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PR Newswire

Web3 experience like never before: Polkadot Hub is opening in Bali

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CANGGU, Bali, Jan. 25, 2023 /PRNewswire/ — The Polkadot Sanctuary in Bali is a brand new event space and co-working hub to increase the presence of the Polkadot ecosystem in Asia/Pacific region, with the weekly hackathons creating a dynamic NFT system to measure contribution and reward individuals. Inspired to bring attention to the ecosystem values, a group of Polkadot Ambassadors decided to make the first Polkadot Hub happen in the region. The chosen location was Bali, a popular digital nomad destination, which presented a great opportunity for Polkadot to enter the region and start building the community. To do this, they plan to organize weekly meetups, hackathons, networking events. There is a high enthusiasm among local developers to learn about Web3, but there is a lack of high quality local meetups and co-working sessions available. Therefore, the group hopes to provide an opportunity for local developers to learn how to build on Substrate and for beginners/non-developers to start their journey in the Polkadot ecosystem/Web3.

Polkadot ambassador, Six (David Pethes) wanted to create not just a co-working space, but something more exclusive.

Hubs are envisioned as a way to bring together local communities, providing education and a place for high net-worth individuals to make moves, build their reputation, and offer stability for those interested in Polkadot. Bali is a great opportunity for a high-quality event series for those who have missed events, and the hope is to catch the best people from the region and digital nomads who are travelling through.

“We plan hackathons every week. People can come to these to learn, they can also join if they have a specific project and want to show it off. We help to do the projects together, learn together, grow together. Of course we also organize meetups. On these AMA-meetings, you can ask anything about Polkadot and the Kusama metaverse. Also, together with the web3 Polkadot community we go on jungle trekking, do water sports, yoga courses, or just watch a movie, talk somewhere. It’s a system and a way of life at the same time. ” – told Six.

The funding comes from Polkadot, and angel investor Crypto CTF has also came in and provided the initial impetus. Ecosystem Partners can also join and anyone can book an appointment on the timetable.

Contact: Fruzsina Lederer
Telegram: @ledererfruzsi
+(36)309141467

Join the community here: https://t.me/PolkadotKusamaBali

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PR Newswire

Nippon Life India Chooses SS&C to Accelerate Expansion in Singapore

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The firm will leverage the SS&C Eze asset management platform to scale Singapore strategy

WINDSOR, Conn., Jan. 23, 2023 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced Nippon Life India Asset Management (Singapore) Pte. Ltd. (Nippon Life India Singapore), the offshore multi-asset, multi-strategy platform of Nippon Life India Asset Management Limited, has transitioned its operations onto the SS&C Eze asset management platform. The firm will now take advantage of the Eze Investment Suite ecosystem for its recently launched Fixed Income ETF, among other funds.

“We were looking for a singular, scalable and robust solution to streamline our front-to-back investment operations and data across asset classes and strategies. Eze’s longstanding reputation, its ability to scale up and its capability in handling the entire investment process made Eze Investment Suite a great choice for our investment operations,” said Abhijit Singh, CEO and Global Head, International Business at Nippon Life India Singapore. “SS&C’s deep experience and capabilities supporting firms similar to ours make them a valuable, trusted partner in our growth strategy. The platform’s expansive capabilities and flexibility will enable our teams to evolve the business seamlessly over time.”

Nippon Life India Singapore manages funds investing in Indian capital markets and UCITS funds for international investors focusing on Indian Equities, Fixed Income, & Alternative assets.

“Nippon Life India Singapore is at an exciting point in their expansion, and we are pleased to be a partner,” said Frank Maltais, Head of Sales, APAC, SS&C Eze. “SS&C focuses on reducing the friction of business data flow by eliminating burdensome paperwork, Excel spreadsheets, manual and double-entry to deliver automated reporting. Our teams have cultivated a strong rapport, which will be crucial to future momentum.”

About Nippon Life India Asset Management (Singapore) Pte. Ltd.

Nippon Life India Asset Management (Singapore) Pte. Ltd. was set up in 2006 as an offshore platform of Nippon Life India Asset Management Limited (“NLIAM”) for international clients. NLIAM is the asset manager of Nippon India Mutual Fund, one of India’s largest mutual fund companies. Nippon Life India Asset Management (Singapore) Pte. Ltd. is regulated by the Monetary Authority of Singapore, and holds a Capital Market Services (“CMS”) license to carry out fund management activities under the Securities and Futures Act (“SFA”) in Singapore.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

SOURCE: SS&C

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

Follow SS&C on Twitter, LinkedIn and Facebook.

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PR Newswire

Baijiayun Group Ltd Announces Fiscal Year 2022 Financial Results of BaiJiaYun Limited, Its Wholly-owned Subsidiary

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  • Revenues of BaiJiaYun Limited grow by 65% as real-time video communications solutions see high adoption, penetrate new vertical markets

BEIJING, Jan. 21, 2023 /PRNewswire/ — Baijiayun Group Ltd (“Baijiayun” or the “Company”) (Nasdaq: RTC), a video-centric technology solution provider with core expertise in SaaS/PaaS solutions, today announced the financial results for the fiscal year ended June 30, 2022 of BaiJiaYun Limited, its wholly-owned subsidiary.

Financial Highlights for the Fiscal Year Ended June 30, 2022 of BaiJiaYun Limited

  • Total revenues increased by 65.5% year over year to $68.6 million for FY 2022 
  • Selling and marketing expenses as a percentage of total revenues decreased from 15.8% for FY 2021to 10.8% for FY 2022
  • Net loss was $12.6 million for FY 2022 as compared to net income of $3.6 million for FY 2021
  • Non-GAAP net loss[1] was $1.7 million for FY 2022 compared to non-GAAP net income of $3.6 million for FY 2021 
  • Non-GAAP adjusted EBITDA1 was negative $5.5 million for FY 2022 compared to positive $2.6 million for FY 2021

“We delivered blistering revenue growth last fiscal year, benefiting from our differentiated value proposition as a one-stop video technology solutions provider in China,” commented Mr. Gangjiang Li, chairman and CEO of the Company. 

