Technology

Hollysys Announces Completion of Regulatory Review of Merger Transaction

Published

9 months ago

July 2, 2024

BEIJING, July 2, 2024 /PRNewswire/ — Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”) today announced that it has been informed by Ascendent Capital Partners (“Ascendent”) that a buyer controlled by Ascendent has obtained all the PRC approvals required to be obtained by the buyer to complete the merger transaction with the Company.

The transaction will close upon satisfaction or waiver of all closing conditions in accordance with the merger agreement, including, among other things, (i) the satisfaction of the conditions that the aggregate amount of net cash of the Company and its subsidiaries exceed a certain amount and a certain amount of cash deposits are maintained in deposit accounts by certain of the Company’s subsidiaries, which the Company does not currently foresee issues in satisfying and (ii) the waiver by the buyer of the condition that holders of no more than 10% of the Company’s total issued and outstanding ordinary shares have validly served and not validly withdrawn a notice of dissent under Section 179 of the BVI Business Companies Act. Upon the consummation of the transaction, the Company’s ordinary shares will be delisted from the NASDAQ Global Select Market. Ascendent and the Company are working to close the transaction expeditiously.

About Hollysys Automation Technologies Ltd.

Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2023, Hollysys had cumulatively carried out more than 45,000 projects for approximately 23,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.

About Ascendent Capital Partners

Ascendent Capital Partners, headquartered in Hong Kong, is a private equity investment management firm managing assets for global institutional investors, including sovereign wealth funds, endowments, pensions and foundations.

Ascendent has successfully led and executed a large number of innovative and ground-breaking private equity investments, generating strong risk-adjusted returns for investors and business growth for our portfolio companies. Ascendent has established a consistent track record in providing advice and solution capital to entrepreneurs, business owners and management teams, building long-lasting relationships through in-depth collaboration. For additional information about Ascendent, please visit Ascendent’s website at www.ascendentcp.com.

Safe Harbor Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company; growth in financial and operational performance of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” or similar expressions involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact Information

Company Contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-5898-1386
investors@hollysys.com

Media Contacts (Hong Kong and New York):
Brunswick Group
hollysys@brunswickgroup.com

Daniel Del Re (Hong Kong)
ddelre@brunswickgroup.com
+852 9255 5136

Libby Lloyd (New York)
llloyd@brunswickgroup.com
+1 347 283 3871

View original content:https://www.prnewswire.com/news-releases/hollysys-announces-completion-of-regulatory-review-of-merger-transaction-302188026.html

SOURCE Hollysys Automation Technologies Ltd

Technology

City of Corona Leverages AI to Improve Housing Affordability by Automating Pre-checks & Plan Reviews

Published

2 minutes ago

April 6, 2025

The City of Corona has partnered with Blitz Permits, the most widely used Assistive AI platform for local governments in the U.S.

CORONA, Calif., April 6, 2025 /PRNewswire-PRWeb/ — The City of Corona has partnered with Blitz Permits, the most widely used Assistive AI platform for local governments in the U.S. This move will streamline development reviews, reduce permitting delays, and deliver faster service to residents and builders. Across California, permitting backlogs have stalled projects by 12–15 months in some cities—Corona is taking action.

Across California, permitting backlogs have stalled projects by 12–15 months in some cities—Corona is taking action.

Blitz Permits is transforming understaffed Planning and Building departments with the world’s first dual AI engine for plan reviews. By combining pre-check automation with AI-driven code compliance, it slashes review time and increases efficiency. The platform helps governments work faster, smarter, and more cost-effectively, making housing more accessible while strengthening civic resilience.

As Corona experiences rapid growth, the city is leading a nationwide shift towards automation. By embracing AI, Corona is cutting red tape, addressing staffing shortages, and bringing greater speed, accuracy, and transparency to the permitting process.

About Blitz Permits:

Blitz Permits is the leading GovTech provider revolutionizing plan reviews with AI-driven automation. Its proprietary Intelligent Data Dictionary and advanced contextual algorithms deliver unmatched speed, accuracy, and built-in regulatory compliance.

Supporting PDF, CAD, and BIM formats, Blitz Permits integrates seamlessly into government workflows, helping planning, zoning, and building departments cut review times by up to 5x, improve compliance, and fast-track housing and infrastructure development. Learn more at: www.blitzpermits.ai

Media Contact

Brittany Griffin, Blitz Permits Inc., 1 (470) 430-7574, brittanygriffin@blitzpermits.ai, https://www.blitzpermits.ai/

View original content:https://www.prweb.com/releases/city-of-corona-leverages-ai-to-improve-housing-affordability-by-automating-pre-checks–plan-reviews-302421236.html

SOURCE Blitz Permits Inc.

Technology

NEW STUDY: 73% OF FINTECH STARTUPS FAIL DUE TO REGULATORY CHALLENGES

Published

1 hour ago

April 6, 2025

LOS ANGELES, April 6, 2025 /PRNewswire/ — Nearly three-quarters of financial technology startups fail within their first three years due to preventable regulatory compliance issues, according to a new industry report released today.

The study, published by Los Angeles-based Hare Strategy Group, analyzed five years of data from over 400 fintech ventures and identified regulatory navigation as the primary factor determining success or failure in the rapidly growing sector.

“What’s striking about the data is how technical excellence alone doesn’t guarantee market success,” said Jeremy Hare, principal researcher and founder of the consulting firm that conducted the study. “The findings clearly show that early regulatory planning is as critical as product development.”

