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Dan Wagner

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For the basketball player, see Danny Wagner.
For the data scientist, see Dan Wagner (data scientist).

Dan Wagner
Wagner in November 2007
Born
Daniel Maurice Wagner

(1963-07-28) 28 July 1963 (age 61)
Edgware, Middlesex, England
NationalityBritish
OccupationBusinessman
Known forMAID/Dialog, Venda Inc, ATTRAQT, Powa Technologies, Rezolve
Websitebrightstation.com

Daniel Maurice Wagner (born 28 July 1963) is a British Internet entrepreneur. He created MAID, one of the first online information platforms in 1984.[1][2] He was later the founder and CEO of Venda, ATTRAQT, Powa Technologies and most recently, Rezolve.

Early life

Wagner was born in Edgware, Middlesex on 28 July 1963.[3][3] He was educated at Merchant Taylors' School, Northwood but expelled when he was 13, before attending several schools, ending up at University College School, London.[4]

Wagner dropped out of school when he was sixteen years old to work as a shop assistant for entrepreneur Julian Richer at Richer Sounds.[5] Afterwards he joined an advertising agency as an account executive. There he came up with the idea of creating databases of records about businesses as a resource for marketing professionals.[5]

Career

MAID/Dialog

After Wagner left his job at the advertising agency[5], he founded the online information company MAID (Market Analysis Information Database) in 1984. The company grew quickly[1] and obtained a 26 percent market-share.[5] According to The Observer he was "one of the first people to realise the benefits of packaging electronic information and data for scientists, librarians and other specialists."[2] The company went public on the stock market in 1994 and was renamed to Dialog.[5] It was also listed on NASDAQ in 1995.[6] Wagner became known for becoming a CEO of a public company in his 20s[7] and for presiding over the company's share price decline in the dot-com crash in 2000. Subsequently, it was nicknamed by the city and a number of publications as 'Dial-a-dog'.[8]

In 1997, Wagner agreed a deal to licence search technology (InfoSort) to Fujitsu of Japan[9] which was hailed by Prime Minister Tony Blair.[10]

At a photo shoot ahead of the MAID IPO Wagner wore a Donald Duck waistcoat and this "flamboyant" attire was blamed for reducing the value of the company's shares by 10 p. In 1997 the share price of Dialog dropped 95 percent.[11].

Venda Limited

In April 2001, Wagner founded Venda as one of the first cloud based, enterprise class commerce platforms using the technology assets from Boo.com as the foundation for the offering [12] [13]. He bought the Boo.com assets for just £250,000 after they had invested over £70 million in the platform and operations [14].

In March 2012, US SaaS eCommerce platform Demandware was forced to restate its SEC pre IPO S1 filing to accurately reflect Venda's dominance in the enterprise eCommerce space which it had neglected to do in the lead up to its multi billion dollar IPO [15].

In 2013, it was reported that Venda was going to float on the London Stock Exchange at a valuation of £170m [16] before the float was pulled in 2014 due to adverse market conditions [17] and the business was subsequently sold to Oracle Corporation subsidiary NetSuite in July 2014 [18].

Powa Technologies

In 2007 he also founded Powa Technologies, an e-commerce business based on Venda Inc's small business solution, but with additional services for in-store and mobile point of sale and software for mobile payments.

In February 2016, the Financial Times reported that the company had missed payments to staff and third parties,[19] two years after raising substantial sums in investment. On 19 February 2016, Powa Technologies went into administration.

After the collapse of Powa Technologies, a series of articles by The Financial Times and the BBC called into question several claims that had been made by Wagner during his tenure as CEO. Powa's self-proclaimed 2014 valuation of $2.6 billion was investigated and FT Alphaville concluded that £75 million was a more accurate figure. Most of the partners that Wagner claimed had signed deals with Powa were found to have instead signed non binding Letters of Intent that did not carry any obligations.[20] In response to the criticism, Wagner told Business Insider in August 2016, "Regarding the LOIs, they were contracts committing the merchants to use Powa technology adhering to the terms and conditions published on the Powa website."[21]

In November 2016, the Daily Telegraph reported Powa's administrators were examining payments made to offshore vehicles linked to Wagner and his associates.[22] In November 2016, the newspaper City A.M. reported that Wagner was to enter into legal proceedings against a former Powa directors and investors, accusing them of colluding to force the company into administration.[23]

In December 2017, the Times reported the High Court had dismissed Wagner's application to set aside a statutory demand for the repayment of a $2 million loan from former Powa director Ben White. White and Wagner subsequently settled all claims in a private agreement.[24]

Attraqt PLC

In 2003 ATTRAQT was founded by Dan Wagner (Chairman) and Andre Brown (CEO) as a spin out from Wagner's Venda Limited eCommerce business originally called Locayta and rebranded in early 2014 as ATTRAQT[25]. In August 2014, under advisement by N+1 Singer, the company went public on London's junior stock market with a goal of raising £1.3 million on AIM with a valuation of £10.4 million in order to fund expansion throughout Europe and North America[26]. Shares rose 7% on the first day of trading.

In December 2015, the company raised a further £3 million (net) to extend its expansion plans, and in January 2017, it acquired Fredhopper, the Amsterdam based onsite search, navigation and merchandising software provider for £25 million from SDL to create a global 'go-to' eCommerce visual merchandising company[27].

In June 2016, Wagner stepped down as Chairman of ATTRAQT to focus on his new company, Rezolve [28].

