Artificial Intelligence
Bridgeline Announces Financial Results for the Third Quarter of Fiscal 2020
![](https://roboticulized.com/wp-content/uploads/2020/08/bridgeline-announces-financial-results-for-the-third-quarter-of-fiscal-2020.jpg)
Recurring Revenue Increases by 22% WOBURN, Mass., Aug. 13, 2020 (GLOBE NEWSWIRE) — Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement Company, today announced financial results for its fiscal third quarter ended June 30, 2020.
“In our third quarter, recurring revenue grew 22% and we delivered positive operating income and positive Adjusted EBITDA,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “We expect similar success in Q4 with continued growth in recurring revenue, positive operating income and positive Adjusted EBITDA. We have seen very few business delays from COVID, and we have experienced growth in several areas including several online pharmacies purchasing our Celebros product to improve personal protective equipment sales.”
“Bridgeline won more license sales in Q3 than in the previously two quarters combined and in the first half of Q4, we’ve already won more license sales than in all of Q3,” continued Mr. Kahn. “We have a faster telephonic sales cycle thanks to our focus on making our products more turn-key. Our turn-key focus differentiates us from competitors who require expensive customizations for capabilities we now provide out-of-the-box. We will continue investing along this path to deliver even greater ROI to our customers and further accelerate license sales.”
Third Quarter Summary: Year to Date Summary:
Financial Results
Third Quarter
Total revenue which is comprised of License and Services revenue for the quarter ended June 30, 2020 was $2.6 million, compared to $2.7 million for the same period in 2019. Subscription and perpetual licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, and perpetual license revenue increased 22% to $1.9 million for the quarter ended June 30, 2020, compared to $1.6 million for the same period in 2019. Recurring revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, increased 22% to $1.9 million for the quarter ended June 30, 2020 from $1.6 million for the same period in 2019. Services revenue decreased $405,000 to $713,000 for the quarter ended June 30, 2020 as compared to $1.1 million for the same period in 2019.
Gross profit increased 29% or $351,000 to $1.6 million for the quarter ended June 30, 2020 as compared to $1.2 million for the same period in 2019. Cost of revenue decreased 28% or $412,000 to $1.1 million for the quarter ended June 30, 2020 compared to $1.5 million for the same period in 2019. Gross margin increased to 59% for the quarter ended June 30, 2020, compared to 45% for the same period in 2019.
Operating expenses decreased 65% or $2.6 million to $1.4 million for the quarter ended June 30, 2020 from $4.0 million for the same period in 2019. Included within the quarter ended June 2019 results are acquisition charges of $938,000, respectively.
Net loss applicable to common shareholders for the fiscal quarter ended June 30, 2020 is $1.7 million, compared to net income of $7.2 million for the same period in 2019. Included within the net loss for the three months ended June 30, 2020 and net income for the same period in 2019 was a non-cash loss of $1.8 million and net gain of $10.1 million attributable to the change in fair value of certain derivative warrant liabilities, respectively. Adjusted EBITDA gain for the quarter ended June 30, 2020 is $428,000 or $0.11 per diluted share, compared to a loss of $1.6 million or $0.77 per diluted share for the same period in 2019.
Year to Date
Total revenue which is comprised of License and Services revenue for the nine months ended June 30, 2020 increased 13% to $8.2 million, compared to $7.3 million for the same period in 2019. Subscription and perpetual licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, and perpetual license revenue increased 32% to $5.5 million for the nine months ended June 30, 2020, compared to $4.2 million for the same period in 2019. Recurring revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, increased 36% to $5.5 million for the nine months ended June 30, 2020 from $4.0 million for the same period in 2019. Services revenue decreased $394,000 to $2.7 million for the nine months ended June 30, 2020 as compared to $3.1 million for the same period in 2019, respectively.
