Artificial Intelligence

Altair Announces Second Quarter 2022 Financial Results

Published

2 years ago

August 4, 2022

TROY, Mich., Aug. 04, 2022 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and AI, today released its financial results for the second quarter ended June 30, 2022.

“Altair had a strong second quarter, driven by high double-digit software revenue growth, with all our key metrics coming in above our guidance ranges,” said James Scapa, founder, chairman and chief executive officer of Altair. “While we are in a period of geopolitical and economic uncertainty, I am confident Altair’s culture, customer relationships, high recurring revenue and utilization, high-value business model, and exceptional technology leaves us well-positioned for the remainder of the year.”

“The second quarter was another big success, achieving revenue and profit ahead of expectations,” said Matt Brown, chief financial officer of Altair. “Led by our year-over-year software product revenue growth of over 17% in the second quarter, we continued to deliver on our commitment to software product revenue growth and margin expansion. While we are encouraged by our strong first half of 2022, we are reducing our full year guidance ranges for revenue and profit due to the impact foreign exchange rates are having on our results in reported currency.”

Second Quarter 2022 Financial Highlights

Software product revenue was $116.9 million compared to $99.6 million for the second quarter of 2021, an increase of 17.4%
Total revenue was $132.7 million compared to $119.9 million for the second quarter of 2021, an increase of 10.6%
Net loss was $(33.8) million compared to $(13.6) million for the second quarter of 2021. Diluted net loss per share was $(0.43) based on 78.9 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.18) for the second quarter of 2021, based on 75.3 million diluted weighted average common shares outstanding. Net loss margin was (25.5%) compared to (11.4%) for the second quarter of 2021
Non-GAAP net income was $10.9 million, compared to non-GAAP net income of $5.6 million for the second quarter of 2021, an increase of 94.7%. Non-GAAP diluted net income per share was $0.13 based on 86.3 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.07 for the second quarter of 2021, based on 80.3 million non-GAAP diluted common shares outstanding
Adjusted EBITDA was $16.4 million compared to $9.5 million for the second quarter of 2021, an increase of 73.1%. Adjusted EBITDA margin was 12.4% compared to 7.9% for the second quarter of 2021
Cash provided by operating activities was 12.3 million, compared to 18.2 million for the second quarter of 2021
Free cash flow was $11.0 million, compared to $15.8 million for the second quarter of 2021.

Business Outlook

Based on information available as of today, Altair is issuing the following guidance for the third quarter and full year 2022:

(in millions)	Third Quarter 2022								Full Year 2022
Software Product Revenue		$	99.0		to	$	104.0			$	487.0		to	$	498.0
Total Revenue		$	115.0			$	120.0			$	555.0			$	566.0
Net Loss		$	(34.9	)		$	(31.0	)		$	(66.1	)		$	(56.5	)
Non-GAAP Net Income		$	(1.2	)		$	1.8			$	60.6			$	68.0
Adjusted EBITDA		$	0.0			$	4.0			$	89.0			$	99.0
Net Cash Provided by Operating Activities										$	15.1			$	23.1
Free Cash Flow										$	8.0			$	16.0

Conference Call Information
What: Altair’s Second Quarter 2022 Financial Results Conference Call
When: Thursday, August 4, 2022
Webcast: http://investor.altair.com (live & replay)

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.

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.

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.

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.

Free cash flow consists of cash flow from operations less capital expenditures.

Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense, restructuring expense and other special items as identified by management and described elsewhere in this press release.

Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

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 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 third 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

	June 30, 2022			December 31, 2021
(In thousands)	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	416,137		$	413,743
Accounts receivable, net		103,483			137,561
Income tax receivable		11,412			9,388
Prepaid expenses and other current assets		23,282			27,529
Total current assets		554,314			588,221
Property and equipment, net		39,370			40,478
Operating lease right of use assets		24,977			28,494
Goodwill		385,989			370,178
Other intangible assets, net		90,327			99,057
Deferred tax assets		7,943			8,495
Other long-term assets		25,588			28,352
TOTAL ASSETS	$	1,128,508		$	1,163,275
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,962		$	6,647
Accrued compensation and benefits		31,084			42,307
Current portion of operating lease liabilities		9,433			9,933
Other accrued expenses and current liabilities		49,444			122,226
Deferred revenue		92,141			93,160
Convertible senior notes, net		—			199,705
Total current liabilities		187,064			473,978
Operating lease liabilities, net of current portion		16,340			19,550
Deferred revenue, non-current		20,785			12,872
Convertible senior notes, net		304,676			—
Other long-term liabilities		41,471			42,894
TOTAL LIABILITIES		570,336			549,294
Commitments and contingencies
MEZZANINE EQUITY		—			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 52,191 and 51,524 shares as of June 30, 2022, and December 31, 2021, respectively		5			5
Class B common stock, authorized 41,203 shares, issued and outstanding 27,745 shares as of June 30, 2022, and December 31, 2021		3			3
Additional paid-in capital		687,338			724,226
Accumulated deficit		(100,394	)		(102,087	)
Accumulated other comprehensive loss		(28,780	)		(8,950	)
TOTAL STOCKHOLDERS’ EQUITY		558,172			613,197
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY	$	1,128,508		$	1,163,275

