Artificial Intelligence
NETSOL Technologies Reports Fiscal Fourth Quarter and Full Year 2020 Financial Results
- Company Drives Another Year of Profitability Amidst Challenging Market Conditions
- Introduction of Global Subscription Pricing Model, Key Hires and Strong Initial Traction within Otoz Innovation Lab Provide Near-Term Catalysts
- COVID-19 Driven Purchasing Delays Lead to Significant Pipeline of Opportunities in Fiscal 2021
CALABASAS, Calif., Sept. 28, 2020 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (NASDAQ: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal fourth quarter and full year ended June 30, 2020.
Fiscal Fourth Quarter 2020 and Recent Operational Highlights
- Introduced Software-as-a-Service (SaaS) subscription-based pricing for new and existing customers as an alternative to the traditional license model, which is now available for all cloud-based NETSOL products and services globally, including NETSOL’s flagship offering NFS Ascent®.
- Announced the successful implementation of the Company’s first North American cloud-based NFS Ascent Contract Management System (CMS) for SCI Lease Corp, a Canadian-based national automotive leasing company.
- Generated $800,000 in SaaS subscription revenues within the Company’s NETSOL Technologies Americas (NTA) region from contracts with new and existing customers.
- Appointed Peter Minshall as Executive Vice President (EVP) of NTA. The EVP role will report directly to the Company CEO and is responsible for the entire NTA portion of NETSOL’s business operations.
- Appointed industry veteran Chris Mobley as the new Head of NFS Ascent Wholesale operations in Europe with the goal of leading the rollout of NETSOL’s new, subscription-based pricing strategy, orchestrating the company’s European-focused growth plans and leading pre-sales of the company’s Wholesale operations globally.
- In response to the economic slowdown caused by the current global pandemic, implemented a series of cost reduction initiatives and temporary salary reductions.
- Made further advancements in certain Otoz Innovation Lab initiatives, leading to multiple discussions, demonstrations, and potential engagements with a several tier one customers in the U.S. and Asia Pacific (APAC) regions.
- Acquired the remaining 49% stake of Virtual Lease Services (VLS), a UK-based portfolio and risk management servicing partner for business and consumer finance providers, after initially acquiring a 51% majority stake in VLS through a joint venture partnership with Investec in 2011.
- Successfully implemented NFS Ascent Retail Platform, including Omni-Point of Sale (Omni-POS) and CMS, for a major American auto captive in China, as part of a previously announced multi-million-dollar contract.
- Successfully implemented and launched NFS Ascent Wholesale platform with a tier-one German auto captive finance company in China as part of $30 million contract signed in September 2018.
Fiscal Fourth Quarter 2020 Financial Results
Total net revenues for the fourth quarter of fiscal 2020 were $13.6 million, compared to $17.3 million in the prior year period. The decrease in total net revenues was primarily due to a decrease in total license fees of $2.3 million and a decrease in total services revenues of $1.8 million, which was offset by an increase in total maintenance fees of $312,000.
- Total license fees were $1.2 million, compared with $3.5 million in the prior year period.
- Total maintenance fees were $4.7 million, compared with $4.4 million in the prior year period.
- Total services revenues were $7.7 million, compared with $9.4 million in the prior year period.
Gross profit for the fourth quarter of fiscal 2020 was $7.0 million (or 51.8% of net revenues), compared to $8.9 million (or 51.5% of net revenues) in the fourth quarter of fiscal 2019. The increase in gross profit as a percentage of net revenues was primarily due to a decrease in cost of revenues of $1.8 million compared to the prior year period. The decrease in cost of revenues was predominantly driven by decreases in salaries and consultants, travel, and depreciation and amortization.
Operating expenses for the fourth quarter of fiscal 2020 decreased 26.4% to $5.9 million (or 43.2% of net revenues) from $8.0 million (or 46.0% of net revenues) for the fourth quarter of fiscal 2019. The decrease in operating expenses was primarily due to a decrease in selling and marketing as well as general and administrative expenses.
