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PR Newswire

Vestiaire Collective Raises €59 Million to Support Its Community in Changing the Fashion Industry for a Better Tomorrow

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PARIS, April 21, 2020 /PRNewswire/ —

  • The new round brings on board Korelya Capital, funds managed by Fidelity International, Vaultier7 and Cuir Invest
  • Existing shareholders Eurazeo (Eurazeo Growth & Idinvest Venture funds), Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s CEO, Max Bittner also reinvest
  •  The round will be used to:
    –     Continue transforming the fashion system while offering a smart, circular and responsible alternative to throw-away fashion
    –     Jointly explore the expansion of the global business into Japan and Korea through Korelya Capital, backed by Naver
    –     Expand the launch of Direct Shipping service in the US

Ahead of Earth Day’s 50th anniversary and in this unprecedented period of uncertainty, Vestiaire Collective, the leading global platform for desirable pre-owned fashion today announces the completion of a €59 million round of financing, existing shareholders reinvest alongside new investors Korelya Capital, which is backed by Korean technology conglomerate Naver, funds managed by Fidelity International,  Vaultier7, a specialist female-led consumer fund, and Cuir Invest, which is backed by the French Leather industry.

The current economic and ecological crisis are accelerating an existing shift in consumer mindset, driven by growing criticism of waste-producing business models, and increased desire for purpose-driven brand action. As a company, Vestiaire Collective is committed to limiting the waste produced by the fashion industry, by keeping clothes out of landfill and increasing the number of times they are worn today, for a better tomorrow.

As the leading global resale platform, this round demonstrates that the Vestiaire Collective model embodies the future of the fashion industry and unifies growing consumer sentiments. Following the COVID-19 crisis, we expect:

  • Further adoption of online shopping, but more importantly an increased focus on social values and communities, with more people supporting each other.
  • Consumers are set to become increasingly resourceful as they look to resale as an additional way to raise funds and find unexpected value in their wardrobe.
  • Environmental concerns will further drive a more conscious approach to consumption, as 20% of consumers expect to reduce their clothing consumption following the crisis*.

Vestiaire Collective has seen deposits and orders quickly rebound to the pre-COVID 19 baseline or above. During this challenging period this clearly demonstrates customer demand for circular business models, both now and looking ahead to the future of the rapidly evolving retail landscape.  

Vestiaire Collective encourages a move away from throwaway fashion towards quality that lasts and holds value. We believe that today, our community of over 9 million fashion activists will be proud to lead by example and spread the word converting more consumers to the cause. Because in the end, it’s not the big, impressive statements that will make the most impact, but the meaningful change taken every day by individuals, no matter how small or large. We trust Vaultier7 as members and ambassadors of the Vestiaire Collective community to help us build on this momentum by expanding in the most thoughtful way. We are also excited by their extraordinary network which will  support us in further unlocking underutilized personal luxury goods to meet the demand of buyers globally.

This new round of funding will also allow for further acceleration of Vestiaire Collective international business beyond the countries where the company’s community is already well established. Currently, over 80% of the French headquartered company’s transactions are already generated cross-border.

Thanks to Korelya Capital, which is backed by Korean technology conglomerate Naver, Vestiaire Collective will jointly explore the expansion towards Japan, the biggest resale market in the world, and Korea in 2020 and beyond.

Finally, this round will help us continue to drive ambitious growth in the US market and further develop our successful Direct Shipping model. Launched in Europe in September 2019 the service is increasingly popular with a growing number of customers. Currently already over 50% of orders in the EU are fulfilled through the new service, which is also growing at a rate of +60% MoM. The model will be launched in the United States in early summer followed by Asia before the end of 2020.

Max Bittner, CEO of Vestiaire Collective - Investment Announcement
Max Bittner, CEO of Vestiaire Collective – Investment Announcement

Max Bittner, Vestiaire Collective’s CEO comments:

“I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop. Vestiaire Collective was built during the 2008 crisis, and proves today how it can help people in their daily life to make the most out of their belongings, but also to access fashion in a sustainable and conscious way. Everyday, I feel proud and amazed by our global community of fashion activists who are leading the way towards a brighter future.”

