Artificial Intelligence
CloudMD Reports Record Revenue of $3.4 Million in Q3 2020
Recent Acquisitions Driving Annualized Revenue Run Rate of $35 Million
- Significant growth and expansion, announcing seven acquisitions during the quarter and adding approximately $19 million to revenue
- Gross margin of 42% as a result of higher margin verticals and increase in telehealth usage
- Closed oversubscribed $20.8 million bought deal during Q3 and $37.3 million bought deal subsequent to the quarter
- Strong balance sheet with current cash position of approximately $60 million; fully-funded to continue executing on robust pipeline of acquisition targets
- On track to achieve (i) annualized revenue run rate exceeding $35 million, (ii) gross margin exceeding 50%, and (iii) improved Adjusted EBITDA performance
VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company revolutionizing the delivery of healthcare to patients, announced its financial results for the third quarter ending September 30, 2020. All financial information is presented in Canadian dollars unless otherwise indicated.
Dr. Essam Hamza, CEO of CloudMD commented, “I am very pleased with our third quarter results, which have provided us a strong foundation for continued aggressive growth. We are well-funded after raising almost $60 million over the last few months, which will allow us to deploy capital on a robust pipeline of acquisition targets. Based on our Q3 results, combined with recently completed and announced acquisitions, we currently have a solid annualized revenue run rate of $35 million; through planned accretive acquisitions and organic growth, we are confident that this run rate will continue to grow in 2021. We recently closed a number of key acquisitions in Q4 including Snapclarity, iMD, Benchmark and Re:Function which will provide meaningful revenue and are fundamental to our new Enterprise Health Solutions Division. These acquisitions were transformational for us as we are now one of the only healthcare technology companies to provide comprehensive primary and specialist care, mental health support, and educational resources on our proprietary platforms to healthcare practitioners, patients and enterprise clients. We are extremely proud that CloudMD has positioned itself as a leader in this space. Our focus on engaging patients and empowering practitioners has created a transformational shift on how healthcare is delivered and proven to have better outcomes for all members involved. We’d like to thank our loyal shareholders and look forward to the next phase of this exciting journey.”
Q3 2020 Financial Highlights
- Q3 2020 total revenue was $3.4 million, compared to $2.2 million in Q3 2019, an increase of 55%. The revenue generated from Software-as-a-Service (“SaaS”) model digital services was $0.5 million compared to $0.4 million in Q3 2019, an increase of 22% primarily attributable to organic growth. The revenue generated from clinic services and pharmacies was $2.9 million compared to $1.8 million in Q3 2019, an increase of 62%.
- Q3 2020 gross margin was 42%, compared to 46% in Q3 2019. Gross margin for the underlying businesses remained stable, and overall gross margin decreased due to the revenue mix. In the past year, the business acquisitions completed were primarily clinic services and pharmacies, which attracts a lower margin as compared to SaaS model digital services. Subsequent acquisitions have been more focused on SaaS model digital services and Enterprise Health Solutions which should have a positive impact on overall margins.
- Net loss and comprehensive loss in Q3 2020 was $2.7 million or $0.02 per share, compared to $0.8 million or $0.01 per share in Q3 2019. In the quarter, the Company made strategic investments in numerous marketing initiatives to build awareness of the Company and its products and services, which it expects to result in strong future organic growth.
- Adjusted EBITDA was a loss of $1.3 million for Q3 2020, compared to a loss of $0.1 million in Q3 2019. The Adjusted EBITDA calculation was refined in the quarter to adjust for costs related to financing, acquisitions and litigation including associated loss provisions, for management to better evaluate its cash operating performance. A complete definition and calculation are provided further below, and the calculation has been retroactively applied.
- Cash and cash equivalents as at September 30, 2020 were $33.9 million.
Third Quarter Business Highlights
- On August 5, 2020, the Company announced it closed the acquisition of South Surrey Medical Inc., an integrated medical clinic based in Metro Vancouver, BC.
