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 | |||
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.
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