Artificial Intelligence
NETSOL Technologies Reports Fiscal First Quarter 2021 Financial Results
- Net Income of $718,000, $0.06 EPS and $4.7 Million Cash from Operations
- Gross Subscription (SaaS) and Annual Recurring And Contracted Support Revenues Exceeded $5 Million for the First Time
- Major Go-Live Event, Double-Digit Recurring Revenue Growth, and Continued Cost Management Efforts Yield Fourth Straight Quarter of Profitability
- OTOZ Partnering to Launch a Digital Automotive Retail Platform for a U.S. Based Subsidiary of a Renowned German Auto Manufacturer for One of its Key Brands with an Initial Launch in California in Early Calendar 2021
- Moderate Return to Business Conditions, Coupled with High-Value, Near-Term Pipeline of Opportunities Underscore Cautiously Optimistic Growth Outlook for Fiscal 2021
CALABASAS, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal first quarter ended September 30, 2020.
Fiscal First Quarter 2021 and Recent Operational Highlights
- Successfully implemented the NFS Ascent® Retail Platform, including the Company’s proprietary Loan Origination System (LOS) and Contract Management System (CMS) for a tier-one German auto captive finance company in China in the second phase of a previously announced $30 million contract.
- Regarding previously announced 12-country, $110 million contract with German auto manufacturing giant, the Company made continued progress with respect to additional NFS Ascent® implementations. The Company has successful Go Live events in Singapore and Thailand in September and October, respectively. The implementation process has also now begun in New Zealand and Australia.
- 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.
- 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.
- Generated $315,000 in additional SaaS subscription and support revenues, which are recurring in nature and anticipated to gradually increase as the Company implements NFS legacy products and NFS Ascent®.
- NETSOL effectively generated approximately $1.3 million by successfully implementing change requests from various customers across multiple regions.
- NETSOL’s new mobility startup subsidiary, Otoz, is partnering to launch its digital automotive retail platform for a U.S. based subsidiary of a renowned German auto manufacturer for one of its key brands.
Fiscal First Quarter 2021 Financial Results
Total net revenues for the first quarter of fiscal 2021 were $12.6 million, compared with $13.6 million in the prior year period. The decrease in total net revenues was primarily due to a decrease in total license fees of $2.5 million, which was offset by an increase in subscription and support revenues of $565,000 and an increase in total service revenues of $970,000.
- Total license fees were $3,500, compared with $2.5 million in the prior year period.
- Total subscription (SaaS and Cloud) and support revenues were $5.2 million, compared with $4.6 million in the prior year period.
- Total services revenues were $7.5 million, compared with $6.5 million in the prior year period.
Gross profit for the first quarter of fiscal 2021 was $6.4 million (or 50.5% of net revenues), compared to $6.1 million (or 45.0% of net revenues) in the first quarter of fiscal 2020. The increases in gross profit and gross profit as a percentage of revenue were primarily due to decreases in cost of revenues, which were predominantly driven by a decrease in travel expenses resulting from the COVID-19 pandemic.
Operating expenses for the first quarter of fiscal 2021 decreased 18.2% to $5.3 million (or 42.3% of net revenues) from $6.5 million (or 48.2% of net revenues) for the first quarter of fiscal 2020. The decrease in operating expenses was primarily due to decreases in selling and marketing, professional services, research and development and general and administrative expenses, which were offset by a minor increase in depreciation and amortization.
GAAP net income attributable to NETSOL for the first quarter of fiscal 2021 totaled $718,000 or $0.06 per diluted share, compared with GAAP net loss of $(1.8) million or $(0.16) per diluted share in the first quarter of fiscal 2020. GAAP net income attributable to NETSOL included a $296,000 gain on foreign currency exchange transactions in the first quarter of fiscal 2020, which was a significant increase compared with a loss of $1.8 million in the prior year period.
Non-GAAP adjusted EBITDA for the first quarter of fiscal 2021 totaled $1.6 million or $0.14 per diluted share, compared with non-GAAP adjusted EBITDA loss of $(1.1) million or $(0.09) per diluted share in the first quarter of fiscal 2020 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At September 30, 2020, cash and cash equivalents were $24.9 million, an increase from $20.2 million at June 30, 2020.
Management Commentary
“The beginning of the fiscal year was an extension of the same business conditions we’ve witnessed since the pandemic took hold, but we are continuing to operate efficiently, control costs and execute on our long-term strategic growth plan,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “Financially, we generated roughly $1.3 million from change requests and reduced expenses by nearly 20% leading to sustained profitability on a trailing-twelve-month basis. We also grew our recurring revenue base by double digits to $5.2 million. As we layer on maintenance fees through larger, traditional, enterprise contracts and increase our SaaS-based footprint, we expect to build this base over time, which provides for more predictable revenues with a more attractive margin profile.
