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Nagarro posts 6.3% YoY revenue growth in constant currency in H1 2024 despite global macroeconomic challenges

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MUNICH, Aug. 14, 2024 /PRNewswire/ — Today, Nagarro, a global digital engineering leader, presented its unaudited financial numbers for Q2 2024 and released its half-yearly financial report.

In Q2 2024, revenue grew to €244.1 million, up 7.6% YoY from €226.8 million in Q2 2023. Constant currency YoY revenue growth for Q2 2024 was also 7.6%. Organic YoY revenue growth for the quarter was 3.6% in constant currency, which translated to 4.0% organic YoY revenue growth in Euro terms. Nagarro has revised the definition of cost of revenues from Q1 2024 onwards to align it better with that of other IT services companies. Gross profit in Q2 2024 was €73.3 million as per the current method and €62.4 million as per the previous method, as compared to €57.5 million in Q2 2023 as per the previous method. Gross margin in Q2 2024 was 25.6% compared to 25.3% in Q2 2023, both as per the previous method. Gross margin was 30.0% in Q2 2024 as per the current method. Adjusted EBITDA grew to €35.5 million (14.5% of revenue) in Q2 2024 from €28.9 million (12.8% of revenue) in Q2 2023.
EBITDA grew to €32.8 million in Q2 2024 from €27.3 million in Q2 2023. The main EBITDA adjustments in Q2 2024 were on account of the expense on earnouts of €1.3 million and retention bonus of €0.7 million from past acquisitions, and the expense on employee stock options and the Employee Share Purchase Program of €0.7 million. EBIT grew to €23.1 million in Q2 2024 from €19.5 million in Q2 2023. Net profit grew to €12.0 million in Q2 2024 against €11.5 million in Q2 2023.
The company added a net of 33 professionals in Q2 2024.
H1 results
Nagarro released its half-yearly financial report. Revenue grew to €482.4 million in H1 2024, up 5.7% YoY from €456.4 million in H1 2023. Constant currency revenue growth for H1 2024 was 6.3%. Organic YoY revenue growth for H1 2024 was 1.7% in constant currency, which translated to 1.3% organic YoY revenue growth in Euro terms. Gross profit in H1 2024 was €146.9 million as per the current method and €126.3 million as per the previous method, as compared to €118.9 million in H1 2023 as per the previous method. Gross margin in H1 2024 was 26.2% as per the previous method compared to 26.1% in H1 2023 as per the previous method. Gross margin was 30.5% in H1 2024 as per the current method. Adjusted EBITDA grew to €74.7 million (15.5% of revenue) in H1 2024 from €60.3 million (13.2% of revenue) in H1 2023. EBITDA grew to €68.8 million in H1 2024 from €58.1 million in H1 2023. EBIT grew to €49.7 million in H1 2024 from €42.6 million in H1 2023. Net profit grew to €28.6 million in H1 2024 against €26.6 million in H1 2023.
The cash balance increased by €11.3 million from December 31, 2023, to €121.4 million on June 30, 2024.
Operating cash inflow in H1 2024 rose to €27.6 million from €15.4 million in H1 2023. Days of sales outstanding, calculated based on the quarterly revenue and including both contract assets and trade receivables, increased from 84 days on December 31, 2023, to 87 days on June 30, 2024.
The Net Promoter Score from the customer satisfaction survey conducted in Q1 2024 was 66, and in Q2 2024, 62, resulting in a score of 64 for H1 2024. The company reduced the net of 112 professionals in H1 2024 to 18,301.
Kanchan Ray, CTO of Nagarro, said, “Nagarro’s resilient H1 2024 performance highlights the strength of our strategic vision. We must also applaud our hardworking teams, whose efforts continue to create value for our clients around the globe.”
Nagarro SE will hold its analyst and investors meeting as a video call to discuss the half-yearly report 2024 on August 14, 2024, at 01:00 pm CEST (04:00 am PT / 06:00 am CT / 07:00 am ET / 12:00 pm BST / 03:00 pm GST / 04:30 pm IST / 07:00 pm SGT / 08:00 pm JST).
Nagarro SE will hold its retail investors call to discuss the half-yearly report 2024 on August 14, 2024, at 02:30 pm CEST (05:30 am PT / 07:30 am CT / 08:30 am ET / 01:30 pm BST / 04:30 pm GST / 06:00 pm IST / 08:30 pm SGT / 09:30 pm JST).
To attend, please register in advance at https://www.nagarro.com/en/investor-relations/half-yearly-q2-statements-call-2024.
About Nagarro
Nagarro, a global digital engineering leader, helps clients become fluidic, innovative, digital-first companies and thus, win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its Fluidic Enterprise vision. Nagarro employs around 18,300 people in 37 countries. For more information, visit www.nagarro.com.
FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)
For inquiries, please contact [email protected]
Logo: https://mma.prnewswire.com/media/844192/3850575/Nagarro_Logo.jpg
 

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Artificial Intelligence

G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.
Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.
Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”
In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.
“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”
By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.
About G42
G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today. To know more visit www.g42.ai.
Media contactsMedia and PR Team, [email protected]

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Artificial Intelligence

GEEKOM releases a perfect mini PCs with dual 2.5Gbps Ethernet ports – GEEKOM GT1 MEGA

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TAIPEI, Sept. 20, 2024 /PRNewswire/ — GEEKOM, a Taiwanese tech company also known as the Green Mini PC Global Leader, recently released a strong lineup of flagship mini PCs with Intel Core Ultra processors and dual Ethernet ports, making it possible for users to enjoy impeccable performance and superb networking functionalities at the same time.

