Artificial Intelligence
Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2021
Industry’s first 176-layer NAND in production
BOISE, Idaho, Jan. 07, 2021 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2021, which ended Dec. 3, 2020.
Fiscal Q1 2021 highlights
- Revenue of $5.77 billion versus $6.06 billion for the prior quarter and $5.14 billion for the same period last year
- GAAP net income of $803 million, or $0.71 per diluted share
- Non-GAAP net income of $897 million, or $0.78 per diluted share
- Operating cash flow of $1.97 billion versus $2.27 billion for the prior quarter and $2.01 billion for the same period last year
“Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand,” said Micron Technology President and CEO Sanjay Mehrotra. “We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.”
Quarterly Financial Results | |||||||||||||||||||
(in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
FQ1-21 | FQ4-20 | FQ1-20 | FQ1-21 | FQ4-20 | FQ1-20 | ||||||||||||||
Revenue | $ | 5,773 | $ | 6,056 | $ | 5,144 | $ | 5,773 | $ | 6,056 | $ | 5,144 | |||||||
Gross margin | 1,736 | 2,068 | 1,366 | 1,784 | 2,111 | 1,405 | |||||||||||||
percent of revenue | 30.1 | % | 34.1 | % | 26.6 | % | 30.9 | % | 34.9 | % | 27.3 | % | |||||||
Operating expenses | 870 | 911 | 848 | 811 | 809 | 811 | |||||||||||||
Operating income | 866 | 1,157 | 518 | 973 | 1,302 | 594 | |||||||||||||
percent of revenue | 15.0 | % | 19.1 | % | 10.1 | % | 16.9 | % | 21.5 | % | 11.5 | % | |||||||
Net income attributable to Micron | 803 | 988 | 491 | 897 | 1,229 | 548 | |||||||||||||
Diluted earnings per share | 0.71 | 0.87 | 0.43 | 0.78 | 1.08 | 0.48 |
Investments in capital expenditures, net(2) were $2.78 billion for the first quarter of 2021. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.36 billion, for a net cash(2) position of $1.73 billion.
Business Outlook
The following table presents Micron’s guidance for the second quarter of 2021:
FQ2-21 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
Revenue | $5.8 billion ± $200 million | $5.8 billion ± $200 million |
Gross margin | 25% ± 1% | 31% ± 1% |
Operating expenses | $882 million ± $25 million | $825 million ± $25 million |
Interest (income) expense, net | $37 million | $35 million |
Diluted earnings per share | $0.41 ± $0.07 | $0.75 ± $0.07 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Thursday, Jan. 7, 2021, at 2:30 p.m. MT to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron® and Crucial® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
(1) | GAAP represents U.S. Generally Accepted Accounting Principles. |
(2) | Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. |
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||
December 3, 2020 |
September 3, 2020 |
November 28, 2019 |
|||||||||
Revenue | $ | 5,773 | $ | 6,056 | $ | 5,144 | |||||
Cost of goods sold | 4,037 | 3,988 | 3,778 | ||||||||
Gross margin | 1,736 | 2,068 | 1,366 | ||||||||
Research and development | 647 | 630 | 640 | ||||||||
Selling, general, and administrative | 214 | 231 | 211 | ||||||||
Other operating (income) expense, net | 9 | 50 | (3 | ) | |||||||
Operating income | 866 | 1,157 | 518 | ||||||||
Interest income | 10 | 13 | 44 | ||||||||
Interest expense | (48 | ) | (50 | ) | (47 | ) | |||||
Other non-operating income (expense), net | 13 | 5 | 46 | ||||||||
841 | 1,125 | 561 | |||||||||
Income tax (provision) benefit | (51 | ) | (136 | ) | (55 | ) | |||||
Equity in net income (loss) of equity method investees | 13 | 1 | 2 | ||||||||
Net income | 803 | 990 | 508 | ||||||||
Net income attributable to noncontrolling interests | — | (2 | ) | (17 | ) | ||||||
Net income attributable to Micron | $ | 803 | $ | 988 | $ | 491 | |||||
Earnings per share | |||||||||||
Basic | $ | 0.72 | $ | 0.89 | $ | 0.44 | |||||
Diluted | 0.71 | 0.87 | 0.43 | ||||||||
