Press Releases

Cheetah Mobile Appoints New Chief Financial Officer

BEIJING, Jan. 17, 2020 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a leading mobile internet company with global market coverage, today announced that it has appointed Mr. Thomas Jintao Ren as the Company’s Chief Financial Officer, effective January 31st, 2020. Mr. Ren will succeed Mr. Vincent Jiang, who plans to resign from his position for personal reasons. In the future, Mr. Vincent Jiang will continue to support the Company’s growth.

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer stated, “We are pleased to welcome Thomas to join Cheetah Mobile as Chief Financial Officer. With his strong track records in capital markets, corporate finance and management, we believe Thomas will be a great addition to our management team and will bring rich experience for Cheetah Mobile’s future development.”

Mr. Ren stated, “I am honored to be appointed as the chief financial officer of Cheetah Mobile. I look forward to working with the team to continue our growth and strengthen our leadership in the industry.”

Thomas Jintao Ren will join us from Renren Inc. (NYSE: RENN), where he has served as a chief financial officer since September 2015. Mr. Ren also served as the chief financial officer of Kaixin Auto Holdings (NASDAQ:KXIN) from September 2015 to August 2019. Kaixin Auto Holidings is a subsidiary of Renren Inc. Prior to rejoining Renren Inc., Mr. Ren was the chief financial officer at Chukong Technologies. From 2005 and 2014, Mr. Ren served as Renren Inc.’s senior finance director. Prior to that, Mr. Ren had worked at KPMG for five years. Mr. Ren holds a bachelor’s degree in economics from Renmin University of China. He is a certified public accountant in China and the United States, and a chartered professional accountant in Canada.

About Cheetah Mobile Inc.

Cheetah Mobile is a leading mobile Internet company with global market coverage. It has attracted hundreds of millions of monthly active users through its mobile utility products such as Clean Master and Cheetah Keyboard, casual games such as Piano Tiles 2, Bricks n Balls, and live streaming product Live.me. The Company provides its advertising customers, which include direct advertisers and mobile advertising networks through which advertisers place their advertisements, with direct access to highly targeted mobile users and global promotional channels. The Company also provides value-added services to its mobile application users through the sale of in-app virtual items on selected mobile products and games. Cheetah Mobile is committed to leveraging its cutting-edge artificial intelligence technologies to power its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014. 

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Investor Relations Contact
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Email: helenjingzhu@cmcm.com

ICR Inc.
Jack Wang
Tel: +1 (646) 417-5395
Email: IR@cmcm.com

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SOURCE Cheetah Mobile Inc

Out of thousands of innovators from across the globe, Axiom Exergy captured a place in the 2020 Global Cleantech 100

RICHMOND, Calif., Jan. 16, 2020 /PRNewswire/ — Axiom Exergy, a technology company that uses Artificial Intelligence to transform the world’s thermal systems into intelligent, flexible, and resilient assets, was named a 2020 Global Cleantech 100 company by Cleantech Group.

Out of thousands of innovators from across the globe, Axiom Exergy captured a place in the 2020 Global Cleantech 100

The 2020 Global Cleantech 100 is the 11th edition of the respected annual guide to the leading companies and themes in sustainable innovation. It features the private, independent and for-profit companies best positioned to contribute to a more digitized, de-carbonized and resource-efficient industrial future.

“We are applying AI to the commercial cooling space to provide financial and environmental benefits for our customers including lower energy bills, lower maintenance costs, and reduced greenhouse gas emissions,” said Amrit Robbins, CEO of Axiom Exergy. “Customers are clearly excited to deploy our platform, and we are growing fast to keep up with demand.”

The list combines Cleantech Group’s research data with qualitative judgements from nominations and insight from a global 80-member expert panel of leading investors and executives from corporations and industrials active in technology and innovation scouting. From pioneers and veterans to new entrants, the expert panel broadly represents the global cleantech community and results in a list with a powerful base of respect and support from many important players within the cleantech innovation ecosystem. The Global Cleantech 100 program is sponsored by Chubb.

“It feels right that our first list of the future-defining 2020s, should see a continued strengthening in the representation of truly impactful and necessary innovations to transform our diets, to enable a more renewable-heavy energy system, and to capture and utilize the vast levels of CO2 we have been freely emitting for decades,” said Richard Youngman, CEO, Cleantech Group. “Also included in our 2020 list are some big and critical shots at solving global problems – from proving out fusion and next-gen batteries to zero carbon aviation.”

For detailed information on Axiom Exergy’s outlook as an innovator, visit Cleantech Group’s market intelligence platform i3 and search for Axiom Exergy.

Download the report and meet the companies solving our biggest challenges

About Cleantech Group

Cleantech® Group provides research, consulting and events to catalyze opportunities for sustainable growth powered by innovation. At every stage from initial strategy to final deals, we bring corporate change makers, investors, governments and stakeholders from across the ecosystem the access and customized support they need to thrive in a more digitized, de-carbonized and resource-efficient future.

The company was established in 2002 and is headquartered in San Francisco with a growing international presence in London. Our parent company, Enovation Partners, is based in Chicago.

Media Contact:
Laura Dolby 
Cleantech Group
Email: laura.dolby@cleantech.com

About Axiom Exergy

Axiom Exergy uses Artificial Intelligence to transform the world’s thermal systems into intelligent, flexible, and resilient assets. Our mission is to create a more sustainable future by improving the way that the world’s cooling systems interact with the power grid and the atmosphere.

