Technology

ZENVIA Reports Q1 2024 Results

Published

4 months ago

July 15, 2024

Normalized EBITDA of BRL 23.5 million

Strict cost control led G&A as % of revenues to 14.7% in Q1 24 from 17.6% in Q1 23

SÃO PAULO, July 15, 2024 /PRNewswire/ — Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX solution in Latin America empowering companies to craft personal, engaging and fluid experiences throughout the customer journey, today reported its operational and financial metrics for the first quarter of 2024.

Cassio Bobsin, Founder & CEO of ZENVIA, said: “The highlight of this first quarter of 2024 was the soft launch of Zenvia Customer Cloud for select clients. This platform represents the future of our CX SaaS solutions and fulfills the plan outlined three years ago, in our IPO. Zenvia Customer Cloud is a unified multichannel solution that empowers B2C companies to sell more and serve better with full automation, integration and communication across the customer journey. With this solution fully deployed, we will be ready to unlock solid and profitable growth while gaining actionable insights about our customers with AI-enabled automation, boosting productivity for the whole journey.”

Shay Chor, CFO & IRO of ZENVIA, said: “Our first quarter 2024 results came in line with our expectations, with a combination of revenue growth and strict expense control that resulted in an EBITDA of BRL 23.5 million, allowing us to reaffirm our BRL 120 million to BRL 140 million guidance for 2024. Following our recent capital raise and debt refinance, which brought us closer to achieving an optimal capital structure to support our strategic objectives while maximizing shareholder value, we are now planning to finalize integrations, deliver growth and keep deleveraging the business. We appreciate your continued trust and support as we move ahead, committed to building a profitable and exciting future for Zenvia.”

Key Financial Metrics (BRL MM and %)

Q1 2024

Q1 2023

YoY

Total Active Customers(1)

13,257

13,292

-0.3 %

Revenues

212.6

179.0

18.8 %

Gross Profit

80.9

78.9

2.4 %

Gross Margin

38.0 %

44.1 %

-6.1p.p.

Non-GAAP Adjusted Gross Profit(2)

93.6

92.5

1.3 %

Non-GAAP Adjusted Gross Margin(3)

44.0 %

51.6 %

-7.6p.p.

Operating Loss (EBIT)

-9.4

-12.3

-23.9 %

Adjusted EBITDA(4)

13.4

7.8

71.6 %

Normalized EBITDA(5)

23.5

7.8

200.2 %

Loss for the Period

(55.9)

(16.8)

n.m.

Cash Balance

71.5

159.0

-55.0 %

Net cash flow from (used in) operating activities

(12.9)

99.6

n.m.

(1)

We define an Active Customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an Inactive Customer.

(2)

For a reconciliation of our Non-GAAP Gross Profit to Gross Profit, see Selected Financial Data section below.

(3)

We calculate Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.

(4)

For a reconciliation of our Adjusted EBITDA to Loss for the Period, see Selected Financial Data section below.

(5)

For a reconciliation of our Normalized EBITDA to Loss for the Period, see Selected Financial Data section below.

Highlights Q1 2024

Revenues totaled BRL 212.6 million, up 18.8% when compared to BRL 179.0 million in Q1 2023 as a result of both SaaS (+12% YoY) and CPaaS (+23%) expansion. CPaaS expanded SMS volumes mainly with large enterprises, while SaaS saw growth from both SMBs and large enterprises, with a stronger participation from the latter.Non-GAAP Adjusted Gross Profit of BRL 93.6 million was up 1.3% YoY while Non-GAAP Adjusted Gross Margin was down 7.6 percentage points to the expected level of 44.0% YoY as highlighted in our guidance for 2024. This decrease is due to:(i) Higher mix of CPaaS in the period, mainly from large enterprises with lower margins; and(ii) Lower SaaS margins, which also grew in large enterprises with lower margins, combined with an increase in infrastructure costs related to the final phase of integration of acquired companies.Total number of active customers remained unchanged at 13.3k, being 7.1k from SaaS and 6.5k from CPaaS.Normalized EBITDA was positive BRL 23.5 million in the quarter, up 200.2% from Q1 2023, benefited by higher revenues and expense control.On March 11, 2024, we soft launched Zenvia Customer Cloud for select clients. The platform will be rolled out to the whole client base throughout the year. Zenvia Customer Cloud is a unified, multichannel solution that centralizes and stores customer data, facilitating management, communication, and relationship building with end consumers, enabling companies to manage and provide personalized, engaging, and seamless experiences across the customer journey.

