Artificial Intelligence
ShotSpotter Reports Third Quarter 2020 Financial Results
NEWARK, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) — ShotSpotter, Inc. (NASDAQ: SSTI), the leader in acoustic gunshot detection and precision policing solutions that help law enforcement officials and security personnel prevent and reduce gun violence, today reported financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Financial and Operational Highlights
- Revenues increased 14% to $11.4 million from $10.0 million for the third quarter of 2019.
- Gross profit increased 8% to $6.4 million (57% of revenues) from $6.0 million (60% of revenues) for the third quarter of 2019.
- Net income increased 27% to $566,000 from $446,000 for the third quarter of 2019.
- Adjusted EBITDA1 increased 44% to $3.3 million from $2.3 million for the third quarter of 2019.
- Realized 3 new “go-live” square miles of coverage and 6 square miles of attrition during the quarter, bringing the total live miles to 758 at the end of the quarter.
- Maintained a strong balance sheet with $28.7 million in cash and cash equivalents at the end of the quarter, and $20 million available on its line of credit.
- Subsequent to quarter end, signed a definitive agreement to acquire LEEDS, LLC, a leading investigative case management software provider, with the transaction expected to close in November 2020. Upfront consideration of $17.0 million includes $15.0 million in cash and $2.0 million in ShotSpotter common stock, plus a potential earnout of $5.0 million over the next two years.
- Full year 2020 revenue guidance narrowed and slightly increased to a range of $44.5 million to $45.0 million, representing 10% growth at the midpoint compared to full year 2019. The company’s revenue guidance for full year 2020 excludes any contribution from LEEDS, LLC.
1 See the section below titled “Non-GAAP Financial Measures” for more information about Adjusted EBITDA, and its reconciliation to GAAP net income.
Management Commentary
“In the third quarter of 2020, we once again showcased the resilience of our business as we continued to build momentum coming out of the pandemic lockdowns that began towards the end of the first quarter,” said ShotSpotter CEO Ralph Clark. “Our operating strength was reflected by the double-digit growth we generated in our key metrics, including a 14% increase in revenues, a 27% increase in net income, and a 44% increase in adjusted EBITDA. In addition to our strong financial performance in the third quarter, we maintained a solid balance sheet with $28.7 million in cash and cash equivalents at quarter end, and we expect to remain profitable for the rest of 2020.
“During the quarter, many of our police department customers were focused on local pandemic response and social unrest, which made it challenging for us to put boots on the ground to deploy new miles. Despite these obstacles, we exited third quarter with a healthy number of projects from new customer captures and existing customer expansions, totaling over 50 square miles. We believe we will be able to take a minimum of 25 of these new miles live before the end of the year. We also went live with two new ShotSpotter Connect (formerly Missions) customers and have a growing pipeline of ShotSpotter Connect prospects, putting us on track for a strong year-end finish.
“With our pending acquisition of LEEDS, LLC, a leading investigative case management software provider, we are building the only complete, end-to-end precision policing platform that enables data-driven prevention, response along with investigation and resolution of crime. We look forward to leveraging our recently expanded platform to drive impact and bring about even more effective community engagement through precision policing technology.”
Third Quarter 2020 Financial Results
Revenues for the third quarter of 2020 increased 14% to $11.4 million from $10.0 million for the same period in 2019. The increase in revenues reflects a significant year-over-year increase in new live miles and customer renewals, including renewals in the third quarter that were delayed from the prior quarter.
Gross profit for the third quarter of 2020 increased 8% to $6.4 million (57% of revenues) from $6.0 million (60% of revenues) for the same period in 2019. The decrease in gross profit margin was primarily due to equipment write-offs related to customer attrition and more expensive resources required to perform equipment maintenance.
Total operating expenses for the third quarter of 2020 increased 4% to $5.8 million from $5.6 million for the same period in 2019. The increase in operating expenses was primarily due to increased insurance costs, legal fees and personnel-related costs.
Net income totaled $566,000 or $0.05 per basic and diluted share (based on 11.4 million basic and 11.7 million diluted weighted average shares outstanding), a 27% increase from $446,000 or $0.04 per basic and diluted share (based on 11.4 million basic and 11.9 million diluted weighted average shares outstanding) for the same period in 2019.
Adjusted EBITDA for the third quarter of 2020 increased 44% to $3.3 million from $2.3 million in the same period last year.
Financial Outlook
The company is narrowing and slightly increasing the mid-point of its full year revenue outlook to reflect greater visibility into the timing of adding new miles through the end of the year along with its continued success in minimizing attrition. For the full year, excluding contribution from LEEDS, LLC, the company now expects revenues of $44.5 million to $45.0 million (previous guidance of $43.5 million to $45.5 million), with approximately 10% year-over-year revenue growth at the midpoint of the new range. The company expects to remain GAAP profitable for the remainder of 2020.