Paul Degueuse, General Partner of Korelya Capital says,

“As we all take a step back and contemplate the way we live, we believe consumption patterns are on the verge of a deep structural evolution, and C2C platforms have a strong role to play here. We see in Vestiaire Collective an emerging leader and catalyst of this upcoming disruption. We are extremely enthusiastic to support Vestiaire Collective and its founders in its expansion. There are tremendous opportunities for growth in Asia, and we look forward to helping the company accelerate its expansion in this part of the globe.”

Vaultier7 comments:

“Vestiaire Collective has transformed the way people consume desirable and luxury fashion with its trusted and inspirational resale model and we are truly proud to be there at this time to support them in their mission, and support buyers and sellers across the globe on their path to cautious, minded consumption, values which are more important than ever and which are at the core of Vaultier7.”

Frank Boehly, Président of SIC SA investor Cuir Invest, says,

“Cuir Invest is happy to support Vestiaire Collective, as it is a company with an impressive management team, and huge growth potential. We have been impressed by the technological quality of the solution, by the quality and the dynamism of the management team, and by their intelligent and sustainable approach to fashion. We truly believe that Vestiaire Collective can become the world leader in their sector.”

NOTES TO EDITORS:
*McKinsey Covid-19 response in Apparel and fashion study 

About

About Vestiairecollective.com Vestiaire Collective is the leading global platform for desirable pre-owned fashion. Curated by its trusted community of fashion lovers, members inspire one another whilst selling and buying unique pieces from each other’s wardrobes. Encouraging consumers to join the circular economy as a sustainable alternative to throw-away fashion, the platform is unique due to its highly engaged community, its rare desirable inventory and its authenticity and quality control process. Launched in Paris in October 2009, Vestiairecollective.com has over 9 million members across 90 countries worldwide with offices in Paris, London, New York, Milan, Berlin and Hong Kong. Over 60,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces whilst participating in the circular fashion movement. @vestiaireco

ABOUT VAULTIER7

Founded by experienced dealmakers Montse Suarez and Anna Sweeting, and backed by elite investors, Vaultier7 is the UK’s first specialist investment fund dedicated to partnering high growth category creators and disrupters in the converging sectors of Beauty & Personal Care, Health & Wellness and Lifestyle.

Vestiaire Collective - Investment Announcement
Vestiaire Collective – Investment Announcement

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PR Newswire

Italian Chamber of Commerce Rolls out New Initiatives to Battle COVID-19

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SINGAPORE, April 21, 2020 /PRNewswire/ — In light of the COVID-19 pandemic bringing about an unprecedented impact on businesses and workers around the world, companies need to adapt faster than ever before by showing how business can be done differently.

With a mission to foster and strengthen bilateral business, economic, commercial and industrial relations between Italy and Singapore, the Italian Chamber of Commerce (ICCS), a non-profit association, has unveiled the necessary measures implemented in accordance with guidance on social distancing during these trying times.

The series of initiatives for its Italian members kicks off with an e-commerce strategy, with ICCS engaging the help of online stores such as Shopee, Lazada and RedMart. Through these partnerships, Italian companies protected under the ICCS umbrella are able to sustain brand presence in the respective markets, with the ability to reach out to consumers through virtual experiences.

Amplifying on the efforts to transform to a digital workspace, ICCS has increased its digitised offerings, with Webinars in place of events. The Webinars is scheduled to take place in the Asian afternoon time, in order to allow participation from a European audience.

“As a result of the lockdown measures, we have seen a clear increase in interest and demand for information and training from Italy,” comments Alberto Maria Martinelli, President of ICCS.

