Bel Announces Closing Acquisition of EOS

JERSEY CITY, N.J., March 31, 2021 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products that power, protect and connect electronic circuits, today announced that it has closed on its previously announced acquisition of EOS, of Mumbai, India, effective March 31, 2021. Consideration of $7 million, was funded with cash on hand.

EOS had 2020 (annual) sales of approximately $12 million and operates a 56,000 square foot facility, with ~400 associates, located in Mumbai, India. We expect EOS to play a key role in Bel’s penetration of certain industrial and medical markets currently being served by EOS, with a strong line of high-power density and low-profile products with high convection ratings. The EOS business will report into Bel’s Power Solutions & Protection group.

Dan Bernstein, Bel’s CEO commented, “We look forward to adding EOS’ complementary products to our suite of offerings that we can provide for our customers. In addition to the new products and customers we will gain, we’re also excited to add another facility that allows for the potential of additional supply chain efficiencies for Bel. Also importantly, we expect this transaction to be EBITDA accretive to our financial performance beginning in the second quarter of 2021. EOS is another example of our ability to move quickly on strategic acquisitions supported with ample availability of both cash and credit lines.”

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, military, aerospace, transportation and broadcasting industries. Bel's product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.

Forward-Looking Statements
Except for historical information contained in this press release, the matters discussed in this press release (including the statements regarding the anticipated supply chain efficiencies and the expectation that EOS will generate EBITDA accretive to our financial performance beginning in the second quarter) are forward-looking statements (as described under the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Actual results could differ materially from Bel's projections. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing the Company’s customers; the continuing viability of sectors that rely on the Company’s products; the effects of business and economic conditions; difficulties associated with integrating previously acquired companies; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the Company’s ongoing evaluation of the consequences of the U.S. Tax Cuts and Jobs Act; the impact of changes to U.S. trade and tariff policies; and the risk factors detailed from time to time in the Company's SEC reports. In light of the risks and uncertainties impacting Bel’s business, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements.

Investor Contact: Peter Seltzberg, Managing Director Darrow Associates tel 516.419.9915 pseltzberg@darrowir.com	Company Contact: Daniel Bernstein President ir@belf.com

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TO THE NEW announces permanent work-from-home option for all its employees

New Delhi, 31st March 2021: TO THE NEW Pvt. Ltd., a leading digital technology company, has announced a permanent work-from-home option for its employees, internally referred to as the 'Newers'. The decision came as a result of the company's successful work-from-home run during the lockdown, resulting in its continued business operations during FY 2020-21.

At the onset of the pandemic, TO THE NEW managed a smooth transition to remote working for 100% of its workforce, without any impact on business continuity and client deliveries. Being a Cloud-native firm, the company quickly overcame all infrastructure and process-related barriers to remote working, ensuring maximum productivity, along with ensuring holistic well-being for its employees.

The move will help its people stay close to their families and in their home-towns. Additionally, it shall also help the organization widen its candidate pool and tap into the best talent from all across the country.

Elaborating on the announcement, the company's Co-founder & CHRO, Satya Sharma, said, "At TO THE NEW, ensuring the well-being and best interests of Newers has always been our priority. In line with this, we made a decision to give our people the option to work from anywhere to enable them to stay in their hometowns, closer to their loved ones. We have already onboarded over 40 people from cities other than Delhi NCR to permanently work-from-home in the last few months, while also extending the option to our existing team members."

Commenting on the development, Deepak Mittal, Co-founder & CEO, TO THE NEW said, "The pandemic has certainly changed the way organizations across the globe operate. We are happy to report that even amidst these times, TO THE NEW experienced seamless client deliveries across all our services. The onus of this remarkable success goes to our people, who helped us keep the work momentum going, irrespective of their location."

On a strong growth trajectory, the company is further planning to add over 500 people to their team in FY 2021-22. TO THE NEW managed to grow at over 60% in FY20-21, reaching an overall revenue of 423 Cr.

About TO THE NEW

TO THE NEW is a technology services company that designs, builds & runs digital products and platforms for enterprises, SaaS, and consumer tech companies.

TO THE NEW is recognised by global analyst firms like Gartner, Everest, ISG and Zinnov for our capabilities in digital engineering, Cloud, Data & Analytics. The company also leverages its deep partnership with all the leading hyperscalers like AWS (Premier Partner), Azure and GCP to provide end-to-end Cloud professional and managed services to our customers.

Founded in 2008, TO THE NEW is one of the fastest-growing companies with a growth rate of over 60% since 2017. Our passionate team of 2000+ "Newers" is spread across our delivery centres in Delhi, Dubai and NYC. TO THE NEW is a consistent winner of the prestigious "Great Place to Work" award since 2015 and ranked #47 in the top 100 companies in India to work for in 2019.

Biodefense Market Value Anticipated To Reach US$ 19.1 Billion By 2027: Acumen Research And Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Biodefense Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, March 31, 2021 (GLOBE NEWSWIRE) -- The Global Biodefense Market is expected to grow at a CAGR of around 5.8% from 2020 to 2027 and reach the market value of over US$ 19.1 Bn by 2027.

The global biodefense market is estimated to experience potential growth over the forecast period from 2020 to 2027. The global biodefense market is segmented on the basis of product, and geography. Based on the product, the market is bifurcated across anthrax, smallpox, botulism, radiation/nuclear, and others. 

North America is leading the market with maximum revenue share (%) in 2019. The presence of major players in the region including Altimmune Inc, Cleveland BioLabs, Elusys Therapeutics, Ichor Medical Systems, Ology Bioservices, PathSensors Inc., and Siga Technologies Inc. is supporting the regional market value.