GAAP net income attributable to NETSOL for the fourth quarter of fiscal 2020 totaled $1.2 million or $0.10 per diluted share, compared with a net income of $3.5 million or $0.30 per diluted share in the fourth quarter of fiscal 2019.
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2020 totaled $2.0 million or $0.17 per diluted share, compared with $4.4 million or $0.38 per diluted share in the fourth quarter of fiscal 2019 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At June 30, 2020, cash and cash equivalents were $20.2 million, an increase from $17.4 million at June 30, 2019.
Full Year Fiscal 2020 Financial Results
Total net revenues for fiscal 2020 were $56.4 million, compared to $67.8 million in fiscal 2019. The decrease in total net revenues was primarily due to a decrease in total license fees of $12.2 million and a decrease in total service fees of $2.7 million, which was offset by an increase in total maintenance fees of $3.4 million.
- Total license fees were $4.6 million, compared with $16.8 million in the prior fiscal year.
- Total maintenance fees were $19.0 million, compared with $15.5 million in the prior fiscal year.
- Total services revenues were $32.9 million, compared with $35.5 million in the prior fiscal year.
Gross profit for fiscal 2020 decreased to $27.0 million (or 47.8% of net revenues) from $34.9 million (or 51.4% of net revenues) for fiscal 2019. The decrease in gross profit as a percentage of net revenues was primarily due to a greater rate of decrease in total net revenues compared to the related total cost of revenues.
Operating expenses for fiscal 2020 decreased to $25.9 million (or 45.9% of net revenues) from $28.1 million (or 41.4% of net revenues) for fiscal 2019. The decrease in operating expenses was primarily due to decreases in selling and marketing expenses, salaries and wages and research and development cost, offset by an increase in general and administrative expenses.
GAAP net income attributable to NETSOL for fiscal 2020 totaled $937,000 or $0.08 per diluted share, compared with a net income of $8.6 million or $0.74 per diluted share for fiscal 2019.
Non-GAAP adjusted EBITDA for fiscal 2020 totaled $4.3 million or $0.37 per diluted share, compared with $12.9 million or $1.11 per diluted share in fiscal 2019 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
Management Commentary
“While we are still working through a challenging market environment, during the fiscal fourth quarter we recorded meaningful sales milestones, drove incrementally improved results and were able to generate another year of profitability,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “We entered fiscal 2020 coming off a record top and bottom line performance and in the strongest position in our history. At that same time, we introduced a multi-pronged growth strategy designed, during regular economic conditions, to diversify and expand our total and recurring revenue streams, ultimately propelling NETSOL to its next phase of commercial prosperity. Over the past few months, we, like most businesses, were forced to adapt to a radically different working environment than we had planned. Despite these unfavorable conditions, we have continued to forge a path ahead and, in the meantime, have taken decisive actions to reduce costs, which will support our long-term sustainability.
“Looking ahead to fiscal 2021, we have many reasons for cautious optimism. We’ve made encouraging progress in expanding our sales footprint in North America and Europe, driving year-over-year growth, respectively, and have also made key leadership additions to head up both regions. Last month, we went live with the first North American customer for our subscription, cloud-based NFS Ascent offering, which we expect to leverage toward additional agreements in the future. With several COVID-19 driven purchasing delays beginning to move ahead, we also have a significant pipeline of opportunities in the coming year. As our global operations conservatively pick back up, we will look to regain the prior year’s momentum and resume our plans for a diversified, progressive growth strategy. NETSOL remains a digital-first and SaaS-focused organization, and we will continue to lead with our technology to deliver innovative ways to help our customers improve their operations today and prepare for the many, disruptive challenges of the new mobility economy.”