One of these mini PCs is the GEEKOM GT1 Mega, which employs a beautiful aluminum chassis with plenty of I/O, including two full-function 40Gbps USB4 Type-C, six USB Type-A, 2 HDMI2.0, a 3.5mm audio jack, an SD card reader and dual Ethernet ports. The two Ethernet jacks are both of 2.5Gbps standard, which not only delivers high-speed and reliable internet connection for people’s daily computing chores, but also enables the mini PC to serve more sophisticated networking functionalities as a soft router, a virtual machines, a hardware firewall, or even a home server. Besides, dual Ethernet ports can separate internal and external network connections, providing logical and physical separation of trusted and untrusted network traffic and keeping data safe from potential cyber-attacks.
The GT1 Mega is powered by Intel’s latest and smartest Core™ Ultra processor (up to CoreTM U9-185H) and dual-channel DDR5-5600MHz RAM. Thanks to the new CPU, GPU, and NPU three tier multi-processing architecture, the mini PC is ready to harness the superpowers of Artificial Intelligence. It is compatible with more than 500 AI models across 20+ categories and supports high-performance low-power processing in a wide range of computing scenarios, which include enhancing facial features and blurring the background during video calls, removing the vocals from songs to create karaoke tracks, and generating large-scale images based on texts or voice commands. Basically, the GT1 Mega allows users to finish tasks that used to take hours or even days through only a few keystrokes!
The GEEKOM GT1 Mega,is now available on GEEKOM’s official website.
Photo – https://mma.prnewswire.com/media/2508472/image_5019393_24175809.jpg 

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Artificial Intelligence

Lucinity Partners with Sift for Unified Fraud and AML Case Management

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SAN FRANCISCO, Sept. 19, 2024 /PRNewswire/ — Lucinity and Sift have announced a partnership, unifying fraud and Anti-Money Laundering (AML) into Lucinity’s integrated FinCrime compliance platform for case management, agent-enabled workflow automation, and Generative AI.

Sift is an AI-powered fraud platform securing digital trust for leading global businesses. Its Global Data Network analyzes more than 1 trillion events and identity signals per year to prevent fraud across the entire consumer journey. Lucinity and Sift formed this new partnership to address the challenges of fragmented fraud and AML systems, aiming to centralize and enhance financial crime investigations.
Sift’s AI-powered solution will now be integrated into Lucinity’s platform. This collaboration enhances Lucinity’s ability to provide a seamless and efficient compliance solution. It allows teams to review and manage fraud alerts more effectively through Lucinity’s unified Case Management system, thanks to the native integration between the systems. Key benefits to Lucinity’s users include:
Real-Time Fraud Screening: Payments are screened for potential fraud in real time, utilizing Sift’s fraud detection capabilities.Automatic Payment Holds: Payments suspected of fraud are temporarily held, ensuring verification before processing.Streamlined Reviews: Compliance teams can conduct thorough reviews of flagged payments within Lucinity’s Case Management solution.Risk Level Adjustments: Fraud detection parameters can be customized to adjust sensitivity levels, adapting to emerging fraud trends and risk appetites.This partnership also enables users to leverage Lucinity’s Generative AI capabilities through the Luci copilot to investigate fraud cases more efficiently.
Udi Nessimyan, President and Chief Revenue Officer of Lucinity, comments, “One of the greatest challenges in fighting financial crime is fragmented systems and data. Our partnership with Sift helps address this challenge by providing a centralized platform for various case types, including AML, fraud, sanctions, and ad hoc cases. Our collaboration significantly enhances the productivity of investigation teams, reducing the time spent on cases from hours to minutes.”
Sift’s Chief Marketing Officer, Armen Najarian, emphasizes the collaborative effort to enhance financial crime prevention, stating, “Cybercriminals are increasingly leveraging AI to bypass traditional anti-money laundering and fraud controls, creating sophisticated and dynamic threats. To combat these evolving risks, companies must adopt a ‘fight fire with fire’ approach by leveraging AI-powered solutions. Through Sift’s partnership with Lucinity, businesses can stay ahead of fraudsters, ensuring robust protection against abuse and enabling fearless growth.”
About Sift: https://sift.com About Lucinity: https://lucinity.com
Media contact:Celina [email protected] +354 792 4321

View original content:https://www.prnewswire.co.uk/news-releases/lucinity-partners-with-sift-for-unified-fraud-and-aml-case-management-302253487.html

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