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Over the past two decades, the US government has supported the spending of at least $100 billion on biodefense and biosecurity. Mark G. Kortepeter, a retired Army colonel who served as deputy commander of the U.S. Army Medical Research Institute of Infectious Diseases at Fort Detrick, Md. has said that COVID has had a great impact like a bioweapon, in terms of the disruption of daily life, impact on leadership and economy.

Asia Pacific is anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027. The major economies of the region including Japan, China, India, and Australia are majorly contributing to the regional market value. The technological development in the biology sector as well as increasing spending on research and development activities especially by the governments is additionally bolstering the regional market value. Moreover, the increased risk associated with bioterrorism is further propelling the regional market value. 

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Some of the leading competitors are Altimmune Inc., Bavarian Nordic, Cleveland BioLabs, Elusys Therapeutics, Emergent BioSolutions Inc., Ichor Medical Systems, Ology Bioservices, PathSensors Inc., and Siga Technologies Inc. The major players are highly involved in research and development (R&D) activities in order to prepare future-ready products for the increasing risk of biological attacks.

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Some of the key observations regarding the biodefense industry include:

• Joe Biden's Indo-Pacific team is expected to be the largest in National Security Council. The division at the National Security Council will combine the directorate for Asian affairs, which will be led by Indo-Pacific Coordinator Kurt Campbell. Around 15 to 20 members are expected to form the planned Indo-Pacific team. 
  
  
• In 2017, about US$ 66 billion was the federal investment in basic science and research in the US, or roughly 1.7% of the federal budget. This is estimated to be very little when China is prioritizing investments in new technologies, like artificial intelligence (AI), synthetic biology, and quantum communications.
  
  
• President of the European Commission Ursula von der Leyen announced in January 2021, that The European Union (EU) will create a biodefense preparedness program in the form of a public-private partnership. The public-private partnership is expected to help Europe to detect earlier, develop together and manufacture fast at scale.
  
  
• In 2020, Integrated Viral Protection (IVP Air), a technology solution company has announced that the True North Classical Academy in Miami is the first Florida school to deploy its breakthrough Mobile Biodefense Indoor Air Protection System. The system is the first of its kind which has designed and proven to catch & destroy airborne COVID-19.
  
  
• Former U.S. President. Donald Trump has introduced a new national strategy for combating disease outbreaks and bioterrorism in 2018. This was done on the anniversary of the 2001 anthrax attacks on the US that left 5 people dead. The president has considered not only the anthrax attack but has also considered the outbreak of influenza and the Ebola virus epidemic, which has killed thousands of people in West Africa in 2014.
  
  
• TFF Pharmaceuticals, Inc, a US-based clinical-stage biopharmaceutical company is developing and commercializing innovative drug products based on its patented thin-film freeze-drying (TFFD) technology platform. Also, in April 2020, a 3-year Cooperative Research and Development Agreement (CRADA) initiated in collaboration with the United States Army Medical Research Institute of Infectious Diseases (USAMRIID), has investigated thin-film freeze-drying (TFFD) of various biodefense countermeasures.
  

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Anesthesia & Respiratory Devices Market Value Predicted To Reach US$ 43.7 Billion By 2027: Acumen Research And Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Anesthesia & Respiratory Devices Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, March 31, 2021 (GLOBE NEWSWIRE) -- The Global Anesthesia & Respiratory Devices Market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and reach the market value of over US$ 43.7 Bn by 2027.

North America had the largest market share in 2019 and is expected to continue the same trend in the coming years, ultimately resulting in anesthesia & respiratory device market growth. The presence of prominent players in this region, the high adoption of technologically advanced products and devices, increasing investment by medical devices companies, and rising expenditure on healthcare are factors that contribute to the growth of the global market for anesthesia and respiratory devices growth globally. In addition, Japan has the largest market share for anesthesia & respiratory devices in the APAC regional market. In addition, India and China are exponentially high contributing regions to the growth of the market for anesthesia and respiratory devices globally.

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Market Dynamics

Rising numbers of end-stage renal disease (ESRD), advanced technologies, and an increase in cost-effective and accurate portable dialysis devices are factors that stimulate the growth of the global market for anesthesia and respiratory devices. According to the estimates published by the University of California San Francisco in 2018, an estimated 2 million people worldwide have suffered from ESRD. As the disease is more prevalent in the patient pool, the demand for anesthesia & respiratory devices is therefore doubled. This eventually results in a growing demand for a rapid yet effective treatment option for the disease-ridden population.

Segmental Outlook

The anesthesia & respiratory devices is broadly segmented based on product and end-user. By product, the market is bifurcated as anesthesia devices and respiratory devices. Anesthesia devices are segmented as machines and disposables. Machines are further segmented into delivery machines, monitors, ventilators, and workstations. Disposables are classified into disposable masks and disposables accessories. Furthermore, respiratory devices are segmented as equipment, disposables, and measurement devices. Equipment is further segmented as positive airway pressure, ventilators, nebulizers, humidifiers, inhalers, oxygen concentrators, and reusable resuscitators. Disposables are further segmented as disposable oxygen masks, resuscitators, tracheostomy tubes, and oxygen cannulae. Measurement devices are segmented as pulse oximeters, capnography, spirometers, and peak flow meters. By end-user, the market is segmented as hospitals, clinics, home care settings, and ambulatory service centers.

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Based on product segment, respiratory devices will have the fastest growth in the coming years. The increasing pool of patients suffering from respiratory diseases, the increasing number of surgical procedures performed on patients, and rising healthcare costs are encouraging factors for the growth of the global market for anesthesia and respiratory devices globally. In addition, anesthesia devices are expected to have a dominant share in the coming years due to high surgeries performed on patients, increasing the demand for anesthesia, resulting in high growth for anesthesia and respiratory devices worldwide.

