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PR Newswire

Infosys: 37.8% Growth in Digital Portfolio Leads to Strong 9.8% Growth in FY 20

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BENGALURU, India, April 20, 2020 /PRNewswire/ — “I am proud of the Infosys team that has worked exceptionally well to achieve 93% remote working today and ensuring consistent service delivery for our clients in this rapidly changing environment. Our focus on the health of our employees and our commitment to our clients helped us navigate the past few weeks,” said Salil Parekh, CEO and MD. “We had an exceptional year in financial year 2020 with growth of 9.8% and operating margin of 21.3%. While the immediate short-term will be challenging, looking ahead, we can see that there is a strong interest to consolidate with partners with high-quality and agile service delivery and strong financial resilience. I am confident we will emerge from this stronger.”

31.7% YoY

6.4% YoY

21.1% Q4

-0.8% CC

$1.65bn Q4

37.8% FY

9.8% FY

21.3% FY

-1.4% Reported

$9.0bn FY

Digital CC growth

CC growth

Operating margin

QoQ growth

Large deal signings
  • FY20 revenues grew by 8.3% in USD, 9.8% in constant currency
  • FY 20 operating margin at 21.3%
  • FY 20 Free Cash Flow at $2.15 billion; Free Cash Flow to net profit conversion at 92%
  • Q4 20 revenues grew year-on-year by 4.5% in USD; 6.4% in constant currency
  • Q4 20 revenues declined sequentially by 1.4% in USD; 0.8% in constant currency
  • Q4 20 Digital revenues at $1,341 million (41.9% of total revenues), year-on-year growth of 31.7% and sequential growth of 2.6% in constant currency
  • Announces final dividend of `9.50 per share
  • Considering the business uncertainty emanating from COVID-19, the company is unable to provide guidance on revenues and margins for FY 21 at this stage. The company will provide guidance after visibility improves

1.  Financial Highlights – Consolidated results under International Financial Reporting Standards (IFRS)

For the quarter ended March 31, 2020

For the Year ended March 31, 2020

Revenues were $3,197 million, growth of 4.5% YoY and decline of 1.4% QoQ

Revenues were $12,780 million, growth of 8.3% YoY

Operating profit was $674 million, increase of 2.6% YoY and decline of 5.2% QoQ. Operating margin was 21.1%.

Operating profit was $2,724 million, growth of 1.0% YoY. Operating margin was 21.3%.

Basic EPS was $0.14, growth of 4.2% YoY and decline of 5.7% QoQ

Basic EPS was $0.55, growth of 8.3% YoY

“We completed a satisfying year on multiple counts – growth in all verticals and geographies, significant increase in large deal wins, good client mining and operational discipline”, said Pravin Rao, COO. “The impact caused by COVID-19 since last few weeks of March has led to significant displacement in the operating model while severely testing business continuity plans of companies. We demonstrated what a ‘Live Enterprise’ truly is by improving the infrastructure and technology enablement for our employees in a short time span and ensuring business continuity for clients.”

“We continue to remain focused on execution excellence in a period of high uncertainty. Our relentless focus on liquidity will be supported by our strong Balance Sheet of $3.6 billion cash, backed by accelerated cost take-outs and operational rigor”, said Nilanjan Roy, CFO. “The final dividend of `9.50 per share is a testimony of a strong free cash flow performance for FY 20.”

2.  COVID-19 update

As the world comes together to manage the impact of the crisis caused by COVID-19, Infosys is making every effort to tackle the turbulence. The company is prioritizing employee well-being, assuring services for business continuity and strategizing offerings to improve business resilience for its clients, while also supporting community initiatives. Over 93% of our workforce is enabled to work from home, in countries still under lockdown, and from the company’s offices, wherever possible – are all in sync with the company’s priorities and working tirelessly to help make sure clients are running their businesses and preparing for a future of resilience. (Please refer to the separate press release on our COVID-19 response released today)

3.  Update on whistleblower matters

The Audit Committee appointed an external legal counsel to conduct an independent investigation into the whistleblower allegations which have been previously disclosed to stock exchanges on October 22, 2019 and to the Securities Exchange Commission (SEC) on Form 6-K on the same date. As previously disclosed on January 10, 2020 the outcome of the investigation has not resulted in restatement of previously issued financial statements.

The Company cooperated with an investigation by the SEC regarding the same matters. In March 2020, the Company received notification from the SEC that the SEC has concluded its investigation and the Company does not anticipate any further action by the SEC on this matter. The Company is responding to all the inquires received from the Indian regulatory authorities and will continue to cooperate with the authorities for any additional requests for information. Additionally, in October 2019, a shareholder class action lawsuit was filed in the United States District Court for the Eastern District of New York against the Company and certain of its current and former officers for alleged violations of the US federal Securities Laws. The Company is presently unable to predict the scope, duration or the outcome of these matters.

4.  Board changes

DN Prahlad, Independent Director, has resigned from the company to devote more time for his other business commitments with effect from April 20, 2020. The Board placed on record its appreciation for the services rendered by him during his tenure.

