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Riverbed Appoints Dan Smoot as President and CEO to Drive Next Phase of Growth

30+ year technology leader to focus Riverbed on delivering innovative Visibility and Performance solutions to support customers as they modernize and shift toward hybrid and work-from-anywhere environments

SAN FRANCISCO–(BUSINESS WIRE)–Riverbed® today announced the appointment of Dan Smoot to President and CEO to drive the Company’s next phase of growth, and continue its momentum in delivering industry-leading visibility and performance solutions for networks and applications, anywhere users reside. Smoot, who has more than 30 years of experience holding top leadership roles including at Salesforce, Cisco and VMware, joined Riverbed in June 2018. At Riverbed, he has held several executive leadership roles, including most recently COO and leading the company’s Worldwide Sales, Channels and Alliances, Sales Operations and Customer Experience teams.


LinkedIn: Riverbed appoints Dan Smoot as President and CEO to drive next phase of growth: https://rvbd.ly/3wew9Ig

“Dan has been a stand-out leader at Riverbed and brings tremendous industry experience having held senior leadership roles at some of world’s leading technology companies,” said Robert ‘Tre’ Sayle, Riverbed Board Member and Thoma Bravo Partner (Riverbed is a portfolio company of Thoma Bravo). “Dan has an unwavering commitment to Riverbed’s customers and partners, an exceptional track record driving operational excellence and business results, and is a strong leader of people and culture. Dan is the right leader to take Riverbed to the next level and drive profitable growth for our business, and continued innovation to support customers and partners. I also want to thank our previous CEO, Rich McBee, who helped lead Riverbed during a critical time, including setting a strong foundation for the future and navigating the Company through a global pandemic.”

“I’m greatly honored and excited to be Riverbed’s new CEO, and serve thousands of amazing customers worldwide,” said Dan Smoot, President and CEO. “Riverbed is focused on fueling our next phase of growth by delivering innovative and relevant technologies that help propel our customers’ businesses and enable them to fully capitalize on their digital and IT investments. With leading end-to-end visibility and performance solutions, Riverbed is in a unique position to help business and government organizations as they modernize and secure their networks, accelerate cloud and SaaS migrations, and advance hybrid work environments as emloyees increasingly work-from-anywhere.”

Smoot was previously Executive Vice President of Global Partner Sales at Salesforce, managing the Worldwide Partner Sales organization. He was also Executive Vice President of Market Readiness at Salesforce, where he created a global organization to deliver critical go-to-market operations. Prior to Salesforce, Smoot worked at VMware as Senior Vice President of Global Customer Operations, overseeing advanced technology sales, global services, renewals, global channels and alliances, OEM/ISV sales and go-to-mark strategy. Before VMware, he spent more than 12 years in a variety of senior leadership roles at Cisco.

Smoot holds a B.A. in Environmental Science from the University of California, Irvine.

About Riverbed

Riverbed enables organizations to maximize performance and visibility for networks and applications, so they can overcome complexity and fully capitalize on their digital and cloud investments. The Riverbed Network and Application Performance Platform enables organizations to visualize, optimize, remediate and accelerate the performance of any network for any application, and helps to identify and mitigate cybersecurity threats. The platform addresses performance and visibility holistically with best-in-class WAN optimization, unified network performance management (NPM), application acceleration (including Office 365, SaaS, client and cloud acceleration), and enterprise-grade SD-WAN. Riverbed’s 30,000+ customers include 99% of the Fortune 100. Learn more at riverbed.com.

Riverbed and any Riverbed product or service name or logo used herein are trademarks of Riverbed Technology, Inc. All other trademarks used herein belong to their respective owners.

Connect with Riverbed

 

Contacts

Shawn Dainas

Riverbed Technology

415-527-4537

shawn.dainas@riverbed.com

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Business Wire

VIA optronics Forms Strategic Partnership With SigmaSense to Develop New Touch Sensing Solutions

NUREMBERG, Germany–(BUSINESS WIRE)–VIA optronics AG (NYSE:VIAO) (“VIA”), a leading supplier of interactive display systems and solutions, has formed a strategic partnership with SigmaSense, a global leader in touch sensing performance. As part of the strategic partnership, VIA has made a financial investment into SigmaSense and expanded their collaboration to develop new touch solutions for automotive applications, industrial displays and consumer electronics.

“We are excited to announce our expanded collaboration and investment in SigmaSense. Combining the SigmaSense technology with our metal mesh touch capabilities will not only allow us to offer enhanced touch resolution and quality, we will also be able to provide new and exciting touch functionalities,” said Jürgen Eichner, CEO & Founder of VIA. “With SigmaSense, we can deliver next level interactive user experiences while also applying new innovations across industries, from the consumer market to the high end automotive and industrial markets.”

SigmaSense is pioneering a digital transformation to low-power, multi-frequency, analog to digital converters (ADC), which have continuous driving and sensing of analog systems. SigmaSense’s touch sensing technologies facilitate significant touch performance improvement and can offer between 100 and 1,000 times better signal-to-noise ratio (SNR) than solutions currently available in the market. This level of performance compares favorably with many of today’s mobile phones, even on full-width dashboards using complex glass shapes or flexible polymers. This allows the touch sensing technology of SigmaSense to work in the harshest and most challenging environments like rain or snow, even while wearing thick winter gloves.

Rick Seger, CEO & Co-founder of SigmaSense, added: “We’re delighted to be working closely with VIA on delivering new, innovative touch experiences in harsh and demanding conditions. VIA’s confidence to invest in SigmaSense will also accelerate our collaboration to take full advantage of our combined strengths in advanced displays and user interfaces.”

The Society for Information Display recently awarded SigmaSense the esteemed 2021 Display Component of the Year Award. The 2021 Display Industry Awards honors innovative display products, components, and applications that hold the most promise for shaping the future of the global display industry.

About VIA:

VIA is a leading provider of interactive display solutions for multiple end markets in which superior functionality or durability is a critical differentiating factor. Its customizable technology is well-suited for high-end markets with unique specifications and demanding environments that pose technical and optical challenges for displays, such as bright ambient light, vibration and shock, extreme temperatures, and condensation. VIA’s interactive display systems combine system design, interactive displays, software functionality, cameras, and other hardware components. VIA’s intellectual property portfolio, process know-how, optical bonding, metal mesh touch sensor and camera module technologies provide enhanced display solutions built to meet the specific needs of its customers.

About SigmaSense:

SigmaSense, a global leader in touch sensing performance, brings the best user experiences to products ranging from mobile phones and laptops to large monitors and digital signage. SigmaSense is pioneering a comprehensive sensing technology that delivers 100 to 1,000 times improved SNR performance that was previously not possible. SigmaVision™ capacitive imaging technology provides touch, pressure, and object detection to the sensing surface, enabling a new generation of perceptive devices that are interactive and engaging. SigmaHover™ provides a superior touchless experience for public displays and any other device that uses touch sensors. Headquartered in Austin, Texas, SigmaSense provides semiconductor products with software, development tools and support. For more information, please visit www.sigmasense.com.

Contacts

Investor Relations for VIA optronics:
The Blueshirt Group

Monica Gould

Monica@blueshirtgroup.com
212-871-3927

Lindsay Savarese

Lindsay@blueshirtgroup.com
212-331-8417

Media:
Alexandra Müller-Plötz

AMueller-Ploetz@via-optronics.com
+49-911-597 575-302

Investor Relations for SigmaSense:
MZ North America

Brian M. Prenoveau, CFA

brian.prenoveau@mzgroup.us
561-489-5315

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Business Wire

Manitowoc Identifies a Cybersecurity Incident on its Network

MILWAUKEE–(BUSINESS WIRE)–The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), a leading global manufacturer of cranes and lifting solutions, today announced that the Company experienced a cybersecurity incident, resulting in a systems outage. Upon identifying the issue, the Company promptly engaged an industry-leading third-party information technology firm and forensics specialist and legal counsel to assist in the investigation. Federal law enforcement has been notified, and the Company is diligently working to restore its systems. This matter has caused and may continue to cause a delay or disruption to the Company’s business.

The Company considers the security and integrity of its network among its highest priorities and is taking all appropriate actions to minimize its risk.

On Thursday June 3, 2021, the Company announced its participation at the Stifel Virtual Cross Sector Insight Conference on Thursday, June 10, 2021. As a result of this incident, the Company will no longer participate.

About The Manitowoc Company, Inc.

The Manitowoc Company, Inc. was founded in 1902 and has over a 118-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world’s leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, lattice-boom crawler cranes, boom trucks, tower cranes, and industrial cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names.