Subsequent Events

By the end of April 2024, Zenvia raised R$ 40 million in additional funding with local Brazilian banks, following the liabilities management announced in February.On May 2, 2024, Zenvia announced the hiring of Mr. Gilsinei (Gil) Hansen for the newly-created role of Chief Revenue Officer (CRO), reporting to Cassio Bobsin. The new role was created to consolidate the current segments into one single Business area which will be responsible for the entire customer journey. The new area will be organized by customer profile/segment instead of by solution/product, with a focus on strengthening the Company’s integrated offering, improving experiences for all customers, and driving profitable growth. Mr. Hansen will also oversee two important growth initiatives: the rollout of Zenvia Customer Cloud and the Company’s international expansion.On June 20, 2024, Zenvia launched its Generative AI Chatbot. A game-changing solution that revolutionizes chatbot development, making it as simple and intuitive as a personal interaction and accessible to businesses of all sizes looking to improve and automate customer service. Key highlights include easy customization and efficient integration with multiple communication channels, ensuring a superior solution for all customer needs.

SaaS Business

SaaS Key Operational & Financial Metrics (BRL MM and %)

Q1 2024

Q1 2023

YoY

Revenues

76.8

68.6

12.0 %

Gross Profit

30.6

32.9

-7.1 %

Gross Margin

39.8 %

48.0 %

-8.2p.p.

Non-GAAP Adjusted Gross Profit (1)

43.4

46.4

-6.6 %

Non-GAAP Adjusted Gross Margin(2)

56.4 %

67.7 %

-11.3p.p.

Total Active Customers(3)

7,139

6,446

10.8 %

(1)

For a reconciliation of the Non-GAAP Adjusted Gross Profit of our SaaS business segment to Gross Profit of our SaaS business segment, see Selected Financial Data section below.

(2)

We calculate Non-GAAP Adjusted Gross Margin of our SaaS business segment as Non-GAAP Gross Profit of our SaaS business segment divided by revenue of our SaaS business segment.

(3)

In Q1 2024, our SaaS business Revenue went up 12.1% YoY to BRL 76.8 million, compared to BRL 68.6 million in Q1 2023. The client base increased by 11%. SaaS saw growth from both SMBs and large enterprises, with a stronger participation from the latter.

As a result, Q1 2024 Non-GAAP Adjusted Gross Profit was down 6.6% YoY to BRL 43.4 million from BRL 46.4 million. The increase in revenues mainly from large enterprises that carry lower margins, coupled with an increase in infrastructure costs related to the final phase of integration of the acquired companies, and our expansion plans, resulted in lower Non-GAAP Adjusted Gross Margin from SaaS, down 11.3 percentage points YoY to 56.4%, reaching our expected target margin for SaaS for the period.

CPaaS Business

CPaaS Key Operational & Financial Metrics (BRL MM and %)

Q1 2024

Q1 2023

YoY

Revenues

135.8

110.5

23.0 %

Non-GAAP Adjusted Gross Profit (1)

50.3

46.0

9.3 %

Non-GAAP Adjusted Gross Margin(2)

37.0 %

41.7 %

-4.7p.p.

Total Active Customers(3)

6,458

7,358

-12.2 %

(1)

For a reconciliation of the Non-GAAP Adjusted Gross Profit of our CPaaS business segment to Gross Profit of our CPaaS business segment, see Selected Financial Data section below.

(2)

We calculate Non-GAAP Adjusted Gross Margin of our CPaaS business segment as Non-GAAP Gross Profit of our CPaaS business segment divided by revenue of our CPaaS business segment.

(3)

We define an active customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an inactive customer.