Axiom Exergy is a technology company based in Richmond, California with investors that include Shell Ventures, Evergy Ventures and Tesla Co-Founder JB Straubel. It was founded in 2015 by Amrit Robbins and Anthony Diamond, both of whom were named to Forbes “30 under 30” list in 2017.

www.axiomexergy.com | @axiomexergy

CONTACTS:

Technica Communications
Tyler Allen
225-205-8107
Email: tyler@technicacommunications.com

 

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SOURCE Axiom Exergy

Clarivate Analytics to Acquire Decision Resources Group, Creating a Leading Global Provider of Data-Driven Solutions to the Life Sciences Industry

  • Deal expands Life Sciences services and solutions portfolio to enable customers worldwide to accelerate life-changing innovations and improve patient outcomes and access
  • Accretive to earnings in 2020 with opportunities for significant revenue and cost synergies
  • Clarivate reaffirms standalone 2020 financial outlook
  • Clarivate to host conference call today at 8:00 AM ET to discuss transaction

LONDON and PHILADELPHIA, Jan. 17, 2020 /PRNewswire/ — Clarivate Analytics plc (NYSE: CCC; CCC.WS), a global leader in providing trusted insights and analytics to accelerate the pace of innovation, today announced it has signed a definitive agreement to acquire Decision Resources Group (“DRG”), a premier provider of high-value data, analytics and insights products and services to the healthcare industry, from Piramal Enterprises Limited (“PEL”, NSE: PEL, BSE: 500302), part of global business conglomerate Piramal Group. The $950 million purchase price–approximately 12x trailing DRG Adjusted EBITDA, taking into account acquisition cost synergies but not revenue synergies–includes $900 million in cash and approximately $50 million in Clarivate ordinary shares to be issued following the one-year anniversary of closing. The acquisition is expected to be accretive to Clarivate earnings in 2020.

Clarivate Analytics logo

DRG specializes in enabling the world’s leading pharma, biotech and medical technology companies to achieve commercial success in complex health markets with the creation of effective patient-centric commercial strategies. Together, DRG and Clarivate will be well-positioned in the $19 billion Life Sciences analytics market, which currently is enjoying double-digit growth, to support customers across the entire drug, device and medical technology lifecycle from research to outcome. The combined business will offer a one-stop shop for Life Sciences customers, helping them to improve the commercialization of life-changing therapies.

Jerre Stead, Executive Chairman and CEO, Clarivate Analytics: “This is a milestone acquisition which doubles the size of our Life Sciences business, is accretive to our 2020 earnings, and sets us up to become an essential, end-to-end, industry-leading data and analytics provider to the highly attractive Life Sciences ecosystem. We expect the acquisition of DRG to increase Clarivate’s total company revenue by 20%, deliver approximately $77 million in annual Adjusted EBITDA before the pursuit of any revenue synergies, and drive DRG’s Adjusted EBITDA margins towards Clarivate’s total company target of greater than 40%.

“Both companies have a great heritage–built on talented people with deep industry subject matter and technical expertise. Together, we look forward to unlocking the tremendous potential of a unified team.”

Ajay Piramal, Chairman Piramal Group: “We are pleased to have grown DRG’s market leadership over the last few years and believe that through this combination, Clarivate, with its size and scale, is well positioned to further accelerate DRG’s growth potential. This transaction demonstrates our continued commitment to create sustained long-term value for all stakeholders.

“Along with the ongoing equity capital raise in PEL, this transaction not only further strengthens the company’s balance sheet but also marks another step towards significantly unlocking value in future.”

Mukhtar Ahmed, President, Science Group, Clarivate Analytics: “The addition of DRG’s services and solutions to our portfolio supports our focus on creating exceptional customer value through delivering highly specialized analytics and expert insights and a wider range of Life Sciences solutions that help solve our customers’ most difficult challenges when discovering, developing and commercializing new drugs, medical devices and technologies. The acquisition also means that by combining expertise, data and technologies, Clarivate will be able to pursue significant growth opportunities through new product development and deeper market penetration driven by offering our customers a broader portfolio of tools and services.”

Vivek Sharma, CEO, DRG: “I am excited for this acquisition as it creates an even more powerful platform for DRG’s AI and analytics-enabled solutions to support our customers in their quest to improve patient health outcomes. This new and expanded platform will further empower our employees to continue their focus on customer centricity and collaborative innovation with our customers.”

DRG’s current CEO, Vivek Sharma, will depart the company following the completion of the transaction, when the business will join the Science Group at Clarivate Analytics, under the stewardship of Mukhtar Ahmed, President–Science Group. This Product Group includes both the Cortellis™ suite of Life Science intelligence solutions and Web of Science, the world’s largest publisher-neutral citation index and research intelligence platform.

Numerous Strategic Benefits to Drive Future Growth

  • Complementary Fit with Clarivate Life Sciences: Combining the expertise, data and technologies of DRG with Clarivate will help customers make smarter and faster evidence-based decisions to boost clinical and commercial success. Clarivate’s Life Sciences products, including Cortellis, focus on innovation covering the front-end of Life Science development, encompassing pre-clinical and clinical development, regulatory review and business development, while DRG has largely focused on the delivery of essential solutions for the successful commercialization of pharmaceutical products and medical devices & technologies.
  • Creates a Top Data and Analytics Provider in Life Sciences: DRG’s and Clarivate’s complementary solutions will better position the combined organization in a market that favors tech-enabled players with end-to-end capabilities and broad and proprietary data sets. Clarivate’s enhanced Life Sciences offering will be well-positioned to support customers across the entire drug, device and medical technology lifecycles.
  • Sales Opportunities to Drive Growth: Leveraging the expertise, content and technologies of both Clarivate and DRG will create significant revenue growth opportunities through new product development and support deeper market penetration, driven by offering each company’s customer base the benefits of a more comprehensive suite of products.

