Artificial Intelligence

Bottomline Technologies Reports First Quarter Fiscal Year 2022 Results

Published

3 years ago

November 9, 2021

PORTSMOUTH, N.H., Nov. 09, 2021 (GLOBE NEWSWIRE) — Bottomline Technologies (Nasdaq: EPAY), a leading provider of financial technology that makes complex business payments simple, smart and secure, today reported financial results for the first quarter ended September 30, 2021.

“We continued to drive strong subscription revenue growth during the first quarter,” said Rob Eberle, CEO. “We are prioritizing subscription revenue growth and new product offerings and executed well on those key objectives during the quarter. Our strategic plan remains focused on increasing our TAM and competitive advantage through an ever-broader set of solutions that target the large and growing markets where we have a leadership position. We are confident in our fiscal 2022 plan and our goal to drive 15 to 20 percent growth in subscription revenue on a sustainable basis. We are equally confident that continued subscription growth and execution against our strategic plan will reward shareholders.”

Subscription revenue was $103.5 million for the first quarter, an increase of 15% as compared to the first quarter of last year. Subscription revenue was 84% of total revenues, up 4 percentage points from 80% in the prior year.

Total revenues in the first quarter were $123.6 million, an increase of 10% as compared to the first quarter of last year. GAAP net loss for the first quarter was $(4.9) million, which was (4)% of overall revenue. GAAP net loss per share was $(0.11) for the first quarter.

Adjusted EBITDA for the first quarter was $23.1 million, which was 19% of overall revenue. Core earnings per share was $0.22 for the first quarter. Adjusted EBITDA and core earnings per share are calculated as discussed in the “Non-GAAP Financial Measures” section that follows.

“We had a strong start to the 2022 fiscal year in the first quarter.” said Bruce Bowden, CFO. “Our decision to invest in continued innovation and intensified go-to-market efforts is driving pronounced growth, especially in our primary payment platforms. We are confident that we will deliver on our full year financial objectives.”

First Quarter Customer Highlights

24 organizations selected Paymode-X to automate their AP processes, with clients spanning a wide variety of industries such as healthcare, higher education, property management and public administration.
A regional credit union selected Bottomline’s banking solutions platforms to help it compete and grow its corporate and business banking franchises through Bottomline’s intelligent engagement solutions. A $22B bank and long-standing customer expanded its relationship with Bottomline to service its small business customers with a Small Business package of solutions to significantly enhance the customer experience for their end users.
8 new customers chose Bottomline’s legal spend management solutions to automate, manage and control their legal spend.

First Quarter Strategic Corporate Highlights

AiteNovartica placed Bottomline’s Digital Banking IQ in the best-in-class position in the Aite Matrix: Leading U.S. Cash Management Vendors. This is the third consecutive report in which Bottomline’s platform has received the best-in-class in this important evaluation.
Celent cited Bottomline’s Digital Banking IQ Payments and Cash Management solution as part of its XCelent Awards for 2021 highlighting user interface, use of behavioral insights and artificial intelligence, real time payment fraud/risk protection and flexible integration as among Digital Banking IQ’s stand out features.
The Open Banking Expo 2021 Awards honored Bottomline with the Best-Banking-as-a-Service Solution Award for its industry-leading Confirmation of Payee solution, which offers enhanced bank account verification services to support UK banks’ efforts to detect and prevent fraudulent activity.
Quadrant Knowledge Solutions named Bottomline as a technology leader for insider risk management. Quadrant highlighted the company’s Insider and Employee Fraud solution in the recently-released Spark Matrix™: Insider Risk Management 2021 report.
Bottomline launched its real-time Watchlist Screening tool to help financial institutions and businesses reduce payments-related fraud and financial crimes. The tool works to screen sanctions lists and provide alerts to users, helping to ensure compliance with international regulatory bodies.
Bottomline recently appointed Mike Curran, Phil Hilal and Larry Klane to its board of directors, expanding the board to eleven directors.
Following the quarter close, Bottomline acquired Bora Payment Systems, which has developed automated payables technology for straight-through processing (STP) to streamline credit card processing. The STP technology fully automates B2B virtual card payment acceptance, expanding the features and capabilities of the Paymode-X network and driving customer and channel partner value by reducing the cost and effort to execute virtual card transactions.