Forward-looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:

  • The negative impacts COVID-19 has had and will continue to have on our business, financial condition, cash flows, results of operations and supply chain, as well as customer demand (including future uncertain impacts);
  • actions of competitors;
  • changes in economic or industry conditions generally or in the markets served by Manitowoc;
  • unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment;
  • changes in raw material and commodity prices;
  • geographic factors and political and economic conditions and risks;
  • the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
  • government approval and funding of projects and the effect of government-related issues or developments;
  • unanticipated changes in the capital and financial markets;
  • unanticipated changes in revenues, margins and costs;
  • the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
  • risks associated with data security and technological systems and protections; and
  • risks and factors detailed in Manitowoc’s 2020 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company’s actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Contacts

Ion Warner

Vice President, Marketing and Investor Relations

+1 414-760-4805

Categories
Business Wire

Brace’s Embedded Digital Mortgage Servicing Experience Delivers Results Ahead of Expected Surge in Demand

LOS ANGELES–(BUSINESS WIRE)–Brace, a modern, cloud-based mortgage servicing experience, is leading the digital transformation through its streamlined solutions.

Driven by consumer demand and accelerated by COVID-19, the mortgage origination industry saw a large increase in the adoption of digital solutions. This need for digital transparency, both for purchase and refinance home loans, and ease of use is now quickly moving into mortgage servicing. Process digitization will enable servicers to reduce paperwork and simplify the process for a better, faster consumer experience.

With 2.32% of Fannie Mae and Freddie Mac loans currently in forbearance—double the normal level. In order to process a high number of consumers who are not able to make their payments during this time, the ability to provide a digital asset report would help servicers make decisions for a loss mitigation solution faster. As a result, Fannie Mae announced today a guideline update to D2-2-05, giving any servicer the ability to use approved third-party verification vendor to verify income and asset information from consumers, without the previously required additional approvals for each servicer/provider combo.

“Brace is uniquely positioned to support this growing digital need,” said Eric Rachmel, CEO of Brace. “We have been helping tens of thousands of consumers seeking automatic forbearances, streamlined options, or applying for full loss mitigation assistance. We are leading the charge for the adoption of transparent digital performance, enabling our customers to receive complete, eSigned applications from their consumers in minutes, while reducing their call center volume by 35%. We are the 1st to embed this process in our solution and are seeing growing traction, with 20% of completed applications including a digital asset report.”

Brace takes their modern forward-thinking methodology to every step of their servicing solution. In addition to digital asset reports, the homeowner application process also leverages streamlined communications and a data integration with FEMA. This integration notifies consumers in affected areas that financial assistance is available to them.

Fannie Mae recently announced a guidelines update can be found here: Announcement SVC-2021-03 – Servicing Guide Update | Fannie Mae.

About Brace

Brace is elevating the mortgage experience ecosystem. Brace leverages a modern infrastructure, communication, and design in an end-to-end secure, compliant, and configurable cloud experience. This solution produces an efficient, transparent solution that enables actionable insights for every stakeholder – consumers, servicers, lenders, and investors – to intuitively maximize assets and unlock the financial performance for every home. Based in Los Angeles and New York, Brace’s executive team includes industry leaders from Wells Fargo, LendingHome, Doma, and Jetty. Brace’s customers include a number of the top ten largest U.S. mortgage servicers. To learn more, visit Brace.ai.

Contacts

Media Contact
Alyson Austin

949-403-0484

alyson@gaffneyaustin.com

Categories
Business Wire

Verint Announces Strong Cloud Growth in the First Quarter

Open Cloud Platform Drives Large Cloud Wins

MELVILLE, N.Y.–(BUSINESS WIRE)–Verint® (Nasdaq: VRNT), The Customer Engagement Company™, today announced results for the three months ended April 30, 2021 (FYE 2022). Revenue for the three months ended April 30, 2021 was $201 million on a GAAP basis representing 8% year-over-year growth and $202 million on a non-GAAP basis representing 7% year-over-year growth. For the three months ended April 30, 2021, net loss per common share was ($0.04) on a GAAP basis, and diluted EPS was $0.44 on a non-GAAP basis.

“We are pleased with our results coming in ahead of our expectations and our strong performance across all key cloud metrics. We believe our open cloud platform is a true differentiator helping brands connect work, data and experiences across the enterprise to support their digital transformation strategies,” said Dan Bodner, Verint CEO.

Bodner added: “Recent large multi-year cloud wins driven by our cloud platform include orders (total contract value) for $17 million (healthcare), $10 million (financial services), $4 million (business services), $4 million (logistics) and $3 million (insurance). In May, we held our annual Customer Engage Conference with 5,000 registrations, up nearly 40% year-over-year. During the event we showcased innovation across our open cloud platform including our new solutions for Real-time Work, providing in-the-moment AI based assistance to the workforce.”

First Quarter Key Cloud Metrics

  • Strong Cloud Growth: Cloud revenue up more than 35% year-over-year
  • Strong Software Bookings Growth: Perpetual license equivalent bookings (PLE) up 28% year-over-year with more than half derived from SaaS
  • Improving Visibility from Multi-year Cloud Deals: Remaining performance obligations (RPO) increased 30% year-over-year to $619 million

FYE 2022 Outlook

Our non-GAAP outlook for the year ending January 31, 2022 is as follows:

  • Cloud Revenue Growth: 30% to 35%
  • New PLE Bookings Growth: 10+%
  • Revenue: $860 million with a range of +/- 2%
  • Diluted EPS: $2.23 at the midpoint of our revenue guidance

Our non-GAAP outlook for the three months ending July 31, 2021 and year ending January 31, 2022 excludes the following GAAP measures which we are able to quantify with reasonable certainty:

  • Amortization of intangible assets of approximately $12 million and $45 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
  • Losses on early retirement of debt of $0 million and $2 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
  • Favorable change in fair value of future tranche right of $0 million and $16 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
  • Unrealized losses on derivatives, net of $0 million and $14 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.

Our non-GAAP outlook for the three months ending July 31, 2021 and year ending January 31, 2022 excludes the following GAAP measures for which we are able to provide a range of probable significance:

  • Revenue adjustments are expected to be between approximately $1 million and $2 million, and $3 million and $4 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.
  • Stock-based compensation is expected to be between approximately $17 million and $20 million, and $65 million and $72 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively, assuming market prices for our common stock approximately consistent with current levels.
  • Further costs associated with Verint’s February 1, 2021 separation into two independent public companies are expected to be between approximately $3 million and $5 million, and $12 million and $15 million, for the three months ending July 31, 2021 and year ending January 31, 2022, respectively.

Our non-GAAP outlook does not include the potential impact of any in-process business acquisitions that may close after the date hereof, and, unless otherwise specified, reflects foreign currency exchange rates approximately consistent with current rates.

We are unable, without unreasonable efforts, to provide a reconciliation for other GAAP measures which are excluded from our non-GAAP outlook, including the impact of future business acquisitions or acquisition expenses, future restructuring expenses, and non-GAAP income tax adjustments due to the level of unpredictability and uncertainty associated with these items. For these same reasons, we are unable to assess the probable significance of these excluded items. While historical results may not be indicative of future results, actual amounts for the three months ended April 30, 2021 and 2020 for the GAAP measures excluded from our non-GAAP outlook appear in Tables 2, 3 and 4 of this press release.

Conference Call Information

We will conduct a conference call today at 4:30 p.m. ET to discuss our results for the three months ended April 30, 2021, outlook, and long-term targets. An online, real-time webcast of the conference call and webcast slides will be available on our website at www.verint.com. The webcast slides will be available on our website until at least July 31, 2021. The conference call can also be accessed live via telephone at 1-844-309-0615 (United States and Canada) and 1-661-378-9462 (international) and the passcode is 8399029. Please dial in 5-10 minutes prior to the scheduled start time.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of non-GAAP financial measures presented for completed periods to the most directly comparable financial measures prepared in accordance with GAAP, please see the tables below as well as “Supplemental Information About Non-GAAP Financial Measures and Operating Metrics” at the end of this press release.

About Verint Systems Inc.

Verint® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data, and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement to help customers close the Engagement Capacity Gap™.

Verint. The Customer Engagement Company. Learn more at Verint.com.