- On August 11, 2020, the Company appointed Patrick Lo, a leading expert on data protection and regulatory privacy matters for the healthcare sector in North America, as a Strategic Advisor.
- On August 13, 2020, the Company signed a share purchase agreement to acquire majority interest in West Mississauga Medical Ltd., a comprehensive family medicine and specialist medical clinic.
- On September 9, 2020, the Company announced it has appointed experienced healthcare executive, Karen Adams as Chief Health Innovation Officer.
- On September 16, 2020, the Company announced it has appointed experienced industry leaders to its newly formed Chairman’s Advisory Board, all with records of building successful high growth organizations with an international outlook.
- On September 22, 2020, the Company closed a $20.8 million oversubscribed, bought deal financing.
Highlights Subsequent to Third Quarter
- On October 8, 2020, the Company launched CloudMD on Demand, an online, virtual care service for companies, insurers and pharmacies to offer their customers easier, more convenient access to virtual telemedicine.
- On October 15, 2020, the Company announced it has closed the acquisition of Snapclarity Inc., an on demand, digital platform that provides an assessment for mental health disorders which includes a personalized care plan, access to online resources, a clinical healthcare team and the ability to match to the right therapists.
- On October 19, 2020, the Company announced it has appointed Mena Beshay to a newly created, more focused role of Global Head, Corporate Development, and Daniel Lee, an experienced capital markets and technology financial executive, as Chief Financial Officer.
- On October 21, 2020, the Company announced it has signed a binding term sheet to acquire Canadian Medical Directory, Canada’s largest, most trusted, directory of medical professionals including 91,000 practicing physicians and 10,000 residents and nurse practitioners across the country.
- On October 22, 2020, the Company announced it has signed a binding term sheet to acquire Medical Confidence Inc., a revolutionary healthcare navigation platform with proven results in wait time reduction and patient satisfaction.
- On October 26, 2020, the Company announced it has closed the acquisition of an 87.5% interest in Benchmark Systems Inc., a leading cloud-based provider of fully integrated solutions that automate healthcare workflow processes including revenue management, practice management and electronic records management.
- On October 26, 2020, the Company announced it has closed the acquisition of a US-based medical clinic as part of a comprehensive strategy to provide end to end healthcare services for chronic care patients.
- On October 28, 2020, the Company announced it has signed a binding term sheet to acquire HumanaCare Inc., an integrated, Employee Assistance Program (“EAP”) solution which provides holistic, physical and mental health support for employees and their family members.
- On November 9, 2020, the Company announced that it closed a $37.3 million oversubscribed, bought deal financing.
- On November 12, 2020, the Company launched a new Enterprise Health Solutions division, which provides a one-stop-shop for corporations, insurers and advisors to address the comprehensive health and wellness of their employees and their families.
- On November 18, 2020, the Company announced it has closed the acquisition of iMD Health Group Corp., a novel award winning platform designed for healthcare professionals at every level of care to better engage, inform and educate patients about their conditions and treatment plans.
- On November 19, 2020, the Company announced that it has closed the acquisition of Re:Function Health Group Inc., a profitable rehabilitation clinic network of 8 clinics and 37 specialists and allied health professionals across British Columbia.
Outlook
The Company is focused on revolutionizing the healthcare industry by leveraging technology to digitalize its delivery to provide both better access to care which leads to better health outcomes. CloudMD has a strong balance sheet with approximately $60 million in cash, which will allow it to continue deploying capital on a robust pipeline of accretive, synergistic acquisitions. Subsequent to the quarter, the Company completed five strategic acquisitions which enhances its portfolio of SaaS model digital services and clinic services offering. The Company also announced another four acquisitions, primarily focused on its newly created Enterprise Health Solutions Division, which are expected to close by December 31, 2020.