Financially Compelling Transaction

  • Accretive to Clarivate’s Earnings per Share: The transaction is expected to be accretive to Clarivate’s earnings per share in 2020.
  • Growing Revenue and EBITDA Business with Significant Cost Savings Opportunities: In 2019, DRG generated $207 million of revenue, with 9% organic growth, and $47 million of Adjusted EBITDA before the impact of acquisition cost synergies. Clarivate expects to achieve cost synergies of approximately $30 million within the first 18 months after the transaction closes, which in addition to revenue synergies, is expected to drive DRG’s Adjusted EBITDA growth and expand its Adjusted EBITDA margin towards the 40% range.
  • Strong Free Cash Flow Generation and Funding Plan Supports Deleveraging: Clarivate remains committed to managing its balance sheet and its go-forward capital structure. The company plans to fund the transaction with an optimal mix of debt and equity capital proceeds.

Financing and Approvals

In connection with the transaction, Clarivate has secured a backstop of $900 million fully committed bridge facility from Citi and Goldman Sachs & Co. LLC. Clarivate expects to obtain long-term financing with proceeds from debt and equity capital markets before the closing of the transaction. 

The transaction is expected to close within the first quarter of 2020, subject to the satisfaction of customary closing conditions and regulatory approvals, including approval by PEL’s shareholders.

Reaffirming Standalone 2020 Outlook

For the year ending December 31, 2020, excluding the acquisition of DRG and the divestiture of the MarkMonitor brand protection, antipiracy, and antifraud business, which Clarivate announced on November 12, 2019 and completed the divestiture on January 1, 2020, Clarivate continues to expect:

  • Adjusted Revenues in a range of $950 million to $970 million
  • Adjusted EBITDA in a range of $330 million to $350 million
  • Adjusted EBITDA margins in a range of 35% to 36%
  • Adjusted Free Cash Flow in a range of $195 million to $210 million

The above outlook assumes no further currency movements, acquisitions, divestitures, or unanticipated events.

Clarivate will issue its fourth quarter and full year 2019 financial results on February 27, 2020.

Advisors

Evercore is serving as lead financial advisor and Davis Polk & Wardwell LLP is serving as legal advisor to Clarivate. Covington & Burling LLP is serving as legal advisor to PEL.

Conference Call and Webcast

Clarivate will host a conference call and webcast to discuss the strategic and operating aspects of the DRG acquisition on Friday, January 17th at 8:00 a.m. Eastern Time. The conference call will be simultaneously webcast on the Investor Relations section of the company’s website.

Interested parties may access the live audio broadcast by dialing 1-888-317-6003 in the United States, 1-412-317-6061 for international, and 1-866-284-3684 in Canada. The conference ID number is 1421545. An audio replay will be available approximately two hours after the completion of the call at 1-877-344-7529 in the United States, 1-412-317-0088 for international, and 1-855-669-9658 in Canada. The Replay Conference ID number is 10138489. The recording will be available for replay through January 31, 2020.

The webcast can be accessed at https://services.choruscall.com/links/ccc200117.html and will be available for replay.

About Clarivate Analytics

Clarivate Analytics™ is a global leader in providing trusted insights and analytics to accelerate the pace of innovation. We have built some of the most trusted brands across the innovation lifecycle, including the Web of Science™, Cortellis™, Derwent™, CompuMark™, MarkMonitor™ and Techstreet™. Today, Clarivate Analytics is on a bold entrepreneurial mission to help customers reduce the time from new ideas to life-changing innovations. For more information, please visit clarivate.com.

About DRG

DRG is uniquely positioned to help healthcare businesses improve the lives of patients around the world by creating patient-centric commercial strategies that drive better outcomes and better access. DRG helps clients propel commercial success with evidence-based business decisions by delivering expert consultation, data, and analysis enhanced by machine learning artificial intelligence (AI). With collaborative experts spanning healthcare markets, disease areas, and data science disciplines, DRG clients have unprecedented access to the expertise, data, and AI-technology solutions they require to anticipate customer needs and generate new solutions to healthcare challenges. DRG’s market access solutions give Life Sciences the most comprehensive view of patient access, and payer and health system dynamics at local levels for the global healthcare ecosystem. For more information please visit decisionresourcesgroup.com.

About Piramal Group

The Piramal Group, led by Ajay Piramal, is one of India’s leading business conglomerates with a global footprint. With operations in 30 countries and brand presence in over 100 countries, the Group’s turnover was ~$2.2 billion in FY2019. The Group’s diversified portfolio includes presence in Piramal Enterprises Limited, Piramal Glass and Piramal Realty.

About Piramal Enterprises Limited

Piramal Enterprises Limited is one of India’s large diversified companies, with a presence in Financial Services, Pharmaceuticals and Healthcare Insights & Analytics. PEL’s consolidated revenues were ~US$1.9 billion in FY2019, with around ~40% of revenues generated from outside India. PEL is listed in India on the BSE Limited and the National Stock Exchange of India Limited.

Non-GAAP Financial Measures

The non-GAAP financial measures discussed herein are not recognized terms under, and should not be considered as a substitute for, financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Our definitions of and method of calculating non-GAAP financial measures may vary from the definitions and methods used by other companies, which may limit their usefulness as a comparative measure. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that our projections and estimates will be realized in their entirety or at all. In addition, because of these limitations, non-GAAP financial measures should not be considered as measures of liquidity or discretionary cash available to us to fund our cash needs, including investing in the growth of our business and meeting our obligations. See the Appendix to this press release for definitions of the non-GAAP measures used herein and a reconciliation to the most directly comparable GAAP measures.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are difficult to predict, and many are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include our failure to consummate the DRG acquisition as a result of a failure to obtain the necessary approval of PEL shareholders, over which we have no control, a failure to obtain necessary antitrust clearances, or otherwise; our failure to refinance borrowings under the bridge loan facility referred to above because of an inability to raise sufficient equity or debt capital or otherwise, which would likely materially increase our costs of financing the DRG acquisition and result in our failure to achieve the financial benefits we anticipate; our failure to achieve the anticipated cost and revenue synergies from the DRG acquisition; as well as the factors discussed under the caption “Risk Factors” in the prospectus Clarivate filed with the U.S. Securities and Exchange Commission (“SEC”) on December 6, 2019, along with our other filings with the SEC. However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this press release. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.