“We have built industry-leading proprietary Real-Time Communications (RTC) video capabilities as the core of our competitive advantages. Our cloud-based network architecture provides one of the highest compatibility, availability, and scalability of video-centric solutions in China. This technology enables our customers to benefit from ultra-low latency, high-concurrency capacity, and data security in real-time interactions. 

“In the future, we will continue to focus on further enhancing the functionality of our platform, cultivating multiple vertical markets, and developing AI-enabled services while improving the customer experience to seize greater market share in the fast-growing video cloud total solutions marketplace. Real-time video represents the future of scalable communications across a wide range of use cases, including education, sales, leadership and training, healthcare, customer service, and R&D and technology collaboration. We believe that we have the opportunity to build an industry-leading platform while transforming the way that people learn, collaborate, heal, and work,” Mr. Li concluded. 

Operating Highlights for the Fiscal Year Ended June 30, 2022 of BaiJiaYun Limited

  • To take advantage of the rapid growth of the video cloud solutions industry in China, the Company formed a new strategic pattern to comprehensively develop three main business lines, with video-centric software-as-a-service (SaaS) and platform-as-a-service (PaaS) solutions as the foundation. This platform is bolstered by cloud and software related solutions and AI and system solutions to deliver total solution to the customers and increase customer stickiness.
  • Baijiayun has successfully expanded its service scope from audio and video SaaS /PaaS services focused on the education sector to a wide range of additional industries, including finance, medical services, automotive, and IT.
  • Expansion into new vertical markets and uses cases has driven the explosive business growth. The total number of customers of BaiJiaYun Limited reached 2,830 as of June 30, 2022, representing an increase of 17.7% compared with June 30, 2021. 
  • For BaiJiaYun Limited, in FY 2022, the total number of user visits to  live-streaming large-class courses reached 70.1 million, the total duration of such live streaming courses exceeded 4.3 million hours, and the cumulative viewing time of such live streaming courses was 70.6 million hours, representing a year-over-year increase of 21.6%, 12.7%, and 24.3%, respectively. 

Mr. Yi Ma, president of the Company, added, “From our inception in 2017, we have delivered standardized and customized solutions to 2,830 customers of all sizes and across industries through June 30, 2022. Our deep understanding of digital transformation in various verticals and our superb track record of delivering reliable, high-quality video experiences to customers have enabled us to establish a foothold in important new massive markets, including financial services and public education. To meet the demands of these customers for security and data privacy, we have increased the contribution of our private cloud solutions and AI embedded in hardware components, both of which have a higher delivery cost and compressed our margins in FY 2022. Over time, we believe that this strategic investment will provide us with a first-mover advantage and enable us to earn attractive returns as an industry leader.

“Our one-stop vertically integrated approach as a comprehensive video technology solutions provider will enhance our value propositions to our customers in solving their pain points in video technology applications, speeding deployments, reducing costs, and improving efficiency and scalability through intelligent automation.”

Fiscal Year 2022 Financial Results of BaiJiaYun Limited

Revenues

Total revenues were $68.6 million in FY 2022, representing an increase of 65.5% from $41.4 million in FY2021, primarily due to acquisition of new customers and expansion of solutions and services offerings.

BaiJiaYun Limited breaks down its total revenues into three main categories: 

  • SaaS/PaaS solutions 
  • Cloud-related services
  • AI solution services

The increase in total revenues was due to 1) a 46.8% increase in the revenues from SaaS/PaaS solutions to $31.3 million in FY 2022 from $21.3 million in FY 2021 due to an increased number of customers and new vertical markets, 2) a surge in customized platform development services from nil in FY 2021 to $10.3 million in FY 2022, and 3) a 43.7% increase in the revenues from AI solution services to $25.1 million in FY 2022 from $17.5 million in FY 2021 resulting from increasing customer demand to integrate AI-enabled devices and applications with real-time communications solutions.

Cost of Revenues

Cost of revenues was $50.2 million in FY 2022, a significant increase compared to $22.9 million recorded in FY 2021, primarily due to a significant increase in AI solutions cost and software development and customization costs associated with the growth of private cloud-related services and AI solution services, along with the increase in SMS cost. 

Gross Profit and Gross Margin

Gross profit remained stable at $18.5 million and $18.4 million in FY 2021 and FY 2022, respectively. Gross profit margin decreased from 44.7% in FY 2021 to 26.9% in FY 2022, primarily due to 1) the introduction of customized platform development services, which had a relatively lower profit margin, 2) the decrease in gross profit margin of AI solution services from 29.5% in FY 2021 to 23.9% in FY 2022 as hardware products were purchased and integrated into AI and system solutions projects, and 3) an increase in the percentage of revenues contributed by SMS solutions, which has a relatively low gross profit margin.

Operating Expenses

Total operating expenses increased significantly to $35.2 million in FY 2022 from $16.1 million in FY 2021. 

  • Selling and marketing (S&M) expenses were $7.4 million in FY 2022, representing an increase of 12.8% from $6.5 million in FY 2021. S&M expenses included $1.0 million of share-based compensation expenses in FY 2022 to incentivize its sales and marketing personnel as compared to nil in FY 2021. General staff compensation for sales and marketing personnel increased from $3.8 million in FY 2021 to $4.5 million in FY 2022 as a result of the expansion of its sale team to accommodate business growth. As a percentage of total revenues, the sales and marketing expenses decreased from 15.8% in FY 2021 to 10.8% in FY 2022.
  • General and administrative (G&A) increased significantly to $14.8 million in FY 2022 from $3.7 million in FY 2021. G&A expenses included $2.0 million of share-based compensation expenses to our management and employees in recognition of their continued services as compared to nil in the prior fiscal year. BaiJiaYun Limited recorded bad debt expenses of $7.8 million in FY 2022 versus $0.6 million in FY 2021. The bad debt expenses were a result of increasing accounts receivables due to the negative impacts from China’s restrictive zero-Covid policy in 2022 and entry into market segments where customers often face payment delays. BaiJiaYun Limited remains optimistic that most of these receivables will eventually be collected as business practices normalize now that COVID restrictions are being lifted in China.
  • Research and development (R&D) expenses increased significantly to $13.0 million in FY 2022 from $5.8 million in FY 2021. R&D expenses included $6.3 million of share-based compensation expenses to motivate its R&D personnel as compared to nil in FY 2021. BaiJiaYun Limited expects that share-based compensation expenses will move to a moderate level in the future following the completion of the going-public transaction.