“During fiscal Q1, we were very active on the implementation front and had multiple successful ‘Go Live’ events within our APAC region for a pair of major international auto manufacturers. We are also gaining traction with mid-size auto captives in our North American and European markets with the latter comprising a greater portion of overall revenues compared to last year. Our Otoz Innovation Lab remains a bright spot, making great progress on current partnerships, including work with a renowned German OEM on a digital automotive retail platform for one of its key brands. With several catalysts on the horizon, we are optimistic about our prospects for the new fiscal year.”
Sales Outlook
Ghauri added: “Sales discussions with a number of potential customers remain active, and we are confident that the market is beginning to pick up in all global regions. We have a number of high-value, near-term opportunities in our pipeline and are cautiously optimistic about our growth outlook.”
Otoz Update
“We recently began a partnership to launch a fully-digital mobile app for a major German auto captive in the U.S. that will enable a touchless customer journey, all built on the Otoz platform,” said Naeem Ghauri, CEO of Otoz. “The end product will be rolled out to hundreds of auto dealers across the U.S. and is expected to generate significant SaaS revenues for our business. Separately, we are in the final contract negotiation stages with a number of other major players in the automotive space and look forward to announcing those agreements in the near future.”
Conference Call
NETSOL Technologies management will hold a conference call today (November 16, 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 November 30, 2020.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13712135
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 | September 30, 2020 | June 30, 2020 | |||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 24,885,365 | $ | 20,166,830 | |||||
Accounts receivable, net of allowance of $279,903 and $435,611 | 6,732,575 | 10,131,752 | |||||||
Accounts receivable – related party, net of allowance of $1,373,099 and $90,594 | – | 1,282,505 | |||||||
Revenues in excess of billings, net of allowance of $91,250 and $188,914 | 18,430,766 | 17,198,281 | |||||||
Revenues in excess of billings – related party, net of allowance of $8,163 and $0 | – | 8,163 | |||||||
Other current assets, net of allowance of $1,243,633 and $0 | 2,616,769 | 3,108,180 | |||||||
Total current assets | 52,665,475 | 51,895,711 | |||||||
Revenues in excess of billings, net – long term | – | 1,300,289 | |||||||
Convertible note receivable – related party, net of allowance of $4,250,000 and $0 | – | 4,250,000 | |||||||
Property and equipment, net | 11,256,306 | 11,329,631 | |||||||
Right of use of assets – operating leases | 2,133,902 | 2,360,129 | |||||||
Long term investment | 2,417,291 | 2,387,692 | |||||||
Other assets | 41,175 | 41,992 | |||||||
Intangible assets, net | 5,032,630 | 5,391,077 | |||||||
Goodwill | 9,516,568 | 9,516,568 | |||||||
Total assets | $ | 83,063,347 | $ | 88,473,089 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued expenses | $ | 6,005,999 | $ | 5,680,837 | |||||
Current portion of loans and obligations under finance leases | 9,677,277 | 9,139,561 | |||||||
Current portion of operating lease obligations | 1,165,957 | 1,111,912 | |||||||
Unearned revenues | 2,775,600 | 4,095,472 | |||||||
Common stock to be issued | 88,324 | 88,324 | |||||||
Total current liabilities | 19,713,157 | 20,116,106 | |||||||
Loans and obligations under finance leases; less current maturities | 1,705,699 | 1,539,975 | |||||||
Operating lease obligations; less current maturities | 1,110,832 | 1,339,965 | |||||||
Total liabilities | 22,529,688 | 22,996,046 | |||||||
Commitments and contingencies | |||||||||
Stockholders’ equity: | |||||||||
Preferred stock, $.01 par value; 500,000 shares authorized; | – | – | |||||||
Common stock, $.01 par value; 14,500,000 shares authorized; | |||||||||
12,137,045 shares issued and 11,742,490 outstanding as of September 30, 2020 and | |||||||||
12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 | 121,371 | 121,222 | |||||||
Additional paid-in-capital | 128,764,618 | 128,677,754 | |||||||
Treasury stock (at cost, 394,555 shares and 247,503 shares | |||||||||
as of September 30, 2020 and June 30, 2020, respectively) | (1,920,645 | ) | (1,455,969 | ) | |||||
Accumulated deficit | (39,861,985 | ) | (34,269,817 | ) | |||||