Trademarks

Clarivate and its logo, as well as all other trademarks used herein are trademarks of their respective owners and used under license. 

Reconciliation to Certain Non-GAAP Measures

Adjusted Revenues. We present Adjusted Revenues because we believe it is useful to investors to better understand the underlying trends in our operations. Adjusted Revenues excludes the impact of the deferred revenues purchase accounting adjustment (recorded in connection with the separation of Clarivate’s business from Thomson Reuters in 2016 (the “2016 Transaction”)) and the revenues from divestitures.

(in millions)

Year Ending December 31, 2020
(Forecasted)(1)

Low

High

Revenues, net

$                          949.9

$                          969.9

Deferred revenues adjustment(2)

0.1

0.1

Adjusted revenues

$                          950.0

$                          970.0

(1)   Excludes impact of proposed DRG acquisition and MarkMonitor divestiture, and assumes no further currency movements, acquisitions, divestitures or other unanticipated events.

(2)   Reflects the deferred revenues fair value accounting adjustment arising from the purchase price allocation in connection with the 2016 Transaction.

Adjusted EBITDA and Adjusted EBITDA margin. We believe Adjusted EBITDA is useful to investors because similar measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate our competitors and to measure the ability of companies to service their debt. We calculate Adjusted EBITDA by using net income before provision for income taxes, depreciation and amortization and interest income and expense adjusted to exclude acquisition or disposal-related transaction costs (such costs include net income from continuing operations before provision for income taxes, depreciation and amortization and interest income and expense from divestitures), losses on extinguishment of debt, stock-based compensation, unrealized foreign currency gains/(losses), net transition services agreement benefit, separation and integration costs, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues, non-cash income/(loss) on equity and cost method investments, non-operating income or expense, the impact of certain non-cash and other items that are included in net income for the period that Clarivate does not consider indicative of its ongoing operating performance, and certain unusual items impacting results in a particular period.

Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Adjusted Revenues.

(in millions)

Year Ending December 31, 2020
(Forecasted)(1)

Low

High

Net income

$                              2.3

$                            16.3

Benefit for income taxes

14.7

14.7

Depreciation and amortization

193.0

194.0

Interest, net

81.0

82.0

Net transition services agreement benefit(2)

(4.0)

(5.0)

Transition, transformation and integration expense(3)

38.0

39.0

Deferred revenue adjustment(4)

1.0

Transaction related costs(5)

1.0

2.0

Share-based compensation expense(6)

4.0

5.0

Other(7)

1.0

Adjusted EBITDA

$                          330.0

$                          350.0

Adjusted revenues

$                          950.0

$                          970.0

Adjusted EBITDA

$                          330.0

$                          350.0

Adjusted EBITDA Margin

35%

36%

(1)   Excludes the effect of the Company’s recent debt refinancing that closed October 31, 2019 or the related impact on tax, excludes the impact of proposed DRG acquisition and MarkMonitor divestiture, and assumes no further currency movements, acquisitions, divestitures or other unanticipated events.

(2)   Related to a new transition services agreement and offset by the reverse transition services agreement from the sale of MarkMonitor assets.

(3)   These costs relate primarily to the ongoing transformation of our business following the May 2019 merger transaction, focused on the integration of separate business units into one functional organization and enhancements in our technology. Remaining costs are associated with ongoing restructuring and other cost savings initiatives.

(4)   Reflects the deferred revenues fair value accounting adjustment arising from the purchase price allocation in connection with the 2016 Transaction.

(5)   Includes consulting and accounting costs associated with the sale of certain assets of the MarkMonitor product line and tuck in acquisitions.

(6)   Share-based compensation expense for the year ending December 31, 2020 includes only the amortization of expense for awards granted as of September 30, 2019. This does not include any future expense related to new options granted under the 2019 plan or the vesting of any outstanding awards triggered by a market performance measure.

(7)   Includes primarily the net impact of foreign exchange gains and losses related to the re-measurement of balances and other one-time adjustments.

Adjusted Free Cash Flow. We use Adjusted Free Cash Flow in our operational and financial decision-making and believe Adjusted Free Cash Flow is useful to investors because similar measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate our competitors and to measure the ability of companies to service their debt. We define Adjusted Free Cash Flow as net cash provided by operating activities less capital expenditures and unusual non-operating items.

(in millions)

Year Ending December 31, 2020
(Forecasted)(1)

Low

High

Net cash provided by operating activities

$                          203.8

$                          227.8

Capital expenditures

(43.8)

(53.8)

Free Cash Flow

$                          160.0

$                          174.0

Net transition services agreement benefit(2)

(4.0)

(5.0)

Transition, transformation and integration expense(3)

38.0

39.0

Transaction related costs(4)

1.0

2.0

Adjusted Free Cash Flow

$                          195.0

$                          210.0

(1)   Excludes impact of proposed DRG acquisition and MarkMonitor divestiture, and assumes no further currency movements, acquisitions, divestitures or other unanticipated events.

(2)   Related to a new transition services agreement and offset by the reverse transition services agreement from the sale of MarkMonitor assets.

(3)   These costs relate primarily to the ongoing transformation of our business following the May 2019 merger transaction, focused on the integration of separate business units into one functional organization and enhancements in our technology. Remaining costs are associated with ongoing restructuring and other cost savings initiatives.

(4)   Includes consulting and accounting costs associated with the sale of certain assets of the MarkMonitor product line and tuck in acquisitions.

DRG Adjusted EBITDA. DRG Adjusted EBITDA is calculated by using net (loss) before provision for income taxes, depreciation and amortization and interest income and expense adjusted to exclude the other items identified in the table below that DRG does not consider indicative of its ongoing operating performance.

