Artificial Intelligence
Altair Announces First Quarter 2022 Financial Results
TROY, Mich., May 05, 2022 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in the areas of simulation, high-performance computing (HPC), data analytics and AI, today released its financial results for the first quarter ended March 31, 2022.
“Altair had a very strong first quarter 2022 with all our key metrics coming in above our guidance ranges,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair. “We deliver high value products and expertise to help our customers increase efficiency and competitiveness by driving smarter decisions with computational science and artificial intelligence, and our business momentum continues to be robust globally and across industry verticals.”
“We’re off to a great start for the year, achieving all-time highs for software product revenue and total revenue in the first quarter 2022,” said Matt Brown, Chief Financial Officer of Altair. “Revenues and profit were ahead of expectations for the quarter, putting us in a strong position to meet our financial goals for the year.”
First Quarter 2022 Financial Highlights
- Software product revenue was $140.9 million compared to $129.5 million for the first quarter of 2021, an increase of 8.8%
- Total revenue was $159.8 million compared to $150.2 million for the first quarter of 2021, an increase of 6.4%
- Net income was $11.5 million compared to $14.4 million for the first quarter of 2021. Diluted net income per share was $0.13 based on 87.3 million diluted weighted average common shares outstanding, compared to diluted net income per share of $0.18 for the first quarter of 2021, based on 79.3 million diluted weighted average common shares outstanding
- Adjusted EBITDA was $46.6 million compared to $37.0 million for the first quarter of 2021, an increase of 26.1%. Adjusted EBITDA margin was 29.2% compared to 24.6% for the first quarter of 2021
- Non-GAAP net income was $32.9 million, compared to Non-GAAP net income of $26.0 million for the first quarter of 2021, an increase of 26.8%. Non-GAAP diluted net income per share was $0.38 based on 87.3 million non-GAAP diluted common shares outstanding, compared to Non-GAAP diluted net income per share of $0.33 for the first quarter of 2021, based on 79.3 million non-GAAP diluted common shares outstanding
- Free cash flow was $3.6 million, compared to $33.5 million for the first quarter of 2021. Free cash flow in the first quarter 2022 was impacted by the payment of a $65.9 million litigation judgement assumed as part of the World Programming acquisition.
Business Outlook
Based on information available as of today, Altair is issuing the following guidance for the second quarter and full year 2022:
(in millions) | Second Quarter 2022 | Full Year 2022 | ||||||||||||||
Software Product Revenue | $ | 111.0 | to | $ | 114.0 | $ | 496.0 | to | $ | 508.0 | ||||||
Total Revenue | $ | 128.0 | $ | 131.0 | $ | 568.0 | $ | 582.0 | ||||||||
Net Loss | $ | (19.0 | ) | $ | (17.1 | ) | $ | (29.5 | ) | $ | (22.0 | ) | ||||
Non-GAAP Net Income | $ | 7.7 | $ | 9.2 | $ | 67.5 | $ | 73.4 | ||||||||
Adjusted EBITDA | $ | 12.0 | $ | 14.0 | $ | 98.0 | $ | 106.0 | ||||||||
Net Cash Provided by Operating Activities | $ | 17.6 | $ | 24.6 | ||||||||||||
Free Cash Flow | $ | 10.0 | $ | 17.0 |
Conference Call Information
What: | Altair’s First Quarter 2022 Financial Results Conference Call |
When: | Thursday, May 5, 2022 |
Time: | 5 p.m. ET |
Live Call: | (866) 754-5204, Domestic |
(636) 812-6621, International | |
Replay: | (855) 859-2056, Conference ID 4167474, Domestic |
(404) 537-3406, Conference ID 4167474, International | |
Webcast: | http://investor.altair.com (live & replay) |
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: Adjusted EBITDA, Non-GAAP Net Income, Non-GAAP Net Income Per Share and Free Cash Flow.
Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.
Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.
Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.
Non-GAAP diluted common shares as defined starting with Q1 2022, includes the diluted weighted average shares outstanding per GAAP regardless of whether the Company is in a loss position. All periods presented will be adjusted to align with this new definition.
Free cash flow consists of cash flow from operations less capital expenditures.
Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.
