month to hackers just taking it over and stealing the money, and they turned on the akamai service and now it is just 1-2, so basically stopping account takeover and fraud at the bank. caroline: that is financial services. are you seeing this broad-based, or particular industries? frank: obviously the banks really care about that, but commerce companies, airlines for reservations.
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we just had an example, one of the world's leading apparel makers had a new apparel they were selling online come and the bot armies by the inventory so they consult later for more on the gray market. we see this with popular shows or sporting events, concerts. the bots come in and buy everything and jack up the prices, and now we can stop that. so we will filter out 99% of the traffic that is the bots so humans can buy the shoes and tickets online. caroline: how are you staying ahead of the curve? frank: innovation. you have to have technology that knows how you move the device in your hand when you are doing it, how you tap, do you get the right response in the device? so the whole profile online, and that becomes for the computers
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to emulate in a way so that we can detect it when they are doing it. caroline: had you make sure you are on top of innovation, people? frank: yes, people with really creative ideas, and we have fabulous amounts of data, so a lot of the world's transactions go across our platform, so we can see how humans do it versus how bots do it. by analyzing that we can tell is that a human, is that a bot, what kind is it, and then do the right thing. caroline: have you taken the responsibility for data at a time when everyone is looking at privacy? frank: we are in a unique position that a large percentage of transactions go over our platform. we don't use that for advertising. we don't sell that data. we are very careful to protect it, and in some cases it has to stay within country borders. we use it for traffic management and for security.
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so that we can keep bad people from doing things that you don't want to have happen. caroline: did you ever think about monetizing that data, and what stopped you? frank: because it is not the right thing to do. that data is owned by our customers and the end-users. i don't think it is appropriate for us to use it for other purposes like advertising or some of the things you see happening now. caroline: do you think some of the business models are inappropriate? tom: it is a challenging and interesting time and society has to figure out what is the appropriate use of data. ultimately it is owned by the users, so there is a lot of important debate. caroline: do you think regulation is the answer? tom: regulation is a two edged sword. sometimes it can help, but sometime there are unanticipated
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consequences. caroline: talk to us about the other part of the business of a web traffic, the area under some issues because clients have been building their own tools and the but we have started to see a resurgence in revenue was picking up. what is driving that revenue pick up? tom: revenue overall group 11%, driven a lot by security, but we are pleased to see our media business grow 6% year over year, and that is traffic growth. we increased our share. there is more video online, higher quality levels, and that means more traffic to watch a high-quality video. we are seeing an uptick on a global basis with the world's largest sporting event ever, 7 million concurrent viewers for cricket. you think 7 million setting a record that is a tiny number compared to what can happen as morbidity are watching is done online. caroline: how do you stay ahead
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of that curve? where is the innovation coming from? tom: capacity is important. quality is incredibly important. that is hard to do in countries like india where there is not a lot of infrastructure. how do you get high quality in thee where there is not infrastructure that naturally does it? we had a project where we put servers on train stations so people could watch on their mobile device even though they could not afford cellular told that they could watch their cricket matches. caroline: let's bring it close to home as we are overlooking the port in boston. what does the city mean for your business and how much of the innovation people are talking about relevant to this area and crucial for you? tom: the boston area is a fabulous place to start a company and grow a company. you have great universities. our headquarters is one block from m.i.t., probably the best place in the world to start a company. to grow a company, there is
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great talent, great ecosystem. it is great to see what is happening with startups in incubation groups. the giant companies are noticing that as they start growing their presence here. caroline: fascinating, and i'm sure you will keep on growing your presence as well. thank you for being here with us. tom leighton, ceo and cofounder of akamai live in boston. that does it for this particular edition of "bloomberg technology." we will continue our coverage from boston tomorrow. we will speak to amazon's tom taylor, and massachusetts governor charlie baker. that is all for now from boston. this is bloomberg. ♪
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