Our CPaaS business reported Net Revenues of BRL 135.8 million in Q1 2024, up 23.0% YoY, while Non-GAAP Gross Profit increased 9.3% YoY to BRL 50.3 million from BRL 46.0 million. Non-GAAP Gross Margin reached 37.0% to our expected target margins, compared to 41.7% mainly due to the higher concentration of large enterprises in the revenue mix. We were able to maintain the SMS volumes recovered from certain large clients in H2 2023.

Consolidated Financial Results

Revenue
Consolidated revenues in Q1 2024 totaled BRL 212.6 million, up 18.8% YoY, mainly reflecting the 23.0% increase in CPaaS and 12.0% in SaaS.

Profitability
Our Non-GAAP Adjusted Gross Profit increased 1.3% YoY in Q1 2024 to BRL 93.6 million, mainly reflecting the 9.3% increase in CPaaS Non-GAAP Adjusted Gross Profit, which has lower margins than SaaS, and which was offset by the decrease in SaaS Non-GAAP Adjusted Gross Profit. Non-GAAP Adjusted Gross Margin went down by 7.6 p.p. to 44.0% in Q1 2024 from 51.6% in Q1 2023, reflecting the higher CPaaS participation in the revenue mix, from 61.7% in Q1 2023 to 63.9% in Q1 2024 and the lower margins in SaaS, as it expanded more with large enterprise customers. The 44.0% margin level is within our guidance range for 2024.

Adjusted EBITDA in Q1 2024 was positive BRL 13.4 million, compared to BRL 7.8 million in Q1 2023. The 71.6% increase is mainly due to higher revenues and stricter expense control. Additionally, our Adjusted EBITDA included earn-out expenses of R$10.1 million, related to the last renegotiations of earn-out payments, without cash impact for Q1 2024. Our Normalized EBITDA, which excludes the earn-out expenses impact, totaled R$23.5 million, up 200.2% YoY.

Reiterating FY 2024 Guidance

FY 2024 Guidance

Revenue

BRL$930 – $970 million

Y/Y Growth

15% – 20%

Non-GAAP Adjusted Gross Margin

42% – 45%

Normalized EBITDA

BRL$120 – $140 million

Conference Call
In the following week, the Company will upload the presentation and pre-recorded remarks to its investor relations website. The IR team will be available for any questions.

Additional information regarding Zenvia can be found at https://investors.zenvia.com.

Contacts

Investor Relations

Caio Figueiredo

Fernando Schneider

ir@zenvia.com

Media Relations – FG-IR

Fabiane Goldstein – (954) 625-4793 – fabi@fg-ir.com

About ZENVIA
Zenvia (NASDAQ: ZENV) is a technology company dedicated to creating a new world of experiences. It focuses on enabling companies to create personalized, engaging and fluid experiences across the entire customer journey, all through its unified, multi-channel customer cloud solution. Boasting two decades of industry expertise, over 13,000 customers and operations throughout Latin America, Zenvia enables businesses of all segments to amplify brand presence, escalate sales, and elevate customer support, generating operational efficiency, productivity and results, all in one place. To learn more and get the latest updates, visit our website and follow our social media profiles on LinkedIn, Instagram, TikTok and YouTube.

Forward-Looking Statements
The preliminary fourth quarter and full year operating results set forth above are based solely on currently available information, which is subject to change. These preliminary operating results constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Zenvia’s control. Zenvia’s actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: our ability to innovate and respond to technological advances, changing market needs and customer demands, our ability to successfully acquire new businesses as customers, acquire customers in new industry verticals and appropriately manage international expansion, substantial and increasing competition in our market, compliance with applicable regulatory and legislative developments and regulations, the dependence of our business on our relationship with certain service providers, among other factors.

SELECTED FINANCIAL DATA
The following selected financial information are preliminary, unaudited and are based on management’s initial review of operations for the first quarter of 2024.

INCOME STATEMENT

2024

2023

Variation

(non-audited)

(restated)

(in thousands of R$)

( %)

Revenue

212,636

179,047

18.8 %

Cost of services

(131,779)

(100,098)

31.6 %

Gross profit

80,857

78,949

2.4 %

Selling and marketing expenses

(27,359)

(27,442)

-0.3 %

General and Administrative expenses

(31,270)

(31,447)

-0.6 %

Research and development expenses

(14,796)

(14,004)

5.7 %

Allowance for expected credit losses

(5,431)

(18,269)

-70.3 %

Other income and expenses, net

(11,353)

(83)

n.m.