Number of shares used in per share calculations | |||||||||||
Basic | 1,115 | 1,111 | 1,107 | ||||||||
Diluted | 1,135 | 1,131 | 1,129 | ||||||||
MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
As of | December 3, 2020 |
September 3, 2020 |
|||||
Assets | |||||||
Cash and equivalents | $ | 5,985 | $ | 7,624 | |||
Short-term investments | 1,047 | 518 | |||||
Receivables | 3,691 | 3,912 | |||||
Inventories | 5,521 | 5,607 | |||||
Other current assets | 285 | 304 | |||||
Total current assets | 16,529 | 17,965 | |||||
Long-term marketable investments | 1,264 | 1,048 | |||||
Property, plant, and equipment | 32,229 | 31,031 | |||||
Operating lease right-of-use assets | 577 | 584 | |||||
Intangible assets | 336 | 334 | |||||
Deferred tax assets | 726 | 707 | |||||
Goodwill | 1,228 | 1,228 | |||||
Other noncurrent assets | 802 | 781 | |||||
Total assets | $ | 53,691 | $ | 53,678 | |||
Liabilities and equity | |||||||
Accounts payable and accrued expenses | $ | 4,856 | $ | 5,817 | |||
Current debt | 273 | 270 | |||||
Other current liabilities | 559 | 548 | |||||
Total current liabilities | 5,688 | 6,635 | |||||
Long-term debt | 6,356 | 6,373 | |||||
Noncurrent operating lease liabilities | 529 | 533 | |||||
Noncurrent unearned government incentives | 656 | 643 | |||||
Other noncurrent liabilities | 555 | 498 | |||||
Total liabilities | 13,784 | 14,682 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity | |||||||
Common stock | 120 | 119 | |||||
Additional capital | 9,034 | 8,917 | |||||
Retained earnings | 34,138 | 33,384 | |||||
Treasury stock | (3,495 | ) | (3,495 | ) | |||
Accumulated other comprehensive income (loss) | 110 | 71 | |||||
Total equity | 39,907 | 38,996 | |||||
Total liabilities and equity | $ | 53,691 | $ | 53,678 | |||
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three months ended | December 3, 2020 |
November 28, 2019 |
|||||
Cash flows from operating activities | |||||||
Net income | $ | 803 | $ | 508 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation expense and amortization of intangible assets | 1,487 | 1,296 | |||||
Amortization of debt discount and other costs | 7 | 10 | |||||
Stock-based compensation | 92 | 72 | |||||
(Gain) loss on debt prepayments, repurchases, and conversions | — | (42 | ) | ||||
Change in operating assets and liabilities | |||||||
Receivables | 251 | (208 | ) | ||||
Inventories | 86 | 175 | |||||
Accounts payable and accrued expenses | (753 | ) | 178 | ||||
Deferred income taxes, net | (24 | ) | 19 | ||||
Other | 18 | 3 | |||||
Net cash provided by operating activities | 1,967 | 2,011 | |||||
Cash flows from investing activities | |||||||
Expenditures for property, plant, and equipment | (2,738 | ) | (1,943 | ) | |||
Purchases of available-for-sale securities | (1,002 | ) | (407 | ) | |||
Proceeds from maturities of available-for-sale securities | 216 | 163 | |||||
Proceeds from sales of available-for-sale securities | 45 | 988 | |||||
Proceeds from government incentives | 40 | 22 | |||||
Other | 21 | (12 | ) | ||||
Net cash provided by (used for) investing activities | (3,418 | ) | (1,189 | ) | |||
Cash flows from financing activities | |||||||
Payments on equipment purchase contracts | (97 | ) | (11 | ) | |||
Repayments of debt | (84 | ) | (1,415 | ) | |||
Acquisition of noncontrolling interest in IMFT | — | (744 | ) | ||||
Proceeds from issuance of debt | — | 1,250 | |||||
Other | (33 | ) | (72 | ) | |||
Net cash provided by (used for) financing activities | (214 | ) | (992 | ) | |||
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 27 | (14 | ) | ||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,638 | ) | (184 | ) | |||
Cash, cash equivalents, and restricted cash at beginning of period | 7,690 | 7,279 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 6,052 | $ | 7,095 | |||
