Artificial Intelligence
Salona Global Posts Second Quarter Results and Provides Update on Turn Around Plan
NEW YORK, Aug. 14, 2023 (GLOBE NEWSWIRE) — Salona Global Medical Device Corporation (“Salona Global” or the “Company”) (TSXV:SGMD) today posted financial results for the second quarter of 2023, ending June 30, 2023, and provided an update on its turn-around plan.
During the second quarter, the Company acquired Biodex Medical Systems, Inc. (“Biodex”), pushing revenue to $16.6 million for the three months ended June 30, 2023. The Company reported negative Adjusted EBITDA (defined below) of $819,394 for the same period.
On June 13, 2023, Michael Seckler was appointed CEO of the Company by the board of directors with a mandate to generate organic revenue growth and achieve enterprise profitability. In the time since his appointment Mr. Seckler has taken several steps to achieve this goal including:
- Operating expense reduction of more than $1.5 million, annualized from savings on salaries and other costs related to internal accounting, legal and senior management;
- Reduction of operating expenses at the business unit level of more than $2.5 million, annualized including the savings from the elimination of several senior management roles;
- Reduction of Biodex acquisition liabilities of approximately US$1.5 million upon settlement of purchased nuclear medicine device inventory, and the extension of payment terms for the remaining US$6,756,525 million related to the purchase price.
- Reorganizing the sales and marketing divisions of the entire Company with an aim to drive quarter over quarter revenue growth; and
- A focus on launching new Biodex products into the pipeline quickly to increase revenues and profits, a project the Company is continuing to work towards.
These actions to improve efficiency began in the second quarter and have continued in the current quarter. Mr. Seckler and the entire company are laser focused on delivering positive Adjusted EBITDA beginning with the third quarter.
“I have worked with alacrity in the past 45 days to turn this business around,” said Mike Seckler, CEO of Salona Global. “I have been pleased at how quickly the organization implemented my cost cutting plan. It has given us the ability to demonstrate cash generation from our business rather than cash burn. Because of this, we have been able restructure our debt and provide space to make further investments in revenue growth through future product launches and tuning up our sales and marketing divisions.”
“To be clear, I didn’t come to Salona Global simply to implement cost cuts. This Company has some compelling new product opportunities to fill some major voids in the physical therapy market. I want to give credit to the previous management team for acquiring these companies and assets. It gives me a large revenue base to implement a turnaround plan, but also a basis for high margin profitable growth going forward.”
“The new Salona Global is built for both profit and revenue growth,” continued Mr. Seckler. “We have four new exciting Biodex products we are planning to launch. Two products will be designed to provide unique solutions and reduce costs of our therapist customers using artificial intelligence. We also have a renewed focus on leveraging our sales and marketing presence globally, a particular strength of mine given my background as head of global marketing with Ferring Pharmaceuticals. I look forward to meeting with investors and market participants in next month to explain our new products, growth plans and international sales initiatives for the near future, as well as results from our current plan to generate profits from our existing business.”
The Company previously issued calendar 2023 projections for revenues, gross margin and Adjusted EBITDA. The new management team is conducting a strategic review of the entire business as of July 1, 2023 and given the losses from the first six months of the year under the previous management team, the new team expects, therefore, to revise downward the expectations for Adjusted EBITA.
Full Financial Statements
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss and Unaudited Interim Condensed Consolidated Balance Sheets are included below. The full financial statements for the three and six months ended June 30, 2023 and related management discussion and analysis (in the form of Quarterly Report on Form 10-Q) was filed on August 14, 2023 with the United States Securities and Exchange Commission and is available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.
For more information please contact:
Mike Seckler
Chief Executive Officer
Tel: 1 (800) 760-6826
Email: [email protected]
Non-GAAP Measures
This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This non-GAAP financial measure assists the Company’s management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete acquisition plans that are fundamentally different from the ongoing operating plans of the Company. The Company’s management also believes that presenting this measure allows investors to view the Company’s performance using the same measures that the Company uses in evaluating its financial and business performance and trends.
“Adjusted EBITDA” is defined as net loss excluding interest expense, provision for income taxes, depreciation of property and equipment, amortization of right-of-use asset, amortization of intangible asset, foreign exchange (loss) gain, other income, provision for impairment, change in fair value of contingent consideration, transaction costs, and stock-based compensation.