The Company announced the appointment of Uri Levine as an Independent Director of the Company, effective April 20, 2020, based on the recommendations of the Nomination and Remuneration Committee of the Board. The appointment is for a period of three years and is subject to the approval of shareholders.

Uri Levine is a passionate serial entrepreneur and disruptor. He co-founded Waze, the world’s largest community-based driving traffic and navigation app, with more than 500 million drivers around the globe, which was acquired by Google on June 2013 for more than $1.1 billion. Uri has been in the high-tech business for the last 30 years with half of them in the start-up scene.

5.  Client wins & Testimonials

  • “Thank you. For employing great people at Infosys. For above and beyond service. And, for a long and prosperous relationship. Not all of our partners were able to get their teams fully up and running. With great pride, I was able to tell the leadership team that Infosys is fully operational for us. Thank you! May Infosys and India weather this storm well and emerge stronger”, Head of US Operations at a global financial services firm.
  • “Your team has supported a historic shift of office-based employees to work-from-home-status in record time here in the US. The planning, execution and subsequent experience of our staff in the new work modality has been outstanding. The CEO and our board have recognized the incredible efforts that have taken place from the IT teams”, CIO of a leading healthcare company.
  • Reckitt Benckiser (RB), a FTSE 100 company, has renewed its partnership with Infosys to reimagine its infrastructure and application operations. As part of this engagement, Infosys will bring in advanced AI and Automation to build a Cognitive First IT Enterprise at Reckitt Benckiser, offering a seamless digital experience for its enterprise users.
  • E.ON has awarded Infosys a multi-year engagement to run and transform its future workplace services. Infosys would transition the workplace services for the E.ON group from the existing incumbent and then continue to transform and operate it till 2025. This expands the strategic partnership between E.ON and Infosys and builds upon the existing contract which Infosys has with E.ON’s subsidiary innogy. Infosys would leverage its Digital Innovation Center in Düsseldorf, Germany, to deliver services for this engagement.
  • Infosys has been selected by Siemens to deploy Wingspan, Infosys’ Digital Learning and Talent Transformation Platform. The company-wide deployment of next generation, talent transformation platform will enhance learning experience for 385,000 Siemens employees.
  • Infosys entered a long-term strategic partnership with GE Appliance, a Haier company, to effectively streamline IT operations. As a part of this alliance, Infosys will assist GE Appliances to accelerate their digital and workplace transformation through automation-driven managed IT services support across global command centres, service desks, end-user computing, IT infrastructure, and applications.
  • A large CPG company selected Infosys to accelerate the transformation of the company’s digital technology capabilities and optimize costs. In addition to being the strategic transformation partner Infosys will also provide end-to-end support for enabling integrated operations across Applications, Infrastructure and Cybersecurity.

6.  Recognitions

  • Infosys was positioned as a leader in IDC MarketScape: North American Distributed Energy Resource Management Systems Strategic Consultants and Systems Integrators 2020 Vendor Assessment
  • Positioned as a leader in IDC MarketScape: Worldwide Business and Industrial IoT Consulting and Systems Integration Services 2020 Vendor Assessment
  • Recognized as a leader in IDC MarketScape: Worldwide Business and Industrial IoT Engineering and Managed Services 2020 Vendor Assessment
  • Positioned as a Leader in the IDC MarketScape: Worldwide Integrated Payment Platforms 2019-2020 Vendor Assessment
  • Ranked as a leader in NelsonHall NEAT for Cognitive and Self-Healing IT Infrastructure Management Services
  • Ranked as a leader in NelsonHall NEAT for Digital Manufacturing Services
  • Infosys BPM has been recognized with the elite international award- Brandon Hall Human Capital Excellence Awards, 2019 under three diverse categories.
  • Infosys BPM has won the Best Practices in CSR Awards 2020 for the Skill Development Initiative of IBPM at 6th International Conference of Corporate Social Responsibility by Institute of Public Enterprise, Hyderabad.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2019. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited and subsidiaries

Audited Condensed Consolidated Balance Sheet as at:

(Dollars in millions except equity share data)

March 31, 2020

March 31, 2019

ASSETS 

Current assets

Cash and cash equivalents

2,465

2,829

Current investments

615

958

Trade receivables

2,443

2,144

Unbilled revenue

941

777

Prepayments and other current assets

739

827

Income tax assets

1

61

Derivative financial instruments

8

48

Total current assets

7,212

7,644

Non-current assets

Property, plant and equipment

1,810

1,931

Right-of-use assets(B3)

551

–

Goodwill

699

512

Intangible assets

251

100

Non-current investments

547

670

Deferred income tax assets

231

199

Income tax assets

711

914

Other non-current assets

248

282

Total non-current assets

5,048

4,608

Total assets

12,260

12,252

LIABILITIES AND EQUITY 

Current liabilities 

Trade payables

377

239

Lease liabilities(B3)

82

–

Derivative financial instruments

65

2

Current income tax liabilities

197

227

Client deposits

2

4

Unearned revenue

395

406

Employee benefit obligations

242

234

Provisions

76

83

Other current liabilities

1,321

1,498

Total current liabilities

2,757

2,693

Non-current liabilities

Lease liabilities(B3)

