Channel Brief: Ricoh Layoffs, C/side Raises $6M for Supply Chain Security, AT&T Strike Ends

The Federal Reserve is poised to make a substantial move this week, Bloomberg reports, lowering interest rates for the first time in four years.

Officials are widely expected to drop their benchmark lending rate by at least one-quarter percentage point, and some are predicting it may be as much as one-half percentage point.

The move signals the Fed's intention to provide some relief to consumers and businesses, Bloomberg said, but some think the move has come too late to quell the uncertainty in global and U.S. markets. The hesitation may put the labor market and economic growth on "thin ice," and has already "injected volatility into financial markets."

We'll be keeping an eye on the Fed's decision, for sure.

As always, drop me a line at [email protected] if you have news to share or want to say hi!

Grab your coffee. Here's what you need to know today.

Today’s Tech, Channel and MSP News

1. C/side raises $6 million for supply chain security: Silicon Angle reported that cybersecurity startup Client-side Development Inc. (C/side) closed on a $6 million seed funding round to accelerate the development of its tools for monitoring, optimizing and securing browser-side third-party scripts. The round was led by Uncork Capital with participation from Mantis VC, Scribble Ventures, Roar Ventures and PrimeSet, Silicon Angle reported. This round brings C/side’s total amount raised to $7.7 million, following a pre-seed raise that closed earlier this year. Vulnerabilities in browser-side third-party scripts are one of the major causes of software supply chain attacks today.

2. Insight Partners new $10 billion fund: Yes, that's billion with a B -- TechCrunch cited Financial Times reporting that private equity firm Insight Partners is closing in on more than $10 billion in capital commitments for its thirteenth fund. The FT said that Insight may close this fund with about $12 billion, short of the $20 billion in announced for its twelfth fund in 2022. According to TechCrunch, "The FT report noted that two of Insight’s portfolio companies were acquired last week. One of these, threat intelligence company Recorded Future, sold to Mastercard for $2.65 billion and was wholly owned by Insight Partners; it acquired the company in 2019 for $780 million. The other, Own, a startup specializing in tools for backing up data in cloud-based applications, sold to Salesforce for $1.9 billion, roughly half the $3.5 billion valuation it was assigned by investors in 2021."

3. AT&T worker strike ends: Slashdot reported that the 30-day strike of 17,000 telecommunications workers with the CWA has ended. The 30-day strike was "the longest telecommunications strike in the region's history," according to the union, which announced they'd negotiated "strong tentative contract agreements" and that workers would report to work for their scheduled shifts on September 16.

4. Ricoh to lay off 2,000 workers: The Register reported that Japanese imaging device manufacturer Ricoh has plans to cut 2,000 jobs. In this PDF, the company described the plan as a "Career Support Program." "The Company recognize[s] its biggest challenge is to improve profitability," according to the program. The company has a four-step plan to restructure its business, including a push into office services, strategic selection of business areas, reforming its head office and transforming the office printing business structure, according to the plan. For the last item, "Transformation of the Office Printing business structure," Ricoh is spinning out its printer business into a joint venture with Toshiba Tec named Etria.

5. Jason Kimrey leaves Intel: CRN reported last week that channel chief Jason Kimrey was leaving the chipmaker amid recent upheaval. Kimrey’s exit coincides with a few other senior channel leaders leaving Intel, including David Allen, director of U.S. distribution sales and marketing, and Jennifer Bossin, sales director of global systems integrator partnerships. These exits come as Intel plans to slash more than 15,000 jobs, or 15% of its total workforce, and over $10 billion in costs to weather an unexpected and significant downturn in revenue and profitability, CRN said.