Artificial Intelligence
NETSOL Technologies Reports Fiscal Fourth Quarter and Full Year 2021 Financial Results
- Sequential Revenue Growth Throughout the Entire Fiscal Year, Combined with Improved Cost Structures and Expense Management, Lead to 154% Increase in Operating Income and 90% Increase in Net Income for Fiscal 2021
- Subscription and Support Revenue Eclipses $20 Million Annual Run Rate, Providing Predictable, Recurring Base to Support Anticipated New Sales Growth in Fiscal 2022
- Company Introduces Fiscal 2022 Total Revenues and Subscription and Support Revenues Guidance of at Least 10% and 20%, Respectively
CALABASAS, Calif., Sept. 28, 2021 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal fourth quarter and full year ended June 30, 2021.
Fiscal Fourth Quarter 2021 and Recent Operational Highlights
- Subscription (SaaS and Cloud) and support revenues reached $22.2 million, a nearly 10% increase over the prior year and a $23+ million run rate projected over the coming twelve months with opportunities for upside.
- Generated over $2.5 million by successfully implementing change requests from various customers across multiple regions during the fiscal fourth quarter. Throughout fiscal 2021, the Company generated over $7.7 million in change requests.
- NETSOL’s U.S. based mobility startup Otoz launched its digital automotive retail platform for BMW Group Financial Services in the U.S. for its key brand MINI Anywhere. MINI Anywhere is now live with five MINI dealerships; Otoz is also scheduled to onboard additional California-based dealers before an expansion into Florida. Long term, the solution has the potential to be rolled out to over 100 MINI dealerships across all 50 states.
- Signed an agreement with Motorcycle Group to deploy the cloud-based version of NETSOL’s flagship NFS Ascent® platform across the customer’s entire operations. This agreement marks the first official sale for NFS Ascent in the U.S. market.
- Joined the Russell Microcap® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective June 28.
- Became an associate member of the Consumer Bankers Association (“CBA”). CBA is the only member-driven trade association focused exclusively on retail banking, representing the nation’s largest financial institutions and the top providers of goods and services to banks.
Fiscal Fourth Quarter 2021 Financial Results
Total net revenues for the fourth quarter of fiscal 2021 were $15.4 million, compared with $13.6 million in the prior year period. The increase in total net revenues was primarily driven by an increase in total license fees of $1.0 million, an increase in subscription and support revenues of $212,000, and an increase in total services revenues of $564,000.
- Total license fees were $1.5 million, compared with $530,000 in the prior year period.
- Total subscription (SaaS and Cloud) and support revenues were $5.6 million, compared with $5.4 million in the prior year period.
- Total services revenues were $8.2 million, compared with $7.7 million in the prior year period.
Gross profit for the fourth quarter of fiscal 2021 increased 6.8% to $7.5 million (or 48.8% of net revenues), compared to $7.0 million (or 51.8% of net revenues) in the fourth quarter of fiscal 2020. The increase in gross profit was primarily due to increases in revenue, offset by increases in cost of sales of $1.3 million. The increases in cost of sales were primarily due to increases in salaries and consultant fees of $885,000, depreciation of $104,000 and other costs of $289,000.
Operating expenses for the fourth quarter of fiscal 2021 increased 8.7% to $6.4 million (or 41.4% of sales) from $5.9 million (or 43.2% of sales) for the fourth quarter of fiscal 2020. The increase in operating expenses was primarily due to increases in selling and marketing and research and development, slightly offset by a decrease in general administrative expenses.
GAAP net income attributable to NETSOL for the fourth quarter of fiscal 2021 totaled $1.9 million or $0.17 per diluted share, compared with GAAP net income of $1.2 million or $0.10 per diluted share in the fourth quarter of fiscal 2020. GAAP net income attributable to NETSOL included a $918,000 gain on foreign currency exchange transactions in the fourth quarter of fiscal 2021, which was an increase from a gain of $327,000 in the prior year period.
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2021 totaled $2.9 million or $0.26 per diluted share, compared with non-GAAP adjusted EBITDA of $2.0 million or $0.17 per diluted share in the fourth quarter of fiscal 2020 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At June 30, 2021, cash and cash equivalents were $33.7 million, an increase from $20.2 million at June 30, 2020.
Full Year Fiscal 2021 Financial Results
Total net revenues for fiscal 2021 were $54.9 million, compared to $56.4 million in fiscal 2020. The decrease in total net revenues was primarily due to a decrease in services revenues of $6.4 million, which was offset by increases in subscription and support revenues of $1.9 million and license fees of $3.0 million.
- Total license fees were $6.2 million, compared with $3.3 million in the prior fiscal year.
- Total subscription and support revenues were $22.2 million, compared with $20.3 million in the prior fiscal year.
- Total services revenues were $26.5 million, compared with $32.9 million in the prior fiscal year.