530

–

Deferred income tax liabilities

128

98

Employee benefit obligations

5

6

Other non-current liabilities

139

55

Total liabilities

3,559

2,852

Equity 

Share capital- `5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,240,753,210 (4,335,954,462) equity shares fully paid up, net of 18,239,356 (20,324,982) treasury shares as at March 31, 2020 (March 31, 2019)

332

339

Share premium

305

277

Retained earnings

11,014

11,248

Cash flow hedge reserve

(2)

3

Other reserves

594

384

Capital redemption reserve

17

10

Other components of equity

(3,614)

(2,870)

Total equity attributable to equity holders of the company

8,646

9,391

Non-controlling interests

55

9

Total equity

8,701

9,400

Total liabilities and equity 

12,260

12,252

Infosys Limited and subsidiaries

Consolidated Statement of Comprehensive Income for the:

(Dollars in millions except equity share and per equity share data)

Unaudited

Audited

3 months ended March 31, 2020

3 months ended March 31, 2019

Year ended March 31, 2020

Year ended March 31, 2019

Revenues

3,197

3,060

12,780

11,799

Cost of sales

2,133

2,028

8,552

7,687

Gross profit

1,064

1,032

4,228

4,112

Operating expenses

   Selling and marketing expenses

161

174

664

638

   Administrative expenses

229

200

840

778

Total operating expenses

390

374

1,504

1,416

Operating profit

674

658

2,724

2,696

Other income, net (A3) (B2)

84

94

395

411

Finance cost(B3)

(6)

–

(24)

–

Reduction in the fair value of Disposal Group held for sale(A1)

–

–

–

(39)

Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from “Held for Sale” (A2)

–

–

–

(65)

Profit before income taxes

752

752

3,095

3,003

Income tax expense (A4)

160

171

757

803

Net profit

592

581

2,338

2,200

Other comprehensive income

Items that will not be reclassified subsequently to profit or loss:

Re-measurements of the net defined benefit liability/asset, net (B4)

(2)

–

(24)

(3)

Equity instrument through other comprehensive income, net

–

–

(5)

10

(2)

–

(29)

7

Items that will be reclassified subsequently to profit or loss:

Fair valuation of investments, net

2

3

3

–

Fair value changes on derivatives designated as cash flow hedge, net

–

(2)

(5)

3

Foreign currency translation

(473)

74

(720)

(560)

(471)

75

(722)

(557)

Total other comprehensive income/(loss), net of tax

(473)

75

(751)

(550)

Total comprehensive income

119

656

1,587

1,650

Profit attributable to:

Owners of the Company 

590

580

2,331

2,199

Non-controlling interests

2

1

7

1

592

581

2,338

2,200

Total comprehensive income attributable to:

Owners of the Company 

117

655

1,582

1,649

Non-controlling interests

2

1

5

1

119

656

1,587

1,650

Earnings per equity share

Basic ($)

0.14

0.13

0.55

0.51

Diluted ($)

0.14

0.13

0.55

0.51

Weighted average equity shares used in computing earnings per equity share

Basic

4,240,181,854

4,347,129,592

4,257,754,522

4,347,130,157

Diluted

4,245,981,386

4,353,023,863

4,265,144,228

4,353,420,772

NOTES:

A.  Notes pertaining to previous year

  1. During the year ended March 31, 2019, the Company had recorded a reduction in the fair value amounting to $39 million in respect of its subsidiary Panaya.
  2. The Company had recorded an adjustment in respect of excess of carrying amount over recoverable amount of $65 million in respect of its subsidiary Skava during the year ended March 31, 2019.
  3. Other income includes interest on income tax refunds amounting to $7 million for the year ended March 31, 2019.
  4. During the year ended March 31, 2019, on account of conclusion of an Advanced Pricing Agreement (APA) in an overseas jurisdiction, the Company had reversed income tax expense provision of $14 million, which pertains to previous periods.

B.  Notes pertaining to the current quarter / year

  1. The audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the year ended March 31, 2020 have been taken on record at the Board meeting held on April 20, 2020.
  2. Other income includes interest on income tax refunds amounting to $2 million for the three months ended March 31, 2020 and $37 million for the year ended March 31, 2020.
  3. On account of adoption of IFRS 16- Leases effective April 1, 2019.
  4. Includes unrealized losses on certain investments carried in the PF trust for the quarter and year ended March 31, 2020.

C.  A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com

INR- https://www.infosys.com/investors/reports-filings/quarterly-results/2019-2020/q4/documents/ifrs-inr-press-release.pdf

Factsheet- https://www.infosys.com/investors/reports-filings/quarterly-results/2019-2020/q4/documents/fact-sheet.pdf  

PR Newswire

Frost & Sullivan Reveals Key Growth Strategies and Technologies to Upgrade Your Customer Experience

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SANTA CLARA, California, April 20, 2020 /PRNewswire/ — COVID-19 has hit us fast and furiously in 2020. A general lack of preparedness in customer care has revealed each industry’s weaknesses and vulnerabilities. Every vertical market has its unique challenges, but the concerns that are universal for all include lack of bandwidth, secured networks, and reliability. In this volatile and unpredictable environment, our global customer experience team will weigh in on key strategies and technologies companies in all sectors should leverage and monitor closely.