Cautions About Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, any of which could cause our actual results or conditions to differ materially from those expressed in or implied by the forward-looking statements. Some of the factors that could cause our actual results or conditions to differ materially from current expectations include, among others: uncertainties regarding the impact of changes in macroeconomic and/or global conditions, including as a result of slowdowns, recessions, economic instability, political unrest, armed conflicts, natural disasters, or outbreaks of disease, such as the COVID-19 pandemic, as well as the resulting impact on information technology spending by enterprises and government customers, on our business; risks that our customers delay, cancel, or refrain from placing orders, refrain from renewing subscriptions or service contracts, or are unable to honor contractual commitments or payment obligations due to liquidity issues or other challenges in their budgets and business, due to the COVID-19 pandemic or otherwise; risks that restrictions resulting from the COVID-19 pandemic or actions taken in response to the pandemic adversely impact our operations or our ability to fulfill orders, complete implementations, or recognize revenue; risks associated with our ability to keep pace with technological advances and challenges and evolving industry standards; to adapt to changing market potential from area to area within our markets; and to successfully develop, launch, and drive demand for new, innovative, high-quality products that meet or exceed customer challenges and needs, while simultaneously preserving our legacy businesses and migrating away from areas of commoditization; risks due to aggressive competition in all of our markets, including with respect to maintaining revenue, margins, and sufficient levels of investment in our business and operations, and competitors with greater resources than we have; risks relating to our ability to properly manage investments in our business and operations, execute on growth or strategic initiatives, and enhance our existing operations and infrastructure, including the proper prioritization and allocation of limited financial and other resources; risks associated with our ability to identify suitable targets for acquisition or investment or successfully compete for, consummate, and implement mergers and acquisitions, including risks associated with valuations, reputational considerations, capital constraints, costs and expenses, maintaining profitability levels, expansion into new areas, management distraction, post-acquisition integration activities, and potential asset impairments; challenges associated with selling sophisticated solutions, including with respect to longer sales cycles, more complex sales processes, and assisting customers in understanding and realizing the benefits of our solutions, as well as with developing, offering, implementing, and maintaining a broad solution portfolio; challenges associated with our cloud transition, including increased importance of subscription renewal rates, and risk of increased variability in our period to period results based on the mix, terms, and timing of our transactions; risks that we may be unable to maintain, expand, and enable our relationships with partners as part of our growth strategy; risks associated with our reliance on third-party suppliers, partners, or original equipment manufacturers (“OEMs”) for certain components, products, or services, including companies that may compete with us or work with our competitors, as well as cloud hosting providers; risks associated with our ability to retain, recruit, and train qualified personnel in regions in which we operate, including in new markets and growth areas we may enter; risks associated with our significant international operations, exposure to regions subject to political or economic instability, fluctuations in foreign exchange rates, and challenges associated with a significant portion of our cash being held overseas; risks associated with a significant part of our business coming from government contracts and associated procurement processes; risks associated with complex and changing domestic and foreign regulatory environments, relating to our own operations, the products and services we offer, and/or the use of our solutions by our customers, including, among others, with respect to data privacy and protection, government contracts, anti-corruption, trade compliance, tax, and labor matters; risks associated with the mishandling or perceived mishandling of sensitive or confidential information and data, including personally identifiable information or other information that may belong to our customers or other third parties, including in connection with our SaaS or other hosted or managed service offerings or when we are asked to perform service or support; risks that our solutions or services, or those of third-party suppliers, partners, or OEMs which we use in or with our offerings or otherwise rely on, including third-party hosting platforms, may contain defects, develop operational problems, or be vulnerable to cyber-attacks; risk of security vulnerabilities or lapses, including cyber-attacks, information technology system breaches, failures, or disruptions; risks that our intellectual property rights may not be adequate to protect our business or assets or that others may make claims on our intellectual property, claim infringement on their intellectual property rights, or claim a violation of their license rights, including relative to free or open source components we may use; risks associated with leverage resulting from our current debt position or our ability to incur additional debt, including with respect to liquidity considerations, covenant limitations and compliance, fluctuations in interest rates, dilution considerations (with respect to our convertible notes), and our ability to maintain our credit ratings; risks that we may experience liquidity or working capital issues and related risks that financing sources may be unavailable to us on reasonable terms or at all; risks arising as a result of contingent or other obligations or liabilities assumed in our acquisition of our former parent company, Comverse Technology, Inc. (“CTI”), or associated with formerly being consolidated with, and part of a consolidated tax group with, CTI, or as a result of the successor to CTI’s business operations, Mavenir, Inc., being unwilling or unable to provide us with certain indemnities to which we are entitled; risks associated with changing accounting principles or standards, tax laws and regulations, tax rates, and the continuing availability of expected tax benefits; risks relating to the adequacy of our existing infrastructure, systems, processes, policies, procedures, internal controls, and personnel, and our ability to successfully implement and maintain enhancements to the foregoing, for our current and future operations and reporting needs, including related risks of financial statement omissions, misstatements, restatements, or filing delays; risks associated with market volatility in the prices of our common stock and convertible notes based on our performance, third-party publications or speculation, or other factors and risks associated with actions of activist stockholders; risks associated with Apax Partners’ significant ownership position and potential that its interests will not be aligned with those of our common stockholders; and risks associated with the spin-off of our Cyber Intelligence Solutions business, including the possibility that the spin-off does not achieve the benefits anticipated, does not qualify as a tax-free transaction, or exposes us to unexpected claims or liabilities. We assume no obligation to revise or update any forward-looking statement, except as otherwise required by law. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2021, when filed, and other filings we make with the SEC.

VERINT, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

 

Table 1

VERINT SYSTEMS INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

Three Months Ended
April 30,

(in thousands, except per share data)

 

2021

 

2020

Revenue:

 

 

 

 

Recurring

 

$

144,453

 

 

$

129,070

 

Nonrecurring

 

56,451

 

 

56,795

 

Total revenue

 

200,904

 

 

185,865

 

Cost of revenue:

 

 

 

 

Recurring

 

38,076

 

 

34,928

 

Nonrecurring

 

29,880

 

 

31,619

 

Amortization of acquired technology

 

4,384

 

 

4,356

 

Total cost of revenue

 

72,340

 

 

70,903

 

Gross profit

 

128,564

 

 

114,962

 

Operating expenses:

 

 

 

 

Research and development, net

 

29,148

 

 

32,412

 

Selling, general and administrative

 

87,646

 

 

76,827

 

Amortization of other acquired intangible assets

 

7,328

 

 

7,764

 

Total operating expenses

 

124,122

 

 

117,003

 

Operating income (loss)

 

4,442

 

 

(2,041

)

Other income (expense), net:

 

 

 

 

Interest income

 

23

 

 

481

 

Interest expense

 

(5,019

)

 

(10,689

)

Losses on early retirements of debt

 

(2,474

)

 

 

Other income (expense), net

 

4,050

 

 

(1,822

)

Total other expense, net

 

(3,420

)

 

(12,030

)

Income (loss) from continuing operations before provision for income taxes

 

1,022

 

 

(14,071

)

(Benefit from) provision for income taxes

 

(72

)

 

347

 

Net income (loss) from continuing operations

 

1,094

 

 

(14,418

)

Net income from discontinued operations

 

 

 

10,443

 

Net income (loss)

 

1,094

 

 

(3,975

)

Net income attributable to noncontrolling interests from continuing operations

 

295

 

 

240

 

Net income attributable to noncontrolling interests from discontinued operations

 

 

 

1,799

 

Net income (loss) attributable to Verint Systems Inc.

 

799

 

 

(6,014

)

Dividends on preferred stock

 

(3,322

)

 

 

Net loss attributable to Verint Systems Inc. common shares

 

$

(2,523

)

 

$

(6,014

)

 

 

 

 

 

Net (loss) income attributable to Verint Systems Inc. common shares

 

 

 

 

Net loss from continuing operations attributable to Verint Systems Inc. common shares

 

$

(2,523

)

 

$

(14,658

)

Net income from discontinued operations attributable to Verint Systems Inc. common shares

 

$

 

 

$

8,644

 

 

 

 

 

 

Basic net (loss) income per common share attributable to Verint Systems Inc.:

 

 

 

 

Continuing operations

 

$

(0.04

)

 

$

(0.23

)

Discontinued operations

 

 

 

0.14

 

Total basic net loss per common share attributable to Verint Systems Inc.

 

$

(0.04

)

 

$

(0.09

)

 

 

 

 

 

Diluted net (loss) income per common share attributable to Verint Systems Inc.:

 

 

 

 

Continuing operations

 

$

(0.04

)

 

$

(0.23

)

Discontinued operations

 

 

 

0.14

 

Total diluted net loss per common share attributable to Verint Systems Inc.

 

$

(0.04

)

 

$

(0.09

)

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

Basic

 

65,661

 

 

64,376

Diluted

65,661

64,376

Table 2

VERINT SYSTEMS INC. AND SUBSIDIARIES

GAAP to Non-GAAP Cloud Metrics

(Unaudited)

 

Three Months Ended
April 30,

(in thousands)

2021

 

2020

Table of Reconciliation from GAAP Cloud Revenue to Non-GAAP Cloud Revenue

 

 

 

SaaS revenue – GAAP

$

63,592

 

 

$

40,888

 

Bundled SaaS revenue – GAAP

39,309

 

 

33,393

 

Unbundled SaaS revenue – GAAP

24,283

 

 

7,495

 

Optional managed services revenue – GAAP

16,458

 

 

14,132

 

Cloud revenue – GAAP

$

80,050

 

 

$

55,020

 

 

 

 

 

Estimated SaaS revenue adjustments

$

844

 

 

$

2,926

 

Estimated bundled SaaS revenue adjustments

782

 

 

2,882

 

Estimated unbundled SaaS revenue adjustments

62

 

 

44

 

Estimated optional managed services revenue adjustments

187

 

 

281

 

Estimated cloud revenue adjustments

$

1,031

 

 

$

3,207

 

 

 

 

 

SaaS revenue – non-GAAP

$

64,436

 

 

$

43,814

 

Bundled SaaS revenue – non-GAAP

40,091

 