CloudMD’s organic growth will be largely driven by its network of hybrid clinics, pharmacy partnerships, SaaS solutions and enterprise partnerships. Through its recent acquisitions, there are opportunities for cross-functional synergies and cross selling that will drive further organic growth.
With our Q3 2020 financial performance, combined with organic growth, and completed and announced acquisitions, CloudMD is on track to achieve (i) annualized revenue run rate exceeding $35 million, (ii) gross margin exceeding 50%, and (iii) improved Adjusted EBITDA performance.
CloudMD will continue to focus on delivering meaningful shareholder value by executing on its growth strategy through accretive acquisitions, strategic capital allocation and continuing to achieve organic growth across all divisions.
Selected Financial Information
All results were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.
Three months ended | Nine months ended | |||||||||||||||
Selected Financial Information | September 30, | September 30, | ||||||||||||||
2020 | 2019 | (%) | 2020 | 2019 | (%) | |||||||||||
Revenue | $ | 3,358,955 | $ | 2,165,217 | 55 | % | $ | 9,205,671 | $ | 4,327,116 | 113 | % | ||||
Physician fees | (1,086,731 | ) | (494,340 | ) | 120 | % | (2,812,916 | ) | (1,677,598 | ) | 68 | % | ||||
Cost of goods sold | (857,573 | ) | (671,929 | ) | 28 | % | (2,552,531 | ) | (671,929 | ) | 280 | % | ||||
Gross profit (1) | 1,414,651 | 998,948 | 42 | % | 3,840,224 | 1,977,589 | 94 | % | ||||||||
Gross profit % | 42.1 | % | 46.1 | % | 41.7 | % | 45.7 | % | ||||||||
Expenses | 4,094,284 | 1,752,735 | 134 | % | 10,561,582 | 4,924,384 | 114 | % | ||||||||
Loss before other items | (2,679,633 | ) | (753,787 | ) | 255 | % | (6,721,358 | ) | (2,946,795 | ) | 128 | % | ||||
Other items and taxes | (44,440 | ) | (55,888 | ) | -20 | % | (393,826 | ) | (296,725 | ) | 33 | % | ||||
Net and comprehensive loss | (2,724,073 | ) | (809,675 | ) | 236 | % | (7,115,184 | ) | (3,243,520 | ) | 119 | % | ||||
Loss per share, basic and diluted | $ | (0.02 | ) | $ | (0.01 | ) | 100 | % | $ | (0.02 | ) | $ | (0.05 | ) | -66 | % |
(1) Gross profit is a non-GAAP measure as described in the Non-GAAP Financial Measures section of this News Release.
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | (%) | 2020 | 2019 | (%) | |||||||||||
Net loss for the period | $ | (2,724,073 | ) | $ | (809,675 | ) | 236 | % | $ | (7,115,184 | ) | $ | (3,243,520 | ) | 119 | % |
Add: | ||||||||||||||||
Interest and accretion expense | 63,001 | 49,841 | 26 | % | 189,557 | 152,555 | 24 | % | ||||||||
Income taxes | 18,964 | – | 100 | % | 18,964 | – | 100 | % | ||||||||
Depreciation and amortization | 262,128 | 134,373 | 95 | % | 673,468 | 249,305 | 170 | % | ||||||||
EBITDA(1) for the period | (2,379,980 | ) | (625,461 | ) | 281 | % | (6,233,195 | ) | (2,841,660 | ) | 119 | % | ||||
Stock-based compensation | 558,603 | 459,934 | 21 | % | 1,507,930 | 1,225,841 | 23 | % | ||||||||
Financing-related costs | 245,123 | – | 100 | % | 504,637 | – | 100 | % | ||||||||
Acquisition-related costs | 191,380 | 29,083 | 558 | % | 308,899 | 108,093 | 186 | % | ||||||||
Litigation costs and loss provision | 63,154 | 482 | 12992 | % | 466,632 | 20,932 | 2129 | % | ||||||||
Loss from discontinued operations | – | – | 0 | % | – | (22,967 | ) | -100 | % | |||||||
Adjusted EBITDA(1) for the period | $ | (1,321,720 | ) | $ | (135,962 | ) | 872 | % | $ | (3,445,097 | ) | $ | (1,509,761 | ) | 128 | % |
(1) EBITDA and Adjusted EBITDA are non-GAAP measures as described in the Non-GAAP Financial Measures section of this News Release. The calculation of Adjusted EBITDA has been amended this quarter to exclude financing-related costs, acquisition-related costs, litigation costs and loss provision, which are not operational in nature.
