Press Releases

Core Scientific Announces Expansion of AI & Blockchain Facility in Dalton, GA

BELLEVUE, Wash., May 13, 2021 /PRNewswire/ — Today, Core Scientific, the leader in customizable infrastructure and software solutions for Artificial Intelligence and Blockchain, announced that it has expanded its facility in Dalton, GA. With the construction of 3 new custom designed buildings, Core Scientific more than doubles their Dalton, GA footprint, from 283,000 sq. ft. to over 588,000 sq. ft., adding hosting capacity for over 500 petahash of computational power when complete, and, importantly, will create up to twenty new, full-time jobs in Dalton.

Dalton, Georgia was our second facility, so we’re especially proud to witness this important expansion just three years later,” said Kevin Turner, President & CEO of Core Scientific. “We’re committed to being a responsible, enterprise-grade technology company that operates in North America. Equally important, we are looking forward to bringing more skilled, well-paying technical jobs to Dalton, and to leading the charge in responsible power consumption in the digital asset mining sector.”

Prior to being purchased by Core Scientific in 2018, the Dalton, GA facility was a vacant factory. Today, it is a state-of-the-art, level 5 DGX Ready certified data center that hosts high-end AI compute systems and digital asset mining equipment requiring a local work force of 10 highly skilled employees.

“Blockchain and AI technologies have tremendous potential for economic growth for the state of Georgia,” said Brian Kemp, Governor of Georgia. “We’ve seen a re-invigoration of the Dalton community, due in part to the skilled, well-paying technical jobs at Core Scientific. With their continued focus on sustainable and transparent business practices and their commitment to responsible power sourcing, we are excited about their expansion and long-term economic impact in the Peach State.”

This announcement comes on the heels of Core Scientific’s recent expansion in Grand Forks, North Dakota, which added 3 exahash in computational power and up to 12 local jobs in the first phase of development, to its digital asset mining infrastructure, and further solidifies its position as the largest digital asset mining and hosting provider in North America.

For more information, please visit https://www.corescientific.com.

About Core Scientific

Core Scientific is the leader in customizable infrastructure and software solutions for Artificial Intelligence and Blockchain. Using state-of-the-art facilities, patent pending technology and best-in-class blockchain hosting solutions, Core Scientific is primed to power leading edge servers for large scale operations and the most complex deep learning AI challenges. To learn more, visit www.corescientific.com.

Media Contact:
Carissa Felger / Genevieve Pirrong
Gasthalter & Co.
(312) 319-9233
press@corescientific.com   

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SOURCE Core Scientific

Trend Micro SaaS Solutions Drive Q1 2021 Results

TOKYO, May 13, 2021 /PRNewswire/ — Trend Micro Incorporated (TYO: 4704;TSE: 4704), a global cybersecurity leader, today announced earnings results for the first quarter of fiscal year 2021, ending March 31, 2021.

In the first quarter of 2021, Trend Micro continued its steady growth path with a solid 5% year-over-year growth in net sales at constant currency, boosted by a 21% growth in enterprise subscription-based annual recurring revenue.

The company’s growth reflects its focus on a SaaS-based, holistic security platform business model to best meet the needs of organizations. At the end of Q1, 347k customers had adopted Trend Micro’s subscription (including SaaS)-based offerings, an increase of 17% YoY. The company’s newest SaaS-based offering, Trend Micro Vision One, has seen rapid adoption driving portions of the overall growth.

Trend Micro also reported a total of -36.6 million SaaS deployed instances, an impressive year-over-year growth of 72%. SaaS-based security deployments offer the most up-to-date protection, ease of use and greatest return on investment for businesses globally. Trend Micro’s cybersecurity platform provides these benefits for its growing customer base.

“Our concentrated focus on listening to and delivering on what customers want and need is reflected in our continued business success in Q1. With a strong foundation as a technology company, imagine the possibilities as we keep working together to collectively secure consumer and enterprise communities,” said Eva Chen, co-founder and chief executive officer for Trend Micro. “This year we remain focused on SaaS deployments as the best way to provide superior security protection for organizations globally. Using our industry-leading security platform, customers can meet their needs from anywhere in the digital transformation journey to stop threats within their IT and cloud environments.”

For this quarter, Trend Micro posted consolidated net sales of 44,594 million Yen (or US $420 million, 105.95 JPY = 1USD). The company posted operating income of 12,226 million Yen (or US $115 million) and net income attributable to owners of the parent of 8,804 million Yen (or US $83 million) for the quarter.

The company will not revise expected consolidated results for the full fiscal year ending December 31, 2021 (released on February 17, 2021). Based on information currently available to the company, consolidated net sales for the year ending December 31, 2021 is expected to be 183,400 million Yen (or US $1,746 million, based on an exchange rate of 105 JPY = 1 USD). Operating income and net income are expected to be 40,900 million Yen (or US $389 million) and 28,800 million Yen (or US $274 million), respectively.

Key Business Updates in Q1 2021:

Leadership and Product Innovation in Cloud Security:

Trend Micro started 2021 strong by offering its complete security SaaS solution in a single listing in AWS Marketplace, enabling self-service protection. This is one of the first such offerings, designed to answer the needs of organizations building in the cloud on Amazon Web Services (AWS).

Trend Micro Cloud One protects across leading cloud-based environments with services designed for applications, network, workloads, file storage, containers and cloud security posture management.

In 2020, Trend Micro Cloud App Security blocked 16.7 million high-risk email threats that slipped past webmail providers’ native filters. This further reinforces the need for comprehensive cloud-based security solutions across the full IT environment.

Additionally, a Trend Micro survey identified key challenges hospitals face when attempting to secure cloud environments. These challenges align closely to broader skills shortage and daily operations issues.

Leadership in Extended Detection and Response:

Trend Micro released its platform to support security operations teams who are overloaded by alerts. The threat defense platform provides centralized risk visibility and prioritizes alerts for faster detection and response.

The benefits of the platform, named Trend Micro Vision One, along with its managed XDR, were also touted by Nuffield Health, the leading healthcare charity that relies on the platform to protect its digital infrastructure. Nuffield Health chose Trend Micro for its SaaS deployment model to protect their increasingly cloud-first infrastructure.

Effective detection and response across the entire IT infrastructure is more important than ever. In 2020, Trend Micro detected more than 62 billion threats, a 20% increase from the previous year. Cybercriminals have adapted in ways that require security analysts to connect the dots between security alerts, and this is done automatically using Trend Micro Vision One, saving teams time and money.

In addition, a sponsored study conducted by the Enterprise Strategy Group (ESG) found systemic challenges persist with integrating security into business processes. The report includes the top ways to drive engagement and agreement around cybersecurity strategies within an organization to help CISOs and security leaders improve this connection in their business.