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2022			2021			2022			2021
Revenue
License	$	82,688		$	66,632		$	188,857		$	163,027
Maintenance and other services		34,205			32,926			68,933			66,072
Total software		116,893			99,558			257,790			229,099
Software related services		7,376			7,481			16,437			15,579
Total software and related services		124,269			107,039			274,227			244,678
Client engineering services		7,047			10,268			15,059			20,945
Other		1,340			2,605			3,151			4,452
Total revenue		132,656			119,912			292,437			270,075
Cost of revenue
License		4,120			3,617			8,807			9,012
Maintenance and other services		12,884			12,043			25,603			23,598
Total software *		17,004			15,660			34,410			32,610
Software related services		5,464			5,731			11,499			11,853
Total software and related services		22,468			21,391			45,909			44,463
Client engineering services		5,914			8,293			12,555			17,181
Other		1,141			2,262			2,662			3,724
Total cost of revenue		29,523			31,946			61,126			65,368
Gross profit		103,133			87,966			231,311			204,707
Operating expenses:
Research and development *		46,477			38,757			89,571			77,033
Sales and marketing *		39,116			31,909			74,798			63,979
General and administrative *		24,367			21,861			47,936			45,787
Amortization of intangible assets		6,208			4,615			12,111			9,492
Other operating income, net		(5,767	)		(585	)		(6,548	)		(1,202	)
Total operating expenses		110,401			96,557			217,868			195,089
Operating (loss) income		(7,268	)		(8,591	)		13,443			9,618
Interest expense		700			2,988			1,285			5,961
Other expense, net		21,907			708			23,975			1,543
(Loss) income before income taxes		(29,875	)		(12,287	)		(11,817	)		2,114
Income tax expense		3,899			1,361			10,429			1,402
Net (loss) income	$	(33,774	)	$	(13,648	)	$	(22,246	)	$	712
(Loss) income per share:
Net (loss) income per share attributable to common stockholders, basic	$	(0.43	)	$	(0.18	)	$	(0.28	)	$	0.01
Net (loss) income per share attributable to common stockholders, diluted	$	(0.43	)	$	(0.18	)	$	(0.28	)	$	0.01
Weighted average shares outstanding:
Weighted average number of shares used in computing net (loss) income per share, basic		78,948			75,263			79,204			74,959
Weighted average number of shares used in computing net (loss) income per share, diluted		78,948			75,263			79,204			79,851

* Amounts include stock-based compensation expense as follows (in thousands):

	(Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Cost of revenue – software	$	2,030	$	1,222	$	3,933	$	2,380
Research and development		8,979		4,143		16,337		7,329
Sales and marketing		7,664		3,659		14,699		7,127
General and administrative		2,527		1,624		4,845		3,460
Total stock-based compensation expense	$	21,200	$	10,648	$	39,814	$	20,296

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)