For fiscal 2021, including $10 million from the company’s pending acquisition of LEEDS, LLC, management currently expects revenues of $58.0 million to $60.0 million, representing an increase of between 30% and 34% compared to the midpoint of fiscal 2020 revenue guidance. The company expects to be GAAP profitable for the full year of 2021. The preceding statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Safe Harbor Statement” below.
The company’s financial outlook statements are based on current expectations. The preceding statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Safe Harbor Statement” below.
Conference Call
ShotSpotter will hold a conference call today (November 9, 2020) at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results and provide an update on business conditions.
ShotSpotter management will host the presentation, followed by a question and answer period.
U.S. dial-in: 1-877-300-8521
International dial-in: 1-412-317-6026
Conference ID: 10149645
The conference call will be broadcast simultaneously and available for replay via the investor section of the company’s website at www.shotspotter.com.
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 ShotSpotter’s investor relations team at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern Time on the same day through December 9, 2020.
U.S. replay dial-in: 1-844-512-2921
International replay dial-in: 1-412-317-6671
Replay ID: 10149645
Non-GAAP Financial Measures
Adjusted EBITDA: Adjusted EBITDA, a non-GAAP financial measure, represents the company’s net income or loss before interest (income) expense, income taxes, depreciation and amortization and stock-based compensation expense. Adjusted EBITDA is a measure used by management internally to understand and evaluate the company’s core operating performance and trends across accounting periods and in connection with developing future operating plans, making strategic decisions regarding the allocation of capital and considering initiatives focused on cultivating new markets for our solutions. In particular, the exclusion of these expenses in calculating adjusted EBITDA facilitates comparisons of the company’s operating performance on a period-to-period basis.
ShotSpotter believes adjusted EBITDA also provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. For example, ShotSpotter adjusts EBITDA for stock-based compensation expense because that expense often varies for reasons that are generally unrelated to financial and operational performance in any particular period. Stock-based compensation is utilized by ShotSpotter to attract and retain employees with a goal of long-term retention and the alignment of employee interests with those of the company and its stockholders, rather than to address operational performance for any particular period based financial performance measures, in particular net income or loss, and our other GAAP financial results.
The following table presents a reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
GAAP net income | $ | 566 | $ | 446 | $ | 1,445 | $ | 471 | ||||||||
Less: | ||||||||||||||||
Interest income | (3 | ) | (131 | ) | (101 | ) | (335 | ) | ||||||||
Income taxes | 8 | (7 | ) | (1 | ) | 33 | ||||||||||
Depreciation and amortization | 1,495 | 1,239 | 4,207 | 3,641 | ||||||||||||
Stock-based compensation expense | 1,196 | 716 | 3,246 | 2,375 | ||||||||||||
Adjusted EBITDA | $ | 3,262 | $ | 2,263 | $ | 8,796 | $ | 6,185 | ||||||||
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the company’s business plans, the anticipated impact of the COVID-19 pandemic, international expansion, expectations regarding future sales and expenses, our ability to capitalize on market opportunities, the ability to achieve near and long-term growth and profitability objectives, anticipated timing and volume of customer contract renewals, and revenue and GAAP profitability guidance for full year 2020. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the company’s control. The company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the company’s ability to successfully negotiate and execute contracts with new and existing customers in a timely manner, if at all, the company’s ability to address the business and other impacts and uncertainties associated with the COVID-19 pandemic, maintain and increase sales; the availability of funding for the company’s customers to purchase the company’s solutions; the complexity, expense and time associated with contracting with government entities; the company’s ability to maintain and expand coverage of existing public safety customer accounts and further penetrate the public safety market; the company’s ability to sell its solutions into international and other new markets; the lengthy sales cycle for the company’s solutions; changes in federal funding available to support local law enforcement; the company’s ability to deploy and deliver its solutions; and the company’s ability to maintain and enhance its brand, as well as other risk factors included in the company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q and other SEC filings. These forward-looking statements are made as of the date of this press release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
About ShotSpotter, Inc.
ShotSpotter (NASDAQ: SSTI) provides acoustic gunshot detection and precision-policing solutions to help law enforcement officials and security personnel prevent and reduce gun violence and make communities, campuses and facilities safer. The company’s flagship product, ShotSpotter® Flex™, is the leading gunshot detection, location and forensic system trusted by over 100 cities. ShotSpotter® Connect™ (previously known as ShotSpotter Missions™) uses artificial intelligence-driven analysis to dynamically direct patrol resources to areas of greatest risk and helps to improve officer accountability and deter crime. ShotSpotter has been designated a Great Place to Work® Company.
