KUALA LUMPUR, Aug 29 (Bernama) -- PubMatic, a premium digital technology company has achieved certification for IAB Tech Lab’s Open Measurement SDK Integration Validation Compliance (IVC) for Display ad formats.
“With this achievement, it is critical that we accelerate the growth of programmatic with more transparency, all which lead to the overall success of our in-app publisher and developer clients,” said PubMatic senior director (Product Management), Mike Chowla.
By supporting this initiative, PubMatic will help drive improved in-app viewability and verification to ensure quality and trust in this growing channel, according to a statement.
This certification comes in the midst of PubMatic’s continued commitment to enforcing industry quality and transparency initiatives such as the IAB Tech Lab’s App-ads.txt specification, Sellers.JSON and Supply Chain Object.
With the compliance certification, PubMatic continues to focus on driving more effective mobile advertising and helping advertisers realise the potential mobile can offer.
More information at https://pubmatic.com.
-- BERNAMA
Friday 30 August 2019
Thursday 29 August 2019
United India Insurance Company Limited´s credit ratings downgraded - AM Best
KUALA LUMPUR, Aug 29 -- AM Best has downgraded the Financial Strength Rating (FSR) to C++ (marginal) from B (fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) to ´b+´ from ´bb+´ for United India Insurance Company Limited (United).
The outlook of the FSR remains stable, while the outlook of the Long-Term ICR remains negative, according to a statement.
The negative rating outlook for the Long-Term ICR reflects the potential for further deterioration in United´s risk-adjusted capitalisation and operating performance over the near to medium term.
The credit ratings reflect the company´s balance sheet strength, which AM Best categorised as adequate, marginal operating performance, neutral business profile and marginal enterprise risk management.
Risk-adjusted capitalisation, as measured by Best´s Capital Adequacy Ratio, deteriorated to adequate from very strong during fiscal year 2019, due to a combination of significant reserve strengthening for motor third-party liability business and large underwriting losses from other product lines.
Capital and surplus have declined significantly by 29.1 per cent to INR64 billion (US$0.9 billion) as of March 31. (INR100 = RM5.87).
The company repeatedly has fallen short of local minimum regulatory solvency requirements in recent years. To support an improvement in this position, the company issued INR9 billion of subordinated debt in 2017.
AM Best is a global rating agency and information provider with unique focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
The outlook of the FSR remains stable, while the outlook of the Long-Term ICR remains negative, according to a statement.
The negative rating outlook for the Long-Term ICR reflects the potential for further deterioration in United´s risk-adjusted capitalisation and operating performance over the near to medium term.
The credit ratings reflect the company´s balance sheet strength, which AM Best categorised as adequate, marginal operating performance, neutral business profile and marginal enterprise risk management.
Risk-adjusted capitalisation, as measured by Best´s Capital Adequacy Ratio, deteriorated to adequate from very strong during fiscal year 2019, due to a combination of significant reserve strengthening for motor third-party liability business and large underwriting losses from other product lines.
Capital and surplus have declined significantly by 29.1 per cent to INR64 billion (US$0.9 billion) as of March 31. (INR100 = RM5.87).
The company repeatedly has fallen short of local minimum regulatory solvency requirements in recent years. To support an improvement in this position, the company issued INR9 billion of subordinated debt in 2017.
AM Best is a global rating agency and information provider with unique focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
FACEBOOK KICKS OFF THE SECOND YEAR OF MADE BY MALAYSIA, LOVED BY THE WORLD PROGRAM TO HELP MORE MALAYSIAN SMES EXPAND ACROSS BORDERS
KUALA LUMPUR, Aug 29 (Bernama) -- On 28 August 2019, Facebook, together with MATRADE and AVANA, hosted an offline training with 80 SMEs to kick off the second phase of the Made by Malaysia, Loved by the World program. The second phase is aiming at training 1,000 SMEs in seven states across Malaysia. The program, which made its debut last year, also brought in a new partner, DHL Express, the globally leading express service provider, on this second phase, that is set to help SMEs navigate the complexities of international trade.
“Facebook is committed to helping fast forward the country's digital transformation by helping Malaysian small businesses grow both at home and abroad. Through the expansion of the Made by Malaysia program, Facebook will continue to invest more resources in Malaysia to equip more local SMEs with the tools, knowledge, and skills they need to be successful,” said Nicole Tan, Country Director for Malaysia at Facebook.
In Malaysia, there's still a lot of work to do to fully unlock the potential of SMEs; especially in the area of International trade. Using online services such as Facebook and Instagram to engage with customers and promote a business removes many of the geographical barriers that traditional brick-and-mortar businesses face. This allows SMEs in Malaysia to expand across borders, allowing a business to seek international demand for their products or services at an early stage of the business lifecycle.
“It is pertinent for businesses today to be adequately proficient in the digital landscape for them to compete, especially when going for exports. We hope the Made By Malaysia program, together with our current eTRADE Programme, can help SMEs to pick up skills in market research and digital marketing, and develop or strengthen their e-commerce presence by adopting digital solutions to ensure their business grow beyond borders,” said Mr. Noraslan Hadi Abdul Kadir, Director of Digital Trade Section, MATRADE.
The phase two of the Made by Malaysia, Loved by the World program will host offline trainings in Kuala Lumpur, Penang, Sabah, Sarawak, Pahang, Perak and Johor. During the training, SMEs will have the opportunity to learn a combination of Facebook’s marketing solutions and insights, as well as the partners’ deep experience in bridging Malaysian businesses with global markets.
With DHL joining hands in this program, Malaysian SMEs can also expect to get more insights and knowledge in cross-border logistics. “International logistics is an important factor for any company, especially in the e-commerce sector, looking to expand their reach beyond the country and to profit from the upward trend in cross-border online shopping. DHL is proud to be joining hands with Facebook to share insights and best practices that can help Malaysian SMEs succeed in cross-border logistics,” said Julian Neo, Managing Director, DHL Express Malaysia and Brunei.
