Artificial Intelligence
NETSOL Technologies Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results
- Total net revenues increase 4.2% to $57.2 million in FY 2022
- Annual recurring revenue (SaaS and Support) increased to $28.3 million, up by 27.6%
CALABASAS, Calif., Sept. 27, 2022 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal fourth quarter and full year ended June 30, 2022.
Fiscal Fourth Quarter 2022 and Recent Operational Highlights
- NETSOL signed a contract with a notable Swedish bank to implement NFS Ascent® in Sweden, Norway, Denmark and Finland with an estimated value of $5 million over the five-year contract period.
- NETSOL was awarded a contract by the Government of Khyber Pakhtunkhwa under the World Bank Funded “Khyber Pakhtunkhwa Revenue Mobilization and Public Resource Management Program” to provide a document management system. The contract is valued at approximately $2.2 million.
- We successfully went live with our cloud-based NFS Ascent® Retail Platform for a bank in the United Kingdom. The Retail Platform constitutes both NFS Ascent® Omni Point of Sale and NFS Ascent® Contract Management System. This contract will provide additional subscription fees of approximately $1 million over the coming 5 years.
- We went live with NFS Ascent® and NFS Ascent® Digital in New Zealand for a leading Japanese equipment manufacturer and in addition signed a statement of work which will generate approximately $1 million.
- We onboarded another 7 dealers of a leading German Auto Manufacturer in the U.S. on our digital retailing solution OtozTM bringing the total to 24 at June 30, 2022.
Fiscal Fourth Quarter 2022 Financial Results
Total net revenues for the fourth quarter of fiscal 2022 were $13.5 million, compared with $15.4 million in the prior year period. The decrease in total net revenues was primarily driven by decreases in license revenue of $0.6 million and services revenue of $1.7 million, offset by an increase in subscription and support revenue of $0.5 million.
- Total license fees were $0.95 million, compared with $1.5 million in the prior year period.
- Total subscription (SaaS and Cloud) and support revenues were $6.1 million, compared with $5.6 million in the prior year period.
- Total services revenues were $6.5 million, compared with $8.2 million in the prior year period.
Gross profit for the fourth quarter of fiscal 2022 was $4.8 million (or 36% of net revenues), compared to $7.5 million (or 49% of net revenues) in the fourth quarter of fiscal 2021. The decrease in gross profit was primarily due to a decrease in revenues of $1.8 million and an increase in cost of sales of $0.9 million driven by increases in salaries and consulting costs of $0.7 million.
Operating expenses for the fourth quarter of fiscal 2022 were $6.4 million (or 47% of sales), compared to $6.4 million (or 41% of sales) for the fourth quarter of fiscal 2021. Operating expenses remained flat as the increase in research and development costs of $0.3 million was offset by the decrease in salaries and wages of $0.3 million.
GAAP net loss attributable to NETSOL for the fourth quarter of fiscal 2022 totaled $2.2 million or $0.19 per diluted share, compared with GAAP net income of $1.9 million or $0.17 per diluted share in the fourth quarter of fiscal 2021.
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2022 totaled $(1.4) million or $0.12 per diluted share, compared with non-GAAP adjusted EBITDA of $2.9 million or $0.26 per diluted share in the fourth quarter of fiscal 2021 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At June 30, 2022, cash and cash equivalents were $24 million, a decrease from $33.7 million at June 30, 2021.
Management Commentary
“We returned to revenue growth for fiscal 2022 increasing 4.2% after two years of revenue decline in fiscal years 2020 and 2021,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “We believe we have robust traction in the current pipeline for fiscal 2023 as we aim for double digit revenue growth. Our pipeline in the North American market is healthy and strong. We are working on potential projects for both multinational and US based major Tier 1 captive finance companies. Our Flagship NFS Ascent offering is in a strong position as we are gaining momentum both for SaaS and license offerings. Additionally, we have a robust pipeline in the European markets as our team in the UK are working diligently to secure new customers in the retail sector. We have also signed up a few more Otoz digital platforms through MINI Anywhere across the US to a total of 30 dealerships to date.”