Key strategies and technologies in customer experience
Key strategies and technologies in customer experience

Frost & Sullivan invites you to join industry experts Alpa Shah, Juan Gonzalez, Michael DeSalles, Alexander Michael and Krishna Baidya for the Growth Opportunity briefing, “Key Growth Strategies and Technologies to Upgrade Your Customer Experience amidst the Pandemic,” on April 29 at 11 a.m. EDT. The briefing will discuss ways to deliver secure, high-quality, and stable CX services to your clients to gain a competitive advantage during these uncertain times, including the optimization of your artificial intelligence, robotic process automation, and virtual agents.

For more information and to register for the webinar, please visit: http://frost.ly/42n

Key benefits of attending this webinar:

  • Discover the major issues companies experienced with technologies and processes to support their customers and how they overcame them
  • Find out success factors for organizations that are coming out of this unscathed or even growing
  • Identify key technologies that will see an acceleration in growth over the next year or two
  • Determine top strategies CX companies can focus on over the next few months
  • Learn about best practices and recommendations for BPOs and solutions providers

The event will also be recorded and available on demand at http://frost.ly/1ti. 

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Press Contact: 

Francesca Valente
Frost & Sullivan     
+1 (210) 348 1012
francesca.valente@frost.com

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PR Newswire

In Mind Cloud Appoints Peter Schmidt as Chief Revenue Officer

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MUNICH, SINGAPORE and SHENZHEN, China, April 20, 2020 /PRNewswire/ — In Mind Cloud, an independent software vendor for manufacturing sales platforms has named Peter Schmidt to the newly created role of Chief Revenue Officer (CRO). 

In Mind Cloud Appoints Peter Schmidt as Chief Revenue Officer
In Mind Cloud Appoints Peter Schmidt as Chief Revenue Officer

As CRO, Schmidt will be globally responsible to align In Mind Cloud’s Sales, Marketing and Customer Success to create an unparalleled customer experience.

Schmidt has a 25-year track record in building high-performance teams that deliver customer success and fast growth on international level. As Senior Vice President at PTC, a leading software vendor in the discrete manufacturing industry, he was responsible to build and drive the go-to-market for global emerging markets. Schmidt also played a key role as General Manager and VP Enterprise Sales for Adobe during their massive transformation from desktop to digital and the shift of selling the leading Customer Experience Solutions. During his latest tenures as CSO and CCO with Transporeon Group, Schmidt achieved unprecedented growth in Sales, Marketing and Customer Success for the SaaS transportation and sourcing platform company.

Holding a mechanical engineering degree and coming from a discreet manufacturing background, Peter Schmidt brings together the knowledge and expertise to transform In Mind Cloud’s vision into a long-term success strategy.

“I am extremely excited to bring on board such talent and am convinced that Peter’s combined experience of software leadership, manufacturing expertise and his ability to connect high-performance teams globally are an exceptional asset for In Mind Cloud,” explains Dr. Christian Cuske, CEO of In Mind Cloud.

“It makes me very proud that I get the chance to join the In Mind Cloud team at this stage. In Mind Cloud’s offering, the ‘Manufacturing X Sales Platform’ is the all-in-one solution that blends CRM, CPQ, and Commerce within one innovative platform. It works alongside ERP, Manufacturing Execution or PLM systems to create a future-ready, cloud-native customer experience landscape. I am sure that with this offering and a very committed team and partner landscape we can deliver exceptional customer value for the discrete manufacturing industry.”

About In Mind Cloud: 

In Mind Cloud (www.inmindcloud.com) is an independent software vendor for innovative sales platform with the mission to drive the digital go-to-market to success for manufacturers. Their solution ‘Manufacturing X’ combines CRM, CPQ, and Commerce with production expertise and intelligent insights. Based on the SAP Cloud Platform their solution is deeply integrated into manufacturing processes and front-end sales operations. In Mind Cloud is operating globally through its offices in Singapore, Germany, the US, China, and a high-value partner network. 

For additional information visit www.inmindcloud.com

Photo – https://photos.prnasia.com/prnh/20200420/2780799-1?lang=0

PR Newswire

Vela Diagnostics receives BARDA funding to develop COVID-19 tests

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FAIRFIELD, N.J., April 20, 2020 /PRNewswire/ — Vela Diagnostics has been awarded a $225,000 contract by the Biomedical Advanced Research and Development Authority (BARDA) part of the office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, to develop manual and automated tests to detect SARS-CoV-2, the virus that causes COVID-19.

The ViroKey™ SARS-CoV-2 RT-PCR Test is a probe-based reverse transcription PCR test that detects the virus by targeting conserved regions of the SARS-CoV-2 genome.

Under the agreement, Vela Diagnostics will perform verification and clinical validation of the ViroKey™ SARS-CoV-2 RT-PCR Test to be used on automated and manual workflows for Emergency Use Authorization (EUA) submission to the U.S. Food and Drug Administration (FDA). Support from BARDA is expected to accelerate the progress toward EUA submission.