Company Contact:
Mary Hentges, Interim CFO
ShotSpotter, Inc.
+1 (510) 794-3100
[email protected]
Investor Relations Contacts:
Matt Glover
Gateway Investor Relations
+1 (949) 574-3860
[email protected]
JoAnn Horne
Market Street Partners
+1 (415) 445-3240
[email protected]
ShotSpotter, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues | $ | 11,350 | $ | 9,984 | $ | 33,085 | $ | 29,837 | ||||||||
Costs | ||||||||||||||||
Cost of revenues | 4,745 | 4,019 | 13,440 | 12,300 | ||||||||||||
Impairment of property and equipment | 161 | — | 161 | — | ||||||||||||
Total costs | 4,906 | 4,019 | 13,601 | 12,300 | ||||||||||||
Gross profit | 6,444 | 5,965 | 19,484 | 17,537 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 2,400 | 2,426 | 7,237 | 7,494 | ||||||||||||
Research and development | 1,375 | 1,358 | 4,104 | 4,026 | ||||||||||||
General and administrative | 2,040 | 1,803 | 6,627 | 5,669 | ||||||||||||
Total operating expenses | 5,815 | 5,587 | 17,968 | 17,189 | ||||||||||||
Operating income | 629 | 378 | 1,516 | 348 | ||||||||||||
Other income (expense), net | ||||||||||||||||
Interest income, net | 3 | 131 | 101 | 335 | ||||||||||||
Other expense, net | (58 | ) | (70 | ) | (173 | ) | (179 | ) | ||||||||
Total other income (expense), net | (55 | ) | 61 | (72 | ) | 156 | ||||||||||
Income before income taxes | 574 | 439 | 1,444 | 504 | ||||||||||||
Provision (benefit) for income taxes | 8 | (7 | ) | (1 | ) | 33 | ||||||||||
Net income | $ | 566 | $ | 446 | $ | 1,445 | $ | 471 | ||||||||
Net income per share, basic | $ | 0.05 | $ | 0.04 | $ | 0.13 | $ | 0.04 | ||||||||
Net income per share, diluted | $ | 0.05 | $ | 0.04 | $ | 0.12 | $ | 0.04 | ||||||||
Weighted average shares used in computing net income per share, basic | 11,423,079 | 11,449,946 | 11,383,860 | 11,275,195 | ||||||||||||
Weighted average shares used in computing net income per share, diluted | 11,727,112 | 11,917,382 | 11,718,770 | 11,865,319 |
ShotSpotter, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2020 | December 31, 2019 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 28,666 | $ | 24,550 | ||||
Accounts receivable and contract asset | 6,866 | 13,883 | ||||||
Prepaid expenses and other current assets | 2,286 | 1,764 | ||||||
Total current assets | 37,818 | 40,197 | ||||||
Property and equipment, net | 15,359 | 16,556 | ||||||
Operating lease right-of-use assets | 761 | 556 | ||||||
Goodwill | 1,379 | 1,379 | ||||||
Intangible assets, net | 226 | 249 | ||||||
Other assets | 1,343 | 1,634 | ||||||
Total assets | $ | 56,886 | $ | 60,571 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 818 | $ | 1,179 | ||||
Deferred revenue, short-term | 20,388 | 26,360 | ||||||
Accrued expenses and other current liabilities | 4,241 | 4,885 | ||||||
Total current liabilities | 25,447 | 32,424 | ||||||
Deferred revenue, long-term | 255 | 598 | ||||||
Other liabilities | 456 | 298 | ||||||
Total liabilities | 26,158 | 33,320 | ||||||
Stockholders’ equity | ||||||||
Preferred stock | — | — | ||||||
Common stock | 57 | 57 | ||||||
Additional paid-in capital | 125,113 | 122,907 | ||||||
Accumulated deficit | (94,134 | ) | (95,579 | ) | ||||
Accumulated other comprehensive loss | (308 | ) | (134 | ) | ||||
Total stockholders’ equity | 30,728 | 27,251 | ||||||
Total liabilities and stockholders’ equity | $ | 56,886 | $ | 60,571 |
Artificial Intelligence
Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting
SAN DIEGO and CALGARY, AB, April 25, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the acceptance of two abstracts at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, which is taking place from May 31 – June 4, 2024, in Chicago, Illinois. Details on the abstracts and poster presentation are shown below.