Operating Income/(Loss)

Operating loss was $16.8 million in FY 2022 as compared to operating income of $2.4 million in FY 2021. The operating margin decreased from 5.8% in FY 2021 to (24.5%) in FY 2022, reflecting the decrease in gross margin, and increases in share-based compensation expenses and bad debt expenses.

Income Tax Benefits/(Expenses)

Income tax benefits were $1.6 million in FY 2022 as compared to income tax expenses of $0.3 million in FY 2021.

Net Income/(Loss)

Net loss was $12.6 million in FY 2022 as compared to net income of $3.6 million in FY 2021.

Non-GAAP net loss was $1.7 million in FY 2022 compared to non-GAAP net income of $3.7 million in FY 2021.

Basic and diluted loss per share was $0.38 in FY 2022, compared to $0.04 in FY 2021.

Financial Outlook for the Fiscal Year 2023 of BaiJiaYun Limited 

Based on currently available information, BaiJiaYun Limited expects total revenues for the fiscal year ending June 30, 2023 to be between $90 million and $103 million, and expects to return to profitability under non-GAAP measures with non-GAAP net income of between $5 and $7 million. This outlook reflects the current and preliminary views of BaiJiaYun Limited on the market and operational conditions, and is subject to various changes and uncertainties, including but not limited to the impact of the COVID-19 pandemic.

Use of Non-GAAP Financial Measures of BaiJiaYun Limited

BaiJiaYun Limited has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), including non-GAAP net income/(loss) and non-GAAP adjusted EBITDA. BaiJiaYun Limited uses these non-GAAP financial measures internally in analyzing its financial results and for financial and operational decision-making purposes. BaiJiaYun Limited believes that such non-GAAP financial measures provide useful information to investors and others about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the consolidated financial statements of BaiJiaYun Limited prepared in accordance with GAAP. Non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the data of BaiJiaYun Limited. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the table captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation.

Definitions of the non-GAAP financial measures of BaiJiaYun Limited included in this press release are presented below.

Non-GAAP Net Income/(Loss)

BaiJiaYun Limited defines non-GAAP net income/(loss) as net income/(loss) adjusted to exclude share-based compensation expenses and reverse acquisition related expenses.

Non-GAAP Adjusted EBITDA

BaiJiaYun Limited defines non-GAAP adjusted EBITDA as net income/(loss) before interest income, income tax benefits/(expenses), depreciation and amortization expenses, exchange gain/(loss), investment income/(loss), gain/(loss) from equity method investments, other income, net and amortization of internally developed software, and adjusted to exclude the effects of share-based compensation expenses and reverse acquisition related expenses.

Change of Fiscal Year End and Auditor  The board of directors of the Company approved a change of fiscal year end from December 31 to June 30 upon completion of the transaction between BaiJiaYun Limited and Fuwei Films (Holdings) Co., Ltd. On January 12, 2023, the Company appointed MaloneBailey, LLP (“MaloneBailey”) as its independent registered public accounting firm for the fiscal year ending June 30, 2023. The appointment of MaloneBailey was made after a careful and thorough evaluation process, and was approved by the board and its audit committee. MaloneBailey succeeds Shandong Haoxin Certified Public Accountants Co., Ltd. (“Shandong Haoxin”), the Company’s previous independent registered public accounting firm. The Company’s decision to change its auditor was not the result of any disagreement between the Company and Shandong Haoxin on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The Company is working closely with Shandong Haoxin and MaloneBailey to ensure a seamless transition.

Safe Harbor Statement

This press release contains certain “forward-looking statements.” These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the parties’ perspectives and expectations, are forward-looking statements. The words “will, ” “expect, ” “believe, ” “estimate, ” “intend, ” “plan” and similar expressions indicate forward-looking statements.

Such forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties, and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. The forward-looking information provided herein represents the Company’s estimates as of the date of this press release, and subsequent events and developments may cause the Company’s estimates to change.

The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company’s estimates of its future financial performance as of any date subsequent to the date of this press release.

A further list and description of risks and uncertainties can be found in the documents that the Company has filed or furnished or may file or furnish with the U.S. Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

About Baijiayun Group Ltd 

Baijiayun is a video-centric technology solution provider with core expertise in SaaS/PaaS solutions. Baijiayun is committed to delivering reliable, high-quality video experiences across devices and localities and has grown rapidly since the inception in 2017. Premised on its industry-leading video-centric technologies, Baijiayun offers a wealth of video-centric technology solutions including Video SaaS/PaaS, Video Cloud and Software, and Video AI and System Solutions. Baijiayun is catered to the evolving communications and collaboration needs of enterprises of all sizes and industries, which makes Baijiayun a one-stop video-centric technology solution provider.

The following financial statements are derived from Form-20 F to be filed with US Securities and Exchange Commission (SEC) by the Company. 

 BAIJIAYUN LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(All amounts in US$ thousands, except for share and per share data)

For the Years Ended June 30,

2022

2021

Revenues

$

68,600

$

41,449

Cost of revenues

(50,168)

(22,921)

Gross profit

18,432

18,528

Operating expenses

Selling and marketing expenses

(7,379)

(6,539)

General and administrative expenses

(14,781)

(3,746)

Research and development expenses

(13,048)

(5,806)

Total operating expenses

(35,208)

(16,091)

(Loss) income from operations

(16,776)

2,437

Interest income, net

51

316

Investment income

768

777

Gain (loss) from equity method investments

581

(4)

Other income, net

1,118

465

(Loss) Income Before Income Taxes

(14,258)

3,991

Income tax benefit/(expenses)

1,638

(342)

Net (Loss) Income

(12,620)

3,649

Less: Net income (loss) attributable to non-controlling interests

195

192

Net (Loss) Income attributable to BaiJiaYun Limited

(12,815)

3,457

Accretion of convertible redeemable preferred shares

(3,865)