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||
December 3, 2020 |
September 3, 2020 |
November 28, 2019 |
|||||||||
GAAP gross margin | $ | 1,736 | $ | 2,068 | $ | 1,366 | |||||
Stock-based compensation | 41 | 37 | 31 | ||||||||
Other | 7 | 6 | 8 | ||||||||
Non-GAAP gross margin | $ | 1,784 | $ | 2,111 | $ | 1,405 | |||||
GAAP operating expenses | $ | 870 | $ | 911 | $ | 848 | |||||
Stock-based compensation | (51 | ) | (52 | ) | (41 | ) | |||||
Restructure and asset impairments | (8 | ) | (50 | ) | 4 | ||||||
Non-GAAP operating expenses | $ | 811 | $ | 809 | $ | 811 | |||||
GAAP operating income | $ | 866 | $ | 1,157 | $ | 518 | |||||
Stock-based compensation | 92 | 89 | 72 | ||||||||
Restructure and asset impairments | 8 | 50 | (4 | ) | |||||||
Other | 7 | 6 | 8 | ||||||||
Non-GAAP operating income | $ | 973 | $ | 1,302 | $ | 594 | |||||
GAAP net income attributable to Micron | $ | 803 | $ | 988 | $ | 491 | |||||
Stock-based compensation | 92 | 89 | 72 | ||||||||
Restructure and asset impairments | 8 | 50 | (4 | ) | |||||||
Amortization of debt discount and other costs | 7 | 6 | 10 | ||||||||
(Gain) loss on debt prepayments, repurchases, and conversions | — | — | (42 | ) | |||||||
Other | 7 | 6 | 8 | ||||||||
Estimated tax effects of above and non-cash changes in net deferred income taxes | (20 | ) | 90 | 13 | |||||||
Non-GAAP net income attributable to Micron | $ | 897 | $ | 1,229 | $ | 548 | |||||
GAAP weighted-average common shares outstanding – Diluted | 1,135 | 1,131 | 1,129 | ||||||||
Adjustment for stock-based compensation and capped calls | 11 | 11 | 9 | ||||||||
Non-GAAP weighted-average common shares outstanding – Diluted | 1,146 | 1,142 | 1,138 | ||||||||
GAAP diluted earnings per share | $ | 0.71 | $ | 0.87 | $ | 0.43 | |||||
Effects of the above adjustments | 0.07 | 0.21 | 0.05 | ||||||||
Non-GAAP diluted earnings per share | $ | 0.78 | $ | 1.08 | $ | 0.48 |
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||
December 3, 2020 |
September 3, 2020 |
November 28, 2019 |
|||||||||
GAAP net cash provided by operating activities | $ | 1,967 | $ | 2,271 | $ | 2,011 | |||||
Investments in capital expenditures, net | |||||||||||
Expenditures for property, plant, and equipment, net(1) | (2,726 | ) | (2,268 | ) | (1,936 | ) | |||||
Payments on equipment purchase contracts | (97 | ) | (14 | ) | (11 | ) | |||||
Amounts funded by partners | 40 | 122 | 22 | ||||||||
Adjusted free cash flow | $ | (816 | ) | $ | 111 | $ | 86 |
(1) | Expenditures for property, plant, and equipment, net include proceeds from sales of property, plant, and equipment of $12 million for the first quarter of 2021, $12 million for the fourth quarter of 2020, and $7 million for the first quarter of 2020. |
As of | December 3, 2020 |
September 3, 2020 |
|||||
Cash and short-term investments | $ | 7,032 | $ | 8,142 | |||
Current and noncurrent restricted cash | 67 | 66 | |||||
Long-term marketable investments | 1,264 | 1,048 | |||||
Current and long-term debt | (6,629 | ) | (6,643 | ) | |||
Net cash | $ | 1,734 | $ | 2,613 | |||
The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income attributable to Micron, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:
- Stock-based compensation;
- Flow-through of business acquisition-related inventory adjustments;
- Acquisition-related costs;
- Start-up and preproduction costs;
- Employee severance;
- Restructure and asset impairments;
- Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible notes and other debt;
- Gains and losses from debt repurchases and conversions;
- Gains and losses from business acquisition activities;
- Initial impact of inventory accounting policy change to FIFO and change in inventory cost absorption in the second quarter of 2021; and
- The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, and significant changes in tax law.
Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. Non-GAAP diluted shares also include the impact of capped calls, which are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of convertible notes, based on the average share price for the period the capped calls were outstanding.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
GAAP Outlook | Adjustments | Non-GAAP Outlook | |||||
Revenue | $5.8 billion ± $200 million | — | $5.8 billion ± $200 million | ||||
Gross margin | 25% ± 1% | 6% | A | 31% ± 1% | |||
Operating expenses | $882 million ± $25 million | $57 million | B | $825 million ± $25 million | |||
Interest (income) expense, net | $37 million | $2 million | C | $35 million | |||
Diluted earnings per share(1) | $0.41 ± $0.07 | $0.34 | A, B, C, D | $0.75 ± $0.07 | |||
Non-GAAP Adjustments (in millions) |
|||||||||
A | Inventory accounting policy change to FIFO – cost of goods sold | $ | 135 | ||||||
A | Change in inventory cost absorption – cost of goods sold | 165 | |||||||
A | Stock-based compensation – cost of goods sold | 54 | |||||||
A | Other – cost of goods sold | 7 | |||||||
B | Stock-based compensation – research and development | 30 | |||||||
B | Stock-based compensation – sales, general, and administrative | 27 | |||||||
C | Amortization of debt discount and other costs | 2 | |||||||
D | Tax effects of the above items and non-cash changes in net deferred income taxes | (27 | ) | ||||||
$ | 393 |
(1) | GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares. |
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
Contacts: Farhan Ahmad Investor Relations (408) 834-1927 Erica Rodriguez Pompen Media Relations (408) 834-1873
Artificial Intelligence
Reliance Cyber and Google Cloud Security unite to transform cybersecurity for UK businesses
LONDON, May 28, 2024 /PRNewswire/ — Leading Managed Security Service Provider (MSSP), Reliance Cyber has been selected as one of only four MSSPs to partner with Google Cloud Security (GCS). This collaboration is set to make cybersecurity more effective and less complicated for businesses throughout the UK and Ireland.
Why this matters:In today’s complex security environment, businesses face a multitude of challenges, including escalating cyberattacks, an overwhelming number of security alerts, rising cybersecurity costs, and a critical shortage of skilled professionals. The partnership between Reliance Cyber and Google Cloud Security provides organisations with improved security postures through insightful, data-driven analytics, which underpin Reliance Cyber’s XDR service. For businesses facing diverse economic, social, and technological changes—such as the ongoing impacts of COVID-19, the transition to hybrid and remote work, rapid technological advancements like AI, and budget pressures from the cost of living crisis—this partnership represents a significant step forward. It enhances cybersecurity without the usual challenges of high costs, complexity, or the need for specialised staff. It’s about making world-class security simple and available to a wider audience.
