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Rimini Street Announces Fiscal Second Quarter 2021 Financial Results

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Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced results for the second quarter ended June 30, 2021.

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Rimini Street Announces Fiscal Second Quarter 2021 Financial Results (Photo: Business Wire)

“For the second quarter, we executed well and remain on track to achieve our strategic growth plan of $1 billion in annual revenue by 2026. We achieved record revenue of $91.6 million, up 16.9% year over year and above the high-end of our guidance range. We also ended the quarter with strong year over year billings growth of 44.4%, a gross margin over 62% and an active client count that grew by 22.5%,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “In addition, our revenue retention rate grew to 94%, cross-sales continued to grow as a percent of billings and we achieved year over year billings growth in all three U.S. regions.”

“For the second quarter, we generated $22.7 million of operating cash flow and ended with more than $110 million in cash,” stated Michael L. Perica, Rimini Street chief financial officer. “During the quarter, we also completed a $60 million buyback of Series A Preferred Stock. Subsequent to the second quarter, on July 20, 2021, we redeemed and retired the remaining Series A Preferred Stock, with the transaction funded by commercial bank financing of $90 million at a rate of LIBOR + 1.75% to 2.50% on a five-year term loan. Accordingly, go-forward annual financing costs have been reduced by $24 million compared to fiscal year 2020. Today, we are issuing guidance for the third quarter ending September 30, 2021, maintaining full year 2021 guidance and re-affirming our continued commitment to the long-term goals of increasing top-line growth, operating cash flow and profitability.”

Second Quarter 2021 Financial Highlights

  • Revenue was $91.6 million for the 2021 second quarter, an increase of 16.9% compared to $78.4 million for the same period last year.
  • Annual Recurring Revenue was $362.1 million for the 2021 second quarter, an increase of 16.4% compared to $311.2 million for the same period last year.
  • Active Clients as of June 30, 2021 were 2,645 an increase of 22.5% compared to 2,159 Active Clients as of June 30, 2020.
  • Revenue Retention Rate was 94% for the trailing 12 months ended June 30, 2021 and 92% for the comparable period ended June 30, 2020.
  • Gross margin was 62.2% for the 2021 second quarter compared to 61.2% for the same period last year.
  • Operating income was $4.6 million for the 2021 second quarter compared to $5.1 million for the same period last year.
  • Non-GAAP Operating Income was $9.8 million for the 2021 second quarter compared to $9.7 million for the same period last year.
  • Net income was $6.8 million for the 2021 second quarter compared to net income of $2.9 million for the same period last year.
  • Non-GAAP Net Income was $8.4 million for the 2021 second quarter compared to $8.1 million for the same period last year.
  • Adjusted EBITDA for the 2021 second quarter was $9.9 million compared to $9.6 million for the same period last year.
  • Basic and diluted net loss per share attributable to common stockholders was a net loss per share of $0.06 for the 2021 second quarter compared to a net loss per share of $0.06 for the same period last year.
  • Employee count as of June 30, 2021 was 1,556, a year-over-year increase of 15.9%.
  • On April 16, 2021, completed the buyback of $60 million face-value of Series A preferred stock, plus make-whole of approximately $2.3 million.

Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures, why we believe they are meaningful and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”