(3,029)

Deemed dividends to convertible redeemable preferred shareholders

—

(2,085)

Net income attributable to BaiJiaYun Limited’s preferred shareholders

—

—

Net (Loss) attributable to BaiJiaYun Limited’s ordinary shareholders

$

(16,680)

$

(1,657)

Net (Loss) Income

$

(12,620)

$

3,649

Other comprehensive (Loss) Income

Foreign currency translation adjustments

(294)

(334)

Comprehensive (Loss) Income

(12,914)

3,315

Less: Comprehensive income (loss) attributable to non-controlling interests

195

192

Comprehensive (loss) income available to BaiJiaYun Limited

(13,109)

3,123

Accretion of convertible redeemable preferred shares

(3,865)

(3,030)

Deemed dividends to convertible redeemable preferred shareholders

—

(2,085)

Net income attributable to BaiJiaYun Limited’s preferred shareholders

—

—

Comprehensive (loss) income attributable to BaiJiaYun Limited’s ordinary shareholders

$

(16,974)

$

(1,991)

Weighted average number of ordinary shares outstanding used in computing (loss) earnings per share

Basic and Diluted

44,069,300

41,204,699

(Loss) earnings per share

Basic and Diluted

$

(0.38)

$

(0.04)

 BAIJIAYUN LIMITED
CONSOLIDATED BALANCE SHEETS
(All amounts in US$ thousands, except for share and per share data)

As of June 30,

2022

2021

ASSETS

Current assets

Cash and cash equivalents

$

16,603

$

48,295

Restricted cash

8,376

8,865

Short-term investments

7,855

7,788

Notes receivable

108

—

Accounts receivable, net

22,522

9,057

Accounts receivable – related party

96

—

Prepayments

4,008

967

Prepayments – related party

314

329

Inventories

1,832

569

Deferred contract costs

10,024

2,611

Due from related parties

90

564

Prepaid expenses and other current assets, net

3,105

2,095

Total current assets

74,933

81,140

Property and equipment, net

585

367

Intangible assets, net

3,345

554

Operating lease right of use assets

1,328

1,258

Deferred tax assets

2,194

176

Long-term deposits

—

243

Long-term investments

25,012

795

Goodwill

1,145

—

Other non-current assets

366

348

Total non-current assets

33,975

3,741

TOTAL ASSETS

$

108,908

$

84,881

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current liabilities

Deposit payable

$

—

$

11,616

Short-term borrowing

149

—

Accounts and notes payable

23,280

8,356

Advance from customers

5,906

5,380

Advance from customers – related parties

269

1,706

Income tax payable

417

21

Deferred revenue

1,001

251

Deferred revenue – related party

64

181

Due to related parties

12,993

488

Operating lease liabilities, current

625

575

Accrued expenses and other liabilities

4,599

4,852

Total current liabilities

49,303

33,426

Deferred tax liabilities

210

—

Operating lease liabilities, noncurrent

551

628

Total Liabilities

50,064

34,054

Mezzanine equity

Series Seed convertible redeemable preferred shares (par value $0.0001 per share, 4,675,347 shares authorized, issued
and outstanding as of June 30, 2022 and 2021, respectively)

1,078

1,119

Series A convertible redeemable preferred shares (par value $0.0001 per share, 5,205,637 shares authorized, issued
and outstanding as of June 30, 2022 and 2021, respectively)

3,136

3,078

Series A-1 convertible redeemable preferred shares (par value $0.0001 per share, 5,202,768 shares authorized, issued
and outstanding as of June 30, 2022 and 2021, respectively)

6,592

6,500

Series A-2 convertible redeemable preferred shares (par value $0.0001 per share, 3,540,046 shares authorized, issued
and outstanding as of June 30, 2022 and 2021, respectively)

4,630

4,514

Series A-3 convertible redeemable preferred shares (par value $0.0001 per share, 3,789,358 shares authorized, issued
and outstanding as of June 30, 2022 and 2021, respectively)

4,843

4,715

Series B convertible redeemable preferred shares (par value $0.0001 per share, 11,047,269 shares authorized, issued
and outstanding as of June 30, 2022 and 2021, respectively)

23,677

23,076

Series B+ convertible redeemable preferred shares (par value $0.0001 per share, 5,424,746 shares authorized, issued
and outstanding as of June 30, 2022 and 2021, respectively)

12,708

12,316

Series C convertible redeemable preferred shares (par value $0.0001 per share, 2,419,909 shares and nil shares authorized,
issued and outstanding as of June 30, 2022 and 2021, respectively)

12,206

—

Total Mezzanine Equity

68,870

55,318

Shareholders’ deficit

Ordinary shares (par value $0.0001 per share, 458,694,920 shares authorized, 44,069,300 shares issued and outstanding
as of June 30, 2022 and 2021, respectively)

4

4

Additional paid-in capital

5,657

—

Statutory reserve

919

18

Accumulated deficit

(18,411)

(4,695)

Accumulated other comprehensive loss

(276)

(67)

Total shareholders’ deficit attributable to BaiJiaYun Limited

(12,107)

(4,740)

Non-controlling interests

2,081

250

Total shareholders’ deficit

(10,026)

(4,490)

TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

$

108,908

$

84,882

BAIJIAYUN LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in US$ thousands)

For the Years Ended June 30,

2022

2021

Cash Flows From Operating Activities:

Net (loss) income

$

(12,620)

$

3,649

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization expenses

347

128

Amortization of operating lease right of use assets

621

583

Provision for doubtful accounts

7,785

631

Deferred income tax expenses

(2,116)

325

Deemed dividends from disposal of a subsidiary

—

113

Investment income on short-term investments

(768)

(778)

Gain (loss) from equity method investments

(581)

4

Share-based compensation

9,522

—

Changes in operating assets and liabilities:

Accounts receivable, net

(20,343)

(6,777)

Accounts receivable, net – related party

(99)

—

Notes receivable

(68)

—

Prepayments

(3,173)

(221)

Prepayments – related party

3

3

Inventories

(893)

1,130

Deferred contract costs

(7,789)

(2,461)