The following table provides reconciliation between net income (loss) and Adjusted EBITDA:
| 3 months ended June 30, | 6 months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net Loss | $ | (1,115,843 | ) | $ | (3,650,333 | ) | $ | (2,778,587 | ) | $ | (4,243,967 | ) | ||||
| Interest Expense | 454,446 | 114,763 | 732,532 | 235,217 | ||||||||||||
| Provision for income taxes | 2,294 | (31,607 | ) | 38,544 | (145,717 | ) | ||||||||||
| Depreciation of property and equipment | 265,066 | 71,817 | 449,330 | 140,940 | ||||||||||||
| Amortization of right-of-use asset | 540,308 | 83,611 | 922,141 | 170,036 | ||||||||||||
| Amortization of intangible asset | 350,553 | 249,029 | 701,099 | 464,010 | ||||||||||||
| Foreign exchange (loss) gain | (2,990 | ) | (240 | ) | (4,518 | ) | 3,933 | |||||||||
| Other income | (815,428 | ) | (3 | ) | (815,561 | ) | (48 | ) | ||||||||
| Provision for impairment | – | 7,391 | – | 5,527,913 | ||||||||||||
| Change in fair value of earnout consideration | (1,165,697 | ) | 2,451,600 | (1,165,697 | ) | 2,451,600 | ||||||||||
| Change in fair value of contingent consideration | 77,795 | 459,693 | 273,095 | (5,394,008 | ) | |||||||||||
| Transaction costs | 75,541 | 369,289 | 534,312 | 1,568,409 | ||||||||||||
| Severance Expenses | 122,989 | – | 229,089 | – | ||||||||||||
| Stock based compensation | 391,572 | 489,089 | 737,096 | 927,658 | ||||||||||||
| Adjusted EBITDA | $ | (819,394 | ) | $ | 614,099 | $ | (147,125 | ) | $ | 1,705,976 | ||||||
Additional Information
Unless otherwise specified, all dollar amounts in this press release are expressed in Canadian dollars.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. These statements can be identified by the use of forward-looking terminology such as “expects” “believes”, “estimates”, “may”, “would”, “could”, ”should”, “potential”, ”will”, “seek”, “intend”, “plan”, and “anticipate”, and similar expressions as they relate to the Company, including: annualized operating expense reductions and; and the Company planning to launch four new Biodex products.
All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including: the Company is able to maintain reduced levels of personnel and expenses; and the Company is able to successfully execute on the activities required to launch four new Biodex products. Salona cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include but are not limited to the general business and economic conditions in the regions in which Salona operates; the ability of Salona to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; ongoing or new disruptions in the supply chain, the extent and scope of such supply chain disruptions, and the timing or extent of the resolution or improvement of such disruptions; the ability to implement business strategies and pursue business opportunities; disruptions in or attacks (including cyber-attacks) on Salona’ s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which Salona is exposed; the failure of third parties to comply with their obligations to Salona or its affiliates; the impact of new and changes to, or application of, current laws and regulations; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the United States; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by Salona; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with United States Securities and Exchange Commission and available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
| SALONA GLOBAL MEDICAL DEVICE CORPORATION | ||||||||||||||||
| Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | |||||||||||||
| June 30 | June 30 | June 30 | June 30 | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | $ | 16,575,075 | $ | 9,761,145 | $ | 27,258,304 | $ | 18,429,560 | ||||||||
| Cost of revenue: | ||||||||||||||||
| Direct service personnel | 1,652,004 | 1,443,458 | 3,477,759 | 2,874,397 | ||||||||||||
| Direct material costs | 8,964,709 | 4,837,017 | 13,390,800 | 8,552,625 | ||||||||||||
| Other direct costs | 325,947 | 204,513 | 661,471 | 499,521 | ||||||||||||
| Total cost of revenue | 10,942,660 | 6,484,988 | 17,530,030 | 11,926,543 | ||||||||||||
| Gross margin | 5,632,415 | 3,276,157 | 9,728,274 | 6,503,017 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Selling, general and administrative | 6,966,370 | 3,151,147 | 10,841,584 | 5,724,699 | ||||||||||||