Competitive Landscape

The major players involved in the anesthesia & respiratory devices market involve CAIRE Inc., B. Braun Medical Inc., Becton, Dickinson and Company, Medtronic plc, Drägerwerk AG, Getinge AB., GE Healthcare, Koninklijke Philips N.V., Teleflex Incorporated., and among others.

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Some of the key observations regarding anesthesia & respiratory devices market include:

• In April 2018, B. Braun Medical Inc., announced receiving first Food and Drug Administration (FDA) local anesthetics for spinal anesthesia product namely, "Clorotekal® (chloroprocaine hydrochloride)". Clorotekal (chloroprocaine hydrochloride) is indicated for intrathecal injection in adults for the production of subarachnoid block (spinal anesthesia) and is indicated for procedure involving suitable for Clorotekal’s short duration of action.     
  
  
• In June 2018, Getinge AB announced launched "Flow-c anesthesia machine". Based on the world-class Servo ventilator platform, and with the same innovative technology as Flow-1, the Flow-c ensures superior ventilation performance with the power and precision needed to ventilate all patient categories. Further, the newly launched product is designed such that it simplifies everyday anesthesia workflow in a fast-paced environment.
  
  
• In September 2019, Biovo Technologies Ltd. launched "HyperForm" that is a game changing technology that overcomes the main problem related to the sealing cuff element that plague current product (current name is CleanSweep®) that was acquired by Teleflex and the newly launched Cuffix.
  

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Nuclear Medicine Market Value Projected To Reach US$ 12.8 Billion By 2027: Acumen Research And Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Nuclear Medicine Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, March 31, 2021 (GLOBE NEWSWIRE) -- The Global Nuclear Medicine Market is anticipated to grow at a CAGR of around 9.8% during the forecast period 2020 to 2027 and to reach around US$ 12.8 Bn by 2027. 

Increasing drug R&D activities and rise in demand for patient specific medicine are major factor expected to drive the growth of the global nuclear medicine market.

North America is expected to account for major revenue share in the global nuclear medicine market due to rapid advancements in drug development. There is noticeable increase in number of patients suffering from chronic diseases in the country. According to U.S. Department of Health and Human Services, in 2020, an estimated 1,806,590 new cases of cancer will be diagnosed in the United States and 606,520 people will die from the disease. As of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030. Consumers demand for advanced medication that has minimal side effects on body is gaining attention. Government is spending high for the development of new drugs. These factors are expected to impact the growth of target market.

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The Pharmaceutical Research and Manufacturers of America (PhRMA) trade group represents the leading biopharmaceutical research companies in the United States. In 2019, the research and development (R&D) expenditure of its member companies reached 83 billion U.S. dollars worldwide. Total cost to bring a single cancer drug to the healthcare market is US$780 million. Presence of large number of players operating in the country and availability of advanced infrastructure is expected to aid in development of new specialized medicine is expected to augment the regional market growth.

The market in Asia Pacific is expected to account for major revenue share in the nuclear medicine market due to developing medical landscape. Government is chancing the regulatory policies related to healthcare sector. High spending on healthcare infrastructure development and favorable business policies is attracting drug manufacturers to developing countries. Establishment of new facilities for R&D activities is expected to boost the regional market growth. There are a total of 293 nuclear medicine departments in India as per the Atomic Energy Regulatory Board's (AERB) list of July 2018. Today, 22 of 29 states (76%) and 3 of 7 union territories (43%) in India have nuclear medicine facility. Major players approach towards tracking the untapped market in developing countries and focus on partnership is expected to support the nuclear medicine market growth.

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Rapid technological advancements in drug discovery, substantial increase in number of patients suffering from cancer, and demand for patient specific medication from consumers are major factors expected to drive the growth of global nuclear medicine market. According to U.S. Department of Health and Human Services, in 2020, an estimated 16,850 children and adolescents ages 0 to 19 were diagnosed with cancer and 1,730 died of the disease. Increasing merger and acquisition activities by major players is expected to augment the target market growth. In 2019, Curium Pharma, a nuclear medicine company acquired MAP Medical.

The acquisition is expected to help the company to enhance the business presence in Europe market with direct access to Nordic and Baltic countries. Factor such as stringent product approval process by the government and short-life of the medications are expected to hamper the growth of global nuclear medicine market. In addition, high cost associated to R&D activities is expected to challenge the growth of target market. However, increasing investment by major players for product development and use of radiopharmaceuticals in neurological applications are factors expected to create new opportunities for players operating in nuclear medicine market over the forecast period. In addition, increasing strategic partnership between regional and international players is expected to support the revenue transaction of target market.

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The global nuclear medicine market is segmented into product and application. The product segment is bifurcated into diagnostic nuclear medicine, therapeutic nuclear medicine, and brachytherapy isotopes. Among product type the diagnostic nuclear medicine segment is expected to account for major revenue share in the nuclear medicine market. Players operating in the global nuclear medicine market are Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacıbaşı-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, and JSC Isotope. The market is highly competitive due to presence of large number of players operating on global level.

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“Free2Move eSolutions”: The Name of the JV Between Stellantis and ENGIE EPS to Create a New World-leading Provider of E-mobility Products & Services

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Business Wire India

Regulatory News:

 

In a major step as they move towards the completion of their Joint Venture as announced on 26 January 2021, Stellantis and Engie EPS (Paris:EPS) today announce the composition of the Board of Directors and the corporate name of the new entity:

 

Free2Move eSolutions has the ambition to support and ease the transition to electric mobility by offering innovative and tailor-made electric solutions for both private and business actors of the value chain.

 

An active role in contributing to affordable and clean mobility

 

Through a digital and seamless journey across all product lines, the scope of Free2Move eSolutions activities will range from charging infrastructures (installation, servicing and operations), public and home charging subscriptions withmonthly fee, to battery lifecycle management and advanced energy services such as Vehicle-to-Grid (V2G) integration and energy management solutions to reduce the total cost of vehicle ownership.

