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Allot Announces Fourth Quarter & Full Year 2020 Financial Results

2020 revenue grew by 23% year-over-year

New security recurring revenue deals executed in 2020 reached total of $192M MAR

PR Newswire

HOD HASHARON, Israel, Feb. 9, 2021 /PRNewswire/ — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited fourth quarter and full year 2020 financial results.

 Financial Highlights

  • Fourth quarter revenues were $39.1 million, up 28% year-over-year;
  • Full year revenues were $135.9 million, up 23% year-over-year;
  • Gross margin on a non-GAAP basis increased in 2020 to 71% compared to 70% in 2019;
  • MAR *(maximum annual revenue potential of concluded transactions) reported for 2020 reached $192 million;
  • GAAP operating loss for Q4 2020 was $1.2 million compared to $1.9 in Q4 2019;
  • Non-GAAP operating profit for Q4 2020 was $0.5 million compared to a loss of $1.8 million in Q4 2019;


Financial Outlook

  • Management expects 2021 revenues to grow to between $145-150 million;
  • Management expects to close additional recurring security deals to be executed in 2021 with MAR* expected to exceed $180 million;
  • Management expects recurring security revenues in 2021 to be between $6 –$8 million, and expected to exceed $25 million in 2022;


Management Comment


Erez Antebi, President & CEO of Allot, commented: “We are very happy with our achievements in 2020, showing strong continued revenue growth and solid performance throughout the year. Threats on the internet are on the rise and growing numbers of consumers and operators see the need for Network based protection. Despite travel restrictions and delays as result of COVID, we signed recurring security revenue deals with a total MAR of $192M – significantly above our target for the year. We see this as a testament for the strong need for easy to use network based cybersecurity services.”

Continued Mr. Antebi, “We see 2021 as a transformation year for the market as our recurring security partners begin to launch their services and we will see the early ramp of revenues. We continue to invest in our offerings and in sales and marketing, to capitalize on the opportunities ahead of us. We are very encouraged by the traction we are gaining and expect to continue signing additional recurring security revenue deals during 2021 with an MAR of $180 million, ensuring our long-term sustainable growth. We look forward to reaping the rewards in the coming years.”


Q4 2020 Financial Results Summary

Total revenues for the fourth quarter of 2020 were $39.1 million, an increase of 28% compared to $30.6 million in the fourth quarter of 2019.

Gross profit on a GAAP basis for the fourth quarter of 2020 was $27.5 million (gross margin of 70.3%), a 32% improvement compared with $20.8 million (gross margin of 68.0%) in the fourth quarter of 2019.

Gross profit on a non-GAAP basis for the fourth quarter of 2020 was $27.7 million (gross margin of 70.9%), a 32% improvement compared with $21.0 million (gross margin of 68.7%) in the fourth quarter of 2019.

Net loss on a GAAP basis for the fourth quarter of 2020 was $1.7 million, or $0.05 per basic share, compared with a net loss of $1.7 million, or $0.05 per basic share, in the fourth quarter of 2019.

Net income on a non-GAAP for the fourth quarter of 2020 was $0.4 million, or $0.01 earnings per basic share compared with a non-GAAP net loss of $1.7 million, or $0.05 loss per basic share, in the fourth quarter of 2019.


2020 Financial Results Summary

Total revenues for 2020 were $135.9 million, an increase of 23% compared to $110.1 million in 2019.

Gross profit on a GAAP basis for 2020 was $95.8 million (gross margin of 70.5%), a 26% improvement compared with $76.3 million (gross margin of 69.3%) in 2019.

Gross profit on a non-GAAP basis for 2020 was $96.8 million (gross margin of 71.2%), a 25% improvement compared with $77.3 million (gross margin of 70.2%) in 2019.

Net loss on a GAAP basis for 2020 was $9.3 million, or $0.27 per basic share, compared with a net loss of $8.7 million, or $0.25 per basic share, in 2019.

Net loss on a
n
on-GAAP for 2020 was $3.6 million, or $0.10 per basic share, a decrease compared with a non-GAAP net loss of $7.5 million, or $0.22 per basic share, in 2019.

Cash and investments as of December 31, 2020 totaled $99.4 million, compared to $107.2 million as of September 30, 2020 and $117.6 million as of December 31, 2019.


Conference Call & Webcast

:

The Allot management team will host a conference call to discuss fourth quarter and full year 2020 earnings results today, February 9, 2021 at 8:30 am ET, 3:30 pmIsrael time. To access the conference call, please dial one of the following numbers:

US: 1-888-668-5032, Israel: +972-3-918-0609

A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm


About Allot

Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1,000 enterprises. Our industry leading network-based security as a service solution has achieved over 50% penetration with some service providers and is already used by over 20 million subscribers in Europe. Allot. See. Control. Secure.

For more information, visit www.allot.com

*MAR (maximum annual revenue potential of concluded transactions) was estimated by Allot upon transaction signature and constitutes an approximation of the theoretical annual revenues Allot would receive if 100% of the customer’s subscribers, as estimated by Allot, signed up for the service.


GAAP to Non-GAAP Reconciliation

:

The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment, changes in taxes related items and other acquisition-related expenses.

These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.

Safe Harbor Statement

This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors, government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; court approval of the Company’s proposed share buy-back program; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.


Investor Relations Contact:


GK Investor Relations

Ehud Helft

+1 646 201 9246


[email protected]


Public Relations Contact:

Seth Greenberg, Allot Ltd.
+972 54 922 2294
[email protected]

 

 


TABLE  – 1


ALLOT LTD.


AND ITS SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)


Three Months Ended


Year Ended


December 31,


December 31,


2020


2019


2020


2019


(Unaudited)


(Unaudited)


(Unaudited)


(Audited)

Revenues

$       39,091

$       30,567

$     135,922

$     110,100

Cost of revenues

11,627

9,784

40,082

33,834



Gross profit  

27,464

20,783

95,840

76,266

Operating expenses:

Research and development costs, net

12,611

8,563

43,447

31,461

Sales and marketing

12,787

12,186

47,528

47,105

General and administrative

3,223

1,954

13,894

6,678

Total operating expenses

28,621

22,703

104,869

85,244

Operating loss

(1,157)

(1,920)

(9,029)

(8,978)

Financial and other income, net

343

600

1,857

1,960

Loss before income tax expenses

(814)

(1,320)

(7,172)

(7,018)

Tax expenses

867

362

2,176

1,641

Net Loss

(1,681)

(1,682)

(9,348)

(8,659)


 Basic net loss per share

$          (0.05)

$          (0.05)

$          (0.27)

$          (0.25)


 Diluted net loss per share

$          (0.05)

$          (0.05)

$          (0.27)

$          (0.25)

Weighted average number of shares used in 

computing basic net loss per share

35,317,213

34,450,317

35,007,201

34,250,582

Weighted average number of shares used in 

computing diluted net loss per share

35,317,213

34,450,317

35,007,201

34,250,582

 

 

 


TABLE  – 2


ALLOT LTD.