Company CFO Roger Almond added: “Our subscription and support segment were a key growth driver during the year. As our workforce continues to return to the office across our global footprint, we expect growth will accelerate in the quarters ahead, which will require a related increase in expenses to support our increased business activity moving forward. Our cash position remains strong, providing the resources to support our core business growth as well as strategic investments in high-return, long-term opportunities, such as the promising work of the Otoz Innovation Lab.”
Conference Call
NETSOL Technologies management will hold a conference call today (September 27, 2022) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these financial results. A question-and-answer session will follow management’s presentation.
U.S. Dial-In: 877-407-0789
International Dial-In: 201-689-8562
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization.
The conference call will be webcast live and available for replay here and via the Investor Relations section of NETSOL’s website.
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until October 11, 2022.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13732869
About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1750 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.
About Otoz
Otoz, a division of NETSOL Technologies Inc. (Nasdaq: NTWK), provides business-to-business, white-label technology solutions for new mobility. The Otoz suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch digital retailing and new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Otoz technology drives utilization, while supporting robust and efficient operations.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operating results, including statements regarding the Company that are subject to certain risks and uncertainties such as the effect of disparate stay at home orders and social distancing requirements imposed internationally by COVID-19 and its resultant impact on our financials and the world economy that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance, as well as the delay in recovery or a prolonged economic downturn that effects our Company, our customers and the world economy. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Use of Non-GAAP Financial Measures
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.
Investor Relations Contact:
NetSol Technologies Investor Relations
818-222-9195
NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
As of | As of | ||||||
ASSETS |
June 30, 2022 | June 30, 2021 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 23,963,797 | $ | 33,705,154 | |||
Accounts receivable, net of allowance of $156,846 and $166,231 | 8,669,202 | 4,184,096 | |||||
Revenues in excess of billings, net of allowance of $136,839 and $136,976 | 14,571,776 | 14,680,131 | |||||
Other current assets, net of allowance of $1,243,633 and $1,243,633 | 2,223,361 | 3,009,393 | |||||
Total current assets | 49,428,136 | 55,578,774 | |||||
Revenues in excess of billings, net – long term | 853,601 | 957,603 | |||||
Convertible note receivable – related party, net of allowance of $4,250,000 and $4,250,000 | – | – | |||||
Property and equipment, net | 9,382,624 | 12,091,812 | |||||
Right of use of assets – operating leases | 969,163 | 1,345,869 | |||||
Long term investment | 1,059,368 | 3,155,852 | |||||
Other assets | 25,546 | 55,127 | |||||
Intangible assets, net | 1,587,670 | 3,904,656 | |||||
Goodwill | 9,302,524 | 9,516,568 | |||||
Total assets | $ | 72,608,632 | $ | 86,606,261 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 6,813,541 | $ | 6,696,035 | |||
Current portion of loans and obligations under finance leases | 8,567,145 | 11,366,171 | |||||
Current portion of operating lease obligations | 548,678 | 857,729 | |||||
Unearned revenue | 4,901,562 | 4,556,626 | |||||
Total current liabilities | 20,830,926 | 23,476,561 | |||||
Loans and obligations under finance leases; less current maturities | 476,223 | 699,841 | |||||