Year Ended December 31,

2019

2018

(in millions)

(unaudited)

(unaudited)

Net (loss)

$                         (21.7)

$                         (32.5)

Benefit for income taxes

1.4

0.7

Depreciation and amortization

30.4

32.7

Interest, net

24.6

25.2

Loss on extinguishment of debt

1.9

Restructuring(1)

7.2

0.4

Transaction-related costs(2)

0.1

0.8

Transition, transformation and integration(3)

5.3

2.9

Impairment intangible assets

0.1

Deferred revenues adjustment

0.1

Share-based compensation

0.9

Litigation-related costs

1.3

Loss on sale of assets

0.4

Other(4)

(2.4)

(0.4)

DRG Adjusted EBITDA

$                            47.6

$                            31.8

(1)   Includes costs incurred related to various restructuring efforts as a result of changes in leadership and the integration of acquisitions.  Costs include mainly severance expense for terminated personnel from acquired businesses and exit cost obligations related to exiting certain facilities.

(2)   Reflects costs related to completed and uncompleted acquisitions, primarily related to third party professional fees.

(3)   Costs in 2019 relate primarily to retention bonuses paid to certain employees and incremental executive salaries paid in contemplation of the sale of the Company, as well as management fees paid to a related party.  Costs in 2018 primarily relate to retention bonuses paid to employees of acquired companies, severance paid to certain executives and management fees paid to a related party.

(4)   Reflects primarily a one-time payment received in 2019 related to a failed sale of one of the Company’s businesses and other one-time adjustments.

 

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SOURCE Clarivate Analytics

Micronet’s New Video Telematics Camera SmartCam Receives U.S. FCC Authorization

MONTVALE, N.J., Jan. 17, 2020 /PRNewswire/ — MICT, Inc. (Nasdaq: MICT) (the “Company”), announced today that Micronet Ltd, an entity in which MICT owns 30%, has received U.S. Federal Communications Commission (FCC) authorization for its new advanced video telematics camera, The Smart Camera (“SmartCam”) for 2.4GHZ and 5GHZ.

With the launch of SmartCam, Micronet is penetrating the video telematics market, one of the fastest growing segments in the broader telematics market. 

The first model in Micronet’s new, highly advanced video telematics camera product line, SmartCam offers using among other 3rd parties technologies, sophisticated video analytics for fleet managers. SmartCam integrates driver facing cameras, road facing cameras, vehicle mechanical and operating data, vehicle location, and a powerful telematics on-board computer, enabling local processing of artificial intelligence (AI) and image processing algorithms.

The SmartCam is joining the family of the new advanced Micronet’s products, SmarTab and SmartHub which are all based on an open software platform and Android operating system, enabling third party applications and easing development efforts for customers, while generating recurring software-as-a-service (SaaS) income for Micronet.

MICT’s CEO, Mr. David Lucatz stated, “SmartCam is a highly innovative product, integrating AI and video technologies to bring a new value proposition to telematics customers by further improving driver safety and increasing fleet manager insight. By launching SmartCam, Micronet expands its reach into the fastest growing segment of the multi-billion-dollar telematics market, while also increasing our Software-As-A-Service (SAAS) revenues through software and AI services.”

About MICT, Inc.

MICT, Inc. (Nasdaq: MICT), via Micronet, operates in the growing commercial MRM market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments.

For more information please visit: www.mict-inc.com.  

Forward-looking Statements

This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. These forward looking statements include, but are not limited to, those statements regarding the launching of SmartCam and how it expands Micronet’s reach into the telematics market, while also increasing its Software-As-A-Service (SAAS) revenues. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in the Company’s annual report on Form 10-K for the year ended December 31, 2018 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

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SOURCE MICT, Inc.

LG ThinQ Opens New Age Of AI In 2020 With Pioneering AI Experience Levels

SEOUL, South Korea, Jan. 17, 2020 /PRNewswire/ — LG Electronics (LG) recently unveiled its new artificial intelligence (AI) development framework “Levels of AI Experience: the Future of AI and the Human Experience” at the CES® 2020 LG Press Conference in front of industry representatives, influencers and journalists. The conceptual framework aligns with LG ThinQ – the company’s AI brand first revealed at CES® 2018 which has continuously grown since – and its ambitious vision to connect all aspects of people’s lives with intelligent touchpoints based on the three pillars of ‘Evolve, Connect and Open.’

Experience the interactive Multimedia News Release here:
https://www.multivu.com/players/English/8677751-lg-thinq-levels-of-ai-experience-ces-2020/

The introduction of four AIX levels – Efficiency, Personalization, Reasoning and Exploration – was welcomed by industry and academia alike, with hopes that it will act as anchor points for the field of AI going forward. Dr. Andrew Ng, global AI leader and Chief Executive Officer and Founder of Landing AI – a Silicon Valley startup focused on enterprise AI solutions – noted “every industry will need its own roadmap of AI technology, which is why I’m excited that LG is coming up with the industry’s categorization and prioritization for how AI can transform business.” The unveiling was accompanied by the release of four videos to help visualize each level from a consumer’s perspective, each video showing what life will be like once AI technology is fully integrated into everyday living.

It all starts with Efficiency, the first level of the framework. Level-one AI can carry out specific functions through automation that make user interactions more efficient and effective. Users can employ simple and easy voice commands for various tasks like stocking up on orange juice or simply asking for the time. Currently available with many voice recognition and AI-enabled products on the market today, such as the LG ThinQ air conditioner, many people may find some scenes depicted in this video familiar.

Personalization is represented in the second level, at which AI can recognize patterns and regularities from past user interactions and use them to optimize and personalize functions for a specific person. In comparison to level one, level-two AI can order your orange juice or book a taxi before you even ask and can further identify and recommend your favorite TV channels. Through unique pattern and trait learning, the advanced AI found in this second level can improve and simplify interactions for a truly personalized user experience.