AND ITS SUBSIDIARIES


RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS

(U.S. dollars in thousands, except per share data)


Three Months Ended


Year Ended


December 31,


December 31,


2020


2019


2020


2019


(Unaudited)


(Unaudited)

GAAP cost of revenues

$     11,627

$        9,784

$     40,082

$     33,834

 Share-based compensation (1) 

(113)

(76)

(355)

(264)

 Amortization of intangible assets (2) 

(152)

(152)

(608)

(853)

 Changes in taxes and headcount related items (4)

–

–

–

75

Non-GAAP cost of revenues

$     11,362

$        9,556

$     39,119

$     32,792

 GAAP gross profit 

$     27,464

$     20,783

$     95,840

$     76,266

 Gross profit adjustments 

265

228

963

1,042

 Non-GAAP gross profit 

$     27,729

$     21,011

$     96,803

$     77,308

 GAAP operating expenses 

$     28,621

$     22,703

$   104,869

$     85,244

 Share-based compensation (1) 

(1,663)

(942)

(4,843)

(3,156)

 Amortization of intangible assets (2) 

–

(189)

–

(754)

 Income (Expenses) related to M&A activities (3) 

–

1,246

(82)

3,980

 Changes in taxes and headcount related items (4)

296

–

296

(31)

 Non-GAAP operating expenses 

$     27,254

$     22,818

$   100,240

$     85,283

 GAAP financial and other income 

$           343

$           600

$        1,857

$        1,960

 Exchange rate differences* 

(84)

(119)

(552)

83

 Non-GAAP Financial and other income 

$           259

$           481

$        1,305

$        2,043

 GAAP taxes on income 

$           867

$           362

$        2,176

$        1,641

 Tax expenses in respect of net deferred tax asset recorded 

(15)

(25)

(202)

(74)

 Changes in tax related items 

(500)

–

(500)

–

 Non-GAAP taxes on income 

$           352

$           337

$        1,474

$        1,567

 GAAP Net Loss 

$      (1,681)

$      (1,682)

$      (9,348)

$      (8,659)

 Share-based compensation (1) 

1,776

1,018

5,198

3,420

 Amortization of intangible assets (2) 

152

341

608

1,607

 Expenses (Income) related to M&A activities (3) 

–

(1,246)

82

(3,980)

 Changes in taxes and headcount related items (4)

(296)

–

(296)

(44)

 Exchange rate differences* 

(84)

(119)

(552)

83

 Tax expenses in respect of net deferred tax asset recorded 

15

25

202

74

 Changes in tax related items 

500

–

500

–

 Non-GAAP Net income (loss) 

$           382

$      (1,663)

$      (3,606)

$      (7,499)

 GAAP Loss per share (diluted) 

$        (0.05)

$        (0.05)

$        (0.27)

$        (0.25)

 Share-based compensation 

0.05

0.03

0.15

0.10

 Amortization of intangible assets 

0.01

0.01

0.02

0.05

 Expenses (Income) related to M&A activities 

–

(0.04)

0.01

(0.12)

Changes in taxes and headcount related items (4)

(0.01)

–

(0.01)

(0.00)

 Exchange rate differences* 

(0.00)

(0.00)

(0.01)

0.00

 Changes in tax related items 

0.01

–

0.01

–

 Non-GAAP Net income (loss) per share (diluted) 

$          0.01

$        (0.05)

$        (0.10)

$        (0.22)

Weighted average number of shares used in 

computing GAAP diluted net loss per share

35,317,213

34,450,317

35,007,201

34,250,582

Weighted average number of shares used in 

computing non-GAAP diluted net income (loss) per share

37,574,546

34,450,317

35,007,201

34,250,582

* Financial income or expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.

 


TABLE  – 2 cont.


ALLOT LTD.


AND ITS SUBSIDIARIES


RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS

(U.S. dollars in thousands, except per share data)


Three Months Ended


Year Ended


December 31,


December 31,


2020


2019


2020


2019


(Unaudited)


(Unaudited)

(1) Share-based compensation:

Cost of revenues

$           113

$             76

$           355

$           264

Research and development costs, net

412

230

1,368

847

Sales and marketing

683

350

2,145

1,257

General and administrative

568

362

1,330

1,052

$        1,776

$        1,018

$        5,198

$        3,420

 (2) Amortization of intangible assets 

Cost of revenues

$           152

$           152

$           608

$           853

Sales and marketing

–

189

–

754

$           152

$           341

$           608

$        1,607

 (3) Expenses (Income) related to M&A activities 

General and administrative 

$              –

$      (1,374)

$              –

$      (4,882)

Research and development costs, net

–

128

82

902

$              –

$      (1,246)

$             82

$      (3,980)

 (4) Changes in taxes and headcount related items  

Cost of revenues

$              –

$              –

$              –

$           (75)

Sales and marketing

(296)

–

(296)

16

General and administrative

–

–

–

15

$         (296)

$              –

$         (296)

$           (44)

 

 


TABLE  – 3


ALLOT LTD.


AND ITS SUBSIDIARIES


CONSOLIDATED  BALANCE  SHEETS


(U.S. dollars in thousands)


December 31,


December 31,


2020


2019


(Unaudited)


(Audited)


ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$            23,599

$            16,930

Short-term bank deposits

47,225

5,557

Restricted deposit

1,200

23,183

Available-for-sale marketable securities

27,178

61,012

Trade receivables, net

20,685

29,008

Other receivables and prepaid expenses

14,205

6,528

Inventories

12,586

10,668

Total current assets

146,678

152,886

LONG-TERM ASSETS:

Restricted deposit

–

10,913

Long-term bank deposits

215

–

Severance pay fund

434

387

Operating lease right-of-use assets

4,458

6,368

Deferred taxes

420

517

Other assets 

2,975

926

Total long-term assets

8,502

19,111

PROPERTY AND EQUIPMENT, NET

11,993

8,135

GOODWILL AND INTANGIBLE ASSETS, NET

34,427

35,037

Total assets

$          201,600

$          215,169


LIABILITIES AND SHAREHOLDERS’
EQUITY

CURRENT LIABILITIES:

Trade payables

$               2,092

$            11,676

Deferred revenues

26,658

36,360

Short-term operating lease liabilities

2,813

3,151

Other payables and accrued expenses

27,299

22,255

Total current liabilities

58,862

73,442

LONG-TERM LIABILITIES:

Deferred revenues

9,782

5,262

Long-term operating lease liabilities

1,835

3,820

Accrued severance pay

969

794

Total long-term liabilities

12,586

9,876

SHAREHOLDERS’ EQUITY

130,152

131,851

Total liabilities and shareholders’ equity

$          201,600

$          215,169

 

 


TABLE  – 4


ALLOT LTD.