Due from related parties

231

(388)

Prepaid expenses and other current assets, net

(3,502)

(697)

Long-term deposits

243

(47)

Other non-current assets

(32)

—

Accounts and notes payable

15,761

6,657

Accounts and notes payable – related parties

—

—

Advance from customers

696

(936)

Advance from customers – related parties

(1,428)

1,657

Income tax payable

411

21

Deferred revenue

788

122

Deferred revenue – related party

(114)

169

Operating lease liabilities

(723)

(599)

Accrued expenses and other liabilities

18

2,541

Net cash provided by (used in) operating activities

(17,823)

4,829

Cash Flows From Investing Activities

Acquisition of property, plant and equipment

(544)

(250)

Capitalization of software development cost

(1,467)

(540)

Acquisition of long-term investments

(25,938)

(741)

Purchases of short-term investments

(172,619)

(281,980)

Redemption of short-term investments

173,027

293,337

Business combinations, net of cash acquired

25

—

Net cash provided by (used in) investing activities

(27,516)

9,826

BAIJIAYUN LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in US$ thousands)

For the Years Ended June 30,

2022

2021

Cash Flows From Financing Activities:

Deposits received from a Series C preferred shareholder

—

11,326

Return of deposits received from a Series C preferred shareholder

(11,820)

—

Payment of deferred offering costs

—

(98)

Contribution from the non-controlling shareholders

—

303

Proceeds from issuance of Series B and Series B+ convertible redeemable preferred shares

—

28,029

Issuance cost in connection with issuance of Series B and Series B+ convertible redeemable
preferred shares

—

(303)

Proceeds from issuance of Series C convertible redeemable preferred shares

11,807

—

Loans from related parties

15,049

79

Repayment to a related party

(2,071)

—

Proceeds from short-term borrowing

155

—

Net cash provided by financing activities

13,120

39,336

Effect of exchange rate changes on cash, cash equivalents and restricted cash

39

2,152

Net increase (decrease) in cash, cash equivalents and restricted cash

(32,181)

56,144

Cash, cash equivalents and restricted cash at beginning of the year

57,160

1,016

Cash, cash equivalents and restricted cash at end of the year

$

24,979

$

57,160

Supplemental Cash Flow Information

Cash paid for interest expense

$

417

$

78

Cash paid for income tax

53

812

Non-cash Operating, Investing and Financing activities

Operating lease right of use assets obtained in exchange for operating lease liabilities

$

739

$

953

Remeasurement of operating lease liabilities and right of use assets due to lease
modification

1

—

Accretion of convertible redeemable preferred shares

3,865

3,030

Receivables from related parties settled with payables to related parties

240

—

Deemed dividends to convertible redeemable preferred shareholders

—

2,085

Contribution from preferred shareholders in connection with modification of interest rate
in the event of redemption

—

102

Issuance of shares in exchange for acquisition of equity interest in controlling subsidiaries

—

3,332

Investment in an equity investee through borrowing from a related party

—

378

 BAIJIAYUN LIMITED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(All amounts in US$ thousands)

For the Years Ended June 30,

2022

2021

Revenues

$

68,600

$

41,449

Cost of revenues

(50,169)

(22,922)

Total operating expenses

(35,208)

(16,091)

(Loss) income from operations

(16,777)

2,436

(Loss) income before income taxes

(14,258)

3,991

Income tax benefit/(expenses)

1,637

(342)

Net (Loss) Income per GAAP

(12,621)

3,649

Interest income

51

316

Income tax benefit/(expenses)

1,637

(342)

Depreciation and amortization expenses

347

128

EBITDA per GAAP

(13,962)

3,803

Cost of revenues – share-based compensation (SBC)

247

—

Selling and marketing expenses – SBC

993

—

General and administrative expenses – SBC

1,977

—

Research and development expenses – SBC

6,305

—

Total share-based compensation expense

9,522

—

Reverse acquisition related expense

1,417

—

Non-GAAP Net Income

(1,682)

3,649

Exchange gain or loss

–

—

Investment income /(loss)

768

778

Gain (loss) from equity method investments

581

(4)

Other income, net

1,118

466

Amortization of internally developed software

—

—

Non-GAAP Adjusted EBITDA

(5,490)

2,563

Investor / Media Contact:
Crocker Coulson 
CEO, AUM Media, Inc.
(646) 652 7185 
crocker.coulson@aummedia.org

Company Contact: 
Yong Fang 
CFO, Baijiayun Group Ltd
(267) 939 5080
fangyong@baijiayun.com

[1] Non-GAAP net income/(loss) and non-GAAP adjusted EBITDA are non-GAAP financial measures. See section entitled “Use of Non-GAAP Financial Measures” for information on how BaiJiaYun Limited defines and calculates its non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures is set forth at the end of this press release.

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iClick Interactive Asia Group Limited Announces Engagement of Financial Advisor and Legal Counsel to Evaluate the Proposal

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HONG KONG, Jan. 20, 2023 /PRNewswire/ — iClick Interactive Asia Group Limited (“iClick” or the “Company”) (NASDAQ: ICLK), a leading enterprise and marketing cloud platform in China that empowers worldwide brands with full-stack consumer lifecycle solutions, announced today that the special committee of the Company’s board of directors (the “Special Committee”) has engaged Houlihan Lokey (China) Limited (“Houlihan Lokey“) as its financial advisor and Cleary Gottlieb Steen & Hamilton LLP as its U.S. legal counsel to assist in its evaluation of the previously-announced preliminary non-binding proposal dated December 20, 2022 (the “Proposal”) from Igomax Inc., Bubinga Holdings Limited and Rise Chain Investment Limited.

The Special Committee cautions the Company’s shareholders and others considering trading the Company’s securities that the Special Committee is still at the preliminary stage of reviewing and evaluating the Proposal and has not made any decision with respect to the Company’s response to the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposal or that the Proposal or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the Proposal or any other transaction, except as required under applicable law.