Operating lease obligations; less current maturities | 447,260 | 564,257 | |||||
Total liabilities | 21,754,409 | 24,740,659 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $.01 par value; 500,000 shares authorized; | – | – | |||||
Common stock, $.01 par value; 14,500,000 shares authorized; | |||||||
12,196,570 shares issued and 11,257,539 outstanding as of June 30, 2022 and | |||||||
12,181,585 shares issued and 11,265,064 outstanding as of June 30, 2021 | 121,966 | 121,816 | |||||
Additional paid-in-capital | 128,181,844 | 129,018,826 | |||||
Treasury stock (at cost, 939,031 shares and 916,521 shares | |||||||
as of June 30, 2022 and June 30, 2021, respectively) | (3,920,856 | ) | (3,820,750 | ) | |||
Accumulated deficit | (39,652,438 | ) | (38,801,282 | ) | |||
Other comprehensive loss | (39,363,085 | ) | (31,868,481 | ) | |||
Total NetSol stockholders’ equity | 45,367,431 | 54,650,129 | |||||
Non-controlling interest | 5,486,792 | 7,215,473 | |||||
Total stockholders’ equity | 50,854,223 | 61,865,602 | |||||
Total liabilities and stockholders’ equity | $ | 72,608,632 | $ | 86,606,261 |
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
For the Years | |||||||
Ended June 30, | |||||||
2022 | 2021 | ||||||
Net Revenues: | |||||||
License fees | $ | 4,539,260 | $ | 6,249,924 | |||
Subscription and support | 28,284,759 | 22,173,745 | |||||
Services | 24,423,960 | 26,448,171 | |||||
Services – related party | – | 48,775 | |||||
Total net revenues | 57,247,979 | 54,920,615 | |||||
Cost of revenues: | |||||||
Salaries and consultants | 24,528,155 | 20,969,298 | |||||
Travel | 1,036,623 | 663,403 | |||||
Depreciation and amortization | 2,949,093 | 2,990,689 | |||||
Other | 4,996,934 | 3,944,197 | |||||
Total cost of revenues | 33,510,805 | 28,567,587 | |||||
Gross profit | 23,737,174 | 26,353,028 | |||||
Operating expenses: | |||||||
Selling and marketing | 7,220,022 | 6,555,004 | |||||
Depreciation and amortization | 863,180 | 965,625 | |||||
General and administrative | 15,390,141 | 15,437,382 | |||||
Research and development cost | 1,342,154 | 674,168 | |||||
Total operating expenses | 24,815,497 | 23,632,179 | |||||
Income (loss) from operations | (1,078,323 | ) | 2,720,849 | ||||
Other income and (expenses) | |||||||
Loss on sale of assets | (205,288 | ) | (191,935 | ) | |||
Interest expense | (369,801 | ) | (394,289 | ) | |||
Interest income | 1,655,883 | 1,017,432 | |||||
Gain (loss) on foreign currency exchange transactions | 4,327,590 | (597,433 | ) | ||||
Share of net loss from equity investment | (2,021,480 | ) | (253,819 | ) | |||
Other income (expense) | (218,840 | ) | 987,444 | ||||
Total other income (expenses) | 3,168,064 | 567,400 | |||||
Net income before income taxes | 2,089,741 | 3,288,249 | |||||
Income tax provision | (988,938 | ) | (1,026,617 | ) | |||
Net income | 1,100,803 | 2,261,632 | |||||
Non-controlling interest | (1,951,959 | ) | (483,375 | ) | |||
Net income (loss) attributable to NetSol | $ | (851,156 | ) | $ | 1,778,257 | ||
Net income (loss) per share: | |||||||
Net income (loss) per common share | |||||||
Basic | $ | (0.08 | ) | $ | 0.15 | ||
Diluted | $ | (0.08 | ) | $ | 0.15 | ||
Weighted average number of shares outstanding | |||||||
Basic | 11,250,219 | 11,499,983 | |||||
Diluted | 11,250,219 | 11,499,983 |
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
For the Years | |||||||
Ended June 30, | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 1,100,803 | $ | 2,261,632 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 3,812,273 | 3,956,314 | |||||
Provision for bad debts | 23,388 | (332,325 | ) | ||||
Goodwill impairment | 214,044 | – | |||||
Share of net loss from investment under equity method | 2,021,480 | 253,819 | |||||
Loss on sale of assets | 205,288 | 191,935 | |||||
Gain on forgiveness of loan | – | (469,721 | ) | ||||
Stock based compensation | 104,347 | 342,153 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (5,669,262 | ) | 6,861,454 | ||||
Revenues in excess of billing | (1,273,693 | ) | 2,839,709 | ||||
Other current assets | 469,194 | (857,708 | ) | ||||