Financial Statements and Management’s Discussion and Analysis
This news release should be read in conjunction with the Company’s condensed interim consolidated financial statements and related notes, and management’s discussion and analysis for the three and nine months ended September 30, 2020 and 2019, copies of which can be found at www.sedar.com.
Non-GAAP Financial Measures
In addition to the results reported in accordance with IFRS, the Company uses various non-GAAP financial measures, which are not recognized under IFRS, as supplemental indicators of the Company’s operating performance and financial position. These non-GAAP financial measures are provided to enhance the user’s understanding of the Company’s historical and current financial performance and its prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of the Company’s core operating results and ongoing operations and provide a more consistent basis for comparison between quarters and years. Details of such non-GAAP financial measures and how they are derived are provided below as well as in conjunction with the discussion of the financial information reported.
Since non-GAAP financial measures do not have any standardized meanings prescribed by IFRS, other companies may calculate these non-IFRS measures differently and our non-GAAP financial measures may not be comparable to similar titled measures of other companies. Accordingly, investors are cautioned not to place undue reliance on them and are also urged to read all IFRS accounting disclosures presented in the unaudited condensed interim consolidated financial statements and the accompanying notes for the three and nine months ended September 30, 2020 and 2019, and the consolidated financial statements and the accompanying notes for years ended December 31, 2019 and 2018.
EBITDA
EBITDA is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. EBITDA referenced herein relates to earnings before interest, taxes, depreciation and amortization. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the cash operating income (loss) of the business. Please refer to section on EBITDA for reconciliation.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Adjusted EBITDA referenced herein relates to earnings before interest, taxes, depreciation, amortization, stock-based compensation, financing-related costs, acquisition-related costs, litigation costs and loss provision, and loss from discontinued operations. This measure does not have a comparable IFRS measure and is used by the Company to evaluate its cash operating income (loss) of the business, adjusted for factors that are unusual in nature or factors that are not indicative of the operating performance of the Company. Please refer to section on Adjusted EBITDA for reconciliation.
Gross Profit
Gross Profit is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross Profit referenced herein relates to revenues less physician fees and cost of goods sold. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the business.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing a patient centric approach, with an emphasis on continuity of care. The Company offers SAAS based health technology solutions to healthcare providers across North America and has developed proprietary technology that delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD currently services a combined ecosystem of over 500 clinics, almost 4000 licensed practitioners and 8 million patient charts across North America.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
[email protected]
Forward Looking Statements
This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Artificial Intelligence
Clinical Trials Matching Software Market Projected to Reach $832.56 million by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 18, 2024 /PRNewswire/ — The report titled “Clinical Trials Matching Software Market by Functionality (Analytics & Reporting, Compliance Tracking, Data Management), Deployment (Cloud & Web Based, On-Premise), End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $342.20 million in 2023 to reach $832.56 million by 2030, at a CAGR of 13.54% over the forecast period.