Sales Outlook
Ghauri continued: “While we continue to see strong traction and engagement globally for Ascent, our SaaS offering has been particularly well received in Europe and North America. Our platform is being validated with initial sales in both regions and a number of deals that are currently in our pipeline. The overall sales environment remains challenging due to the travel restrictions in place and uncertainty around the global economy, which has, in some cases, delayed our ability to close deals over the last quarters, but we are continuing to move forward.”
Conference Call
NETSOL Technologies management will hold a conference call today (September 28, 2020) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these financial results. A question and answer session will follow management’s presentation.
U.S. dial-in: 1-877-407-0789
International dial-in: 1-201-689-8562
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.
The conference call will be broadcasted live and available for replay here and via the Investor Relations section of NETSOL’s website.
A replay of the conference call will be available after 12:00 p.m. Eastern time on the same day through October 12, 2020.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13710936
About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.
About Otoz
Otoz provides business-to-business, white-label technology solutions for new mobility. Our suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Our technology drives utilization, while supporting robust and efficient operations.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operating results, including statements regarding the Company that are subject to certain risks and uncertainties such as the effect of stay at home orders and social distancing imposed by COVID-19 and its resultant impact on our financials and the world economy that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance, as well as the delay in recovery or a prolonged economic downturn that effects our Company, our customers and the world economy. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Use of Non-GAAP Financial Measures
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
1-949-574-3860
[email protected]
NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
As of | As of | ||||||||
ASSETS | June 30, 2020 | June 30, 2019 | |||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 20,166,830 | $ | 17,366,364 | |||||
Accounts receivable, net of allowance of $435,611 and $192,786 | 10,131,752 | 12,332,714 | |||||||
Accounts receivable, net of allowance of $90,594 and $166,075 – related party | 1,282,505 | 3,266,600 | |||||||
Revenues in excess of billings, net of allowance of $188,914 and $194,684 | 17,198,281 | 14,719,047 | |||||||
Revenues in excess of billings – related party | 8,163 | 110,827 | |||||||
Other current assets | 3,108,180 | 3,146,264 | |||||||
Total current assets | 51,895,711 | 50,941,816 | |||||||
Revenues in excess of billings, net – long term | 1,300,289 | 1,281,492 | |||||||
Convertible note receivable – related party | 4,250,000 | 3,650,000 | |||||||
Property and equipment, net | 11,329,631 | 12,096,855 | |||||||
Right of use of assets – operating leases | 2,360,129 | – | |||||||
Long term investment | 2,387,692 | 2,653,769 | |||||||
Other assets | 41,992 | 23,569 | |||||||
Intangible assets, net | 5,391,077 | 7,332,950 | |||||||
Goodwill | 9,516,568 | 9,516,568 | |||||||
Total assets | $ | 88,473,089 | $ | 87,497,019 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued expenses | $ | 5,680,837 | $ | 7,476,560 | |||||
Current portion of loans and obligations under finance leases | 9,139,561 | 6,905,597 | |||||||
Current portion of operating lease obligations | 1,111,912 | – | |||||||
Unearned revenues | 4,095,472 | 5,977,736 | |||||||
Common stock to be issued | 88,324 | 88,324 | |||||||
Total current liabilities | 20,116,106 | 20,448,217 | |||||||
Loans and obligations under finance leases; less current maturities | 1,539,975 | 564,572 | |||||||