About iClick Interactive Asia Group Limited

Founded in 2009, iClick Interactive Asia Group Limited (NASDAQ: ICLK) is a leading enterprise and marketing cloud platform in China. iClick’s mission is to empower worldwide brands to unlock the enormous market potential of smart retail. With its leading proprietary technologies, iClick’s full suite of data-driven solutions helps brands drive significant business growth and profitability throughout the full consumer lifecycle. Headquartered in Hong Kong, iClick currently operates in eleven locations across Asia and Europe. For more information, please visit https://ir.i-click.com. 

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company’s business strategies, operations and financial performance. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s fluctuations in growth; its success in its strategic shift away from Marketing Solutions to focus on Enterprise Solutions; its success in implementing its SaaS + X business model; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favourable contractual terms; market competition; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; the duration of the COVID-19 outbreak and its potential impact on the Company’s business and financial performance; fluctuations in foreign exchange rates; general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

In the United States:

iClick Interactive Asia Group Limited

Core IR

Lisa Li

Tom Caden

Phone: +86-21-3230-3931 #866

Tel: +1-516-222-2560

E-mail: ir@i-click.com

E-mail: tomc@coreir.com

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Jacobi Inc partnering with Principal Asset Management℠ to digitize and scale fintech-enabled model portfolio offering

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SAN FRANCISCO, Jan. 20, 2023 /PRNewswire/ — Principal Asset ManagementSM has partnered with Jacobi Inc., a global investment technology provider, to scale its fintech-enabled model portfolio offering powered by multi-asset risk analytics and market leading client engagement technology.

With a strong focus on digital transformation, Principal® is empowering advisors with analytics and tools enabling them to ultimately better serve their end clients. Jacobi’s cloud-native technology will provide Principal with a configurable platform enabling more meaningful analysis of portfolios by delivering bespoke, forward-looking and historical analytics in a fully integrated visual environment. Storytelling is central to the investment process and Jacobi’s storyboard and reporting technology supports in-depth analysis of risk and return within a portfolio and the process of communicating its impact on portfolio objectives. 

Mike Casciano, Head of Model Strategy at Principal Asset Management, says:

“Working with Jacobi to create proprietary multi-asset risk analytics will make it easier for advisors to understand how model portfolios will behave in different market conditions. We’re excited to offer advisors access to bespoke, forward-looking and historical analytics.”

Tony Mackenzie, Chief Executive Officer at Jacobi, says:

“It’s very pleasing to work with such a well-regarded asset manager. This partnership with Principal will help them deliver superior analytics and engagement tools to its investment teams and advisors and ultimately better outcomes for the end client. Unsurprisingly, there is strong demand for our technology owing to the increased need for investment firms to scale and connect investment processes and increase the quality of engagement with clients. Jacobi has a global footprint and a strong pipeline – with more new business wins to announce later in the year.”

About Jacobi

Jacobi Inc. is a global investment technology provider that streamlines multi-asset investment processes and enables portfolio design, analysis and client engagement. Its unique “open architecture” platform allows users to tailor the platform by integrating their own code, models, data, analytics and applications.

Founded in 2014 Jacobi provides its technology to top-tier investors across the globe including some of the world’s leading asset and wealth managers, pension funds, asset owners and investment consultants. 

About Principal Asset ManagementSM

With public and private market capabilities across all asset classes, Principal Asset ManagementSM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.[1]

Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $484.6 billion in assets[1] and recognized as a “Best Places to Work in Money Management[2]” for 11 consecutive years. Learn more at www.PrincipalAM.com. 

[1] As of September 30, 2022 
[2] Pensions&Investments, “The Best Places to Work in Money Management”, December 12, 2022. 

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RS celebrates strong first half revenue and profit performance

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This outperformance is driven by the strength of RS employees, a purpose-led culture, and its differentiated proposition

SINGAPORE, Jan. 18, 2023 /PRNewswire/ — RS, a trading brand of RS Group plc (LSE: RS1), a global omni-channel provider of product and service solutions, has released its half-year report, reflecting a strong revenue and profit performance in the first half of the business year. This outperformance is driven by the strength of its diverse and experienced employees, and a high-performance, purpose-led culture. It also showcases how RS’ broad and deep product offerings differentiate them and continue to resonate with stakeholders in spite of challenging economic times.

This year, trading in Asia Pacific was affected by a slower electronics market, reduced availability of single-board computing products, a challenging geopolitical backdrop and lockdowns resuming in China. Despite this, RS’ operating profit margin rose by 16.4% in Asia Pacific thanks to scale growth and tighter commercial focus.

“Our people are the most powerful drivers of success at RS. They’re behind our improved customer experience and elevated commercial focus this year, and are dedicated to making amazing happen for a better world,” says Sean Fredericks, President, Asia Pacific at RS, “Despite expected challenging economic conditions ahead, we’re committed to investing in our people and technologies. We’re positive that we’ll be able to further strengthen our position, grow our profits and take greater market share in the year to come.”

Investing in its people and creating a safe, inclusive, and dynamic culture have always been top priorities for RS. It has invested in inclusive and relevant employee benefit programmes and are providing one-off payments to all employees to financially support them during these challenging economic times. To thank employees for their continued support and contribution, RS has also introduced a share-based award, allowing employees to share in the success of the company in accordance with its Journey to Greatness plan. 

In an employment engagement survey conducted this year, RS’ employee engagement score improved by three points from last year, rising to 78, and placing it close to the upper quartile of top performing companies. 

On top of investing in its people, RS is also committed to acting as a responsible and sustainable business. Following its 2030 ESG action plan – For a better world – it is now reporting on its key eight metrics every six months to ensure accountability and continued progress in this respect. RS was awarded a Platinum medal, the highest ranking, by independent global sustainability rating provider, EcoVadis, for its notable leadership in the areas of environment and sustainable procurement.

All these accomplishments in the first half put RS one step closer to achieving continued success in the coming months.

RS

RS is a trading brand of RS Group plc (formerly Electrocomponents plc), a global omni-channel provider of product and service solutions for designers, builders and maintainers of industrial equipment and operations. They stock more than 700,000 industrial and electronic products, sourced from over 2,500 leading suppliers, and provide a wide range of product and service solutions to over 1.2 million industrial customers.

For more information about RS, please visit the website at https://au.rs-online.com/web/.