Gross profit for fiscal 2021 decreased to $26.4 million (or 48.0% of net revenues) from $27.0 million (or 47.8% of net revenues) for fiscal 2020. The decrease in gross profit was primarily due to a decrease in revenue, offset by a decrease in cost of sales of $841,000. The decreases in cost of sales were primarily due to decrease in travel expenses of $3.5 million, offset by increases in salaries and consultant fees of $2.1 million.
Operating expenses for fiscal 2021 decreased to $23.6 million (or 43.0% of net revenues) from $25.9 million (or 45.9% of net revenues) for fiscal 2020. The decrease in operating expenses was primarily due to decreases in general and administrative expenses and research and development costs, offset by a slight increase in selling and marketing expenses.
GAAP net income attributable to NETSOL for fiscal 2021 totaled $1.8 million or $0.15 per diluted share, compared with a net income of $937,000 or $0.08 per diluted share for fiscal 2020. GAAP net income attributable to NETSOL included a $597,000 loss on foreign currency exchange transactions in fiscal 2021, which was a decrease from a gain of $399,000 in the prior year period.
Non-GAAP adjusted EBITDA for fiscal 2021 totaled $5.4 million or $0.47 per diluted share, compared with $4.3 million or $0.37 per diluted share in fiscal 2020 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
Stock Repurchase Program
On July 30, 2020, NETSOL’s Board of Directors approved a stock repurchase program that authorized potential repurchases of up to $2 million of its common stock over a six-month period. All shares permitted to be purchased under this July 2020 plan were purchased during the plan’s original date and prior to the conclusion of the extension of the plan. On May 21, 2021, the Board of Directors authorized an additional repurchase plan of up to $2 million worth of shares of common stock through November 20, 2021. Under the program, the Company may repurchase its common stock in the open market from time-to-time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions and federal and state laws governing such transactions. NETSOL expects to fund the repurchase with its existing cash balance and cash generated from operations.
As of June 30, 2021, the Company had repurchased 669,018 shares of its common stock at an aggregate value of $2,364,781.
Fiscal 2022 Financial Outlook
For the fiscal year ending June 30, 2022, the Company expects total revenues to increase by at least 10% and subscription and support revenues to increase by at least 20%. The Company’s guidance is based on existing contracts and recurring revenue from its current customer base, performance results tracked through August of this calendar year and other information available as of the date of this report.
Management Commentary
“In a challenging year, we emerged stronger than before, and we’re entering fiscal 2022 focused on a return to growth,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “As the world slowly begins to reopen and with a leaner cost structure to support increased sales and marketing activities, we are making investments to build for long term success in our key growth markets. As a result of several key hires made earlier in the year, we’ve been able to improve our lead generation processes. Our North American and European pipelines have shown continued outsized promise, and we’re now starting to see some of these pending deals come to fruition, most notably shown by our first NFS Ascent contract in the U.S. While we are continuing to pursue high-value, larger deals with incumbent OEMs, our ability to grow a healthy recurring revenue base with subscription contracts in these regions will allow us to more predictably grow our business over time while still maintaining the opportunity for upside.”
Company CFO Roger Almond added: “We improved our topline performance in each quarter of the year, all while making significant adjustments to our spending in the face of a travel-restricted sales environment. Our owner-centric emphasis on managing the business has yielded positive results in several key areas, highlighted by a 154% increase in operating income and a record cash position of nearly $34 million. Additionally, subscription and support revenues have now eclipsed a $20 million annual run rate, further validating our investment in a recurring revenue model and providing us stronger visibility into future performance as well.”
Conference Call
NETSOL Technologies management will hold a conference call today (September 28, 2021) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these financial results. A question and answer session will follow management’s presentation.