Operating lease obligations; less current maturities | 1,339,965 | – | |||||||
Total liabilities | 22,996,046 | 21,012,789 | |||||||
Commitments and contingencies | |||||||||
Stockholders’ equity: | |||||||||
Preferred stock, $.01 par value; 500,000 shares authorized; | – | – | |||||||
Common stock, $.01 par value; 14,500,000 shares authorized; | |||||||||
12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 and | |||||||||
11,911,742 shares issued and 11,664,239 outstanding as of June 30, 2019 | 121,222 | 119,117 | |||||||
Additional paid-in-capital | 128,677,754 | 127,737,999 | |||||||
Unexpected eval class (org.apache.poi.ss.formula.eval.MissingArgEval) | |||||||||
as of June 30, 2020 and June 30, 2019, respectively) | (1,455,969 | ) | (1,455,969 | ) | |||||
Accumulated deficit | (34,269,817 | ) | (35,206,898 | ) | |||||
Other comprehensive loss | (34,085,047 | ) | (33,125,006 | ) | |||||
Total NetSol stockholders’ equity | 58,988,143 | 58,069,243 | |||||||
Non-controlling interest | 6,488,900 | 8,414,987 | |||||||
Total stockholders’ equity | 65,477,043 | 66,484,230 | |||||||
Total liabilities and stockholders’ equity | $ | 88,473,089 | $ | 87,497,019 | |||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
For the Years | |||||||||||
Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Net Revenues: | |||||||||||
License fees | $ | 4,564,560 | $ | 16,768,749 | |||||||
Maintenance fees | 18,951,248 | 15,521,413 | |||||||||
Services | 32,555,690 | 34,892,290 | |||||||||
Services – related party | 300,821 | 636,731 | |||||||||
Total net revenues | 56,372,319 | 67,819,183 | |||||||||
Cost of revenues: | |||||||||||
Salaries and consultants | 18,821,738 | 19,253,364 | |||||||||
Travel | 4,181,742 | 6,527,868 | |||||||||
Depreciation and amortization | 2,897,371 | 3,525,857 | |||||||||
Other | 3,508,098 | 3,625,478 | |||||||||
Total cost of revenues | 29,408,949 | 32,932,567 | |||||||||
Gross profit | 26,963,370 | 34,886,616 | |||||||||
Operating expenses: | |||||||||||
Selling and marketing | 6,450,663 | 7,831,758 | |||||||||
Depreciation and amortization | 834,583 | 897,800 | |||||||||
General and administrative | 17,138,832 | 17,357,918 | |||||||||
Research and development cost | 1,468,954 | 1,971,228 | |||||||||
Total operating expenses | 25,893,032 | 28,058,704 | |||||||||
Income from operations | 1,070,338 | 6,827,912 | |||||||||
Other income and (expenses) | |||||||||||
Gain on sale of assets | 23,103 | 81,455 | |||||||||
Interest expense | (346,856 | ) | (311,798 | ) | |||||||
Interest income | 1,569,536 | 955,061 | |||||||||
Gain on foreign currency exchange transactions | 398,610 | 6,345,859 | |||||||||
Share of net loss from equity investment | (605,864 | ) | (841,845 | ) | |||||||
Other income | 224,224 | 18,680 | |||||||||
Total other income (expenses) | 1,262,753 | 6,247,412 | |||||||||
Net income before income taxes | 2,333,091 | 13,075,324 | |||||||||
Income tax provision | (1,141,068 | ) | (1,057,784 | ) | |||||||
Net income | 1,192,023 | 12,017,540 | |||||||||
Non-controlling interest | (254,942 | ) | (3,434,141 | ) | |||||||
Net income attributable to NetSol | $ | 937,081 | $ | 8,583,399 | – | ||||||
Net income per share: | |||||||||||
Net income per common share | |||||||||||
Basic | $ | 0.08 | $ | 0.74 | |||||||
Diluted | $ | 0.08 | $ | 0.74 | |||||||
Weighted average number of shares outstanding | |||||||||||
Basic | 11,734,648 | 11,599,290 | |||||||||
Diluted | 11,784,414 | 11,621,990 | |||||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
For the Years | |||||||||||
Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 1,192,023 | $ | 12,017,540 | |||||||
Adjustments to reconcile net income | |||||||||||
to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 3,731,954 | 4,423,657 | |||||||||
Provision for bad debts | 184,944 | 474,516 | |||||||||
Share of net loss from investment under equity method | 605,864 | 841,845 | |||||||||
Gain on sale of assets | (23,103 | ) | (80,470 | ) | |||||||
Stock based compensation | 808,616 | 1,131,013 | |||||||||