AND ITS SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS 


(U.S. dollars in thousands)


Three Months Ended


Year Ended


December 31,


December 31,


2020


2019


2020


2019


(Unaudited)


(Unaudited)


(Unaudited)


(Audited)


Cash flows from operating activities:

Net Loss

$        (1,681)

$     (1,682)

$      (9,348)

$     (8,659)


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

Depreciation

1,041

837

3,704

2,752

Stock-based compensation related to options granted to employees

1,776

1,018

5,198

3,420

Amortization of intangible assets

152

341

608

1,607

Capital loss 

18

–

18

–

Increase (Decrease) in accrued severance pay, net

92

(21)

128

(54)

Increase in other assets

(2,315)

(160)

(2,048)

(326)

Decrease in accrued interest and  amortization of premium on marketable securities 

11

7

357

343

Changes in operating leases, net

198

456

(413)

603

Decrease (Increase) in trade receivables

(1,740)

(8,034)

8,323

(2,915)

Increase in other receivables and prepaid expenses

(6,126)

(2,479)

(7,272)

(3,168)

Decrease (Increase) in inventories

2,950

(1,502)

(1,918)

(253)

Decrease (Increase) in long-term deferred taxes, net

(76)

33

96

(236)

Increase (Decrease) in trade payables

(8,807)

4,389

(9,584)

3,863

Increase in employees and payroll accruals

2,395

4,048

2,047

4,635

Increase (Decrease) in deferred revenues

4,215

5,760

(5,182)

23,520

Increase (Decrease) in other payables, accrued expenses and other long term liabilities

2,091

464

3,061

(9,040)

Net cash provided by (used in) operating activities

(5,806)

3,475

(12,225)

16,092


Cash flows from investing activities:

Decrease (Increase) in restricted deposit

519

(23,331)

32,896

(33,374)

Redemption of (Investment in) short-term deposits 

7,936

3,000

(41,883)

16,986

Purchase of property and equipment

(2,035)

(918)

(7,582)

(3,708)

Investment in available-for sale marketable securities

(844)

(8,154)

(1,219)

(39,950)

Proceeds from redemption or sale of available-for sale marketable securities

5,483

11,173

34,847

43,555

Net cash provided by (used in) investing activities

11,059

(18,230)

17,059

(16,491)


Cash flows from financing activities:

Exercise of employee stock options 

155

220

1,835

993

Net cash provided by financing activities

155

220

1,835

993

Increase (Decrease) in cash and cash equivalents

5,408

(14,535)

6,669

594

Cash and cash equivalents at the beginning of the period

18,191

31,465

16,930

16,336

Cash and cash equivalents at the end of the period

$        23,599

$     16,930

$     23,599

$     16,930

 

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SOURCE Allot Ltd.

Posted on

Chinese Aesthetic Treatment Industry White Paper 2020 Jointly Released By AIH and Forbes China

PR Newswire

SHENZHEN, China, Feb. 9, 2021 /PRNewswire/ — Aesthetic Medical International Holdings Group Limited (the “Company” or “AIH”, Nasdaq: AIH), a leading provider of aesthetic medical services in China, and Forbes China have jointly released the Chinese Aesthetic Treatment Industry White Paper 2020 (the “White Paper”), the first white paper on the aesthetic treatment industry in China.

At a length of about 40,000 words, the White Paper defines the Chinese aesthetic treatment industry in a professional manner, sheds light on the status quo of the development of the market, and reveals the latest expansion of the industry as well as the ever-evolving trends of consumer segments. The release of the White Paper marks a milestone for the aesthetic treatment industry in China, hence the onset of a market marching from fragmentation to consolidation and from irregularity to regularity.

As of 2020, the market size of the Chinese aesthetic treatment industry has reached more than USD 30 billion, but the overall market penetration rate is still far behind that of developed countries. An annual growth rate in excess of 20% for the next few years is generally projected by the investors; consequently, throughout 2020, the amount of investment and financing in the sector within China has reached RMB 80 billion (USD 11.7 billion).

However, it should also be noted that the market — teeming with a large number of players, many of which are small scaled — is characterized by considerable deficiencies and non-compliance. In the past two years, AIH has successively acquired 13 aesthetic medical centers and has normalized medical aesthetics services with standardized measures, which have yielded satisfying results. Going forward, AIH will leverage the power of the capital market to expand externally through M&A and other strategies, thus maintaining a leading position in this fast-growing market and conveying its sense of social responsibility as a public company.

Dr. Zhou Pengwu, Chairman and CEO of the Company, commented, “Forbes China’s decision to collaborate in this White Paper is a recognition, apparently by mainstream media, of values that AIH has adhered to — bringing beauty by delivering safe, high-quality aesthetic medical services. It is also an acknowledgement of the conscientiousness by AIH employees for over two decades. Meanwhile , we are keenly aware of AIH’s responsibilities to consumers, investors, and the whole society. As the industry’s first listed company in China, we effectively serve as a leading role model in the industry and hold fast to such a mindset, the mindset living up to the well-deserved reputation of a public company.”

About Forbes China

Founded in New York in 1917 with the motto “entrepreneurship and wealth creation”, Forbes has become an industry leader pronounced in its entrepreneurial and innovative spirits. The lists produced by Forbes are hailed as the economic barometer and the leading indicator of wealth. Harboring its entrepreneurial and innovative spirits, Forbes launched in China in 2003 and has since produced a series of lists, research, activities, and other platforms, including the “Forbes China Rich List”. Forbes China is committed to creating an enterprising interactive community for high-end customers, providing a forward-looking and shared environment, and building an entrepreneurial and innovative information ecosystem.