 

The joint venture between Stellantis and Engie EPS will simplify the access to e-mobilityand will complement Free2Move current portfolio, with a new set of offers 100% dedicated to electric mobility

 

Free2Move (part of the Stellantis Group) is a mobility tech company, created in 2016, whose objective is to simplify and guarantee mobility for both private and business customers with solutions adapted to all needs, anywhere and anytime from 1 hour, 1 day, to 1 month or more, via a single platform. It also provides solutions supporting energy transition and fleet management for professionals.

 

The new company is founded at global level and is supported by a team with great skills and specific knowledge, to design, develop, produce, distribute and sell simple, innovative electric mobility solutions across Europe, with potential and a plan for future international extension.

 

Board of Directors of Free2Move eSolutions

 

The Board of Directors of Free2Move eSolutions will be comprised of six members, subject to closing of the transaction. Roberto Di Stefano, representing Stellantis, will be the CEO, and Carlalberto Guglielminotti, hailing from Engie EPS and Young Global Leader 2020 of the World Economic Forum, will be the Chairman. The other members of the Board of Directors will be Brigitte Courtehoux (CEO of Free2Move Brand and member of Stellantis’ Global Executive Committee) and Davide Mele (Deputy Chief Operating Officer Enlarged Europe) from Stellantis, with Luigi Michi (formerly Head of Strategy and System Operation in Terna and Executive Vice President in Enel) and Giovanni Ravina (Chief Innovation Officer) representing Engie EPS.

 

Having obtained all antitrust clearances, completion of the joint venture is expected to occur in the second quarter of 2021.

 

About Engie EPS

 

Engie EPS is the technology and industrial player within the ENGIE group, developing technologies to revolutionize the paradigm in the global energy system towards renewable energy sources and electric mobility. Listed on Euronext Paris regulated market (EPS.PA), Engie EPS forms part of the CAC® Mid & Small and CAC® All-Tradable financial indices. Its registered office is in Paris, with research, development and production located in Italy. For more information: www.engie-eps.com.

 

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About Stellantis

 

Stellantis Stellantis is one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions. In addition to the Group’s rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis will leverage its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates.

 

Twitter: @Stellantis | Facebook: Stellantis | LinkedIn: Stellantis | YouTube: Stellantis

 

 

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Denodo Launches New Data Integration Solution in the Cloud With Denodo Standard

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Business Wire India

Denodo, the leader in data virtualization, today announced Denodo Standard, a new data integration solution available on leading cloud marketplaces. The new offering leverages Denodo’s modern data virtualization engine to deliver superior performance and productivity, enabling real-time analytics and data services without replicating the data into another repository. Denodo Standard lowers the barriers to begin data integration by allowing organizations to purchase it directly from their cloud marketplace of choice—AWS, Microsoft Azure, and Google Cloud Platform. Its cloud infrastructure automation and flexible by the hour pricing enables both enterprises as well as small and medium businesses to rapidly deploy it without a large commitment of time and resources.

 

To begin a free trial of Denodo Standard on AWS, Azure, or Google Cloud click here.

 

Denodo Standard provides all the capabilities to quickly get data integration projects into production. Featuring an intuitive web user interface with a powerful no-code/low-code data design studio augmented by AI-powered suggestions and the option to choose from over 150 out-of-the-box connectors to various data sources, Denodo Standard delivers data quickly. The solution enables citizen integrators to connect to cloud data warehouses, data lakes, and SaaS applications, and combine the data from these disparate sources into a unified view for consumption by business users via dashboards and reports, or developers via APIs. Denodo’s modern data virtualization connects to data sources directly where the data resides, and provides an efficient way to make the integrated data securely available without the need to collect the data into an additional repository.

 

Key capabilities of Denodo Standard include:

 

• High performance data virtualization engine to integrate and deliver data in real time.
• Modern, unified Web UI with SSO (single sign on).
• Integrated Apache-Zeppelin-based data science notebook.
• Wizard-driven visual no-code/low-code design studio with auto-suggestions and autocomplete.
• Zero-code creation of virtual models to expose data from any source to any consumer much faster.
• No-code creation of data APIs: GraphQL, REST, OData with OAuth, SAML and Open API support.
• Rich Cloud Connectivity including: Amazon Redshift, Azure Synapse Analytics, Databricks Delta, Google BigQuery, cloud data stores such as AWS S3, Azure Data Lake Storage, and Google Cloud Storage and SaaS apps like Salesforce, Marketo and Google Analytics.

 

For organizations that need additional data management features, such as the machine learning data catalog, they can seamlessly upgrade their solution to the Denodo Platform and expand their data integration layer into an advanced logical data fabric.

 

Forrester VP, Principal Analyst and author of The Forrester Wave™: Enterprise Data Fabric, Q2 2020, Noel Yuhanna wrote, “Denodo’s data fabric solution integrates key data management components including data integration, data ingestion, data transformation, data governance and security to support new and emerging use cases including Customers 360, real-time and on-demand analytics, IoT analytics, and self-service analytics. In addition, Denodo’s AI and ML capabilities, and automation also continue to enhance across data fabric components.”

 

To understand the differences between the Denodo Standard and the Denodo Platform capabilities, click here.

 

“The goal of Denodo Standard is to enable organizations of all sizes to unlock the value of their data assets faster, and with a lower cost and resource commitment. By leveraging cloud infrastructure automation, usage-based pricing, and free trials in the cloud marketplaces, we have lowered barriers to start using Denodo for data integration,” said Ravi Shankar, senior vice president and chief marketing officer at Denodo. “We are excited to be able to bring the value of data virtualization to even more companies, especially small and medium-sized businesses, and we expect many of them to expand beyond their initial use quickly to the enterprise logical data fabric capabilities once they have realized the benefits and the rapid ROI Denodo provides.”