Accounts payable and accrued expenses | 1,121,308 | 474,098 | |||||
Unearned revenue | 931,452 | 204,563 | |||||
Net cash provided by operating activities | 3,060,622 | 15,725,923 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (2,609,205 | ) | (2,551,283 | ) | |||
Sales of property and equipment | 349,058 | 188,233 | |||||
Investment in associates | – | (155,500 | ) | ||||
Net cash used in investing activities | (2,260,147 | ) | (2,518,550 | ) | |||
Cash flows from financing activities: | |||||||
Purchase of treasury stock | (100,106 | ) | (2,364,781 | ) | |||
Purchase of subsidiary treasury stock | (950,352 | ) | – | ||||
Proceeds from bank loans | 941,841 | 1,898,013 | |||||
Payments on finance lease obligations and loans – net | (1,270,104 | ) | (698,797 | ) | |||
Net cash used in financing activities | (1,378,721 | ) | (1,165,565 | ) | |||
Effect of exchange rate changes | (9,163,111 | ) | 1,496,516 | ||||
Net increase (decrease) in cash and cash equivalents | (9,741,357 | ) | 13,538,324 | ||||
Cash and cash equivalents at beginning of the period | 33,705,154 | 20,166,830 | |||||
Cash and cash equivalents at end of period | $ | 23,963,797 | $ | 33,705,154 |
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
For the Year Ended | For the Year Ended | ||||||
June 30, 2022 | June 30, 2021 | ||||||
Net Income (loss) attributable to NetSol | $ | (851,156 | ) | $ | 1,778,257 | ||
Non-controlling interest | 1,951,959 | 483,375 | |||||
Income taxes | 988,938 | 1,026,617 | |||||
Depreciation and amortization | 3,812,273 | 3,956,314 | |||||
Interest expense | 369,801 | 394,289 | |||||
Interest (income) | (1,655,883 | ) | (1,017,432 | ) | |||
EBITDA | $ | 4,615,932 | $ | 6,621,420 | |||
Add back: | |||||||
Non-cash stock-based compensation | 104,347 | 342,153 | |||||
Adjusted EBITDA, gross | $ | 4,720,279 | $ | 6,963,573 | |||
Less non-controlling interest (a) | (2,903,457 | ) | (1,588,701 | ) | |||
Adjusted EBITDA, net | $ | 1,816,822 | $ | 5,374,872 | |||
Weighted Average number of shares outstanding | |||||||
Basic | 11,250,219 | 11,499,983 | |||||
Diluted | 11,250,219 | 11,499,983 | |||||
Basic adjusted EBITDA | $ | 0.16 | $ | 0.47 | |||
Diluted adjusted EBITDA | $ | 0.16 | $ | 0.47 | |||
(a)The reconciliation of adjusted EBITDA of non-controlling interest | |||||||
to net income attributable to non-controlling interest is as follows | |||||||
Net Income (loss) attributable to non-controlling interest | $ | 1,951,959 | $ | 483,375 | |||
Income Taxes | 258,468 | 147,688 | |||||
Depreciation and amortization | 1,096,709 | 1,115,734 | |||||
Interest expense | 109,361 | 121,740 | |||||
Interest (income) | (526,567 | ) | (319,674 | ) | |||
EBITDA | $ | 2,889,930 | $ | 1,548,863 | |||
Add back: | |||||||
Non-cash stock-based compensation | 13,527 | 39,838 | |||||
Adjusted EBITDA of non-controlling interest | $ | 2,903,457 | $ | 1,588,701 | |||
Artificial Intelligence
Permira to Acquire Majority Position in BioCatch at $1.3bn Valuation
Permira Growth Opportunities Transaction builds on initial minority investment made in early 2023 to acquire a majority position and support BioCatch’s accelerated growth within online fraud detection and financial crime prevention
NEW YORK and TEL AVIV, Israel, May 2, 2024 /PRNewswire/ — BioCatch (the “Company”), the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, today announced that Permira Growth Opportunities II (the “Fund”), a fund advised by global private equity firm Permira, has agreed to acquire a majority position in the Company. Alongside the Fund’s investment, existing shareholders Sapphire Ventures and Macquarie Capital will also increase their investments in BioCatch. The transaction is expected to accelerate the Company’s global expansion, advance its innovative product roadmap and support its continued overall growth.
Under the terms of the agreement, the Fund will acquire a majority stake in BioCatch, buying out shares primarily from Bain Capital Tech Opportunities and Maverick Ventures, in a secondary transaction valuing the Company at a total enterprise valuation of $1.3bn.