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ATIF Holdings Limited Releases New Year’s Letter to Shareholders

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IRVINE, Calif., Jan. 16, 2023 /PRNewswire/ — ATIF Holdings Limited (NASDAQ: ATIF, hereinafter referred to as the “Company” or “ATIF”)  issued this year’s New Year’s Letter to Shareholders, which was authored by ATIF’s President, Mr. Jun Liu. The following is the full text:

Dear ATIF Shareholders:

Thank you for your continued support and trust in ATIF. We are pleased to report that the Company has thus far laid the foundation for building a multifaceted business segment. I am as excited to deliver this message to you today in this letter as we were when ATIF was first formed..

The past three years have presented us with unprecedented challenges. The recurrence of the Covid-19 pandemic, macro policy regulation of the market, and delays in making decisions on large integrated projects have impacted ATIF’s growth in many ways. However, during these three years, we actively responded to market changes and worked hard to plan accordingly with the aim of fully upgrading our Internet financial information service platform IPOEX.com, which we plan to build into an industry-leading integrated platform with equity crowdfunding and asset securitization functions. To support the company’s development initiatives, we have established two core cornerstones, a strong technical development and a team of network experts, to strengthen IPOEX.com in providing more diversified financial services to SMEs.

Since its inception, ATIF has been committed to providing business advisory and financing services to outstanding companies around the world to access the U.S. capital markets. Following this, we successfully listed on NASDAQ in 2019 and received the “Top 10 Best Listed Companies of 2019” from the Golden Bauhinia Awards, the highest award for the financial and securities industry in Hong Kong.

Today, we are ready to move forward and make the most of the opportunities that lie ahead of us. We are confident because our business model has enabled us to advise several active companies that have all successfully entered the capital market. We believe the following initiatives will enable ATIF to grow our operations and deliver value to our loyal shareholders.

Our IPO advisory services have gradually shifted from Asia to North America, with the U.S. market becoming the primary service market for our business. We are actively preparing to organize financial forums to help ATIF identify potential SME candidates for business promotion while also expanding our audience in the US. At the same time, we will seek to expand our international business footprint, with the U.S. market as our main base for growth, and explore various countries and regions such as the Middle East, Europe, and Southeast Asia for IPO coaching.

In FY2022, we have signed approximately six clients who plan to list on the U.S. stock exchange. Our clients cover a wide range of industries, including new photovoltaic energy, alternative fuel vehicles, smart parking, logistics and shipping, freight storage, micro lodging, etc. We have a diversified resource structure and a bright future for different industries.

Conclusion

For 2023, our team and I are full of confidence. Access to capital is a key driver of growth for any business and coupled with providing practical and effective advice, our aim remains to provide the best and most effective service to our SME clients. We are very much looking forward to ATIF’s growth in the new year and expect that the IPOEX platform will provide multidimensional data and vital financial services to our clients, driving the IPOEX platform to become a strong and influential brand in the future.

Capital market price ups and downs have their own fluctuation laws, we sincerely hope that shareholders actively hold and pay attention to it for a long time. We will adhere to the development of long-term thinking and firmly believe that the future will be better! Our team and I would like to sincerely thank you for your continued support.

Finally, as the Chairman of the Board of Directors of ATIF Holdings Limited, I would like to express my gratitude to:

  • our shareholders and investors who have steadfastly supported ATIF’s growth over the years;
  • those who have contributed to the development of ATIF over the years; and
  • the hard-working ATIF employees .

Jun Liu

President, Chairman and Chief Executive Officer

ATIF Holding Limited

About ATIF

ATIF Holdings Limited (NASDAQ: ATIF) is a Los Angeles-based financial company that provides professional and compliant IPO and M&A advisory services to companies through a combination of business, financial, counseling and consulting services. ATIF has extremely professional and skilled business and financial services experience, and has successfully provided dozens of companies with full U.S. IPO counseling and consulting services to date. ATIF owns a comprehensive financial services network platform www.IPOEX.com, developed by a strong team of technology development and network experts, which provides SMEs with one-stop services across digital finance, business consulting, asset securitization and digitization. ATIF was awarded the “Golden Bauhinia Award”, the highest award in the financial and securities industry in Hong Kong, for “Top 10 Best Listed Companies”.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the “safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, “estimated,” “projected,” Words such as “expect”, “anticipate”, “predict”, “plan”, “intend”, “believe”, “seek”, “may”, “will”, “should”, “future”, “propose” and variations of these words or similar expressions (or the opposite of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements do not guarantee future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control and may cause actual results or achievements to differ materially from those discussed in the forward-looking statements. Important factors include future financial and operating results, including revenues, income, expenses, cash balances and other financial items; Ability to manage growth and expansion; Current and future economic and political conditions; The ability to compete in industries with low barriers to entry; The ability to obtain additional financing to fund capital expenditure in the future. Ability to attract new customers and further enhance brand awareness; Ability to hire and retain qualified management and key staff; Trends and competition in the financial advisory services industry; Pandemic or epidemic disease; Except as required by law, the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, the Company cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the expected results expressed or implied by the forward-looking statements we make. You should not interpret forward-looking statements as predictions of future events. Forward-looking statements represent only the beliefs and assumptions of our management as of the date such statements are made. The above forward-looking statements are made as of the date of this press release.

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Sims Limited Announces Retirement of Heather Ridout from Board of Directors

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NEW YORK, Jan. 14, 2023 /PRNewswire/ — Sims Limited (ASX: SGM), a global leader in sustainability and an enabler of the circular economy, announced today that Heather Ridout AO will retire from the Sims Limited Board of Directors in 2023. Changes to the Board of Directors, the board committees and structure will be determined at a later date.

Ridout, the former chief executive of the Australian Industry Group from 2004 through 2012, joined the Sims Limited Board of Directors in September 2011. She is the chairperson of the Remuneration Committee, and she is also a member of the Safety, Health, Environment, Community and Sustainability Committee, the Risk Committee, and the Nomination/Governance Committee.