The automated ViroKey™ SARS-CoV-2 RT-PCR Test is performed on a workflow consisting of the Sentosa™ SX101 instrument, in conjunction with the Applied Biosystems 7500 Fast Dx Real-Time (ABI 7500 Fast Dx) PCR instrument or the Sentosa™ SA201 instrument.

Up to 48 samples (including positive and negative controls) can be processed per run on the automated workflow. The manual assay was developed to enable flexible sample processing and quick adoption of the test by laboratories with existing ABI 7500 Fast Dx instruments.

High volume testing of SARS-CoV-2 is also critical in mitigating the rapidly evolving COVID-19 pandemic. The CDC recommends COVID-19 testing for individuals with symptoms associated with COVID-19 such as fever and acute respiratory illness.

“High throughput detection of SARS-CoV-2 using our automated workflow will provide rapid and valuable information to save lives,” said Sam Dajani, acting CEO and chairman of the Board. “The funding from BARDA will enable Vela Diagnostics to increase the domestic and global testing capacity for COVID-19 to curb further spread of the virus.”

“Rapid diagnostic tests put essential information into the hands of healthcare providers and patients to manage patient care safely and appropriately.  Data gathered from high-throughput testing aids public health officials in making decisions about community mitigation to combat the pandemic,” said BARDA Director Rick Bright, Ph.D.

To date, COVID-19 has affected 199 countries and territories around the world, with total cases exceeding a million in US, Europe and China combined and at least 100,000 fatalities worldwide. On March 11, the World Health Organization declared COVID-19 to be a pandemic.

This project has been funded in whole or in part with federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority, Division of Research Innovation and Ventures under Contract No. 75A50120C00039.

About Vela Diagnostics

Vela Diagnostics is a leading provider of an automated IVD Next–Generation Sequencing (NGS) workflow in the global diagnostics market. VELA’s real-time PCR and NGS applications are available on an integrated Sentosa™ platform; this provides a unique ability to leverage one system for two workflows, while carrying out tests for various targets in order to answer current clinical and research questions, as well as to drive laboratory operational efficiency.

All Sentosa™ products listed above are by Vela Diagnostics. For more information, visit www.veladx.com.

Cision View original content:http://www.prnewswire.com/news-releases/vela-diagnostics-receives-barda-funding-to-develop-covid-19-tests-301043313.html

PR Newswire

CreditEase Fund of Funds Profiled in London Business School Case Study

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LONDON, April 20, 2020 /PRNewswire/ — CreditEase’s support on investors’ asset allocation with a Fund of Funds (FoF) has been officially introduced to the masterclass in private equity at the London Business School (LBS), making it the first Chinese FinTech company selected as an LBS case study.

“We picked CreditEase FoF not only because it represents Chinese exploration on FinTech, but also because it is worth attention and research of private equity professionals around the world,” said Professor Florin Vasvari, the program leader and instructor, who spent nearly one year on developing the course and interviewing the core team of CreditEase Private Equity FoF. Prof. Vasvari is the co-author of Private Capital, a highly acclaimed book endorsed by leading figures in the private equity industry.

Since its establishment in 2013, CreditEase FoF’s globalized team has managed assets over 25 billion yuan, a leading player among domestic market-oriented FoFs. It has invested in more than 200 funds and indirectly invested in more than 4,000 high-growth enterprises covering TMT, health care, consumption upgrading, energy and environmental protection and other emerging industries. By far among the companies CreditEase FoF has invested, more than 100 went public or listed on National Equities Exchange and Quotations.

The outperformance of CreditEase FoF is not only owing to the investment strategy that evaluates both sustainability and stability of funds, but also based on real-time analysis generated by an AI platform with processing capacity of 10 million data items per second, enabled by cloud computing, big data and self-developed AI algorithm. The AI system tracks 20,000 investment firms, 30,000 funds and over one million financing enterprises, screens target funds with the highest investment value and makes dynamic adjustments.

“CreditEase FoF is a pioneer and practitioner of financial and technology innovation in China. It is of great research value to the global wealth management industry,” said Dickie Liang-Hong Ke, Sloan Fellow at London Business School and a well-known innovation and entrepreneurship expert. Mr. Ke has been paying a lot of attention to the development of Fintech innovation in China for many years. He began to communicate with CreditEase two years ago, and initiated the interviews and kicked off the case study with Professor Florin Vasvari.

Tang Ning, CreditEase Founder and CEO, highlights the rising role of FoF in wealth management and asset allocation that drives capital market positively and serves real economy, particularly new economy. “Market-oriented FoFs effectively connect social capital with the needs for scientific and technological innovation, providing long-term, patient and humane funding support,” said Tang.

“A key contribution of FoF to the Chinese financial industry and the society is to perfectly match the enormous wealth created by traditional economy over the past 40 years, thanks to the reform and opening up, with the capital required by new economy to boost scientific and technological innovation for the next 40 years,” said Tang.

“This is what a wealth management company can serve the society, and also what a FoF can do for the future of China. I think it’s revolutionary,” added Tang.

About CreditEase

Founded in 2006, CreditEase is a world-leading FinTech conglomerate in China. It specializes in inclusive finance and wealth management with a dominant position in credit technology, wealth management technology, insurance technology, etc. The main business sectors of CreditEase include Yiren Digital, CreditEase Wealth Management and CreditEase Insurance. Better tech, better finance, better world.