Defending the IIoT Landscape:

A Trend Micro study found that 61% of manufacturers have experienced cybersecurity incidents in their smart factories. These organizations continue to struggle to deploy the technology needed to effectively manage cyber risk.

Trend Micro Research also explored the security risks of connected cars. A new report describes multiple scenarios in which drivers could encounter attacks that threaten the safety of themselves and others.

Corporate Initiatives to Strengthen the Digital World:

In its annual “What’s Your Story” competition for students, Trend Micro asks participants to reflect on how their relationship with the internet changed throughout COVID-19. The goal is for students to understand the impact of digital platforms on everyday life, as well as the benefits and potential risks to privacy and security.

Trend Forward Capital worked with Amazon Web Services (AWS) for its 4th annual Forward Thinker Award competition. AWS offered the opportunity to participate in the AWS Activate, along with up to $10,000 USD in AWS Promotional Credit and Trend Forward Capital offered a $20,000 cash prize to the winner.

Executive and Enterprise Industry Recognition:

In Q1 2021, Trend Micro was recognized with multiple awards from industry analysts and partners.

CRN recognized Trend Micro among four of its prestigious awards:

  • Received a five-star rating in the 2021 CRN Partner Program Guide
  • Recognized on the CRN Security 100 List
  • Recognized on the 100 Coolest Cloud Companies for 2021
  • Louise McEvoy, vice president of U.S. Channels, named to its 2021 list of Channel Chiefs

In addition, Trend Micro Chief Marketing Officer Leah MacMillan was recognized by the OnCon Icon Awards 2021 with the Top 50 Marketer Award. The award recognizes innovation and leadership in marketing.

New patents filed:
Trend Micro was awarded the following patents in Q1 2021:

Patent No.

Issue Date

Title

10922386

02/16/2021

System and Methods for Security Inspection and Protection of Software Containers at Runtime

10938846

03/02/2021

Anomalous Logon Detector for Protecting Servers of a Computer Network

10951583

03/16/2021

Methods and Apparatus for Controlling Internet Access

10951636

03/16/2021

Dynamic Phishing Detection Methods and Apparatus

10965560

03/30/2021

Organizing and Storing Network Communications

10965600

03/30/2021

Metadata Extraction

Notice Regarding Forward-Looking Statements
Certain statements that are made in this release are forward-looking statements. These forward-looking statements are based on management’s current assumptions and beliefs in light of the information currently available, but involve known and unknown risks and uncertainties. Many important factors could cause actual results to differ materially from those expressed in forward-looking statements. These factors include:

  • Difficulties in addressing new threats and other computer security problems
  • Timing of new product introductions and lack of market acceptance for new products
  • The level of continuing demand for, and timing of sales of, existing products
  • Rapid technological change within the security software industry
  • Changes in customer needs for security software
  • Existing products and new product introductions by competitors and pricing of those products
  • Declining prices for products and services
  • The effect of future acquisitions on our financial condition and results of operations
  • The effect of adverse economic trends on principal markets
  • The effect of foreign exchange fluctuations on our results of operations
  • An increase in the incidence of product returns
  • The potential lack of attractive investment targets and difficulties in successfully executing our investment strategy
  • New and potentially unforeseen risks and liabilities associated with the internet of things, the use of artificial intelligence in our products and services, and other emerging technologies

About Trend Micro
Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro’s cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.

 

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SOURCE Trend Micro Incorporated

Axtria Secures $150 Million Growth Investment from Bain Capital Tech Opportunities

BERKLEY HEIGHTS, N.J., May 13, 2021 /PRNewswire/ — Axtria, a global cloud software and data analytics provider that helps life sciences businesses bring therapeutics to market faster, today announced that it has received a $150 million growth investment from Bain Capital Tech Opportunities. The funding will enable Axtria to consolidate its strong position in cloud software and artificial intelligence (AI) by rapidly expanding its suite of life sciences focused SaaS platforms.

“In choosing Bain Capital Tech Opportunities to be our growth partner, we have found a firm that believes in our vision of leveraging technology to help the life sciences industry accelerate therapeutic commercialization and has an exceptional track record of scaling enterprise SaaS companies,” said Jassi Chadha, CEO of Axtria. “With this significant funding, we are doubling down on our commitment to make the industry future-ready with record investments in our SaaS products. AI and Machine Learning driven advanced analytics will be embedded across all levels allowing companies to engage their customers through omnichannel strategies.”

With the life sciences and healthcare industry undergoing a significant acceleration in data-driven digital transformation, there is a strong push to leverage software technology and AI to effectively scale global commercial operations. The crisis created by the COVID-19 pandemic further accelerated this need. More than ever, companies are looking to replace archaic and ad hoc systems with digital data enablement, analytics at scale, and omnichannel software to deliver improved customer experience. Serving this impending need, Axtria has emerged as a disruptive and innovative leader with a robust suite of AI-powered platforms – Axtria DataMAx for data management, Axtria InsightsMAx for analytics, and Axtria SalesIQ and Axtria CustomerIQ for omnichannel commercial operations.

“Axtria’s mission-critical solutions impact millions of patients and foster better health outcomes, faster. Jassi, Navi and their talented team have been enormously successful in building the business into an industry leader and a trusted partner for life sciences and healthcare companies. We are thrilled to be their partner as the company embarks on its next phase of global expansion,” said Darren Abrahamson, Managing Director of Bain Tech Opportunities. “We look forward to supporting Axtria through organic growth initiatives and M&A opportunities and helping them drive new product development that delivers a unique value proposition to customers.”

“The industry is not just looking for consultants and custom-built solutions but for partners that will help them bring therapeutic drugs to market faster and efficiently,” added Chadha.  “Over the years, we have made significant investments to develop life sciences-focused software platforms that significantly improve strategic and day-to-day global operations. With this new investment, Axtria will further solidify its leadership position of enterprise products that help customers drive better patient outcomes globally.”

Axtria supports more than 100 life sciences companies, including 12 of the top 20 global leaders with its cutting-edge software solutions. The company has been recognized for its growth in the Inc. 5000, Deloitte Technology Fast 500™, NJBIZ Fast 50, SmartCEO Future 50 and Red Herring 100 rankings.

Bain Capital has deep experience across the life sciences ecosystem, having invested in the growth of Cerevel Therapeutics, Atea Pharmaceuticals and SpringWorks Therapeutics. The firm has also scaled a wide range of healthcare technology companies including HST Pathways, IQVIA, Waystar and Zelis.  

About Axtria
Axtria is a global provider of award-winning cloud software and data analytics to the Life Sciences industry. Axtria’s solutions are used to digitally transform the entire product commercialization process, drive sales growth, and improve healthcare outcomes for patients. Our focus is on delivering solutions that help customers complete the journey from Data-to-Insights-to-Action and get superior returns from their sales and marketing investments. For more information, go to www.axtria.com.