Gross profit increased 51% or $1.6 million to $4.6 million for the nine months ended June 30, 2020 as compared to $3.0 million for the same period in 2019. Cost of revenue decreased 15% or $617,000 to $3.6 million for the nine months ended June 30, 2020 compared to $4.2 million for the same period in 2019. Gross margin increased to 56% for the nine months ended June 30, 2020, compared to 42% for the same period in 2019, respectively.
Operating expenses decreased 49% or $6.2 million to $6.4 million (including $373,000 restructuring charges) from $12.6 million (including a goodwill impairment charge of $3.7 million and acquisition charges of $1.2 million) for the nine months ended June 30, 2020 and 2019, respectively. Net loss applicable to common shareholders was $3.2 million for the nine months ended June 30, 2020, compared to $10.4 million for the same period in 2019. Reflected in net results for the nine months ended June 30, 2020 is a non-cash net adjustment to other expense of $1.1 million attributable to the change in fair value of certain derivative warrant liabilities and a deemed dividend expense on the amendment of convertible preferred stock of $2.4 million, respectively.
Adjusted EBITDA loss for the nine months ended June 30, 2020 is $571,000 or $0.17 per diluted share, compared to $4.0 million or $4.72 per diluted share for the same period in 2019.
Conference Call:
Bridgeline Digital, Inc. will hold a conference call today, August 13, 2020 at 4:30 pm Eastern time to discuss these results. The Company’s President and Chief Executive Officer, Ari Kahn and Chief Financial Officer, Mark G. Downey will host the call, followed by a question and answer period.
The details of the conference call and replay are as follows: Please call the conference telephone number 5 – 10 minutes prior to the start time. An operator will register your name and organization.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: non-GAAP adjusted net income/(loss), non-GAAP adjusted earnings/(loss) per diluted share, Adjusted EBITDA and Adjusted EBITDA per diluted share.
Non-GAAP adjusted net income/(loss) and non-GAAP adjusted earnings/(loss) per diluted share are calculated as net income/(loss) or net income/(loss) per share on a diluted basis, excluding, where applicable, amortization of intangible assets, non-cash stock-based compensation, goodwill impairment charges, restructuring and acquisition-related costs, preferred stock dividends and any related tax effects.
Adjusted EBITDA and Adjusted EBITDA per diluted share are defined as earnings before interest, taxes, depreciation and amortization, non-cash stock-based compensation charges, goodwill impairment charges, restructuring and acquisition-related costs, changes in fair value of derivative liabilities and warrant expense, amortization of debt discounts, preferred stock dividends and any related tax effects. Bridgeline uses non-GAAP adjusted net income/(loss) and Adjusted EBITDA as supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Bridgeline’s management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, Bridgeline management presents non-GAAP financial measures in connection with GAAP results. Bridgeline urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which is included in this press release, and not to rely on any single financial measure to evaluate Bridgeline’s financial performance.
Our definitions of non-GAAP adjusted net income/(loss) and Adjusted EBITDA may differ from and therefore may not be comparable with similarly titled measures used by other companies, thereby limiting their usefulness as comparative measures. As a result of the limitations that non-GAAP adjusted net income and Adjusted EBITDA have as an analytical tool, investors should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP.
Safe Harbor for Forward-Looking Statements All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, are based on our current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These statements appear in a number of places in this press release and include statements regarding the intent, belief or current expectations of Bridgeline Digital, Inc. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, including, but not limited to, the impact of the COVID – 19 pandemic and related public health measures that may affect our financial results; business operations and the business of our customers, suppliers and partners; our ability to retain and upgrade current customers, increasing our recurring revenue, our ability to attract new customers, our revenue growth rate; our history of net loss and our ability to achieve or maintain profitability, our liability for any unauthorized access to our data or our users’ content, including through privacy and data security breaches; any decline in demand for our platform or products; changes in the interoperability of our platform across devices, operating systems, and third party applications that we do no control; competition in our markets; our ability to respond to rapid technological changes, extend our platform, develop new features or products, or gain market acceptance for such new features or products, particularly in light of potential disruptions to the productivity of our employees resulting from remote work; our ability to manage our growth or plan for future growth, and our acquisition of other businesses and the potential of such acquisitions to require significant management attention, disrupt our business, or dilute stockholder value; the volatility of the market price of our common stock, the ability to maintain our listing on the NASDAQ Capital Market, or our ability to maintain an effective system of internal controls as well as other risks described in our filings with the Securities and Exchange Commission. Any of such risks could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Bridgeline Digital, Inc. assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by applicable law.