About London Business School

London Business School’s vision is to have a profound impact on the way the world does business. The School is consistently ranked in the global top 10 for its programmes and is widely acknowledged as a centre for outstanding research. As well as its top-ranked full-time MBA, the School offers degree and award-winning executive education programmes to executives from around the world. With a presence in four international cities – London, New York, Hong Kong and Dubai – the School is well-positioned to equip students from more than 130 countries with the tools needed to operate in today’s business environment. The School has more than 44,000 alumni, from over 150 countries, which provide a wealth of knowledge, business experience, and worldwide networking opportunities. London Business School’s 157 academics come from more than 30 countries and cover seven subject areas: accounting; economics; finance; management science and operations; marketing; organisational behaviour; and strategy and entrepreneurship.

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ESET Extends Trial Period for Consumer, SMB and Enterprise Products During Circuit Breaker Period

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SINGAPORE, April 20, 2020 /PRNewswire/ — ESET, a global leader in cybersecurity, recently announced several measures, to assist consumers, small businesses and enterprises in all industries to stay safe and secure online during the circuit breaker period.

“With governments around the world mandating that employees work-from-home, there has been a surge in internet traffic, indicating a large increase in the number of people online, through multiple devices, throughout the day. In recent weeks, cybercriminals have already taken advantage of people’s fears of the coronavirus, by circulating malicious links and attachments, as well as fraudulent websites that claim to sell face masks and testing kits,” said Parvinder Walia, Sales and Marketing Director, ESET APJ. “More than ever, cybersecurity is crucial to protecting ourselves in our new work setting and it has an important role to play in curbing the spread of scams,” said Parvinder.

To protect consumers from phishing attacks and other malicious software, ESET is extending the free trial period from 30 to 90 days for ESET Internet Security, which protects Windows, Mac, Android and Linux devices from the latest threats.

To assist new and existing ESET business customers to bolster their network security and minimise risks from employees working remotely, ESET is also extending the free trial period for ESET Dynamic Threat Defense (for users with more than 100 seats) and ESET Secure Authentication from 30 to 90 days.

ESET Dynamic Threat Defense provides another layer of security for ESET products like Mail Security and endpoint products by utilising cloud-based sandboxing technology to detect new, never before seen types of threats. ESET Secure Authentication provides a simple, effective way for businesses of all sizes to implement multi-factor authentication across commonly utilised systems. All trials provide access to the full features of the listed products.

“ESET remains committed to securing the digital world, so everyone can enjoy safer technology. Through this initiative, we hope that businesses and employees will benefit from increased security and awareness during this period of remote work. As the situation continues to evolve, we will continue to support our customers and partners across all industries to stay secure,” added Parvinder.

With more than 30 years of cybersecurity innovation, ESET takes a multilayered approach to cybersecurity, protecting over 110 million users in 200 countries and territories globally. ESET regularly publishes threat research at WeLiveSecurity.

These offers are valid from today until June 30, 2020 inclusively. For more information, please visit:

About ESET

For 30 years, ESET® has been developing industry-leading IT security software and services for businesses and consumers worldwide. With solutions ranging from endpoint and mobile security to encryption and two-factor authentication, ESET’s high-performing, easy-to-use products give consumers and businesses the peace of mind to enjoy the full potential of their technology. ESET unobtrusively protects and monitors 24/7, updating defenses in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company. Backed by R&D centers worldwide, ESET has become the first IT security company to earn 100 Virus Bulletin VB100 awards, identifying every single “in-the-wild” malware without interruption since 2003. For more information, visit www.eset.com or follow us on LinkedIn, Facebook and Twitter.

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Entrepreneurship flourishes amid pandemic; Antler receives over 1500 applications for COVID-19 call

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SINGAPORE, April 20, 2020 /PRNewswire/ — Global early-stage VC Antler has received over 1500 applications from 100 countries in barely two weeks since it launched its COVID-19 call to startups. Startups applied for funding with various solutions to tackle the current pandemic.  Antler is currently shortlisting and interviewing the teams and plans to invest in up to 5 teams and deploy up to US$500,000 in aggregate. 

Entrepreneurship flourishes amid pandemic; Antler receives over 1500 applications for COVID-19 call
Entrepreneurship flourishes amid pandemic; Antler receives over 1500 applications for COVID-19 call

Examples include drone delivered test kits for remote villages, patient monitoring systems, antiviral surface coating and manufacturers pivoting production to products currently needed. The response has been overwhelmingly positive from both new startups and existing businesses adapting their existing products and operations.

“Our approach for selection has been different compared to our usual Antler program. Due to the speed at which the solution needs to be implemented and put into action, we are selecting only existing teams and startups that already have a minimum viable product or a pilot project to show,” said Jussi Salovaara, co-founder and Managing Partner of Antler. 

Antler invited startups to propose solutions in Mitigation (e.g. masks, contact tracing, surveillance, data infrastructure), Medical Equipment (e.g. test kits, protective devices, ventilators), Remote Health (e.g. telehealth, remote patient monitoring, symptom checkers) and Digital Tools (e.g. remote work, smart delivery, e-learning). The purpose is to contribute towards the path to recovery from the crisis. 