About Altair
Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in the areas of simulation, high-performance computing (HPC), data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the second quarter and full year 2022, our statements regarding our expectations for 2022, and our reconciliations of projected non-GAAP financial measures. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Altair’s control. Altair’s actual results could differ materially from those stated or implied in our forward-looking statements due to a number of factors, including but not limited to, the risks detailed in Altair’s quarterly and annual reports filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Altair’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Altair undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Altair’s views as of any date subsequent to the date of this press release.
Media Relations
Altair
Dave Simon
248-614-2400 ext. 332
[email protected]
Investor Relations
The Blueshirt Group
Monica Gould
212-871-3927
[email protected]
ALTAIR ENGINERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2022 | December 31, 2021 | |||||||
(In thousands) | (Unaudited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 405,578 | $ | 413,743 | ||||
Accounts receivable, net | 112,444 | 137,561 | ||||||
Income tax receivable | 12,185 | 9,388 | ||||||
Prepaid expenses and other current assets | 25,467 | 27,529 | ||||||
Total current assets | 555,674 | 588,221 | ||||||
Property and equipment, net | 40,188 | 40,478 | ||||||
Operating lease right of use assets | 27,910 | 28,494 | ||||||
Goodwill | 379,320 | 370,178 | ||||||
Other intangible assets, net | 93,345 | 99,057 | ||||||
Deferred tax assets | 8,228 | 8,495 | ||||||
Other long-term assets | 29,025 | 28,352 | ||||||
TOTAL ASSETS | $ | 1,133,690 | $ | 1,163,275 | ||||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 6,061 | $ | 6,647 | ||||
Accrued compensation and benefits | 35,038 | 42,307 | ||||||
Current portion of operating lease liabilities | 9,948 | 9,933 | ||||||
Other accrued expenses and current liabilities | 56,978 | 122,226 | ||||||
Deferred revenue | 96,529 | 93,160 | ||||||
Convertible senior notes, net | 226,187 | 199,705 | ||||||
Total current liabilities | 430,741 | 473,978 | ||||||
Operating lease liabilities, net of current portion | 18,847 | 19,550 | ||||||
Deferred revenue, non-current | 21,874 | 12,872 | ||||||
Other long-term liabilities | 43,019 | 42,894 | ||||||
TOTAL LIABILITIES | 514,481 | 549,294 | ||||||
Commitments and contingencies | ||||||||
MEZZANINE EQUITY | 784 | 784 | ||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued and outstanding | — | — | ||||||
Common stock ($0.0001 par value) | ||||||||
Class A common stock, authorized 513,797 shares, issued and outstanding 52,011 and 51,524 shares as of March 31, 2022, and December 31, 2021, respectively |
5 | 5 | ||||||
Class B common stock, authorized 41,203 shares, issued and outstanding 27,745 shares as of March 31, 2022, and December 31, 2021 |
3 | 3 | ||||||
Additional paid-in capital | 698,045 | 724,226 | ||||||
Accumulated deficit | (66,620 | ) | (102,087 | ) | ||||
Accumulated other comprehensive loss | (13,008 | ) | (8,950 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 618,425 | 613,197 | ||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | $ | 1,133,690 | $ | 1,163,275 | ||||
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31, |
||||||||
(in thousands, except per share data) | 2022 | 2021 | ||||||
Revenue | ||||||||
License | $ | 106,169 | $ | 96,395 | ||||
Maintenance and other services | 34,728 | 33,146 | ||||||
Total software | 140,897 | 129,541 | ||||||
Software related services | 9,061 | 8,098 | ||||||
Total software and related services | 149,958 | 137,639 | ||||||
Client engineering services | 8,012 | 10,677 | ||||||
Other | 1,811 | 1,847 | ||||||
Total revenue | 159,781 | 150,163 | ||||||
Cost of revenue | ||||||||
License | 4,687 | 5,395 | ||||||