Bottomline will host a conference call today, November 9, 2021, at 5:00pm ET, to discuss its first quarter fiscal year 2022 results. The live call can be accessed at (877) 407-3980 (U.S.) or (201) 689-8475 (International), or through the webcast link located on Bottomline’s investor relations site at https://investors.bottomline.com.

About Bottomline Technologies
Bottomline Technologies (Nasdaq: EPAY) makes complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.

In connection with this earnings release and our associated conference call, we will be posting additional material financial information (such as financial results, non-GAAP financial projections and non-GAAP to GAAP reconciliations) within the “Investors” section of our website at www.bottomline.com/us/about/investors.

Cautionary Language
This press release and our responses to questions on our conference call discussing our quarterly results may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements reflecting our expectations about our ability to execute on our strategic plans, achieve future growth and profitability, achieve financial goals, expand margins and increase shareholder value. Any statements that are not statements of historical fact (including but not limited to statements containing the words “likely,” “should,” “may,” “believes,” “plans,” “anticipates,” “expects,” “forecasts,” “look forward,” “opportunities,” “confident,” “trends,” “future,” “estimates,” “targeted,” “on track,” and similar expressions) should be considered to be forward-looking statements. Statements about the effects of the current and near-term market and macroeconomic environment on Bottomline, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties that are subject to change based on various important factors (some of which are beyond Bottomline’s control). Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including, among others, competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions, including the potential effects of the COVID-19 pandemic on any of the foregoing. For additional discussion of factors that could impact Bottomline Technologies’ operational and financial results, refer to our Form 10-K for the fiscal year ended June 30, 2021 and the subsequently filed Form 10-Q’s and Form 8-K’s or amendments thereto. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.

Corporate Communications
John Stevens
Bottomline
(603) 501-4840
[email protected]

BTInvestorPR

Non-GAAP Financial Measures

We have presented supplemental non-GAAP financial measures as part of this earnings release. We believe that these supplemental non-GAAP financial measures are useful to investors because they allow for an evaluation of the company with a focus on the performance of its core operations, including more meaningful comparisons of financial results to historical periods and to the financial results of less acquisitive peer and competitor companies. Core net income, core earnings per share, constant currency information Adjusted EBITDA and Adjusted EBITDA as a percent of revenue are all non-GAAP financial measures.

Core net income and core earnings per share exclude certain items, specifically amortization of acquisition related intangible assets, stock-based compensation, acquisition and integration-related expenses, restructuring related costs, excess depreciation expense associated with restructuring events, third party professional fees related to shareholder engagement initiatives, minimum pension liability adjustments, amortization of debt issuance costs and other costs and other non-core or nonrecurring benefits or expenses that may arise from time to time.

Acquisition and integration-related expenses include legal and professional fees and other direct transaction costs associated with business and asset acquisitions, costs associated with integrating acquired businesses, including costs for transitional employees or services and integration related professional services costs and other incremental charges we incur as a direct result of acquisition and integration efforts.

Periodically, such as in periods that include significant foreign currency volatility, we may present certain metrics on a “constant currency” basis, to show the impact of period to period results normalized for the impact of foreign currency rate changes. We calculate constant currency information by translating prior period financial results using current period foreign exchange rates.

Adjusted EBITDA and Adjusted EBITDA as a percent of revenue represent our GAAP net income or loss and GAAP net income or loss as a percent of revenue, respectively, adjusted for charges related to interest expense, income taxes, depreciation and amortization and other charges as noted in the reconciliation that follows.

Our executive management team uses these same non-GAAP financial measures internally to assess the ongoing performance of the company. The same non-GAAP information is used for corporate planning purposes, including the preparation of operating budgets and in communications with our board of directors with respect to our core financial performance. Since this information is not a GAAP measurement of financial performance, there are material limitations to its usefulness on a stand-alone basis, including the lack of comparability of this presentation to the GAAP financial results of other companies. This non-GAAP financial information should not be considered in isolation from, or as a substitute for, our financial results presented in accordance with GAAP.