Fair market value of stock options | – | 43,612 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 2,035,843 | (1,836,962 | ) | ||||||||
Accounts receivable – related party | 1,957,864 | (977,445 | ) | ||||||||
Revenues in excess of billing | (3,252,704 | ) | (10,764,428 | ) | |||||||
Revenues in excess of billing – related party | 105,441 | (122,810 | ) | ||||||||
Other current assets | (132,175 | ) | (861,128 | ) | |||||||
Accounts payable and accrued expenses | (1,399,828 | ) | (47,819 | ) | |||||||
Unearned revenue | (1,842,313 | ) | 692,089 | ||||||||
Net cash provided by operating activities | 3,972,426 | 4,933,210 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (1,377,145 | ) | (2,726,558 | ) | |||||||
Sales of property and equipment | 106,180 | 1,170,878 | |||||||||
Convertible note receivable – related party | (600,000 | ) | (1,526,500 | ) | |||||||
Investment in associates | (94,500 | ) | (250,000 | ) | |||||||
Purchase of subsidiary shares | (89,425 | ) | (317,500 | ) | |||||||
Net cash used in investing activities | (2,054,890 | ) | (3,649,680 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the exercise of stock options and warrants | – | 85,000 | |||||||||
Proceeds from exercise of subsidiary options | 11,621 | 2,650 | |||||||||
Purchase of treasury stock | – | (250,945 | ) | ||||||||
Dividend paid by subsidiary to non-controlling interest | (1,920,618 | ) | (566,465 | ) | |||||||
Proceeds from bank loans | 4,221,203 | 1,227,158 | |||||||||
Payments on finance lease obligations and loans – net | (611,913 | ) | (480,231 | ) | |||||||
Net cash provided by financing activities | 1,700,293 | 17,167 | |||||||||
Effect of exchange rate changes | (817,363 | ) | (6,023,186 | ) | |||||||
Net decrease in cash and cash equivalents | 2,800,466 | (4,722,489 | ) | ||||||||
Cash and cash equivalents at beginning of the period | 17,366,364 | 22,088,853 | |||||||||
Cash and cash equivalents at end of period | $ | 20,166,830 | $ | 17,366,364 |
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
For the Year Ended | For the Year Ended | |||||||
June 30, 2020 | June 30, 2019 | |||||||
Net Income (loss) attributable to NetSol | $ | 937,081 | $ | 8,583,399 | ||||
Non-controlling interest | 254,942 | 3,434,141 | ||||||
Income taxes | 1,141,068 | 1,057,784 | ||||||
Depreciation and amortization | 3,731,954 | 4,423,657 | ||||||
Interest expense | 346,856 | 311,798 | ||||||
Interest (income) | (1,569,536 | ) | (955,061 | ) | ||||
EBITDA | $ | 4,842,365 | $ | 16,855,718 | ||||
Add back: | ||||||||
Non-cash stock-based compensation | 808,616 | 1,174,625 | ||||||
Adjusted EBITDA, gross | $ | 5,650,981 | $ | 18,030,343 | ||||
Less non-controlling interest (a) | (1,330,352 | ) | (5,140,004 | ) | ||||
Adjusted EBITDA, net | $ | 4,320,629 | $ | 12,890,339 | ||||
Weighted Average number of shares outstanding | ||||||||
Basic | 11,734,648 | 11,599,290 | ||||||
Diluted | 11,784,414 | 11,621,990 | ||||||
Basic adjusted EBITDA | $ | 0.37 | $ | 1.11 | ||||
Diluted adjusted EBITDA | $ | 0.37 | $ | 1.11 | ||||
(a)The reconciliation of adjusted EBITDA of non-controlling interest | ||||||||
to net income attributable to non-controlling interest is as follows | ||||||||
Net Income attributable to non-controlling interest | $ | 254,942 | $ | 3,434,141 | ||||
Income Taxes | 223,675 | 351,778 | ||||||
Depreciation and amortization | 1,060,605 | 1,397,613 | ||||||
Interest expense | 100,373 | 99,696 | ||||||
Interest (income) | (391,644 | ) | (229,802 | ) | ||||
EBITDA | $ | 1,247,951 | $ | 5,053,426 | ||||
Add back: | ||||||||
Non-cash stock-based compensation | 82,401 | 86,578 | ||||||
Adjusted EBITDA of non-controlling interest | $ | 1,330,352 | $ | 5,140,004 | ||||
Artificial Intelligence
SUPCON Unveils Groundbreaking Products in June, Including the World’s First UCS
HANGZHOU, China, April 24, 2024 /PRNewswire/ — In June, SUPCON (688777) is poised to launch two groundbreaking products in Singapore: the world’s first UCS (Universal Control System) and TPT (Time-Series Pre-trained Transformer), the first time-series model in the process industry.
