Snap, formerly known as Snapchat and backed by Alibaba, Tencent and Yahoo, is preparing an offering that could value it at $25bn and take place as early as March.

Continental is boosting its fleet management capabilities by buying an 81% share of Zonar, while Daimler will retain its stake following a $50m investment last year.

Time Warner Investments and IDG Ventures are set to exit marketing data management platform Krux in a cash and stock deal.

Imperial Innovations has exited ICL spinout Permasense following its acquisition by Emerson Electric for $39m in upfront cash and up to an additional $12.8m in milestone payments.

The cloud enterprise platform, backed by Sapphire Ventures, is set to make its debut on Nasdaq today after securing nearly $238m in an initial public offering yesterday.

Spotify is in advanced talks to acquire SoundCloud, which was reported to be talking to Twitter about a sale until the social media company withdrew from negotiations in 2014.

AKM Systems-backed online education marketplace EduKart has been acqui-hired by One97 Communications, after raising $2m in VC funding since 2011.

Nokia's corporate venturing unit has exited cloud enterprise software company Intermedia, four years after investing in the company.

Itochu and Intel-backed cybersecurity company ForeScout has entered talks with investment banks to underwrite an IPO that could value it at up to $1bn.

China-based data analysis software producer Gridsum Holding has floated in the US, giving exits to Nokia Growth Partners and Disney affiliate Steamboat Ventures.