Non-GAAP Financial Measures (Continued)

Reconciliation of Core Net Income

A reconciliation of core net income to GAAP net (loss) income for the three months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,
	2021			2020
	(in thousands)
GAAP net (loss) income	$	(4,907	)	$	391
Amortization of acquisition-related intangible assets	5,071			5,029
Stock-based compensation plan expense	13,912			9,973
Acquisition and integration-related expenses	201			245
Restructuring expense	386			70
Excess depreciation associated with restructuring events	—			—
Minimum pension liability adjustments	(317		)	(25		)
Shareholder engagement fees	947			—
Amortization of debt issuance costs	103			103
Global ERP system implementation and other costs	—			—
Other non-core expense	27			—
Non-recurring tax benefit	—			—
Tax effects on non-GAAP income	(5,814		)	(2,422		)
Core net income	$	9,609		$	13,364

Reconciliation of Diluted Core Earnings per Share

A reconciliation of our diluted core earnings per share to our GAAP diluted net (loss) income per share for the three months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,
	2021			2020
GAAP diluted net (loss) income per share	$	(0.11	)	$	0.01
Plus:
Amortization of acquisition-related intangible assets	0.12			0.12
Stock-based compensation plan expense	0.32			0.23
Acquisition and integration-related expenses	—			0.01
Restructuring expense	0.01			—
Minimum pension liability adjustments	(0.01		)	—
Shareholder engagement fees	0.02			—
Other non-core expense (benefit)	—			—
Tax effects on non-GAAP income	(0.13		)	(0.06		)
Diluted core earnings per share	$	0.22		$	0.31

Non-GAAP Financial Measures (Continued)

A reconciliation of our non-GAAP weighted average shares used in computing diluted core earnings per share to our GAAP weighted average shares used in computing basic and diluted net (loss) income per share for the three months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,
	2021		2020
	(in thousands)
Numerator:
Core net income	$	9,609	$	13,364
Denominator:
Weighted average shares used in computing basic net (loss) income per share for GAAP	43,273		42,457
Impact of dilutive securities (stock options, restricted stock awards and employee stock purchase plan) ⁽¹⁾	29		314
Weighted average shares used in computing diluted core earnings per share	43,302		42,771

⁽¹⁾ These securities are dilutive on a GAAP basis in periods where we report GAAP net income. These securities are anti-dilutive on a GAAP basis in periods where we report GAAP net loss.

Reconciliation of Adjusted EBITDA
A reconciliation of our adjusted EBITDA to our GAAP net (loss) income for the three months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,
	2021			2020
	(in thousands)
GAAP net (loss) income	$	(4,907	)	$	391
Adjustments:
Other expense and pension adjustments	1,008			1,026
Income tax (benefit) provision	(2,805		)	1,764
Depreciation and amortization	9,195			7,699
Amortization of acquisition-related intangible assets	5,071			5,029
Stock-based compensation plan expense	13,912			9,973
Shareholder engagement fees	947			—
Acquisition and integration-related expenses	201			245
Restructuring expense	386			70
Other non-core expense	110			48
Adjusted EBITDA	$	23,118		$	26,245

Adjusted EBITDA as a percent of Revenue

A reconciliation of adjusted EBITDA as a percent of revenue to GAAP net loss as a percent of revenue for the three months ended September 30, 2021 and 2020 is as follows:

	Three Months Ended September 30,
	2021		2020
GAAP net (loss) income as a percent of revenue	(4	%)	0	%
Adjustments:
Other expense and pension adjustments	1	%	1	%
Income tax (benefit) provision	(2	%)	2	%
Depreciation and amortization	8	%	7	%
Amortization of acquisition-related intangible assets	4	%	4	%
Stock-based compensation plan expense	11	%	9	%
Shareholder engagement fees	1	%	0	%
Adjusted EBITDA as a percent of revenue	19	%	23	%

Bottomline Technologies
Unaudited Condensed Consolidated Statement of Operations
(in thousands, except per share amounts)