| Depreciation of property and equipment | 265,066 | 71,817 | 449,330 | 140,940 | ||||||||||||
| Amortization of right-of-use assets | 540,308 | 83,611 | 922,141 | 170,036 | ||||||||||||
| Amortization of intangible assets | 350,553 | 249,029 | 701,099 | 464,010 | ||||||||||||
| Total operating expenses | 8,122,297 | 3,555,604 | 12,914,154 | 6,499,685 | ||||||||||||
| Net operating (loss) gain | (2,489,882 | ) | (279,447 | ) | (3,185,880 | ) | 3,332 | |||||||||
| Interest expense | (454,446 | ) | (114,763 | ) | (732,532 | ) | (235,217 | ) | ||||||||
| Foreign currency exchange gain (loss) | 2,990 | 240 | 4,518 | (3,933 | ) | |||||||||||
| Other income | 815,428 | 3 | 815,561 | 48 | ||||||||||||
| Provision for impairment | – | (7,391 | ) | – | (5,527,913 | ) | ||||||||||
| Change in fair value of earnout consideration | 1,165,697 | (2,451,600 | ) | 1,165,697 | (2,451,600 | ) | ||||||||||
| Change in fair value of contingent consideration | (77,795 | ) | (459,693 | ) | (273,095 | ) | 5,394,008 | |||||||||
| Transaction costs | (75,541 | ) | (369,289 | ) | (534,312 | ) | (1,568,409 | ) | ||||||||
| Net loss before taxes | (1,113,549 | ) | (3,681,940 | ) | (2,740,043 | ) | (4,389,684 | ) | ||||||||
| Provision for income taxes | (2,294 | ) | 31,607 | (38,544 | ) | 145,717 | ||||||||||
| Net loss | $ | (1,115,843 | ) | $ | (3,650,333 | ) | $ | (2,778,587 | ) | $ | (4,243,967 | ) | ||||
| Other comprehensive loss | ||||||||||||||||
| Foreign currency translation gain (loss) | 104,993 | (28,965 | ) | 62,550 | 668,004 | |||||||||||
| Comprehensive (loss) | $ | (1,010,850 | ) | $ | (3,679,298 | ) | $ | (2,716,037 | ) | $ | (3,575,963 | ) | ||||
| Net loss per share | ||||||||||||||||
| Basic and diluted | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.04 | ) | $ | (0.08 | ) | ||||
| Weighted average number of common stock and Class A shares outstanding | 73,949,654 | 52,882,328 | 68,178,999 | 50,742,334 | ||||||||||||
| SALONA GLOBAL MEDICAL DEVICE CORPORATION | ||||||||
| Unaudited Interim Condensed Consolidated Balance Sheets | ||||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 1,398,103 | $ | 1,928,464 | ||||
| Accounts receivable, net | 10,980,119 | 6,353,275 | ||||||
| Inventories, net | 13,348,620 | 8,102,626 | ||||||
| Prepaid expenses and other receivables | 1,811,923 | 216,489 | ||||||
| Total current assets | 27,538,765 | 16,600,854 | ||||||
| Security deposit | 595,857 | 566,198 | ||||||
| Long-term accounts receivable | 141,668 | 189,616 | ||||||
| Long-term prepaid expenses and other receivables | 436,614 | 441,025 | ||||||
| Property and equipment, net | 3,942,998 | 3,399,898 | ||||||
| Right-of-use assets, net | 11,668,572 | 7,781,300 | ||||||
| Intangible assets, net | 10,584,239 | 9,376,162 | ||||||
| Goodwill | 15,251,230 | 13,695,194 | ||||||
| Total assets | $ | 70,159,943 | $ | 52,050,247 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Liabilities | ||||||||
| Line of credit | $ | 8,434,492 | $ | 5,162,711 | ||||
| Accounts payable and accrued liabilities | 10,097,527 | 6,641,181 | ||||||
| Current portion of debt | 9,033,918 | 195,489 | ||||||
| Current portion of lease liability | 1,565,326 | 847,253 | ||||||
| Other liabilities | 4,013,413 | 1,807,702 | ||||||
| Obligation for payment of earnout consideration | 12,729,714 | 15,506,531 | ||||||
| Total current liabilities | 45,874,390 | 30,160,867 | ||||||
| Debt, net of current portion | 741,238 | 574,515 | ||||||
| Lease liability, net of current portion | 7,726,691 | 5,983,333 | ||||||
| Total liabilities | $ | 54,342,319 | $ | 36,718,715 | ||||
| Stockholders’ equity | ||||||||
| Common stock; no par value, unlimited shares authorized; 56,423,092 shares issued and outstanding as of June 30, 2023 (December 31, 2022: 53,707,780) | 39,610,457 | 38,767,442 | ||||||
| Class A shares; no par value, unlimited shares authorized; 21,378,799 shares issued and outstanding as of June 30, 2023 (December 31, 2022: 3,403,925) | 12,542,088 | 1,800,064 | ||||||
| Common stock to be issued: 368,500 shares to be issued as of June 30, 2023 (December 31, 2022: nil) | 103,180 | – | ||||||
| Class A Shares to be issued: 6,261,340 Class A shares to be issued as of June 30, 2023 (December 31, 2022: 19,019,000) | 4,696,005 | 14,264,250 | ||||||
| Additional paid-in-capital | 9,154,765 | 8,072,610 | ||||||
| Accumulated other comprehensive income | 1,751,002 | 1,688,452 | ||||||