About AIH

Aesthetic Medical International Holdings Group Limited (NASDAQ:AIH), founded in Shenzhen, China in 1997, is an international listed group specialized in aesthetic medical services as well as the first aesthetic medical services organization listed in China’s main board. AIH has always prioritized the safety and quality of aesthetic services, making it one of aesthetic services institutions with the best medical safety records as well as with the longest history in the industry and thus enjoying prestige in the society and among consumers.

Domestically headquartered in Shenzhen and internationally headquartered in Singapore, AIH’s treatment centers operate in mainland China, Hong Kong SAR, and Singapore. The company boasts an outstanding medical service team of more than 2,000 employees and 240 senior doctors with an average of over 10 years of experience, more than 30 of whom hold doctor’s or master’s degrees or serve as the supervisors thereof.

 

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SOURCE Aesthetic Medical International Holdings Group Limited (AIH)

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PARTNERSHIPS CAN FURTHER ACCELERATE THE FUTURE OF PRIVATE TRAVEL IN FACE OF COVID-19, SAYS VISTAJET INDUSTRY RESEARCH

London, February 9, 2021: Strategic industry partnerships — linking businesses across different segments of the luxury travel, hospitality and leisure sector — are widely seen as a key component to further the recovery from the impact caused by the COVID-19 pandemic. New research from VistaJet, the first and only global business aviation company, in association with Barton, the high-net-worth insight consultants, demonstrates the far-ranging value placed on partnerships by leading businesses in the sector.

While private aviation has continued to see an influx of new customers, according to VistaJet’s report, The Future of Private Travel, the impact of the COVID-19 pandemic in 2020 has in general been severe for many international luxury travel and hospitality businesses, with over three-quarters (77.8%) of businesses having seen net revenue fall by at least 60% year-on-year, and around 43% seeing a drop of over 90%. Despite a promising vaccine program, many businesses are still cautious about forecasting a quick recovery in the immediate months ahead. However, 25.9% are optimistic and are starting to refocus their offering onto a HNW target group, predicting a rapid recovery to pre-pandemic levels. VistaJet itself saw an increase of 29% in new Members joining in 2020, while its sister brand XO has seen new membership sales up 3x.

Many businesses are already innovating to rethink their operational and commercial strategies — 94.4% having taken or are planning action to innovate their customer service and experience protocols, and 62.3% of businesses have already introduced new offerings, products or services, with increased digital services and more personalized concierge offerings being particularly in-demand.

As businesses look ahead, it is clear that a majority of industry leaders are looking to collaborative partnerships outside of their core business, to help mitigate the negative impact of travel restrictions and ensure their clients continue to experience unparalleled end-to-end service throughout their journey. 86.5% of businesses are taking action to collaborate with other top players within the industry, including hotels, tour designers, private aviation, yachts, chauffeur and concierge services. Additionally, 46.8% have said that partnerships are already helping to generate further revenue during the pandemic, which is notable due to the limitations on travel globally in 2020, while 70% are looking to establish new partnerships within the next 12 months.

Partnerships can provide customers with an integrated service at every stage of their travels, with safer and more reliable experiences in the uncertain world of COVID-19. For example, VistaJet’s own partnerships program, Private World, leverages its relationships to provide customers with a bespoke travel experience, from pre-flight to flight and accommodation, with preferred services already lined up at destination — from yachts to hotels, private islands and retreats. This is just one solution of many within the industry.

Ian Moore, Chief Commercial Officer, VistaJet said: “While the impact of COVID-19 has been significant on a number of luxury travel, hospitality and leisure businesses, it is clear that business aviation is leading this entire sector with a V-shaped recovery. Hence, we are increasing the number of partnerships to help accelerate the whole sector’s path to recovery. As consumers continue to be burdened with complicated travel restrictions, they look for simple solutions they know are safe and reliable. Collaboration between the best mobility and hospitality players on the ground provides not only peace of mind, but also the high-quality service and impeccable standards our customers have come to expect. I continue to be optimistic for the long-term growth and opportunities of the sector.”

Winston Chesterfield, Founder, Barton said: “While almost every industry has been adversely impacted by the pandemic, the global travel and hospitality sector has been the most brutally affected. There is no alternate or flexible working format for most of these businesses; legally mandated closure is often fatal. And yet as this report shows, there is still great hope for the recovery. The eagerness of many wealthy clients to ‘get back out there’ after the initial fear from the virus has been a shot in the arm for the industry. It has also required these wealthy clients to place even greater trust in those organizations enabling this to happen. It is the fulfilment of this trust in the foreseeable future that will help to fire up this giant global ecosystem once more.”

For the full findings of the report, The Future of Private Travel, please visit vistajet.com/privatetravel.

– Ends –

Information

Jennifer Farquhar | VistaJet | [email protected]  

Notes for Editors


The Future of Private Travel

Report Methodology

The research invited over 650 leaders in the luxury hospitality industry to share their voices and insights. The individuals we heard from were from a range of organization types and sizes, from small luxury travel designer agencies to large, multi-national hotel groups. It was a global study, with around half of these organizations based in Europe, a fifth from Asia as well as North America, the Middle East and South America. A more detailed breakdown of data is available upon request.

About VistaJet

VistaJet is the first and only global business aviation company. On its fleet of over 70 silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries, covering 96% of the world. Founded in 2004, the company pioneered an innovative business model where customers have access to an entire fleet whilst paying only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet’s signature Program membership offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anytime, anywhere.
VistaJet is part of Vista Global Holding — the world’s first private aviation ecosystem, integrating a unique portfolio of companies offering asset-light solutions to cover all key aspects of business aviation.  More VistaJet information and news at vistajet.com

About Barton

Barton consults businesses in sectors focused on targeting wealthy consumers, combining evidence and guidance to help these organizations and brands grow and thrive. Whether for business strategy, brand assessment, communication, trend analysis or thought leadership, Barton knows that businesses need to have confidence in their decisions. Barton offers cross-sector knowledge in a responsive, agile way, combining creativity with pragmatism, providing the perspective needed to make informed choices. More information at barton-consulting.co.uk

VistaJet Limited is a European air carrier that operates 9H registered aircraft under its Maltese Air Operator Certificate No. MT-17 and is incorporated in Malta under Company Number C 55231. VistaJet and its subsidiaries are not U.S. direct carriers. VistaJet-owned and U.S. registered aircraft are operated by properly licensed U.S. air carriers, including XOJET Aviation LLC.