 

36,275

 

Unbundled SaaS revenue – non-GAAP

24,345

 

 

7,539

 

Optional managed services revenue – non-GAAP

16,645

 

 

14,413

 

Cloud revenue – non-GAAP

$

81,081

 

 

$

58,227

 

 

 

 

 

Table of New SaaS ACV

 

 

 

New SaaS ACV

$

18,804

 

 

$

11,892

 

New SaaS ACV Growth YoY

58.1

%

 

45.3

%

 

 

 

 

Table of New Perpetual License Equivalent Bookings

 

 

 

New perpetual license equivalent bookings

$

60,982

 

 

$

47,692

 

New perpetual license equivalent bookings change YoY

27.9

%

 

(23.7)

%

% of new perpetual license equivalent bookings from SaaS

51.2

%

 

40.2

%

Table 3

VERINT SYSTEMS INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Measures

(Unaudited)

 

 

Three Months Ended
April 30,

(in thousands, except per share data)

 

2021

 

2020

REVENUE

 

 

 

 

Recurring revenue – GAAP

 

$

144,453

 

 

$

129,070

 

Nonrecurring revenue – GAAP

 

56,451

 

 

56,795

 

Total GAAP revenue

 

200,904

 

 

185,865

 

Recurring revenue adjustments

 

1,039

 

 

3,262

 

Nonrecurring revenue adjustments

 

 

 

 

Total revenue adjustments

 

1,039

 

 

3,262

 

Recurring revenue – non-GAAP

 

145,492

 

 

132,332

 

Nonrecurring revenue – non-GAAP

 

56,451

 

 

56,795

 

Total non-GAAP revenue

 

$

201,943

 

 

$

189,127

 

 

 

 

 

 

GROSS PROFIT AND GROSS MARGIN

 

 

 

 

Recurring costs

 

$

38,076

 

 

$

34,928

 

Nonrecurring costs

 

29,880

 

 

31,619

 

Amortization of acquired technology

 

4,384

 

 

4,356

 

Total GAAP cost of revenue

 

72,340

 

 

70,903

 

GAAP gross profit

 

128,564

 

 

114,962

 

GAAP gross margin

 

64.0

%

 

61.9

%

Revenue adjustments

 

1,039

 

 

3,262

 

Amortization of acquired technology

 

4,384

 

 

4,356

 

Stock-based compensation expenses

 

1,262

 

 

537

 

Acquisition expenses, net

 

25

 

 

189

 

Restructuring expenses

 

462

 

 

1,619

 

Separation expenses(3)

 

78

 

 

 

Discontinued operations corporate overhead adjustment

 

 

 

1,425

 

Allocation methodology difference

 

 

 

(543

)

Non-GAAP gross profit

 

$

135,814

 

 

$

125,807

 

Non-GAAP gross margin

 

67.3

%

 

66.5

%

 

 

 

 

 

RESEARCH AND DEVELOPMENT, NET

 

 

 

 

GAAP research and development, net

 

$

29,148

 

 

$

32,412

 

As a percentage of GAAP revenue

 

14.5

%

 

17.4

%

Stock-based compensation expenses

 

(1,773

)

 

(1,173

)

Acquisition expenses, net

 

(24

)

 

(201

)

Restructuring expenses

 

(184

)

 

(927

)

Separation expenses(3)

 

(457

)

 

 

Discontinued operations corporate overhead adjustment

 

 

 

(4,521

)

Allocation methodology difference

 

 

 

2,202

 

Non-GAAP research and development, net

 

$

26,710

 

 

$

27,792

 

As a percentage of non-GAAP revenue

 

13.2

%

 

14.7

%

 

 

 

 

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

 

 

GAAP selling, general and administrative expenses

 

$

87,646

 

 

$

76,827

 

As a percentage of GAAP revenue

 

43.6

%

 

41.3

%

Stock-based compensation expenses

 

(13,366

)

 

(8,968

)

Acquisition (expenses) benefit, net

 

(1,644

)

 

3,743

 

Restructuring expenses

 

(609

)

 

(2,018

)

Separation expenses(3)

 

(5,527

)

 

 

Other adjustments

 

(44

)

 

(101

)

Discontinued operations corporate overhead adjustment

 

 

 

(7,566

)

Allocation methodology difference

 

 

 

(1,354

)

Non-GAAP selling, general and administrative expenses

 

$

66,456

 

 

$

60,563

 

As a percentage of non-GAAP revenue

 

32.9

%

 

32.0

%

 

 

 

 

 

OPERATING INCOME (LOSS) AND OPERATING MARGIN

 

 

 

 

GAAP operating income (loss)

 

$

4,442

 

 

$

(2,041

)

GAAP operating margin

 

2.2

%

 

(1.1

)%

Revenue adjustments

 

1,039

 

 

3,262

 

Amortization of acquired technology

 

4,384

 

 

4,356

 

Amortization of other acquired intangible assets

 

7,328

 

 

7,764

 

Stock-based compensation expenses

 

16,401

 

 

10,678

 

Acquisition expenses (benefit), net

 

1,693

 

 

(3,353

)

Restructuring expenses

 

1,255

 

 

4,564

 

Separation expenses(3)

 

6,062

 

 

 

Other adjustments

 

44

 

 

101

 

Discontinued operations corporate overhead adjustment

 

 

 

13,512

 

Allocation methodology difference

 

 

 

(1,391

)

Non-GAAP operating income

 

$

42,648

 

 

$

37,452

 

Non-GAAP operating margin

 

21.1

%

 

19.8

%

 

 

 

 

 

Table of Reconciliation from GAAP Other Expense, Net to Non-GAAP Other Expense, Net

 

 

 

 

GAAP other expense, net

 

$

(3,420

)

 

$

(12,030

)

Unrealized losses on derivatives, net

 

14,305

 

 

 

Amortization of convertible note discount

 

 

 

3,226

 

Losses on early retirements of debt

 

2,474

 

 

 

Change in fair value of future tranche right

 

(15,810

)

 

 

Acquisition (benefit) expenses, net

 

(3,200

)

 

12

 

Non-GAAP other expense, net(1)

 

$

(5,651

)

 

$

(8,792

)

 

 

 

 

 

Table of Reconciliation from GAAP (Benefit from) Provision for Income Taxes to Non-GAAP Provision for Income Taxes

 

 

 

 

GAAP (benefit from) provision for income taxes

 

$

(72

)

 

$

347

 

GAAP effective income tax rate

 

(7.1

)%

 

(2.5

)%

Non-GAAP tax adjustments

 

3,740

 

 

2,037

 

Non-GAAP provision for income taxes

 

$

3,668

 

 

$

2,384

 

Non-GAAP effective income tax rate

 

9.9

%

 

8.3

%

 

 

 

 

 

Table of Reconciliation from GAAP Net Loss from Continuing Operations Attributable to Verint Systems Inc. Common Shares to Non-GAAP Net Income from Continuing Operations Attributable to Verint Systems Inc. Common Shares

 

 

 

 

GAAP net loss from continuing operations attributable to Verint Systems Inc. common shares

 

$

(2,523

)

 

$

(14,658

)

Revenue adjustments

 

1,039

 

 

3,262

 

Amortization of acquired technology

 

4,384

 

 

4,356

 

Amortization of other acquired intangible assets

 

7,328

 

 

7,764

 

Stock-based compensation expenses

 

16,401

 

 

10,678

 

Unrealized losses on derivatives, net

 

14,305

 

 

 

Amortization of convertible note discount

 

 

 

3,226

 

Losses on early retirements of debt

 

2,474

 

 

 

Change in fair value of future tranche right

 

(15,810

)

 

 

Acquisition benefit, net

 

(1,507

)

 

(3,341

)

Restructuring expenses

 

1,255

 

 

4,564

 

Separation expenses(3)

 

6,062

 

 

 

Other adjustments

 

44

 

 

101

 

Discontinued operations corporate overhead adjustment

 

 

 

13,512

 

Allocation methodology difference

 

 

 

(1,391

)

Non-GAAP tax adjustments

 

(3,740

)

 

(2,037

)

Dividends, reversed due to assumed conversion of preferred stock

 

3,322

 

 

 

Total adjustments

 

35,557

 

 

40,694

 

Non-GAAP net income from continuing operations attributable to Verint Systems Inc. common shares

 

$

33,034

 

 

$

26,036

 

 

 

 

 

 

Table Comparing GAAP Diluted Net Loss from Continuing Operations Per Common Share Attributable to Verint Systems Inc. to Non-GAAP Diluted Net Income from Continuing Operations Per Common Share Attributable to Verint Systems Inc.

 

 

 

 

GAAP diluted net loss from continuing operations per common share attributable to Verint Systems Inc.

 

$

(0.04

)

 

$

(0.23

)

Non-GAAP diluted net income from continuing operations per common share attributable to Verint Systems Inc.

 

$

0.44

 

 

$

0.40

 

 

 

 

 

 

GAAP weighted-average shares used in computing diluted net loss from continuing operations per common share attributable to Verint Systems Inc.