About Bridgeline Digital Bridgeline Digital, The Digital Engagement Company, helps customers maximize the performance of their omni-channel digital experience from websites and intranets to online stores and campaigns. Bridgeline’s Unbound platform is a Digital Experience Platform (DXP) that deeply integrates Web Content Management, eCommerce, Marketing Automation, Site Search, Authenticated Portals, Social Media Management, Translation, Locator Pages and Web Analytics to help the goal of assisting marketers to help organizations deliver digital experiences that attract, engage, nurture and convert their customers across all channels and streamline business operations. OrchestraCMS is the only content and digital experience platform built 100% native on Salesforce. OrchestraCMS helps Salesforce create digital experiences for their customers and partners; combining content with business data, processes and applications across multiply channels and device including Salesforce Communities, social media, portals, intranets, websites, applications and services. Celebros Search is a commerce oriented, site search product that provides for Natural Language Processing with artificial intelligence (AI) to present very relevant search results in seven languages. Headquartered in Woburn, MA., Bridgeline customers range from small- and medium-sized organizations to Fortune 1000 companies. To learn more, please visit www.bridgeline.com or call (800) 603-9936.
Contact:
Company Contact
Positive Operating Income and Adjusted EBITDA
What:
Bridgeline Digital Third Quarter 2020 Earnings Call
When:
Thursday, August 13, 2020
Time:
4:30 p.m. ET
Live Call:
(877) 837-3910, domestic
(973) 796-5077, international
Replay:
(855) 859-2056
(404) 537-3406
Conference ID:
6659489
Statement under the Private Securities Litigation Reform Act of 1995
Bridgeline Digital, Inc.
Mark G. Downey
Chief Financial Officer
(631) 203-6820
[email protected]
BRIDGELINE DIGITAL, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Dollars in thousands, except per share data)
Three Months Ended
Nine Months Ended
June 30
June 30
2020
2019
2020
2019
Reconciliation of GAAP net income/(loss) to
non-GAAP adjusted net income/(loss):
GAAP net income/(loss)
$
(1,701
)
$
7,233
$
(3,162
)
$
(10,401
)
Amortization of intangible assets
208
244
678
310
Stock-based compensation
53
75
133
210
Goodwill impairment charge
–
–
–
3,732
Restructuring and acquisition-related charges
1
938
373
1,242
Convertible Preferred stock dividends
–
78
2,420
235
Non-GAAP adjusted net income/(loss)
$
(1,439
)
$
8,568
$
442
$
(4,672
)
Reconciliation of GAAP net earnings/(loss) per diluted share to
non-GAAP adjusted net earnings/(loss) per diluted share:
GAAP net income/(loss)
$
(0.44
)
$
3.56
$
(0.97
)
$
(12.37
)
Amortization of intangible assets
0.05
0.12
0.21
0.37
Stock-based compensation
0.01
0.04
0.04
0.25
Goodwill impairment charge
–
–
–
4.44
Restructuring and acquisition-related charges
0.00
0.46
0.11
1.48
Convertible Preferred stock dividends
–
0.04
0.74
0.28
Non-GAAP adjusted net earnings/(loss) per diluted share
$
(0.37
)
$
4.21
$
0.14
$
(5.56
)
Reconciliation of GAAP net income/(loss) to Adjusted EBITDA:
GAAP net income/(loss)
$
(1,701
)
$
7,233
$
(3,162
)
$
(10,401
)
Provision for income tax
6
3
9
7
Interest and other expense, net
2
(7
)
3
316
Amortization of debt discount
–
–
–
231
Change in fair value of warrants
1,843
(10,146
)
(1,078
)
(11,204
)
Warranty liability expense
–
–
–
11,272
Amortization of intangible assets
208
244
678