KEY FINDINGS HIGHLIGHT ACTIONABLE INSIGHTS

The comprehensive analysis, titled “Bridging the Compliance Gap: Critical Strategies for Fintech Success in 2025,” revealed several key insights for industry stakeholders:

Regulatory preparation in pre-seed stage increased survival rates by 64%Banking partnership integration issues caused 42% of failures among technically viable productsCross-border compliance challenges were the primary failure point for 58% of international expansion attemptsStartups with regulatory experts on their founding teams secured funding 2.8 times faster than those without

The report emerges as fintech investment reached $53 billion globally in 2024, despite ongoing concerns about regulatory uncertainty in the sector.

PRACTICAL FRAMEWORKS FOR IMPLEMENTATION

“This isn’t just academic research—it’s designed to provide practical, implementable strategies,” explained Hare, who previously managed hedge fund investments and covered financial markets for major news outlets. “We’ve created actionable frameworks specifically for fintech founders navigating their first regulatory hurdles.”

The study includes a regulatory roadmap template and partnership development toolkit, available as free downloads for industry professionals from the firm’s website.

Hare Strategy Group, founded in 2023, specializes in helping companies identify and navigate regulatory challenges in financial technology. The firm developed the research over a six-month period, including interviews with founders, regulators, and venture capital firms active in the fintech ecosystem.

“The timing of this research aligns with Q2 planning cycles when many fintech companies reassess their regulatory strategies,” added Hare. “We’re seeing increased interest from venture firms who want portfolio companies to address these issues earlier in their development.”

The executive summary and full report are available at www.harestrategygroup.com/fintech-report.

MEDIA CONTACT:
Media Relations
Hare Strategy Group
Los Angeles, CA
213-900-7426

View original content:https://www.prnewswire.com/news-releases/new-study-73-of-fintech-startups-fail-due-to-regulatory-challenges-302421486.html

SOURCE Hare Strategy Group

Technology

Enabled Analytics Expands Global Reach with Strategic Merger of Ventas Consulting

Published

2 hours ago

April 6, 2025

Strategic Merger Strengthens Enabled Analytics’ Position as a Leading Salesforce Crest Partner with Enhanced U.S. Presence

LEWISVILLE, Texas and FRISCO, Texas, April 7, 2025 /PRNewswire/ — Enabled Analytics (EA), a global leader in Salesforce consulting services, today announced a strategic merger with Ventas Consulting, a respected U.S.-based Salesforce consulting firm. This strategic combination expands EA’s footprint in the United States while reinforcing its operations in India, Singapore, and Australia. The merger positions EA as a top-tier Salesforce Crest Partner, offering enhanced technical expertise and global delivery capabilities.

Effective April 8, 2025, Ventas Consulting will officially operate under the Enabled Analytics brand, creating a stronger Tier 2 Salesforce Services provider with expanded capabilities across multiple regions.

“This merger represents a significant milestone in our global growth strategy,” said Raghu Chittimalla, Co-Founder/CEO, and Ashok Chitiprolu, Co-Founder/Managing Partner of Enabled Analytics Inc. “By welcoming Ventas Consulting into the Enabled Analytics family, we’re combining our international delivery capabilities with Ventas’ U.S. presence and industry expertise. Together, we’re positioned to deliver measurable business outcomes for clients through our scale and technical depth.”

The merger enhances EA’s ability to support clients across North America and globally, strengthening its role in driving enterprise transformation.

Enhanced Leadership and Technical Excellence

The combined company will benefit from strengthened leadership, with Sandeep Korlapati continuing as CTO to lead global technology initiatives. Sandeep brings two decades of IT experience both in Accenture and startup environments, scaling startups to successful exits.

Richard Gonzales, founder of Ventas Consulting, joins Enabled Analytics as Chief Revenue Officer, focusing on sales growth strategy and future acquisition opportunities.

“After nearly 15 years of leading Ventas, I saw the opportunity to take our growth global. Joining Enabled Analytics allows us to scale our impact in the U.S. and deepen our reach in key international markets,” said Gonzales.

Global Delivery and Industry Reach

As a recognized leader in the Salesforce ecosystem, Enabled Analytics is equipped to deliver complex, multi-cloud Salesforce implementations backed by global delivery teams. The merger expands industry capabilities across Telecom, Manufacturing, E-commerce, Education, Financial Services, and Public Sector organizations.

About Enabled Analytics

Enabled Analytics is a premier Salesforce Crest Consulting Partner and ISV partner company renowned for delivering exceptional Salesforce-only solutions across the USA, Singapore, Australia, and India. As a distinguished Salesforce end-to-end Implementation and Consulting Partner, EA has successfully executed over 50 Salesforce projects for more than 40 global clients, leveraging products such as Sales & Service Cloud, CPQ, Experience Cloud, Commerce Cloud, Marketing Cloud, and MuleSoft. Our unwavering commitment to excellence is reflected in our outstanding Customer Satisfaction Values and an impressive rating of 4.95/5 on Salesforce AppExchange.

For more information, visit https://www.enabledanalytics.com/

About Ventas Consulting

Ventas Consulting, a Ridge Salesforce Partner in Texas, has delivered hundreds of cross-cloud projects since 2007. They have completed over 125 projects for more than 100 global clients, serving various sectors including Education, Manufacturing, E-commerce, Financial Services, and the Public Sector. Ventas collaborates closely with clients to understand their goals and create scalable, business-focused solutions.

For more information, visit https://ventasconsulting.com/

Media Contact:
Richard Gonzales
leadershipcommunications@enabledanalytics.com
214.491.8246

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