 

Please Tweet: News: @Denodo launches new fast and easy #dataintegration solution in the #cloud - “Denodo Standard”. Available on @awscloud @Azure @GoogleCloudTech. Free 30-day trial - https://www.denodo.com/en/denodo-platform/free-trials. Logical #datafabric #datavirtualization

 

About Denodo

 

Denodo is the leader in data virtualization providing agile, high-performance data integration, data abstraction, and real-time data services across the broadest range of enterprise, cloud, big data, and unstructured data sources at half the cost of traditional approaches. Denodo’s customers across every major industry have gained significant business agility and ROI by enabling faster and easier access to unified business information for agile BI, big data analytics, Web, cloud integration, single-view applications, and enterprise data services. Denodo is well-funded, profitable, and privately held. For more information, visit http://www.denodo.com or call +1 877 556 2531 / +44 (0) 20 7869 8053.

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Salesken Tops the Conversation Intelligence Relationship Index as per the G2 Spring Reports

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Business Wire India
Salesken, a leading conversational intelligence platform, has been recognised as the “high performer” in the Conversational Intelligence Space, for the fourth time in a row, by G2 - world’s leading B2B software & services review platform in their spring 2021 report. Salesken was ranked number 1 in the conversational intelligence category, based on factors such as ease of doing business with, quality of support, and likelihood to recommend data. The company secured a rating of 9.73 out of 10, scoring the highest in each of the factors and in the process outperformed some of the biggest names in the conversational intelligence space globally. Additionally, the company has been recognised for Best Relationship, High Performer Mid-Market, High Performer Enterprise, and High Performer Asia.

Salesken’s conversation AI platform uses real-time insights and cues to help sales teams improve conversions across calls, webinars, presentations and emails. The platform also allows them to gauge customer sentiment during a sales pitch and gives them unparalleled visibility into the performance of sales teams via qualitative analytics - revealing knowledge or skill gaps within their teams.

"We are delighted to be adjudged the G2 high performer in the Conversational Intelligence Relationship Index, for the fourth time in a row. This is a testament to our relentless pursuit towards ensuring a quality product as well as complete customer satisfaction. We would like to thank our users for their feedback. It motivates us to excel and maintain this trust and relationship with our clientele,” said Surga Thilakan, Co-Founder & CEO at Salesken.

Salesken’s relationship score was calculated by a proprietary algorithm that factors in real-user satisfaction ratings for a number of relationship-related review questions. Software buyers can compare products in the Conversation Intelligence category according to their Relationship scores to streamline the buying process and quickly identify the products that provide the best relationship with software sellers based on the experiences of their peers. For sellers, media, investors, and analysts, the Index provides benchmarks for product comparison and market trend analysis.

Smarter Hitachi App to Connect to Your Wi-Fi Enabled AC Unit

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Business Wire India
Johnson Controls-Hitachi Air Conditioning India Ltd. has recently announced the launch of the airCloud Home for its Wi-Fi enabled ACs with “Smart-Fence” feature and voice command and a plethora of other futuristic air conditioning products and technologies. With the launch of this application, Hitachi has made a headway in air conditioning management and digital capabilities. airCloud Home makes it easy to operate the air conditioner via a smartphone application and voice control using Google Home* and Amazon Echo smart speakers. With the launch of airCloud, Hitachi aims at developing a human-centric bridge between Hitachi Cooling & Heating customers and its products at every phase of their journey.
 
“Consumer is the King and we understand that consumer of the new Informed world is evolving every day and their need for NEW is changing. In our endeavour to meet demands of this aspiring consumer, Hitachi is committed to set new consumer satisfaction milestones with its best-in-class products and solutions. Our innovations are developed keeping consumer needs in mind, because at Hitachi ‘New begins with you’. This is the same philosophy which we are going to use in this year’s brand communication as well. We are offering a wide range of 30+ models and 90+ SKUs in Room AC category which caters to the ever-evolving need of our customers in both residential and light commercial spaces for their homes, villas,” said Gurmeet Singh, Chairman and Managing Director, Johnson Controls-Hitachi Air Conditioning India Ltd.
 
Hitachi’s airCloud Home featuring a sleek, intuitive and stylish interface is an easy-to-use mobile app for residential users that can control up to 20 air conditioning units. You can share access with up to 10 users to meet the needs of each family. In case the user leaves the house and forgets to turn off the air conditioner, the application includes a shortcut that allows you to turn off all indoor units with a single tap on the device from anywhere. The weekly timer feature also improves energy efficiency by allowing you to improve comfort according to your daily needs while minimizing usage.

Uniphore Raises $140 Million in Series D Funding as Demand Skyrockets for Enterprise AI and Automation Solutions

Uniphore, an early leader in Conversational Service Automation (CSA), today announced it has raised $140 million in Series D funding, bringing the total funds invested in the company to $210 million. This latest round of financing was led by Sorenson Capital Partners. It includes additional new investors from Europe and the Middle East, Serena Capital and Sanabil Investments, and strategic investor, Cisco Investments. Further expanding their previous investments in Uniphore, March Capital Partners, National Grid Partners, Chiratae Ventures, Iron Pillar Fund, and Sistema Capital also participated in the Series D offering.

The new round of funding is Uniphore’s largest to date. The funding will be used to extend Uniphore’s technology and market leadership in AI, Automation and Machine learning across the enterprise. This will also include a focus on video-based AI applications stemming from Uniphore’s acquisition of Emotion Research Labs earlier this year as well as applications in Trust, Security and RPA markets.
 
Also announced today is the appointment of Rob Rueckert, Managing Partner at Sorenson Capital Partners, to the Uniphore Board of Directors. Mr. Rueckert is an experienced technology-focused executive who brings a strong background in both product innovation and growth.
 