Maintenance and other services | 12,719 | 11,555 | ||||||
Total software * | 17,406 | 16,950 | ||||||
Software related services | 6,035 | 6,122 | ||||||
Total software and related services | 23,441 | 23,072 | ||||||
Client engineering services | 6,641 | 8,888 | ||||||
Other | 1,521 | 1,462 | ||||||
Total cost of revenue | 31,603 | 33,422 | ||||||
Gross profit | 128,178 | 116,741 | ||||||
Operating expenses: | ||||||||
Research and development * | 43,094 | 38,276 | ||||||
Sales and marketing * | 35,682 | 32,070 | ||||||
General and administrative * | 23,569 | 23,926 | ||||||
Amortization of intangible assets | 5,903 | 4,877 | ||||||
Other operating income, net | (781 | ) | (617 | ) | ||||
Total operating expenses | 107,467 | 98,532 | ||||||
Operating income | 20,711 | 18,209 | ||||||
Interest expense | 585 | 2,973 | ||||||
Other expense, net | 2,068 | 835 | ||||||
Income before income taxes | 18,058 | 14,401 | ||||||
Income tax expense | 6,530 | 41 | ||||||
Net income | $ | 11,528 | $ | 14,360 | ||||
Income per share: | ||||||||
Net income per share attributable to common stockholders, basic |
$ | 0.15 | $ | 0.19 | ||||
Net income per share attributable to common stockholders, diluted |
$ | 0.13 | $ | 0.18 | ||||
Weighted average shares outstanding: | ||||||||
Weighted average number of shares used in computing net income per share, basic |
79,462 | 74,651 | ||||||
Weighted average number of shares used in computing net income per share, diluted |
87,261 | 79,295 |
* Amounts include stock-based compensation expense as follows (in thousands):
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
2022 | 2021 | |||||||
Cost of revenue – software | $ | 1,903 | $ | 1,158 | ||||
Research and development | 7,358 | 3,186 | ||||||
Sales and marketing | 7,035 | 3,468 | ||||||
General and administrative | 2,318 | 1,836 | ||||||
Total stock-based compensation expense | $ | 18,614 | $ | 9,648 | ||||
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
Three Months Ended March 31, | ||||||||
(In thousands) | 2022 | 2021 | ||||||
OPERATING ACTIVITIES: | ||||||||
Net income | $ | 11,528 | $ | 14,360 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 7,686 | 6,686 | ||||||
Provision for credit loss | 48 | 89 | ||||||
Amortization of debt discount and issuance costs | 418 | 2,800 | ||||||
Stock-based compensation expense | 18,614 | 9,648 | ||||||
Deferred income taxes | (67 | ) | (687 | ) | ||||
Other, net | 107 | (18 | ) | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 21,735 | 8,768 | ||||||
Prepaid expenses and other current assets | (138 | ) | (805 | ) | ||||
Other long-term assets | 2,139 | (3,628 | ) | |||||
Accounts payable | (302 | ) | (767 | ) | ||||
Accrued compensation and benefits | (6,896 | ) | 2,626 | |||||
Other accrued expenses and current liabilities | (61,759 | ) | 309 | |||||
Deferred revenue | 12,673 | (2,810 | ) | |||||
Net cash provided by operating activities | 5,786 | 36,571 | ||||||
INVESTING ACTIVITIES: | ||||||||
Payments for acquisition of businesses, net of cash acquired | (12,971 | ) | — | |||||
Capital expenditures | (2,190 | ) | (3,039 | ) | ||||
Other investing activities, net | (343 | ) | (412 | ) | ||||
Net cash used in investing activities | (15,504 | ) | (3,451 | ) | ||||
FINANCING ACTIVITIES: | ||||||||
Proceeds from employee stock purchase plan contributions | 2,362 | — | ||||||
Proceeds from the exercise of common stock options | 237 | 271 | ||||||
Payments on revolving commitment | — | (30,000 | ) | |||||
Other financing activities | (90 | ) | (107 | ) | ||||
Net cash provided by (used in) financing activities | 2,509 | (29,836 | ) | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (970 | ) | (1,331 | ) | ||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (8,179 | ) | 1,953 | |||||
Cash, cash equivalents and restricted cash at beginning of year | 414,012 | 241,547 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 405,833 | $ | 243,500 | ||||
Supplemental disclosure of cash flow: | ||||||||