 

Attachments



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SunHydrogen Provides Update and Shares Newly Taken Images of its Gen 1 Demonstration Units


Production is on track for beginning of Q2

SANTA BARBARA, CA, Feb. 09, 2021 (GLOBE NEWSWIRE) — SunHydrogen, Inc. (OTC:HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today shared an update and published new, recently taken photos of its Gen 1 demonstration program units being assembled by Suzhou GH New Energy Tech Co. in Suzhou China. Photos of the Gen 1 program units are shared with the public here, and images and video will continue to be added as they are made available.

“These images reflect the progress and strength of the working relationship we have established with Suzhou GH New Energy,” said Tim Young, CEO of SunHydrogen, Inc. “As SunHydrogen and its technologies grow in visibility within the energy and renewables sectors as well as global capital markets, it is important for us to ensure potential partners, customers and investors are informed of progress. Suzhou GH New Energy has performed the work on schedule, and has been incredibly insightful in overcoming the design issues we faced last year. We would also like to thank Suzhou Maimaosi Sensor Technology for their diligence and expertise in the electroplating process of the cells, and look forward to sharing additional updates as we determine possible demonstration sites.” 


Gen 1 program
 technology uses multi-junction amorphous silicon solar cells, and is designed to provide a clear proof of concept and demonstrate the potential for scalable growth and commercial viability of the Gen 2 program. As shown in the images, SunHydrogen is completing the build-out of the 100 prototype solar hydrogen units that include proprietary solar cell assembly with applied coatings and catalysts, and the housing for safe hydrogen collection.

In 2019, SunHydrogen demonstrated 1000 hours of continuous hydrogen production utilizing Gen 1 cell technology, which allowed it to then focus on scaling up the technology. While the overall efficiency of the cells is low, SunHydrogen continues to gain significant and valuable insight during experimentation that it intends to leverage in the development of its Gen 2 nanoparticle technology. SunHydrogen anticipates completing the 100 demonstration units in the beginning of Q2 of 2021, enabling the Company to leverage them as further proof of concept as the Company looks to accelerate its nano-technology development.

SunHydrogen’s Gen 2 program is one that the Company believes is most economical from a technology and commercial viability standpoint. By gaining and leveraging insights from the Gen 1 program, Gen 2 technology is well positioned to attain three times the solar-to-hydrogen efficiency and represents a potential tipping point for market-changing hydrogen production.

About SunHydrogen, Inc.

SunHydrogen is developing a breakthrough, low-cost technology to make renewable hydrogen using sunlight and any source of water, including seawater and wastewater. Unlike hydrocarbon fuels, such as oil, coal and natural gas, where carbon dioxide and other contaminants are released into the atmosphere when used, hydrogen fuel usage produces pure water as the only byproduct. By optimizing the science of water electrolysis at the nano-level, our low-cost nanoparticles mimic photosynthesis to efficiently use sunlight to separate hydrogen from water, ultimately producing environmentally friendly renewable hydrogen. Using our low-cost method to produce renewable hydrogen, we intend to enable a world of distributed hydrogen production for renewable electricity and hydrogen fuel cell vehicles.  To learn more about SunHydrogen, please visit our website at www.SunHydrogen.com.

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: our ability to successfully negotiate agreements with suppliers and manufacturers of our hydrogen generation panels. the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and other factors detailed in reports filed by the Company with the Securities and Exchange Commission.

Press Contact:
[email protected]

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Aurora Mobile Receives InfoQ 2020 Best Technology Community Award for Expertise in Mobile Development and Industry Impact

SHENZHEN, China, Feb. 09, 2021 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading mobile developer service provider in China, today announced that it received the InfoQ 2020 Best Technology Community Award (the “Award”) at the Developer Ecosystem Co-creation Program virtual conference, hosted by InfoQ on February 5, 2021. InfoQ is one of the largest and most influential technology communities in China. The Award recognizes Aurora Mobile for its contributing high-quality content within technology communities, profound expertise in mobile development and technology leadership and extensive impact across multiple industries. SAP, CODING (a subsidiary of Tencent Cloud), 360 DigiTech, SENSORS Data and some other well-known companies have also received the Award.

The InfoQ virtual conference was attended by more than a hundred business representatives, TGO Kunpeng Club members, and technical experts to discuss topics such as mobile APP developer ecosystem development, technical content production, and engagement of technical communities. There were twelve awards at the conference given to enterprises and individuals that have made outstanding contributions to the technology industry in China.

Since its inception in 2011, Aurora Mobile’s products, value proposition and strategy has been focused on developers’ needs. A series of services including push notifications, one-key authentication, instant messaging, statistics and analytics, traffic monetization (JG Alliance), JG VaaS (Video as a Service), and JG UMS (Unification Messages System) have been successively launched to help APP developers improve operations, drive business growth and monetization. To date, Aurora Mobile has provided software development kits to over 1.65 million APPs across sectors including finance, e-commerce, online education, information, gaming and new energy vehicles. Aurora Mobile has strengthened its developer-centric strategy based on continuous product iteration and expansion of application scenarios. In December 2020, Aurora Mobile was named the “2020 Most Trusted SaaS Platform by Developers” at a conference hosted by pingwest.com. Aurora Mobile was the sole recipient of the award for technology innovation, a clear indication that Aurora Mobile’s industry-leading technical capabilities and SaaS product and service offerings are well received and trusted by millions of developers in China.

Aurora Mobile’s products and services have enabled developers to drive business growth for over a decade. Going forward, Aurora Mobile will continue to work together with developers to support technology development and develop a sustainable mobile development ecosystem.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading mobile developer service provider in China. Aurora Mobile is committed to providing efficient and stable push notification, one-click verification, and APP traffic monetization services to help developers improve operational efficiency, grow and monetize. Meanwhile, Aurora Mobile’s vertical applications have expanded to market intelligence, financial risk management, and location-based intelligence, empowering various industries to improve productivity and optimize decision-making.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of 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. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. 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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SaaS-model; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For general inquiry, please contact:

Aurora Mobile Limited

E-mail: [email protected]

Christensen

In China

Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

 



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Fraser Institute News Release: Lessons from Klein era can help Kenney repair Alberta government finances

CALGARY, Alberta, Feb. 09, 2021 (GLOBE NEWSWIRE) — When tackling today’s fiscal challenges, the Alberta government can learn some key lessons from the Klein era of the 1990s, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think tank.

“Successive governments in Alberta have repeated many of the mistakes of the pre-Klein era, including an overreliance on natural resource revenue and high levels of spending, which has produced deficits and rapid debt accumulation,” said Tegan Hill, Fraser Institute economist and co-author of Lessons for Fiscal Reform from the Klein Era.