About Bain Capital Tech Opportunities 
Bain Capital Tech Opportunities (https://www.baincapitaltechopportunities.com/) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities. Bain Capital Tech Opportunities focuses on five priority sub-verticals: Application Software, Infrastructure & Security, Fintech & Payments, Healthcare IT, and Internet & Digital Media.

 

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SOURCE Bain Capital Tech Opportunities

Canadian Solar Invests in Strategic Partnership with AI Energy Storage Optimization Company Habitat Energy

GUELPH, Ontario and Oxford, UK, May 13, 2021 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) today announced it has executed a strategic partnership and investment with Habitat Energy Limited (“Habitat Energy”), a UK-based market leader in power trading and asset optimization services for battery storage assets that uses artificial intelligence and machine learning. The partnership will allow Canadian Solar to offer enhanced technology solutions for developers and owners of battery storage assets to capture additional revenue from trading optimization, while improving grid stability and contributing to the global energy transition to a cleaner, smarter and more efficient power grid.

Habitat Energy provides state-of-the-art optimization services for grid-scale battery storage assets, which includes a trading platform with full route-to-market capabilities for wholesale and balancing markets. Habitat Energy’s proprietary software, PowerIQ, combines algorithmic forecasting and artificial intelligence to maximize asset performance and value. The software is supported by an experienced team of energy traders and has been delivering market leading revenue performance from their UK portfolio.

The partnership will leverage Canadian Solar’s global scale and reach to provide system solutions and assets with optimization and dispatch services for the storage and solar solutions it provides globally. It also builds on the Habitat Energy platform’s current global rollout and on their established presence in the UK and Australia.

Canadian Solar is currently one of the top providers of turnkey energy storage battery systems with vast experience in developing and executing renewable energy projects to offer highly bankable and competitive integrated energy storage solutions. The division is staffed by energy storage and renewable energy veterans who work closely with leading battery technology partners and project developers to provide innovative storage solutions. Canadian Solar also offers its energy storage customers long term operation and maintenance services including battery capacity augmentation, warranty-wrapped energy capacity and performance guarantees as well as safe and reliable system operations.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, “The power grid of tomorrow is not only built by renewable energy and battery storage, but crucially driven by artificial intelligence, big data, machine learning, cloud computing and many more technologies. Habitat Energy is the proven leader in AI-enabled battery optimization and dispatch services. We strongly share Habitat Energy’s belief that making merchant battery storage investable at scale is a vital step towards delivering a low carbon future and the preservation of our habitat for generations to come. Through this partnership, we will continue to de-risk and improve returns for project owners and investors, while contributing to a smarter, stabler, cleaner and more powerful global electric grid for global consumers.”

Andrew Luers, Co-Founder and CEO of Habitat Energy commented, “We are very happy to announce this partnership with Canadian Solar. Storage-enabled renewables are critical to the energy transition and require continued innovation and collaboration across the entire value chain to achieve their full potential. We share Canadian Solar’s mission to work toward a cleaner earth for future generations and look forward to working together on storage and solar plus storage projects around the world.”

About Canadian Solar Inc.  

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 52 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has over 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 15 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

About Habitat Energy

Habitat Energy was founded in 2017 to operate and manage battery storage assets, and is also now offering renewable energy offtake and management, whether co-located with storage or stand alone. Habitat has independently developed a market leading trading platform based on algorithmic and machine learning techniques that can handle the intensive forecasting and computational demands of battery storage and market optimization. Their system also incorporates deep insight into the physical capabilities and degradation of battery storage, offering a profit maximizing rather than revenue maximizing approach. Habitat was recently awarded the optimization contract for the world’s largest solar powered vanadium flow battery in Australia, and currently operates over 200 MWh of storage assets in the UK. They have recently been ranked as the highest performing asset optimizer in terms of revenue per MW by independent third parties. For additional information about Habitat Energy follow them on LinkedIn or visit www.habitat.energy.com.

Canadian Solar’s Safe Harbor/Forward-Looking Statements  

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; delays in the process of qualifying to list the CSI Solar subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 19, 2021. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

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SOURCE Canadian Solar Inc.

Sydney-based Morrison Securities turns to Eventus Systems for trade surveillance

AUSTIN, Texas and SYDNEY, May 13, 2021 /PRNewswire/ — Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, announced today that Sydney-based Morrison Securities, a major Australian stock brokerage firm, will deploy its Validus platform for trade surveillance in equities, equity options and warrants. Morrison is the number one broker in the Australian Securities Exchange (ASX) equity derivatives market by volume and value and a leading provider of execution and clearing services to Australia Financial Services Licence (AFSL) holders.

This is the first Australia-based client for Eventus, which has earned 15 global awards and honors in the past few years and steadily grown its presence around the world, including in the Asia-Pacific (APAC) region.

Eventus CEO Travis Schwab said: “We are thrilled to welcome Morrison as our first client based in Australia and excited to partner with this market leader as our firm continues to grow and evolve. We’ve continued to make strong inroads into APAC and expect that we’ll see significant growth in Australia and other parts of the region in the coming year. Increasingly, firms that have been using legacy surveillance platforms are turning to us for the efficiencies and flexibility that Validus provides.”

Morrison will go live on Validus in July for trade surveillance of the firm’s activity on the ASX, Chi-X Australia (CXA) and the National Stock Exchange of Australia (NSX). The brokerage will deploy the cloud-based version of Validus, hosted in real time.

William Slack, Managing Director, Morrison Securities, said: “We see a lot of similarities between our two organizations and share a common philosophy with Eventus of putting clients first. Its reputation for client service is outstanding, and we’ve had a really good engagement all the way through, from our sales representative to senior leaders. We view Eventus as a true partner, where we can work closely together to develop what we need and efficiently scale our trade surveillance capabilities as we expand onto new exchanges and delve more deeply into the markets we’re trading.

“We believe the functionality of Validus – particularly the artificial intelligence overlay when it comes to alerts – will allow us to be more efficient and precise with how we manage the alerts that come through. Under our current platform, our compliance staff has so much data to sift through each day that it is extremely time consuming to determine which alerts are valid and worth pursuing. By introducing machine learning over time in the system, we’ll cut out the noise and reduce the scope of those alerts significantly, which means we’ll save a lot of time and really be able to focus on what we need to.”

Validus uses machine learning and robotic process automation to enable users to cast a wide net for detecting relevant market behavior and escalate the most actionable alerts for immediate attention. The unique approach enables compliance and risk officers to dig more deeply into potential issues and take resolution action faster, while accounting for all behavior that might easily get overlooked by legacy surveillance methods. Validus also provides a complete audit trail of all automations for use in supervisory reviews and regulatory inquiries.