 

65,661

 

 

64,376

 

Additional weighted-average shares applicable to non-GAAP diluted net income from continuing operations per common share attributable to Verint Systems Inc.

 

10,031

 

 

1,233

 

Non-GAAP diluted weighted-average shares used in computing net income from continuing operations per common share attributable to Verint Systems Inc.

 

75,692

 

 

65,609

 

 

 

 

 

 

Table of Reconciliation from GAAP Net Income (Loss) from Continuing Operations Attributable to Verint Systems Inc. to Adjusted EBITDA

 

 

 

 

GAAP net income (loss) from continuing operations attributable to Verint Systems Inc.

 

$

799

 

 

$

(14,658

)

As a percentage of GAAP revenue

 

0.4

%

 

(7.9

)%

Net income attributable to noncontrolling interest

 

295

 

 

240

 

(Benefit from) provision for income taxes

 

(72

)

 

347

 

Other expense, net

 

3,420

 

 

12,030

 

Depreciation and amortization(2)

 

18,281

 

 

19,025

 

Revenue adjustments

 

1,039

 

 

3,262

 

Stock-based compensation expenses

 

16,401

 

 

10,678

 

Acquisition expenses (benefit), net

 

1,693

 

 

(3,353

)

Restructuring expenses

 

1,254

 

 

4,564

 

Separation expenses(3)

 

5,696

 

 

 

Other adjustments

 

44

 

 

101

 

Discontinued operations corporate overhead adjustment

 

 

 

13,512

 

Allocation methodology difference

 

 

 

(1,391

)

Adjusted EBITDA

 

$

48,850

 

 

$

44,357

 

As a percentage of non-GAAP revenue

 

24.2

%

 

23.5

%

Contacts

Investor Relations
Matthew Frankel, CFA

Verint Systems Inc.

(631) 962-9672

matthew.frankel@verint.com

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Business Wire

UiPath Reports First Quarter Fiscal 2022 Financial Results

ARR of $653 million increased 64 percent year-over-year driven by record net new ARR of $72 million

NEW YORK–(BUSINESS WIRE)–UiPath, Inc. (NYSE: PATH), a leading enterprise automation software company, today announced financial results for its first quarter fiscal 2022 ended April 30, 2021.

We had an exceptionally strong start to fiscal year 2022 with first quarter ARR growing 64 percent year-over-year to $653 million, a testament to our leadership position in enterprise software automation,” commented Daniel Dines, UiPath Co-Founder and Chief Executive Officer. “We believe automation is the next layer in the software stack. Our vision is to enable the fully automated enterprise through our unique combination of UI Automation, API Management, and AI to best emulate human workers and help organizations assign all automatable work to robots enterprise-wide. Our end-to-end automation platform, flexible deployment model, and growing ecosystem of partners position us well to capitalize on the more than $60 billion market opportunity ahead of us.”

Ashim Gupta, UiPath Chief Financial Officer, added, “I am pleased with our first quarter fiscal 2022 results as we continue to execute well against our land and expand go-to-market strategy. We have experienced rapid growth and now have over 8,500 customers worldwide, including 1,105 customers with ARR of $100,000 or greater and 104 customers with ARR of $1 million or greater. Given our existing momentum, we plan to continue to invest in growth while maintaining operational rigor as we run our business.”

Fiscal First Quarter 2022 Financial Highlights

  • ARR of $652.6 million increased 64 percent year-over-year.
  • Revenue of $186.2 million increased 65 percent year-over-year.
  • GAAP gross margin was 74 percent.
  • Non-GAAP gross margin was 88 percent.
  • Cash flow used in operations was $(17.5) million.
  • Non-GAAP free cash flow was $(20.1) million.
  • Balance sheet: Cash, cash equivalents, restricted cash, and marketable securities increased to $1.9 billion as of April 30, 2021.

Recent Business Highlights

  • UiPath completed its initial public offering (IPO): The offering consisted of 27,474,393 shares of its Class A common stock at a price to the public of $56.00 per share, which consisted of 13,000,000 shares issued and sold by UiPath and 14,474,393 shares sold by the selling stockholders. Net proceeds from the IPO totaled $692.4 million, and UiPath did not receive any proceeds from the shares sold by the selling stockholders. UiPath is listed on the NYSE under the ticker symbol “PATH”.
  • Released UiPath Platform 21.4: As previously announced, highlights of this platform release include three new products and over 100 major customer driven new features and deeper integrations across every pillar of our end-to-end platform. Innovations include the all-new Automation Ops, designed to help customers manage and govern high scale deployments of the UiPath Studio family of products and Attended Robots enterprise-wide. New AI-powered capabilities were also introduced to speed the discovery and prioritization of processes to automate, led by the general availability of Task Mining. Other upgrades included a seamless user experience across the platform and the continued rapid expansion of Automation Cloud™. We have over 5,000 customers and partners registered for our 21.4 Release Show and 15,000 developers are expected to join UiPath DevCon next week.
  • Acquired Cloud Elements to bring together Ui Automation and Computer Vision with API Management: With the March 2021 acquisition of Cloud Elements, a pioneering API integration platform, UiPath will be able to offer both enterprise-grade user interface (UI) and application programming interface (API) based automation capabilities in a single platform. This means that UiPath customers now have the flexibility to automate processes using an optimal mix of UI and API-based automation.
  • Expanded technology partnership: UiPath and Tableau launched a Tableau Activity which allows customers to easily utilize data produced or retrieved by robotic automations in their Tableau reports and the UiPath extension for Tableau which triggers a robot directly from a Tableau report or dashboard.
  • Recognized as a leader in The Forrester Wave™: Robotic Process Automation, Q1 2021: Among the 14 vendors evaluated, UiPath earned the highest ranking in each of three categories: Current Offering, Strategy, and Market Presence. The Company also received the highest possible scores in the criteria of product vision; performance; supporting products and services; partner ecosystem; delivery model; enterprise RPA customers; enterprise customers; and product revenue.
  • Delivered COVID-19 Aid: Supported Oxygen for India with a contribution of over $1 million in corporate and employee donations to send and distribute oxygen supplies throughout the country.
  • Appointed new Chief People Officer and first Chief Culture Officer: UiPath appointed Bettina Koblick, most recently Chief People Officer (CPO) at ServiceMax, as its Chief People Officer, and Andreea Baciu, interim UiPath CPO, as UiPath’s first Chief Culture Officer. Both appointees bring significant experience from software companies of varied scale and stage.
  • Expanded mission to democratize automation and drive diversity in the technology industry: The UiPath Academic Alliance partnered with seven Historically Black Colleges and Universities (HBCUs) to train students on RPA. These partnerships with HBCUs are intended to bring workforce development opportunities, along with the skills, training, and knowledge to not only thrive in digitally-led work environments, but to also shape them. To date, UiPath Academic Alliance has partnered with more than 750 academic institutions globally.

Financial Outlook

For the fiscal second quarter 2022, UiPath expects:

  • ARR in the range of $702 million and $704 million
  • Revenue in the range of $180 million and $185 million
  • Non-GAAP operating loss in the range of $(35) million and $(25) million

For the fiscal full year 2022, UiPath expects:

  • ARR in the range of $850 million and $855 million

Reconciliation of non-GAAP operating loss guidance to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Partial Early Lock-Up Release

UiPath announced today that a partial early lock-up release will occur immediately prior to the opening of trading on June 10, 2021 with respect to its shares of Class A common stock, par value $0.00001 per share, pursuant to the terms of certain lock-up agreements entered into by UiPath’s directors and executive officers, the selling stockholders, and certain other stockholders with the underwriters of UiPath’s initial public offering.

Pursuant to the terms of the lock-up agreements, the lock-up restrictions automatically end with respect to 30% of certain securities owned as of March 31, 2021 by the selling stockholders and UiPath’s directors, certain executive officers, employees, former employees, and certain other stockholders. The lock-up restrictions will continue to apply with respect to all remaining securities subject to the lock-up agreements.

Conference Call and Webcast

UiPath will host a conference call today, Tuesday, June 8, 2021, at 5:00 p.m. Eastern Time, to discuss the Company’s fiscal first quarter 2022 financial results and guidance. To access this call, dial 1-201-689-8057 (domestic) or 1-877-407-8309 (international). The passcode is 13719454. A replay of this conference call will be available through June 22, 2021 at 1-201-612-7415 (domestic) or 1-877-660-6853 (international). The replay passcode is 13719454. A live webcast of this conference call will be available on the “Investor Relations” page of the Company’s website (https://ir.uipath.com), and a replay will be archived on the website as well.

About UiPath

UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.

Forward Looking Statements

Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are. usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “outlook”, “seeks,” “should,” “will,” and variations of such words or similar expressions.

We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions.