Geoffrey Brunsdon, chairman and independent non-executive director for Sims Limited’s Board of Directors, said, “On behalf of the Board of Directors, I would like to thank Heather for her outstanding service to the Sims Limited Board, our employees and our shareholders. Heather’s leadership, guidance and wisdom throughout her 11 years of service have been a major factor in the company successfully navigating a demanding international growth strategy, as well as significant change. Both the Board of Directors and the executive leadership team will miss Heather’s counsel, and we wish her every success in her new role.”

Ridout was appointed as Australia’s next Consul-General in New York on 20 December 2022. With an outstanding career spanning four decades, she is well-equipped to promote Australia’s world-class and diverse creative industries, education and the arts in the United States.

“Sims Limited is a company I have known and admired for more than 25 years, and I was delighted for it to be a member of AI Group,” Ridout said. “I look back on my tenure at Sims Limited with great pride in serving as a non-executive director. I am extremely confident the company will continue to grow, prosper and positively impact society,” she concluded.

The precise date of Ridout’s retirement will be determined by the commencement date for her new role. 

About Sims Limited 
Founded in 1917, Sims Limited is a global leader in sustainability and an enabler of the circular economy that employs 4,400 employees who operate from more than 200 facilities across 15 countries. The company’s ordinary shares are listed on the Australian Securities Exchange (ASX: SGM), and its American Depositary Shares are quoted on the Over-the-Counter market in the United States (USOTC: SMSMY). The company’s purpose, create a world without waste to preserve our planet, is what drives them to constantly innovate and offer new solutions in the circular economy for consumers, businesses, governments and communities around the world. For more information, visit www.simsltd.com.

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NashTech makes strategic acquisition of North American cloud and data solutions provider, Knoldus

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LONDON, Jan. 13, 2023 /PRNewswire/ — NashTech, the global technology solutions business of Nash Squared, has acquired Knoldus as part of its strategic expansion in North America.

Knoldus is a technology advisory and solutions company with over 300 employees based in Canada, the US, Singapore and two development centres in India. It has a strong reputation across Fortune 500 clients for delivering leading–edge digital solutions around data, cloud and machine learning, as well high-performance real-time data systems.

The acquisition significantly strengthens NashTech’s footprint in the world’s largest technology market and adds important expertise in the fast-growing areas of cloud and data. It extends NashTech’s global development centre capability, which includes hubs in Vietnam, Latin America and now India.

Nick Lonsdale, CEO of NashTech, said: “NashTech is all about creating success and value for our clients and Knoldus’ deep expertise and strong track record in cloud and data solutions takes our offer to a new level. We look forward to welcoming the Knoldus team and clients to NashTech at this very exciting time of growth and development.”

Vikas Hazrati, CEO of Knoldus, shared: “We are excited about joining NashTech. As we continue to build on our achievements over the last ten years, Knoldus coming into the NashTech organisation will enable us to offer clients further capability and capacity to support them on their digital transformation journey to success.”

Cuong Nguyen, MD of NashTech, Vietnam commented: “This represents a step change in how we can help and support our clients in delivering technology solutions. They are the perfect fit for us, and I look forward to working with them.”

Bev White, CEO of Nash Squared, added: “This acquisition represents a very significant step forward in NashTech’s footprint in the important North America market. It forms part of the wider Nash Squared strategy of being a global leader in technology solutions and recruitment, supporting our clients with their digital transformation journey with choice and agility and building on the significant existing strength in Europe. I am delighted to welcome Knoldus into the Nash Squared family.”

Full press release

Media Contact:

Michelle Thomas
Nash Squared
michelle.thomas@nashsquared.com
+44 (0) 20 7333 2677

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Hi2 Global Joins UN Principles for Responsible Investment

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NEW YORK, Jan. 13, 2023 /PRNewswire/ — Hi2 Global is now a signatory of the United Nations (UN) Principles for Responsible Investment (PRI), the world’s leading proponent of responsible investment.

Launched by the UN in 2006 under former Secretary-General Kofi Annan, PRI works to understand the investment implications of environmental, social and governance (ESG) factors, and support its international network of investor signatories in incorporating these factors into their investment and ownership decisions.

The PRI is independent and encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit. It is supported by, but not part of, the UN.

The PRI has grown consistently since 2006 with 3,826 signatories representing $121.3 trillion of assets under management (AUM) all over the world as of 2021.

The six Principles for Responsible Investment offer a menu of possible actions for incorporating ESG issues into investment practice, which include incorporating ESG issues into investment analysis and decision-making processes, being active owners and incorporating ESG issues into ownership policies and practices, seeking appropriate disclosure on ESG issues by the entities invested, promoting acceptance and implementation of the Principles within the investment industry, working together to enhance effectiveness in implementing the Principles, and reporting on activities and progress towards implementing the Principles.

In implementing them, a signatory contributes to developing a more sustainable global financial system. Hi2 Global founder and CEO Jerry Wang believes PRI frame could greatly improve transparency in the investment universe and be able to bring fund managers to the same level of commitments to responsibility. Hi2 Global is scheduled to release its first PRI report in 2024.

As a global asset allocation platform, Hi2 Global has been incorporating ESG into investment decision-making process since inception in 2014 in New York. The actively managed Hi2 Venture Fund, an early-stage venture capital fund, is committed to responsible investments by focusing on innovative early-stage companies in emerging sectors including fin-tech, consumer-tech, clean-tech and health-tech in the United States, and emerging markets in Asia, Middle East, Africa, and Latin America.

The first Hi2 Venture Fund launched in 2020 has supported a number of innovation- and tech-driven startups which are committed to generate positive social and environmental impact in emerging markets.

While it has been proven that our portfolio companies have produced plenty of positive outcomes, the following figures would better demonstrate how they are contributing to the welfare of local society – more than 800 jobs have been created in emerging economies including Pakistan, Indonesia, Nigeria, Mexico; women make up 21% of founders and executives while minority founders make up more than 90%; 7 credit-tech startups and 2 digital banks in our portfolio are serving the huge unbanked and immigrant population across emerging markets in Middle East.

Looking forward, Hi2 Global will continue to incorporate ESG issues into investment practice by following the six PRI principles for responsible investment, with a particular focus on innovation-driven startups eyeing on transforming traditional sectors in emerging markets.  

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