About Eventus Systems

Eventus Systems is a leading global provider of multi-asset class trade surveillance and market risk solutions. Its powerful, award-winning Validus platform is easy to deploy, customize and operate across equities, options, futures, foreign exchange (FX), fixed income and digital asset markets. Validus is proven in the most complex, high-volume and real-time environments of tier-1 banks, broker-dealers, futures commission merchants (FCMs), proprietary trading groups, market centers, buy-side institutions, energy and commodity trading firms, and regulators. The company’s rapidly growing client base relies on Validus and Eventus’ responsive support and product development teams to overcome its most pressing regulatory challenges. For more, visit www.eventussystems.com

About Morrison Securities

Morrison Securities Pty Limited (ABN 50 001 430 342) has been a Participating Organisation of the Australian Securities Exchange since 1985 and is also a market participant of Chi-X Australia, NSX and the Sydney Stock Exchange (SSX). Morrison was acquired by Sequoia Financial Group (ASX:SEQ) in September 2017. The firm specialises in providing white-labelled trading solutions to broker-dealers. Morrison provides seamless and cost-effective execution and clearing solutions to Australian Financial Services Licence (AFSL) holders such as financial planners, financial advisors, buy side, high net worth individuals and trading educators. The team has the right combination of experience and market knowledge necessary to fuel the growth of clients’ businesses. Morrison Securities clients can streamline their business operations and expand their service offerings, while benefiting from the experience and support of the firm’s professional team.

 

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SOURCE Eventus Systems

OppFi Reports First Quarter 2021 Financial Highlights

CHICAGO, May 13, 2021 /PRNewswire/ — Opportunity Financial, LLC (“OppFi” or the “Company”), a leading financial technology platform that powers banks to help the everyday consumer gain access to credit, today reported financial highlights for the first quarter ended March 31, 2021. On February 9, 2021, OppFi and FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in OppFi becoming a public company.

“Our strong results in the first quarter of 2021 reinforce our efforts to efficiently serve the overlooked everyday consumer,” stated Jared Kaplan, chief executive officer, OppFi. “During the quarter, credit performance continued to show positive momentum from 2020, which drove improved profitability. Our ongoing artificial intelligence enhancements led to an increase in our auto-approval rate quarter over quarter to 41% from 26%, and we expect it will reach 60% by the end of the year.”

“Our first quarter adjusted revenue of over $84 million was nearly equal to the same period last year, despite the negative impact of governmental stimulus in the 2021 quarter.  Demand has accelerated materially since mid-March, and we currently expect that it will continue to build through year end. Return rates and customer bank account balances have also reverted to normalized levels, which we believe are leading indicators of future borrowing demand. Furthermore, with the planned national rollouts of our new products, the economy reopening and consumer spending ramping up, we believe we are well-positioned to capture additional growth,” concluded Kaplan.

First Quarter 2021 versus First Quarter 2020

  • Revenue increased 12.9% to $84.3 million from $74.7 million
  • Adjusted Revenue was $84.3 million from $89.0 million1
  • Net Income increased 44.3% to $24.4 million from $16.9 million
  • Adjusted Net Income increased 48.0% to $19.3 million from $13.0 million1
  • Adjusted EBITDA increased 29.7% to $32.4 million from $24.9 million1

First Quarter Financial Summary

The following table presents a summary of OppFi’s results quarter over quarter.

($ in 000s) Unaudited

Q1-21

Q1-20

Variance (%)

Q1-21 vs Q1-20

Revenue

$84,257

$74,654

12.9%

Adjusted Revenue1

$84,257

$88,970

(5.3%)

Net Income

$24,384

$16,897

44.3%

Adjusted Net Income1

$19,256

$13,011

48.0%

Adjusted EBITDA1

$32,361

$24,945

29.7%

First Quarter Key Performance Metrics

The following table presents key first quarter metrics.

($ in 000s) Unaudited

Q1-21

Q1-20

Total Net Originationsa

$ 99,809

$ 124,146

% of Originations by Bank Partners

76.1%

65.1%

Net Charge-Offs as % of Average Receivablesb

30.1%

45.9%

Auto-Approval Ratec

41.3%

20.5%

Total Marketing Cost per Funded Loand

$56

$77

Total Marketing Cost per New Funded Loand

$266

$228

a)    

Total net originations include both originations by bank partners on the OppFi platform, as well as direct originations by OppFi.

b)     

Net charge-offs as a percentage of average receivables (defined as unpaid principal of both on- and off-balance sheet loans) represents total charge offs from the period less recoveries as a percent of average receivables. OppFi charges off loans after they are more than 90 days delinquent.

c)      

Auto-Approval Rate is calculated by taking the number of approved loans that are not decisioned by a loan advocate or underwriter (auto-approval) divided by the total number of loans approved.

d)    

Marketing Cost per Funded Loan represents marketing cost per funded loan for new and refinanced loans.  This metric is the amount of direct marketing costs incurred during a period divided by the number of loans originated during that same period.

 

Financial Capacity and Capital Resources

As of March 31, 2021, the Company had $77.0 million in unrestricted cash, up $51.3 million from the prior year end, driven by strong free cash flow from operations.  As of March 31, 2021, the Company had an additional $300 million of unused debt capacity under its financing facilities for future availability, representing a 66% overall undrawn capacity.  Including total financing commitments and cash on the balance sheet, the Company had more than $500 million in funding capacity as of March 31, 2021.

On March 23, 2021, the Company refinanced its corporate debt facility with Atalaya Capital Management at more favorable terms. The facility refinanced existing indebtedness and further increased growth capital.

Recent Developments

OppFi previously announced that it had entered into a business combination agreement with FG New America Acquisition Corp. (NYSE: FGNA). Completion of the proposed business combination is subject to approval by the stockholders of FG New America Acquisition Corp. and certain other conditions. The proposed business combination is expected to close in the second quarter of 2021.

Full Year 2021 Outlook

OppFi reaffirms its financial outlook for the full year 2021. The Company expects:

  • Revenue of approximately $418 million
  • Adjusted EBITDA of approximately $132 million2
  • Adjusted Net Income of approximately $66 million2

OppFi’s expectations for its full year 2021 revenue, Adjusted EBITDA and Adjusted Net Income were prepared based on various material assumptions, including the following:

  • Ending receivables3 of approximately $500 million, with the timing of related growth dependent on origination levels returning to pre-COVID levels in the second half of the year. The Company’s original outlook did not contemplate any 2021 government stimulus, and the Company continues to evaluate the trajectory of the recovery. Similar to its financial performance in 2020, the Company believes that any unexpected timing delays in demand should have a subsequent positive offset in credit quality and profitability.
  • Net charge-offs as a percentage of average receivables3 of approximately 40%
  • Yield consistent with historical levels

First Quarter Results of Operations

The following table presents OppFi’s consolidated results of operations for the quarters ended March 31, 2021 and March 31, 2020:

On January 1, 2021, OppFi transitioned to the fair value accounting method (“FV”) for its receivables from the incurred credit loss application method.  The below tables represent income statements that compare year over year performance both as previously reported in the Company’s 2020 audited financial statements, as well as on a pro forma basis for the application of the fair value methodology.