Second Quarter 2021 Company Highlights

  • Announced that leading Brazilian chemical distributor quantiQ, switched to Rimini Street Support for its SAP S/4HANA implementation, saving an estimated 75% in total annual support costs which enabled the organization to invest in intelligent automation and RFID capabilities to further its business and maintain its competitive edge.
  • Announced that the International Air Transport Association (IATA) in Montreal, Canada, switched to Rimini Street for integrated support and application management services for its SAP applications, enabling the organization to improve productivity and free up resources to focus on pandemic recovery and expansion.
  • Promoted and appointed Emmanuelle Hose to group vice president and theatre general manager for Europe, Middle East and Africa, and Daniel Benad to group vice president and regional general manager for Australia, New Zealand and South Pacific, to support and capitalize on the growing demand for Rimini Street’s third-party support solutions in these respective regions.
  • Closed nearly 10,000 support cases and delivered more than 15,000 tax, legal and regulatory updates for 35 countries. Also achieved an average client satisfaction rating on the Company’s support delivery of 4.9 out of 5.0 (where 5.0 is “excellent”).
  • Announced results of a global CFO survey report, revealing that CFOs and financial leaders prioritize digital transformation investments and want to cut spending on non-essential IT investments, including major ERP reimplementation and migration projects that lack clear value and strong ROI.
  • Honored with four Stevie American Business Awards including a gold award for the Company’s innovative AI platform for delivering excellence in customer service, as well as awards for Company of the Year, Corporate Social Responsibility Program of the Year and Customer Service Team of the Year.
  • Rimini Street UK recognized in the top 10 for the 2021 UK’s Best Workplaces™, ranking favorably for the Company’s corporate social responsibility, job security and employee engagement program.
  • Announced that Rimini Street’s India operations earned the designation of a Great Place to Work-Certified™company based on the Company’s high-trust culture, employee engagement programs, training and career development and creating a positive work environment for all.
  • Presented at 11 CIO, IT and finance leader conferences globally including Gartner CFO and Finance Leader Conference, MIT CIO Symposium and CIO Connect.
  • Supported more than 30 charities around the world through the Rimini Street Foundation giving programs.

Subsequent Events

On July 20, 2021, the Company completed the buyback of $87.8 million face-value of Series A preferred stock, plus dividends payable of approximately $0.6 million, thereby redeeming the Series A preferred stock in full. The transaction was funded by commercial bank financing of $90 million by lenders Capital One and Fifth Third Bank at a rate of LIBOR + 1.75% to 2.50% on a five-year term loan.

2021 Revenue Guidance

The Company is providing third quarter 2021 revenue guidance to be in the range of $93.5 million to $95.5 million. The Company is maintaining full year revenue guidance to be in the range of $370 million to $380 million.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the second quarter 2021 results and select third quarter 2021 performance to-date commentary at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time on August 4, 2021. A live webcast of the event will be available on Rimini Street’s Investor Relations site athttps://investors.riministreet.com/news-events/events. Dial-in participants can access the conference call by dialing (800) 773-2954 in the U.S. and Canada and enter the code 50194141. A replay of the webcast will be available for at least 90 days following the event.

Company’s Use of Non-GAAP Financial Measures

This press release contains certain “non-GAAP financial measures.” Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release. Presented under the heading “About Non-GAAP Financial Measures and Certain Key Metrics” is a description and explanation of our non-GAAP financial measures.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,200 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the impact of our credit facility’s ongoing debt service obligations and financial covenants and operational covenants on our business and related interest rate risk, the duration of and operational and financial impacts on our business of the COVID-19 pandemic and related economic impact, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; including under our new credit facility; our ability to maintain an effective system of internal control over financial reporting, and our ability to remediate identified material weaknesses in our internal controls, including in relation to the accounting treatment of our warrants; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 4, 2021, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2021 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

RIMINI STREET, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

ASSETS

June 30,
2021

December 31,
2020

Current assets:

Cash and cash equivalents

$

110,387

$

87,575

Restricted cash

334

334

Accounts receivable, net of allowance of $960 and $723, respectively

85,665

117,937

Deferred contract costs, current

14,722

13,918

Prepaid expenses and other

15,593

13,456

Total current assets

226,701

233,220

Long-term assets:

Property and equipment, net of accumulated depreciation and amortization of $12,123 and $10,985, respectively

4,465

4,820

Operating lease right-of-use assets

15,772

17,521

Deferred contract costs, noncurrent

21,839

21,027

Deposits and other

1,717

1,476

Deferred income taxes, net

1,630

1,871

Total assets

$

272,124

$

279,935

LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

$

4,427

$

3,241

Accrued compensation, benefits and commissions

38,650

38,026

Other accrued liabilities

15,926

21,154

Operating lease liabilities, current

4,055

3,940

Deferred revenue, current

229,768

228,967

Total current liabilities

292,826

295,328

Long-term liabilities:

Deferred revenue, noncurrent

35,870

27,966

Operating lease liabilities, noncurrent

14,495

15,993

Accrued PIK dividends payable

647

1,193

Liability for redeemable warrants

3,092

2,122

Other long-term liabilities

2,288

2,539

Total liabilities

349,218

345,141

Redeemable Series A Preferred Stock:

Authorized 180 shares; issued and outstanding 87 shares and 155 shares as of June 30, 2021 and December 31, 2020, respectively. Liquidation preference of $87,155, net of discount of $8,020 and $154,911, net of discount of $17,057, as of June 30, 2021 and December 31, 2020, respectively

79,135

137,854

Stockholders' Deficit:

Preferred Stock, $0.0001 par value per share. Authorized 99,820 shares (excluding 180 shares of Series A Preferred Stock); no other series has been designated

Common Stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 85,704 and 76,406 shares as of June 30, 2021 and December 31, 2020, respectively

9

8

Additional paid-in capital

143,801

98,258

Accumulated other comprehensive loss

(2,262

)

(318

)

Accumulated deficit

(297,777

)

(301,008

)

Total stockholders' deficit

(156,229

)

(203,060

)

Total liabilities, redeemable preferred stock and stockholders' deficit

$

272,124

$

279,935

RIMINI STREET, INC.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Revenue

$

91,614

$

78,402

$

179,509

$

156,434

Cost of revenue

34,595

30,437

68,431

60,636

Gross profit

57,019

47,965

111,078

95,798

Operating expenses:

Sales and marketing

33,157

26,836

63,540

55,248

General and administrative

16,494

13,133

33,097

25,134

Impairment charge related operating right of use assets

393

Litigation costs and related recoveries:

Professional fees and other costs of litigation

2,786

2,722

7,549

5,474

Insurance costs and recoveries, net

141

1,062

Litigation costs and related recoveries, net

2,786

2,863

7,549

6,536

Total operating expenses

52,437

42,832

104,579

86,918

Operating income

4,582

5,133

6,499

8,880

Non-operating income and (expenses):

Interest expense

(38

)

(12

)

(85

)

(25

)

Gain (loss) on change in fair value of redeemable warrants

3,698

(546

)

(970

)

(546

)

Other income (expenses), net

(496

)

(567

)

276

(785

)

Income before income taxes

7,746

4,008

5,720

7,524

Income tax expense

(939

)

(1,084

)

(2,489

)

(2,055

)

Net income

$

6,807

$

2,924

$

3,231

$

5,469

Net loss attributable to common stockholders

$

(4,846

)

$

(3,763

)

$

(14,691

)

$

(7,848

)

Net loss per share attributable to common stockholders:

Basic and diluted

$

(0.06

)

$

(0.06

)

$

(0.18

)

$

(0.12

)

Weighted average number of shares of Common Stock outstanding:

Basic and diluted

85,343

68,290

82,056

68,076

RIMINI STREET, INC.

GAAP to Non-GAAP Reconciliations

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Non-GAAP operating income reconciliation:

Operating income

$

4,582

$

5,133

$

6,499

$

8,880

Non-GAAP adjustments:

Litigation costs and related recoveries, net

2,786

2,863

7,549

6,536

Stock-based compensation expense

2,478

1,726

4,711

3,236

Impairment charge related to operating right-of-use assets

393

Non-GAAP operating income

$

9,846

$

9,722

$

19,152

$

18,652

Non-GAAP net income reconciliation:

Net income

$

6,807

$

2,924

$

3,231

$

5,469

Non-GAAP adjustments:

Litigation costs and related recoveries, net

2,786

2,863

7,549

6,536

Gain (loss) on change in fair value of redeemable warrants

(3,698

)

546

970

546

Stock-based compensation expense

2,478

1,726

4,711

3,236

Impairment charge related to operating right-of-use assets

393

Non-GAAP net income

$

8,373

$

8,059

$

16,854

$

15,787

Non-GAAP Adjusted EBITDA reconciliation:

Net income

$

6,807

$

2,924

$

3,231

$

5,469

Non-GAAP adjustments:

Interest expense

38

12

85

25

Income tax expense

939

1,084

2,489

2,055

Depreciation and amortization expense

590

438

1,174

886

EBITDA

8,374

4,458

6,979

8,435

Non-GAAP adjustments:

Litigation costs and related recoveries, net

2,786

2,863

7,549

6,536

Gain (loss) on change in fair value of redeemable warrants

(3,698

)

546

970

546

Stock-based compensation expense

2,478

1,726

4,711

3,236

Impairment charge related to operating right-of-use assets

393

Adjusted EBITDA

$

9,940

$

9,593

$

20,602

$

18,753

Billings:

Revenue

$

91,614

$

78,402

$

179,509

$

156,434

Deferred revenue, current and noncurrent, as of the end of the period

265,638

218,506

265,638

218,506

Deferred revenue, current and noncurrent, as of the beginning of the period

249,997

222,654

256,933

235,498

Change in deferred revenue

15,641

(4,148

)

8,705

(16,992

)

Billings

$

107,255

$

74,254

$

188,214

$

139,442

About Non-GAAP Financial Measures and Certain Key Metrics

To provide investors and others with additional information regarding Rimini Street’s results, we have disclosed the following non-GAAP financial measures and certain key metrics. We have described below Active Clients, Annual Recurring Revenue and Revenue Retention Rate, each of which is a key operational metric for our business. In addition, we have disclosed the following non-GAAP financial measures: non-GAAP operating income, non-GAAP net income, EBITDA, adjusted EBITDA and Billings. Rimini Street has provided in the tables above a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Due to a valuation allowance for our deferred tax assets, there were no tax effects associated with any of our non-GAAP adjustments. These non-GAAP financial measures are also described below.

The primary purpose of using non-GAAP measures is to provide supplemental information that management believes may prove useful to investors and to enable investors to evaluate our results in the same way management does. We also present the non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis, as well as comparing our results against the results of other companies, by excluding items that we do not believe are indicative of our core operating performance. Specifically, management uses these non-GAAP measures as measures of operating performance; to prepare our annual operating budget; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of our results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communications with our board of directors concerning our financial performance. Investors should be aware however, that not all companies define these non-GAAP measures consistently.

Billings represents the change in deferred revenue for the current period plus revenue for the current period.

Active Client is a distinct entity that purchases our services to support a specific product, including a company, an educational or government institution, or a business unit of a company. For example, we count as two separate active clients when support for two different products is being provided to the same entity. We believe that our ability to expand our active clients is an indicator of the growth of our business, the success of our sales and marketing activities, and the value that our services bring to our clients.

Annual Recurring Revenue is the amount of subscription revenue recognized during a fiscal quarter and multiplied by four. This gives us an indication of the revenue that can be earned in the following 12-month period from our existing client base assuming no cancellations or price changes occur during that period. Subscription revenue excludes any non-recurring revenue, which has been insignificant to date.

Revenue Retention Rate is the actual subscription revenue (dollar-based) recognized over a 12-month period from customers that were clients on the day prior to the start of such 12-month period, divided by our Annual Recurring Revenue as of the day prior to the start of the 12-month period.

Non-GAAP Operating Income is operating income adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and impairment charge related to operating right-of-use assets. The exclusions are discussed in further detail below.

Non-GAAP Net Income is net income adjusted to exclude: litigation costs and related recoveries, net, loss on change in fair value of redeemable warrants, stock-based compensation expense and impairment charge related to operating right-of-use assets. These exclusions are discussed in further detail below.

Specifically, management is excluding the following items from its non-GAAP financial measures, as applicable, for the periods presented:

Litigation Costs and Related Recoveries, Net: Litigation costs and the associated insurance and appeal recoveries relate to outside costs of litigation activities. These costs and recoveries reflect the ongoing litigation we are involved with, and do not relate to the day-to-day operations or our core business of serving our clients.