“The Global Surge in Adoption of Matching Software for Enhanced Participant Enrollment”
Clinical trials matching software stands at the forefront of revolutionizing clinical research by automating the process of identifying and enrolling eligible participants. These platforms offer a streamlined approach to match patient health profiles with trial requirements, accelerating enrollment and supporting the shift toward personalized healthcare using these advanced AI and ML technologies. Although integrating these systems poses challenges due to variations in healthcare IT infrastructure and the imperative for rigorous data security, the potential for market growth is substantial. In the Americas, a robust clinical trials ecosystem thrives; in the European Union, it has unified regulatory standards and extended to emerging regions such as the Middle East, Africa, and the APAC countries; the demand for such innovative solutions is on a steep rise. This demand is fueled by governmental support, the evolving regulatory landscape, and strategic partnerships to embed these solutions within electronic health records, underscoring a global movement toward optimizing clinical trial processes to better cater to specific patient demographics.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/clinical-trials-matching-software
“The Rise of Virtual Trials and Advanced Matching Software”
The healthcare landscape is witnessing a transformative shift toward virtual clinical trials, fueled by technological advancements and the necessity for continuity during the COVID-19 pandemic. This transition supports research amid social distancing measures and introduces significant cost savings by reducing the need for physical infrastructure and in-person interactions. The efficiencies brought by electronic health records (EHR), wearable technologies, and automation streamline the entire process, from patient recruitment to data analysis. Several approaches, endorsed by regulatory bodies such as the FDA, represent a leap forward in making clinical trials more accessible and streamlined, ensuring that more patients can participate in potentially life-saving research without the geographical and logistic constraints of traditional trials.
“Enhancing Clinical Trials through Advanced Analytics, Rigorous Compliance, and Precision-Patient Matching”
Integrating advanced analytics, meticulous compliance monitoring, and precision-patient matching marks a significant advancement toward maximizing efficiency and fostering trial diversity. The software delivers insightful data on trial progress, participant demographics, and enrollment figures, empowering stakeholders to make well-informed decisions and optimize resource distribution to meet trial goals effectively by implementing cutting-edge analytics. The built-in compliance feature ensures trials are conducted in strict adherence to regulatory standards, minimizing risks associated with non-compliance. Furthermore, a robust data management system guarantees the integrity and availability of clinical trial data, which is critical for the seamless operation and real-time analysis of trials. The software includes state-of-the-art patient matching technology, which employs sophisticated algorithms and artificial intelligence to expedite recruitment by accurately identifying candidates who match specific trial requirements. This innovative approach accelerates the recruitment timeline and enhances the diversification of trial participants, paving the way for more inclusive and representative clinical research outcomes.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/clinical-trials-matching-software
“Medidata by Dassault Systèmes SE at the Forefront of Clinical Trials Matching Software Market with a Strong 11.30% Market Share”
The key players in the Clinical Trials Matching Software Market include International Business Machines Corporation, Science 37, Inc. by eMed, LLC, Medidata by Dassault Systèmes SE, AutoCruitment LLC, Deep 6 AI Inc., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Clinical Trials Matching Software Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Clinical Trials Matching Software Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Clinical Trials Matching Software Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/clinical-trials-matching-software
“Dive into the Clinical Trials Matching Software Market Landscape: Explore 190 Pages of Insights, 286 Tables, and 22 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsClinical Trials Matching Software Market, by FunctionalityClinical Trials Matching Software Market, by DeploymentClinical Trials Matching Software Market, by End-UseAmericas Clinical Trials Matching Software MarketAsia-Pacific Clinical Trials Matching Software MarketEurope, Middle East & Africa Clinical Trials Matching Software MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/clinical-trials-matching-software
Related Reports:
Clinical Trial Support Services Market – Global Forecast 2024-2030Virtual Clinical Trials Market – Global Forecast 2024-2030Clinical Trials Management System Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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Artificial Intelligence
RepTrak Announces 2024 Global RepTrak® 100 Report
BOSTON, April 18, 2024 /PRNewswire/ — The RepTrak™ Company, the world’s leading reputation data and insights company, released its annual Global RepTrak 100 report. Utilizing its advanced reputation monitoring software, RepTrak gathered data from more than 243,000 survey responses across 14 major economies to rank the world’s 100 most reputable companies. They share that ranking alongside a full analysis of global corporate reputation trends and corresponding public sentiment in the 2024 report.