To-date, 1000 small businesses and entrepreneurs have been trained in the Phase 1 of the Made by Malaysia, Loved by the World program. With 97%[1] of SMEs on Facebook in Malaysia say that knowing how to promote products digitally, including on social media, is important to their business, the program aims to train 1000 more SMEs from September to December 2019. I’m very excited to see more business owners participating in Made by Malaysia program since the launch last year. Together with our partners from Facebook, MATRADE and DHL Express, AVANA will continue to equip Malaysian SMEs with the right digital knowledge, technology platform and more resources to scale up against their peers within the country and from around the globe,” said Luqman Adris, CEO & Founder of AVANA.
[1] https://dataforgood.fb.com/wp-content/uploads/2017/01/170726-Future-of-Business-Survey-Trade-report-July-2017-6.pdf
For more information, on the Made by Malaysia, Loved by the World program, please visit: https://madebyyou.fb.com/my
“Facebook is committed to helping fast forward the country's digital transformation by helping Malaysian small businesses grow both at home and abroad. Through the expansion of the Made by Malaysia program, Facebook will continue to invest more resources in Malaysia to equip more local SMEs with the tools, knowledge, and skills they need to be successful,” said Nicole Tan, Country Director for Malaysia at Facebook.
In Malaysia, there's still a lot of work to do to fully unlock the potential of SMEs; especially in the area of International trade. Using online services such as Facebook and Instagram to engage with customers and promote a business removes many of the geographical barriers that traditional brick-and-mortar businesses face. This allows SMEs in Malaysia to expand across borders, allowing a business to seek international demand for their products or services at an early stage of the business lifecycle.
“It is pertinent for businesses today to be adequately proficient in the digital landscape for them to compete, especially when going for exports. We hope the Made By Malaysia program, together with our current eTRADE Programme, can help SMEs to pick up skills in market research and digital marketing, and develop or strengthen their e-commerce presence by adopting digital solutions to ensure their business grow beyond borders,” said Mr. Noraslan Hadi Abdul Kadir, Director of Digital Trade Section, MATRADE.
The phase two of the Made by Malaysia, Loved by the World program will host offline trainings in Kuala Lumpur, Penang, Sabah, Sarawak, Pahang, Perak and Johor. During the training, SMEs will have the opportunity to learn a combination of Facebook’s marketing solutions and insights, as well as the partners’ deep experience in bridging Malaysian businesses with global markets.
With DHL joining hands in this program, Malaysian SMEs can also expect to get more insights and knowledge in cross-border logistics. “International logistics is an important factor for any company, especially in the e-commerce sector, looking to expand their reach beyond the country and to profit from the upward trend in cross-border online shopping. DHL is proud to be joining hands with Facebook to share insights and best practices that can help Malaysian SMEs succeed in cross-border logistics,” said Julian Neo, Managing Director, DHL Express Malaysia and Brunei.
To-date, 1000 small businesses and entrepreneurs have been trained in the Phase 1 of the Made by Malaysia, Loved by the World program. With 97%[1] of SMEs on Facebook in Malaysia say that knowing how to promote products digitally, including on social media, is important to their business, the program aims to train 1000 more SMEs from September to December 2019. I’m very excited to see more business owners participating in Made by Malaysia program since the launch last year. Together with our partners from Facebook, MATRADE and DHL Express, AVANA will continue to equip Malaysian SMEs with the right digital knowledge, technology platform and more resources to scale up against their peers within the country and from around the globe,” said Luqman Adris, CEO & Founder of AVANA.
[1] https://dataforgood.fb.com/wp-content/uploads/2017/01/170726-Future-of-Business-Survey-Trade-report-July-2017-6.pdf
For more information, on the Made by Malaysia, Loved by the World program, please visit: https://madebyyou.fb.com/my
For more information, please find the full press release, fact sheet and images attached, or you may find them here.
About DHL Express Malaysia - The Logistics Company for the World
DHL is the leading global brand in the logistics industry. Our DHL family of divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, energy, automotive and retail, a proven commitment to corporate responsibility and an unrivalled presence in developing markets, DHL is decisively positioned as “The logistics company for the world”.
DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 61 billion euros in 2018.
About MATRADE
The Malaysia External Trade Development Corporation (MATRADE) was established on March 1, 1993 as the external trade promotion arm of Malaysia's Ministry of International Trade and Industry (MITI). Its functions are:
● To promote, assist and develop Malaysia's external trade with particular emphasis on the export of manufactured and semi-manufactured products and services;
● To formulate and implement export marketing strategies and trade promotion activities to promote Malaysia's export;
● To undertake commercial intelligence and market research and create a comprehensive database of information for the improvement and development of Malaysia's trade;
● To organise training programmes to improve the international marketing skills of Malaysian exporters;
● To enhance and protect Malaysia's international trade investment abroad; and
● To promote, facilitate and assist in the services areas related to trade.
About AVANA
AVANA is an eCommerce enabler that helps businesses of all sizes sell online easily across multiple channels through automation tools and business intelligence. Founded in 2016, AVANA has since empowered more than 30,000 sellers and have now expanded its services to Singapore and Indonesia to empower more MSMEs across Southeast Asia.
Source: Arcis Communications
FOR MORE INFORMATION OR INTERVIEW OPPORTUNITIES, PLEASE CONTACT:
Name: Vanitha Mani Thevaratnam, Account Director
Arcis Communications
Tel: +60 12 317 2600
Email: vanitha@arciscommunications.com
Name: Liew Sue Ling, Account Executive
Arcis Communications
Tel: +60 16 235 4225
Email: sueling@arciscommunications.com
--BERNAMA
Wednesday 28 August 2019
CENTURY SOFTWARE GETS RM 8.2 MILLION CONTRACT FROM DBKL
PETALING JAYA, Aug 28 (Bernama) -- Century Software (M) Sdn Bhd, a wholly-owned subsidiary of Censof Holdings Berhad has been awarded an information and communication technology (“ICT”) maintenance contract worth RM 8.2 million from Dewan Bandaraya Kuala Lumpur (DBKL).
Under the terms of the contract with DBKL, Century Software’s scope of work includes comprehensive maintenance and support services of ePBT Financial Management system in DBKL. The contract also includes refresh of hardware for the system. Duration of the contract will be for one year.