BioCatch was founded in 2011 – at the dawn of a significant consumer shift from branch to online banking – with a mission to fight fraud and keep users safe in online transactions without disrupting user experience. Today, the Company is a leader in behavioral biometric intelligence and advanced fraud detection, leveraging patented artificial intelligence, data science, and machine learning technology to analyze a user’s cognitive intent and deliver highly accurate insights as to the legitimacy of their identity, motivations, and behavior. In 2023, the Company expanded its mission to include a proactive approach to fighting financial crime with the launch of predictive, behavior-based mule account detection.
As fraud attacks have become increasingly scaled, sophisticated and complex, BioCatch has experienced significant and sustained momentum. Permira, via its growth equity strategy, completed an initial minority investment in the Company in early 2023, a year that BioCatch ultimately finished with 49% ARR growth, whilst also surpassing the $100 million ARR milestone and attaining EBITDA profitability. Today, BioCatch counts more than 190 financial institutions as customers globally, including over 30 of the world’s largest 100 global banks, who use its solutions to fight fraud, facilitate financial crime prevention and decision intelligence sharing, accelerate digital transformation, and grow the value of customer relationships.
Permira brings a growth mindset to BioCatch’s next chapter, with the ability and network to help the Company expand across Continental Europe, where Permira was first established nearly four decades ago. In addition, Permira is excited to back the Company’s exceptional management team and innovative product roadmap, and is committed to further strengthening BioCatch’s global leadership position both organically and inorganically.
“Permira has backed the theme of cybersecurity for several years, and within this, online fraud detection, customer identity and access management markets have become a clear focus. We have tracked BioCatch with enthusiasm for many years, and now having been a shareholder since early 2023, our conviction in the business, its growth potential, its technology leadership, and its management team continues to grow. We’re excited to become the company’s majority shareholder and look forward to a continued successful partnership with Gadi and the BioCatch team as we seek to further accelerate growth and expansion in the years to come,” said Stefan Dziarski, Partner and Co-Head of Permira Growth Opportunities.
Gadi Mazor, CEO of BioCatch, added: “After building a strong partnership with Permira over the last year, we are delighted to welcome them as majority shareholders. The firm’s impressive experience within technology and cybersecurity, combined with their scale, global network, and our close working relationship, has been invaluable since their initial investment. We’re excited to take BioCatch to the next level together. I’d also like to thank Matthew Kinsella from Maverick Ventures and Dewey Awad from Bain Capital for their support over the last four years, which has been key in helping us establish our leadership position in the market.”
“We have had the privilege of partnering with BioCatch over the past four years and worked closely with Gadi and the BioCatch team to develop a long-term strategy to realize the business’s growth potential,” said Dewey Awad, a Partner at Bain Capital. “Together, we drove several key initiatives aimed at augmenting BioCatch’s go-to-market strategy, team, and operations, all with the goal of protecting end-users and their most sensitive transactions. We believe the company is well-positioned to continue its growth journey under Gadi’s leadership and with Permira’s support.”
“At Permira, we are looking to back product-led businesses operating in structurally growing end markets and that have management teams with the ambition to scale and grow their business. We found all of that in BioCatch and were grateful to have the opportunity to make an initial investment in 2023. After a successful first year, we are delighted to take a majority stake in the business as it continues to grow at scale. With the full extent of Permira’s resources and experience at its disposal, we’re excited for what’s to come at BioCatch,” commented Ran Maidan, Senior Adviser and Head of Permira in Israel.
About Permira
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds with total committed capital of approximately €80bn and makes long-term majority and minority investments across two core asset classes, private equity and credit.
The Permira funds have an extensive track record in technology investing, having invested in 50+ companies across SaaS, cybersecurity, digital commerce, fintech and online marketplaces. Permira invested in BioCatch via its Growth Opportunities Fund; its strategy is to back disruptive technology and tech-enabled companies as they scale to the next level. The Permira funds have previously supported and helped scale some of the largest and fastest-growing technology businesses globally, including Genesys, TeamViewer, Zendesk, McAfee, Mimecast, Carta, G2, Sysdig, SonarSource, Mirakl, and others. Permira closed its second Growth Opportunities Fund in December 2021 at $4 billion.
The Permira private equity funds have made approximately 300 private equity investments in four key sectors: Technology, Consumer, Healthcare and Services. Permira employs over 500 people in 15 offices across Europe, the United States and Asia. For more information, visit www.permira.com or follow us on LinkedIn.