Interest paid | $ | 1 | $ | 47 | ||||
Income taxes paid | $ | 3,187 | $ | 2,381 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Property and equipment in accounts payable, other current liabilities and other liabilities |
$ | 772 | $ | 619 | ||||
Financial Results
The following table provides a reconciliation of Adjusted EBITDA, Non-GAAP net income and Non-GAAP net income per share – diluted, to net income and net income per share – diluted, the most comparable GAAP financial measures:
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands, except per share amounts) | 2022 | 2021 | ||||||
Net income | $ | 11,528 | $ | 14,360 | ||||
Stock-based compensation expense | 18,614 | 9,648 | ||||||
Amortization of intangible assets | 5,903 | 4,877 | ||||||
Non-cash interest expense | 417 | 2,800 | ||||||
Restructuring expense | — | 3,346 | ||||||
Impact of non-GAAP tax rate | (5,036 | ) | (9,077 | ) | ||||
Special adjustments and other (1) | 1,492 | — | ||||||
Non-GAAP net income | 32,918 | 25,954 | ||||||
Depreciation expense | 1,783 | 1,809 | ||||||
Cash interest expense, net | 323 | 79 | ||||||
Income tax expense, net of non-GAAP impact | 11,566 | 9,118 | ||||||
Adjusted EBITDA | $ | 46,590 | $ | 36,960 | ||||
Net income per share, diluted | $ | 0.13 | $ | 0.18 | ||||
Non-GAAP net income per share, diluted | $ | 0.38 | $ | 0.33 | ||||
GAAP diluted shares outstanding | 87,261 | 79,295 | ||||||
Non-GAAP diluted shares outstanding (2) | 87,261 | 79,295 |
(1) The three months ended March 31, 2022, includes $1.5 million currency losses on acquisition-related intercompany loans.
(2) The Non-GAAP diluted shares outstanding for the three months ended March 31, 2021, has been changed to align with the current definition.
The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands) | 2022 | 2021 | ||||||
Net cash provided by operating activities (1) | $ | 5,786 | $ | 36,571 | ||||
Capital expenditures | (2,190 | ) | (3,039 | ) | ||||
Free cash flow (1) | $ | 3,596 | $ | 33,532 |
(1) The three months ended March 31, 2022, includes a $65.9 million payment in January 2022 for a legal judgement acquired in December 2021.
Business Outlook
The following table provides a reconciliation of projected Adjusted EBITDA and projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:
(Unaudited) | ||||||||||||||||
Three Months Ending June 30, 2022 |
Year Ending December 31, 2022 |
|||||||||||||||
(in thousands) | Low | High | Low | High | ||||||||||||
Net loss | $ | (19,000 | ) | $ | (17,100 | ) | $ | (29,500 | ) | $ | (22,000 | ) | ||||
Stock-based compensation expense | 19,900 | 19,900 | 77,400 | 77,400 | ||||||||||||
Amortization of intangible assets | 5,800 | 5,800 | 23,000 | 23,000 | ||||||||||||
Non-cash interest expense | 300 | 300 | 1,400 | 1,400 | ||||||||||||
Impact of non-GAAP tax rate | 700 | 300 | (6,300 | ) | (7,900 | ) | ||||||||||
Special adjustments and other(1) | — | — | 1,500 | 1,500 | ||||||||||||
Non-GAAP net income | 7,700 | 9,200 | 67,500 | 73,400 | ||||||||||||
Depreciation expense | 1,800 | 1,800 | 7,100 | 7,100 | ||||||||||||
Cash interest income, net | (200 | ) | (200 | ) | (300 | ) | (300 | ) | ||||||||
Income tax expense, net of non-GAAP impact | 2,700 | 3,200 | 23,700 | 25,800 | ||||||||||||
Adjusted EBITDA | $ | 12,000 | $ | 14,000 | $ | 98,000 | $ | 106,000 |
(1) Year ending December 31, 2022, includes $1.5 million currency losses on acquisition-related intercompany loans.
The following table provides a reconciliation of projected Free Cash Flow to projected net cash provided by operating activities, the most comparable GAAP financial measure:
(Unaudited) | ||||||||||||
Year Ending December 31, 2022 |
||||||||||||
(in thousands) | Low | High | ||||||||||
Net cash provided by operating activities (1) | $ | 17,600 | $ | 24,600 | ||||||||
Capital expenditures | (7,600 | ) | (7,600 | ) | ||||||||
Free cash flow (1) | $ | 10,000 | $ | 17,000 |
(1) Includes $65.9 million payment in January 2022 for legal judgement acquired in December 2021.