| Deficit | (52,039,873 | ) | (49,261,286 | ) | ||||
| Total stockholders’ equity | 15,817,624 | 15,331,532 | ||||||
| Total liabilities and stockholders’ equity | $ | 70,159,943 | $ | 52,050,247 | ||||
Artificial Intelligence
Iridium to Collaborate with Nordic Semiconductor on Iridium NTN Direct integration
MCLEAN, Va., Oct. 9, 2024 /PRNewswire/ — Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced its collaboration with Nordic Semiconductor for early integration of its Iridium NTN Direct℠ service into Nordic’s LTE-M/NB-IoT modules and chipsets. Nordic Semiconductor is a global leader in low power wireless connectivity solutions including cellular IoT (LTE-M, NB-IoT), Wi-Fi, Bluetooth LE, and Thread and is trusted by world leading brands across the consumer, industrial, and healthcare segments. Nordic’s complete cellular IoT solutions are ideally suited for connected devices for global tracking, utility metering and industrial remote monitoring and control.
Iridium NTN Direct is planned to be the world’s first truly global NB-IoT service. The product of Iridium’s Project Stardust initiative, Iridium is developing this capability in coordination with the 3rd Generation Partnership Project’s (3GPP) recent decision to accept Iridium enabling enhancements in its next release. This would allow Iridium’s satellite service to be accessible by any device with a 3GPP release 19 compliant chipset. Nordic plans to incorporate the Iridium NTN Direct service’s truly global communication capability as part of its 3GPP release 19 NTN roadmap, taking advantage of the established reliability and experience of the Iridium® network.
“Nordic Semiconductor is an industry leader that continues to be at the forefront of innovation with its low power LTE-M and NB-IoT modules and chipsets,” said Bryan Hartin, executive vice president, Iridium. “The integration of Iridium NTN Direct into its modules and chipsets marks a new chapter in Nordic’s storied history and will create a universe of consumer and industrial devices with the capability to stay connected from anywhere on earth. We look forward to working with Nordic Semiconductor and them bringing both their chipset- and device-side experience to the Iridium ecosystem.”
“Iridium is a global leader in satellite communications,” said Oyvind Birkenes, executive vice present for the Long Range BU at Nordic Semiconductor. “It is exciting that Iridium is taking the step to enable low-cost, 3GPP-standard NB-IoT modules and chipsets like Nordic’s nRF9151 to connect to its network of satellites. This helps bring the vision of universal connectivity for global and massive IoT to life.”
The Iridium network is ideal for D2D and NB-IoT services with its truly global coverage, weather-resilient, globally coordinated spectrum, and history of providing safety of life services with the highest reliability. 3GPP Release 19 is expected to be formally completed by the end of 2025. Iridium will share more information about Iridium NTN Direct at Mobile World Congress Las Vegas’s NTN Summit on Wednesday October 9, 2024.
For more information about Iridium NTN Direct visit: www.iridium.com/ntn-direct
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations, and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2024, Iridium acquired Satelles and announced the Iridium Satellite Time and Location service. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services, and partner solutions, visit www.iridium.com.
Forward-Looking Statements Disclosure
Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding 3GPP Release 19, the capabilities, benefits and timing of the proposed Iridium NTN Direct service, and the planned integration of Iridium NTN Direct technology by Nordic Semiconductor. Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, whether the final 3GPP Release 19 includes NB-IoT NTN specifications compatible with the Iridium network, the timing of 3GPP Release 19, the successful technical development of Iridium NTN Direct, the successful integration of Iridium NTN Direct by Nordic Semiconductor, and uncertainties regarding the company’s ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, and the Company’s Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on July 23, 2024, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium’s forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.