Censof Group Managing Director, Ameer Bin Shaik Mydin said: " In the current economic condition, it is satisfying that Century Software has been able to sign a contract that provides enhanced visibility to our overall revenue streams."
Century Software leading provider of financial management solutions developed on SAGA (Standard Accounting System for Government Agencies) – an initiative by the Malaysian Government to standardize accounting and financial management enterprise solutions used in all its Federal Statutory Bodies.
“It is our competencies, commendable execution track record and our eagerness to ensure customer delight that have allowed us to offer superior services to our clients. This win further enables us to strengthen our footprint with DBKL. Our mission is to be the trusted technology and capacity provider for our clients and industry for years to come,” he added.
Century Software creates platforms and services for businesses and governments to manage millions of interactions every day for those they serve. They leverage on the power of cloud, mobile and IoT, combined with technologies such as machine learning, robotic process automation, blockchain and artificial intelligence to elevate every interaction, driving modern digital experiences that are more efficient.
http://mrem.bernama.com/viewsm.php?idm=35343
Under the terms of the contract with DBKL, Century Software’s scope of work includes comprehensive maintenance and support services of ePBT Financial Management system in DBKL. The contract also includes refresh of hardware for the system. Duration of the contract will be for one year.
Censof Group Managing Director, Ameer Bin Shaik Mydin said: " In the current economic condition, it is satisfying that Century Software has been able to sign a contract that provides enhanced visibility to our overall revenue streams."
Century Software leading provider of financial management solutions developed on SAGA (Standard Accounting System for Government Agencies) – an initiative by the Malaysian Government to standardize accounting and financial management enterprise solutions used in all its Federal Statutory Bodies.
“It is our competencies, commendable execution track record and our eagerness to ensure customer delight that have allowed us to offer superior services to our clients. This win further enables us to strengthen our footprint with DBKL. Our mission is to be the trusted technology and capacity provider for our clients and industry for years to come,” he added.
Century Software creates platforms and services for businesses and governments to manage millions of interactions every day for those they serve. They leverage on the power of cloud, mobile and IoT, combined with technologies such as machine learning, robotic process automation, blockchain and artificial intelligence to elevate every interaction, driving modern digital experiences that are more efficient.
http://mrem.bernama.com/viewsm.php?idm=35343
S BLOCK Interstellar Quantitative Summit convened in Bangkok
KUALA LUMPUR, Aug 26 (Bernama) -- The ‘S BLOCK Interstellar Quantitative Summit’ recently convened in Bangkok, Thailand, launching S BLOCK super node MasterNodes and S BLOCK Data Processing Unit.
S BLOCK is a brand-new multi-currency, cross-chain technology wallet from Switzerland, jointly issued by S BLOCK foundation, Cloud Capital, Top Line, DAF, Stanford Blockchain Research center, MIT Media Lab and Cambridge Financial Alternative Center.
Since its launch on June 15, it has brought a generous revenue of six to 15 per cent for its millions of users monthly, according to a statement.
Interstellar quantification is S BLOCK's biggest source of revenue as it is to realise timely capital exchanges with the quantification team under the agreement of Interstellar loan contract.
Also launched at the summit is S BLOCK super node MasterNodes which is to truly realise benefit sharing within the platform.
The mechanism of MasterNodes is to gather scattered coins from users and turn them into POS nodes of the public chain, so as to share profits within the contributors of the mining pool.
In addition, the S BLOCK Data Processing Unit was also launched at the event. S BLOCK will build a unique ecosystem and create a new powerful cross-chain public chain.
Tuesday 27 August 2019
Thailand´s free visa for Chinese tourists targets tourism revenue increase
KUALA LUMPUR, Aug 26 (Bernama) -- Thailand has planned to offer ‘one-year free visa’ to Chinese tourists after extending landing visa’s free policy, according to Queqi Media Culture.
Thai media reported that Thailand’s Minister of Tourism and Sports recently submitted a bill to Thai Prime Minister, Prayuth (Prayuth Chan-ocha) to introduce a one-year free visa policy for Chinese and Indian tourists.
The move aims to stimulate the development of Thailand’s tourism industry as a whole and strives to achieve a tourism revenue of 3.4 trillion baht. (THB100 = RM13.74)
The department also planned to replace the free visa on arrival policy that expires on Oct 31, a statement said.
The cooperation between China and Thailand has gone far beyond tourism and agricultural trade as China hopes Thailand will become more prosperous, safer and innovative.
The cooperation is moving towards three more strategic areas, namely military security, medical, and scientific and technological innovation.
Both countries are expected to carry out more extensive military equipment cooperation, including supporting Thailand in building its own military industry chain, as well as promoting health cooperation and the industrialisation of natural medicines.
More information at http://www.queqicn.com.
-- BERNAMA
Thai media reported that Thailand’s Minister of Tourism and Sports recently submitted a bill to Thai Prime Minister, Prayuth (Prayuth Chan-ocha) to introduce a one-year free visa policy for Chinese and Indian tourists.
The move aims to stimulate the development of Thailand’s tourism industry as a whole and strives to achieve a tourism revenue of 3.4 trillion baht. (THB100 = RM13.74)
The department also planned to replace the free visa on arrival policy that expires on Oct 31, a statement said.
The cooperation between China and Thailand has gone far beyond tourism and agricultural trade as China hopes Thailand will become more prosperous, safer and innovative.
The cooperation is moving towards three more strategic areas, namely military security, medical, and scientific and technological innovation.
Both countries are expected to carry out more extensive military equipment cooperation, including supporting Thailand in building its own military industry chain, as well as promoting health cooperation and the industrialisation of natural medicines.
More information at http://www.queqicn.com.
-- BERNAMA
South Korea insurers to cope with new accounting, solvency rules
KUALA LUMPUR, Aug 27 -- South Korea’s non-life insurers are in a better position than their life counterparts to face the impact of simultaneous implementation of two new frameworks by 2022, according to AM Best.
The frameworks are the International Financial Reporting Standards 17 (IFRS 17) accounting standard and K-Insurance Capital Standard (K-ICS) solvency regime.
In a new Best’s Special Report, titled ‘South Korea Insurers Prepare to Face New Accounting and Solvency Rules’, AM Best stated that the implementation was likely to take a heavy operational toll on the market.