With determination to make a difference on ground, ICCS takes a step further to support the Italian Civil Protection Agency by granting further economic assistance to battle the crisis in Italy. Through this meaningful initiative, the ICCS Management and their Board Members have collectively contributed on behalf of the Chambers.

Building on these humanitarian efforts, ICCS announced that they have engaged a reliable and efficient channel to purchase sanitary products, to be sent to Italy to provide urgent help for emergency services and caregivers, to strengthen healthcare systems.

“We will continue to show ongoing support of the Italian business community in Singapore and in Italy with the launch of our e-commerce and business-to-consumer projects, focused on expansion in the Asian region,” Mr. Martinelli signs off with these words to reassure the community.

To find out more about Italian Chamber of Commerce, please visit: http://www.italchamber.org.sg

About Italian Chamber of Commerce (ICCS)

The Italian Chamber of Commerce is a non-profit association recognized by the Italian Government and member of Assocamerestero, apex body of over 70 Italian Chambers abroad. The Chamber aims to strengthen bilateral relations between Italy and Singapore in collaboration with strategic partners from the two Countries.

The Italian Chamber of Commerce in Singapore is geared to provide a wide range of business services tailored to the requirements of its members, as well as Italian and Singaporean companies. Thanks to strategic partnerships with Institutions, Chambers of Commerce and Agencies in the ASEAN region, the Chamber is a springboard for business in South-East Asia beyond Singapore.

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PR Newswire

CPA Australia: A stronger focus on customers and technology essential for small business recovery

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SINGAPORE, April 21, 2020 /PRNewswire/ — With COVID-19 reshaping the way people live, work and consume, small enterprises in Singapore could boost their business recovery prospects by building technology capabilities to better reach their customers, according to a new survey of Asia-Pacific small businesses by global professional accounting body CPA Australia.

Small businesses will also do well to invest in good staff who can help to improve customer loyalty and satisfaction as companies rebuild their operations when the current circuit breaker measures in Singapore are lifted.

CPA Australia’s Asia-Pacific Small Business Survey 2019-20 found that there is much opportunity for Singapore’s small businesses to improve their online sales presence.

Safe distancing measures implemented to battle COVID-19 have shifted consumer behaviour towards buying goods and services online, and this trend is likely to become even more entrenched going forward.

Only 35.7 per cent of the Singapore businesses surveyed said they generated more than 10 per cent of their revenue from online sales compared with the survey average of 51.0 per cent. The survey also showed a slightly declining trend over the last three years for Singapore small businesses booking revenue through online sales.

“With the current COVID-19 crisis, small businesses have little margin for error. Prudent financial management, focusing on the changing needs of customers and even greater adoption of technology, rather than good fortune, will be essential to business recovery and ongoing future success,” said Paul Drum, CPA Australia’s General Manager of External Affairs.

“The Singapore government’s excellent E-Commerce Booster package for small retailers and changing consumer behaviours accelerated by the circuit breaker should lead to a seismic increase in the online presence of many small businesses, which will not only assist them to survive this challenging period but also to thrive in the post-pandemic environment,” said Mr Drum.

Looking over 2019, the survey found that only 50.2 per cent of small businesses in Singapore reported growth last year amid slowing economic growth from tensions brought about by the US-China trade situation. This compares with 58.7 per cent in 2018, and below the survey average of 65.8 per cent.

However, most small businesses typically entered the COVID-19 crisis in relatively sound financial health, with only a small proportion (15.7 per cent) reporting problems paying their debts in 2019.

According to the survey, the top four factors that had a positive influence on strongly growing small businesses in 2019 were:

  • Improved customer satisfaction
  • Customer loyalty
  • Good staff
  • Improved business strategy

The survey, now in its 11th year, has shown that year after year, through both good times and bad, businesses with a focus on their customer, technology and strategy are much more likely to grow strongly compared to other businesses.