U.S. dial-in: 877-407-0789
International dial-in: 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 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 7:30 p.m. Eastern time through October 12, 2021.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13722946
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, a division of NETSOL Technologies Inc. (Nasdaq: NTWK), provides business-to-business, white-label technology solutions for new mobility. The Otoz 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 digital retailing and 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. Otoz 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 disparate stay at home orders and social distancing requirements imposed internationally 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
949-574-3860
[email protected]
NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
As of | As of | ||||||||
ASSETS |
June 30, 2021 | June 30, 2020 | |||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 33,705,154 | $ | 20,166,830 | |||||
Accounts receivable, net of allowance of $166,231 and $435,611 | 4,184,096 | 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 $136,976 and $188,914 | 14,680,131 | 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 | 3,009,393 | 3,108,180 | |||||||
Total current assets | 55,578,774 | 51,895,711 | |||||||
Revenues in excess of billings, net – long term | 957,603 | 1,300,289 | |||||||
Convertible note receivable – related party, net of allowance of $4,250,000 and $0 | – | 4,250,000 | |||||||
Property and equipment, net | 12,091,812 | 11,329,631 | |||||||
Right of use of assets – operating leases | 1,345,869 | 2,360,129 | |||||||
Long term investment | 3,155,852 | 2,387,692 | |||||||
Other assets | 55,127 | 41,992 | |||||||
Intangible assets, net | 3,904,656 | 5,391,077 | |||||||
Goodwill | 9,516,568 | 9,516,568 | |||||||
Total assets | $ | 86,606,261 | $ | 88,473,089 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||||
Current liabilities: | |||||||||
Accounts payable and accrued expenses | $ | 6,696,035 | $ | 5,769,161 | |||||
Current portion of loans and obligations under finance leases | 11,366,171 | 9,139,561 | |||||||
Current portion of operating lease obligations | 857,729 | 1,111,912 | |||||||
Unearned revenue | 4,556,626 | 4,095,472 | |||||||
Total current liabilities | 23,476,561 | 20,116,106 | |||||||
Loans and obligations under finance leases; less current maturities | 699,841 | 1,539,975 | |||||||
Operating lease obligations; less current maturities | 564,257 | 1,339,965 | |||||||
Total liabilities | 24,740,659 | 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; | |||||||||
12,181,585 shares issued and 11,265,064 outstanding as of June 30, 2021 and | |||||||||
12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 | 121,816 | 121,222 | |||||||
Additional paid-in-capital | 129,018,826 | 128,677,754 | |||||||
Treasury stock (at cost, 916,521 shares and 247,503 shares as of June 30, 2021 and June 30, 2020, respectively) |
(3,820,750 | ) | (1,455,969 | ) | |||||
Accumulated deficit | (38,801,282 | ) | (34,269,817 | ) | |||||
Other comprehensive loss | (31,868,481 | ) | (34,085,047 | ) | |||||
Total NetSol stockholders’ equity | 54,650,129 | 58,988,143 | |||||||
Non-controlling interest | 7,215,473 | 6,488,900 | |||||||
Total stockholders’ equity | 61,865,602 | 65,477,043 | |||||||
Total liabilities and stockholders’ equity | $ | 86,606,261 | $ | 88,473,089 | |||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
For the Years | |||||||||
Ended June 30, | |||||||||
2021 | 2020 | ||||||||
Net Revenues: | |||||||||
License fees | $ | 6,249,924 | $ | 3,260,891 | |||||
Subscription and support | 22,173,745 | 20,254,917 | |||||||
Services | 26,448,171 | 32,555,690 | |||||||
Services – related party | 48,775 | 300,821 | |||||||
Total net revenues | 54,920,615 | 56,372,319 | |||||||
Cost of revenues: | |||||||||
Salaries and consultants | 20,969,298 | 18,821,738 | |||||||
Travel | 663,403 | 4,181,742 | |||||||
Depreciation and amortization | 2,990,689 | 2,897,371 | |||||||
Other | 3,944,197 | 3,508,098 | |||||||
Total cost of revenues | 28,567,587 | 29,408,949 | |||||||
Gross profit | 26,353,028 | 26,963,370 | |||||||
Operating expenses: | |||||||||
Selling and marketing | 6,555,004 | 6,450,663 | |||||||
Depreciation and amortization | 965,625 | 834,583 | |||||||
General and administrative | 15,437,382 | 17,138,832 | |||||||
Research and development cost | 674,168 | 1,468,954 | |||||||
Total operating expenses | 23,632,179 | 25,893,032 | |||||||
Income from operations | 2,720,849 | 1,070,338 | |||||||
Other income and (expenses) | |||||||||
Gain (loss) on sale of assets | (191,935 | ) | 23,103 | ||||||
Interest expense | (394,289 | ) | (346,856 | ) | |||||
Interest income | 1,017,432 | 1,569,536 | |||||||
Gain (loss) on foreign currency exchange transactions | (597,433 | ) | 398,610 | ||||||
Share of net loss from equity investment | (253,819 | ) | (605,864 | ) | |||||
Other income | 987,444 | 224,224 | |||||||