IFRS 17 will fundamentally change the accounting view on the valuation of insurance contracts and profit recognition.
In addition to the full adoption of IFRS 17, the Financial Supervisory Services also intend to have the industry simultaneously adopt K-ICS, a new solvency regime.
The aim is not only to align current solvency requirements with the new accounting standard, but also to adopt a more advanced yardstick to regulate the financial soundness of South Korea’s insurance industry.
According to the report, one of the unique features of South Korea’s non-life insurance market is that they can sell long-term insurance products, and as a result, their business largely overlaps with that of life insurers.
Despite potential financial burdens that may stem from the preparation to implement IFRS 17 and K-ICS, AM Best believes that overall, insurance customers will benefit from the enhanced financial soundness of the overall insurance industry over the long term.
More details on www.ambest.com
-- BERNAMA
Rihanna's runway show to stream exclusively on Amazon Prime Video
KUALA LUMPUR, Aug 27 (Bernama) -- Amazon Prime Video is set to present the highly anticipated second annual Savage X Fenty Show, a runway show celebrating music and fashion icon Rihanna’s new Fall/Winter 2019 collection.
Savage X Fenty Show will stream exclusively on Amazon Prime Video in over 200 countries, beginning Sept 20.
The Amazon Prime Video special will also feature an exclusive look behind the scenes in the making of the show.
The extraordinary fashion experience will take place during the New York Fashion Week in conjunction with NYFW: The Shows.
Amazon Studios head, Jennifer Salke said: “The Savage X Fenty Show promises to be a ground-breaking and truly unique experience and we are thrilled to give our global customers an exclusive front row seat.”
“We want to make people look good and feel good,” said Rihanna, who approaches Savage X with the same mentality as in all her projects.
-- BERNAMA
Savage X Fenty Show will stream exclusively on Amazon Prime Video in over 200 countries, beginning Sept 20.
The Amazon Prime Video special will also feature an exclusive look behind the scenes in the making of the show.
The extraordinary fashion experience will take place during the New York Fashion Week in conjunction with NYFW: The Shows.
Amazon Studios head, Jennifer Salke said: “The Savage X Fenty Show promises to be a ground-breaking and truly unique experience and we are thrilled to give our global customers an exclusive front row seat.”
“We want to make people look good and feel good,” said Rihanna, who approaches Savage X with the same mentality as in all her projects.
-- BERNAMA
Vricon, Apollo Mapping provide easy access to geospatial products
KUALA LUMPUR, Aug 22 -- Vricon has partnered Apollo Mapping, providing new means for geospatial product customers with easy access to Vricon’s offerings.
Customers can now order Vricon imagery via Apollo Mapping, using Apollo’s Image Hunter search engine tool to help clients find Vricon products featuring global areas.
Minimum order sizes are only 100 sq km, making Vricon products far more accessible and affordable for smaller organisations and businesses.
Vricon chief executive officer, Magnus Brege said: “We have not had the means to offer smaller areas of interest to engineers, business owners and academics - Apollo Mapping is helping to make that happen today.”
The company has also launched its new five-metre Digital Surface Model and Digital Terrain Model products, which are now available through Apollo Mapping.
The Virginia-based Vricon serves the global professional geospatial market with world-leading 3D geodata and 3D visualisation solutions.
Apollo Mapping partners with industry-leading imagery providers and land information companies to bring the most accurate, high-quality data possible.
More information at vricon.com
-- BERNAMA
Customers can now order Vricon imagery via Apollo Mapping, using Apollo’s Image Hunter search engine tool to help clients find Vricon products featuring global areas.
Minimum order sizes are only 100 sq km, making Vricon products far more accessible and affordable for smaller organisations and businesses.
Vricon chief executive officer, Magnus Brege said: “We have not had the means to offer smaller areas of interest to engineers, business owners and academics - Apollo Mapping is helping to make that happen today.”
The company has also launched its new five-metre Digital Surface Model and Digital Terrain Model products, which are now available through Apollo Mapping.
The Virginia-based Vricon serves the global professional geospatial market with world-leading 3D geodata and 3D visualisation solutions.
Apollo Mapping partners with industry-leading imagery providers and land information companies to bring the most accurate, high-quality data possible.
More information at vricon.com
-- BERNAMA
InMoment, Minor DKL to present at Forrester´s CX Singapore 2019
KUALA LUMPUR, Aug 26 (Bernama) -- InMoment, the leader in Experience Intelligence (XI) will host a session with Minor DKL Food Group on Aug 28, at Forrester’s CX Singapore 2019.
Minor DKL Food Group is a leading food franchisor and owner of several brands including The Coffee Club, Ribs & Rumps Restaurants, and Coffee Hit franchises, totalling 450 restaurants throughout 11 countries, according to a statement.
The session will present ‘The Real Work of Turning CX Insights into Results’, bringing together some of the world’s best customer experience thought leaders, technology providers, and professionals.
Minor DKL chief operating officer, Stephen Hazard will explain how Minor DKL has successfully operationalised key CX insights that led to impressive business results.
“Minor DKL truly, is an incredible example of not only being customer-minded, but actually taking action on the intelligence it uncovers,” said InMoment chief marketing officer, Kristi Knight.
“It’s proving to be a leader both in the competitive restaurant industry, as well as in the realm of CX as a whole.”
InMoment helps organisations deliver more beneficial and memorable experiences in every moment. More information at https://www.inmoment.com.
-- BERNAMA
Foundation Life (NZ) Limited affirmed with excellent rating - AM Best
KUALA LUMPUR, Aug 26 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Foundation Life (NZ) Limited (FLNZ) in New Zealand.
With stable outlook on these credit ratings, it reflects FLNZ’s balance sheet strength, which AM Best has categorised as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The company’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that was at the strongest level as of fiscal year-end 2018, as measured by Best’s Capital Adequacy Ratio.
A partially offsetting balance sheet factor remains the company’s moderate-sized absolute capital base, which exposes capital adequacy to volatility in the event of stressed scenarios, including sudden and severe movements in interest rates.
FLNZ has a track record of reporting adequate operating performance, with post-tax profits reported in each of the past five years (fiscal years 2014 to 2018), according to a statement.