Press Contact:Jordan HassinIridium Communications [email protected]+1 (703) 287-7421X: @Iridiumcomm
Investor Contact:Kenneth LevyIridium Communications [email protected]+1 (703) 287-7570
Photo – https://mma.prnewswire.com/media/2525930/Nordic_Semiconductor_PR_Graphic.jpgLogo – https://mma.prnewswire.com/media/1394616/IRIDIUM_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/iridium-to-collaborate-with-nordic-semiconductor-on-iridium-ntn-direct-integration-302270541.html
Artificial Intelligence
Infosys and Microsoft Expand Strategic Collaboration to Accelerate Customer Adoption of The Microsoft Cloud and Generative AI
In conjunction with Microsoft, Infosys Cobalt, Topaz, and Aster will aim to enhance customer experiences and drive global adoption of enterprise AI
BENGALURU, India, Oct. 9, 2024 /PRNewswire/ — Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced an expansion of its collaboration with Microsoft to help accelerate customer adoption of generative AI and Microsoft Azure, globally. The strategic collaboration is aimed at helping Infosys’ and Microsoft’s joint customers realize the value of their technology investments and secure transformative outcomes.
Infosys and Microsoft’s generative AI collaboration commenced when Infosys became an early adopter of GitHub Copilot, which enabled them to realize significant efficiencies in code modernization and completion. Infosys is a top GitHub Copilot “customer zero” with currently over 18,000 developers who have generated and used more than 7 million lines of code from Copilot. Coupled with its recently launched, an industry-first, GitHub Center of Excellence (CoE), Infosys is uniquely positioned to offer enterprise AI innovation to customers around the world.
In addition, Infosys was chosen as a strategic supplier to support Cloud and AI workloads for Microsoft’s enterprise customers. Infosys will infuse Microsoft’s generative AI suite of offerings across its Solution IP portfolio to bring unique capabilities to market, helping clients achieve cost-efficiency, scalability, and agility.
In conjunction with Microsoft’s technology and its own industry-leading AI and Cloud suite of offerings, Infosys Topaz and Infosys Cobalt, as well as its AI-powered marketing suite Infosys Aster, the collaboration will help enhance customer experiences and drive the global adoption of enterprise AI.
The scope of this expanded collaboration will include:
Financial Services – Infosys’ domain expertise with Finacle, alongside Microsoft’s advanced capabilities will enable financial institutions to engage, innovate, operate, and transform more efficiently.Healthcare – Infosys Helix, a next-gen healthcare payer platform built on Microsoft Azure, uses AI/ML automation to optimize patient outcomes, will provide access to care, and enhance constituent experiences, while streamlining processes and reducing costs.Supply Chain – This sector will see optimized processes and increased agility through the combined strengths of TradeEdge and Azure OpenAI service.Telecommunications – Microsoft’s generative AI and Infosys Live Operations platforms will deliver enhanced connectivity and customer experiences.Infosys Energy Management Solution, coupled with Microsoft’s commitment to sustainability, will accelerate the NetZero journey for customers.Customer service – Infosys Cortex, an AI-driven customer engagement platform, integrates Microsoft GenAI and Copilot to deliver specialized and individualized copilot assistance to every member of a customer service organization.Many of these solutions will be available on Azure Marketplace, allowing customers to utilize their Microsoft Azure Consumption Commitment (MACC), creating a mutually beneficial market proposition.
As the collaboration grows, both companies are also focusing on sharing best practices for Responsible AI. Infosys is a key partner in The Microsoft Responsible AI Partner Initiative, contributing to the development of ethical AI guidelines through Infosys’ Responsible AI (RAI) Office. Skilling efforts are also part of the collaboration, ensuring that the workforce is equipped with the necessary expertise to support these initiatives.
Anand Swaminathan, EVP and Global Industry Leader – Communications, Media and Technology, Infosys, said, “This collaboration addresses various business problems by delivering heightened value to clients through a customer-centric approach, providing scalability, agility, and cost-efficiency across key sectors like Finance, Healthcare, Supply Chain, and Telecommunications. As Infosys and Microsoft embark on this transformative journey together, we are poised to redefine industry standards and empower organizations to thrive in the era of generative AI.”
Nicole Dezen, Chief Partner Officer at Microsoft, said, “Our expanded collaboration with Infosys will transform industries, enhance business operations, elevate employee experiences, and deliver new value for customers. Together, we will harness the power of generative AI to deliver innovative solutions, drive AI Adoption and enable unprecedented innovation for customers.”
