Philly EnterpriseTech Highlights 1/16: Bogle Dead At 89; Like The Shutdown, TiVo-Comcast Legal Fight Has No End in Sight

Vanguard founder Jack Bogle dead at 89

Fiserv is buying First Data in a $22B deal
Radian makes another data-oriented acquisition
Walgreens, Microsoft Ink Strategic Deal to “Transform Healthcare Delivery”
AWS For Everyone: New clues emerge about Amazon’s secretive low-code/no-code project
TiVo-Comcast Legal Fight Has No End in Sight
DuckDuckGo will use Apple Maps for local searches on the web; furthers my speculation that Apple would be a great partner for DuckDuckGo
Another view on "Is digital health in a bubble?"

Vanguard's Bogle dead at 89

Jack Bogle, founder of the Vanguard Group, died at the age of 89, it was announced this evening.

Bogle, a very bright and inventive man, revolutionized investing and financial markets with a very simple concept - index funds. Vanguard was founded in 1974.

He died in Bryn Mawr. The cause was cancer.

"Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children's futures," said Vanguard CEO Tim Buckley. "He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor 'a fair shake.'"

A look back at the life of Vanguard’s founder

Vanguard regrets to announce the passing of our founder, John Clifton Bogle, who died January 16, 2019, at his home in Bryn Mawr, Pennsylvania. He was 89.

John BogleMr. Bogle had near-legendary status in the American investment community, largely because of two towering achievements:

He introduced the first index mutual fund for individual investors and, in the face of skeptics, stood behind the concept until it gained widespread acceptance.
He drove down costs across the mutual fund industry by ceaselessly campaigning in the interests of investors. Vanguard, the company he founded to embody his philosophy, is now one of the largest investment management firms in the world.
“Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures,” said Vanguard CEO Tim Buckley. “He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor ‘a fair shake.’”

“The Vanguard Experiment”
Under Mr. Bogle’s tutelage, Vanguard began operations on May 1, 1975. He called the new venture “The Vanguard Experiment,” where mutual funds would be operated at cost and independently. Vanguard thus represented a radical change from the traditional mutual fund structure, in which an external management company manages a fund for profit.

“Our challenge at the time,” Mr. Bogle recalled a decade later, “was to build … a new and better way of running a mutual fund complex. The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.”

An aficionado of naval history, Mr. Bogle named the company after Admiral Horatio Nelson’s flagship at the Battle of the Nile in 1798; he thought the name “Vanguard” resonated with the themes of leadership and progress. The nautical theme can still be seen in Vanguard’s logo and communications to shareholders.

“Father of indexing”
In 1976, Vanguard introduced the first index mutual fund for individual investors. Ridiculed by others in the industry as “un-American” and “a sure path to mediocrity,” the fund, First Index Investment Trust, collected a mere $11 million during its initial underwriting. Now known as Vanguard 500 Index Fund, it has grown to be one of the industry’s largest, with more than $400 billion in assets. Today, index funds account for more than 70% of Vanguard’s $5.1 trillion in assets under management; they are offered by many other fund companies as well and they make up most exchange-traded funds (ETFs). For his pioneering of the index concept for individual investors, Mr. Bogle is often called the “father of indexing.”

Standing up for the individual investor
Mr. Bogle and Vanguard again broke from industry tradition in 1977, when Vanguard ceased to market its funds through brokers and instead offered them directly to investors. The company eliminated sales charges and became a pure no-load mutual fund complex—a move that would save shareholders hundreds of millions of dollars in sales commissions.

A champion of the individual investor, Mr. Bogle is widely credited with helping to bring increased disclosure about mutual fund costs and performance to the public. His commitment to safeguarding investors’ interests often prompted him to speak out against practices that were common among his peers in other mutual fund organizations.

“We are more than a mere industry,” he insisted in a 1987 speech before the National Investment Company Services Association. “We must hold ourselves to higher standards, standards of trust and fiduciary duty. Change we must—in our communications, our pricing structure, our product, and our promotional techniques.”