Operating loss

(9,352)

(12,296)

-23.9 %

Financial expenses

(65,487)

(18,724)

249.7 %

Finance income

5,283

2,625

101.3 %

Financial expenses, net

(60,204)

(16,099)

274.0 %

Loss before taxes

(69,556)

(28,395)

145.0 %

Deferred income tax and social contribution

16,083

11,846

35.8 %

Current income tax and social contribution

(2,420)

(218)

1010.1 %

Loss for the period

(55,893)

(16,767)

233.4 %

Loss for the period attributable to Owners of the Company

(56,011)

(16,839)

232.6 %

Non-controlling interests

118

63.9 %

BALANCE SHEET

31-Dec-23

31-Mar-24

(audited)

(non-audited)

Assets

Current assets

250,331

294,438

Cash and cash equivalents

63,742

71,525

Trade and other receivables

148,784

171,905

Tax assets

28,058

34,983

Prepayments

5,571

9,063

Other assets

4,176

6,962

Non-current assets

1,461,233

1,469,158

Restricted Cash

6,403

6,578

Tax assets

–

Prepayments

1,109

865

Financial Investment

–

Property, plant and equipment

14,413

14,518

Intangible assets and goodwill

1,347,327

1,339,121

Deferred Tax Assets

91,971

108,054

Other Assets

Total assets

1,711,564

1,763,596

31-Dec-23

31-Mar-24

(audited)

(non-audited)

Liabilities

Current liabilities

607,374

585,153

Loans, borrowings and Debentures

36,191

33,696

Derivative financial instruments

Trade and other payables

353,998

367,851

Liabilities from acquisitions

134,466

96,963

Tax liabilities

18,846

16,779

Employee benefits

50,085

59,257

Lease liabilities

2,056

2,314

Deferred revenue

11,547

8,156

Taxes to be paid in installments

185

137

Non-current liabilities

215,243

340,923

Liabilities from acquisitions

160,237

193,919

Trade and other payables

–

Loans, borrowings and Debentures

51,605

59,844

Lease liabilities

752

2,004

Provisions for tax, labor and civil risks

1,721

1,412

Taxes to be paid in installments

313

302

Employee Benefits

615

1,036

Derivative financial instruments

–

82,406

Equity

888,947

837,520

Capital

957,525

1,007,522

Reserves

247,464

199,627

Translation reserve

3,129

5,419

Accumulated losses

-319,591

-375,602

Other components of equity

283

Non-controlling interests

137

271

Total equity and liabilities

1,711,564

1,763,596

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Net cash from (used in) operating activities

-12,865

99,560

Net cash used in investing activities

-12,429

-2,703

Net cash from (used in) financing activities

33,334

-38,366

Exchange rate change on cash and cash equivalents

-257

288

Net (decrease) increase in cash and cash equivalents

7,783

58,779

Interest

December 31, 2023
(audited)

March
31, 2024
(non-audited)

(in thousands of R$)

Working capital

100% CDI+2.51% to 6.55%

69,667

76,161

Debentures

18.16 %

18,129

17,379

Total

87,796

93,540

Special Note Regarding Non-GAAP Financial Measures
This press release presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA. A Non-GAAP financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. Non-GAAP financial measures do not have standardized meanings and may not be directly comparable to similarly-titled measures adopted by other companies. These Non-GAAP financial measures are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. We also believe that the disclosure of our Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA. Flow provides useful supplemental information to investors and financial analysts and other interested parties in their review of our operating performance. Potential investors should not rely on information not recognized under IFRS as a substitute for the IFRS measures of earnings, cash flows or profit (loss) in making an investment decision.