310
Depreciation
12
16
40
50
Goodwill impairment charge
–
–
–
3,732
Restructuring and acquisition-related charges
1
938
373
1,242
Other amortization
4
10
13
32
Stock-based compensation
53
75
133
210
Convertible Preferred stock dividends
–
78
2,420
235
Adjusted EBITDA
$
428
$
(1,556
)
$
(571
)
$
(3,968
)
Reconciliation of GAAP net earnings/(loss) per diluted share to
Adjusted EBITDA per diluted share:
GAAP net income/(loss)
$
(0.44
)
$
3.56
$
(0.97
)
$
(12.37
)
Provision for income tax
0.00
0.00
0.00
0.01
Interest and other expense, net
0.00
(0.00
)
0.00
0.38
Amortization of debt discount
–
–
–
0.27
Change in fair value of warrants
0.48
(4.99
)
(0.33
)
(13.32
)
Warranty liability expense
–
–
–
13.40
Amortization of intangible assets
0.05
0.12
0.21
0.37
Depreciation
0.00
0.01
0.01
0.06
Goodwill impairment charge
–
–
–
4.44
Restructuring and acquisition-related charges
0.00
0.46
0.11
1.48
Other amortization
0.00
0.00
0.00
0.04
Stock-based compensation
0.01
0.04
0.04
0.25
Convertible Preferred stock dividends
–
0.04
0.74
0.28
Adjusted EBITDA per diluted share
$
0.11
$
(0.77
)
$
(0.17
)
$
(4.72
)
BRIDGELINE DIGITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
June 30,
June 30,
2020
2019
2020
2019
Revenue:
Digital engagement services
$
713
$
1,118
$
2,708
$
3,102
Subscription and perpetual licenses
1,919
1,575
5,494
4,162
Total revenue
2,632
2,693
8,202
7,264
Cost of revenue:
Digital engagement services
395
416
1,432
1,635
Subscription and perpetual licenses
684
1,075
2,190
2,604
Total cost of revenue
1,079
1,491
3,622
4,239
Gross profit
1,553
1,202
4,580
3,025
Operating expenses:
Sales and marketing
312
1,469
2,130
3,519
General and administrative
464
785
1,936
2,216
Research and development
402
592
1,218
1,499
Depreciation and amortization
224
257
731
361
Goodwill impairment charge
–
–
–
3,732
Restructuring and acquisition-related
1
938
373
1,242
Total operating expenses
1,403
4,041
6,388
12,569
Income (loss) from operations
150
(2,839
)
(1,808
)
(9,544
)
Interest and other, net
(2
)
7
(3
)
(316
)
Amortization of debt discount
–
–
–
(231
)
Warranty liability expense
–
–
–
(11,272
)
Change in fair value of warrant liabilities
(1,843
)
10,146
1,078
11,204
Income (loss) before income taxes
(1,695
)
7,314
(733
)
(10,159
)
Provision for income taxes
6
3
9
7
Net income (loss)
$
(1,701
)
$
7,311
$
(742
)
$
(10,166
)
Dividends on convertible preferred stock
–
(78
)
(106
)
(235
)
Deemed dividend on amendment of Series A convertible
preferred stock
–
–
(2,314
)
–
Net income (loss) applicable to common shareholders
$
(1,701
)
$
7,233
$
(3,162
)
$
(10,401
)
Net income/(loss) per share attributable to common shareholders:
Basic
$
(0.44
)
$
3.62
$
(0.97
)
$
(12.38
)
Diluted
$
(0.44
)
$
3.56
$
(0.97
)
$
(12.38
)
Number of weighted average shares outstanding:
Basic
3,876,677
1,996,326
3,264,734
839,975
Diluted
3,876,677
2,032,766
3,264,734
840,975
`
BRIDGELINE DIGITAL, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)
(Unaudited)
ASSETS
June 30
September 30
2020
2019
Current assets:
Cash and cash equivalents
$
1,165
$
296
Accounts receivable, net
799
979
Prepaid expenses
267
351
Other current assets
18
49
Total current assets
2,249
1,675
Property and equipment, net
252
299
Operating lease assets
325
–
Intangible assets, net
2,831
3,509
Goodwill
5,557
5,557
Other assets
83
115
Total assets
$
11,297
$
11,155
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
466
$
–
Current portion of operating lease liabilities
96
–
Accounts payable
1,869
1,740
Accrued liabilities