AM Best views the company’s business profile as limited, given its position as a run-off life insurer and its moderate scale of operations in New Zealand.
AM Best is a global rating agency and information provider with unique focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
-- BERNAMA
Global fashion, textile companies safeguard planet via 'Fashion Pact'
KUALA LUMPUR, Aug 23 -- Thirty-two global fashion and textile companies have signed the Fashion Pact, committed to achieve practical objectives in areas of climate, biodiversity and oceans.
The companies include Kering, Nike, Chanel, Ralph Lauren, Karl Lagerfeld, Puma, Salvatore Ferragamo, Giorgio Armani, H&M Group, Prada Group and Burberry.
The objectives draw on the Science-Based Targets (SBT) initiative, which focuses on stopping global warming, restoring biodiversity and protecting the oceans.
SBT initiative aims to match companies’ objectives for reducing greenhouse gas emissions with the data provided by climate science.
The Fashion Pact will be presented to heads of state during the three-day G7 meeting at Biarritz, France, beginning Aug 24.
Representatives of these companies have been invited to the Elysée Palace by French President, Emmanuel Macron.
Last April, Macron gave Kering chairman and chief executive officer, François-Henri Pinault a mission to gather leading players in fashion and textiles, with the aim of setting practical objectives to reducing the environmental impact of their industry.
The Fashion Pact is open to any company to fundamentally transform the practices of the fashion and textile industry and meet the environmental challenges of this century.
-- BERNAMA
Monday 26 August 2019
China´s investment in Southeast Asia shows good momentum
KUALA LUMPUR, Aug 26 (Bernama) -- China’s investment in Southeast Asia has showed good momentum in the first half of 2019, as it reached US$11 billion, almost doubling year-on-year, according to a Maybank report. (US$1=RM4.21)
The new round of scientific and technological revolution is an important background for the country’s rapid investment in Southeast Asia.
According to statistics, investment in the science and technology sector reached US$2.5 billion in the first half of the year, more than the total in 2017.
In addition, the 5G communications global commercialisation is a major factor driving the outbreak of technology investment in the region.
China and Southeast Asian countries actively welcome the tide of the digital economy with an aim to achieve lane-changing and overtaking.
Against the headwind of the United States trade protectionism, the economic relationship between China and Southeast Asia is still uniquely well, proving the feasibility of the Belt and Road Initiative.
The goal of the initiative is also to build these new roads and ties, which will make China and Southeast Asia more closely linked and become a new pole of global economic growth.
-- BERNAMA
The new round of scientific and technological revolution is an important background for the country’s rapid investment in Southeast Asia.
According to statistics, investment in the science and technology sector reached US$2.5 billion in the first half of the year, more than the total in 2017.
In addition, the 5G communications global commercialisation is a major factor driving the outbreak of technology investment in the region.
China and Southeast Asian countries actively welcome the tide of the digital economy with an aim to achieve lane-changing and overtaking.
Against the headwind of the United States trade protectionism, the economic relationship between China and Southeast Asia is still uniquely well, proving the feasibility of the Belt and Road Initiative.
The goal of the initiative is also to build these new roads and ties, which will make China and Southeast Asia more closely linked and become a new pole of global economic growth.
-- BERNAMA
Friday 23 August 2019
AM BEST AFFIRMS CREDIT RATINGS OF KOREA P&I CLUB
HONG KONG, Aug 23 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Korea P&I Club (KP&I or the Club) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect KP&I’s balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the wide range of support that the Club receives from the South Korea government.
KP&I’s risk-adjusted capitalization remains at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The Club has demonstrated a track record of healthy capital growth over the past five years. In 2018, KP&I’s capital and surplus grew by 7.4%, supported by its strong operating performance and full retention of net income.
KP&I has achieved highly profitable underwriting results over the past five years, although its performance in 2018 declined due to a drop in gross premium written and increased expenses. The Club continues to benefit from its conservative investment strategy, which yields a stable stream of interest income. In 2018, the depreciation of the South Korean Won against the U.S. dollar led to a foreign exchange gain, which had a positive impact on KP&I’s operating performance and net profit.
KP&I has a relatively small presence in the global P&I market in comparison to members of International Group of P&I Clubs as its business is highly concentrated in South Korea. Amid increasing competition in its domestic market, the Club has been working on multiple initiatives to secure its market position, including strategic partnerships with the International Group of P&I Clubs, a new business opportunity under the government’s plan to build new vessels to support South Korea’s shipping industry and overseas expansion.
AM Best considers KP&I’s risk management capabilities to be appropriate given its risk profile. The Club follows strict underwriting guidelines and maintains a conservative reinsurance strategy.
KP&I was founded in 2000 under the Ship Owners’ Mutual Protection and Indemnity Association Act. Aside from its strategic role in the long-term development of the country’s marine infrastructure, the Club benefits from various support measures by the South Korea government, including corporate tax exemption and government subsidies, which serve as positive rating factors.
Negative rating actions could occur if there is a material decline in the Club’s risk-adjusted capitalization or sustained deterioration in its operating performance.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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https://www.businesswire.com/news/home/20190822005356/en/
Contact
Chanyoung Lee
Senior Financial Analyst
+852 2827 3404
chanyoung.lee@ambest.com
Christie Lee
Senior Director, Analytics
+852 2827 3413
christie.lee@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
The ratings reflect KP&I’s balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the wide range of support that the Club receives from the South Korea government.
KP&I’s risk-adjusted capitalization remains at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The Club has demonstrated a track record of healthy capital growth over the past five years. In 2018, KP&I’s capital and surplus grew by 7.4%, supported by its strong operating performance and full retention of net income.
KP&I has achieved highly profitable underwriting results over the past five years, although its performance in 2018 declined due to a drop in gross premium written and increased expenses. The Club continues to benefit from its conservative investment strategy, which yields a stable stream of interest income. In 2018, the depreciation of the South Korean Won against the U.S. dollar led to a foreign exchange gain, which had a positive impact on KP&I’s operating performance and net profit.