Total other income (expenses) | 567,400 | 1,262,753 | |||||||
Net income before income taxes | 3,288,249 | 2,333,091 | |||||||
Income tax provision | (1,026,617 | ) | (1,141,068 | ) | |||||
Net income | 2,261,632 | 1,192,023 | |||||||
Non-controlling interest | (483,375 | ) | (254,942 | ) | |||||
Net income attributable to NetSol | $ | 1,778,257 | $ | 937,081 | |||||
Net income per share: | |||||||||
Net income per common share | |||||||||
Basic | $ | 0.15 | $ | 0.08 | |||||
Diluted | $ | 0.15 | $ | 0.08 | |||||
Weighted average number of shares outstanding | |||||||||
Basic | 11,499,983 | 11,734,648 | |||||||
Diluted | 11,499,983 | 11,784,414 | |||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
For the Years | ||||||||||
Ended June 30, | ||||||||||
2021 | 2020 | |||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 2,261,632 | $ | 1,192,023 | ||||||
Adjustments to reconcile net income | ||||||||||
to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | 3,956,314 | 3,731,954 | ||||||||
Provision for bad debts | (332,325 | ) | 184,944 | |||||||
Share of net loss from investment under equity method | 253,819 | 605,864 | ||||||||
(Gain) loss on sale of assets | 191,935 | (23,103 | ) | |||||||
Gain on forgiveness of loan | (469,721 | ) | – | |||||||
Stock based compensation | 342,153 | 808,616 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | 6,861,454 | 2,035,843 | ||||||||
Accounts receivable – related party | – | 1,957,864 | ||||||||
Revenues in excess of billing | 2,839,709 | (3,252,704 | ) | |||||||
Revenues in excess of billing – related party | – | 105,441 | ||||||||
Other current assets | (857,708 | ) | (132,175 | ) | ||||||
Accounts payable and accrued expenses | 474,098 | (1,399,828 | ) | |||||||
Unearned revenue | 204,563 | (1,842,313 | ) | |||||||
Net cash provided by operating activities | 15,725,923 | 3,972,426 | ||||||||
Cash flows from investing activities: | ||||||||||
Purchases of property and equipment | (2,551,283 | ) | (1,377,145 | ) | ||||||
Sales of property and equipment | 188,233 | 106,180 | ||||||||
Convertible note receivable – related party | – | (600,000 | ) | |||||||
Investment in associates | (155,500 | ) | (94,500 | ) | ||||||
Purchase of subsidiary shares | – | (89,425 | ) | |||||||
Net cash used in investing activities | (2,518,550 | ) | (2,054,890 | ) | ||||||
Cash flows from financing activities: | ||||||||||
Proceeds from exercise of subsidiary options | – | 11,621 | ||||||||
Purchase of treasury stock | (2,364,781 | ) | – | |||||||
Dividend paid by subsidiary to non-controlling interest | – | (1,920,618 | ) | |||||||
Proceeds from bank loans | 1,898,013 | 4,221,203 | ||||||||
Payments on finance lease obligations and loans – net | (698,797 | ) | (611,913 | ) | ||||||
Net cash provided by (used in) financing activities | (1,165,565 | ) | 1,700,293 | |||||||
Effect of exchange rate changes | 1,496,516 | (817,363 | ) | |||||||
Net increase in cash and cash equivalents | 13,538,324 | 2,800,466 | ||||||||
Cash and cash equivalents at beginning of the period | 20,166,830 | 17,366,364 | ||||||||
Cash and cash equivalents at end of period | $ | 33,705,154 | $ | 20,166,830 | ||||||
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
For the Year Ended | For the Year Ended | ||||||
June 30, 2021 | June 30, 2020 | ||||||
Net Income (loss) attributable to NetSol | $ | 1,778,257 | $ | 937,081 | |||
Non-controlling interest | 483,375 | 254,942 | |||||
Income taxes | 1,026,617 | 1,141,068 | |||||
Depreciation and amortization | 3,956,314 | 3,731,954 | |||||
Interest expense | 394,289 | 346,856 | |||||
Interest (income) | (1,017,432 | ) | (1,569,536 | ) | |||
EBITDA | $ | 6,621,420 | $ | 4,842,365 | |||
Add back: | |||||||
Non-cash stock-based compensation | 342,153 | 808,616 | |||||
Adjusted EBITDA, gross | $ | 6,963,573 | $ | 5,650,981 | |||
Less non-controlling interest (a) | (1,588,701 | ) | (1,330,352 | ) | |||
Adjusted EBITDA, net | $ | 5,374,872 | $ | 4,320,629 | |||
Weighted Average number of shares outstanding | |||||||
Basic | 11,499,983 | 11,734,648 | |||||
Diluted | 11,499,983 | 11,784,414 | |||||
Basic adjusted EBITDA | $ | 0.47 | $ | 0.37 | |||
Diluted adjusted EBITDA | $ | 0.47 | $ | 0.37 | |||
(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 | $ | 483,375 | $ | 254,942 | |||
Income Taxes | 147,688 | 223,675 | |||||
Depreciation and amortization | 1,115,734 | 1,060,605 | |||||
Interest expense | 121,740 | 100,373 | |||||
Interest (income) | (319,674 | ) | (391,644 | ) | |||
EBITDA | $ | 1,548,863 | $ | 1,247,951 | |||
Add back: | |||||||
Non-cash stock-based compensation | 39,838 | 82,401 | |||||
Adjusted EBITDA of non-controlling interest | $ | 1,588,701 | $ | 1,330,352 | |||
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“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
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Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions 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
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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