The following table shows the reconciliation for our consolidated Non-GAAP Gross Profit and consolidated Non-GAAP Gross Margin:

Consolidated

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Gross profit

80,857

78,949

(+) Amortization of intangible assets acquired from business combinations

12,785

13,511

Non-GAAP Gross Profit(1)

93,642

92,460

Revenue

212,636

179,047

Gross Margin(2)

38.0 %

44.1 %

Non-GAAP Gross Margin(3)

44.0 %

51.6 %

(1)

We calculate Non-GAAP Adjusted Gross Profit as gross profit plus amortization of intangible assets acquired from business combinations.

(2)

We calculate gross margin as gross profit divided by revenue.

(3)

We calculate Non-GAAP Adjusted Gross Margin as Non-GAAP Adjusted Gross Profit divided by revenue.

The following tables shows the reconciliation for the Non-GAAP Gross Profit and Non-GAAP Gross Margin for our SaaS and CPaaS business segments:

SaaS Segment

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Gross profit

30,569

32,916

(+) Amortization of intangible assets acquired from business combinations

12,785

13,511

Non-GAAP Gross Profit(1)

43,354

46,427

Revenue

76,820

68,582

Gross Margin(2)

39.8 %

48.0 %

Non-GAAP Gross Margin(3)

56.4 %

67.7 %

(1)

We calculate Non-GAAP Adjusted Gross Profit for our SaaS business segment as gross profit for our SaaS business segment plus amortization of intangible assets acquired from business combinations for our SaaS business segment.

(2)

We calculate gross margin for our SaaS business segment as gross profit for our Saas business segment divided by revenue of our SaaS business segment.

(3)

We calculate Non-GAAP Adjusted Gross Margin for SaaS business segment as Non-GAAP Adjusted Gross Profit for our SaaS business segment divided by revenue for our SaaS business segment.

CPaaS Segment

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Gross profit

50,300

46,033

(+) Amortization of intangible assets acquired from business combinations

Non-GAAP Gross Profit(1)

50,300

46,033

Revenue

135,816

110,462

Gross Margin(2)

37.0 %

41.7 %

Non-GAAP Gross Margin(3)

37.0 %

41.7 %

(1)

We calculate Non-GAAP Adjusted Gross Profit for our CPaaS business segment as gross profit for our CPaaS business segment plus amortization of intangible assets acquired from business combinations for our CPaaS business segment.

(2)

We calculate gross margin for our CPaaS business segment as gross profit for our CPaaS business segment divided by revenue of our CPaaS business segment.

(3)

We calculate Non-GAAP Adjusted Gross Margin for CPaaS business segment as Non-GAAP Adjusted Gross Profit for our CPaaS business segment divided by revenue for our CPaaS business segment.

The following table shows the reconciliation for our Adjusted EBITDA and Normalized EBITDA:

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Loss for the period

-55,893

-16,767

Current and Deferred Income Tax

-13,663

-11,628

Financial expenses, net

60,204

16,099

Depreciation and Amortization

22,797

20,133

Adjusted EBITDA(1)

13,445

7,837

Earn-outs

10,081

–

Non-Recurring Events

–

Normalized EBITDA(2)

23,526

7,837

(1)

We calculate Adjusted EBITDA as loss for the period adjusted by income tax and social contribution (current and deferred), financial expenses, net, depreciation and the goodwill impairment.

(2)

We calculate Normalized EBITDA as the Adjusted EBITDA adjusted by non-recurring events and non-cash impacts from earn-out adjustments.

View original content:https://www.prnewswire.com/news-releases/zenvia-reports-q1-2024-results-302196864.html

SOURCE Zenvia

Technology

Todd Tucker joins Parking Revenue Recovery Services as Chief Operating Officer to Guide Growth as PRRS expands as a Vehicle Identification and Monitoring Technology Platform

Published

15 minutes ago

November 15, 2024

DENVER, Nov. 15, 2024 /PRNewswire/ — Parking Revenue Recovery Services (PRRS), Inc., a leader in AI-driven compliance and vehicle activity monitoring, is pleased to announce the appointment of Todd Tucker, JD, DBA, CAPP, CPP, as its new Chief Operating Officer, effective November 15, 2024. With over 30 years of experience in the parking industry, Tucker is a recognized leader, having held various senior executive roles. Todd assumes the role of Chris Conley, who has decided to retire and enjoy some well-earned time after 30 years in the parking industry.