Massive Opportunity

With the market for digital transformation accelerating, Uniphore has announced several strategic partners and customers this past year. These wins essentially enable Uniphore solutions to empower and improve hundreds of millions of customer engagements with its innovative artificial intelligence (AI) and automation software. Uniphore’s solutions help organizations manage and analyze contact center engagements, providing a better customer experience, ultimately driving better business results.
 
“Given the rapid digital transformation happening across the enterprise, the need for automated and intelligent solutions to help drive new business models has never been greater. We saw this years ago and have been delivering innovation to areas such as contact centers, to enable better customer experiences. With our recent acquisitions of RPA and video AI technology, we alone can deliver a conversational service automation platform for the modern Enterprise, combining conversational AI and Robotic Process Automation (RPA) across voice and video-based engagements,” said Umesh Sachdev, CEO and co-founder of Uniphore. “This injection of capital and new addition to our board leadership will fuel our growth, position us to outpace the competition and help transform business through dramatically improved customer experiences.”
 
2020 accelerated digital imperatives for every company and put the focus directly on AI and Automation to drive that transformation of what experts agree is projected to be more than a $500 billion market opportunity. As evidence of this trend, market data shows organizations increased their reliance on contact center agents to service customer needs remotely in the wake of the global pandemic and regional stay-at-home orders.
 
Uniphore has capitalized on this incredible momentum over the past 12 months and expects to have $100M in contracted annual recurring revenue (ARR) in fiscal 2022 based on a forecast of continued hypergrowth.
 
In the last year, Uniphore won significant deals including some of the world’s largest telecom providers, insurance companies and financial service organizations. Additionally, they have also won customer contracts with customer experience (CX) providers including Tech Mahindra, NTT DATA, Sitel, Firstsource, and WNS. These deals and others can support over 75,000 customer service agents who can handle approximately 160 million engagements every month. Uniphore also expanded employee headcount last year with the addition of more than 100 new employees globally, including former PwC Partner Stéphane Berthier as its Chief Financial Officer. It is on track to hire more than ­­300 employees this next fiscal year.
 
Stephane Berthier, Uniphore CFO added, “Contact centers are focused on providing excellent customer service and efficiency through AI and automation. With more than 1.15M agents employed globally as well as increased focus on agent support and digital customer service, the market opportunity is stronger than ever before. Today’s announcement of additional funding confirms the considerable interest in this space and will support our strong growth expected in the next year and beyond.”
 
"As a leading investor in transformational enterprise technology, we were very impressed by the Uniphore team and what they have been able to do for customers and the broader market," said Rob Rueckert, Managing Partner at Sorenson Capital. "We are excited to back Uniphore and believe 2021 will be a breakout year of innovations and tremendous progress in transforming CX for the Enterprise."

Max Life Insurance Selects 4 Startups for InsurTech Collaboration under its Flagship 'Max Life Innovation Labs 2.0' Accelerator Program

Max Life Insurance Co. Ltd. ("Max Life" / "Company") today announced the selection of four startups to engage with under the second edition of its flagship InsurTech accelerator program - 'Max Life Innovation Labs 2.0'. Through a virtual 'Pitch Day', organized on March 10 and 12, these four startups were selected from over 210 applicants. These shortlisted startups interacted with Max Life over the last two months to build innovative tech-based solutions to use cases in the life insurance space and capitalize on emerging technologies to invent and reinvent products, services, and business models.

Selected Startup	Technology Theme	Use Case Description
CoRover.AI	Digital Twin	Augmented reality and Virtual reality solutions in the areas of sales, customer engagement and marketing
Finarkein	Data Acquisition	Intelligent data acquisition on customers/prospects from online and offline sources
Scanbo	Non-invasive medical tests	Non-invasive technology solutions to capture medical profile
Lapetus Solutions

The program was held in partnership with Invest India - the national investment promotion & facilitation agency of India, that hosted the program on the Startup India Hub. The four selected start-ups will partner with Max Life to co-develop solutions in the areas of non-invasive medical tests, digital twin, intelligent data acquisition, and health and wellness through targeted programs.

Commenting on the program, Manu Lavanya, Director & Chief Operations Officer, Max Life said, "It has been inspiring to witness the response Max Life Innovation Labs has received in its second edition. Amidst a year of propelled focus on digitation, Max Life Insurance has accelerated its journey towards building end-to-end digital solutions. Through our partnership with the selected start-ups, we recognize an opportunity to leverage their niche capabilities and unlock digital disruption of business processes in making Max Life a digital-first insurance company. Max Life believes in the power of leveraging the digital ecosystem to drive nonlinear transformation, and we would like to thank Startup India Hub and Amazon Web Services for hosting the program, and sharing their sectoral expertise for the benefit of the entire life insurance ecosystem."

Mr. Deepak Bagla, MD & CEO, Invest India said, "Insurtech startups are initiating a new-age digital transformation in the sector. With access to dedicated resources and industry mentorship, they have an opportunity to bring their ideas to life and develop unique solutions. Max Life Insurance's accelerator program - Innovation Labs - has helped strengthen the entrepreneurship ecosystem significantly."


As part of the shortlisting process, the start-ups underwent stringent application reviews, followed by demo calls with business teams and mentorship through boot-camps with business heads. The thirteen start-ups shortlisted for the virtual 'Pitch Day' presented their use cases and innovation solutions under areas including blockchain networks in life insurance, smart customer profiling, intelligent data acquisition, AR and VR solutions to an eminent jury panel.