Early career
The New Jersey native began his career in 1951 after graduating magna cum laude in economics from Princeton University. His senior thesis on mutual funds had caught the eye of fellow Princeton alumnus Walter L. Morgan, who had founded Wellington Fund, the nation’s oldest balanced fund, in 1929, and was one of the deans of the mutual fund industry. Mr. Morgan hired the ambitious 22-year-old for his Philadelphia-based investment management firm, Wellington Management Company.

Mr. Bogle worked his way up through the ranks, and, in 1967, he was named president. Mr. Bogle became the driving force behind Wellington’s growth into a mutual fund family after he persuaded Mr. Morgan to start an equity fund that would complement Wellington™ Fund. Windsor™ Fund debuted in 1958.

In 1967, Wellington Management Company merged with the Boston investment firm Thorndike, Doran, Paine & Lewis (TDPL). Seven years later, a management dispute with the principals of TDPL led Mr. Bogle to form Vanguard in September 1974 to handle the administrative functions of Wellington’s funds, while TDPL/Wellington Management would retain the investment management and distribution duties.

Beyond Vanguard
Health problems caused Mr. Bogle to step down as Vanguard’s chief executive officer in 1996. The same year, he underwent a heart transplant. A self-described “battler by nature,” Mr. Bogle came through the surgery with flying colors. He returned to work as senior chairman until 1999, when he turned 70, the maximum age for a Vanguard board member. Mr. Bogle never actually retired; he became president of the Bogle Financial Markets Research Center to continue his work on behalf of investors. He also continued to write and speak about the industry.

Awards and accomplishments
In 2004, Time magazine named Mr. Bogle one of “the world’s 100 most powerful and influential people” and Institutional Investor magazine presented him with its Lifetime Achievement Award. In 2010, Forbes magazine described him as the person who “has done more good for investors than any other financier of the past century.” Fortune magazine designated him one of the investment industry’s four “Giants of the 20th Century” in 1999. In January 2012, some of the nation’s most respected financial leaders celebrated his career at the John C. Bogle Legacy Forum.

Mr. Bogle served on several investment industry boards: chairman of the board of governors of the Investment Company Institute (1969–1970) and chairman of the NASD’s (now FINRA) Investment Companies Committee (1972–1974). In 1997, he was appointed by then-SEC Chairman Arthur Levitt to serve on the Independence Standards Board.

Mr. Bogle was sought after in the corporate community and served as a director for several corporations. He received honorary doctorate degrees from 14 universities, including his alma mater, Princeton.

Civic work
An avid booster of Philadelphia and the surrounding area, Mr. Bogle was active in civic affairs. “I loved Philadelphia, my adopted city that had been so good to me. I established my roots there, finding even more unimaginable diamonds,” he wrote in one of his many books.

His civic work extended to organizations involved in education, leadership, and public affairs. He served as the first chairman of the board of trustees and chairman emeritus for the National Constitution Center. Former President Bill Clinton was also on the board and later wrote the foreword to the paperback edition of Mr. Bogle’s book Enough. True Measures of Money, Business, and Life.

Sportsman and family man
Mr. Bogle was born May 8, 1929, in Montclair, New Jersey. He worked his way through Blair Academy and Princeton University as a waiter and also managed Princeton’s athletic ticket office.

A tall, athletic man who sported a crew cut for most of his life, Mr. Bogle played squash, tennis, and golf, and also enjoyed sailing. He was often described as a “fierce competitor” on the court and course, a demeanor he also maintained on the job. Reading was among his pleasures, as was The New York Times crossword puzzle, which he often completed in less than 20 minutes.

He married Eve Sherrerd in 1956. The couple had 6 children—daughters Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John, and Sandra Bogle Marucci, and sons John C. Bogle Jr. and Andrew Armstrong Bogle. They had 12 grandchildren and 6 great-grandchildren.