	Three Months Ended September 30,
	2021			2020
Revenues:
Subscriptions	$	103,496		$	90,384
Software licenses	927			977
Service and maintenance	18,708			20,564
Other	474			440
Total revenues	123,605			112,365
Cost of revenues:
Subscriptions	42,693			35,218
Software licenses	81			90
Service and maintenance	9,252			10,916
Other	295			309
Total cost of revenues	52,321			46,533
Gross profit	71,284			65,832
Operating expenses:
Sales and marketing	33,814			25,743
Product development and engineering	21,465			18,499
General and administrative	17,749			13,626
Amortization of acquisition-related intangible assets	5,071			5,029
Total operating expenses	78,099			62,897
(Loss) income from operations	(6,815		)	2,935
Other expense, net	(897		)	(780		)
(Loss) income before income taxes	(7,712		)	2,155
Income tax benefit (provision)	2,805			(1,764		)
Net (loss) income	$	(4,907	)	$	391
Net (loss) income per share:
Basic	$	(0.11	)	$	0.01
Diluted	$	(0.11	)	$	0.01
Shares used in computing net (loss) income per share:
Basic	43,273			42,457
Diluted	43,273			42,771

Bottomline Technologies
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
	September 30,			June 30,
	2021			2021
ASSETS
Current assets:
Cash, cash equivalents and marketable securities	$	125,385		$	144,148
Cash and cash equivalents, held for customers	7,431			9,836
Accounts receivable	67,115			72,978
Other current assets	37,901			34,653
Total current assets	237,832			261,615
Property and equipment, net	66,293			68,471
Operating right-of-use assets, net	28,732			27,570
Goodwill and intangible assets, net	406,621			409,389
Other assets	48,549			48,683
Total assets	$	788,027		$	815,728
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	9,753		$	11,428
Accrued expenses and other current liabilities	54,470			45,925
Customer account liabilities	7,431			9,836
Deferred revenue	75,876			88,679
Total current liabilities	147,530			155,868
Borrowings under credit facility	130,000			130,000
Deferred revenue, non-current	11,459			12,559
Operating lease liabilities, non-current	27,996			26,629
Deferred income taxes	9,702			14,574
Other liabilities	20,601			19,864
Total liabilities	347,288			359,494
Stockholders’ equity
Common stock	49			49
Additional paid-in-capital	833,563			819,392
Accumulated other comprehensive loss	(21,376		)	(16,081		)
Treasury stock	(169,746		)	(150,282		)
Accumulated deficit	(201,751		)	(196,844		)
Total stockholders’ equity	440,739			456,234
Total liabilities and stockholders’ equity	$	788,027		$	815,728

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AddSecure to provide proactive fleet technology to avoid DVS consequences

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1 hour ago

May 29, 2024

CISION (PR Newswire)

NORTHAMPTON, England, May 29, 2024 /PRNewswire/ — AddSecure will deploy its latest PSS solution across NE Transport Solutions’ vehicles, ensuring DVS compliance and preventing potential fines.

Leading European provider of secure IoT connectivity and end-to-end solutions, AddSecure, has joined forces with Essex-based transport operator, NE Transport Solutions, to ensure the safety of vulnerable road users across London.
NE Transport Solutions provide general haulage across the UK, operating a fleet of 34 vehicles. The company works with major European suppliers providing last mile delivery of their goods to construction sites across London and needed to make sure every vehicle was ready for the regulation changes coming into force later this year.
Transport for London (TFL)’s Direct Vision Standard (DVS) is due to change in October 2024, meaning heavy goods vehicles (HGVs) will need to fit a Progressive Safe System (PSS) – which warns drivers of the presence of vulnerable road users in blind spots at the nearside and front of the vehicle – if falling beneath the three-star threshold.
With a market-leading PSS offering, NE Transport Solutions approached AddSecure to provide and fit their latest solution to each of its 34 vehicles, ensuring it was operating DVS-compliant fleet and avoiding potential fines.
Zoltan Serfozo, Transport Manager, NE Transport Solutions, said; “With AddSecure as our new supplier, we’re now able to install a standalone solution, that doesn’t need to be integrated with our existing telematics or vehicle cameras. We feel this minimises risk to our business as it’s efficient, effective and avoids vehicle downtime.”
Zoltan has proactively implemented AddSecure’s RoadView BSD solution into his business ahead of the October 2024 deadline, enabling NE Transport Solutions to avoid any potential distruption that might be experienced with an influx of requests nearer the time.
Ensuring the entire fleet is compliant well ahead of the deadline will mitigate any potential restrictions on vehicle entry to London – resulting in a seamless service and customer satisfaction.
Paul Lawrence, managing director at AddSecure UK, said: “The pending changes to operating fleets within the Greater London area is something every operator needs to be aware of. NE Transport Solutions have taken the step of ensuring its vehicles are DVS compliant well ahead of the October deadline.
“We are seeing an increase in businesses looking to install equipment ahead of the changes and urge any operators considering making the change to act sooner rather than later to avoid delays with installation.”
To find out more about Progressive Safe System solutions for your fleet, visit AddSecure.
For more information, please contact:Helena Ferraro, Marketing Manager, Smart Transport UK, AddSecureTel. +443301112636, [email protected] Grandin, Director Corporate Communications, AddSecure GroupMobile: +46 70 689 52 08, [email protected]
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Green Utopia made in Green Tech Valley 2024