UCS, a revolutionary innovation from SUPCON, is set to revolutionize the 50-year-old DCS architecture, promising to eliminate traditional control cabinets.
TPT, as the pioneering time-series model in the process industry, will replace numerous traditional industrial apps and overcome unsolved industrial challenges.
SUPCON, founded in 1999, is a prominent global provider of intelligent manufacturing solutions for process industries. The company is committed to the development and application of AI technology through the integration of advanced products and extensive industry know-how. With a global customer exceeding 30,000, SUPCON’s products address all needs across over 50 countries and regions, encompassing sectors like oil & gas, refinery & petrochemical, chemical, etc. Aiming at high-quality and sustainable development, SUPCON is on the way to facilitate the automation and intelligentization of the global process industry.
In 2023, SUPCON’s core products, the Distributed Control System (DCS) and the Safety Instrumented System (SIS), both claimed the top market share position in China, achieving respective figures of 37.8% and 33.7%. Notably, the DCS has maintained the No.1 position for a consecutive 13th year.
View original content:https://www.prnewswire.co.uk/news-releases/supcon-unveils-groundbreaking-products-in-june-including-the-worlds-first-ucs-302125406.html
Artificial Intelligence
Automation Anywhere Appoints Tim McDonough as Chief Marketing Officer to Drive Global Awareness and Growth for the Leader in AI-Powered Automation
SAN JOSE, Calif., April 23, 2024 /PRNewswire/ — Automation Anywhere, a leader in AI-powered automation solutions, announced that AI marketing leader Tim McDonough joined the company as chief marketing officer (CMO). McDonough, who brings more than two decades of experience in driving growth across startups and Fortune 100 companies, will shape and lead Automation Anywhere’s global brand and growth strategies and go-to-market functions.
McDonough joins Automation Anywhere from Intel, where he recently served as vice president and CMO of AI and data centers. McDonough oversaw the transformation of the $14 billion-plus business unit, while guiding the company’s strategy and positioning in the AI market.
“Tim joins us at an incredible time in our journey as we experience a new phase of growth ignited by the transformative benefits of our generative AI process automation models that are transforming our customers’ businesses,” said Mihir Shukla, CEO, Automation Anywhere. “Tim’s impressive experience will be instrumental in our efforts to empower organizations to achieve amazing results by automating more than forty percent of workflows and tasks, and saving millions, even billions, of dollars.”
Prior to Intel, McDonough held executive roles at leading technology companies, including Unity Technologies, Qualcomm, and Microsoft. McDonough’s track record of enterprise and C-suite marketing spans developed and emerging technologies, including AI tools, applications, software-as-a-service (SaaS) solutions, and developer ecosystems.