Artificial Intelligence
Synthetik Applied Technologies LLC announces development of UrbanScale – a modeling platform for the prediction, characterization, and quantification of extreme urban heat
AUSTIN, Texas and LONDON, April 30, 2024 /PRNewswire/ — Synthetik Applied Technologies announces the development of UrbanScale, a tool to model and predict effects of extreme heat in urban areas, through a project funded by the National Oceanic and Atmospheric Association (NOAA). The physical characteristics of urban areas amplify heat effects resulting in what are known as urban heat islands — areas where surface temperatures are much higher than their surroundings. The UrbanScale tool addresses this climate peril with sophisticated analytic tools based on physics informed neural networks and cutting-edge machine learning to predict urban heat and help better understand and mitigate the risks associated with these extreme heat events. As a result of climate change, these events are expected to increase, impacting both the people that live in urban areas and the infrastructure on which they depend.
The UrbanScale platform shows significant promise to provide data on the severity of heat islands and their effects to better understand how they impact human health, energy use and damage to physical infrastructure. This information will provide a step-change in capability for government agencies, urban planners, and transportation authorities to direct efforts for mitigation and intervention. In particular, inclusion of demographic information into data pipelines will allow understanding of how urban heat effects may impact vulnerable or disadvantaged populations. Integration with climate forecasts and models will also provide unprecedented capabilities for forecasting risk associated with climate change.
Josh Hatfield, Director of Research and Development at Synthetik, said:
‘We are extremely grateful for the opportunity to study such an important issue. Extreme heat is already the largest cause of weather-related fatalities in the US, and climate change will only increase the importance of understanding heat in urban environments. Helping to meet that challenge fits directly into Synthetik’s mission.’
Synthetik COO Tim Brewer commented:
‘The UrbanScale tool will allow both our government and insurance partners to better characterize the risk of extreme heat in urban centers and promises to deliver critical insight on the way these events impact energy demands. We look forward to exploring its wide-ranging applications.’
Synthetik plans further development of UrbanScale with NOAA and other partners in the public and private sector.
For all inquiries: Contact Synthetik Applied Technologies PR [email protected]
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Artificial Intelligence
GLiNTECH – a Valiantys company, wins Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH declared Finalists for Team Excellence and ITSM Solutions
PARIS, April 30, 2024 /PRNewswire/ — Atlassian announced today that GLiNTECH – a Valiantys company has won the Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH were further declared finalists for the Team Excellence and ITSM Solutions awards, respectively.
This is an acknowledgement of their outstanding work for Atlassian customers during the calendar year 2023. This includes exceptional efforts in developing new business and driving innovative solutions for customer success.
“Our industry leading partners play a vital role in our customers’ continued success. We’re honored to highlight our top partners as award finalists this year, reflecting their ongoing commitment to delivering innovative solutions and unparalleled Atlassian services globally,” said Ko Mistry, Atlassian’s Head of Global Channels.
“We are delighted to be named as finalists for these awards from Atlassian, and we are particularly proud to celebrate GLiNTECH’s achievement in winning the Services (APAC) award.” said Emmanuel Benoit, Global Chief Executive Officer, Valiantys. “At Valiantys, embracing diversity of thought and challenging the ways our teams work has always provided Valiantys with a competitive edge to consistently deliver tangible results and value. We look to the future with unwavering determination and confidence as we continue to drive innovation and unlock potential for our customers around the globe.”
“We dedicate our IT Consulting Services and Custom Solutions to fulfilling our customers’ needs for success,” commented Dimitri Spyridopoulos, Chief Executive Officer GLiNTECH – a Valiantys company. “It’s an honor to be recognized by Atlassian as a finalist in two categories that reflect these efforts: Services and ITSM Solutions, and to be declared as winner for the Services award (APAC).”