GAAP Income Statements

($ in 000s) Unaudited

Q1-21

Q1-20

Variance (%)

Total Revenue

$ 84,257

$ 74,654

12.9%

Total Provision

32,000

Change in FV

22,395

Net Revenue

$ 61,861

$ 42,654

45.0%

Total Expenses

37,477

25,757

45.5%

EBT a

$ 24,384

$ 16,897

44.3%

a)      

Represents Net Income as OppFi does not have tax provision under its pass-through structure as a limited liability company.

 

Fair Value Pro Forma Income Statements

($ in 000s) Unaudited

Q1-21

Q1-20 PF

Variance (%)

Adjusted Revenue1

$ 84,257

$ 88,970

(5.3%)

Change in FV

22,396

34,068

(34.3%)

Net Revenue

$ 61,861

$ 54,902

12.7%

Expenses:

Sales and Marketing

7,936

10,635

(25.4%)

Customer Operations

9,609

9,918

(3.1%)

Technology, Products, and Analytics

5,827

4,443

31.2%

General, Administrative, and Other

9,497

6,587

44.2%

Total Expenses before Interest Expense

32,869

31,583

4.0%

Interest Expensea

4,608

6,546

(29.6%)

EBT b

$ 24,384

$16,773

45.4%

a)   

Includes debt amortization costs

b)    

Represents Net Income as OppFi does not have tax provision under its pass-through structure as a limited liability company.

 

Condensed Balance Sheets

($ in 000s) Unaudited

3/31/21

12/31/20

Assets

Cash and restricted cash

$95,965

$45,657

Finance Receivables at Fair Value

269,782

Finance Receivables at Amortized Cost, Net

85

222,243

Other Assets

19,335

17,943

Total Assets

$385,167

$285,843

Liabilities and Members’ Equity

Current Liabilities

$22,340

$28,406

Total Debt

168,712

158,105

Total Liabilities

$191,052

$186,511

Total Equity

194,115

99,332

Total Liabilities and Equity

$385,167

$285,843

Total cash increased by $50.3 million for the quarter ended March 31, 2021, driven by free cash flow from operations as well as the increased borrowings under the Company’s refinanced corporate credit facility.  Total equity increased by $94.8 million driven by net income in the quarter as well as the shift to fair value accounting.

About OppFi

OppFi is a leading financial technology platform that powers banks to help the everyday consumer gain access to credit. Through its unwavering commitment to customer service, OppFi helps consumers who are turned away by traditional providers build a better financial path. OppFi has facilitated the issuance of more than 1.5 million loans. The company has been ranked as an Inc. 5000 company for five straight years and was named the eighth fastest-growing Chicagoland company in 2020 by Crain’s Chicago Business. The company was also named on Forbes America 2021 list of America’s Best Startup Employers and Built In’s 2021 Best Places to Work in Chicago. The company maintains an A+ rating from the Better Business Bureau (BBB) and maintains a 4.8/5 star rating with more than 14,000 online customer reviews, making it one of the top customer-rated financial platforms online. For more information, please visit www.oppfi.com.

About FGNA

FG New America Acquisition Corp., (NYSE: FGNA), is a NYSE-listed blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. For more information, please visit www.fgnewamerica.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. FGNA’s and OppFi’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, OppFi’s expectations for its full year 2021 revenue, Adjusted EBITDA and Adjusted Net Income, OppFi’s expectations with respect to the future performance of OppFi’s platform, OppFi’s expectations for its growth and profitability, OppFi’s new products and their performance and OppFi’s beliefs regarding the impact of the proposed business combination on its business. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside FGNA’s and OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive business combination agreement (the “Agreement”); (2) the outcome of any legal proceedings that may be instituted against FGNA and OppFi following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of FGNA, certain regulatory approvals or satisfy other conditions to closing in the Agreement, including with respect to the levels of FGNA stockholder redemptions; (4) the occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 on OppFi’s business and/or the ability of the parties to complete the proposed business combination; (6) the inability to obtain or maintain the listing of the combined company’s shares of common stock on the New York Stock Exchange following the proposed business combination; (7) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of OppFi to grow and manage growth profitably and retain its key employees; (9) costs related to the proposed business combination; (10) changes in applicable laws or regulations; (11) the possibility that OppFi or FGNA may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties indicated from time to time in FGNA’s proxy statement relating to the proposed business combination, including those under “Risk Factors” therein, and in FGNA’s other filings with the SEC. FGNA and OppFi caution that the foregoing list of factors is not exclusive. FGNA and OppFi caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. FGNA and OppFi do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, including Adjusted Revenue, Adjusted Net Income and Adjusted EBITDA. Adjusted Revenue is defined as Total Revenue adjusted to include amortization of loan origination costs. Adjusted Net Income is defined as current earnings before tax for audited annual financials and unaudited for quarterly financials, pro forma for fair value accounting for finance receivables adoption, plus (1) recruiting fees, severance and relocation, (2) amortization of debt transaction costs and (3) other addbacks and one-time expenses assuming the closing of the proposed business combination with FGNA, including one-time implementation fees, stock compensation expenses, IPO readiness costs and management fees; and assumes a tax rate of 25%. Adjusted EBITDA is defined as Adjusted Net Income, pro forma for fair value accounting for finance receivables adoption, plus (1) taxes at an assumed 25% tax rate for change in tax status upon completion of the business combination, (2) depreciation and amortization, (3) interest expense and (4) business (non-income) taxes. The pro forma fair value accounting adjustments are due to OppFi’s transition from an incurred credit loss application to a fair value application acceptable under US GAAP. Historically, under the incurred credit loss application, OppFi has reserved for life losses due to the short duration of receivables. These financial measures are not prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP.  A reconciliation for the Company’s non-GAAP financial measures to the most directly comparable GAAP financial measures is in the table below. 

The Non-GAAP financial measures of Adjusted EBITDA and Adjusted Net Income for the full year 2021 are provided in this press release only on a non-GAAP basis because a reconciliation to the most comparable GAAP financial measures, Net Revenue and GAAP Net Income, is not available without unreasonable effort. OppFi believes that such items and, accordingly, the other items of the reconciliation, would require an unreasonable effort to predict with reasonable certainty the amount or timing of non-GAAP adjustments used to calculate these Non-GAAP financial measures. OppFi believes that any such forecast would result in a broad range of projected values that would not be meaningful to investors.