“From the breadth of applications received,  we are seeing a coronavirus-induced acceleration of a digital-first mindset across many traditional industries, where entrepreneurs understand that COVID-19 will permanently change the landscape of our lives and are planning for the needs of a post-COVID society,” added Salovaara.

The Investment criteria will take into account the relevance towards mitigating COVID-19, as well as how the startup works in a post-COVID-19 era. 

Companies receiving the investment will receive access to Antler’s global network of entrepreneurs, investors and industry experts, as well as coaching by Antler’s leadership. Antler will help startups get their solutions off the ground and make them accessible to those who need them as quickly as possible. Given the overwhelming response, Antler is continuing to accept select applications on a rolling basis. 

About Antler 

Founded in Singapore in 2017, Antler (www.antler.co) is a global early-stage VC helping to build the next big wave of tech. With the mission to turn exceptional individuals into great founders, Antler aims to create hundreds of companies globally. They select the world’s most exceptional and determined people, help them find the right co-founder and connect them to a top tier network of advisors and experts worldwide. Antler breaks the barriers to entrepreneurship by providing funding from day one and building strong teams from the ground up while enabling founders to rapidly launch and scale their ideas. Antler has 8 locations globally- Singapore, London, New York, Amsterdam, Stockholm, Sydney, Nairobi, and Oslo.

At Antler, we feel passionate about helping to map out the path to recovery for the global tech startup ecosystem during and following the COVID-19 pandemic. As such, we have launched a few other initiatives to empower and support entrepreneurs. Read our ‘finding the upside’ series on Medium, join one of our online events or listen to our podcast.

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CMC Technology & Solution Joins Comeet Alliance to Launch “Made in Vietnam” Video Conference Solutions on Open-Source Platform

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HANOI, Vietnam, April 20, 2020 /PRNewswire/ — CoMeet Alliance which includes 5 members of VFOSSA (CMC TS, NetNam, iWay, FDS, DQN) has been developed with the mission to bring effective, safe, secured solution and technological autonomy. CoMeet services are customized with regard to special requirement of agencies, organizations and businesses.

The solution and services provided by CoMeet Alliance are expected to bring multipoint connection, mobility, convenience and promote safety, security, technological autonomy to end-users.
The solution and services provided by CoMeet Alliance are expected to bring multipoint connection, mobility, convenience and promote safety, security, technological autonomy to end-users.

Given the fact that global pandemic COVID-19 has now been more and more complicated and the demand for online working tools is growing sharply, especially when the foreign software is still being questioned by users. Among all of them, the quality of service, safety, security, user commitment, just to name a few, are the most concerned. The solution and services provided by CoMeet Alliance are expected to bring multipoint connection, mobility, convenience and promote safety, security, technological autonomy to end-users.

Some noticeable features which can be named out are online conference, unlimited number of participation areas, screen sharing among members following the coordinator of administrators, private conversation thanks to chat feature and meeting record, etc. More specifically, users can be assured of safety, security as a result of data encryption and member control. Users can also easily navigate the service across multiple platforms such as MS Windows, MAC OS, iOS, Android.

PhD. Nguyen Hong Quang, Chairman of VFOSSA has shared: “Based on the open source resources, the solutions offered by CoMeet Alliance have outstanding advantages in personalization of the system, allowing users to customize the interface as well as integrating with other services such as IP PBX or existing systems of Polycom, Cisco, etc.“ Being optimistic with the trust of government’s agencies and enterprises, Mr. Truong Anh Tuan, the Alliance media representative, said: “The operation of the CoMeet solutions does not depend on the international transmission line. Using domestic bandwidth makes it possible to operate well even when AAG has not yet recovered.“

CMC Technology & Solution (CMC TS) – a member company of CMC Corporation is an IT solutions company that excels as the trusted advisor for organizations in their journey toward digital transformation. Backed by rich IT software, systems integration and security experience, CMC TS guides its customers through the end-to-end digital transformation journey, from consultation to implementation through migration.

 

CoMeet Alliance was founded by 5 members: CMC TS, NetNam, iWay, FDS, DQN, which have currently been recognized as active members of VFOSSA.

 

For more information about the alliance and solutions, please find out on the official website: https://comeet.vn/ .

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Linkage Pay Brings Disruption Changes to the Payment Status Quo

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SINGAPORE, April 18, 2020 /PRNewswire/ — With the development of fintech breakthroughs such as blockchain, big data, cloud computing, and artificial intelligence, the financial sector has witnessed unprecedented paradigm shifts in the past decade. The ever-shifting digital landscape opens possibilities of new business models and consumer behaviours. The acceptive attitude towards novel concepts accelerates the gradual implementation of nascent technologies in traditional sectors. Linkage Pay emerges as a timely response to the shifting landscape of the payment industry and sets out to bring about disruptive changes to the payment industry.

Linkage Pay
Linkage Pay

What is Linkage Pay?