Title: Phase 1/2 randomized, open-label, multicenter, Simon two-stage study of pelareorep combined with modified FOLFIRINOX +/- atezolizumab in patients with metastatic pancreatic ductal adenocarcinoma.
Presentation Type: PosterAbstract Number: TPS4203Session Title: Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and HepatobiliarySession Date and Time: June 1, 2024, 1:30 – 4:30 p.m. CTTitle: Pelareorep driven blood TIL expansion in patients with pancreatic, breast and colon cancer.Presentation Type: Online abstractAbstract Number: e14625
Abstracts will be published on the ASCO Annual Meeting website at 5:00 p.m. ET on May 23, 2024.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid and hematological malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
[email protected]
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/oncolytics-biotech-announces-upcoming-presentations-at-the-american-society-of-clinical-oncology-annual-meeting-302127245.html
Artificial Intelligence
Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology
WESTFORD, Mass., April 25, 2024 /PRNewswire/ — SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.
Download a detailed overview:
https://www.skyquestt.com/report/internet-of-things-market
Browse in-depth TOC on “Internet of Things (IoT) Market”
Pages – 197Tables – 69Figures – 75Internet of Things (IoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 380.6 billion
Estimated Value by 2031
$1572.37 billion
Growth Rate
Poised to grow at a CAGR of 19.4%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component Type, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies
Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/internet-of-things-market
Internet of Things (IoT) Market Insights:
Drivers
Advancements in connectivity and connected device technologies.Growing demand for Industrial IoT (IIoT) solutions.Increasing number of smart cities and development of smart infrastructure.Restraints
Lack of standardization of IoT devices and technologies.Privacy and data security issues.Interoperability challenges and complex integration scenarios.Prominent Players in Internet of Things (IoT) Market
MicrosoftCisco SystemsIntelSiemens (Germany)AWS (US)Oracle (US)Qualcomm (UK)SAP (Germany)IBM (US)Google (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-market
Key Questions Answered in Internet of Things (IoT) Market Report
What are the top drivers for Internet of Things (IoT) market going forward?Who are the leading Internet of Things (IoT) market players?Where will demand for Internet of Things (IoT) be high?Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?This report provides the following insights:
Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh Skyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
View original content:https://www.prnewswire.co.uk/news-releases/internet-of-things-iot-market-to-expand-at-a-stellar-19-4-cagr-through-2031–skyquest-technology-302127239.html
Artificial Intelligence
Sapiens Unveils Enhanced Reinsurance and Analytics Solution Catering to Evolving Market Demands
Latest version enhances operational efficiency, regulatory reporting, and strategic decision-making with robust business insights
ROCHELLE PARK, N.J., April 25, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced the launch of its latest version of Sapiens ReinsuranceMaster.
The new release of Version 9 brings a multitude of enhancements and technology stack updates, designed to empower insurers and reinsurers with robust, enriched functionality to support business requirements. This includes automating global inter-company retrocession, facilitating U.S. NAIC statutory reporting (Schedule F), and real-time reinsurance allocation support (‘reinsurance as a service’).
The latest release offers a multitude of enhancements, with one of the standout features being the seamless integration of Sapiens Intelligence with Sapiens ReinsuranceMaster. This integration empowers users with advanced data capabilities and actionable insights through out-of-the-box reinsurance reports and analytics of the reinsurance portfolio’s performance.
In addition, the new release brings significant improvements to the user experience, with a revamped user interface, enhancements in processing performance through improvements and parallel processing mechanisms, improved scalability and operability.
“With the growing significance of reinsurance in today’s volatile environment, our latest version of Sapiens ReinsuranceMaster with Sapiens Intelligence offers even greater value to insurers and reinsurers, catering to the ever-changing demands of this dynamic market,” said Roni Al-Dor, Sapiens President & CEO. “Leveraging the shared experience from our other products as well as requirements from our global client base, the solution is now very well-positioned to support global automation of complex reinsurance programs and provide management with insights into reinsurance performance as well as statutory reporting.”
Sapiens ReinsuranceMaster is a comprehensive, single platform for large and multi-national reinsurance programs, providing full financial control and flexibility across all lines of business. The solution supports the entire range of reinsurance contracts, providing full support for all auditing requirements and a consolidated view of liabilities and risks, as well as helping prevent financial leakage.
Sapiens Intelligence, now a fully integrated component of Sapiens ReinsuranceMaster v.9, produces actionable insights to maximize the value of data and KPIs for smarter decision making, improving reinsurance business management.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn
Investor and Media Contact : Yaffa Cohen-Ifrah Sapiens Chief Marketing Officer and Head of Investor Relations Email: [email protected]
Forward Looking Statements
Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic, and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.
While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
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