588
835
Deferred revenue
1,779
1,262
Total current liabilities
4,798
3,837
Long term debt, net of current porton
582
–
Operating lease liabilities, net of current portion
229
–
Warrant liabilities
2,436
3,514
Other long-term liabilities
5
8
Total liabilities
8,050
7,359
Commitments and contingencies
Stockholders’ equity:
Preferred stock – $0.001 par value; 1,000,000 shares authorized;
Series C Convertible Preferred stock:
11,000 shares authorized; 355 shares at June 30, 2020 and 441 shares at September 30, 2019, issued and outstanding
–
–
Series A Convertible Preferred stock:
264,000 shares authorized; no shares outstanding at June 30, 2020 and 262,310 shares at September 30, 2019, issued and outstanding
–
–
Common stock – $0.001 par value; 50,000,000 shares authorized;
4,419,614 shares at June 30, 2020 and 2,798,475 shares at September 30, 2019, issued and outstanding
4
3
Additional paid-in-capital
78,255
75,620
Accumulated deficit
(74,652
)
(71,489
)
Accumulated other comprehensive loss
(360
)
(338
)
Total stockholders’ equity
3,247
3,796
Total liabilities and stockholders’ equity
$
11,297
$
11,155
Artificial Intelligence
Delvitech and Eurotech: a partnership to take quality control to the next level
![delvitech-and-eurotech:-a-partnership-to-take-quality-control-to-the-next-level](https://roboticulized.com/wp-content/uploads/2024/07/151031-delvitech-and-eurotech-a-partnership-to-take-quality-control-to-the-next-level.jpg)
From Mathematical Models to AI-driven Automated Optical Inspection
AMARO, Italy, July 4, 2024 /PRNewswire/ — Delvitech, a leader in 3D automated optical inspection for assembled printed circuit boards leveraging artificial intelligence, has joined forces with Eurotech, a global innovator in ultra-high-performance Edge AI Computers, to revolutionize quality control technology.
Delvitech’s patented integrated optical inspection technology, designed to collect comprehensive data to drive neural networks in optical inspection, gains crucial support from Eurotech’s hardware. This collaboration boosts the efficiency of assembling printed circuit boards, greatly increasing assembly machine uptime and significantly reducing waste and rework.
Employing the patented optical head, Delvitech captures detailed images that are processed through its software, adept at detecting assembly and welding errors in the electronics manufacturing process. Eurotech’s hardware complements this system by offering the speed and computational accuracy necessary to handle the massive influx of data required for the algorithms to produce desired outcomes.
This integrated 3D solution is highly competitive and flexible, allowing customization to meet specific customer needs. As board electronics become increasingly complex, Delvitech’s technology surpasses traditional mathematical models by analyzing a variety of components, such as metal parts, transparent glues, and silicone elements.
Moreover, this collaboration enables Delvitech and Eurotech to offer a solution that not only identifies errors but also drives AI models to detect deviations and trends, proactively preventing future errors and enhancing process quality.
“In an environment where quality control demands are continuously growing, it is crucial to develop optical inspection systems with optimal performance and partner with providers of state-of-the-art solutions. Eurotech offers highly reliable solutions, extensively tested to meet our high-performance requirements,” said Roberto Gatti, CEO of Delvitech.