KP&I has a relatively small presence in the global P&I market in comparison to members of International Group of P&I Clubs as its business is highly concentrated in South Korea. Amid increasing competition in its domestic market, the Club has been working on multiple initiatives to secure its market position, including strategic partnerships with the International Group of P&I Clubs, a new business opportunity under the government’s plan to build new vessels to support South Korea’s shipping industry and overseas expansion.
AM Best considers KP&I’s risk management capabilities to be appropriate given its risk profile. The Club follows strict underwriting guidelines and maintains a conservative reinsurance strategy.
KP&I was founded in 2000 under the Ship Owners’ Mutual Protection and Indemnity Association Act. Aside from its strategic role in the long-term development of the country’s marine infrastructure, the Club benefits from various support measures by the South Korea government, including corporate tax exemption and government subsidies, which serve as positive rating factors.
Negative rating actions could occur if there is a material decline in the Club’s risk-adjusted capitalization or sustained deterioration in its operating performance.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190822005356/en/
Contact
Chanyoung Lee
Senior Financial Analyst
+852 2827 3404
chanyoung.lee@ambest.com
Christie Lee
Senior Director, Analytics
+852 2827 3413
christie.lee@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
PureCircle launches zero added sugar branded gourmet ice cream
KUALA LUMPUR, Aug 21 (Bernama) -- PureCircle, the world’s leading producer and innovator of stevia sweeteners has launched a great-tasting branded gourmet ice cream with zero added sugar and sweetened with its next-generation stevia leaf sweeteners.
Based in Chicago, the company is debuting the new ‘PureCircle’ ice cream in its hometown in August-end. It will initially be distributed around the city via ‘PureCircle’ ice cream trucks, a statement said.
The plant-based stevia sweeteners such as Reb M have a clean, sugar-like taste, and zero calories. It works extremely well in dessert products like ice cream and in a wide range of beverage and food products.
PureCircle’s new ice cream will be available initially in four flavours: vanilla, chocolate, coffee and salted caramel. There will also be a vegan fruit-flavoured dessert. The new offerings will be available in 5.3-oz mini-cups and pints at launch.
Initially, it will be sold via food trucks circulating in and around Chicago. PureCircle plans to offer ice cream products for sale to restaurants, ice cream parlours, hotels and other foodservice outlets.
The launching demonstrates PureCircle’s confidence in the great taste of its next-generation stevia sweeteners. The capabilities of these sweeteners and its unique expertise in formulating are what make possible the new delicious ‘PureCircle’ ice cream.
In connection with the launching, PureCircle has partnered with the Illinois chapter of JDRF. It will help PureCircle educate its members about this new product and will provide PureCircle opportunities to sample and sell the ice cream at certain JDRF events.
Thursday 22 August 2019
AMMETLIFE INSURANCE BERHAD AGENT WINS THE ALL NEW MERCEDES-BENZ A-200
KUALA LUMPUR, Aug 21 (Bernama) -- Ms Shalini Karuna Murty from Johor emerged as the Lucky Draw Grand Prize winner of AmMetLife’s Mid-Year Power Station, an annual event held to recognise performance excellence among agents. Ms Shalini, a 28-year-old insurance agent from the company’s branch in Johor, received the all-new Mercedes-Benz A-200 at the car handover ceremony, held at Menara Hap Seng Star, Kuala Lumpur.
Present at the prize giving ceremony were Ramzi Toubassy, Chief Executive Officer, AmMetLife Insurance Berhad, David Liew, Chief Agency Officer, AmMetLife Insurance Berhad, agency members and sales representatives of Hap Seng Star Sdn Bhd.
AmMetLife holds its annual Mid-Year Power Station to recognise and reward agents who have outperformed their peers during the first six months of the year. A lucky draw is held during the two-day event where qualifying agents stand to win a holiday to Hawaii, cash and digital gadgets, with the grand prize being the Mercedes-Benz-A-200.
About AmMetLife
AmMetLife is a strategic partnership between AMMB Holdings Berhad (AmBank Group) and MetLife International Holdings LLC (MetLife). AmMetLife offers a comprehensive range of life assurance and wealth protection solutions distributed through a combination of over 200 AmBank and AmMetLife branded branch offices, in addition to the strength of its authorised life insurance agents nationwide.
The strategic partnership combines the international expertise and financial strength of MetLife with the local strength and reach of AmBank Group to create a customer-centric and modern life assurance solutions provider in Malaysia.
Present at the prize giving ceremony were Ramzi Toubassy, Chief Executive Officer, AmMetLife Insurance Berhad, David Liew, Chief Agency Officer, AmMetLife Insurance Berhad, agency members and sales representatives of Hap Seng Star Sdn Bhd.
AmMetLife holds its annual Mid-Year Power Station to recognise and reward agents who have outperformed their peers during the first six months of the year. A lucky draw is held during the two-day event where qualifying agents stand to win a holiday to Hawaii, cash and digital gadgets, with the grand prize being the Mercedes-Benz-A-200.
About AmMetLife
AmMetLife is a strategic partnership between AMMB Holdings Berhad (AmBank Group) and MetLife International Holdings LLC (MetLife). AmMetLife offers a comprehensive range of life assurance and wealth protection solutions distributed through a combination of over 200 AmBank and AmMetLife branded branch offices, in addition to the strength of its authorised life insurance agents nationwide.
The strategic partnership combines the international expertise and financial strength of MetLife with the local strength and reach of AmBank Group to create a customer-centric and modern life assurance solutions provider in Malaysia.
Source: AmBank Group
Wednesday 21 August 2019
IDEAL INDUSTRIES chairman, CEO retires early next year
KUALA LUMPUR, Aug 21 (Bernama) -- IDEAL INDUSTRIES INC chairman and chief executive officer (CEO), Jim James will retire on Jan 31 next year.
Illinois Tool Works (ITW) group president, Steve Henn will succeed him as the CEO on Sept 23.
Meanwhile, as long-planned, a fourth-generation family executive, Meghan Juday will become the chairman of the 103-year old family company on Feb 1, 2020, when James retires.
“I believe that after 11 years or so, it is time others get an opportunity to make their mark on the organisation,” said James, who announced his decision to the family and board of directors in the past two years.