The third level is based on Reasoning and envisions AI based on causality learning that looks at the ‘why’ behind users’ actions to predict and promote better outcomes for consumers. Here, AI goes beyond surface level interactions to actively perform not only the requirements but also make recommendations such as suggesting a light breakfast before a stressful presentation or the perfect restaurant for dinner with friends. By identifying underlying motives, level-three AI not only understands but also acts on its insight to provide optimal user experiences.

The fourth and final level is Exploration. Based on experimental learning, the most advanced AI form is best explained in the video, which illustrates a future where AI generates thoughtful ideas and suggestions all on its own. Although an innovation for the far future, level-four AI is capable of original research, enough to formulate and test intelligent hypotheses to discover conclusions, such as integrating mindfulness exercises and new yoga routines into a stressed user’s everyday routine. Rather than the user having to maneuver the AI to perform a certain way, level-four AI works in tandem with the user, facilitating the experimentation of new ideas to achieve the best outcomes. 

“From Efficiency to Exploration, our vision for AI innovation is meaningful for both the industry and its customers,” remarked Dr. I.P. Park, President and Chief Technology Officer of LG Electronics. “It enables and encourages us to come up with more daring, more innovative ideas for the future.”

Already shared with many partners, the framework received praise from leading figures across industry and academia. “It is our responsibility to drive the development of the field of AI towards a future in which the technology is being harnessed in a manner that is beneficial for both individuals and society as a whole,” said Yoshua Bengio, the Turing award winner, founder and scientific director of Mila, the research institute partnership between the Université de Montréal and McGill University with Polytechnique Montréal and HEC Montréal.

Further voices in support of the AIX levels included Sanjay Dhawan, Chief Executive Officer of automotive software company Cerence, who encouraged “all other participants in the AI ecosystem to adopt this framework,” as well as Sangbae Kim, Associate Professor of Mechanical Engineering at MIT leading the MIT Biomimetics Robotics Lab since 2012, who defined the framework as an effort to “recapitulate the past, present, and the future of AI.”

For more information on the transformational innovations of LG ThinQ, please visit lg.com/us/lg-thinq.

About LG Electronics Inc.
LG Electronics Inc. is a global innovator in technology and manufacturing with operations in 140 locations and a workforce of over 70,000 around the world. With 2018 global sales of USD 54.4 billion, LG is composed of five companies – Home Appliance & Air Solution, Home Entertainment, Mobile Communications, Vehicle Component Solutions and Business Solutions. LG is a world-leading producer of TVs, refrigerators, air conditioners, washing machines and mobile devices, including premium LG SIGNATURE and LG ThinQ products featuring artificial intelligence. For the latest LG news, go to www.LGnewsroom.com.   

 

 

 

Levels of AI Experience (AIX) aligns with LG ThinQ’s ambitious vision to transform daily experiences by connecting all aspects of people’s lives through intelligent touchpoints

 

LG Electronics President and CTO Dr. I.P. Park unveiled the framework for the future of AI development “Levels of AI Experience: the Future of AI and the Human Experience”

 

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SOURCE LG ThinQ

Object Management Group Chairs Update Technology Standards

NEEDHAM, Mass., Jan. 17, 2020 /PRNewswire-PRWeb/ — International technology standards consortium Object Management Group® (OMG®) announced important updates from its quarterly membership meeting, which took place in Long Beach, California from December 9-13, 2019.

The chairs of OMG Task Forces (TFs) and Special Interest Groups (SIGs) presented updates about their standards work that will influence the future direction of technology, especially when it comes to model-based systems engineering (MBSE), business modeling, space communications, artificial intelligence (AI), software quality and cyber intelligence, among other areas.

At the meeting, two new OMG members were elected to the OMG Architecture Board (AB) and four members were re-elected, joining their three colleagues (listed below). The OMG AB is the technical oversight board that acts as a senior advisory body on a wide range of technologies and processes of OMG.

New OMG AB Members

  • Daniel Brookshier, Dassault Systemes
  • Matteo Vescovi, Micro Focus

Re-elected OMG AB Members

  • Richard Beatch, Bloomberg
  • Elisa Kendall, Thematix Partners
  • J.D. Baker, Sparx Systems
  • Hugues Vincent, Thales

Returning OMG AB Members

  • Sridhar Iyengar, IBM
  • Manfred Koethe, 88Solutions
  • Pete Rivett, Adaptive

Here is a summary of the accomplishments and work in process of OMG working groups:

“The Manufacturing and Industrial Systems (ManTIS) Domain Task Force (DTF) further discussed aspects of the Product Knowledge Framework (PKF) Request for Information (RFI), which is about the ontological integration of model-based information and data relevant in product development. Responses to the RFI are due for the June OMG Technical Committees Meeting. ManTIS also continued elaborating on the model integration and interchange problems in MBSE and Product Lifecycle Management (PLM). The Simple Electronic Notation for Sensor Readout (SENSR) revised submission was recommended for issuance. ManTIS also reached out to the Augmented Reality / Spatial Web community and stipulated future cooperation. Furthermore, ManTIS chairs participated in a joint call with the chairs of the Industrial Internet Consortium (IIC) Standards Task Group and identified formal and model-based methods for the description of Digital Twins as a field of common interest and agreed upon closer collaboration,” said Uwe Kaufmann, Owner and CEO, ModelAlchemy Consulting and Co-Chair of the ManTIS DTF.

“The Systems Engineering Domain Special Interest Group (DSIG) meetings included presentations and demonstrations on different aspects of MBSE standards, including an update on the Unified Architecture Framework, the Open CAESAR Platform being led by JPL, the SysML Extension for Physical Interaction and Signal Flow Simulation (SysPhS), an update on the SysML v2 submission status, and an overview of the enhanced quantities model for SysML v2. Other topics included a summary of the SysML publications from 2007 to 2017, and a demonstration of a systems modeling tool that integrates with PLM to iterate on the system requirements, logical, and physical design,” said Sandy Friedenthal, Chair, Systems Engineering DSIG and Principal Systems Engineer at Lockheed Martin.