Villanova-based roundCorner acquired by

Tom Paine

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roundCorner, the Villanova-based software firm for non-profits, foundations, and educational institutions, has been acquired by , it was announced on Monday.

roundCorner offers cloud-based SaaS CRM solutions built on the Salesforce platform and designed specifically for non-profits and higher ed institutions. Major customers include Girl Scouts, City Year, American Red Cross, Skoll Foundation and ASPCA. is a non-profit arm of Salesforce (CRM).

roundCorner received a Series A round in 2013 lead by Salesforce Ventures , with the amount not disclosed. It appears there was an earlier seed round, , in which Boston-based CPD , a collaborative fundraising service for public media stations, participated.

roundCorner's relationship to Salesforce has been difficult to acsertain at times, though this acquisition certainly clarifies things. A 2016 statement indicated that Salesforce,org would no longer be directly selling and servicing roundCorner products .

Meanwhile, co-founder and CEO Dan Lamont departed late last year and put a shingle out for a new venture, Threshold World .

In addition to the non-profit angle, Salesforce has been focusing on developing more vertical apps, of which roundCorner is one. Acquires roundCorner. (Press Release) Acquires roundCorner

Together, and roundCorner will power a unified CRM solution for fundraising, alumni and donor outreach

roundCorner provides technologies to enable social good organizations to achieve their missions
SAN FRANCISCO, January 14, 2019—, a nonprofit social enterprise, today announced it has acquired roundCorner, which specializes in enterprise CRM solutions for nonprofits and other impact sectors.

“Through our technology, industry expertise and employee volunteerism, is dedicated to empowering the social good sector,” said Rob Acker, CEO, “Together, and roundCorner will further power our community of customers with solutions to advance their missions.”

roundCorner: An enterprise solution to transform the social impact sector

roundCorner, the first Platinum App Partner for the nonprofit market in North America, offers technology solutions for enterprise nonprofit organizations, higher education institutions and foundations to become constituent-centric with products such as NGO Connect, Advancement Connect and Foundation Connect.

roundCorner empowers customers with fundraising and grants management built on Salesforce, so they can connect with each of their constituents from one single place.

In 2016, roundCorner joined Pledge 1% – a corporate philanthropy movement started by Salesforce, dedicated to making the community a key stakeholder in every business.

Acquisition to accelerate innovation and impact for’s community

roundCorner technology will extend the power of Nonprofit Cloud, Education Cloud and Philanthropy Cloud as continues to deliver solutions for fundraising, alumni and donor outreach.

Together, and roundCorner will accelerate customers’ impact in their communities, whether a nonprofit, educational institution or a foundation. By making a unified system for connecting fundraising, advancement and engagement systems, and roundCorner will unlock new ways to connect to constituents and optimize existing technology solutions.

Details Regarding the Acquisition

The boards of directors of and roundCorner have unanimously approved the acquisition.


Everyone who wants to change the world should have the tools and technology to do so. Technology is the most powerful equalizer of our time, providing access to data, knowledge, and — above all — connections. gets our technology in the hands of nonprofits, educational institutions, and philanthropic organizations so they can connect with others and do more good. As a social enterprise, the more missions our technology supports, the more we invest back into technology and communities, creating an endless circle of good. We’re here to help; visit us at

Philly EnterpriseTech Roundup 1/14: Digital First Media throws bid at Gannett

Alden-backed Digital First Media, which owns the former Journal Register papers in the 'burbs and once controlled the Inquirer, throws a surprise takeover bid at Gannett. Like Dollar General trying to buy Walmart

  • WeWork is even better without the Work!
  • John Malone said to be trying to buy Hollywood agency CAA
  • Interesting piece on "The Cost of Hospital Protectionism"
  • A look back at the evolution of RSS and why its almost dead, although I rely on it
  • Lots of things happening at Comcast's NBCU
  • USA Technologies didn't learn its lesson

a16z Podcast: Talent, Tech Trends, and Culture -- with Ben, Marc, and Tyler Cowen

Strange going-ons in Vegas: Russians from Warminster vs Tesla

Tom Paine

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At CES last week, there was an odd incident in which a Tesla, supposedly in self-driving mode, ran into a small robot also in the road.

