Technology

EQT AB (publ) Half-year Report 2024

Published

2 months ago

July 18, 2024

STOCKHOLM, July 18, 2024 /PRNewswire/ — Well positioned as markets improve

“In the first half of 2024, EQT successfully closed several fundraisings, despite a challenging environment. We launched new strategies and further strengthened our private wealth platform. Investment activity continued at a good pace across strategies, and we are actively pursuing realizations, building on our strong track record of providing liquidity for our clients,” Christian Sinding, CEO and Managing Partner.

Highlights for the period Jan-Jun 2024 (Jan-Jun 2023)

Financial

During the period, management fees increased due to closed out fundraising commitments, while carried interest was lower due to lower volumes of closed realizations. Adjusted margins increased due to higher FAUM, operational efficiency and scaling effectsAdjusted Total Revenue amounted to EUR ‌1,088‌m (EUR ‌‌1,019‌m), an increase of ‌7%‌. Reported Total Revenue* amounted to EUR ‌‌‌1,232‌m (EUR ‌‌1,115‌m). Management fees increased by ‌‌13%‌Adjusted Carried Interest and Investment Income amounted to EUR ‌41‌m (EUR ‌‌‌‌89‌m). Reported Carried Interest and Investment Income* amounted to EUR ‌‌‌184‌m (EUR ‌‌‌185‌m)Adjusted EBITDA amounted to EUR ‌‌609‌m (EUR ‌‌‌555‌m), corresponding to an Adjusted EBITDA margin of ‌‌56%‌ (‌‌54%‌). Reported EBITDA* amounted to EUR ‌562‌m (EUR ‌‌‌‌‌405‌m), corresponding to a Reported EBITDA margin* of ‌‌‌‌46%‌ (‌‌‌‌36%‌)Adjusted Fee-related EBITDA amounted to EUR ‌‌‌568‌m (EUR ‌‌‌‌466‌m), corresponding to an Adjusted Fee-related EBITDA margin of ‌‌‌54%‌ (‌‌‌50%‌)Adjusted Net Income from continuing operations amounted to EUR ‌‌500‌m (EUR ‌‌‌‌450‌m). Reported Net Income from continuing operations* amounted to EUR ‌‌‌282‌m (EUR ‌‌‌120‌m)Adjusted Earnings Per Share for continuing operations before and after dilution amounted to EUR ‌‌0.422‌ (EUR ‌‌‌0.379‌) and EUR ‌‌0.422‌ (EUR ‌‌0.379‌), respectively. Earnings Per Share for continuing operations* before and after dilution amounted to EUR ‌0.238‌ (EUR ‌‌‌‌‌‌0.101‌) and EUR ‌‌‌‌‌0.238‌ (EUR ‌‌‌‌‌0.101‌), respectively

* As of January 1, 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods
Note: The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section “Alternative performance measures”

Strategic

EQT X closed at EUR 22bn in total commitments, of which EUR 21.7bn are fee-generating assets under management, hitting the hard cap. EQT’s Private Capital strategies across the world have completed fundraises in 2024 that combine to more than EUR 26bn in total commitmentsEQT hosted a Capital Markets Day, re-confirming its revenue growth and Adjusted EBITDA margin targets, providing further color on its Adjusted Fee-related EBITDA margin ambition, and refining its dividend growth target to be on a per share basisPreparations progressed for BPEA IX and for a transition infrastructure strategyEQT continued to enhance its focus on the Private Wealth area through senior team hires, branding efforts, the addition of further EQT Nexus distribution banks, and preparations for new products in different geographiesEQT continued to elevate its Capital Markets team across debt and equity, adding further focus on exit and IPO excellence

Fundraising

FAUM increased to EUR ‌133‌bn (EUR ‌‌126‌bn). Total AUM was EUR ‌246‌bn (EUR ‌‌‌224‌bn). Gross inflows amounted to EUR ‌‌7‌bn and were primarily driven by closed out commitments from EQT X and EQT Infrastructure VIFundraisings are generally taking longer in the current fundraising environment, and we expect the fundraising market to meaningfully improve only once realizations pick up materially across private marketsEQT Infrastructure VI had fee-generating commitments of EUR 16.2bn. Active fundraising efforts are expected to materially conclude in 2024. The fund is expected to reach its target size upon final closeEQT Future1 closed at EUR 3bn in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6bnBPEA EQT Mid Market Growth1 held its final close at more than double the fund’s target size, with USD 1.6bn in total fund commitments, of which USD 1.4bn is fee-generatingEQT launched EQT Healthcare Growth, a dedicated healthcare buyout fund, which has announced two investments to dateEQT Nexus’ NAV amounted to approximately EUR 700m, and EQRT, EQT’s semi-liquid strategy focusing on direct investments in commercial real estate, announced its first acquisition and initiated marketing in a slow real estate fundraising market

1.EQT Future and BPEA EQT Mid Market Growth charge management fees on invested capital