“The Business Modeling and Integration (BMI) Domain Task Force reviewed the progress in submissions for a Business Architecture Core Metamodel (BACM) and a Standard Business Report Model (SBRM), both of which should be ready for adoption in March or June 2020,” said Claude Baudoin, Co-Chair, Business Modeling & Integration Domain Task Force and Owner and Principal consultant at cébé IT and Knowledge Management.

“The Middleware and Related Services (MARS) Platform Task Force (PTF) had another busy and productive week; we recommended the IDL4 to C# Language Mapping specification for adoption and the DDS C# API RFP for issuance. When the specification for the DDS C# API is adopted, it will join a dozen other DDS-related specifications MARS has developed since the DDS specification was first adopted in 2003. MARS also continued its close collaboration with the Blockchain Platform Special Interest Group (PSIG) and expects to be working on a number of Request for Comments (RFCs) and Request for Proposals (RFPs) in this area,” said Charlotte Wales, Co-Chair of the Middleware and Related MARS PTF and Lead Software Engineer at The MITRE Corporation.

“The Analysis and Design Platform Task Force (ADTF) is working with NASA to respond to the Space Telecommunications Interface RFP,” said Dr. Jeff Smith, Co-Chair of the ADTF and Chief Systems Engineer, Multi Agency Collaboration Environment.

“The Artificial Intelligence (AI) Platform Task Force held its first meeting since being chartered in September. The 20+ participants from a broad cross-section of industries and government created a list of areas of standardization and a roadmap for Task Force activities in 2020,” said Claude Baudoin, Co-Chair, Artificial Intelligence Platform Task Force and Owner and Principal consultant at cébé IT and Knowledge Management.

“The Consortium for Information and Software Quality (CISQ) hosted a two-day workshop to continue refining the specification for a Software Bill of Materials standard. Based on the progress made, CISQ anticipates submitting the standard to OMG for public review by mid-2020,” said Dr. Bill Curtis, Founding Executive Director, CISQ.

“The Cloud Working Group (CWG) completed and issued a Request for Information (RFI) on Cyber Insurance. Responses to this RFI will guide the development of a discussion paper on how a cloud customer may protect itself from business losses due to cloud failures, whether accidental or malicious,” said Claude Baudoin, Co-Chair of the Cloud Working Group and Owner and Principal consultant at cébé IT and Knowledge Management.

For a full list of OMG works in progress, visit https://www.omg.org/public_schedule/. To participate in OMG specifications, visit https://www.omg.org/memberservices/index.htm.

About OMG
The Object Management Group® (OMG®) is an international, open membership, not-for-profit technology standards consortium with representation from government, industry and academia. OMG Task Forces develop enterprise integration standards for a wide range of technologies and an even wider range of industries. OMG’s modeling standards enable powerful visual design, execution and maintenance of software and other processes. Visit http://www.omg.org for more information.

Note to editors: Object Management Group and OMG are registered trademarks of the Object Management Group. For a listing of all OMG trademarks, visit https://www.omg.org/legal/tm_list.htm. All other trademarks are the property of their respective owners.

 

SOURCE Object Management Group

LEDU Token Swap and 500,000 LEDU Reward

LONDON, Jan. 16, 2020 /PRNewswire/ — The LEDU token swap has begun and all LEDU token holders are requested to swap their old LEDU token. After the swapping phase is closed, old LEDU tokens will not be swappable anymore and the tokens that are not submitted for the swap will be worthless. As part of the LEDU token swap process, LEDU trading across all exchanges if frozen. Token users with LEDU tokens on exchanges should move their tokens to private wallets where they will have full control of the private keys and swap. Token holders should follow the LEDU token swap guide to swap their tokens.

LEDU is also holding a competition where lucky token holders can win 250,000 LEDU tokens. Participation in the competition is not limited to existing token holders as new token holders are welcomed. Most participants in this competition are students and experienced techies aiming to improve their professional skills in areas like programming, artificial intelligence, data science, cryptocurrency, and game development. Join the competition.

250,000 LEDU tokens have been paid out to viewers for watching content, submitting projects and inviting friends. Individuals interested in knowing how viewers earn LEDU tokens can read Education Ecosystem’s latest quarterly report. Education Ecosystem community members can earn LEDU tokens at the next payout by watching projects, suggesting new projects or inviting friends to learn about the ecosystem.

Education Ecosystem (LEDU) is a project-based learning platform that teaches students how to build real products in areas such as programming, game development, artificial intelligence, cybersecurity, data science, and cryptocurrencies. Content is organized around projects where students learn from watching videos of developers building products. Education Ecosystem uses the utility token LEDU to power its ecosystem. LEDU provides rewards to project creators, viewers, community moderators, LEDU API developers, and ecosystem partners. 

Media Contact:
Brianna Weth
London, PR Agency
Email: content@education-ecosystem.com

Related Images

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Education Ecosystem
LEDU Token Swap and New Token Issuance

Related Links

Projects to learn with

LEDU blog

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SOURCE Education Ecosystem

SoftServe’s Mixed Reality and AI Accelerators Drive New Wave of Digital Retail Innovation

AUSTIN, Texas, Jan. 16, 2020 /PRNewswire/ — SoftServe, a leading digital authority and consulting company, is pioneering retail innovations that heighten customer engagement and enable vendors to make informed, data-driven business decisions. The company has released two new prototype accelerators, Planogram and Smart Shopping Assistant, that employ mixed reality (XR), machine learning (ML), and artificial intelligence (AI) technology to facilitate a new level of understanding of inventory levels, buying trends, demand prediction, and shifting consumer preferences. With these, retailers can see forecasted outcomes of AI recommended business decisions before implementation and ensure they get the right product in front of the right customer at the right time.

