Europe's Brand-New Tech Giant Doesn't Even Have a Name Yet
This year, by far, hasn't been great for the Europeans in term of the tech market. Although one major event has turned the tables quickly, a spinoff company recently made public that it’ll be investing in tech for a wide range of applications.
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It is common knowledge that the European market currently falls behind in one sector; technology. Holding companies like SAP SE and ASML Holding NV have been dominating the European tech-scene from quite some time now.
Europe's Best
From great universities to the finest transport system for goods and people alike, the continent of Europe flourishes with all the best resources adequate for the Europeans to progress. There was one field in particular where things were not so swift and this field, as mentioned, did not have many competitors. The market was dominated by the 'giants' or big holding firm's that invested in tech, but such holding firms were quite rare.
However, with the rise of this new company, it is clear that the European's will stop at nothing and are now determined to conquer the consumer-tech platform. The most unusual part about this game-changing holding firm is that it was discovered only recently and does not even have a name yet!
What's in a Name?
This Shakespearean quote suits this situation correctly, all the European big daddy's with well-established backgrounds are now surpassed by merely a spinoff of an African conglomerate called Naspers Ltd. This new creation by Naspers Ltd. is currently not named but with the public listing of a portfolio which showed several tech-based investments from food delivery to second-hand selling applications like eBay has bested the others and nabbed the 'Tech Giant' title without even it has a legal name.
It is at present known as NewCo and is unlike any other company that the European investors have previously seen, because of its extensive operating field. This new tech giant is not playing safe and is experimenting by holding shares in Chinese game-making companies like Tencent along with all the other tech-based endeavors. NewCo holds shares estimated to be around $150 billion, which is greater than the standings of other giants like SAP SE and ASML Holding NV holding around $139B and $77B respectively.
Even before the firm has an actual name, it is already breaking records and topping the charts. It will be exciting to see how this nameless entity does after its actual release. Its parent, Naspers Ltd. is the eighth biggest consumer internet business (not just in Europe) and is not far behind Amazon and Facebook. Naspers stated in a presentation that NewCo's products are already being used by at least a fifth of the world's population. The statistics for this newly established spinoff are remarkable and it will be great to see how it performs under pressure to hold on to its new title after it has been officially named.