Other comprehensive loss | (33,210,231 | ) | (34,085,047 | ) | |||||
Total NetSol stockholders’ equity | 53,893,128 | 58,988,143 | |||||||
Non-controlling interest | 6,640,531 | 6,488,900 | |||||||
Total stockholders’ equity | 60,533,659 | 65,477,043 | |||||||
Total liabilities and stockholders’ equity | $ | 83,063,347 | $ | 88,473,089 | |||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
For the Three Months | |||||||||
Ended September 30, | |||||||||
2020 | 2019 | ||||||||
Net Revenues: | |||||||||
License fees | $ | 3,475 | $ | 2,464,216 | |||||
Subscription and support | 5,171,863 | 4,606,376 | |||||||
Services | 7,472,040 | 6,418,891 | |||||||
Services – related party | – | 82,933 | |||||||
Total net revenues | 12,647,378 | 13,572,416 | |||||||
Cost of revenues: | |||||||||
Salaries and consultants | 4,526,649 | 4,454,964 | |||||||
Travel | 103,752 | 1,342,635 | |||||||
Depreciation and amortization | 707,249 | 719,665 | |||||||
Other | 928,153 | 944,524 | |||||||
Total cost of revenues | 6,265,803 | 7,461,788 | |||||||
Gross profit | 6,381,575 | 6,110,628 | |||||||
Operating expenses: | |||||||||
Selling and marketing | 1,609,604 | 1,743,868 | |||||||
Depreciation and amortization | 221,790 | 202,387 | |||||||
General and administrative | 3,427,636 | 3,918,613 | |||||||
Research and development cost | 85,989 | 672,970 | |||||||
Total operating expenses | 5,345,019 | 6,537,838 | |||||||
Income (loss) from operations | 1,036,556 | (427,210 | ) | ||||||
Other income and (expenses) | |||||||||
Loss on sale of assets | (21,742 | ) | (289 | ) | |||||
Interest expense | (103,327 | ) | (63,663 | ) | |||||
Interest income | 200,821 | 399,229 | |||||||
Gain (loss) on foreign currency exchange transactions | 296,041 | (1,760,190 | ) | ||||||
Share of net loss from equity investment | (107,850 | ) | (189,224 | ) | |||||
Other income | 87,272 | 18,326 | |||||||
Total other income (expenses) | 351,215 | (1,595,811 | ) | ||||||
Net income (loss) before income taxes | 1,387,771 | (2,023,021 | ) | ||||||
Income tax provision | (264,294 | ) | (238,238 | ) | |||||
Net income (loss) | 1,123,477 | (2,261,259 | ) | ||||||
Non-controlling interest | (405,923 | ) | 433,312 | ||||||
Net income (loss) attributable to NetSol | $ | 717,554 | $ | (1,827,947 | ) | ||||
Net income per share: | |||||||||
Net income per common share | |||||||||
Basic | $ | 0.06 | $ | (0.16 | ) | ||||
Diluted | $ | 0.06 | $ | (0.16 | ) | ||||
Weighted average number of shares outstanding | |||||||||
Basic | 11,787,233 | 11,664,239 | |||||||
Diluted | 11,787,233 | 11,664,239 | |||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
For the Three Months | |||||||||||
Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 1,123,477 | $ | (2,261,259 | ) | ||||||
Adjustments to reconcile net income (loss) | |||||||||||
to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 929,039 | 922,052 | |||||||||
Provision for bad debts | (258,160 | ) | (38,621 | ) | |||||||
Share of net loss from investment under equity method | 107,850 | 189,224 | |||||||||
Loss on sale of assets | 21,742 | 289 | |||||||||
Stock based compensation | 90,995 | 164,293 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 3,823,299 | 4,836,183 | |||||||||
Accounts receivable – related party | – | 46,016 | |||||||||
Revenues in excess of billing | 394,995 | (1,870,517 | ) | ||||||||
Revenues in excess of billing – related party | – | 66,330 | |||||||||
Other current assets | (393,253 | ) | (278,677 | ) | |||||||
Accounts payable and accrued expenses | 255,239 | 122,012 | |||||||||
Unearned revenue | (1,383,619 | ) | (1,631,245 | ) | |||||||
Net cash provided by operating activities | 4,711,604 | 266,080 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (489,289 | ) | (321,125 | ) | |||||||
Sales of property and equipment | 32,673 | 958 | |||||||||
Convertible note receivable – related party | – | (435,000 | ) | ||||||||
Investment in associates | (60,500 | ) | – | ||||||||
Net cash used in investing activities | (517,116 | ) | (755,167 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of subsidiary options | – | 11,621 | |||||||||
Purchase of treasury stock | (464,676 | ) | – | ||||||||
Proceeds from bank loans | 697,295 | – | |||||||||
Payments on finance lease obligations and loans – net | (143,506 | ) | (147,376 | ) | |||||||
Net cash provided by (used in) financing activities | 89,113 | (135,755 | ) | ||||||||
Effect of exchange rate changes | 434,934 | 879,857 | |||||||||
Net increase in cash and cash equivalents | 4,718,535 | 255,015 | |||||||||