“I’m looking forward to helping lead Automation Anywhere through its next phase growth as it helps companies transform their business,” said McDonough. “Seeing how customers are innovating with Automation Anywhere’s platform demonstrated to me the incredible market opportunity we have. When you combine automation with generative AI, customers can now go beyond task or departmental impact and automate at an enterprise level, empowering companies and employees to do their very best work.”
McDonough’s appointment comes at a time of remarkable opportunity for the company, marked by Automation Anywhere’s recent record-breaking fourth-quarter performance, continued profitability, and strong outlook in its current fiscal year. Last quarter, Automation Anywhere reported 50 percent growth in large enterprise deals from the previous quarter, highlighting the company’s momentum and strong market position.
About Automation Anywhere
Automation Anywhere is the leader in AI-powered process automation that puts AI to work across organizations. The company’s Automation Success Platform is powered with generative AI and offers process discovery, RPA, end-to-end process orchestration, document processing, and analytics, with a security and governance-first approach. Automation Anywhere empowers organizations worldwide to unleash productivity gains, drive innovation, improve customer service, and accelerate business growth. The company is guided by its vision to fuel the future of work by unleashing human potential through AI automation. Learn more at http://www.automationanywhere.com/.
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Artificial Intelligence
AI Supercomputing Market Growing at +21% CAGR as Industries Evolve Data Analysis
USA News Group News Commentary
VANCOUVER, BC, April 23, 2024 /PRNewswire/ — USA News Group News Commentary – Numerous industries are making the shift towards using Artificial Intelligence (AI) supercomputers in leveraging powerful computing systems to address complex challenges, and analyze massive datasets. According to analysts at Markets and Markets the AI supercomputer market is projected to grow at a CAGR of 22% through 2028 to a value of US$3.3 billion. This high level of growth is echoed by analysts at Technavio, who are projecting nearly 21% growth through 2027, however, they are seeing the overall supercomputer market much higher, growing by US$17.6 billion along the way. Several international groups are with massive investments in the billions to evolve their operations to include AI supercomputing, including in Denmark, the UK, Japan, the UAE and the USA. Powering this shift behind the scenes are several tech developers, who this week have been updating the market with their current developments, including: Avant Technologies Inc. (OTC: AVAI), NVIDIA Corporation (NASDAQ: NVDA) (NEO: NVDA), Microsoft Corporation (NASDAQ: MSFT) (NEO: MSFT), D-Wave Quantum Inc. (NYSE: QBTS), and Rigetti Computing, Inc. (NASDAQ: RGTI, RGITW).
The article continued: Moving forward, new regulations and safeguards are being put into place, as seen in the USA when the Biden Administration enacted an AI Executive Order to create new standards for AI safety and security. As well, the Council of the European Union filed a proposal for the regulation of harmonized rules on AI in the EU.
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions
Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), an artificial intelligence technology (AI) company specializing in the development of advanced AI and data center infrastructure solutions, announced today that it’s introducing a state-of-the-art supercomputing network and comprehensive licensable dataset. Avant will be collaborating with its technology partner, Wired4Tech, to launch these pivotal developments, which are engineered to accelerate AI adoption and innovation across a broad spectrum of industries.
“Avant’s supercomputing network and our expansive licensable dataset will facilitate significant advancements in AI- driven solutions,” said Danny Rittman, Chief Information Officer of Avant of the launch. “By providing robust computational resources and a rich dataset, Avant is set to eliminate many of the technical and financial barriers that have traditionally hampered AI development. This initiative aims to empower developers with the tools necessary to create more sophisticated and efficient AI models, driving progress and innovation in innumerable fields.”