For more information regarding this Press Release, contact: [email protected]
About Valiantys
Valiantys is a leading global consulting and services firm dedicated to Atlassian. The company accelerates business transformation by digitizing processes and modernizing teamwork, using the best agile methods and tools. Its Atlassian technical expertise is unparalleled and Valiantys supports its customers across the entire spectrum of projects on those platforms. As a recognized Agile at Scale, ITSM, and Cloud Specialized Partner, Valiantys help organizations accelerate time to value with Agile at scale, cloud, and ITSM implementations. Because teamwork requires more than just tools, the firm bridges the gap between applications and strategic practices such as SAFe® and ITIL. Over the last 15 years, Valiantys has helped more than 5,000 customers achieve their desired business outcomes at a reduced time to value, through improved team collaboration. More information about Valiantys can be found at https://www.valiantys.com/
About GLiNTECH – a Valiantys Company
GLiNTECH is a renowned Atlassian Platinum Partner headquartered in Australia and is the preferred choice for over 300 leading brands. The company has amassed more than 20 years of experience servicing enterprise clients across the Asia Pacific region, earning Atlassian Partner of the Year five times, including most recently for Professional Services. GLiNTECH is recognized as a Specialized Atlassian Cloud and ITSM partner. The company offers deep expertise in Licensing, Training, Support, Managed Services, Consulting, and Agile methodologies and has a proven record in providing reliable solutions while driving success within the Atlassian ecosystem. More information about GLiNTECH can be found here: https://www.glintech.com/
GLiNTECH was acquired by Valiantys in February 2024.
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Artificial Intelligence
Nillion is pleased to announce that Dwinity, a team pioneering decentralized AI has joined as an ecosystem partner
ZUG, Switzerland and MUNICH, April 30, 2024 /PRNewswire/ — With huge amounts of personal data being collected every day, privacy concerns are escalating as the impact of data breaches become more costly. The need to address the problems created by the existing data economy have never been greater. By empowering users to reclaim control, Dwinity aims to unlock an enormous amount of potential for personal data to enhance various industries like healthcare, insurance, and finance.
About Dwinity
Dwinity’s mission is to give power back to users and to create a thriving data economy in which information asymmetry is finally removed. Dwinity enables a decentralized data economy as well as creates a data ownership driven ecosystem for storage, analysis, exchange, and commercialization of sensitive personal data.
The three components of Dwinity are:
Data control: Decentralized data spaces for decentralized data storage which provides true data sovereignty and enables users to decide with whom data is shared.Data Gold: Decentralized AI tools for each data space have the capability to unlock the full potential of data via sophisticated analysis.Data Cash: A fair marketplace with automated data value analysis, allowing for tangible income for data owners at lower costs and completely anonymous.Dwinity is presently closing its initial seed round at USD 3 MN – funds which will be used for the development of the initial prototypes to hit the market already in 2024.
About Nillion
Nillion is humanity’s first Blind Computer. It is powered by a decentralized network of nodes that enables “Blind Computation” through the coordination and orchestration of privacy enhancing technologies (PETs) such as multi-party computation (MPC), fully homomorphic encryption (FHE) and zero-knowledge proofs (ZKP). Nillion believes Blind Computation will become the internet’s base layer for all private data as PETs continue to mature. Nillion has attracted a notable initial cohort of Blind Computation builders across AI, DeFi, medical data, custody, wallets, global identity, messaging and more.
The Nillion development company, Nilogy, was incubated by CoinList’s seed program. Nilogy’s Founding CTO was the Founding Engineer of Uber (Conrad Whelan), the Chief Strategy Officer was the Founding CMO of Hedera Hashgraph (Andrew Masanto), the Chief Business Officer is the Founder of Indiegogo (Slava Rubin), the General Counsel was the Associate General Counsel of Coinbase (Lindsay Danas Cohen), along with builders hailing from Consensys, LayerZero, Polygon and Google.
“This is a major step on our way to building the leading ecosystem for sensitive data together with one of the top players in the market for the handling of such valuable data. We are looking forward to the cooperation which will add significant trust and competence to both initiatives”, said Peter Koenig, CEO of Dwinity.
Picture is available at AP
Contact for this publication: Christian Mangold [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/nillion-is-pleased-to-announce-that-dwinity-a-team-pioneering-decentralized-ai-has-joined-as-an-ecosystem-partner-302131972.html
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