Paul Chawla, CEO of Eurotech, added, “Our collaboration with Delvitech showcases the power of our Edge AI solutions. We empower our partners to deliver efficient, cost-effective, and scalable solutions where accuracy and speed are critical.”
Currently focusing on optical control of boards and soon semiconductors, the partnership aspires to expand into other sectors, including medical and food, with a strong emphasis on cybersecurity and sustainability.
As Delvitech and Eurotech continue to innovate, they bring unique strengths to the table. Delvitech commits to “less errors, less waste, less CO2, more future,” while Eurotech focuses on “more security, more resilience, more efficiency,” ensuring effective asset management and rapid scalability. These commitments reflect common shared goals of exceeding market and customer expectations today and in the future.
About Eurotech
Eurotech (ETH.IM) is a multinational company that designs, develops, and supplies Edge Computers and Internet of Things (IoT) solutions – complete with services, software and hardware – to system integrators and enterprises. By adopting Eurotech solutions, customers have access to IoT building blocks and software platforms, to Edge Gateways to enable asset monitoring, and to High Performance Edge Computers (HPEC) created for Artificial Intelligence (AI) applications. To offer increasingly comprehensive solutions,
Eurotech has partnered with leading companies in their field of action, with the view of creating “best in class” solutions for the Industrial Internet of Things.
Learn more
Contacts
Corporate Communication Federica Maion Tel. +39 0433 485411 [email protected]
About Delvitech
Delvitech is a Swiss based leading provider of AI-based automatic optical inspection (AOI) solutions aimed at revolutionizing the printed circuit board (PCB) assembly and electronics manufacturing landscape. With a focus on innovation and quality, Delvitech is capable of elevating both cost and process efficiencies, ensuring scalability and inspection repeatability on all production lines. It aspires to make the PCB production process swifter, more reliable, and highly scalable by not only detecting errors, but inspecting the whole production process. Delvitech solution is not just about minimizing errors; it is a commitment to reducing waste, cutting down CO2 emissions, and pioneering the path as the first sustainable AOI solution.
Contacts
Marketing DepartmentFederica RiosaTel. +41 916 460 [email protected]
Logo – https://mma.prnewswire.com/media/1897403/Eurotech_Logo.jpgLogo – https://mma.prnewswire.com/media/2453717/Delvitech_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/delvitech-and-eurotech-a-partnership-to-take-quality-control-to-the-next-level-302189001.html
Artificial Intelligence
Converge Technology Solutions Announces Deconsolidation of Portage CyberTech Inc.
![converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc.](https://roboticulized.com/wp-content/uploads/2024/07/151017-converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc.png)
TORONTO and GATINEAU, QC, July 3, 2024 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) today announced that, as of June 27, 2024, the Company has fulfilled the criteria necessary for the deconsolidation of its majority owned subsidiary, Portage CyberTech Inc. (“Portage CyberTech”) for accounting purposes, following Converge’s decision to relinquish its right to majority representation on the board of directors of Portage CyberTech (the “Portage Board”) pursuant to a voting agreement dated as of June 27, 2024 (“Voting Agreement”).
In conjunction with the execution of the Voting Agreement, Portage CyberTech announced it has entered into a new stand-alone credit facility with the Canadian Imperial Bank of Commerce (“CIBC”), for up to $15 million, of which $10 million will be drawn immediately and the additional $5 million is contingent on achieving future financial targets.
“Successfully meeting the criteria necessary to deconsolidate Portage CyberTech from Converge is an important step for each company,” stated Shaun Maine, Group CEO of Converge. “This pivot will allow Converge to remain a strong partner and advocate for Portage CyberTech’s industry leading products and positions Portage CyberTech on its own accelerated growth path, operating completely independent of Converge.”
Converge Group CEO, Shaun Maine will maintain the position as Chairman of the Portage Board, which consists of three members. Converge currently retains ownership of approximately 51% of the outstanding common shares of Portage CyberTech in addition to the $25 million long-term loan entered into with Portage CyberTech.
