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Nogin Reports First Quarter 2023 Financial and Operational Results

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Cost-Optimization and Commercial Initiatives Build Foundation for Future Profitable Growth

Company Expects to be Cash Flow Positive During Q2 and for the Rest of 2023; Adjusted EBITDA Positive for Second Half 2023

Record Quarterly Customer Wins Highlight Robust Demand and Strong Sales Pipeline

Nogin Updates Full Year 2023 and 2024 Outlook; Projects 2024 Non-GAAP Revenue Growth of Greater Than 40% Compared to Full Year 2023 and 2024 Adjusted EBITDA Margins Greater Than 10%

TUSTIN, Calif., May 15, 2023 (GLOBE NEWSWIRE) — Nogin (Nasdaq: NOGN, NOGNW) (“Nogin” or the “Company”), a leading provider of innovative Commerce-as-a-Service (“CaaS”), today reported its financial results for the first quarter ended March 31, 2023.

Management Commentary
“This quarter, our team continued to execute on a set of focused initiatives aimed at ongoing optimization of our cost structure, and the development and execution of our sales engine,” said Nogin President and CEO Jon Huberman. “We not only signed seven new brands to the platform in the first quarter, a quarterly record for our business, we did so while ensuring that these contracts are structured to help us drive healthy, profitable revenue while offering our customers a highly compelling value proposition. Demand for our mixture of a high value e-commerce software solution and digital solutions expertise is strong, and we will continue to bolster our customer base across industries moving forward given the portability and scalability of our offering. Our increased efficiency, which is only partially realized at this point in the year, led to quarter-over-quarter adjusted EBITDA improvement, building on our momentum from the end of 2022, partially offset by the lower volume environment due to normal seasonal dynamics of consumer demand.

“As we look to the rest of the year, we’ve realized only a portion of the cost benefits of the actions taken in Q4 and Q1 and expect the rest to be realized prior to the start of Q4 2023,” continued Huberman. “We’re confident that these benefits, combined with our gross margin expansion, will help us be cash flow positive beginning in Q2, as well as adjusted EBITDA positive for the second half of the year. We have chosen to eliminate or scale back some legacy customer contracts to improve current and future profitability, and therefore expect our fiscal year 2023 revenue to decrease compared to fiscal year 2022. Still, we are confident that revenue will accelerate rapidly in 2024 given recent customer wins and our robust business development pipeline. We are moving aggressively towards our sustainable long-term operating model and look forward to executing on our strategy in the coming quarters.”

First Quarter 2023 Financial Results
Results compare the three months ended March 31, 2023 to the three months ended March 31, 2022.

  • Net revenue decreased 34% to $16.7 million from $25.2 million in the first quarter of 2022. The decrease in net revenue was primarily due to decreases in product revenue and net revenue from related parties, as well as the deliberate scaling back of certain customers in order to focus on higher-margin revenues.
  • Non-GAAP revenue, a non-GAAP measurement of operating performance reconciled to net revenue below, decreased 25% to $13.9 million from $18.5 million in the first quarter of 2022. The decrease in non-GAAP revenue was primarily due to a decrease in CaaS and marketing revenue.
  • Operating loss increased to $12.0 million compared to an operating loss of $10.1 million in the comparable year-ago period. The increase in operating loss was driven by restructuring cost, and other one-time items, some of which were non-cash in nature.
  • Adjusted EBITDA loss decreased to $5.9 million compared to an adjusted EBITDA loss of $8.9 million in the comparable year-ago period. The decrease in adjusted EBITDA was driven in part by our cost optimization initiatives and commercial decisions previously mentioned.

2023 Financial Outlook
Management expects the Company’s financial results in the full year 2023, including adjusted EBITDA, to be positively impacted by sales to existing customers, new customer agreements that will launch throughout the year, and the continued results of a comprehensive cost reduction and performance improvement program, while the rationalization of certain larger contracts is expected to reduce overall 2023 revenue versus the prior year. The combined results of these decisions, and additional gains driven by our improved operating performance will drive efficiency while simultaneously achieving or exceeding internal and customer Key Performance Indicators.