Cash and cash equivalents at beginning of the period | 20,166,830 | 17,366,364 | |||||||||
Cash and cash equivalents at end of period | $ | 24,885,365 | $ | 17,621,379 | |||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
For the Three Months Ended | For the Three Months Ended | |||||||
September 30, 2020 | September 30, 2019 | |||||||
Net Income (loss) attributable to NetSol | $ | 717,554 | $ | (1,827,947 | ) | |||
Non-controlling interest | 405,923 | (433,312 | ) | |||||
Income taxes | 264,294 | 238,238 | ||||||
Depreciation and amortization | 929,039 | 922,052 | ||||||
Interest expense | 103,327 | 63,663 | ||||||
Interest (income) | (200,821 | ) | (399,229 | ) | ||||
EBITDA | $ | 2,219,316 | $ | (1,436,535 | ) | |||
Add back: | ||||||||
Non-cash stock-based compensation | 90,995 | 164,293 | ||||||
Adjusted EBITDA, gross | $ | 2,310,311 | $ | (1,272,242 | ) | |||
Less non-controlling interest (a) | (698,844 | ) | 191,235 | |||||
Adjusted EBITDA, net | $ | 1,611,467 | $ | (1,081,007 | ) | |||
Weighted Average number of shares outstanding | ||||||||
Basic | 11,787,233 | 11,664,239 | ||||||
Diluted | 11,787,233 | 11,664,239 | ||||||
Basic adjusted EBITDA | $ | 0.14 | $ | (0.09 | ) | |||
Diluted adjusted EBITDA | $ | 0.14 | $ | (0.09 | ) | |||
(a)The reconciliation of adjusted EBITDA of non-controlling interest | ||||||||
to net income attributable to non-controlling interest is as follows | ||||||||
Net Income (loss) attributable to non-controlling interest | $ | 405,923 | $ | (433,312 | ) | |||
Income Taxes | 48,649 | 53,335 | ||||||
Depreciation and amortization | 264,565 | 259,635 | ||||||
Interest expense | 31,520 | 19,041 | ||||||
Interest (income) | (65,957 | ) | (105,501 | ) | ||||
EBITDA | $ | 684,700 | $ | (206,802 | ) | |||
Add back: | ||||||||
Non-cash stock-based compensation | 14,144 | 15,567 | ||||||
Adjusted EBITDA of non-controlling interest | $ | 698,844 | $ | (191,235 | ) | |||
Artificial Intelligence
Cognitive Security Market Projected to Reach $134.26 billion by 2030 – Exclusive Report by 360iResearch
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“The Essential Role of Cognitive Security in Today’s Digital Age”
As digital transformation reshapes industries, the surge in data generation and intricate data management challenges have outpaced traditional cyber defense mechanisms. Cognitive security adept at processing and analyzing vast arrays of data in real-time, uncovering patterns and anomalies indicative of cybersecurity threats. This advanced approach enables proactive threat detection and swift response measures, significantly mitigating the risks of data breaches and cyber incidents. Cognitive security solutions adeptly handle diverse data types at unparalleled speeds, offering insights typically elusive to manual analysis by harnessing the power of automation. These systems excel at unveiling sophisticated attacks, skillfully hidden within normal network activities, and continuously evolve through machine learning. This perceptual adaptation is vital in a landscape where cyber threats rapidly transform, and digitalization ushers in new vulnerabilities. Cognitive security is a staunch supporter for organizations, ensuring their security policies remain in lockstep with the ever-evolving cyber threat environment and regulatory demands, thus fortifying digital defenses in an increasingly connected world.
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In an era where cyber threats are constantly evolving, the importance of robust digital security mechanisms cannot be overstated. The approach encompasses a suite of essential services that ensure the effective operation and continuous improvement of cognitive security systems. These include the meticulous deployment and integration of these systems into existing organizational structures, ensuring they work seamlessly with current technologies and protocols. Ongoing support and maintenance to keep these systems at the forefront of cyber defense, alongside training and consulting to empower staff with the knowledge and skills needed to optimize these advanced security solutions. Cutting-edge technologies include biometric recognition, digital signature authentication, real-time security analytics, and a unified platform managing security logs and data. Each component is vital role in creating a secure digital environment that identifies threats and enables swift, informed responses to protect organizational assets and data.