Mr Chng Lay Chew, CPA Australia’s Divisional President for Singapore, said, “Small businesses face the challenge of adapting their businesses to ‘a new normal’ at a time when their finances are tight. While it is wise to focus on cash flow and financial health at this time, businesses should also look at how they can meet the evolving needs of customers, especially through increasing their digital presence, and online engagement and sales.”

“Though the COVID-19 outbreak has taken centre stage for much of 2020 so far, businesses still need to consider other potential disruptors to the economy, such as an anticipated global recession, as they map out their recovery plan,” said Mr Chng.

To help small businesses navigate the challenges of COVID-19, and support them through the recovery process, CPA Australia has released a set of checklists targeted at small enterprises.

CPA Australia’s Suggestions for Small Businesses

  • Focus on improving cash flow and your financial health
  • Utilise technology and online sales to meet changing consumer behaviour
  • Capitalise on the existing pool of loyal customers
  • Investigate the generous SME relief measures made available by the government
  • Dedicate any spare time to developing and implementing a recovery plan, and learning about industry trends and emerging technologies and how they can be applied to the business
  • Ask staff with any downtime to undertake training so they are better skilled to meet the recovery needs of the business
  • If companies are in a relatively strong financial position, keep an open eye to any opportunities that may emerge in the recovery
  • Seek professional advice.

Key statistics for Singapore from the Small Business Survey

https://www.cpaaustralia.com.au/-/media/corporate/allfiles/document/professional-resources/business-management/small-business-survey/small-business-survey-singapore-2019-20.pdf?la=en&rev=135dfc02595149578c5dbeb4e4f21e66

CPA Australia resources to assist Singapore small businesses to manage through COVID-19

About the CPA Australia Asia-Pacific Small Business Survey

The CPA Australia Asia-Pacific Small Business Survey provides annual insights into the views of small businesses across the region and forms part of a longitudinal study that began in 2009. The 11th CPA Australia annual survey comprised extensive surveying of 4,193 small business operators in eleven markets, including Singapore, Malaysia, Australia, Hong Kong, India, Indonesia, Mainland China, New Zealand, Philippines, Taiwan and Vietnam. The survey was conducted between 18 November and 12 December 2019.

About CPA Australia

CPA Australia is one of the world’s largest accounting bodies with more than 166,000 members working in 100 countries and regions around the world, and with more than 25,000 members working in senior leadership positions. It has established a strong membership base of more than 8300 in Singapore.

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PR Newswire

Really Simple Systems Launches New Marketing Module to Beta

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PETERSFIELD, England, April 21, 2020 /PRNewswire/ — Leading cloud CRM vendor, Really Simple Systems, has today announced the release of a new version of its marketing module for beta testing.

Established in 2006, the popular cloud CRM software developer and vendor has launched its new integrated marketing software on beta. Testers have been recruited from the company’s own customer base to carry out this first stage of user acceptance testing.

The new marketing module will replace the company’s current integrated app, bringing additional functionality and features, along with a simpler campaign processing tool.

Really Simple Systems’ founder and CEO, John Paterson, explained: “Small and mid-sized business today are looking for greater functionality in their marketing software but also need it to be integrated with their CRM system and to successfully run it without the support of a large team of IT professionals. We’ve developed our new marketing module to be intuitive and easy to use but with all the features you’d expect from a stand-alone system. Reaching the point of launching this software for beta testing is a big milestone and we look forward to moving to general release shortly.”

The Really Simple Systems new marketing module includes a redesigned email editor to create professional looking emails, a new ‘simple campaign’ tool to quickly create and send email campaigns, and a new contact segmentation process, allowing the generation of both static and dynamically populated contact lists. The module will be available in two price packages, with the standard system available for up to 5,000 emails per month and the advanced functionality for up to 50,000 emails per month.

Product Development Manager, Simon Ridley, added: “The beta testing phase is extremely important to us and we are thankful to our volunteer testers for their time. Getting their feedback allows us to see how the software meets a wide range of real-world scenarios and helps us fine tune the app.”

The new marketing software is scheduled for general release during summer 2020.