	Six Months Ended June 30,
(In thousands)	2022			2021
OPERATING ACTIVITIES:
Net (loss) income	$	(22,246	)	$	712
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		15,819			13,180
Provision for credit loss		114			205
Amortization of debt discount and issuance costs		829			5,631
Stock-based compensation expense		39,814			20,296
Deferred income taxes		(64	)		(1	)
Gain on mark-to-market adjustment of contingent consideration		(5,304	)		—
Expense on repurchase of convertible senior notes		16,621			—
Other, net		115			34
Changes in assets and liabilities:
Accounts receivable		29,270			24,852
Prepaid expenses and other current assets		2,056			(3,367	)
Other long-term assets		4,397			(5,067	)
Accounts payable		(2,070	)		(967	)
Accrued compensation and benefits		(9,742	)		1,548
Other accrued expenses and current liabilities		(61,648	)		2,999
Deferred revenue		10,080			(5,333	)
Net cash provided by operating activities		18,041			54,722
INVESTING ACTIVITIES:
Payments for acquisition of businesses, net of cash acquired		(37,660	)		—
Capital expenditures		(3,457	)		(5,391	)
Other investing activities, net		(322	)		(389	)
Net cash used in investing activities		(41,439	)		(5,780	)
FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of discounts and commissions		224,265			—
Repurchase of convertible senior notes		(192,792	)		—
Proceeds from employee stock purchase plan contributions		4,431			—
Repurchase and retirement of common stock		(4,387	)		—
Proceeds from the exercise of common stock options		1,689			885
Payments of debt issuance costs		(1,157	)		—
Payments on revolving commitment		—			(30,000	)
Other financing activities		(131	)		(206	)
Net cash provided by (used in) financing activities		31,918			(29,321	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(6,226	)		(847	)
Net increase in cash, cash equivalents and restricted cash		2,294			18,774
Cash, cash equivalents and restricted cash at beginning of year		414,012			241,547
Cash, cash equivalents and restricted cash at end of period	$	416,306		$	260,321
Supplemental disclosure of cash flow:
Interest paid	$	289		$	339
Income taxes paid	$	4,891		$	3,744
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment in accounts payable, other current liabilities and other liabilities	$	1,530		$	631

Financial Results

The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net (loss) income and net (loss) income per share – diluted, the most comparable GAAP financial measures:

	(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share amounts)	2022			2021			2022			2021
Net (loss) income	$	(33,774	)	$	(13,648	)	$	(22,246	)	$	712
Stock-based compensation expense		21,200			10,648			39,814			20,296
Amortization of intangible assets		6,208			4,615			12,111			9,492
Non-cash interest expense		422			2,837			839			5,637
Restructuring expense		—			1,732			—			5,078
Impact of non-GAAP tax rate⁽¹⁾		79			(601	)		(4,957	)		(9,678	)
Special adjustments and other⁽²⁾		16,737			—			18,229			—
Non-GAAP net income	$	10,872		$	5,583		$	43,790		$	31,537

Net (loss) income per share, diluted	$	(0.43	)	$	(0.18	)	$	(0.28	)	$	0.01
Non-GAAP net income per share, diluted	$	0.13		$	0.07		$	0.51		$	0.39

GAAP diluted shares outstanding		78,948			75,263			79,204			79,851
Non-GAAP diluted shares outstanding⁽³⁾		86,281			80,303			86,516			79,851

The Company uses a non-GAAP effective tax rate of 26%.
The three months ended June 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $5.4 million currency losses on acquisition-related intercompany loans and a $5.3 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The six months ended June 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $6.9 million currency losses on acquisition-related intercompany loans and a $5.3 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.
The Non-GAAP diluted shares outstanding for the three and six months ended June 30, 2021, has been changed to align with the current definition.

The following table provides a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure:

	(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Net (loss) income	$	(33,774	)	$	(13,648	)	$	(22,246	)	$	712
Income tax expense		3,899			1,361			10,429			1,402
Stock-based compensation expense		21,200			10,648			39,814			20,296
Interest expense		700			2,988			1,285			5,961
Depreciation and amortization		8,133			6,494			15,819			13,180
Restructuring expense		—			1,732			—			5,078
Special adjustments, interest income and other⁽¹⁾		16,282			(79	)		17,929			(173	)
Adjusted EBITDA	$	16,440		$	9,496		$	63,030		$	46,456

(1) The three months ended June 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $5.4 million currency losses on acquisition-related intercompany loans and a $5.3 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The six months ended June 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $6.9 million currency losses on acquisition-related intercompany loans and a $5.3 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.

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 June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Net cash provided by operating activities⁽¹⁾	$	12,255		$	18,151		$	18,041		$	54,722
Capital expenditures		(1,267	)		(2,352	)		(3,457	)		(5,391	)
Free cash flow⁽¹⁾	$	10,988		$	15,799		$	14,584		$	49,331

(1) The six months ended June 30, 2022, includes a $65.9 million payment in January 2022 for a legal judgement acquired in December 2021.