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May 29, 2024

CISION (PR Newswire)

GRAZ, Austria, May 29, 2024 /PRNewswire/ — When carbon busters combat toxic gases in the atmosphere, when moulded components grow directly from trees or when bacteria as “employees” in industry ensure clean production, then this is Green Utopia – made in Green Tech Valley 2024. Eight short videos show how strong research at the site is making a green future possible.

The climate crisis requires a rapid rethink and innovative solutions. In the second edition of the cross-university and cross-cluster project “Green Utopia – made in Green Tech Valley”, teams of students from local colleges and universities have once again translated current high-tech research at the location into utopian and visionary short videos. Eight utopias were presented on the big stage last week at the high-calibre award ceremony.
Why utopias? The purposeful dreaming that is made possible in this way harbours massive power for the upcoming energy, mobility and resource turnaround. The visions combine technological research and social change. They include the production of hydrogen from pollutants, the use of cyanobacteria for green materials, the suburbs as climate sponges for water and heat, nature as a legal entity, plastic-free compost, wood as a high-tech material, rails as an electric motorway and plant-based blood vessels from the printer. Today’s utopias are tomorrow’s reality
“More and more technologies based on disruptive research for a green future are coming from Europe, especially from Green Tech Valley in the south of Austria. These utopias make economic courage inwardly and excellent research outwardly internationally visible,” says Green Tech Valley Managing Director Bernhard Puttinger. The short videos were created by teams of students from FH Joanneum, TU Graz, the University of Graz and the University of Leoben together with Creative Industries and Holzcluster Steiermark. These are now being widely communicated internationally in a campaign. Eberhard Schrempf, Managing Director of Creative Industries Styria: “Utopias are the reality of tomorrow, according to the motto: We dream it, so we can do it!”
All videos, information and details on: https://www.greentech.at/en/tools/green-utopia
Statements:
Horst Bischof, Rector of Technical University Graz: “‘Sustainable Systems’ is TU Graz’s greatest area of scientific strength. Here, researchers from all disciplines and faculties work together on complex challenges and research sustainable solutions. The spectrum of research topics ranges from future-orientated urban planning, innovative building technologies and the use of renewable energy sources to intelligent energy networks and green mobility. In disciplines such as railway research, hydrogen research or sustainable energy systems, TU Graz is one of the international research leaders. A location becomes a centre of innovation when it thinks and researches across disciplines, institutions and borders and works on solutions for major social challenges. Styria is such a place, where bright minds are uninhibited and inspired to research encouraging utopias. And initiatives like Green Utopia give them the stage.”
Peter Moser, Rector of Montanuniversität Leoben: “The major challenges facing society in the areas of resource scarcity, climate, energy and the environment predominantly require the use of technical and scientific methods. The University of Leoben sees its task as making a significant contribution to overcoming these challenges through excellent research and high-quality education. One current project involves the construction of the new hydrogen centre, which will open in autumn. In future, this centre will conduct research at the highest level into the production of green hydrogen. Or in the field of recycling, where basic principles such as digital, sensor-based waste analysis and sorting technologies are being researched at a research facility. The University of Leoben has always been characterised by its networking and interdisciplinary cooperation. The Green Utopia project will further strengthen the location while benefiting the individual stakeholders. This project also offers space for visionary ideas and bold solutions.”
Martin Payer, Managing Director of FH Joanneum: “As a university of the future, FH JOANNEUM is convinced that green utopias are needed to make the future of our society worth living in. We encourage people to think ahead and conduct research into important topics such as digitalisation, health, climate change, energy and mobility. Students and lecturers at all our institutes are therefore already tackling future topics in a practical way: the Energy Lab and Mobility Lab at FH JOANNEUM in Kapfenberg are researching renewable energies and forms of mobility, among other things. Environmentally friendly aviation is the focus of the Aviation degree programme in Graz, sustainable tourism at the Institute of Health and Tourism Management at FH JOANNEUM in Bad Gleichenberg. And last but not least, our Information Design students deal with green utopias when they visualise the contents of the eight green research utopias of ‘Green Utopia’ in order to communicate them to the public.”
Peter Riedler, Rector of the University of Graz: “At the University of Graz, we provide answers to the questions of our time. For these major challenges, including digital change, social upheaval and the climate crisis, the University of Graz provides solutions and explanations that we bring to the people. For example, our researchers have achieved a breakthrough that could become a game changer for the plastics industry. Chemists have developed a fully recyclable, bio-based epoxy plastic. An innovation with major implications that combines environmental protection and economic efficiency. Scientists at the University of Graz are used to pushing the boundaries of the everyday and rethinking issues. For example, slowing down climate change requires the expertise of many disciplines: natural sciences, social sciences and law. We also cross borders in our collaboration with the universities on site: for example, with Graz University of Technology for 20 years in the NAWI Graz cooperation.”
Enquiries:Veronika Pranger | Communication Green Tech Valley | [email protected] +43 316 407744-16 bzw. +43 676 75 08 780