Linkage Pay is committed to the improvement of global payment solutions. By moving the bulk of offline trading services online, Linkage Pay will revolutionize the payment process and empower users to manage their assets more efficiently. These services include transactions, exchange, trading, clearing and settlement, and payment services. The integration of transaction channels and customer-oriented services will afford clients a one-stop experience that is not only convenient but also highly secure. Linkage Pay boasts four key competitive advantages that set it apart from mainstream online payment platforms. These competitive advantages are innovative payment, rapid settlement, integrated payment, and smart business.    

Linkage Pay’s Business Model

1. Integrated Payment

The traditional payment system is cumbered with layers of red tape, resulting in low efficiency and high processing fee. On top of that, the traditional system relies heavily on third or even fourth-party platforms. The dependence on external factors renders the system more vulnerable to inconsistency, unexpected account closure, among other potential risks. Leveraging blockchain technology, Linkage Pay makes rapid peer-to-peer payment a reality, by offering the most straightforward solution to issues such as complex processes and high exchange rates.    

2. Financial Settlement

Linkage Pay’s payment system mobilizes innovative payment technology to circumvent information monitoring and high gas fees incurred from the over reliance on third-party platforms. Linkage Pay, in collaboration with Alipay and WeChat Pay, aims to minimize redundancy during the payment processes and cut operating costs by 30 to 50 percent.   

3. Investment and Asset Management  

Linkage Pay utilizes a portion of the savings to maintain liquidity. The fund will be used to invest in sound and low-risk financial products during the capital accumulation phase to generate multiple returns for the clients. 

4. Technical Competitiveness

Linkage Pay incorporates automatic confirmation of Alipay and WeChat Pay barcode in the payment system. A single transaction of US$100 – $50,000 typically generate a return rate of 0.5% to 1%. These transactions can be repeated multiple times in a same day until the platform quota is met.   

About the Team

Linkage Pay boasts a team of sophisticated industry professionals from diverse backgrounds. Its co-founder, Jimmy Li, takes on multiple managerial roles in tech startups, including AVG Group and Influence Chain. Graduated with a master’s degree in Supply Chain Management from a prestigious university, Jimmy has established himself as a top-tier supply chain analyst, before venturing into the world of entrepreneurship. In 2013, he founded Ads Venture Group (AVG), which has since become the largest Chinese digital media company in Southeast Asia, with branch offices operating in 7 countries and providing services to industry giants, including Baidu, Alibaba, and Tencent. In 2016, Jimmy challenged the status quo of the payment industry by establishing AIC Fintech, a firm committed to providing digital payment solutions powered by blockchain technology. In a short span of five years, Jimmy has attained several prominent awards under his belt, including being accorded the honour of Young Eminent Overseas Chinese. He has been named as an adjunct professor at the MBA centre of Shanghai University in recognition of his extensive contributions to the university and the industry.

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TAL’s AI Mandarin Teaching App Receives Recognition by UNESCO

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BEIJING, April 18, 2020 /PRNewswire/ — TAL’s Improving literacy, preserving language, and providing inclusion using AI and big data has been selects by UNESCO as one of the innovative projects of Mobile Learning Week 2020, under the theme “Artificial Intelligence and Inclusion”. 

UNESCO certificate presented to TAL Education Group
UNESCO certificate presented to TAL Education Group

TAL’s AI “Putonghua” Teacher is an app that allows Yi children, as well as other students from all backgrounds, access to Mandarin language learning resources and tools. The system requirements are minimal and mobile-friendly, available across all platforms and devices. One device or PC with audio capabilities are sufficient to run the system, making it easier for users to learn both on the go and in the classroom. The interface is easy to learn and navigate, even for self-learning students, without the need of teacher assistants.

The project focuses on helping improve the overall literacy rate, using AI speech recognition and big data, to increase opportunities for further inclusivity and social mobility within these rural communities. In 2018, Xueersi Online School under TAL, developed the AI Mandarin Teaching System specifically for Zhaojue County (Yi Autonomous Prefecture in Liangshan), Sichuan. The customized Mandarin-Yi bilingual learning module was developed for pre-school children there. Its system deeply integrates technologies, such as voice recognition and voice assessment, conducts intelligent real-time assessment and correction. Therefore, the program can help kids improve their mandarin proficiency. By November 2019, nearly 80,000 students and over 2,000 middle and primary school teachers have benefited from this program, which has laid the foundation for future education equity and poverty elimination in remote regions inhabited by rural communities. The idea is to help preserve the Yi language while connecting learners to the outside world.

Having been exhibited at multiple events, including China-CEEC Education Cooperation Exhibition and the 1st International Conference on Artificial Intelligence and Education, the program has won worldwide recognition.

Mobile Learning Week (MLW) is the United Nations’ flagship event on Information and Communication Technology (ICT) in education, and has been organized by UNESCO and its partners for eight consecutive years. The 2020 edition of MLW, under the theme Artificial Intelligence and Inclusion, was postponed due to the outbreak. However, its design to steer the use of Artificial Intelligence (AI) towards the inclusion and equity in education has succeeded, standing behind its core values of the Sustainable Development Goals (SDGs) and propeller of digital opportunities for all. It is noted that programs from Google and University College London are also among the recipients awarded Mobile Learning Week 2020 Innovation Certificate for their contributions.

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