Commenting on the new CEO appointment, the succession committee chairman, Chris Baldwin noted that Henn brought proven expertise in global management, acquisitions and integrations, innovation, high performance team development and manufacturing.
“He is consistently produced revenue and profit growth in dynamic, challenging and changing markets,” Baldwin added.
IDEAL INDUSTRIES INC is a diversified global family business, designing and manufacturing superior products, tools advanced technology solutions for various industries.
-- BERNAMA
Illinois Tool Works (ITW) group president, Steve Henn will succeed him as the CEO on Sept 23.
Meanwhile, as long-planned, a fourth-generation family executive, Meghan Juday will become the chairman of the 103-year old family company on Feb 1, 2020, when James retires.
“I believe that after 11 years or so, it is time others get an opportunity to make their mark on the organisation,” said James, who announced his decision to the family and board of directors in the past two years.
Commenting on the new CEO appointment, the succession committee chairman, Chris Baldwin noted that Henn brought proven expertise in global management, acquisitions and integrations, innovation, high performance team development and manufacturing.
“He is consistently produced revenue and profit growth in dynamic, challenging and changing markets,” Baldwin added.
IDEAL INDUSTRIES INC is a diversified global family business, designing and manufacturing superior products, tools advanced technology solutions for various industries.
-- BERNAMA
Kito Corporation added to JPX-Nikkei Mid and Small Cap Index
KUALA LUMPUR, Aug 20 (Bernama) -- Kito Corporation has been added to the list of companies that make up the JPX-Nikkei Mid and Small Cap Index in its latest periodic review for fiscal 2019 (Aug 30, 2019-Aug 28, 2020) by the Tokyo Stock Exchange Inc and Nikkei Inc.
The index applied the JPX-Nikkei Index 400 concept, comprising highly attractive listed companies, to equities related to mid-sized and small-capital companies by selecting companies that focus on capital efficiency and investor-focused management perspectives.
Eligible are common stocks on the TOKYO 1st and 2nd Sections, as well as the Mothers and JASDAQ markets, Kito said in a statement.
Issues are screened based on criteria for global investment standards, first, quantitative factors like total market capitalisation, trading value and average return on equity over the most recent three years, then scored based on qualitative factors.
The industrial hoist and crane manufacturer also vows to continue working to raise corporate value and build investor confidence.
WeWork Companies LLC holds financial results conference call
KUALA LUMPUR, Aug 20 -- WeWork Companies LLC, with respect to its 7.88 per cent Senior Notes due 2025 (Senior Notes), will hold a conference call on Aug 26 (12 pm Eastern Time) to discuss its financial results for the second quarter of 2019.
Current holders and beneficial owners of the Senior Notes, bona fide prospective purchasers of the Senior Notes may gain access to the call information for the conference call by registering on the company’s secure website at investors.wework.com.
Additional information about the call (including dial-in number) will be provided on the secure website, according to a statement.
Parties requesting access to the secure website will be required to provide certain representations and warranties confirming their status, and information provided will be treated as confidential.
-- BERNAMA
-- BERNAMA
Tuesday 20 August 2019
RESOLVE ACQUIRES FIXSTREAM FOR $24M USD TO DELIVER GAME-CHANGING COMBINATION OF AIOPS AND ADVANCED AUTOMATION IN A UNIFIED PLATFORM
Acquisition empowers agile IT operations with the ability to predict, diagnose, and automate resolution of complex infrastructure and application issues in seconds
IRVINE, Calif., Aug 20 (Bernama-BUSINESS WIRE) -- Resolve Systems®, the leading IT automation and orchestration platform, today announced the acquisition of FixStream, a pioneer in AIOps. The acquisition, expected to close by the end of September, will enable Resolve to offer the most robust IT automation platform available on the market by combining artificial intelligence insights into dynamic, hybrid IT environments with powerful automation capabilities that are purpose-built for the complexity of modern enterprises.
The unified platform will handle a wide array of IT operations – from AI-driven infrastructure mapping, operational data correlation, and predictive analytics to intelligently automating cross-domain actions based on those findings. This will enable customers to significantly improve infrastructure performance, reduce mean time to resolution (MTTR), increase IT operations efficiency, reduce alarm noise, and proactively and intelligently allocate resources for critical business services.
With 7x revenue growth over the last 24 months, FixStream is one of the fastest-growing AIOps platforms. Its proven solution provides automated dependency mapping that dynamically tracks the changing relationships between applications and underlying infrastructure to aid in quickly diagnosing the root cause of performance issues and outages. It also leverages artificial intelligence and machine learning to analyze and contextualize large volumes of systems data, enabling the solution to detect patterns that predict future issues across the entire IT stack.
Ultimately, the long-term vision for the combined Resolve and FixStream solution is to aid customers in achieving the long-awaited promise of “self-healing IT.” Combining FixStream’s multi-layer visibility and predictive analytics with Resolve’s cross-domain, service-level automation capabilities will arm customers with an unparalleled ability to automatically predict, prevent, and fix issues autonomously. Leveraging dynamic dependency mapping and AI-driven insights to inform, auto-update, and trigger intelligent automations, Resolve will be able to deliver a closed-loop system of discovery, analysis, detection, prediction, and automation.
Acquiring FixStream enables Resolve to further tap into the market for AIOps solutions, which is seeing significant growth as IT teams cope with the conundrum of reducing IT costs while managing increasing complexity, including an exponential uptick in data volumes generated by IT infrastructure and applications. Gartner estimates the subsegment of the performance analysis market that includes AIOps, ITIM, and other monitoring tools will reach $5.7 billion in revenue worldwide by 2020.*
"We believe that FixStream’s AIOps and infrastructure mapping capabilities are a perfect marriage with Resolve’s enterprise automation platform, providing game-changing functionality that will enable customers to achieve unprecedented agility, speed and simplicity in IT operations,” said John Ferron, CEO of Resolve. “By combining our powerful, cross-domain automation with insights from FixStream’s artificial intelligence, we’ll be able to help IT teams accelerate their digital transformation journey.”