The panel included Mr. Prashant Tripathy, CEO & Managing Director; Mr. V. Viswanand, Deputy Managing Director; Mr. Amrit Singh, Chief Financial Officer & EVP-Strategy, Mr. Manu Lavanya, Chief Operating Officer; Mr. Aalok Bhan, Director & Chief Marketing Officer; Mr. Suhail Ghai, Executive Vice President & Head - Information Technology, Mr. Sachin Saxena, EVP and Chief Risk Officer from Max Life. As external jury members Mr. Girish Shivani, Executive Director and Fund Manager, YourNest VC; Mr. Shwetank Verma, Co-founder, Leo Capital, and Mr. Amitabh Nagpal, Head of Start-Up Ecosystem, AWS, adjudged the start-ups and made their recommendations bringing sectoral expertise to the entire selection process.


In the next phase of the program, the selected start-ups will engage with Max Life to complete a 90-day long proof of concepts on the selected use cases. At the end of the period, successful concepts will be converted into commercial deployments for Max Life. The start-ups will also have access to relevant details and cutting-edge technology infra to test their products/solutions for the quickly advancing life insurance industry. They will have continued access to mentorship from program partners including Start-up India, AWS, and other venture capitalists for early-stage investments.


In the previous edition, Max Life Innovation Labs received a strong response with over 150 applications, out of which 7 dynamic start-ups were selected to work on specific problem statements. Three of the selected partners are currently working in close collaboration with Max Life business teams to scale up these insurtech solutions.

About Max Life Insurance

Max Life Insurance Co. Ltd. ("Max Life") is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group.

Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.

As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.


For more information, please visit the company's website at www.maxlifeinsurance.com.

WIBA Announces Winners

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Business Wire India

World Influencer & Blogger Awards (WIBA), ‘THE’ international contest that is organized for the most distinguished bloggers all over the world announced the winners to its maiden event in India. The global event received entries from over 2000+ influencers across all the 8 genres and 24 sub genres. The campaign successfully reached over 180 + million viewers across digital platforms. The winners will receive the coveted DigiTaj Trophy.
 
The 3 broad categories WOW Creators, Breakout stars and New on the block creators choose winners based purely on content irrespective of their following. 
  
Commenting on the same, Jo Broner, WIBA Spokesperson said, “The response to the first edition of the global awards was very encouraging. We saw so many talented influencers apply for each category. The jury was spoilt for choice. The winners of each category will be celebrated across all our social media channels.” 

“Congratulations are in order for all the winners across all categories. Each one is an achiever in their segment, and we are proud to partner with WIBA to bring their talent to the forefront. WIBA gave a chance to not only the biggest influencers but also influencers who have comparatively a lesser following but really good content.” Anish Mulani, Director – WAVE also added.

Nischay Malhan, Sejal Kumar, Garima Chaurasia, Team Naach, Zain Imam and more won awards in their respective genres in the WOW Creator category. WIBA also awarded and acknowledge new and upcoming talent like Madhoshmuskan, Pratishtha Sharma and many more. The first edition of the awards will see Nusr-Et, Gianluca Vacchi, Foodgod, Victoria Bonya, Victoria Silvstedt as the headliners. The event has also brought on board WAVE, a complete privacy app as the main sponsor.
 
Know more on: https://wiba.in/

YASH Technologies Celebrates 25 Years of Enabling Businesses to Innovate and Succeed

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Business Wire India
YASH Technologies, a leading global technology integrator, and outsourcing specialist, is celebrating the 25^th year of delivering transformative, value-centric, and consultative services to global corporations. Celebrations to mark this landmark year kickstarted via a grand virtual ceremony on March 25. The organization will be launching year-long customer, employee, and partner programs and initiatives to mark this momentous milestone.

While addressing YASH employees, customers, and the media, Manoj Baheti, CEO, YASH Technologies, said, "It has been a fulfilling and enriching journey from our humble beginnings in 1996. From inception, by focusing on customer and employee centricity as guiding principles, we have developed sustained and resilient relationships that have stood the test of time and helped us rapidly grow worldwide. In this immensely competitive and rapidly evolving industry, we have carved a growing niche with our comprehensive portfolio, focus on delivery excellence, and the “can-do” attitude of our global workforce.”

Speaking on the event, Kirti Baheti, Managing Director, YASH Technologies, said, “As we celebrate our silver jubilee, we will be inaugurating our largest state-of-the-art campus and Customer Experience & Innovation Centre in Indore. We also opened our near-shore center in Poland a few weeks back to cater to our fast-growing European business. These initiatives align with our vision of building world-class facilities and creating an excellent working environment for our employees globally. With our “Be where our customers are” approach, we are continually expanding our presence across six continents.”

At the global virtual event last week, long-standing employees, customers, partners, and the leadership team shared their perspectives on the journey thus far and expectations going forward. Team YASH will be organizing several activities specially curated for employees, customers, partners, and external communities, to celebrate this milestone.

“These 25 years have been incredible, with YASH establishing itself as a respected player in the industry with strong customer credentials. Our first customer continues to work with us after twenty-five years. We have several customer engagements that span decades, testimony to our “Customers for life” approach,” said Bala Navuluri, COO, YASH Technologies. He further added, "We have an excellent team of industry thought leaders and technology advisors globally who combine entrepreneurial flair with strong competence in ensuring customers could competitively differentiate themselves and drive tangible business outcomes.”

“With varied domain and technology expertise, strong local presence, and strategic alliances, we are growing our footprint in the Americas rapidly. We are strengthening the growth momentum in the region with many breakthrough wins across verticals and service lines,” said Don Young, COO Americas, YASH Technologies. He added, “At YASH, we have accelerated our organization-wide Digital initiatives to drive agility, resilience and provide exceptional experiences to our customers and employees." 

With concerted efforts in giving back to the communities that we operate in, YASH Foundation, the CSR arm of YASH Technologies, works to maximize the impact of initiatives across child education, woman empowerment, community development, ecological conservation, and poverty.
 