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IFS and PwC UK Announce Collaboration for Sustainability Management Solution

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May 29, 2024

CISION (PR Newswire)

Powerful combination of technology and services will enable decisive sustainability action for customers globally
LONDON, May 29, 2024 /PRNewswire/ — IFS, the leading technology provider of cloud and industrial AI software, and professional services firm PwC*, a recognized Global Leader in ESG and Sustainability, have announced a collaboration to bring to market a Sustainability Management Solution that will include vital technology and services to support compliance with sustainability disclosure requirements and embedding sustainable practices into business operations, including for multi-national organisations.

The initiative will see IFS develop a Sustainability Management module within IFS Cloud. PwC will contribute its expertise in Environmental, Social, and Governance (ESG) criteria and the ever-evolving regulatory landscape to assist in the design and build.
Once completed, the solution will help IFS customers navigate the new requirements of the Corporate Sustainability Reporting Directive (CSRD) and other emerging mainstream global regulatory standards that our customers are facing.
To ensure a seamless journey from start to finish, customers using IFS Cloud can enlist the services of PwC to guide on the wide range of issues facing our customers in relation to this critical aspect of governance, along with mandatory strategic ESG tasks like conducting a double materiality assessment and offering guidance for CSRD readiness.
The module will boast key features such as out-of-the-box CSRD metrics, select IFS Cloud data mapping, approval workflows, target setting, and insights. It will deliver a library of KPIs, including quantitative metrics with calculation logic, all supported by PwC’s ESG experts to ensure credibility. The tool is designed to support customers as they navigate the sustainability disclosure landscape, while helping them remain focused on delivering real business value through identifying opportunities to transition to more sustainable and productive ways of operating.
Mark Moffat, IFS CEO commented: “This strategic coalition between IFS and PwC is not just a technological advantage; it is a commitment to shaping a sustainable and transparent ecosystem. By equipping customers with the necessary tools and data, we are together enabling decisive sustainability action and ensuring we maintain the highest standards in sustainability disclosures.”
Carl Sizer, PwC UK Management Board Member and ESG Sponsor, commented: “We’re thrilled to collaborate with IFS in developing the Sustainability Management module within IFS Cloud. Our expertise in ESG criteria and knowledge of the regulatory landscape will enable us to provide valuable guidance and support in designing a solution that empowers organisations to effectively manage their sustainability initiatives and navigate the evolving regulatory landscape.”
The first version of the Sustainability Management Module is set to launch in the IFS Cloud 24R2 release at the end of November; it is currently under development and will be a cornerstone of this partnership. Alongside the IFS Cloud Sustainability Management module, PwC UK will provide the required services for companies to be compliant for their first CSRD reporting cycle in 2025.
* Where “PwC” is referenced in this press release it relates specifically to the collaboration with IFS and PwC UK, the UK member firm, part of the PwC network. Each member firm is a separate legal entity.
CONTACT:
Contact information:EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi MorganIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7918 607 299
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