For example, prior to the 2008/09 recession, Alberta held $43.0 billion (inflation-adjusted) more in assets than it did in debt —in other words, it was Canada’s only debt-free province. Since then, due to government spending growth, nearly uninterrupted budget deficits (and the recent impact of the COVID recession and low oil prices), Alberta’s net government debt burden will reach an estimated $63.5 billion in 2020/21.

When late Alberta premier Ralph Klein entered office in the 1990s, his government also inherited a similar fiscal situation marked by large deficits and rapidly growing debt due primarily to high spending levels by its predecessors.

In response, the Klein government’s 1993 budget included swift broad-based spending reform—not economically-harmful tax increases—which reduced nominal government program spending (total spending minus interest costs) by 21.6 per cent over three fiscal years. As a result, the deficit was quickly eliminated, laying the foundation for more than a decade of budget surpluses, which left Alberta with, by far, the strongest balance sheet of any government in Canada.

“The Klein government managed to repair Alberta’s finances without relying on rising natural resource revenues—indeed, the deficit-reduction plan was based on factors the government could control, namely spending,” said Ben Eisen, Fraser Institute senior fellow and study co-author.

“If the Kenney government is serious about eliminating the budget deficit without harmful tax hikes, it should bring spending levels in line with provincial revenues,” Hill said.

MEDIA CONTACTS:

Tegan Hill, Economist, Fraser Institute
Ben Eisen, Senior Fellow, Fraser Institute

To arrange media interviews or for more information, please contact:

Mark Hasiuk, Senior Media Relations Specialist, 604-688-0221 ext. 517,
[email protected]

Follow the Fraser Institute on Twitter | Like us on Facebook

The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute’s independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org.



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Service Providers Help UK Manufacturers Achieve Modernization and Cost Cuts in Face of Pandemic Challenges

Service Providers Help UK Manufacturers Achieve Modernization and Cost Cuts in Face of Pandemic Challenges

ISG Provider Lens™ report finds use of sourcing growing as manufacturers bolster business continuity processes, develop local production capabilities and adopt as-a-service offerings

LONDON–(BUSINESS WIRE)–
Disruptions caused by the COVID-19 crisis have stretched the abilities of British manufacturers to keep their operations running, causing smaller companies to struggle and leading to a wave of consolidations, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The 2020 ISG Provider Lens™ Manufacturing Industry Services report for the U.K. finds the demands of the pandemic, such as remote work requirements, have forced manufacturers to ensure they have robust infrastructures for business continuity. Many smaller companies lack these systems, and the COVID-19 economic slump has weakened enterprises’ ability to make new investments.

Against this backdrop, system integrators are helping some enterprises move away from legacy platforms, while engineering services providers are building integrated technology stacks that transform processes in ways that can improve business results, according to ISG.

“The digital transformation of manufacturing is becoming more essential as U.K. companies look for ways to weather the global downturn,” said Christian Decker, ISG partner and smart manufacturing lead for EMEA. “While improving business continuity can help them survive this crisis, they are becoming stronger businesses for the future by focusing on the entire product lifecycle.”

Enterprises are turning to engineering providers for the capability to quickly detect and fix production faults and outages, which is critical under any conditions, the report says. Manufacturers are also seeking help in analyzing and reducing costs, with many concerned whether they can afford to continue in their current mode of operations for six months or a year to come.

U.K. manufacturers also have ramped up efforts to virtualize production and move it closer to customers, a trend already in motion due to Brexit, the report says. Supply-chain disruptions caused by the pandemic have given companies a new reason to create smart local factories.

The outsourcing industry in the U.K. is mature and growing, with service providers establishing more integrated engagements with manufacturers in areas including infrastructure, business process management and modernization of legacy systems. Manufacturers are also increasing their use of as-a-service consumption for offerings such as device-as-a-service and platform-as-a-service, the report says.

By providing new platforms and frameworks architected for the future, typically built with open-source technologies in hybrid multi-cloud environments, providers are allowing companies to find alternatives to mass layoffs, ISG says. These platforms provide data that empowers employees to make decisions, execute services, perform diagnostics and manage the shop floor just as they would on a physical network.

In addition, service providers are helping manufacturing enterprises use digital transformation to address the entire product lifecycle, starting from the design and testing phases and extending beyond production to delivery and service, ISG says. Companies want products in customers’ hands to be as connected as possible for maintenance, troubleshooting, supply management and visibility into how the product is used.

The 2020 ISG Provider Lens™ Manufacturing Industry Services report for the U.K. evaluates the capabilities of 82 providers across five quadrants: Smart Manufacturing Services – Automotive, Smart Manufacturing Services – Hi-Tech, Production Automation Solutions, Manufacturing Virtualization Solutions and OT Security Solutions.

The report names AVEVA, Capgemini (Altran), Dassault Systèmes, HCL, Infosys, Siemens, TCS, Tech Mahindra and Wipro as leaders in two quadrants. It names ABB, Alten, Ansys, Attivo Networks, AVL, Bertrandt, Claroty, eInfochips, GE Digital, Honeywell, IBM, Indegy (Tenable), Kaspersky, Nozomi Networks, PTC, Rockwell Automation and SAP as leaders in one quadrant each.

In addition, Cognizant, iBASEt, Lighthouse Systems, LTTS, SAP and SCADAfence are named as Rising Stars—companies with a “promising portfolio” and “high future potential” by ISG’s definition—in one quadrant each.

A customized version of the report is available from eInfochips.

The 2020 ISG Provider Lens™ Manufacturing Industry Services report for the U.K.is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Germany, Switzerland, the U.K., France, the Nordics, Brazil and Australia/New Zealand, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Will Thoretz, ISG

+1 203 517 3119

[email protected]

Kate Hartley, Carrot Communications for ISG

+44 (0)20 3457 6403

[email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Manufacturing Other Manufacturing Other Technology Technology Engineering

MEDIA:

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OneSmart to Report First Quarter Fiscal Year 2021 Financial Results on February 23, 2021

PR Newswire

SHANGHAI, Feb. 9, 2021 /PRNewswire/ — OneSmart International Education Group Limited (NYSE: ONE) (“OneSmart” or the “Company”), the leading premium K-12 education company in China, today announced that it will report its financial results for the first quarter of fiscal year 2021 ended November 30, 2020 before U.S. markets open on Tuesday, February 23, 2021.

OneSmart’s management will hold an earnings conference call at 7:00 AM on Tuesday, February 23, 2021, U.S. Eastern Time (8:00 PM on the same day Beijing/Hong Kong Time).