Commenting on the milestone Dharmendra Jain, CFO & HR Head, YASH Technologies, said, “This success would not have been possible with the dedication, perseverance, and hard work of our 6000 employees and their families. Our organizational policies enable our associates to harness their talent and experience to drive business results while ensuring that the workplace is fun-filled, motivating, and celebrates successes. We have been recognized as the “Great Place to Work” 6 times in a row with the highest employee engagement scores among our peers, a testament to the employee-centric ecosystem which we have built.”

To know more about the YASH journey and 25 years celebration, visit www.yash.com

Hankook Tire Switches to Rimini Street Support for its SAP Applications

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Business Wire India

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced leading global tire company Hankook Tire has switched to Rimini Street Support for its SAP ECC 6.0 applications. Hankook Tire reduced its annual maintenance fees by 50% with Rimini Street Support. With the efficiencies gained from switching, the company plans to focus its resources on developing innovative technology capabilities, including artificial intelligence and digital sensors.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210330005134/en/

 

Hankook Tire Switches to Rimini Street Support for its SAP Applications (Photo: Business Wire)

Receive Ultra-Responsive ERP Support and Optimize IT Costs

 

Founded in 1941, Hankook Tire was the first automobile tire company in Korea and has grown to be a market leader in tire manufacturing worldwide. Currently operating in over 180 countries, Hankook Tire has eight production sites and five R&D centers worldwide, with over 20,000 employees. The company’s CIO began to explore third-party support to address the need for more technical enterprise software expertise and support services for its heavily customized SAP ECC 6.0 applications. After learning about Rimini Street’s quality of support, Hankook Tire decided to switch support providers to benefit from the Company’s high-value, ultra-responsive SAP support.

 

“Keeping our business performing efficiently and at its highest level is very important to us. The company is on the fast track to digital transformation with the pursuit of innovation and technological excellence at our core,” said Seyul Ryu, chief digital and information officer, Hankook Tire. “After learning about Rimini Street’s global availability and expert engineer support, we decided to switch our mission-critical ERP application support to Rimini Street to gain efficiencies and free up resources to focus on maximizing manufacturing operations.”

 

Expert Engineers Available 24/7 Worldwide

 

Hankook Tire, along with all Rimini Street clients, is assigned a Primary Support Engineer, backed by a team of functional and technical experts, who have an average of more than 15 years’ experience in the client’s software system. All clients also benefit from the Company’s industry-leading service level agreements of 10-minute response times for critical Priority 1 cases and 15-minute response time for Priority 2 issues.

 

“Most manufacturing companies, including Hankook Tire, are focusing on pursuing innovations in this demanding economic environment. Rimini Street enables these companies to take back the control of their IT roadmap, find efficiencies and free up funds to invest in innovation aligned with its business to drive competitive advantage and growth,” said Hyungwook “Kevin” Kim, regional general manager, Korea, Rimini Street. “Rimini Street has helped more than 4,000 clients worldwide gain peace of mind by providing a team of expert engineers available 24/7 with a 10-minute response time for critical issues, as well as providing the technical and functional advice to maximize their existing software investment.”

 

About Rimini Street, Inc.

 

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,000 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

 

Forward-Looking Statements

 

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the duration of and economic, operational and financial impacts on Rimini Street’s business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt Rimini Street’s business or that of its current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; Rimini Street’s need and ability to raise additional equity or debt financing on favorable terms and Rimini Street’s ability to generate cash flows from operations to help fund increased investment in Rimini Street’s growth initiatives; the sufficiency of Rimini Street’s cash and cash equivalents to meet its liquidity requirements; the terms and impact of Rimini Street’s outstanding 13.00% Series A Preferred Stock, including Rimini Street’s ability to complete its previously-announced partial redemption of its Series A Preferred Stock on the terms and conditions described in its Current Report on Form 8-K dated March 16, 2021; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; customer adoption of Rimini Street’s recently introduced products and services, including its Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services Rimini Street expects to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those risks discussed under the heading “Risk Factors” in Rimini Street’s Annual Report on Form 10-K filed on March 3, 2021 and as updated from time to time by other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

 

© 2021 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210330005134/en/

Payment Tech Firm Pine Labs Heading for IPO in the U.S. - Report

Noida-based payment-tech startup Pine Labs is reportedly heading for an initial public offering (IPO) in the US, by 2022. The unicorn startup has begun early-stage discussions with at least four merchant bankers to work on its IPO, said a report by Times of India, citing its sources privy to the development.

According to a TOI report, the startup had already ‘sounded out banks like JP Morgan, Citi and Morgan Stanley’ for its IPO plans.

Pine Labs, which is one of Asia's leading merchant commerce platforms, is aiming for a valuation of $5 billion. In December 2020, the startup had raised an undisclosed amount of funding from Lone Pine Capital, which valued the company at over $2 billion. In 2018, the company had raised $125 million from Temasek and PayPal. In that funding, both Paypal and Temasek have had acquired minority stakes in Pine Labs.

Besides Pine Labs, other startups from India like Delhivery, Policybazaar, Zomato, and Nykaa, among others are also in IPO pipeline.

Pine Labs claims to process payments worth $30 billion per year and serves 150,000 merchants across its 450,000 network points in 3,700 cities. The startup also counts Reliance Retail, Air Asia, Future Retail, Jubilant Foodworks etc., as its customers.

Pine Labs has been one of the beneficiaries of the pandemic-induced acceleration in digital payments across India. Last year on the onset of COVID, Pine Labs launched Pine Labs Paper POS for its merchants. Pine Labs Paper POS is an all-in-one solution for accepting multiple forms of Unified Payments Interface (UPI) and Bharat QR payments through a single merged static QR at the point of sale.