It was obviously a publicity stunt set up in advance. The bot was from a company named Promobot. Its website says the company is located at 626 Jacksonville Rd, Ste 125, Warminster, PA.

As the name Promobot suggests, the company tries to rent robots to companies for use as promotional tools.

Its not clear who produces the robots, or how many Promobot actually has.

Its Founder and Chairman of the board of directors, Promobot, is Alexei Iuzhakov. Back in 2008, Iuzhakov was in a (Russian) Presidential program for training of managerial personnel for organizations of the national economy; he also received training at some Silicon Valley institute and with NASA, according to a brief CV. The rest of Promobot's personnel listed on its website are also apparently of Russian origins, judging from their names.

Promobot's only funding, according to CrunchBase , was $2 million in 2016 from (the Russian) Internet Initiatives Development Fund (IIDF).

Nothing particular wrong with this, unless it was a serious attempt to undermine Tesla, but its kind of an odd proposition. I don't waste much time on publicly stunts, but I just wanted to identify who was behind it. I'll pass on anything else of importance that comes out of this.


Marcus Weldon introduces Future X for Industries | Esther Surden

In November, was among a small group of journalists who were given a first look at some new industrial automation/internet-of-things (IoT) technology at Nokia Bell Labs in Murray Hill.

The technology was both described by officials and demonstrated by engineers at a recently built laboratory at Bell Labs.

Using the laboratory, enterprise customers of the company’s newly announced Future X for industries strategy and architecture will be able to envision how slicing, fine-tuning and making changes to their industrial networks will help them achieve their goals. Need less latency in a robotic task? The network will adapt for that. Need more speed for another task? The network will adapt.

A demonstration of how the network can be dynamically changed | Esther Surden

First they’ll sit down in a futuristic network control center and see what tweaks can be made to change their productivity outcomes. Then, they’ll virtually tour a simulated factory floor that harnesses industrial-IoT, distributed-cloud, augmented-intelligence (AI), augmented-reality, virtual-reality and high-performance networking, including advanced LTE and 5G.

Nokia Entering New Markets

Nokia is entering new markets with these AI-infused industrial networks, we learned at the press briefing. The briefing included presentations by Marcus Weldon, president of Bell Labs and CTO of Nokia; interviews with representatives of Nokia’s marketing and sales teams; and a tour of the Bell Labs Future X for industries network facility, where the company demonstrated its capabilities.

According to Weldon, networks need to become more dynamic, more scalable and more economical. They also need to create more value, and the driver for all these changes will be industry: infrastructure developers, manufacturers and enterprises.

“We’ve looked at what will serve industrial needs in detail,” he said.

One of the main components of this IoT network will be network slicing. “I’m not talking about any ordinary QoS [Quality of Service], I’m talking about QoS like you wouldn’t believe,” said Weldon.

That’s Marcus Weldon on the robot greeting visitors to the Future X network lab | Esther Surden

AI and IoT for a New Industrial Age

As we enter into this new Industrial Age, all applications and services in every industry will need QoS, he noted. Applications and services will have to be dynamically adapted and managed because things keep moving, so QoS will continue to be necessary. Networks will have to adapt to a changing environment if, for example, a robot is switched out or a new sensor added. Business systems also have different monthly habits, as well as different habits for various times of the day, and these will have to be accommodated. This adaptation is already becoming more tangible, real and important, Weldon said.

The market for industrial IoT is “hyperbolically large,” Weldon said, possibly $11 trillion of new value creation over the next 10 years. “If you can solve an $11 trillion problem, and 10 percent of that can come to those who solve the problem, you can imagine that this could be something that’s as large as the current industry we are in.”

“Industry is stuck at current levels of productivity. It will need a network to fix this.”

With a constantly changing network as the backbone of a new industrial application, operations technology and information and communications technology can come together. “The network infrastructure is probably the toughest part of the problem because it is a physical thing that you have to put in, dig, put things up on poles.” Until now, there hasn’t been any reason to make this happen, he said.