The Company is providing the following financial outlook for full year 2023:

  • Net revenue between $70 and $75 million.
  • Non-GAAP revenue between $60 million and $65 million.

Nogin is also setting its financial forecast for full year 2024 for non-GAAP revenue and adjusted EBITDA margin. The Company expects:

  • Non-GAAP revenue growth to be greater than 40% compared to full year 2023.
  • Adjusted EBITDA margin to be greater than 10%.

The expected impact of the Company’s cost and performance improvement program for the full year 2023 is still anticipated to be between $15 million and $20 million, based on initiatives completed in the first quarter. Since the initiation of our program, we have continued to identify technology driven savings opportunities, including some that will be a function of recently implemented and in-process A.I. (Artificial Intelligence) technology deployment and development.

Conference Call
Nogin management will hold a conference call today, May 15, 2023, at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) to discuss these results.

Nogin management will host the call, followed by a question-and-answer period.

Registration Link: Click here to register

Please register online at least 10 minutes prior to the start time. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Investor Relations at 949-574-3860.

The conference call will be broadcast live and available for replay here and via the Investor Relations section of Nogin’s website.

About Nogin
Nogin (Nasdaq: NOGN, NOGNW), the Intelligent Commerce company, provides the world’s leading enterprise-class ecommerce technology and services for brand leaders that need to deliver superior growth with predictable costs and an exceptional online experience. The Nogin Intelligent Commerce technology is a cloud-based ecommerce environment purpose-built for brands selling direct-to-consumer (D2C) and through online channel partners. Nogin frees its customers to focus on their brands while running as much or as little of the infrastructure as they choose. Founded in 2010, Nogin optimizes the entire ecommerce lifecycle for D2C brands, such as bebe, Brookstone, Hurley, and Kenneth Cole, achieving average growth of more than 40% in annual gross merchandise value (GMV) in the first year. To learn more, visit www.nogin.com or follow us on LinkedIn and on Twitter at @Nogincommerce.

Non-GAAP Financial Measures
We prepare and present our consolidated financial statements in accordance with U.S. GAAP. However, management believes that non-GAAP revenue and Adjusted EBITDA, non-GAAP financial measures, provide investors with additional useful information in evaluating our performance, as these measures are regularly used by security analysts, institutional investors and other interested parties in analyzing operating performance and prospects. These non-GAAP measures are not intended to be a substitute for any U.S. GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

We calculate and define non-GAAP revenue as GAAP revenue less Product Revenue plus the Service Revenues associated with the Product Revenue.

We calculate and define Adjusted EBITDA as net loss, adjusted to exclude: (1) interest expense, (2) income tax expense, (3) depreciation and amortization, (4) severance pay and (5) stock-based compensation.

Non-GAAP revenue and Adjusted EBITDA are financial measures that are not required by or presented in accordance with U.S. GAAP. We believe that non-GAAP revenue and Adjusted EBITDA, when taken together with our financial results presented in accordance with U.S. GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations, or outlook. In particular, we believe that the use of non-GAAP revenue and Adjusted EBITDA is helpful to our investors as they are measures used by management in assessing the health of our business and evaluating our operating performance, as well as for internal planning and forecasting purposes.

Non-GAAP revenue and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of the limitations of non-GAAP revenue are (i) removing product revenues and (ii) replacing it with the service revenues associated with the sale of those products which ultimately decrease total revenues. Some of the limitations of Adjusted EBITDA include that (1) it does not reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures, (3) it does not reflect tax payments that may represent a reduction in cash available to us and (4) it does not include certain non-recurring cash expenses that we do not believe are representative of our business on a steady-state basis. In addition, our use of non-GAAP revenue and Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate non-GAAP revenue or Adjusted EBITDA in the same manner, limiting their usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider non-GAAP revenue and Adjusted EBITDA alongside other financial measures, including our net revenue and net loss and other results stated in accordance with U.S. GAAP.