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“International Business Machines Corporation at the Forefront of Cognitive Security Market with a Strong 8.44% Market Share”
The key players in the Cognitive Security Market include Google LLC by Alphabet Inc., Microsoft Corporation, Fortinet, Inc., International Business Machines Corporation, Cisco Systems, Inc., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
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Artificial Intelligence
IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry
Up to $187M CAD to be invested to progress expansion of chip packaging capacity and capabilities and to strengthen R&D at IBM Canada’s Bromont plant
BROMONT, QC, April 26, 2024 /PRNewswire/ — IBM (NYSE: IBM), the Government of Canada, and the Government of Quebec today announced agreements that will strengthen Canada’s semiconductor industry, and further develop the assembly, testing and packaging (ATP) capabilities for semiconductor modules to be used across a wide range of applications including telecommunications, high performance computing, automotive, aerospace & defence, computer networks, and generative AI, at IBM Canada’s plant in Bromont, Quebec. The agreements reflect a combined investment valued at approximately $187M CAD.
“Today’s announcement is a massive win for Canada and our dynamic tech sector. It will create high-paying jobs, invest in innovation, strengthen supply chains, and help make sure the most advanced technologies are Canadian-made. Semiconductors power the world, and we’re putting Canada at the forefront of that opportunity,” said the Right Honourable Justin Trudeau, Prime Minister of Canada
In addition to the advancement of packaging capabilities, IBM will be conducting R&D to develop methods for scalable manufacturing and other advanced assembly processes to support the packaging of different chip technologies, to further Canada’s role in the North American semiconductor supply chain and expand and anchor Canada’s capabilities in advanced packaging.
The agreements also allow for collaborations with small and medium-sized Canadian-based enterprises with the intent of fostering the development of a semiconductor ecosystem, now and into the future.
“IBM has long been a leader in semiconductor research and development, pioneering breakthroughs to meet tomorrow’s challenges. With the demand for compute surging in the age of AI, advanced packaging and chiplet technology is becoming critical for the acceleration of AI workloads,” said Darío Gil, IBM Senior Vice President and Director of Research. “As one of the largest chip assembly and testing facilities in North America, IBM’s Bromont facility will play a central role in this future. We are proud to be working with the governments of Canada and Quebec toward those goals and to build a stronger and more balanced semiconductor ecosystem in North America and beyond.”
IBM Canada’s Bromont plant is one of North America’s largest chip assembly and testing facilities, having operated in the region for 52 years. Today, the facility transforms advanced semiconductor components into state-of-the-art microelectronic solutions, playing a key role in IBM’s semiconductor R&D leadership alongside IBM’s facilities at the Albany NanoTech Complex and throughout New York’s Hudson Valley. These agreements will help to further establish a corridor of semiconductor innovation from New York to Bromont.
“Advanced packaging is a crucial component of the semiconductor industry, and IBM Canada’s Bromont plant has led the world in this process for decades,” said Deb Pimentel, president of IBM Canada. “Building upon IBM’s 107-year legacy of technology innovation and R&D in Canada, the Canadian semiconductor industry will now become even stronger, allowing for robust supply chains and giving Canadians steady access to even more innovative technologies and products. This announcement represents just one more example of IBM’s leadership and commitment to the country’s technology and business landscape.”
Chip packaging, the process of connecting integrated circuits on a chip or circuit board, has become more complex as electronic devices have shrunk and the components of chips themselves get smaller and smaller. IBM announced the world’s first 2 nanometer chip technology in 2021 and, as the semiconductor industry moves towards new methods of chip construction, advances in packaging will grow in importance.
“Semiconductors are part of our everyday life. They are in our phones, our cars, and our appliances. Through this investment, we are supporting Canadian innovators, creating good jobs, and solidifying Canada’s semiconductor industry to build a stronger economy. Canada is set to play a larger role in the global semiconductor industry thanks to projects like the one we are announcing today. Because, when we invest in semiconductor and quantum technologies, we invest in economic security.” — The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“This investment by IBM in Bromont will ensure that Quebec continues to stand out in the field of microelectronics. An increase in production capacity will solidify Quebec’s position in the strategic microelectronics sector in North America.” — The Honourable Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal region
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in semiconductors, AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media ContactLorraine BaldwinIBM [email protected]
Willa HahnIBM [email protected]
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Artificial Intelligence
HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.
MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group.
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence. We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
Website
*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia. For more information, please visit www.jrautomation.com.
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
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