Rezolve

In March 2016, Wagner founded mobile commerce venture Rezolve Williams-Grut, Oscar (30 July 2016). "Dan Wagner bounces back from Powa with Rezolve". Business Insider.</ref>. In June 2019, former Sainsbury’s CEO and Marks & Spencer Director, Justin King CBE joined Rezolve as a Senior International Adviser [29] [30] [31] and shortly after, distinguished British Diplomat and ex-Ambassador to Japan and Korea Sir David Wright joined the board of Rezolve Limited [32].

In October 2019, Samsung announced that they would be adding Rezolve's technology to all their smartphone handsets enabling over 300m handsets to use the technology for shopping and mobile engagement [33].


References

  1. ^ a b Tripathi, Shruti (14 October 2013). "He floated his first company for £120m, aged 31. Now Powa CEO Dan Wagner says the UK doesn't get tech". Retrieved 28 June 2014.
  2. ^ a b Wray, Richard (13 March 2010). "Portraits of the dotcom entrepreneurs". The Observer. Retrieved 28 June 2014.
  3. ^ a b Andrew Davidson (1 April 2001). "The Andrew Davidson interview: Dan Wagner". Management Today. Retrieved 16 January 2017.
  4. ^ Gale, Adam (13 August 2015). "How did Powa's Dan Wagner do in his exams?". Management Today. Retrieved 16 January 2017.
  5. ^ a b c d e Bounds, Andrew (24 October 2012). "Dan Wagner - Lone Ranger with a Mass Target". Financial Times. Retrieved 28 June 2014.
  6. ^ Horsman, Mathew (11 August 1995). "MAID seeks £50m on NASDAQ". The Independent. Retrieved 28 June 2014.
  7. ^ "He floated his first company for £120m, aged 31. Now Powa CEO Dan Wagner says the UK doesn't get tech". Retrieved 21 March 2016.
  8. ^ Goodley, Simon (17 December 2011). "Dan Wagner: from dotcom Dial-a-dog to Venda vendor". The Guardian. Retrieved 28 June 2014.
  9. ^ "Dialog signs multi million deal with Fujitsu".
  10. ^ "Blair Hails New Dialog/Fujitsu Alliance - InternetNews". www.internetnews.com. Retrieved 26 January 2018.
  11. ^ Griffith, Gabriella (2 October 2013). "Dan Wagner: 'Maybe I'm not the best person to run a public company.'". Management Today.
  12. ^ Sorkin, Andrew Ross (2 June 2000). "INTERNATIONAL BUSINESS; Fashionmall.com Swoops In for the Boo.com Fire Sale" – via query.nytimes.com.
  13. ^ Wray, Richard (16 May 2005). "Boo.com spent fast and died young but its legacy shaped internet retailing". Retrieved 16 May 2005.
  14. ^ "Bright Station to Buy Assets From Failed Retailer Boo.com". 30 May 2000. Retrieved 30 May 2000. {{cite news}}: Check date values in: |accessdate= (help)
  15. ^ "Demandware Re-files its S-1 With the SEC to Reflect Venda's SaaS and On Demand Credentials". 14 March 2012. Retrieved 14 March 2012.
  16. ^ Burton, Graeme (17 June 2013). "Dan Wagner plans London Stock Exchange Return with £170m float for Venda". Computing.
  17. ^ Armstrong, Ashley (22 February 2014). "Dotcom entrepreneur Dan Wagner pulls Venda float". Telegraph.
  18. ^ Kanaracus, Chris (17 July 2014). "NetSuite buys Venda to boost e-commerce, European presence". PC World.
  19. ^ "Subscribe to read". Financial Times. Retrieved 26 January 2018. {{cite web}}: Cite uses generic title (help)
  20. ^ "Would you have invested in Powa?". ftalphaville.ft.com. Retrieved 17 March 2016.
  21. ^ "Dan Wagner tells his side of the story on the Powa Technologies collapse". businessinsider.com. Retrieved 26 January 2018.
  22. ^ Martin, Ben (12 November 2016). "Powa Technologies payments investigated by administrators". Retrieved 26 January 2018 – via www.telegraph.co.uk.
  23. ^ Haslett, Emma (1 November 2016). "Powa play: Dan Wagner in legal battle over collapse of fintech unicorn". cityam.com. Retrieved 26 January 2018.
  24. ^ "Legal stand off over Powa loans is settled". thetimes.co.uk. 2 April 2019. {{cite web}}: Cite has empty unknown parameter: |1= (help)
  25. ^ "Locayta® Re-brands as ATTRAQT®". www.businesswire.com. 9 April 2014.
  26. ^ Duke, Simon (13 July 2014). "Dotcom veteran returns with shopping software listing". The Sunday Times. ISSN 0956-1382.
  27. ^ "ATTRAQT to acquire larger rival Fredhopper from SDL". Proactiveinvestors UK. 30 January 2017.
  28. ^ "ATTRAQT Founder And Chairman Dan Wagner Resigns To Focus On Start-Up". Morningstar. 15 June 2016.
  29. ^ Evans, Peter (16 June 2019). "Former Sainsbury's chief Justin King finds new Rezolve in Dan Wagner's tech start-up". The Sunday Times.
  30. ^ Thompson, Scott (18 June 2019). "Former Sainsburys Boss Justin King onboard with Rezolve". Retail Technology.
  31. ^ Evans, Peter (23 June 2019). "Dan Wagner snatches another shot at glory". The Sunday Times.
  32. ^ Ghosh, Shona (24 September 2019). "Ex-Powa CEO recruits UK Ambassador to new startup Rezolve Board". Business Insider.
  33. ^ Warrington, James (30 September 2019). "Mobile shopping platform Rezolve secures bumper deal with Samsung". CityAM.
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