 

Reconciliation of Non-GAAP Financial Measures

($ in 000s) Unaudited

Q1-21

Q1-20

Variance (%)

EBTa

$ 24,384

$ 16,897

44.3%

FV Adjustments

(123)

Debt Amortization

521

520

0.2%

Other Addback and One-Time Expenses

769

56

1,273.2%

Adjusted EBT

$ 25,674

$ 17,348

48.0%

Less: Pro Forma Taxesb

(6,418)

(4,337)

48.0%

Adjusted Net Income

$ 19,256

$ 13,011

48.0%

Pro Forma Taxesb

6,418

4,337

48.0%

Depreciation and Amortization

2,165

1,397

55.0%

Interest Expense

4,087

6,027

(32.2%)

Business (Non-income) Taxes

435

173

151.4%

Adjusted EBITDA

$ 32,361

$ 24,945

32.1%

(a)     

Represents Net Income as OppFi does not have tax provision under its pass-through structure as a limited liability company.

(b)     

Assumes a tax rate of 25% reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with publicly traded companies.

 

($ in 000s) Unaudited

Q1-21

Q1-20

Variance (%)

Total Revenue

$ 84,257

$ 74,654

12.9%

Amortization of Loan Origination Costs

14,316

Adjusted Revenue

$ 84,257

$ 88,970

(5.3%)

 

Q1 2020

($ in 000s) Unaudited

As Reported

FV Adjustment

FV Pro Forma

Total Revenue

$ 74,654

$ 14,316

$ 88,970

  Total Provision

32,000

(32,000)

  FV Adjustment

34,068

34,068

Net Revenue

$ 42,654

$ 12,248

$ 54,902

Expenses:

Sales and Marketing

4,120

6,515

10,635

     Customer Operations

4,061

5,857

9,918

Technology, Products, and Analytics

4,443

4,443

General, Administrative, and Other

6,587

6,587

Total Expenses before Interest Expense

19,211

12,372

31,583

Interest Expensea

6,546

6,546

EBT b

$ 16,897

$ (123)

$ 16,773

a)   

Includes debt amortization costs

b)    

Represents Net Income as OppFi does not have tax provision under its pass-through structure as a limited liability company.

Important Information and Where to Find It

In connection with the proposed business combination, FGNA filed a preliminary proxy statement and will file a definitive proxy statement with the SEC. FGNA’s stockholders and other interested persons are advised to read the preliminary proxy statement and the amendments thereto and, when available, the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials contain important information about OppFi, FGNA and the proposed business combination. When available, the definitive proxy statement and other relevant materials for the proposed business combination will be mailed to stockholders of FGNA as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy statement and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC’s web site at www.sec.gov, or by directing a request to: FG New America Acquisition Corp., Attention: Hassan Baqar, Chief Financial Officer, 105 S. Maple Street, Itasca, Illinois 60143.

Participants in the Solicitation

FGNA and its directors and executive officers may be deemed participants in the solicitation of proxies from FGNA’s stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in FGNA was filed in the preliminary proxy statement for the proposed business combination and be available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the definitive proxy statement for the proposed business combination when available.

OppFi and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of FGNA in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination was included in the preliminary proxy statement for the proposed business combination. Additional information regarding the interests of such participants will be contained in the definitive proxy statement for the proposed business combination when available.

Non-Solicitation
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Contacts:
OppFi
Investor Relations: Investors@oppfi.com
Media Relations: media@oppfi.com

FGNA
Investor Relations: info@fgnewamerica.com 
Media Relations: media@fgnewamerica.com

 

1 Non-GAAP Financial Measures:  Adjusted Net Income, Adjusted Revenue and Adjusted EBITDA are financial measures that have not been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). See the “Note Regarding Non-GAAP Financial Measures” below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures.

2 Non-GAAP Financial Measures: Adjusted EBITDA and Adjusted Net Income are financial measures that have not been prepared in accordance with GAAP. The Non-GAAP financial measures of Adjusted EBITDA and Adjusted Net Income for the full year 2021 are provided only on a non-GAAP basis because a reconciliation to the most comparable GAAP financial measures, Net Revenue and GAAP Net Income, is not available without unreasonable effort. OppFi believes that such item and, accordingly, the other items of the reconciliation, would require an unreasonable effort to predict with reasonable certainty the amount or timing of non-GAAP adjustments used to calculate these Non-GAAP financial measures. OppFi believes that any such forecast would result in a broad range of projected values that would not be meaningful to investors.

3 Receivables defined as unpaid principal of both on- and off-balance sheet loans

 

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SOURCE OppFi

New KUBRA Report Finds Citizens Want Expanded Access to Digital Payments

TEMPE, Ariz., May 13, 2021 /PRNewswire-PRWeb/ — KUBRA, a leading provider of customer experience management solutions for some of the largest government, utility, and insurance entities, released a new citizen billing and payment report that identifies a lack of digital payment options for government services is preventing improvements in citizen satisfaction.

“Today’s citizens want to be able to pay for government services as easily as they do for other products and services,” said Rick Watkin, President and CEO of KUBRA. “For government agencies, this means providing citizens with increased access to digital payment options that are convenient and easy to use. These digital solutions and services are key to satisfying citizens today and in the future,” added Watkin.

Following are some of the key findings of the 2021 study:

  • Citizens Want Digital Payments – Citizens’ usage and appetite for digital payments are growing and there is an increasing demand for digital experiences. They like to pay online because it’s easy, convenient, and saves them time.
  • COVID-19 Has Accelerated the Digitization of Customer Interactions – COVID-19 has sped up the adoption of digital payments, with 37.5% of respondents indicating that their payment preferences changed during the pandemic.
  • Payment Experiences Haven’t Changed Much Since 2019 – Customer payment experiences with their government agencies haven’t improved in the past two years.

To gain a better understanding of citizens’ current billing and payment preferences and the importance of expanding digital payment options, download the full KUBRA Citizen Billing and Payment Report 2021 here. You can also register for our quick 30-minute webinar on May 26 at 10:00 AM PST/1:00 PM EST, where we will walk through the key highlights of the report.

About the Survey

The survey received a total of 1,022 responses. To qualify for the survey, respondents had to be living in the United States and over the age of 18. Also, they had to self-identify as the head of their household concerning billing and payments for government services. Key demographics such as age, gender, income level, and state of residence were tracked to ensure that the survey responses did not become skewed and represented a broad overview of the United States population. The survey was completed with a 3.07% margin of error.

About KUBRA

KUBRA provides customer experience management solutions to some of the largest utility and government entities across North America. Our portfolio includes billing and payments, mapping, mobile apps, proactive communications, and artificial intelligence solutions for customers. With more than 1.5 billion customer interactions annually, KUBRA services reach over 40% of households in the U.S. and Canada. KUBRA is an operating subsidiary of the Hearst Corporation. Visit https://www.kubra.com for more information.