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not reconciled the forward-looking Adjusted EBITDA margin or non-GAAP revenue guidance included above to the most directly comparable GAAP measures because the comparable GAAP measures are not accessible on a forward-looking basis and the Company is unable to provide such reconciliations, without unreasonable effort, due to the inherent difficulty in predicting, with reasonable certainty, the future impact of items that are outside the control of the Company or otherwise non-indicative of its ongoing operating performance. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

Cautionary Statements Concerning Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the development and adoption of the Company’s platform, new customer agreements and cost-reduction and performance improvement measures. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “would,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking information includes, but is not limited to, statements regarding: the Company’s platforms and offerings on such platforms, performance, and operations, and the related benefits to stockholders, and the Company’s strategy. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the Company’s ability to implement business plans and cost reduction measures and changes and developments in the industry in which the Company competes. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 23, 2023 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. The Company does not give any assurance that it will achieve its expectations.

Contacts:

Nogin Media Relations Contact:
BOCA Communications
[email protected]

Nogin Investor Relations Contact:
Cody Slach and Tom Colton
Gateway Investor Relations
949-574-3860
[email protected]


Consolidated Balance Sheets

(in thousands, except share and per share data)
(Unaudited)

    March 31,   December 31,
      2023       2022  
ASSETS        
Current assets:        
Cash   $ 617     $ 15,385  
Accounts receivable, net     1,924       1,578  
Inventory     14,444       15,726  
Prepaid expenses and other current assets     3,810       2,539  
Total current assets     20,795       35,228  
Property and equipment, net     1,476       1,595  
Right-of-use asset, net (Note 19)     17,350       17,391  
Goodwill     6,748       6,748  
Intangible assets, net     5,439       5,493  
Investment in unconsolidated affiliates     6,759       7,404  
Other non-current asset     1,065       1,074  
Total assets   $ 59,632     $ 74,933  
LIABILITIES AND STOCKHOLDERS’ DEFICIT        
Current liabilities:        
Accounts payable   $ 18,457     $ 19,605  
Due to clients     6,633       10,891  
Related party payables     219       1,033  
Loans (Note 7)     2,922        
Promissory notes (Note 7)     4,807        
Accrued expenses and other liabilities (Note 6)     15,028       17,826  
Lease liabilities, current portion (Note 19)     4,565       4,367  
Total current liabilities     52,631       53,722  
Convertible notes (Note 7)     56,260       60,852  
Deferred tax liabilities     368       394  
Lease liabilities, net of current portion (Note 19)     14,775       15,223  
Other long-term liabilities (Note 6)     17,840       17,766  
Total liabilities     141,874       147,957  
Commitments and contingencies (Note 19)        
         
STOCKHOLDERS’ DEFICIT        
Common stock, $0.0001 par value, 500,000,000 shares authorized; 3,334,714 shares issued and outstanding as of March 31, 2023 and December 31, 2022            
Additional paid-in capital     9,953       9,270  
Accumulated deficit     (92,195 )     (82,294 )
Total stockholders’ deficit     (82,242 )     (73,024 )
Total liabilities and stockholders’ deficit   $ 59,632     $ 74,933  


Consolidated Statements of Operations

(in thousands, except share and per share data)
(Unaudited)

    Three Months Ended March 31,
      2023       2022  
Net service revenue   $ 8,917     $ 8,533  
Net product revenue     6,544       12,922  
Net revenue from related parties     1,214       3,744  
Total net revenue     16,675       25,199  
Operating costs and expenses:        
Cost of services (1)     5,530       5,435  
Cost of product revenue (1)     3,942       10,251  
Sales and marketing     702       566  
Research and development     963       1,577  
General and administrative     17,325       17,222  
Depreciation and amortization     202       201  
Total operating costs and expenses     28,664       35,252  
Operating loss     (11,989 )     (10,053 )
Interest expense     (2,014 )     (652 )
Change in fair value of promissory notes     (159 )      
Change in fair value of derivative instruments     847        
Change in fair value of unconsolidated affiliates     (645 )     (1,033 )
Change in fair value of convertible notes     4,591        
Other (loss) income, net     (558 )     1,954  
Loss before income taxes     (9,927 )     (9,784 )
(Benefit) Provision for income taxes     (26 )     158  
Net loss   $ (9,901 )   $ (9,942 )
         
Net loss per common share – basic and diluted   $ (2.11 )   $ (5.02 )
Weighted average shares outstanding – basic and diluted     4,688,331       1,981,097  

(1)    Exclusive of depreciation and amortization shown separately.

Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

    Three Months Ended March 31,
      2023       2022  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss   $ (9,901 )   $ (9,942 )
Adjustments to reconcile net loss to net cash used by operating activities:        
Depreciation and amortization     202       201  
Amortization of debt issuance costs and discounts     482       102  
Stock-based compensation     253       58  
Deferred income taxes     (26 )     158  
Change in fair value of unconsolidated affiliates     645       1,033  
Change in fair value of warrant liability     430        
Change in fair value of promissory notes     159        
Change in fair value of convertible notes     (4,591 )      
Change in fair value of derivatives     (847 )      
Settlement of deferred revenue           (1,611 )
(Gain) loss on disposal of asset     (1 )      
Changes in operating assets and liabilities:        
Accounts receivable     (347 )     (363 )
Related party receivables           (525 )
Inventory     1,282       4,052  
Prepaid expenses and other current assets     (1,262 )     (2,309 )
Accounts payable     (1,148 )     2,505  
Due to clients     (4,258 )     (277 )
Related party payables     (814 )     4,015  
Lease assets and liabilities     (219 )      
Accrued expenses and other liabilities     (2,285 )     (2,374 )
Net cash used in operating activities     (22,246 )     (5,277 )
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property and equipment     (21 )     (101 )
Proceeds from sale of property and equipment     3        
Net cash used in investing activities     (18 )     (101 )
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from short-term loan     3,250        
Payment of short-term loan     (328 )      
Proceeds from promissory notes     4,649        
Payment of debt issuance costs     (75 )      
Proceeds from line of credit           47,455  
Repayments of line of credit           (43,803 )
Net cash provided by financing activities     7,496       3,652  
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH     (14,768 )     (1,726 )
Beginning of period     15,385       4,571  
End of period   $ 617     $ 2,845  
         
    Three Months Ended March 31,
      2023       2022  
SUPPLEMENTAL CASH FLOW INFORMATION        
Cash paid for interest   $ 396     $ 652  
Cash paid for taxes     6       1  
Right-of-use assets exchanged for lease liabilities     1,120        
         
SCHEDULE OF CASH AND RESTRICTED CASH        
Cash   $ 617     $ 1,345  
Restricted cash           1,500  
Total cash and restricted cash   $ 617     $ 2,845  


Reconciliation of Net Loss to Adjusted EBITDA

(in thousands)
(Unaudited)

    For the Three Months  
Ended March 31,
    2023     2022  
Net Loss   $ (9,901 )   $ (9,942 )
Interest expense     2,014       652  
(Benefit) Provision for income taxes     (26 )     158  
Depreciation and amortization     202       201  
Severance pay     1,593       12  
Stock based compensation     253       58  
Adjusted EBITDA   $ (5,865 )   $ (8,861 )


Reconciliation of Net Revenue to Non-GAAP Revenue
(in thousands)
(Unaudited)

    For the Three Months Ended March 31, 2023
    GAAP Less Product
Revenue
Add Service
Revenue Associated
w/ Product Revenue
Non-GAAP
Net service revenue   $ 8,917     3,812   12,729
Net product revenue     6,544   (6,544 )    
Net revenue from related parties     1,214       1,214
Total net revenue   $ 16,675 $ (6,544 ) $ 3,812 $ 13,943
           
    For the Three Months Ended March 31, 2022
    GAAP Less Product
Revenue
Add Service
Revenue Associated
w/ Product Revenue
Non-GAAP
Net service revenue     8,533     6,194   14,727
Net product revenue     12,922   (12,922 )    
Net revenue from related parties     3,744       3,744
Total net revenue   $ 25,199 $ (12,922 ) $ 6,194 $ 18,471

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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