Dial-in numbers for the live conference call are as follows:

International 

1-412-902-4272

Mainland China

4001-201-203

US

1-888-346-8982

Hong Kong

800-905-945

Passcode

OneSmart

A telephone replay of the call will be available after the conclusion of the conference call through March 2, 2021.

Dial-in numbers for the replay are as follows:

International Dial-in

1-412-317-0088

U.S. Toll Free

1-877-344-7529

Passcode

10152317

Additionally, a live and archived webcast of this conference call will be available at http://ir.onesmart.org.

About OneSmart

Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is a leading premium K-12 education company in China. Our vision is to be the most trusted and heartful high-tech education company and our mission is POWER LEARNING changes the future with technology advancement. Our company culture is centered on the core values of customer focus, excellence, integrity, and technology and innovation.

The Company has built a comprehensive premium K-12 education platform that encompasses OneSmart VIP business, HappyMath, and FasTrack English, and OneSmart Online. As of August 31, 2020, OneSmart operates a nationwide network of 480 learning centers in China.

For more information on OneSmart, please visit http://ir.onesmart.org.

For more information, please contact:

OneSmart
Ms. Ida Yu
Phone: +86-21-2250-5891
E-mail: [email protected] 

ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: [email protected]

Cision View original content:http://www.prnewswire.com/news-releases/onesmart-to-report-first-quarter-fiscal-year-2021-financial-results-on-february-23-2021-301224655.html

SOURCE OneSmart International Education Group Limited

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TechnipFMC Announces Approval of the European Prospectus Relating to the Listing of Technip Energies Shares on Euronext Paris

TechnipFMC Announces Approval of the European Prospectus Relating to the Listing of Technip Energies Shares on Euronext Paris

LONDON, & PARIS & HOUSTON–(BUSINESS WIRE)–
Regulatory News:

TechnipFMC plc (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) today announced that the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) has approved the prospectus relating to the admission to listing and trading of the shares of Technip Energies N.V. (“Technip Energies”) on the regulated market of Euronext Paris (the “European Prospectus”) in connection with its announced separation into two industry-leading, independent, publicly traded companies in the form of a share dividend to TechnipFMC shareholders of a 50.1% stake in Technip Energies.

Subject to satisfaction of customary conditions and receipt of regulatory approvals, Technip Energies will become an independent public company and its shares will commence trading on Euronext Paris at market open at 9:00 a.m. CET on February 16, 2021.

The technical reference price for the Technip Energies shares will be announced on February 15, 2021 through issuance of a notice by Euronext Paris S.A. after market close on Euronext Paris.

The European Prospectus is available on the websites of TechnipFMC (https://investors.technipfmc.com) and Technip Energies (www.technipenergies.com) and has been passported to the French Authority for the Financial Markets (Autorité des marchés financiers).

Important Information for Investors and Securityholders

About TechnipFMC

TechnipFMC is a global leader in the energy industry; delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.

Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.

Each of our approximately 36,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.

TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Forward-looking statements

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “expect,” “plan,” “intend,” “would,” “will,” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, and include any statements with respect to the potential separation of the Company into TechnipFMC and Technip Energies, the expected financial and operational results of TechnipFMC and Technip Energies after the potential separation and expectations regarding TechnipFMC’s and Technip Energies’ respective capital structures, businesses or organizations after the potential separation. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the U.S. Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority, as well as the following:

  • risks associated with disease outbreaks and other public health issues, including the coronavirus disease 2019, their impact on the global economy and the business of our company, customers, suppliers and other partners, changes in, and the administration of, treaties, laws, and regulations, including in response to such issues and the potential for such issues to exacerbate other risks we face, including those related to the factors listed or referenced below;
  • risks associated with the impact or terms of the potential separation;
  • risks associated with the benefits and costs of the potential separation, including the risk that the expected benefits of the potential separation will not be realized within the expected time frame, in full or at all;
  • risks that the conditions to the potential separation, including regulatory approvals, will not be satisfied and/or that the potential separation will not be completed within the expected time frame, on the expected terms or at all;
  • the expected tax treatment of the potential separation, including as to shareholders in the United States or other countries;
  • risks associated with the sale by TechnipFMC of shares of Technip Energies to Bpifrance Participations SA, including whether the conditions to closing will be satisfied;
  • changes in the shareholder bases of TechnipFMC and Technip Energies, and volatility in the market prices of their respective shares, including the risk of fluctuations in the market price of Technip Energies’ shares as a result of substantial sales by TechnipFMC of its interest in Technip Energies;
  • risks associated with any financing transactions undertaken in connection with the potential separation;
  • the impact of the potential separation on our businesses and the risk that the potential separation may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, governmental authorities, suppliers, employees and other business counterparties;
  • unanticipated changes relating to competitive factors in our industry;
  • our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers;
  • our ability to hire and retain key personnel;
  • U.S. and international laws and regulations, including existing or future environmental or trade/tariff regulations, that may increase our costs, limit the demand for our products and services or restrict our operations;
  • disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; and
  • downgrade in the ratings of our debt could restrict our ability to access the debt capital markets.

We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

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Secureworks Unveils Secureworks Taegis™, XDR Advancements, and MSSP Partner Initiative to Strengthen Cybersecurity Community

Secureworks marshals software, brand and channel to protect enterprises and fight adversaries at scale

ATLANTA, Feb. 09, 2021 (GLOBE NEWSWIRE) — Secureworks® (NASDAQ: SCWX), a global leader in cybersecurity, today unveiled its security analytics platform, Secureworks Taegis™ and introduced a new world-wide Managed Security Service Provider (MSSP) initiative to its Global Partner Program to expand and empower the cybersecurity community.

With threat actors increasingly exploiting gaps in point solutions and vulnerabilities in the supply chain, organizations require simplified, integrated and holistic cybersecurity solutions. Secureworks is addressing this need with extended threat detection and response (XDR) across cloud, endpoint and network on the cloud-native, Secureworks Taegis platform.

Extending Beyond TDR To Reduce Risk and Improve Security Performance

Secureworks Taegis™ XDR (Extended Detection and Response) is the next progression of expanded capabilities in the Secureworks threat detection and response strategy. Taegis XDR is a cloud-native SaaS solution that combines Secureworks’ security operations expertise and threat intelligence capabilities to detect and respond to attacks across cloud, endpoint and network environments. It also helps InfoSec teams bridge their cybersecurity skills gaps while reducing costs where security blind spots previously existed.