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
Logo: https://mma.prnewswire.com/media/633365/4364085/Infosys_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/infosys-and-microsoft-expand-strategic-collaboration-to-accelerate-customer-adoption-of-the-microsoft-cloud-and-generative-ai-302271402.html
NEW YORK, Oct. 9, 2024 /PRNewswire/ — Fractal (www.fractal.ai), a global provider of artificial intelligence and advanced analytics solutions to Fortune 500® companies, announced today that it has achieved the Amazon Web Services (AWS) Generative AI Competency. This milestone recognizes Fractal’s expertise and commitment to leveraging AI technologies to drive innovation and transformation for its global clients.
The AWS Generative AI Competency identifies partners who have demonstrated technical proficiency and customer success in areas critical for deploying generative AI technologies. Fractal’s achievement of the AWS Generative AI Competency highlights its technical expertise and customer success in areas like minimizing hallucinations, prompt engineering, and model customization.
“We are honored to achieve the AWS Generative AI Competency, which underscores our commitment to pushing the boundaries of AI innovation,” said Dylan Dias, Chief Alliance Officer, Fractal. “This recognition from AWS is a testament to our team’s hard work and expertise in developing and deploying generative AI solutions that create tangible value for our clients. We look forward to continuing our partnership with AWS to empower businesses with AI technologies that drive meaningful transformation.”
With experience in Generative AI projects, Fractal helps clients drive digital transformation by enhancing customer experiences, delivering personalized content, streamlining workflows, and providing actionable insights powered by AWS technology. Through AI-driven insights, Fractal enables organizations to achieve faster decision-making, greater efficiency, and deeper customer engagement.
With this accomplishment, Fractal joins a group of partners recognized by AWS. With this competency Fractal aims to drive new business opportunities and reinforce its trusted partnership with AWS. Fractal continues to build on its existing AWS competencies in data and analytics, retail, and financial services, further establishing its credentials as a AI-powered solution provider.
The AWS Competency Program connects customers with trusted AWS Competency Partners, recognized for their expertise and ability to deliver reliable solutions on AWS. These partners are essential in helping organizations of all sizes efficiently adopt, develop, and implement complex AWS projects while following industry best practices.
About Fractal
Fractal is one of the most prominent providers of Artificial Intelligence to large global enterprises. Fractal’s vision is to power every human decision in the enterprise, and bring AI, engineering, design & domain to help the world’s most admired companies.
Fractal’s businesses include Asper.ai (AI for revenue growth management) and Flyfish (Generative AI for Sales). Fractal incubated Qure.ai, a leading player in healthcare AI for detecting Tuberculosis, Lung cancer, heart failure and stroke.
Fractal has over 4600 employees across 18 global locations, including the United States, UK, India, Singapore, Middle East and Australia. Fractal has been recognized as “Great Workplace” and “India’s Best Workplaces for Women” in the top 100 (large) category by The Great Place to Work® Institute; featured as a leader in Data Engineering services 2024 & Data Science Services 2024 by Information Services Group, Leader in AI and Analytics Services Specialists Peak Matrix Assessment 2024 by Everest Group, Leader in Customer Analytics Service Providers Wave™ 2023 by Forrester Research, Inc.
View original content:https://www.prnewswire.co.uk/news-releases/fractal-achieves-the-aws-generative-ai-competency-302271279.html
-
Artificial Intelligence5 days agoBIZCLIK MEDIA LAUNCHES OCTOBER EDITIONS OF TECHNOLOGY, CYBER & DATA CENTRE MAGAZINES
-
Artificial Intelligence5 days agoBrain Computer Interface (BCI) Market is expected to generate a revenue of USD 10.86 Billion by 2031, Globally, at 14.61% CAGR: Verified Market Research®
-
Artificial Intelligence5 days agoSystem-on-Chip (SoC) Market worth $205.97 billion by 2029 – Exclusive Report by MarketsandMarkets™
-
Artificial Intelligence5 days agoCareEdge announces entry into Global Scale Ratings with launch of Sovereign Ratings for 39 Countries
-
Artificial Intelligence5 days ago
AIoT Market worth $79.13 billion by 2030 – Exclusive Report by MarketsandMarkets™
-
Uncategorized5 days agoDigital Domain Teams Up with AWS to Scale Autonomous Virtual Human Technology and Introduces Generative AI-Powered Features
-
Artificial Intelligence6 days agoCommercial HVAC System Shipments Valued at US$354 Billion in 2030 Driven by Innovations in Cooling, Energy Efficiency, and Sustainability
-
Artificial Intelligence5 days agoClarivate in partnership with Abiquifi Announces Annual Summit LATAM Agenda
