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IronNet Inc. Files Voluntary Chapter 11 Petitions

MCLEAN, Va., Nov. 4, 2023 /PRNewswire/ — IronNet, Inc. (“IronNet” or “the Company”) stabilizes operations and continues plan of reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court” and such cases, the “Chapter 11 Cases” or “Restructuring”).

On October 10, 2023, IronNet entered into a binding term sheet (the “Term Sheet”) with ITC Global Advisors (“ITC”) for a $10M debtor-in-possession financing facility (“DIP”).

On October 12, 2023, IronNet filed a variety of “first day” motions seeking customary relief intended to enable the Company and its subsidiaries to continue ordinary course operations during the Restructuring. On October 13, 2013, the Court approved these first day motions, and authorized, on an interim basis, the execution of a reinstatement agreement with Amazon Web Services to reinstate and reactivate its cloud computing services.

Linda Zecher, CEO of IronNet, said, “Against a backdrop of intense restructuring in an uncertain capital raising environment, we remain intent on stabilizing IronNet and serving our customers. With the DIP financing provided by ITC, we believe we are better positioned to act in the interests of our stakeholders through the Restructuring.”

About IronNet

Founded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc. (OTCMKTS: IRNTQ) is a global cybersecurity leader that is transforming how organizations secure their networks by delivering the first-ever collective defense platform operating at scale. Employing a number of former NSA cybersecurity operators with offensive and defensive cyber experience, IronNet integrates deep tradecraft knowledge into its industry-leading products to solve the most challenging cyber problems facing the world today.

Cautionary Statements

The Company cautions that trading in the Company’s securities during the pendency of the Restructuring is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders of the Company’s securities in the Restructuring.

Certain statements in this release are forward-looking statements which are subject to risks, uncertainties, and other factors potentially causing actual materially differing results from those expressed or implied by such statements, and are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain, including statements with respect to the Company’s pursuit of bankruptcy protection. Forward-looking statements generally relate to future events and can be identified by terminology such as or similar to “may,” “should,” “could,” “future,” “expect,” “intend,” “intent,” “will,” “estimate,” “believe,” “predict,” “potential,” “anticipate” or “continue,” or the negatives of these terms or variations of them or similar terminology.

Factors relating to the Company’s Restructuring potentially causing actual results to differ materially from current expectations include, but are not limited to; the ability to obtain Court approval of motions filed, risks associated with any third-party motions, potential adverse effects of the Restructuring on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s reorganization, duration of the Restructuring, Court rulings in and the outcome of the Restructuring in general, and any effects of Restructuring on the Company and on the interests of various constituents.

Additionally, conditions to which the Company’s cash collateral is subject and the risk that these conditions may not be satisfied for various reasons, including reasons outside of the Company’s control; consequences of the acceleration of the Company’s debt obligations and the trading price and volatility of the Company’s common stock, and risks and uncertainties stated in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, and other documents filed by the Company from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

Investor Contact: IR@ironnet.com
Media Contact: Media@ironnet.com

Source: IronNet, Inc.

Cognigy Named a Leader in IDC MarketScape for General-Purpose Conversational AI Platforms


Cognigy has been recognized as a Leader in the IDC MarketScape: Worldwide General-Purpose Conversational AI Platforms 2021 Vendor Assessment

DÜSSELDORF, Germany and SAN FRANCISCO and SYDNEY, Oct. 9, 2021 — Cognigy, a global leader in omnichannel customer service automation, has been named a Leader in the IDC MarketScape: Worldwide General-Purpose Conversational AI Platforms 2021 Vendor Assessment (Doc #US47354421 , October 2021). Cognigy is recognized for its AI strategies in the report, which covers a selection of vendors that are most conducive to success in providing AI services in both the short-term and the long-term.

Cognigy named Leader in IDC MarketScape Report Worldwide General-Purpose Conversational AI Platforms, 2021
Cognigy named Leader in IDC MarketScape Report Worldwide General-Purpose Conversational AI Platforms, 2021

"The conversational AI software platforms that the IDC MarketScape has evaluated have shown that organizations can develop and deploy sophisticated AI-based conversational agents that can truly interact and provide a wide range of self-service that wasn’t possible only a few years ago," says Hayley Sutherland, IDC’s analyst on the assessment alongside David Schubmehl. "Cognigy has created a multilingual, multichannel conversational AI platform with a low-code development environment that enables both business users and developers to create conversational AI applications across the enterprise."

As part of this evaluation, IDC analysts spoke with dozens of organizations using these conversational AI software platforms to develop and deploy applications that are providing great customer and employee service and generating significant return on investment.

The IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles.

"As a leader in customer service automation, we are honored to be recognized in a Leader category in this 2021 IDC MarketScape assessment as a multilingual, multi-channel Conversational AI platform. We place high value on our client services which has helped us to develop working solutions alongside our clients to provide a quality experience," says Cognigy CEO Philipp Heltewig.

Strengths of Cognigy include:

  • Strong technology support: Cognigy has developed very strong natural language processing capabilities as well as an extensive low-code developer toolset for creating and deploying conversational AI applications. Its natural language understanding (NLU) capabilities include support for over 100 languages and dialects including variations of English, Spanish and Portuguese. 
  • Broad based channel capabilities: Cognigy supports a wide range of digital channels including text messaging/SMS, rich web chat, email, Facebook Messenger, WhatsApp, Slack, Microsoft Teams, and others.
  • Voice capabilities: Cognigy Voice Gateway is a turnkey solution to deploy virtual voice agents for automated phone conversations, allowing seamless integration into any existing voice network and can connect to various engagement channels from where users initiate calls: SIP Trunk, PSTN or cellular, Enterprise Unified Communications (UC) and IP-PBXs, Contact Centers or WebRTC. It supports agent assist, intelligent routing, outbound voicebots and other use cases.

To read an excerpt of the report, visit www.cognigy.com/idc-marketscape-leader-2021.

About Cognigy

Cognigy is a global leader in omnichannel Customer Service Automation. Intelligent voice and chatbots powered by its Conversational AI platform help businesses improve service quality, reduce operational costs, and support teams across the enterprise. Cognigy’s award-winning AI understands user intents precisely and enables natural dialogs in over 100 languages. Easily scalable and pluggable, its low-code platform automates business processes through integrations into backend systems, operates as SaaS and on-premise, and is GDPR compliant. Cognigy’s worldwide client portfolio includes BioNTech, Bosch, Daimler and Lufthansa. Learn more at cognigy.com.

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

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Logo – https://mma.prnasia.com/media2/1656058/Cognigy_Logo.jpg?p=medium600  

Related Links :

http://cognigy.com