Podcast Center
Video Center
Webcasts
Resource Center
Events
July 13, 2018 at 08:21 PM
R3, a blockchain-software company that works with more than 200 heavyweights such as Intel Corp., Microsoft Corp., US Bancorp and Wells Fargo & Co., is considering going public, according to people familiar with the matter.
The company is speaking with advisers about a initial public offering, although no final decisions have been made, said the people, who asked not to be identified because the deliberations are private. It has also been approached by potential buyers, one person said. Founder and Chief Executive Officer David Rutter, along with R3 investors such as Intel and Bank of America Corp., will decide its course.
(Related: Cognizant to Use Blockchain Tech to Rewire Life Industry in India)
The path R3 chooses could have implications for a diverse array of companies in finance, insurance and autos. It is working to deploy blockchain applications that could lead to lightning-fast money transfers and loans with new features. Businesses involved with R3 also include ABN Amro Group NV, Barclays PLC, Bain & Co., Bank of New York Mellon Corp. and Deutsche Bank AG.
Cognizant, a company that handles technology support services for many U.S. and European life and annuity companies, has been working with R3 with develop a blockchain-based data exchange system for life insurers in India. The list of companies involved with that efforts includes PNB MetLife and Aegon Life.
For now, R3 hasn’t settled on a plan. “We’re not surprised about the speculation given the success of Corda, but an IPO is not a path we’re pursuing at this time,” the company said in a statement. “Our mission from the start was to deliver a blockchain solution for the widest possible business community, and any decision we make will have that goal in mind.”
Big Say