Before joining PRRS, Tucker served as President at Parking Logix and has been a leader in multiple tech companies focused on mobility solutions, with two leading to strategic and/or investment transaction outcomes Todd’s experience as a parking operations leader/expert and his roles spearheading the development and growth of innovative technology offerings focused on parking provide him with a unique ability to build solutions that meet the needs of today’s parking operations.

PRRS is uniquely positioned in gateless parking technology solutions through its machine vision-based technology, which identifies all vehicle activity, enhances compliance, and enables clients to expand their service capabilities. Our technology allows clients to gather valuable insights into operation and consumer activity while helping our clients improve their customer experience. With Tucker’s extensive expertise in parking technology and leadership, PRRS aims to broaden its services across North America, solidifying its status as the premier provider of gateless technology solutions to operators and facilities.

“Todd’s proven track record of driving innovation and his dedication to enhancing technology-based services make him the ideal candidate to lead PRRS into its next growth phase,” said Gabor Burchner, Managing Director, GB & Partners IM. “As the demand for adaptable technology solutions providers continues to rise, Todd’s leadership and collaborative approach will be invaluable.”

PRRS, in partnership with Asura, has successfully implemented the ARC solution and its compliance services at over 400 parking sites across 29 states. With ongoing investment from GB & Partners IM, PRRS is set to expand beyond its current identity as a “parking notice firm” to become the leading gateless technology solution for the future.

“I am thrilled to join PRRS and enhance the value we provide to our parking operating partners,” said Todd Tucker. “Throughout my career, I’ve consistently sought to challenge the status quo by delivering innovative solutions in an ever-evolving industry. PRRS is at the forefront of leveraging technology to enhance its services, and with GB & Partners IM participation, we will continue to deliver exceptional value to the parking sector and beyond. I look forward to joining the PRRS team and collaborating with our clients to push boundaries and innovate in compliance and facility monitoring services.”

About Parking Revenue Recovery Services

Parking Revenue Recovery Services, Inc. (PRRS) is North America’s leading Parking Compliance and Facility Monitoring technology provider. PRRS is on track to provide over 1,000 parking locations and proudly supports national, regional, and local parking operators throughout the United States. Our client owners and parking operators use our monitoring and compliance services in all properties, including commercial lots and garages, municipal facilities, college and university facilities, airports, hospitals, commercial properties, and residential buildings. PRRS creates exceptional value for its parking operator clients through increased overall customer compliance and enhanced visibility into operating activity and usage while delivering excellent customer service. We maximize the value provided to our clients through excellence, innovation, and efficiency in its compliance and monitoring services, delivered by an outstanding team of parking professionals dedicated to the highest levels of customers.

About Asura Technologies

Asura Technologies specializes in next-generation video analytics and license plate recognition software, utilizing AI to create smart parking, traffic management, frictionless tolling, and safety security applications. Active globally since 2018, Asura Technologies USA collaborates with PRRS to provide highly effective, automated parking enforcement solutions through innovative technology.

About GB & Partners IM

GB & Partners IM is an independent private equity and venture capital firm focused on innovative city technologies, fashion, fintech, medical technologies, and mechanical engineering. As the largest Hungarian-based firm in its sector, GB & Partners IM offers extensive leadership experience in private equity and venture capital investments, M&A transactions, and IPOs, providing operational support to investment entities by international standards. In 2019, GB & Partners IM became the first Hungarian venture capital firm to gain membership in Invest Europe.

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SOURCE Parking Revenue Recovery Services, Inc.

Technology

Connect and Converse Across Borders with Moii: Now Available Worldwide

Published

15 minutes ago

November 15, 2024

SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Moii, an innovative avatar-based interest-matching conversation service developed by tech startup illuni, has officially launched globally. Available on the Google Play Store and Apple App Store, Moii offers users a unique way to meet new friends, share stories and enjoy engaging conversations. The service allows people around the globe to experience safe, interest-based connections with like-minded people, fostering a sense of community across borders. Moii exemplifies illuni’s commitment to creating immersive digital experiences through advanced artificial intelligence (AI) technology.