Highlights of Avant’s Offerings:
Versatile AI Dataset: Available from Q3, this dataset will be regularly updated to support a wide array of AI projects, providing a solid foundation for development, and reducing the time to market for AI solutions.Dynamic Resource Scaling: The network dynamically adjusts computing resources to meet real-time demands, maximizing efficiency and minimizing costs.Accelerated AI Processing: Utilizes cutting-edge distributed computing to dramatically reduce data processing times, enabling rapid iteration and deployment of AI models.Robust Security Measures: Top-tier security protocols are in place to ensure data integrity and compliance with stringent regulatory standards.Seamless Integration: Designed to integrate smoothly with existing AI development environments, minimizing disruptions and simplifying technology adoption.Avant is committed to advancing the AI landscape by providing scalable solutions that will benefit diverse sectors looking to harness the power of artificial intelligence.
CONTINUED… Read this and more news for Avant Technologies at: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
In other industry developments and happenings in the market this week include:
NVIDIA Corporation (NASDAQ: NVDA) (NEO: NVDA), a global leader in providing graphics and compute and networking solutions, recently received an investment of ~US$960 million from Japanese telecommunications company Softbank to enhance its supercomputing power and to support an ambitious generative AI (GenAI) strategy.
Generative AI is increasingly being incorporated into products and services across multiple sectors. A recent projection by Statista, a research firm based in Germany, predicts that the market for generative AI in Japan will expand to approximately $13 billion by 2030, representing a 17x increase from its size in 2023.
Microsoft Corporation (NASDAQ: MSFT) (NEO: MSFT), a global leader in developing and supporting software, services, devises and solutions recently announced it would be investing $1.5 billion into Abu Dhabi’s G42, the leading UAE-based AI tech holding company, to accelerate AI development and global expansion.
“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations,” said H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of G42. “This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally.”
G42 will operate its AI applications and services on Microsoft Azure, collaborating to offer advanced AI solutions to global public sector clients and large enterprises. Together, G42 and Microsoft aim to enhance AI and digital infrastructure across the Middle East, Central Asia, and Africa. This collaboration will help these regions gain fair access to services that address key government and business issues, while upholding the highest standards of security and privacy.
D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing systems, software, and services and the world’s first commercial supplier of quantum computers recently announced the launch the first fast-anneal feature, available now on all of D-Wave’s quantum processing units (QPUs) in the LeapTM real-time quantum cloud service. The fast-anneal feature has been central to D-Wave’s key research achievements, as highlighted in publications in Nature Physics and Nature, showing how annealing quantum computing outperforms traditional algorithms in tackling complex optimization problems.
“Providing direct access to Fast Anneal, which has been at the heart of D-Wave’s recent advancements, represents a significant step forward in our mission to provide customers with the resources they need to drive innovation and achieve extraordinary results,” said Dr. Alan Baratz, CEO of D-Wave. “We believe it will further empower them to build industry-shaping applications with the most powerful quantum computing environment available today.”
With enhanced control allowing for notably quicker annealing times than before, this feature enables customers to replicate and expand upon D-Wave’s significant optimization results. Now widely available, this feature allows users to execute quantum computations at unprecedented speeds, significantly mitigating issues like thermal fluctuations and noise that typically disrupt quantum calculations.
Rigetti Computing, Inc. (NASDAQ: RGTI, RGITW), a pioneer in full-stack quantum-classical computing, recently announced the successful completion of its Innovate UK project with Oxford Instruments to launch one of the first UK-based quantum computers. The consortium also included the Quantum Software Lab at the University of Edinburgh, Phasecraft, and Standard Chartered Bank, with financial backing from the UK government’s Quantum Technologies Challenge, led by UK Research & Innovation (UKRI).
“Completing this project, with the end result being a useful 32-qubit quantum computer, is an exceptional achievement for all of the project partners,” said Dr. Subodh Kulkarni, CEO of Rigetti. “It takes a world-class team to build and deploy a quantum computer. The UK has become a world leader in quantum computing technologies, and we are excited to continue to contribute to its quantum computing capabilities. Additionally, Rigetti plans to leverage this experience to continue to develop our UK quantum computing leadership as we embark on deploying a 24-qubit Ankaa-class quantum computer at the NQCC’s Harwell campus.”
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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