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure:

	(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Gross profit	$	103,133		$	87,966		$	231,311		$	204,707
Stock-based compensation expense		2,030			1,222			3,933			2,380
Restructuring expense		—			161			—			936
Non-GAAP gross profit	$	105,163		$	89,349		$	235,244		$	208,023
Non-GAAP gross margin		79.3	%		74.5	%		80.4	%		77.0	%

The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:

	(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Total operating expense	$	110,401		$	96,557		$	217,868		$	195,089
Stock-based compensation expense		(19,170	)		(9,426	)		(35,881	)		(17,916	)
Amortization		(6,208	)		(4,615	)		(12,111	)		(9,492	)
Gain on mark-to-market adjustment of contingent consideration		5,304			—			5,304			—
Restructuring expense		—			(1,571	)		—			(4,142	)
Non-GAAP operating expense	$	90,327		$	80,945		$	175,180		$	163,539

Business Outlook
The following table provides a reconciliation of projected Non-GAAP net (loss) income to projected net loss, the most comparable GAAP financial measure:

	(Unaudited)
	Three Months Ending September 30, 2022						Year Ending December 31, 2022
(in thousands)	Low			High			Low			High
Net loss	$	(34,900	)	$	(31,000	)	$	(66,100	)	$	(56,500	)
Stock-based compensation expense		23,700			23,700			86,400			86,400
Amortization of intangible assets		6,100			6,100			24,400			24,400
Non-cash interest expense		500			500			1,800			1,800
Impact of non-GAAP tax rate		3,400			2,500			(4,100	)		(6,300	)
Special adjustments and other⁽¹⁾		—			—			18,200			18,200
Non-GAAP net (loss) income	$	(1,200	)	$	1,800		$	60,600		$	68,000

(1) Year ending December 31, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $6.9 million currency losses on acquisition-related intercompany loans and $5.3 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.

The following table provides a reconciliation of projected Adjusted EBITDA to projected net loss, the most comparable GAAP financial measure:

	(Unaudited)
	Three Months Ending September 30, 2022						Year Ending December 31, 2022
(in thousands)	Low			High			Low			High
Net loss	$	(34,900	)	$	(31,000	)	$	(66,100	)	$	(56,500	)
Income tax expense		3,000			3,100			17,200			17,600
Stock-based compensation expense		23,700			23,700			86,400			86,400
Interest expense		200			200			1,300			1,300
Depreciation and amortization		8,000			8,000			32,000			32,000
Special adjustments and other⁽¹⁾		—			—			18,200			18,200
Adjusted EBITDA	$	—		$	4,000		$	89,000		$	99,000

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⁾	$	15,100		$	23,100
Capital expenditures		(7,100	)		(7,100	)
Free cash flow⁽¹⁾	$	8,000		$	16,000

(1) Includes $65.9 million payment in January 2022 for legal judgement acquired in December 2021.

Related Topics:AI Artificial Intelligence Machine learning

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Artificial Intelligence

Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

Published

1 hour ago

April 25, 2024

CISION (PR Newswire)

Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Artificial Intelligence

ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO

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1 hour ago

April 25, 2024

CISION (PR Newswire)

screenpoint-medical-leadership-transition:-pieter-kroese-confirmed-as-ceo

Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.

The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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Artificial Intelligence

Robotics Market to Surpass USD 126.96 Billion by 2031 | SkyQuest Technology

Published

1 hour ago

April 25, 2024

CISION (PR Newswire)

WESTFORD, Mass., April 25, 2024 /PRNewswire/ — The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).

Download a detailed overview:
https://www.skyquestt.com/report/robotics-market
Browse in-depth TOC on the “Robotics Market”
Pages – 202Tables – 64Figures – 75Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$41.50 billion
Estimated Value by 2031
$126.96 billion
Growth Rate
Poised to grow at a CAGR of 15%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Application, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Collaborative Robotics
Key Market Opportunities
Prompting Several Industries to Adopt Automation Technologies
Key Market Drivers
Increasing Demand for Automation
Surge of Automation is Supporting Growth of Robotics Industry
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies—such as AI-driven automation systems and collaborative robots, or cobots—are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today’s dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region’s growing adoption of automation technology, especially in the manufacturing and logistics industries.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/robotics-market
Drivers:
Increasing Demand for AutomationAdvancements in AI and Machine Learning TechnologiesRestraints:
High Initial InvestmentsLack of Skilled WorkforceProminent Players in Global Robotics Market:
FANUC America Corporation (US)Epson Robotics (Japan)Staubli International AG (Switzerland)YRG Inc. (US)Comau S.p.A. (Italy)Northrop Grumman Corporation (US)Honda Motor Co., Ltd. (Japan)Seiko Epson Corporation (Japan)Yamaha Motor Co., Ltd. (Japan)Adept Technology, Inc. (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/robotics-market
Key Questions Answered in Global Robotics Market Report
How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?What impact have recent technological advancements and innovations had on the direction of the robotics market?Which well-known companies in the robotics industry are also major players in the global robotics market?This report provides the following insights:
Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics marketMarket Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics marketProduct Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics marketMarket Development: Comprehensive information on lucrative emerging regionsMarket Diversification: Exhaustive information about new products, growing geographies, and recent developments in the marketCompetitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/

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