But now there is a reason. “Industry is stuck at current levels of productivity. It will need a network to fix this.” Weldon added that customers had come to Nokia asking if the company could fix their production environment, as Wi-Fi wasn’t working.

“No matter how many versions of optimized Wi-Fi they had deployed, it wasn’t reliable enough, didn’t have low enough latency, didn’t have enough capacity,” he said. And he noted that the enterprise business is a natural for Nokia because its sales team can operate through service provider partners or on its own, and the company has teams in many different countries worldwide.

Nokia Bell Labs simulated industrial floor | Esther Surden

Visitors to the lab will be able to configure their networks live and to experience an emulator that recreates factory-use cases in an Imax-like theater environment. Nokia has also built a small factory that does assembly tasks, and has constructed a small city that allows it to demonstrate the flying- or moving-vehicle features of the future IoT. The demonstrations test the end-to-end performance of a network and how the network can be dynamically adapted to a representative task. Once particular network configurations are pinned down, Nokia will be able to port them to a customer’s location more easily.

Some of what is being demonstrated in Murray Hill came from technologies developed by San Mateo-based SpaceTime Insight, which Nokia acquired in May, but these technologies have been combined with technologies developed at Bell Labs. At the time of that acquisition, Nokia said SpaceTime Insight’s advanced IoT and machine learning-powered analytics technologies would accelerate the development of Nokia’s IoT offerings.

Esther Surden is Publisher and Editor of NJTechWeekly, and a contributor to Philly Tech News. This article originally appeared in NJTechWeekly , and is republished here with her permission.

DisrupTV from Constellation Research, with segment featuring Annie McKee, PhD, University of Pennsylvania & Author

Nielsen, CBS reach agreement before playoff round

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Renewal for Measurement across National, Digital and Local

New York, NY – Jan. 11, 2019 – CBS Corporation (NYSE: CBS.A and CBS) and Nielsen (NYSE: NLSN) today announced an agreement for Nielsen national, digital and local audience measurement. The renewal encompasses a range of services. CBS Television Network, CBS Television Distribution, Showtime Networks, Smithsonian, Pop, CBS Sports Network and CBS’ 27 owned-and-operated local television stations will continue to use Nielsen’s total audience measurement services as part of the deal. Financial terms were not disclosed.

“CBS is a longstanding leader in world-class video content. We are thrilled to continue our long partnership with them as we innovate for the future,” commented David Kenny, Chief Executive Officer, Nielsen.

“We are very pleased with this new agreement we were able to achieve with Nielsen,” said Joe Ianniello, President and Acting CEO, CBS Corporation. “It meets our strategic goals, and will allow us to benefit from important advances in measurement as they are rolled out. CBS programming is perennially the most-watched content rated by Nielsen, and there is significant upside ahead as next-generation advertising continues to flourish.”

Nielsen Holdings plc (NYSE: NLSN) is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide. Our approach marries proprietary Nielsen data with other data sources to help clients around the world understand what’s happening now, what’s happening next, and how to best act on this knowledge. For more than 90 years Nielsen has provided data and analytics based on scientific rigor and innovation, continually developing new ways to answer the most important questions facing the media, advertising, retail and fast-moving consumer goods industries. An S&P 500 company, Nielsen has operations in over 100 countries, covering more than 90% of the world’s population. For more information, visit

CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world’s largest libraries of entertainment content, making its brand — “the Eye” — one of the most-recognized in business. The Company’s operations span virtually every field of media and entertainment, including cable, publishing, local TV, film, and interactive and socially responsible media. CBS’ businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), Network 10 Australia, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS EcoMedia, and CBS Experiences. For more information, go to

Brendan McCarthy
Kelli Raftery

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In November, Nielsen and Comcast, which sees Nielsen ratings from at least three different angles, reached an agreement that extended coverage of X1 and non-linear programing .