These forward-looking statements include, but are not limited to, statements regarding our financial guidance for the second fiscal quarter and full year fiscal 2022, the estimated addressable market opportunity for our platform, the successful integration of new features into our platform, and the success of our collaborations with third parties. Accordingly, actual results could differ materially or such uncertainties could cause adverse effects on our results. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) our recent rapid growth may not be indicative of our future growth; (2) our limited operating history; (3) our ability to successfully manage our growth; (4) our ability and the ability of our platform to satisfy and adapt to customer demands; (5) our business depends on our existing customers renewing their licenses and purchasing additional licenses and products from us and our channel partners; (6) our ability to attract and retain customers; (7) the competitive markets in which we participate; (8) general market, political, economic, and business conditions; (9) our ability to maintain and expand our distribution channels; (10) our reliance on third-party providers of cloud-based infrastructure; and (11) the potential impact that the COVID-19 pandemic and any related economic downturn could have on our or our customers’ businesses, financial condition and results of operations.

Further information on risks that could cause actual results to differ materially from our guidance can be found in the final prospectus for our initial public offering, dated April 20, 2021 and filed with the Securities and Exchange Commission (SEC) on April 21, 2021, and in our Quarterly Report on Form 10-Q that will be filed for the fiscal quarter ended April 30, 2021. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements

Key Performance Metric and Non-GAAP Financial Measures

Annualized Renewal Run-rate (ARR) is a key performance metric we use in managing our business because it illustrates our ability to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. We define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance obligations assuming no increases or reductions in the subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and does not reflect any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for specific bad debt or disputed amounts. Additionally, though we use ARR as a forward-looking metric in the management of our business, it does not include invoiced amounts reported as perpetual licenses or professional services revenue in our consolidated statement of operations, and is not a forecast of future revenue, which can be impacted by contract start and end dates, duration, and renewal rates. Investors should not place undue reliance on ARR as an indicator of future or expected results. Our definition of ARR may differ from the definition used by other companies and therefore comparability may be limited.

This earnings press release includes the following financial measures defined as non-GAAP financial measures by the SEC, including non-GAAP cost of revenue, non-GAAP gross profit and margin, non-GAAP operating expenses, non-GAAP operating loss and margin, non-GAAP net loss and non-GAAP net income (loss) per share and non-GAAP free cash flow. These non-GAAP financial measures exclude:

· stock-based compensation expense;

· amortization of acquired intangibles;

· employer payroll tax expense related to employee equity transactions;

· in the case of non-GAAP net loss, the associated tax adjustments with the related add-backs; and

· in the case of free cash flow, purchases of property and equipment and capitalization of software development costs.

UiPath uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating UiPath’s ongoing operational performance. UiPath believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in UiPath’s industry, many of which present similar non-GAAP financial measures to investors. On-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). We believe these non-GAAP financial measures provide investors with useful supplementary information in evaluating our performance. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information below provides a reconciliation of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures. We encourage investors to consider our GAAP results alongside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non-GAAP measures that is included at the end of this earnings press release. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of UiPath’s website at https://ir.uipath.com.

UiPath, Inc.
Condensed Consolidated Statements of Operations
in thousands, except per share data
(unaudited)
 
Three Months Ended April 30,

2021

2020

Revenue:
Licenses

$

100,216

 

$

63,759

 

Maintenance and support

 

77,642

 

 

43,196

 

Services and other

 

8,359

 

 

6,148

 

Total revenue

 

186,217

 

 

113,103

 

Cost of revenue:
Licenses

 

2,454

 

 

1,417

 

Maintenance and support

 

14,179

 

 

5,543

 

Services and other

 

32,377

 

 

6,678

 

Total cost of revenue

 

49,010

 

 

13,638

 

Gross profit

 

137,207

 

 

99,465

 

Operating expenses:
Sales and marketing

 

205,751

 

 

90,931

 

Research and development

 

93,040

 

 

26,729

 

General and administrative

 

74,415

 

 

26,676

 

Total operating expenses

 

373,206

 

 

144,336

 

Operating loss

 

(235,999

)

 

(44,871

)

Interest income

 

941

 

 

530

 

Other expense, net

 

(3,218

)

 

(7,837

)

Loss before income taxes

 

(238,276

)

 

(52,178

)

Provision for income taxes

 

1,387

 

 

662

 

Net loss

$

(239,663

)

$

(52,840

)

Net loss per share attributable to common stockholders, basic and diluted

$

(1.11

)

$

(0.33

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

215,352

 

 

159,003

 

UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands, except per share data
(unaudited)
 
As of
April 30, 2021 January 31, 2021
Assets
Current assets
Cash and cash equivalents

$

1,796,267

 

$

357,690

 

Restricted cash, current

 

13,500

 

 

7,000

 

Marketable securities

 

83,263

 

 

102,828

 

Accounts receivable, net of allowance for doubtful accounts of $2,137 and $2,879, respectively

 

136,520

 

 

172,286

 

Contract assets, current

 

35,058

 

 

34,221

 

Deferred contract acquisition costs, current

 

13,624

 

 

10,653

 

Prepaid expenses and other current assets

 

41,672

 

 

49,752

 

Total current assets

 

2,119,904

 

 

734,430

 

Restricted cash, non-current

 

 

 

6,500

 

Contract assets, non-current

 

9,136

 

 

2,085

 

Deferred contract acquisition costs, non-current

 

44,618

 

 

32,553

 

Property and equipment, net

 

15,149

 

 

14,822

 

Operating lease right-of-use assets

 

16,490

 

 

17,260

 

Intangible assets, net

 

20,423

 

 

10,191

 

Goodwill

 

58,478

 

 

28,059

 

Deferred tax asset, non-current

 

7,836

 

 

8,118

 

Other assets, non-current

 

14,536

 

 

12,443

 

Total assets

$

2,306,570

 

$

866,461

 

 
Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable

$

5,642

 

$

6,682

 

Accrued expenses and other current liabilities

 

51,057

 

 

36,660

 

Accrued compensation and employee benefits

 

49,802

 

 

110,736

 

Deferred revenues, current

 

222,089

 

 

211,078

 

Total current liabilities

 

328,590

 

 

365,156

 

Deferred revenues, non-current

 

55,224

 

 

61,325

 

Operating lease liabilities, non-current

 

12,968

 

 

14,152

 

Other liabilities, non-current

 

10,247

 

 

7,564

 

Total liabilities

 

407,029

 

 

448,197

 

Commitments and contingencies
Convertible preferred stock

 

 

 

1,221,968

 

Stockholders’ equity (deficit)
Preferred stock

 

 

 

 

Class A common stock

 

4

 

 

1

 

Class B common stock

 

1

 

 

1

 

Additional paid-in capital

 

3,117,853

 

 

179,175

 

Accumulated other comprehensive loss

 

(8,294

)

 

(12,521

)

Accumulated deficit

 

(1,210,023

)

 

(970,360

)

Total stockholders’ equity (deficit)

 

1,899,541

 

 

418,264

 

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)

$

2,306,570

 

$

866,461

 

UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
in thousands
(unaudited)
Three Months Ended April 30,

2021

2020

Cash flows from operating activities
Net loss

$

(239,663

)

$

(52,840

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

3,172

 

 

3,147

 

Amortization of deferred contract acquisition costs

 

4,920

 

 

8,006

 

Amortization of deferred loan cost

 

66

 

 

 

Net amortization of premium on marketable securities

 

558

 

 

 

Stock-based compensation expense

 

250,835

 

 

8,201

 

Non-cash operating lease costs

 

1,734

 

 

1,879

 

(Benefit from) provision for bad debt

 

(709

)

 

29

 

Deferred income taxes

 

21

 

 

(52

)

Changes in operating assets and liabilities:
Accounts receivable

 

35,973

 

 

9,769

 

Contract assets

 

(8,148

)

 

(4,781

)

Deferred contract acquisition costs

 

(20,205

)

 

(5,782

)

Prepaid expenses and other assets

 

7,666

 

 

1,109

 

Accounts payable

 

(528

)

 

4,251

 

Accrued expense and other liabilities

 

4,573

 

 

(1,646

)

Accrued compensation and employee benefits (1)

 

(60,433

)

 

(8,340

)

Operating lease liabilities, net

 

(1,807

)

 

(1,894

)

Deferred revenue

 

4,453

 

 

14,812

 

Net cash used in operating activities

 

(17,522

)

 

(24,132

)

 
Cash flows from investing activities
Purchases of marketable securities

 

(94,157

)

 

 

Sales of marketable securities

 

89,383

 

 

 

Maturities of marketable securities

 

23,755

 

 

 

Purchases of property and equipment

 

(2,200

)

 

(460

)

Capitalization of software development costs

 

(410

)

 

 

Payment related to business acquisition, net of cash acquired

 

(5,498

)

 

 

Net cash provided by (used in) investing activities

 

10,873

 

 

(460

)

Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions

 

692,369

 

 

 

Payments of deferred offering costs

 

(2,406

)

 

 

Proceeds from issuance of convertible preferred shares, net of issuance costs

 

750,000

 

 

 

Issuance costs of convertible preferred shares

 

(164

)

 

 

Proceeds from exercise of stock options

 

3,114

 

 

536

 

Proceeds from credit facility

 

 

 

78,828

 

Net cash provided by financing activities

 

1,442,913

 

 

79,364

 

Effect of exchange rate changes

 

2,313

 

 

7,955

 

Net increase in cash, cash equivalents and restricted cash

 

1,438,577

 

 

62,727

 

Cash, cash equivalents and restricted cash – beginning of period

 

371,190

 

 

234,131

 

Cash, cash equivalents and restricted cash – end of period

$

1,809,767

 

$

296,858

 

(1)   

Includes increase in accrued employer payroll tax related to employee equity transactions of $315 and $0, respectively.