To create heartfelt connections, download Moii from the Google Play Store (https://play.google.com/store/apps/details?id=com.illuni.moii&hl=en-US) and Apple App Store (https://apps.apple.com/us/app/moii-heartfelt-connections/id6456406927).

Create Moiiments, Connect Globally

In a world where genuine interaction can feel rare, Moii provides a space for simple, meaningful conversations without the pressure of video or photo sharing. By connecting users based on shared interests, Moii creates a relaxed environment for spontaneous chats, whether someone is looking for a listening ear, a language exchange, or a fresh global perspective. With engaging features such as avatar costumes and singing content in virtual karaoke – introduced in a recent November update – the app continues to attract a growing user base of young adults seeking meaningful connections beyond small talk.

“Since our global launch on the 1st of November, users from over 30 countries have come together on Moii to share interests, create unique content and enjoy friendly conversations,” said Byung-Hwa Park, CEO of Illuni. “We are thrilled by the enthusiasm for Moii as people around the world find it to be a fun and welcoming platform.”

Aimed at users in their 20s and 30s, Moii allows users to interact in a fully customizable 3D environment. Instead of revealing their actual appearance, users create avatars that reflect their personalities and interests, providing a sense of anonymity, security, and comfort. Once matched, users can personalize their avatars, use conversation cards, and enjoy mini games, making every interaction fun and engaging.

With a mission to create comfortable spaces for conversation, Moii promotes cross-cultural and language exchange on a global scale. Whether users want to make foreign friends, practice a new language, or simply chat with a friendly listener, Moii offers a low-pressure, refreshing way to connect.

Looking ahead, Illuni plans to expand Moii’s language support, making it accessible to even more users across the globe.

For more information about Moii, visit https://www.moii.net/en

About illuni

Illuni is a forward-thinking startup focused on developing immersive digital experiences through advanced AI technology. The company is committed to building innovative mixed-reality services that redefine user engagement in digital spaces. Alongside Moii, illuni’s portfolio includes Storyself (https://storyself.com), an interactive storybook app that transforms users’ pictures into story characters, allowing them to become the protagonists of various tales—making it both engaging and educational for children.

To learn more about illuni and its suite of mixed-reality projects, visit: https://www.illuni.com/en

For media inquiry, please contact: illuni Communications, e-mail: contact@illuni.com

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/connect-and-converse-across-borders-with-moii-now-available-worldwide-302306704.html

SOURCE illuni

Technology

LONGi’s Solar Panels Enhance Sustainability in Bengaluru’s Residential Complex

Published

15 minutes ago

November 15, 2024

BANGALORE, India, Nov. 15, 2024 /PRNewswire/ — LONGi, in partnership with SolarSquare, has completed a 342 kW solar project using advanced Hi-MO 5 solar panels for a residential apartment complex in Bengaluru.

Launched seven months ago, this solar project is set to save the residential complex up to $47,736 annually and has already generated an impressive 340,000 units of electricity. Thanks to the high efficiency of the solar modules, significant economies of scale, and the inherent advantages of rooftop solar, the project is projected to reach its break-even point within just 4.75 years.

Before the installation of the rooftop solar panels, residents faced annual electricity costs of approximately $143,305. The switch to solar energy is expected to result in annual savings between $47,768–$53,768, effectively reducing their electricity expenses by around 33%.

Nikhil Nahar, Co-founder and Director of SolarSquare, stated, “Through our strategic partnership with LONGi over the years, our customers have gained access to state-of-the-art technology for their projects. LONGi’s solar panels consistently deliver performance and help our customers save on electricity bills. With a shared vision to accelerate the mass adoption of renewable energy and enhance sustainability, our partnership has continually provided innovative solutions, earning the trust of our customers.”

LONGi remains committed to delivering advanced solar technology and helping more residential complexes achieve energy independence through its highly efficient and reliable products.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

View original content:https://www.prnewswire.com/in/news-releases/longis-solar-panels-enhance-sustainability-in-bengalurus-residential-complex-302306744.html