About BioCatch
BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world’s largest 100 banks and more than 190 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships.
BioCatch’s Client Innovation Board, an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank, collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 90 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, visit www.biocatch.com.
Media Contacts
For BioCatch
Mac KingSr. Manager, Corporate Communications, [email protected]+1-206-200-8596
For Permira
James [email protected] +44 774 7006407
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Artificial Intelligence
JupiterOne and watchTowr announce partnership to protect business critical assets with broad exposure management capabilities
SINGAPORE, May 2, 2024 /PRNewswire/ — watchTowr, a leader in external attack surface management (EASM) technology and fuelled by watchTowr Labs, a renowned vulnerability R&D capability, has formed a strategic partnership with JupiterOne. JupiterOne is a leader in cyber asset attack surface management (CAASM) technology. This collaboration enables customers to rapidly prioritize emerging threats within their constantly changing environments, focusing on fixing the most critical risks impacting their business, which enables an end-to-end continuous threat exposure management process (CTEM).
Over 28,000 CVE records were published in 2023; a figure that is expected to increase as attackers shorten the time from known vulnerability to exploit, reducing it from weeks to days. JupiterOne and watchTowr’s integrated solution empowers enterprises to discover their most critical and exploitable vulnerabilities, prioritize them with asset context based on business impact and receive an actionable remediation plan to improve security posture.
This partnership enables a complete continuous threat exposure management program, addressing the full spectrum of cyber risk management. The fully integrated solution provides continuous monitoring and assessment of both internal and external digital assets, allowing for prioritization and effective threat mitigation for a business’s most critical assets. “Our partnership with watchTowr is a game-changer” said Forte. “Combining our data aggregation with real-time asset discovery and automated security testing allows us to offer a unique, all-encompassing approach to exposure management.”
Benjamin Harris, CEO, watchTowr, said, “While the number of reported vulnerabilities continues to rise, the vulnerabilities that matter – in mission-critical, key systems – have exploded at an alarming rate. This reality, combined with the significant shift in speed by attackers to weaponize vulnerabilities – the ability to validate exploitability and prioritise actions based on real business risk has never been more vital. We’re excited to join forces with JupiterOne to give security teams around the globe this much-needed end-to-end capability.”
About JupiterOne:
JupiterOne is a cybersecurity startup delivering powerful software solutions to companies across all industries, providing deep insights to cyber assets and the relationships between, empowering security professionals to have true knowledge and ownership of their attack surfaces.
About watchTowr:
watchTowr is a global cybersecurity technology company, built by former adversaries.
watchTowr’s world-class External Attack Surface Management and Continuous Automated Red Teaming technology is informed by years of experience compromising some of the world’s most targeted organisations and utilised by Fortune 500, financial services and critical infrastructure providers every day.
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Artificial Intelligence
Clarivate Declares Dividend on Mandatory Convertible Preferred Shares
LONDON, May 1, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT; CLVT PR A) (“Clarivate”), a leading global provider of transformative intelligence, today announced that its board of directors declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares (the “Preferred Shares”), payable in cash on June 3, 2024 to shareholders of record at the close of business on May 15, 2024.
On the mandatory conversion date, which is scheduled to occur on June 3, 2024, each Preferred Share will automatically and mandatorily convert into a number of ordinary shares of Clarivate (and cash in lieu of any fractional ordinary shares) based on the average volume weighted average price (“VWAP”) of Clarivate’s ordinary shares over a 30-trading day period that begins on, and includes, April 18, 2024 and is scheduled to end on, and include, May 30, 2024 (the “valuation period”). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii) less than or equal to $31.20 but equal to or greater than $26.00, then the mandatory conversion rate will be a number of ordinary shares of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii) less than $26.00, then the mandatory conversion rate will be 3.8462 ordinary shares of Clarivate per Preferred Share. The mandatory conversion rate will be announced following the end of the valuation period. The above description of the terms of the Preferred Shares is not complete and is subject to, and qualified in its entirety by reference to, the “Statement of Rights” for the Preferred Shares, which is filed as Exhibit 3.2 to Clarivate’s annual report on Form 10-K for the fiscal year ended December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also adversely affect our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
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