About Portage CyberTech, A Converge Company
Portage CyberTech powers trusted digital transactions between individuals, businesses, and government organizations. Driven by some of the most ambitious digital projects and our desire to raise the visibility of our clients at home and abroad, our committed team of experts in all things digital – identity, access management, trusted services, and communications, have created the solutions designed to reach your customers. For more information, visit portagecybertech.com.
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge, Portage Cybertech and their businesses. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its or Portage Cybertech’s actual results of operations, financial condition and position in the industry in which they each operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company or Portage Cybertech’s results of operations, financial condition and position in the industry in which they each operate are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the Company’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information contact: Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
View original content:https://www.prnewswire.co.uk/news-releases/converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc-302189238.html
Artificial Intelligence
Trianz Welcomes Priyanshu Singh as Vice President & Chief of Staff to the CEO
![trianz-welcomes-priyanshu-singh-as-vice-president-&-chief-of-staff-to-the-ceo](https://roboticulized.com/wp-content/uploads/2024/07/151015-trianz-welcomes-priyanshu-singh-as-vice-president-chief-of-staff-to-the-ceo.jpg)
SANTA CLARA, Calif., July 3, 2024 /PRNewswire/ — Trianz, a global digital transformation technology solutions and services firm, is thrilled to announce the appointment of Priyanshu Singh as its new VP & Chief of Staff. This strategic hire comes at a pivotal moment as Trianz continues to experience remarkable growth, driven by its shift to an ‘IP-led digital transformation’ model with hyper-automated platforms like Concierto – the hybrid cloud migrations and operations platform, and Extrica – the data to AI platform, accelerating customer success.
As Chief of Staff, Priyanshu Singh will play a crucial role in leading Trianz’ IP-led strategy development, operational excellence, and key execution teams, supporting the CEO’s office. He will design and implement organization-wide processes and capabilities and create and oversee opearational monitoring models and enterprise analytics. His expertise in business and competitive strategy, customer experience, digital transformation, and operations across multiple industries will be a tremendous asset as Trainz prepares to scale in this new model.
A graduate of the prestigious National Defense Academy, Priyanshu began his career in the Indian Army. After completing his MBA from IIM Calcutta, Priyanshu joined McKinsey & Company, working on strategy and business model design for clients across industries. His distinguished career includes key leadership roles at Uber, Lithium Urban Technologies, The Adecco Group, and Honeywell. Known for his excellence in reimagining offerings, exceeding support targets, and spearheading innovative solutions, Priyanshu has consistently delivered exceptional results. In 2016, he was recognized as one of India’s ‘Top 40 Under 40′ business leaders by The Economic Times and Spencer Stuart.
“We are excited to welcome Priyanshu Singh to our leadership team. With his military background, he brings a unique blend of discipline and strategic insight to Trianz,” said Sri Manchala, CEO of Trianz. “His deep expertise and forward-thinking approach will be invaluable in shaping our vision as we continue to leverage the power of our in-house innovations, AI, and cutting-edge tools. With Priyanshu on board, I am confident we will accelerate our transformations and achieve operational excellence.”
“I am honored to join Trianz as the new Chief of Staff,” said Priyanshu. “In this role, I will focus on bridging the gap between strategy and execution, ensuring our teams are aligned to achieve our committed objectives. I am passionate about problem-solving and look forward to collaborating with leaders across the organization to foster a culture of agility, adaptability, and continuous improvement. I am thrilled to be part of this dynamic team and confident we can achieve great things together.”
Priyanshu’s appointment underscores Trianz’ commitment to strengthening its leadership team and ensuring the company is well-prepared to seize future opportunities.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto , Extrica , and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team [email protected]+1-408-387-5800
Logo: https://mma.prnewswire.com/media/2441367/Trianz_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/trianz-welcomes-priyanshu-singh-as-vice-president–chief-of-staff-to-the-ceo-302188852.html
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