Media Contact

Alison Copeland, KUBRA, 480.584.3041, alison.copeland@kubra.com

 

SOURCE KUBRA

Animoca Brands raises US$88,888,888 based on valuation of US$1 billion

NFT-centric Animoca Brands is tech industry’s newest unicorn

HONG KONG, May 13, 2021 /PRNewswire/ — Animoca Brands, the company that is delivering digital property rights to gamers via NFTs, today announced that it has completed a capital raise of US$88,888,888 (approximately A$113,500,000) at a price per share of A$1.10 based on a valuation of US$1 billion (approximately A$1.28 billion).

Investors in the round included Kingsway Capital, RIT Capital Partners (formerly Rothschild Investment Trust), HashKey Fintech Investment Fund, AppWorks Fund, LCV Fund, Huobi, Octava, Ellerston Capital, Perennial, Axia Infinity Ventures, SNZ, Liberty City Ventures, Metapurse, and other prominent investors.

The funding is a strategic milestone that positions Animoca Brands for further aggressive growth as it continues to bring digital property rights to video gamers through the use of blockchain and non-fungible tokens (NFTs), enabling powerful benefits such as play-to-earn capabilities and digital asset interoperability.

The new capital will also be utilized to fund further acquisitions, develop new products, continue to make strategic investments, and secure additional licenses for popular intellectual properties to cement Animoca Brands’ leadership and that of its various subsidiaries in the NFT and gaming spaces.

Following the success of its blockchain game titles including F1® Delta Time, The Sandbox, and MotoGP™ Ignition, as well as the launches of their associated tokens, including REVV and SAND, Animoca Brands has emerged as a leading force in the field of blockchain, NFTs, and games, having already made highly successful investments in Dapper Labs, Opensea, Bitski, Axie Infinity, and many others.

With the recent launch of the GAMEE, TOWER, and LMT tokens, Animoca Brands is trailblazing the use of blockchain-based in-game rewards, creating innovative new ways to monetize video games – a market estimated to be worth US$179.7 billion in 2020 (source: IDC, 2020).

To commemorate the achievement of its unicorn status, Animoca Brands is issuing an NFT to investors, key partners, and supporters who helped make this moment possible.

Management commentary

Yat Siu, co-founder and chairman of Animoca Brands, commented: “We are deeply honoured to have secured Kingsway, RIT, Hashkey, Huobi, Ellerston, Perennial and other strategic investors who share our vision for NFTs redefining equity and property rights online. This strategic capital raise firmly establishes Animoca Brands as one of the leading and most valuable companies in the NFT space, not just in Asia but globally.”

Manuel Stotz, the founder and CEO of Kingsway, said: “Having spent nearly a decade investing in Emerging and Frontier Markets, we have first-hand experience of the power of disruptive technologies. The emergence of digital property rights, whether via Bitcoin or NFTs, is perhaps the greatest opportunity for financial inclusion for the bottom ~3 billion Frontier & Emerging Market consumers, as well as an opportunity for a more decentralised and thus more equitable global Internet. We are proud to support Yat and his talented team at Animoca Brands in making this vision a reality and are honoured to co-invest alongside such a world-class roster of global investors.”

Ashok Jacob, Ellerston Capital’s executive chairman and portfolio manager, said: “Yat can explain his vision succinctly and has demonstrated an extraordinary ability to execute. Through a combination of true ownership of digital assets and rewarding users for engaging in activity that increases the value of a network, web 3.0 promotes a much more equitable economic model and incentive structure for the Internet. Animoca Brands is at the forefront of ushering in this evolution that will lead to an explosion of the digital economy and more equitable flows of money and power on the net.”

Deng Chao, the CEO of HashKey Group, commented: “We always maintained that gaming would be one of the first massive adopters of blockchain, and Animoca Brands is definitely the top game changer in this field. As a blockchain-focused gaming company, it not only has a deep understanding of blockchain games and NFTs, but also strong development abilities in traditional games. With its many achievements and brands, Animoca Brands is redefining property rights for gamers and paving the way toward a new era for gaming. We are delighted to be an investor in Animoca Brands, and together we look forward to adding value to the blockchain gaming sector.”

Details of capital raise

Animoca Brands has entered into and completed Subscription Agreements with various institutional and professional investors (“Investors”) to raise a total of US$88,888,888 (approximately A$113,500,000) via the issue of 93.4 million new ordinary fully paid shares of Animoca Brands at a subscription price of A$1.10 per share. The raise was conducted based on a valuation of Animoca Brands of US$1 billion (approximately A$1.28 billion).

Animoca Brands’ corporate advisor Simon Doherty of Taylor Collison and Everest Ventures Group advised on and assisted with this capital raise.

About Animoca Brands
Animoca Brands, ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, gamification, and artificial intelligence. Animoca Brands develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Formula 1®, Marvel, WWE, Power Rangers, MotoGP™, and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Sky Mavis (Axie Infinity), Dapper Labs (CryptoKitties and NBA Top Shot), OpenSea, Harmony, Bitski, and Alien Worlds. Its subsidiaries include The Sandbox, Quidd, Gamee, nWay, Pixowl, and Lympo. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.

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SOURCE Animoca Brands

Customer Experience Management Market Size Worth $27.12 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, May 13, 2021 /PRNewswire/ — The global customer experience management market size is expected to reach USD 27.12 billion by 2028, registering a CAGR of 17.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing importance of understanding consumer behavior and their preferences is driving various organizations and brands to adopt customer experience strategies for providing the best service performance in real-time. Moreover, the growing use of digital channels by consumers to communicate with brands and organizations is expected to boost market growth over the coming years. Furthermore, the companies can become better differentiators by implementing customer experience management (CEM) solutions, which are perceived to be significant in the current competitive environment.

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Key suggestions from the report:

  • Speech analytics is estimated to record the fastest CAGR from 2021 to 2028 due to its rising popularity as a result of the increasing number of voice-enabled searches and contact centers
  • Moreover, speech analytics enables enterprises to identify the areas of trends, opportunities, and concerns through calls
  • The mobile touch point type segment is anticipated to register the fastest CAGR over the forecast period due to the increased use of smartphones, which is encouraging enterprises to develop mobile marketing strategies
  • The BFSI segment is expected to register the highest CAGR over the forecast period as CEM solutions enable BFSI enterprises to maintain their quality standards and reduce internal inefficiencies
  • The cloud-based deployment segment is estimated to attain a significant market size, in terms of revenue, by 2028 as cloud technology offers the benefit of low-cost integration of a CEM system within the existing business environment
  • The Asia Pacific regional market is anticipated to register the highest CAGR over the forecast period due to the presence of call centers, increasing trend of social media marketing, and the growing emphasis on CEM and buyer satisfaction across industries and sectors

Read 150 page research report with ToC on “Customer Experience Management Market Size, Share & Trends Analysis Report By End-use (BFSI, Retail), By Analytical Tools (Speech, Text Analytics), By Deployment (Cloud, On-premise), By Touch Point Type, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/customer-experience-management-market 

The rising demand from buyers for a personalized experience across various industries is a significant trend escalating the market growth. Customer experience management signifies evolving sets of technologies and practices to make a constant transformation within organizations to meet and go beyond consumer expectations. Business organizations have recognized the importance of CEM as it supports them in strengthening their brand presence, increasing consumer loyalty, reducing consumer churn, and increasing business revenue.