“Together, Resolve and FixStream offer IT organizations the complete automation platform they have been looking for. We’ve repeatedly heard the need for a solution that brings together best-in-class AIOps with proven, cross-domain automation capabilities and are thrilled to see this vision become reality,” said Sameer Padhye, CEO and founder of FixStream. “Beyond the synergies that exist within our products, we share the common goal of helping IT organizations address the challenges posed by modern IT infrastructure and improve service delivery.”
“Our research has shown that IT operations efficiency has become a critical priority for CIOs as their teams’ workloads continue to grow while staffing remains flat due to a shortage of skilled IT workers and shrinking budgets,” said Carl Lehmann, principal analyst at 451 Research. “Combining insights from artificial intelligence with automation technology enables enterprises to overcome these challenges and to manage the growing complexity of today’s hybrid IT environments, while moving closer to the long-term goal of self-healing IT.”
For more information about how Resolve and FixStream are revolutionizing IT automation, register for their upcoming webcast on Thursday, September 5th, or visit the Resolve website.
*Gartner, Forecast: Infrastructure Software Markets, Worldwide, 2017-2023, 2Q19 Update, Vanitha Dsilva, et al., 1 July 2019
About Resolve Systems
Resolve is the #1 IT automation and orchestration platform, powering more than a million automations every day from simple, repetitive tasks to insanely complex processes that go well beyond what you imagine is automatable. With more than a decade of automation expertise, Resolve’s platform is purpose-built to enable today’s ITOps, NetOps, and SecOps teams to meet the growing demands on IT, achieve unprecedented efficiency and cost metrics, and drastically improve service levels through the power of automation. Resolve is majority owned by Insight Partners, a leading global venture capital and private equity firm investing in high-growth technology and software companies. See why the Fortune 1000, global MSPs, and the largest telcos on the planet trust their automation to Resolve. Learn more at resolve.io.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
IRVINE, Calif., Aug 20 (Bernama-BUSINESS WIRE) -- Resolve Systems®, the leading IT automation and orchestration platform, today announced the acquisition of FixStream, a pioneer in AIOps. The acquisition, expected to close by the end of September, will enable Resolve to offer the most robust IT automation platform available on the market by combining artificial intelligence insights into dynamic, hybrid IT environments with powerful automation capabilities that are purpose-built for the complexity of modern enterprises.
The unified platform will handle a wide array of IT operations – from AI-driven infrastructure mapping, operational data correlation, and predictive analytics to intelligently automating cross-domain actions based on those findings. This will enable customers to significantly improve infrastructure performance, reduce mean time to resolution (MTTR), increase IT operations efficiency, reduce alarm noise, and proactively and intelligently allocate resources for critical business services.
With 7x revenue growth over the last 24 months, FixStream is one of the fastest-growing AIOps platforms. Its proven solution provides automated dependency mapping that dynamically tracks the changing relationships between applications and underlying infrastructure to aid in quickly diagnosing the root cause of performance issues and outages. It also leverages artificial intelligence and machine learning to analyze and contextualize large volumes of systems data, enabling the solution to detect patterns that predict future issues across the entire IT stack.
Ultimately, the long-term vision for the combined Resolve and FixStream solution is to aid customers in achieving the long-awaited promise of “self-healing IT.” Combining FixStream’s multi-layer visibility and predictive analytics with Resolve’s cross-domain, service-level automation capabilities will arm customers with an unparalleled ability to automatically predict, prevent, and fix issues autonomously. Leveraging dynamic dependency mapping and AI-driven insights to inform, auto-update, and trigger intelligent automations, Resolve will be able to deliver a closed-loop system of discovery, analysis, detection, prediction, and automation.
Acquiring FixStream enables Resolve to further tap into the market for AIOps solutions, which is seeing significant growth as IT teams cope with the conundrum of reducing IT costs while managing increasing complexity, including an exponential uptick in data volumes generated by IT infrastructure and applications. Gartner estimates the subsegment of the performance analysis market that includes AIOps, ITIM, and other monitoring tools will reach $5.7 billion in revenue worldwide by 2020.*
"We believe that FixStream’s AIOps and infrastructure mapping capabilities are a perfect marriage with Resolve’s enterprise automation platform, providing game-changing functionality that will enable customers to achieve unprecedented agility, speed and simplicity in IT operations,” said John Ferron, CEO of Resolve. “By combining our powerful, cross-domain automation with insights from FixStream’s artificial intelligence, we’ll be able to help IT teams accelerate their digital transformation journey.”
“Together, Resolve and FixStream offer IT organizations the complete automation platform they have been looking for. We’ve repeatedly heard the need for a solution that brings together best-in-class AIOps with proven, cross-domain automation capabilities and are thrilled to see this vision become reality,” said Sameer Padhye, CEO and founder of FixStream. “Beyond the synergies that exist within our products, we share the common goal of helping IT organizations address the challenges posed by modern IT infrastructure and improve service delivery.”
“Our research has shown that IT operations efficiency has become a critical priority for CIOs as their teams’ workloads continue to grow while staffing remains flat due to a shortage of skilled IT workers and shrinking budgets,” said Carl Lehmann, principal analyst at 451 Research. “Combining insights from artificial intelligence with automation technology enables enterprises to overcome these challenges and to manage the growing complexity of today’s hybrid IT environments, while moving closer to the long-term goal of self-healing IT.”
For more information about how Resolve and FixStream are revolutionizing IT automation, register for their upcoming webcast on Thursday, September 5th, or visit the Resolve website.
*Gartner, Forecast: Infrastructure Software Markets, Worldwide, 2017-2023, 2Q19 Update, Vanitha Dsilva, et al., 1 July 2019
About Resolve Systems
Resolve is the #1 IT automation and orchestration platform, powering more than a million automations every day from simple, repetitive tasks to insanely complex processes that go well beyond what you imagine is automatable. With more than a decade of automation expertise, Resolve’s platform is purpose-built to enable today’s ITOps, NetOps, and SecOps teams to meet the growing demands on IT, achieve unprecedented efficiency and cost metrics, and drastically improve service levels through the power of automation. Resolve is majority owned by Insight Partners, a leading global venture capital and private equity firm investing in high-growth technology and software companies. See why the Fortune 1000, global MSPs, and the largest telcos on the planet trust their automation to Resolve. Learn more at resolve.io.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
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