SoftServe Logo (PRNewsfoto/SoftServe)

“Planogram and Smart Shopping Assistant are retail accelerators that bring real-time insights and data to businesses so they can create compelling and lasting shopping experiences for customers, while significantly optimizing operational efficiency,” said Valentyn Kropov, VP of client success, retail at SoftServe. “These solutions allow vendors to predict and analyze demand while understanding the ever-changing preferences of their customers to ensure optimal product placements and begin shopper engagement before they even enter a store.”

Planogram is a shelf analytics tool for retail execution strategy that tracks sales and predicts shelf profit changes, instantly monitors and receives feedback, supports more accurate inventory measurements than manual store checks, and gathers shelf data to identify trends and make strategic business recommendations. Through AI data-driven algorithms retailers can see the forecasted inventory and revenue outcomes of a recommended course of action prior to implementation.

Smart Shopping Assistant is a solution that creates an omnichannel customer experience and allows vendors to understand the needs of the customer and provide new experiences to them through emerging technologies including XR and ML to increase revenue, grow customer loyalty, and improve marketing effectiveness.

With Smart Shopping Assistant, retailers can:

  • Increase shopping cart value by taking part in consumer shopping planning – Provide customers with predictive shopping list based on their preferences and stock availability
  • Boost sales by guiding customer towards merchandise – Enable customers to find products faster with AR navigation and intuitive suggestions of additional products along their guided route. Personalize shopping experiences by highlighting important information like allergens, nutrition details, supplements and other product details via augmented reality (AR)
  • Empower marketing using limitless capabilities of XR advertising – Drive customer attention as they shop by advertising products in AR. Gamify loyalty programs to drive consumer behavior
  • Optimize and improve inventory and marketing with real-time analytics – demand prediction, AR campaign performance analytics, real-time store heatmaps

To learn more about these new prototypes and other retail innovations please visit demo.softserveinc.com or contact RetailDemo@softserveinc.com.  

About SoftServe

SoftServe is a digital authority that advises and provides at the cutting-edge of technology. We reveal, transform, accelerate, and optimize the way enterprises and software companies do business. With expertise across healthcare, retail, energy, financial services, software, and more, we implement end-to-end solutions to deliver the innovation, quality, and speed that our clients’ users expect.

SoftServe delivers open innovation—from generating compelling new ideas, to developing and implementing transformational products and services.

Our work and client experience is built on a foundation of empathetic, human-focused experience design that ensures continuity from concept to release.

We empower enterprises and software companies to (re)identify differentiation, accelerate solution development, and vigorously compete in today’s digital economy. No matter where you are in your journey.

Visit our websiteblogLinkedInFacebook, and Twitter pages. 

SoftServe Media Contact
Tyler Mahan
Public Relations Manager
tgarr@softserveinc.com
830-832-8898

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SOURCE SoftServe

Phesi appoints Dan Manak to the role of Executive Director for Business Development

EAST LYME, Conn., Jan. 16, 2020 /PRNewswire-PRWeb/ — Phesi is delighted to announce the appointment of Dan Manak to the role of Executive Director for Business Development.

Dan is based in the US and has been working in pharma and clinical research for over 20 years, selling advanced clinical data analytics and AI technology and services to sponsor companies, enabling site selection and site management. On his appointment Dan said “to be representing products and services that involve AI for protocol development, study startup and site selection- well, to say I’m excited doesn’t really capture the whole of it. I know well that what Phesi is selling is needed, and similar to AI applied in clinical data analytics, what Phesi is offering is of extremely high value. I am truly looking forward to supporting the team and our growing client list globally.”

 

SOURCE Phesi

Pacific Defense Makes Spectranetix and Perceptronics Investments

EL SEGUNDO, Calif., Jan. 16, 2020 /PRNewswire-PRWeb/ — Pacific Defense announces today that it is joining forces with Spectranetix, an advanced developer of military modular open systems architecture CMOSS/SOSA systems, and is making a minority investment in Perceptronics Solutions, an innovative developer of advanced Artificial Intelligence (AI) and Machine Learning (ML) software. Our mission focus will continue to be Electronic Warfare, Communications systems, and Signals Intelligence in all operational domains, and will leverage strategic investments in high performance radio frequency based technologies and CMOSS/SOSA open standards for rapid delivery of software enabled capabilities to our customers.

According to Travis Slocumb, CEO of Pacific Defense, “We see a growing demand for smart, open standards-based products that flex to the needs of the modern operational environment. We are configured to move very fast and give our customers the support they need and deserve.”

Rick Lu, CEO of Spectranetix concurs and has spent several years collaborating with key customers on developing CMOSS/SOSA-based technologies that support rapid capability development. “The core value proposition of Spectranetix will not change. We have purposefully positioned our company to support future growth and to continue to be a valued partner to our customers and supporters. We are excited to be a part of Pacific Defense.”

Elan Freedy, CEO of Perceptronics Solutions, and his team will continue to bring innovative Artificial Intelligence/Machine Learning enabled solutions to our customers’ hardest problems. “In addition to our current portfolio of programs and products, Pacific Defense’s investment will allow us to place greater emphasis on technology transition and our core missions.”

The lead investors in Pacific Defense are Emerald Lake Capital Management and HCI Equity Partners.

About Emerald Lake Capital Management
Emerald Lake, a private investment firm with over $300 million in assets under management, invests in capital efficient businesses with sustainable competitive advantages, secular or cyclical growth trends, and controllable levers to generate returns. The firm’s principals have a flexible approach to transaction structures and experience partnering with management teams to grow businesses throughout market cycles.

About HCI Equity Partners
HCI Equity Partners is a lower middle market private equity firm focused on partnering with family and founder owned manufacturing, distribution and service companies that serve large, fragmented markets in North America. Headquartered in Washington, DC, HCI has extensive experience investing in the Aerospace, Defense and Federal Services sectors. For more information, please visit http://www.hciequity.com.

 

SOURCE Pacific Defense