Technological advancement is transforming the way a buyer interacts with and reacts to the brands across various channels. Currently, consumers use numerous devices to understand, evaluate, and finalize products. The digital technology disruption has helped consumers to demand a smooth experience while interacting with companies across multiple touchpoints or channels. Owing to the evolution in buyer expectations, organizations are progressively involved in restructuring their CEM strategies to successfully position and reposition their brands and products while retaining buyers as their strategic focus.

Grand View Research has segmented the global customer experience management market based on analytical tools, touch point type, deployment, end-use, and region:

  • CEM Analytical Tools Outlook (Revenue, USD Million, 2016 – 2028)
    • EFM Software
    • Speech Analytics
    • Text Analytics
    • Web Analytics & Content Management
    • Others
  • CEM Touch Point Type Outlook (Revenue, USD Million, 2016 – 2028)
    • Stores/Branches
    • Call Centers
    • Social Media Platform
    • Email
    • Mobile
    • Web Services
    • Others
  • CEM Deployment Outlook (Revenue, USD Million, 2016 – 2028)
    • Cloud
    • On-premise
  • CEM End-use Outlook (Revenue, USD Million, 2016 – 2028)
    • BFSI
    • Retail
    • Healthcare
    • IT & Telecom
    • Manufacturing
    • Government, Energy & Utilities
    • Construction, Real Estate & Property Management
    • Service Business
    • Others
  • CEM Regional Outlook (Revenue, USD Million, 2016 – 2028)
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • France
      • U.K.
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa

List of Players of Customer Experience Management (CEM) Market

  • Adobe
  • Avaya, Inc.
  • Clarabridge
  • Freshworks, Inc.
  • Genesys
  • International Business Machines Corporation
  • Medallia, Inc.
  • Open Text Corp.
  • Oracle
  • Qualtrics
  • SAP SE
  • SAS Institute, Inc.
  • Service Management Group (SMG)
  • Tech Mahindra Ltd.
  • Verint
  • Zendesk
  • Miraway

Find more research reports on Communication Services Industry, by Grand View Research:

  • Connected Enterprise Market–The global connected enterprise market size was estimated at USD 90.10 billion in 2015. The surge in technological advancements such as big data, analytics, and cloud computing is triggering investments in this market.
  • Machine Learning Market–The global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work.
  • North America Customer Experience Management Market– The North America customer experience management market size was valued at USD 2,512.4 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 17.1% from 2019 to 2025.

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SOURCE Grand View Research, Inc.

Innovative MedTech Business Models Will Enable Cost-effective, Decentralized and Patient-centric Care

The global MedTech market is expected to reach $529.23 billion by 2024, finds Frost & Sullivan

Santa Clara, Calif., May 13, 2021 /PRNewswire/ — Frost & Sullivan’s recent analysis finds that medical technology (MedTech) firms are experiencing a rapid transformation as hospitals gradually move from high-acuity and high-dependency care to decentralized and patient-centric care models. The global MedTech market, comprising traditional MedTech and new value-added business models, is expected to reach $529.23 billion by 2024. Traditional MedTech offerings, characterized by hardware or device-focused products to treat a specific condition, still account for the larger portion of the market and will register growth at 2% by 2024. New value-added models, based on solutions such as insight-as-as-service and managing the disease condition through remote patient monitoring, connected care, and shared-risk contracts, will generate revenues of $171.65 billion by the end of the forecasted period and expand at a compound annual growth rate (CAGR) of 14.3%.

For further information on this analysis, Innovative Business Models Unleash Growth Opportunities in the MedTech Industry, please visit: http://frost.ly/5mx

“MedTech companies’ business models no longer aim to sell products with superior features addressing clinicians’ needs. These models focus on saving the cost of care for payers, improving outcomes for patients, and enabling operational or workflow efficiencies for providers,” said Srinath Venkatasubramanian, Healthcare & Life Sciences Industry Analyst at Frost & Sullivan. “Additionally, the evolution of regulatory framework and processes for breakthrough devices and digital capabilities such as artificial intelligence-based solutions have boosted the innovation capability and improved market access for medical device companies.”

Venkatasubramanian added: “The influx of disruptive startups and pure technology firms into the care provision landscape has increased the competitive intensity in the sector. As a result, large MedTech companies are exploring options to build adjacent assets in the digital space through mergers and acquisitions (M&As) to sustain revenue growth. The rising competition has led to the emergence of platform solutions beyond hardware with value-added services to differentiate from low-cost peers.”

MedTech companies should consider the following strategic recommendations to leverage growth opportunities:

  • Omnichannel Sales and Innovative Clinical Engagement: MedTech companies should boost digital channels of engagement and collaborate with customers to co-create real-world evidence and build data-oriented outcome metrics that can enhance the value proposition of the solution, assisting in the sales and marketing process.
  • Care Delivery Beyond the High-acuity Hospital Setting: Through solutions such as remote patient engagement, medical telemetry and telehealth, MedTech companies can build a strong value proposition for cost-effective care delivery processes and address the accessibility and resource constraints in high-growth emerging markets.
  • Insight-as-a-Service with a Focus on Performance Data: Intelligence devices architecture, which enables data capture, data processing, and the generation of insights with secure, interoperable communication architecture, can enable providers to derive value from MedTech solutions by addressing the challenges and create a monetization model for MedTech companies.
  • New Payment Models for Managing Disease: As hospitals focus on reducing reimbursement cuts for readmissions and improving their incentives from payers, MedTech companies need to build monetization models for expanded care delivery, offering solutions that facilitate cost-effective total patient management.

Innovative Business Models Unleash Growth Opportunities in the MedTech Industry is the latest addition to Frost & Sullivan’s Healthcare & Life Sciences research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion

Innovative Business Models Unleash Growth Opportunities in the MedTech Industry
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Contact:
Mariana Fernandez
Corporate Communications
E: Mariana.Fernandez@frost.com
http://ww2.frost.com

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SOURCE Frost & Sullivan