After two years of consecutive Reputation Score declines, this year’s Score is back up with an increase from 73.2 in 2023 to 73.8 in 2024. It’s a small increase after 2023’s full one-point drop. However, it’s an encouraging sign that companies have begun to recover from reputation falls driven by many challenges: macroeconomic issues, workplace difficulties, product problems, and corporate responsibility skepticism.
“This year’s report underscores a pivotal shift in the corporate landscape, spotlighting the remarkable adaptability and dedication of the Top 100 companies in responding to the dynamic needs of stakeholders,” states RepTrak CEO Mark Sonders. “The companies featured in our report are not just riding the wave of change; they are the ones steering it, proving that the best approach to business is one that embraces evolution and champions progress.”
RepTrak’s report explores how people thought, felt, and acted toward companies over the past year. Findings include notable increases in Conduct and Citizenship efforts, stakeholders’ rising willingness to invest, culturally resonant brand communications, and ESG Scores that soared despite skepticism around the acronym.
To read the full 2024 Global RepTrak 100 report, please visit: www.reptrak.com/globalreptrak
About RepTrak
The RepTrak™ Company is the world’s leading reputation data and insights company. We help companies by organizing and grading a variety of reputational elements, offering a real-world report card on their corporate reputation. Subscribers to the RepTrak program use our predictive insights to protect business value, improve return on investment, and increase their positive impact on society. RepTrak’s pairing of advanced metrics and dedicated reputation advisors offers clients an actionable analysis of their reputation data, aligning business objectives with stakeholder sentiment across different markets and sectors.
Established in 2004, The RepTrak Company owns the world’s largest reputation benchmarking database, gathering over 1 million company ratings per year used by CEOs, boards, and executives in more than 60 countries worldwide. For more information, please visit: www.reptrak.com
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Artificial Intelligence
Group-IB takes part in a global operation to cripple Canadian Phishing-as-a-Service provider LabHost
SINGAPORE, April 18, 2024 /PRNewswire/ — Group-IB, a leading cybersecurity company aimed at investigating, preventing, and fight digital crime announced today that it participated in a coordinated global takedown operation against prominent Canadian Phishing-as-a-Service (PhaaS) provider LabHost, which has led to the arrest of 37 suspects across the United Kingdom and around the world by law enforcement agencies. As part of the operation, Group-IB also conducted an extensive analysis of LabHost’s criminal history and infrastructure, including insights into LabHost’s administrative platform and the services it provides to its purported user base which exceeds 2,000 subscribers worldwide, who illegally obtained around 480,000 card numbers, 64,000 pin numbers, and over 1 million passwords from victims used for websites and other online services, according to law enforcement agencies.
“By leveraging our Threat Intelligence and Digital Risk Protection, we are able to identify and monitor phishing attacks and websites like those deployed by LabHost and its subscribers around the world, enabling us to actively alert and protect our customers, and in turn, their customers as well,” said Dmitry Volkov, Chief Executive Officer of Group-IB. “Today’s takedown operation demonstrates the agility and responsiveness of our decentralized Digital Crime Resistance Centers, and how quickly we can provide immediate and local assistance wherever our customers may be.”
First uncovered in late 2021, LabHost emerged as a fully automated Phishing-as-a-Service (PhaaS) platform, streamlining the creation of phishing websites meticulously mirroring the interface and functionality of prominent banking, postal, and financial entities, aimed at intercepting, seizing, and profiting from users’ personal, credit card, and online banking credentials. Users are prompted to select from various “membership plans,” tailored to target businesses and individuals in either the United States and Canada, or globally, akin to mobile subscription models. These plans encompass “standard,” “premium,” and “world membership” tiers, priced between US$179 and US$300 monthly, with options for monthly, quarterly, or annual billing cycles.
For media inquiries, please contact [email protected]
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