About Really Simple Systems

Established in 2006, Really Simple Systems is one of the world’s largest providers of cloud-based CRM software. Designed for small and mid-sized businesses operating B2B, its customers range from single user start-ups to 200 user systems, including the Red Cross, the Royal Academy of Arts, the British Museum and NHS. Featuring integrated modules for email marketing and customer service, Really Simple Systems CRM is credited as being super-easy to use with excellent customer support.

PR Newswire

Zift Solutions Named a Leader in Through Channel Marketing Automation

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Analyst Firm Recognizes Zift as a TCMA Leader in 2020

JERSEY CITY, New Jersey and RESEARCH TRIANGLE PARK, North Carolina and OXFORD, England, April 21, 2020 /PRNewswire/ — Enterprise Channel Management provider Zift Solutions was named as a “Leader” in The Forrester Wave™: Through Channel Marketing Automation, Q2 2020 report by Forrester Research, Inc.

“We believe our recognition as a TCMA Leader in the 2020 WAVE, including our top ranking in the Strategy category, and the highest scores possible in 11 criteria all underscore ZifONE’s unique ability to power the digital transformation that is redefining the channel in 2020 and beyond,” said Gordon Rapkin, CEO of Zift Solutions. 

According to the report, authored by Jay McBain and Lori Wizdo, “Zift Solutions offers a single integrated platform for all channel management needs. As the name implies, ZiftONE aims to be a single solution that can support an entire channel management program — from recruitment to ROI.”

“It has always been our mission to include everything a channel program needs to deliver value in one application,” said Laz Gonzalez, Zift’s Chief Strategy Officer. “We believe earning a Leader ranking in the Forrester WAVE report for TCMA now shows Zift is the only vendor to bring both — the breadth and the depth in functionality required by serious channel marketers, who are looking to develop integrated marketing campaigns and help partners tell their digital story”

Forrester Research, Inc. determined its 2020 TCMA WAVE rankings based on 24 criteria evaluating 13 providers’ current offerings, strategy and market presence. Zift received top ranking in the Strategy category and 5 out of 5 possible points in eleven criteria, including Digital Asset Management; Execution (partners); Marketing Vehicles; Subscription/Profile Management; Digital Marketing Execution; Security & Compliance; Integration; UI/UX; Product Innovation Roadmap, Supporting Products and Services; and Partner Ecosystem.

The report also states, “Zift has delivered TCMA solutions for more than 12 years. The company shows its understanding of the drivers of channel success in Zift Zone — a revitalized alliance program to connect customers to Zift’s robust ecosystem of agencies, applications, and service providers — and Zift Labs — a service offering to assist developers in client companies.”

Moreover, authors of the Forrester 2020 TCMA WAVE note in the report, “The solution addresses both simple marketing tactics and complex use case scenarios, like allowing partners to use market development funds (MDF) to pay for marketing activities or creating multi-touch marketing programs.”

Zift’s Chief Technology Officer Lionel Farr noted; “Markets are always changing and sit still for no one. This is especially true of the channel space, which is why innovation is critical to the success of any product; its central to our culture, and helps inform our strategy here at Zift.”

A complimentary copy of the complete report is available here.  To learn more about Zift’s innovative vision, award-winning channel technology, and how ZIftONE drives channel success, visit www.ziftsolutions.com.

About Zift Solutions
Zift is the Enterprise Channel Management leader, synchronizing the people, processes and technology organizations require to drive channel success. ZiftONE enhances channel partner program productivity and profitability by automating marketing, sales, and operational processes — and integrating seamlessly with established systems and infrastructure. To learn more, visit ziftsolutions.com, join the conversation via the blog Channel Chatter and follow us on Twitter @zift.

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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

Photo – https://techent.tv/wp-content/uploads/2020/04/frost-sullivan-reveals-key-growth-strategies-and-technologies-to-upgrade-your-customer-experience.jpg

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.

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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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