According to a commissioned Total Economic Impact study conducted by Forrester Consulting on behalf of Secureworks, higher fidelity alerts and reduced noise lead to average productivity gains of nearly $500K over three years.

“Our biggest security challenge was the ability to identify and respond to an event quickly,” said Dr. Faisal Jaffri, global IT director, GKN Wheels and Structures. “Secureworks Taegis alerted us to suspicious activity and gave us specific, actionable recommendations on the first night we went live. We had never been alerted so quickly and it was a critical first step in driving a stronger security posture for our team.”

Why XDR? Why Now?


A recent survey from ESG and Secureworks
 showed that organizations see XDR as a path to increased security efficacy. Respondents’ top threat detection and response goals included improving detection of advanced threats (34%), increasing automation tasks (33%), improving the mean time to respond (MTTR) to threats (29%), and gaining better visibility into cyber-risks, (27%). Participating organizations saw XDR as a potential path to helping them detect, identify, and understand complex attacks across the kill chain.

Secureworks Taegis XDR capitalizes on the company’s security operations expertise and threat intelligence capabilities to detect and respond to attacks. It helps security teams bridge cybersecurity skills gaps and reduce SOC costs. Taegis XDR supports detection and response, providing evidence for 90 percent of 2020 MITRE ATT&CK evaluation techniques and providing a comprehensive view of environments through 40+ third-party integrations.

Secureworks is offering a free, 30-day self-service trial for organizations to explore Taegis XDR using their own data or Secureworks simulated attack data to gain real insights. The Taegis XDR self-service trial delivers the full benefits of the application, including continuous threat intelligence from Secureworks Counter Threat Unit™ (CTU™), automation and higher fidelity alerts that reduce SOC work by 85 percent, for faster, more effective investigations, and Secureworks security analysts that are available via chat at a moment’s notice for organizations that need help.

“When we first began developing Taegis, our original vision on where the market would go aligns squarely with what is now considered an XDR solution,” said Steve Fulton, chief product officer, Secureworks. “We built a cloud-native security analytics platform and detection & response application—now officially Taegis XDR—from the ground up, with that vision in mind. XDR wasn’t an afterthought for us, or a label we decided to put on a point-product. It was the fundamental design-principle and architecture from where we started. And we will continue to rapidly innovate and expand the capabilities of Taegis based on the needs of our customers and partners in what we all know is a fast-moving industry.”

“Managed detection and response services (MDR) are becoming mainstay components of most modern security programs, and XDR adoption is moving fast,” said Dave Gruber, senior analyst, ESG. “In addition to analyzing, correlating, and visualizing telemetry from multiple security controls using proven tooling that Secureworks’ own teams have been using for years, Secureworks Taegis XDR further adds rich threat intelligence and proven counter measures developed by their expert threat and response teams.”

MSSP Initiative Built on Unique MSSP Heritage

Leveraging the company’s origins and more than 20 years of experience as a leading MSSP, Secureworks’ MSSP track is a new addition within the Secureworks Global Partner Program for Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs). It is built with a deep understanding of what is required to provide managed cybersecurity services. The program enables partners to deliver services on the Secureworks Taegis platform to create additional revenue streams, and service offerings to protect customer growth while battling formidable adversaries together.

The track provides MSPs who want to become MSSPs and existing MSSPs access to the Secureworks Taegis cloud-native security platform with financial incentives, a defined enablement path, an assigned partner success manager and dedicated partner support.

The MSSP partner track includes:

  • SOC Development: MSSPs can enhance their existing security operations center (SOC) capability or build a SOC leveraging Taegis Extended Detection and Response (XDR) software and Secureworks Taegis Vulnerability Detection and Response (VDR) analytics application.
  • Training and Enablement: Secureworks trains and enables MSSP partners to deliver Taegis XDR, Taegis VDR, and premium onboarding services.
  • Financial Incentives: MSSP Partners have access to financial benefits including deal registration discounts and they are eligible for go-to-market support including Marketing Development Funds to accelerate customer engagements, acquisition and brand awareness.

Secureworks was recognized as a Representative Vendor in the December 2020 Market Guide for Managed Security Services and was recognized 11 consecutive times as a Leader in the Gartner Magic Quadrant for Managed Security Services Worldwide[1], Secureworks offers the experience and credibility to be a preferred security software provider to technology partners looking to expand into security operations, or, for existing MSSPs to improve the efficacy and scalability of their managed security services.

Secureworks is currently working with four partners, geographically dispersed, in the program’s initial phase, including Globe Business, the enterprise arm of Globe Telecom.

“Globe and Secureworks believe cybersecurity should be supported by a community, as the battle can’t be won by one team alone,” said Peter Maquera, senior vice president for Globe Business. “Secureworks has enabled us to not only bridge businesses to cybersecurity experts and cyber threat intelligence, but also provide predictive, continuous, and responsive protection.”

Additional Resources

For a free, hands-on, 30-day trial of Secureworks Taegis™ visit: Start Your Free Trial | Secureworks.

To sign up for the new Secureworks MSSP program, click here. Terms and conditions apply and are based on Secureworks’ criteria. The program is now available globally with some regional exceptions.

About Secureworks

Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that protects customer progress with Secureworks® Taegis™, a cloud-native security analytics platform built on 20+ years of real-world threat intelligence and research, improving customers’ ability to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.

Connect with Secureworks via Twitter, LinkedIn and Facebook
Read the Secureworks Blog

Contact:
Derek Delano
[email protected]
1 617-335-9516

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Secureworks’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “plan,” “potential,” “outlook,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, competitive uncertainties and general economic and business conditions in Secureworks’ markets as well as the other risks and uncertainties that are described in Secureworks’ periodic reports and other filings with the Securities and Exchange Commission, which are available for review through the Securities and Exchange Commission’s website at www.sec.gov. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or our expectations, the occurrence of unanticipated events, or otherwise. Any future product, service, feature, benefit or related specification referenced in this press release are for information purposes only and are not commitments to deliver any technology or enhancement.

Use of the word “partner,” “partnership” or words of similar import does not imply a legal partnership between Secureworks and any other company.

[1] Gartner, “Magic Quadrant for Managed Security Services, Worldwide,” Toby Bussa, Kelly M. Kavanagh, Sid Deshpande, Pete Shoard, 2 May 2019. The report was formerly titled Magic Quadrant for Global MSSPs and Magic Quadrant for MSSPs, North America. Positioned as Secureworks from 2019-2018, SecureWorks in 2017, 2010-2007, and as Dell SecureWorks from 2015-2011. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.