What’s changing:
Support for growth: The partnership will expand the reach of state-of-the-art security services to more businesses, helping to protect organisations without the stress of financial and operational barriersEnhanced visibility, lower costs: Leveraging Google’s SOAR capabilities and Chronicle’s powerful telemetry, Reliance Cyber’s tailored ingestion approach means organisations can achieve enhanced visibility across their digital environments at a reduced cost. This approach enables proactive prevention and detection of threats, ensuring better security with less expenditure.Key benefits of the strategic partnership include:
AI and automation: Automation is at the core of Reliance Cyber’s offering. Every alert is enriched with threat intel from leading vendors, automatically correlated, and grouped into cases, reducing mean time to detect (MTTD) and mean time to respond (MTTR). Google’s additions enhance this with lower data ingestion costs, superior threat intelligence, curated detections, and advanced anomaly detection using machine learningSimplified security operations to support staff: Integration of Google Cloud’s SOAR capabilities simplifies the security management landscape, allowing CISOs to focus on strategic planning rather than daily operational hurdlesScalable security for business growth: The partnership supports business expansion strategies by providing scalable security solutions that grow with the company, crucial for organisations driving technological advancementData-driven insights for better decision-making: Boards will gain unparalleled visibility into their digital environments, fostering smarter, faster decision-making to preemptively address potential security threats.Rob Walton, Chief Revenue Officer at Reliance Cyber, on the transformative impact: “We’re thrilled to partner with Google Cloud Security. This partnership aligns perfectly with our mission to deliver comprehensive, advanced security services to the market, making top-level security accessible and manageable for businesses of all sizes. Ultimately, it’s about creating predictability and peace of mind in an area that can often cause businesses and their boards sleepless nights, particularly due to concerns about attacks and the financial constraints that dictate risk appetites.”
Do you want more coverage, at less cost, with zero compromises?
Enquire about a proof of concept. Visit: https://eu1.hubs.ly/H09bKtG0.
About Reliance Cyber
Since our founding in 2003, Reliance Cyber has established itself as a leading Managed Security Service Provider (MSSP). By combining deep cybersecurity expertise with a true partnership ethos, we enable organisations to concentrate on their core business.
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Artificial Intelligence
Eficode acquires Jodocus and reinforces Atlassian Cloud skills and Atlassian partnership in Germany
HELSINKI, May 28, 2024 /PRNewswire/ — Eficode has acquired Jodocus, the first cloud-native Atlassian Platinum partner in Germany. This acquisition further reinforces Eficode’s role as an Atlassian partner in Germany and expands its skills and services in Atlassian Cloud.
“Atlassian is moving to the Cloud, and the related know-how is essential to speed up this transition. Jodocus was originally the first Atlassian partner in Germany to focus fully on the Cloud. Their broad expertise in Atlassian tools and cloud migrations helps our customers in their journey to the cloud and complements our mission to build the future of software development,” says Ilari Nurmi, CEO of Eficode. “We welcome Jodocus’ employees and customers to Eficode.”
Founded in 2019, Jodocus is an Atlassian Platinum Solution Partner with extensive expertise in Atlassian Cloud. In addition to focusing on the Cloud, the Jodocus team offers support on business processes, Application Lifecycle Management, and DevOps. Their customer base is in Germany, with well-known names such as Otto Group and Fricke. Jodocus has 45 employees, and its revenue in 2023 was 11,5 million euros. “Together, Eficode and Jodocus will form a more significant entity and have even more international customers, which opens possibilities for deepening and broadening our relationship with our customers,” says Werner Krandick, CEO of Jodocus.
Eficode has enabled countless businesses with DevOps and digital transformation to adopt new technologies and practices to create software better. Its full spectrum of digital services can now be extended also to Jodocus’ customers. Eficode ROOT provides software development tools as a managed service in a Software-as-a-Service manner. In turn, with Total Support, we manage the tools and offer support, coaching, and mentoring for Atlassian solutions as a subscription.
In recent years, Eficode has grown strongly both organically and through acquisitions. Eficode’s compound annual growth (CAGR) during the previous four fiscal years has been 70%.
Media contactsIlari Nurmi, Chief Executive Officer, Eficode. [email protected], +358 40 577 5084 Lauri Palokangas, Chief Marketing Officer, Eficode. [email protected], +358 50 486 4918
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Artificial Intelligence
New first of its kind UK legal-tech recruitment platform aims to put an end to overseas worker scams
Unique UK-based legal technology platform, Immpact, helps unite the global talent market to fulfil UK skills shortages across healthcare, construction, engineering, life sciences and hospitality Immpact directly connects employers, recruiters and regulated legal experts with pre-qualified global talent – and aims to help eradicate profiteering job scammersREADING, England, May 28, 2024 /PRNewswire/ — A unique new legal-tech recruitment platform has launched in the UK to help put an end to overseas worker scams and directly connect UK employers and recruiters with pre-qualified overseas global talent. Immpact will help fulfil acute skills shortages across sectors including healthcare, construction, engineering, life sciences and hospitality, while ensuring full legal Home Office compliance.