UiPath, Inc.
Reconciliation of GAAP Cost of Revenue, Gross Profit and Margin to Non-GAAP Cost of Revenue, Gross Profit and Margin
in thousands, except percentages and per share data
(unaudited)
 
Three Months Ended April 30,

2021

2020

Licenses
GAAP cost of licenses

$

2,454

 

$

1,417

 

Less: Stock-based compensation expense

 

 

 

 

Less: Amortization of acquired intangible assets

 

646

 

 

586

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

Non-GAAP cost of licenses

$

1,808

 

$

831

 

 
Maintenance and Support
GAAP cost of maintenance and support

$

14,179

 

$

5,543

 

Less: Stock-based compensation expense

 

6,214

 

 

85

 

Less: Amortization of acquired intangible assets

 

110

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

Non-GAAP cost of maintenance and support

$

7,855

 

$

5,458

 

 
Services and Other
GAAP cost of services and other

$

32,377

 

$

6,678

 

Less: Stock-based compensation expense

 

18,931

 

 

298

 

Less: Amortization of acquired intangible assets

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

Non-GAAP cost of services and other

$

13,446

 

$

6,380

 

 
Gross Profit and Margin
GAAP gross profit

$

137,207

 

$

99,465

 

GAAP gross margin

 

74

%

 

88

%

Plus: Stock-based compensation expense

 

25,145

 

 

383

 

Plus: Amortization of acquired intangible assets

 

756

 

 

586

 

Plus: Employer payroll tax expense related to employee equity transactions

 

 

 

 

Non-GAAP gross profit

$

163,108

 

$

100,434

 

Non-GAAP gross margin

 

88

%

 

89

%

UiPath, Inc.
Reconciliation of GAAP Operating Expenses, Loss, and Margin to Non-GAAP Operating Expenses, Income (Loss), and Margin
in thousands, except percentages and per share data
(unaudited)
 
Three Months Ended April 30,

2021

2020

Sales and Marketing
GAAP sales and marketing

$

205,751

 

$

90,931

 

Less: Stock-based compensation expense

 

119,293

 

 

1,853

 

Less: Amortization of acquired intangible assets

 

161

 

 

35

 

Less: Employer payroll tax expense related to employee equity transactions

 

315

 

 

 

Non-GAAP sales and marketing

$

85,982

 

$

89,043

 

 
Research and Development
GAAP research and development

$

93,040

 

$

26,729

 

Less: Stock-based compensation expense

 

65,616

 

 

1,816

 

Less: Amortization of acquired intangible assets

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

Non-GAAP research and development

$

27,424

 

$

24,913

 

 
General and Administrative
GAAP general and administrative

$

74,415

 

$

26,676

 

Less: Stock-based compensation expense

 

40,781

 

 

4,149

 

Less: Amortization of acquired intangible assets

 

 

 

 

Less: Employer payroll tax expense related to employee equity transactions

 

 

 

 

Non-GAAP general and administrative

$

33,634

 

$

22,527

 

 
Operating Loss
GAAP operating loss

$

(235,999

)

$

(44,871

)

GAAP operating margin

 

(127

)%

 

(40

)%

Plus: Stock-based compensation expense

 

250,835

 

 

8,201

 

Plus: Amortization of acquired intangible assets

 

917

 

 

621

 

Plus: Employer payroll tax expense related to employee equity transactions

 

315

 

 

 

Non-GAAP operating income (loss)

$

16,068

 

$

(36,049

)

Non-GAAP operating margin

 

9

%

 

(32

)%

Contacts

Investor Relations Contact
Kelsey Turcotte

Investor.relations@uipath.com
UiPath

Media Contact
Toni Iafrate

PR@uipath.com
UiPath

Read full story here

Categories
Business Wire

Markforged Welcomes Carol Meyers to Board of Directors

Marketing Veteran Brings Expertise to Amplify Company’s Growth Plans

WATERTOWN, Mass.–(BUSINESS WIRE)–Markforged, (“Markforged” or “the Company”), creator of an integrated metal and carbon fiber additive manufacturing platform, The Digital Forge, today announced the expansion of its Board of Directors (the “Board”) with the nomination of Carol Meyers. Meyers is expected to begin serving immediately following the consummation of Markforged’s business combination with one (NYSE: AONE) later this summer.

Meyers currently serves as a venture partner at Glasswing Ventures, LLC, a venture capital firm that invests in technology startups. Previously, she served as Chief Marketing Officer of Rapid7, Inc., a cybersecurity analytics and automation company, as Senior Vice President and Chief Marketing Officer at LogMeIn, Inc. and Senior Vice President and Chief Marketing Officer at Unica Corporation. Meyers also has broad operational and board experience through her positions on the boards and audit committees of Zipwhip, Inc., a business-texting software and API provider, and Hear.com, the world’s largest online provider of medical-grade hearing aids. She also served on the board of directors of Emarsys eMarketing Systems AG and MineralTree, Inc.

We are excited to welcome Carol to our Board of Directors as we focus Markforged on robust production and pursue our growth objectives,” said Shai Terem, President and CEO of Markforged. “Her deep marketing expertise in go-to-market strategies and successfully scaling organizations will prove valuable as Markforged looks to grow and bring our platform to manufacturing floors around the world.”

Meyers’ nomination to join the Board is a manifestation of Markforged’s continued commitment to building a culture of diversity and inclusion. As the first female director of the Company, she is also the first member with a focus on the marketing side of business operations.

Markforged and The Digital Forge are transforming manufacturing with great momentum, and I am excited to contribute to accelerating the Company’s growth and brand awareness,” said Meyers. “This is an exciting time for the team, and I look forward to working with everyone to achieve our goals.”

Meyers holds a Bachelors in Science in finance from Fairfield University and is a graduate of the General Electric Financial Management Program.

About Markforged

Markforged transforms manufacturing with 3D metal and continuous carbon fiber printers capable of producing parts tough enough for the factory floor. The Markforged Digital Forge brings the power and speed of agile software development to industrial manufacturing, combining hardware, software, and materials to eliminate the barriers between design and functional parts. Engineers, designers, and manufacturing professionals all over the world rely on Markforged metal and composite printers for tooling, fixtures, functional prototyping, and high-value end-use production. Founded in 2013 and based in Watertown, Mass., Markforged has more than 250 employees globally. Markforged has been recognized by Forbes in the Next Billion-Dollar Startups list, and was listed as the #2 fastest-growing hardware company in the US in the 2019 Deloitte Fast 500. In February 2021, Markforged announced it entered into a definitive agreement to merge with one (NYSE: AONE), a special purpose acquisition company founded and led by technology industry veteran Kevin Hartz. The transaction is expected to close in the summer of 2021, subject to regulatory and stockholder approvals, and other customary closing conditions. The combined company will retain the Markforged name and be listed on the NYSE under the ticker symbol “MKFG”.

About one

one is a special purpose acquisition company sponsored by A* formed for the purpose of effecting a business combination with one or more businesses in the innovation economy. one completed its initial public offering in August 2020 raising $215 million in cash proceeds. A* was founded and is led by technology industry veteran Kevin Hartz.

Participants in the Solicitation

one and Markforged and their respective directors and executive officers may be considered participants in the solicitation of proxies with respect to the potential transaction described in this document under the rules of the Securities Exchange Commission (the “SEC”). Information about the directors and executive officers of one and Markforged are set forth in one’s Amendment No. 2 to Registration Statement on Form S-4/A filed with the SEC on June 4, 2021 (the “Registration Statement”), and other filings with the SEC that are available free of charge at the SEC’s web site at www.sec.gov or by directing a request to: one, 16 Funston Avenue, Suite A, The Presidio of San Francisco, San Francisco, California 94129, Attention: Secretary. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the one shareholders in connection with the potential transaction will be set forth in the Registration Statement filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of one, the combined company or Markforged, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although Markforged believes that it has a reasonable basis for each forward-looking statement contained in this press release, Markforged cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements regarding the proposed business combination, including the timing and structure of the transaction, and the anticipated contribution of the members of Markforged’s board of directors to Markforged’s operations and progress. Markforged cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, general economic, political and business conditions; the inability of the parties to consummate the business combination or the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement; the effect of COVID-19 on Markforged’s business and financial results; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the business combination; the risk that the approval of the shareholders of one for the potential transaction is not obtained; failure to realize the anticipated benefits of the business combination, including as a result of a delay in consummating the potential transaction; the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; the ability of the combined company to grow and manage growth profitably and retain its key employees; the amount of redemption requests made by one’s shareholders; the inability to obtain or maintain the listing of the combined company’s securities following the business combination; costs related to the business combination; and those factors discussed under the header “Risk Factors” in the Registration Statement and those included under the header “Risk Factors” in one’s Annual Report on Form 10-K and other filings with the SEC. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that Markforged will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent Markforged’s views as of the date of this press release. Markforged anticipates that subsequent events and developments will cause its views to change. However, while Markforged may elect to update these forward-looking statements at some point in the future, Markforged has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing Markforged’s views as of any date subsequent to the date of this press release.