Gain (loss) on Change in Fair Value of Redeemable Warrants: We have determined to exclude the gains and losses on redeemable warrants related to the change in fair value of these instruments given the financial nature of this fair value requirement. We are not able to manage these amounts as part of our business operations nor are the costs core to servicing our clients and have excluded them.

Stock-Based Compensation Expense: Our compensation strategy includes the use of stock-based compensation to attract and retain employees. This strategy is principally aimed at aligning the employee interests with those of our stockholders and to achieve long-term employee retention, rather than to motivate or reward operational performance for any particular period. As a result, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Impairment charge related to operating lease right-of-use assets: This relates to an impairment charge related to our leased assets for a portion of one of our locations as we no longer use the space.

EBITDA is net income adjusted to exclude: interest expense, income tax expense, and depreciation and amortization expense.

Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs and related recoveries, net, gain (loss) on change in fair value on redeemable warrants, stock-based compensation expense and impairment charge related to operating right-of-use assets, as discussed above.

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Contact information

Investor Relations Contact
Dean Pohl
Rimini Street, Inc.
+1 925 523-7636
dpohl@riministreet.com

Media Relations Contact
Michelle McGlocklin
Rimini Street, Inc.
+1 925 523-8414
mmcglocklin@riministreet.com

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The Scottish National Blood Transfusion Service (SNBTS) – the specialist provider of transfusion medicine in Scotland – will implement the biolog-id blood inventory devices to optimize the management of its blood products across the country. Through this deployment, biolog-id’s cutting-edge technology will streamline the complex inventory and distribution processes of the red blood cells to distant sites, enhancing the visibility and management of those lifesaving products between the Scottish blood centre and each remote blood bank. Designed for healthcare professionals specialized in the transfusion field, the Biolog Transfusion Solution combines RFID enabled devices powered by a proprietary IT engine and electronic labels. Biolog-id’s contactless devices are integrated into SNBTS’ IT transfusion management solution (MAK-SYSTEM – e-TRACELINE), offering real-time visibility of each component at each step of the supply chain. The corner-stone devices of this solution are the RFID Smart

Let’s Build a Digital Future Together: Join us at Dahua Partner Day 2021!22.9.2021 15:45:00 CEST | Press release

Dahua Technology, a world-leading video-centric smart IoT solution and service provider, will hold its 2nd online Dahua Technology Partner Day on October 13th - 14th with the theme “Building a digital future”. Adhering to its strategy of open cooperation, Dahua Technology is committed to creating a win-win ecosystem with leading technology partners around the world. This year, Dahua Technology will join hands with its 22 global partners to discuss interoperability, share industry trends, and explore the future of digitalization and intelligence together. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210922005395/en/ (Photo: Business Wire) “We are excited to host our second virtual technology partner day. Technologies have evolved fast in the past year, and the needs of digitization and diversified challenges facing different industries today are driving the integration of security companies,” says Mr. Jiaqi Gao, Overseas Ma

Takeda Selects Four New Partners for Annual Global Corporate Social Responsibility (CSR) Program to Help Strengthen Health Systems in Low- and Middle-Income Countries22.9.2021 15:30:00 CEST | Press release

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced the addition of four partnerships to its Global Corporate Social Responsibility (CSR) Program, which makes long-term commitments to strengthen health systems and improve access to healthcare for all in developing and emerging countries. As part of an annual decision-making process, Takeda employees worldwide voted to add IntraHealth International, Jhpiego, Pathfinder International and the World Food Programme(WFP) as new partners for the Global CSR Program, which now supports 20 programs in 72 countries. Takeda’s commitments to these new partners in FY2021 include: JPY 953 million to IntraHealth International to work with 12 private schools in Mali, Senegal and Niger to increase the number of qualified, trained nurses who can serve rural communities facing a critical shortage of health workers in these countries. Over the next five years, the project will help private schools partner with the public se

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