The launch of Immpact follows over two years of advanced legal-tech development. Using the immigration law expertise of Founder and Managing Director, Jonathan Beech, and his team of specialists, the platform will help unite a previously disconnected global talent market with under-resourced UK employers and transform global workplace migration. Immpact has also been developed through discussions with hundreds of employers, industry bodies and overseas talent.
With job scams – from fake jobs to illegal fees for sponsor licences – ongoing, particularly in the social and healthcare sector, Immpact will ensure only pre-qualified talent, employers and recruitment firms are placed on its platform following stringent multi-layer checks. This will ensure that all jobs and talent are qualified and genuine along with thoroughly regulated employers and recruiters, to provide a global marketplace for talent.
Jonathan Beech, Founder and Managing Director of Immpact, said: “Through my existing business running Migrate UK, I’m acutely aware of the issues that UK employers and recruiters are having in trying to fulfil talent shortages across sectors such as care, healthcare and life sciences. I also regularly hear terrible stories of genuine overseas job hunters being ripped off in their home countries or the UK by job scammers, often running to thousands of pounds.
“I knew there had to be a better way to match pre-qualified overseas talent with genuine work opportunities and responsible UK employers – effectively a ‘talent’ match-making site which is designed to eradicate scammers to provide a global, trusted marketplace for talent.”
Following the latest government immigration rule changes, overseas recruitment costs are continuing to rise for businesses struggling with talent shortages. From 4 April 2024, the minimum salary for entering the new skilled visa worker route for the first time increased by 48%, from £26,200 to £38,700 a year. There are different rates for those already holding a skilled worker certificate of sponsorship prior to this date and discounts are available for key shortage roles on the Immigration Salary List (ISL).
Immpact will benefit employers and recruiters by saving them time and money. Working with recruitment experts to analyse existing overseas recruitment workflows, Immpact has calculated that it will save 50% of the time involved in managing overseas recruitment, helping to cut down the time-consuming filtering of applications traditionally needed.
For employers traditionally looking to recruit overseas applicants, previous data from industry recruitment software specialists show that 30% of overseas applications are rejected as they do not have the right to work, while 64% are rejected due to CVs being unclear or requirements not being met. This leaves just 6% of applications remaining, which results in about 2% then being interviewed. Immpact will automatically present only suitable pre-qualified applications to employers or recruiters, eradicating wasted time on unsuitable or unqualified applicants.
Beech continues: “Following thousands of hours of development and utilising the latest advanced technology which can adapt to evolving Home Office requirements and procedures, we’re proud to launch Immpact. Our unique new platform takes care of the entire process – from pre-qualifying processes, searching and shortlisting, down to arranging interviews, successful appointments, onboarding, the provision of regular content and guidance, and access to regulated immigration legal professionals.
“Our new technology will transform global migration for both UK organisations and businesses struggling to recruit and global talent looking to work in the UK. Immpact has been thoroughly tested at every stage and is both user-friendly and, crucially, compliant, so qualified overseas applicants and UK employers and recruiters can be confident that only genuine UK jobs and overseas applicants match and proceed. Quite simply, we want Immpact to simplify the whole migration process by putting the right talent in the right place at the right time, and for UK employers to fulfil critical talent shortages which will help them not only survive, but thrive.”
The platform has a free trial or low-cost subscriber options for search-matching and more for employers and recruiters. For talent, the platform has zero costs for creating a profile, using the pre-qualifying tools or searching for opportunities. For further information visit www.immpact.ai.
Photo – https://mma.prnewswire.com/media/2421643/Founder_and_Managing_Director_Immpact.jpg
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