Contacts

Investors
investors@markforged.com

Media
Paulina Bucko
Head of Communications
paulina.bucko@markforged.com

Categories
Business Wire

Total Economic Impact™ Study Reveals 358% Three-Year ROI for Organizations Using Elastic Observability and Security Solutions

Independent Study Finds Elastic Customers Realize $19 Million in Benefits, Including Reduced Operations and Infrastructure Costs and Improved Productivity

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Elastic (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch and the Elastic Stack, today released a commissioned study conducted by Forrester Consulting on behalf of Elastic, The Total Economic Impact of Elastic Observability and Security Solutions.

The study reveals that organizations using Elastic’s Security and Observability solutions realize an average return on investment (ROI) of 358% over a three-year period, with the platform paying for itself in less than six months.

The new study concluded customers using Elastic saw quantified benefits of $19 million, consisting of reduced operations and monitoring labor costs, developer labor savings, reduced risk of data breach, and reduced infrastructure and licensing costs.

The study further demonstrated that after implementing Elastic’s Observability and Security solutions, customers improved the efficiency of their development and security teams, increasing time-to-value benefits due to faster application delivery while reducing security operations costs.

Additionally, organizations using Elastic for observability and security found the following benefits:

  • Up to 10X performance improvement and 75% reduction in licensing costs: Elastic customers found up to 10X performance improvement with Elastic’s data ingestion and query response times when using less expensive storage devices, and licensing cost savings of up to 75% versus the prior SIEM solution cost when combined with the use of alternative storage methods.
  • $5.9 million in reduced infrastructure and licensing costs: Elastic customers using both Observability and Security solutions were able to reduce SIEM tools licensing costs significantly compared to their previous tools for the same data volume, and reduce storage costs by 25% by moving to less expensive storage.
  • $6.5 million in savings due to data breach risk reduction: Elastic Security customers were able to reduce their risk of a data breach by 40% over three years as a result of additional data sources and detection rules, and improved monitoring and root cause analysis.
  • Nearly $2.1 million in reduced operations monitoring labor costs: Elastic Observability customers were able to reallocate 33% of their monitoring team with only 50% of the resources needed compared to their previous solution, facilitated by seamless data integration, shortened development cycles, and improved resource efficiency.
  • $3.1 million in developer labor savings: Elastic Observability customers were able to save time when using Elastic for application development, testing, and debugging while building more stable applications and controlling resource consumption.

Supporting Quotes:

  • As customers modernize their security and observability operations they need to balance cost and complexity with time to value and ease of use,” said Paul Appleby, President Worldwide Field Operations, Elastic. “We believe Forrester’s analysis highlights how the speed and scale of Elastic saves customers time and money while making it easier to prevent cyber security threats and evolve their observability posture. When a customer brings all of its people, data, and systems into one place, the value they receive from their investment rises exponentially.”

Methodology:

Forrester Consulting interviewed Elastic customers to assess the costs, benefits, risks, and opportunities associated with using the Elastic Observability and Security solutions. The firm then designed a composite organization and financial model based on those interviews to construct a framework for prospective customers to evaluate the potential financial impact of Elastic on their organizations.

About Elastic:

Elastic is a search company built on a free and open heritage. Anyone can use Elastic products and solutions to get started quickly and frictionlessly. Elastic offers three solutions for enterprise search, observability, and security, built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real time and at scale. Thousands of organizations worldwide, including Cisco, eBay, Goldman Sachs, Microsoft, The Mayo Clinic, NASA, The New York Times, Wikipedia, and Verizon, use Elastic to power mission-critical systems. Founded in 2012, Elastic is a distributed company with Elasticians around the globe and is publicly traded on the NYSE under the symbol ESTC. Learn more at elastic.co.

Elastic and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners.

Contacts

Jenn Malleo

Elastic Public Relations

PR-Team@elastic.co

Categories
Business Wire

Startek Wins Stevie® Award for Its Innovation in Digital and Cloud Platform

GREENWOOD VILLAGE, Colo. & MUMBAI, India–(BUSINESS WIRE)–Startek (NYSE: SRT), a global provider of customer experience management solutions, has been awarded a Silver Stevie® Award in the “Excellence in Innovation in Technology Industries” category in the Eighth Annual Asia-Pacific Awards. This recognition is being presented to Startek for the successful implementation of a highly secure, digitally compliant, agile, and flexible campus on a cloud model – Startek Cloud.

The Asia-Pacific Stevie Awards are the only business awards program to recognize innovation in the workplace in all 29 nations of the Asia-Pacific region. The Stevie Awards are widely considered the world’s premier business awards, conferring recognition for achievement in International Business Awards® for 19 years.

“As part of our global strategy, accelerated by digital shifts, our focus remains on delivering CX solutions that can drive agility with built-in adaptability,” said Aparup Sengupta, Executive Chairman and Global CEO, Startek. “By moving to a flexible campus on a cloud framework, we are now digitizing our workforces with advanced AI and intelligent automation capabilities. Startek Cloud is now virtually empowering CX specialists to deliver seamless customer engagement, drive contextual conversations, enable faster outcomes, and engage customers across multiple channels while reducing the cost of customer experience.”

Startek has adopted a digital and high-tech enabled platform for its global workforce – a swift pivot from on-site campuses to a flexible one within the cloud framework. “Startek Cloud” has helped rapidly activate more work-from-home (WFH) delivery models across most of its customer experience programs in 13 geographies. Startek’s cloud model addresses unprecedented circumstances with its security-rich features, such as digital integration, in-built AI and RPA capabilities, and omnichannel platforms.

“The eighth edition of the Asia-Pacific Stevie Awards attracted many remarkable nominations,” said Stevie Awards President Maggie Gallagher. “The organizations that won this year have demonstrated that they have continued to innovate and succeed, despite the COVID-19 pandemic, and we applaud them for their perseverance and creativity. We look forward to celebrating many of this year’s winners during our virtual awards ceremony on July 14, 2021.”

About The Stevie Awards

Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.

About Startek

Startek is a global provider of tech-enabled business process management solutions. The company provides omni-channel customer experience, digital transformation, and technology services to some of the finest brands globally. Startek is committed to impacting clients’ business outcomes by focusing on enhancing customer experience and digital & AI enablement across all touch points and channels. Startek has more than 40,000 CX experts spread across 46 delivery campuses in 13 countries. The company services over 250 clients across a range of industries such as Banking and Financial Services, Insurance, Technology, Telecom, Healthcare, Travel & Hospitality, Ecommerce, Consumer Goods, Retail, and Energy & Utilities. To learn more about Startek’s global solutions, please visit www.startek.com.

Contacts

Media Relations
Danveer Bhasin

Startek

+91-993-013-5788

danveer.bhasin@startek.com

Investor Relations
Giuseppe Montefinese

Startek

+1 732-890-8929

giuseppe.montefinese@startek.com

Cody Cree or Jackie Keshner

Gateway Investor Relations

(949) 574-3860

SRT@gatewayir.com

Categories
Business Wire

Anaplan to Present at Upcoming Virtual Investor Conference

SAN FRANCISCO–(BUSINESS WIRE)–Anaplan, Inc. (NYSE:PLAN), provider of a leading cloud-native platform for orchestrating business performance, announced today that its management team will present virtually at the following investor conference:

Berenberg Thematic Software Days Conference

Wednesday, June 16, 2021

8:00 a.m. (PT) / 11:00 a.m. (ET)

Interested parties can listen to the live audio webcast of Anaplan’s presentation available on Anaplan’s Investor Center website at https://investors.anaplan.com. A replay of the presentation will be available on the website following the completion of the event.

About Anaplan

Anaplan, Inc. (NYSE: PLAN) is a cloud-native enterprise SaaS company that empowers global organizations to orchestrate business performance and execute digital transformation with confidence and agility. Leaders across industries rely on our platform—powered by our proprietary Hyperblock® technology—to connect teams, systems, and insights from across their organizations to continuously adapt to change, transform how they operate, and reinvent value creation to compete in today’s digital economy. Based in San Francisco, Anaplan has over 175 partners and more than 1,700 customers worldwide. To learn more, visit anaplan.com.

Contacts

Investor Contact:
Edelita Tichepco

investors@anaplan.com

Media Contact:
Anthony Harrison

press@anaplan.com

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