Investment and exit activity2

Total investments by the EQT funds during the period amounted to EUR ‌12‌bn (EUR ‌‌9‌bn) driven by strong deal flow across regions and strategiesInvestments include the partnership with EdgeConneX to develop hyperscale data centers in APAC; the public to private tender of OX2; fiber-to-the-home platform Lumos (EQT Infrastructure VI); the public to private tender of Believe, the largest independent digital-native music label globally; Avetta, a leading cloud-based supply chain risk management software platform (EQT X); and the public to private tender of Perficient, a leading global digital consultancy (BPEA VIII)Total gross fund exits announced during the period amounted to EUR ‌4‌bn (EUR ‌‌‌4‌bn)Exits include the sale of idealista, a leading real estate platform in Southern Europe (EQT IX), Ottobock, the global leader in wearable human bionics (EQT VII); fiber-to-the-home platform Lumos (EQT Infrastructure III); CMS Info Systems, India’s largest cash management company (BPEA VI); and Shinhan Financial Group, the largest financial group in Korea (BPEA VII)Galderma (EQT VIII), a leader in dermatology, priced its IPO on the SIX Swiss Exchange, and Waystar (EQT VIII), a cloud-based provider of software for simplifying healthcare payments, began trading on the Nasdaq stock exchange; both IPOs saw the company raise primary capital, while EQT VIII retained its ownership with the liquidity benefit of having publicly traded shares, paving the way for realizations over time

2.Signed transactions, if not otherwise mentioned

Investment performance

All key funds continued to perform On plan or Above planValue creation across the Key EQT funds amounted to 5% during the period, driven by earnings growthThe key funds in EQT Infrastructure, and more recent vintages across both Private Capital EU & North America and Private Capital Asia saw the strongest performanceIn certain earlier Private Capital vintages, which have a significant share of already realized investments, fund valuations were modestly lower due to specific pockets of underperformanceEQT’s Capital Markets team took advantage of strong financing markets to optimize portfolio company debt by further extending maturities, improving covenants, and reducing interest expenses. The EQT key fund portfolio companies have no material maturities before 2027

Balance sheet, realization of carried interest and liquidity

At 30 June 2024, interest bearing liabilities amounted to EUR ‌1,994‌m. Cash and cash equivalents amounted to EUR ‌‌806‌m. EQT’s EUR 1.5bn sustainability-linked revolving credit facility was undrawn and the facility was extended in July 2024 with a tenor of
5 years with two 1-year extension options. Net Debt (ND) amounted to EUR ‌1,194‌m. ND/Adjusted EBITDA was ‌‌‌0.9x‌ and ND/Adjusted Fee-related EBITDA ‌‌1.0x‌, both on a last twelve-month basis**Reported Carried Interest* amounted to EUR ‌‌164‌m (EUR ‌168‌m). Adjusted Carried Interest amounted to EUR ‌‌‌‌21‌m (EUR ‌‌‌72‌m). Realized (cash) carried interest amounted to EUR ‌‌‌19‌m (EUR ‌‌84‌m)As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT’s equity incentive programs. EQT repurchased 2.2m shares during the period and a second buyback program will be carried out between 19 July 2024 and 23 August 2024 and comprises 2.0m shares

* As of January 1, 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods
** Net debt end of period divided by Adjusted EBITDA during the last twelve months
Note: The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section ‘Alternative performance measures’

People and future-proofing

Richa Goswami joined the EQT AB Board, bringing experience and expert knowledge in building consumer facing financial brandsThe number of full-time equivalent employees and on-site consultants (FTE+) amounted to ‌1,861‌ (‌‌1,814‌), of which ‌1,796‌ (‌‌‌1,716‌) FTEsMasoud Homayoun, Partner and Head of EQT Value-Add Infrastructure, joined EQT’s Executive CommitteeSince committing to the Science Based Targets initiative in 2021, EQT has supported 44 portfolio companies in setting science-based targets, of which 12 completed the validation during the period. In terms of invested capital, this represents a portfolio coverage of 57% as of Q1 (surpassing EQT’s interim target of 40% in 2025). With a continuously evolving portfolio, a further 21 companies are in the process of setting targets

Other

EQT won six awards in the 2023 PEI Group Awards, including Infrastructure Investor’s ‘Global Sustainable Investor of the Year’ for the second consecutive year, and New Private Markets’ ‘Multi-Strategy Firm of the Year (ESG)’. EQT was also recognized in the 2024 Prequin League Tables as one of the ‘Most Consistent Top Performing Infrastructure Fund Managers’, and for the third year in a row, EQT was ranked in the top 3 in the PEI300 list3The acquisition of HDFC Credila (BPEA VII) was awarded the 2024 Private Equity Deal of the Year in the Mint India Investment Summit AwardsEQT established offices in Warsaw, Poland and Bengaluru, India. The Warsaw office is expected to become a significant tech development hub for EQT, host global operations functions, and other teams over time. The Bengaluru office will host junior investment advisory professionals, working alongside EQT’s global investment advisory teams

3.The PEI 300 measures the amount of private equity capital raised between 1 January 2019 and 31 December 2023

Events after the reporting period

BPEA VIII announced the public-to-private of Keywords Studios, a leader in gaming technology servicesEQT Future announced its investment in Flix, a global travel company focused on long-distance ground transportationIn addition to EQT’s current A- (Stable) rating from Fitch, EQT obtained an A- (Stable) rating from S&P, underscoring EQT’s operational strength and robust financial positionInvestment levels in EQT Key funds as of 18 July 2024, were 35-40% in EQT X, 40-45% in EQT Infrastructure VI and 65-70% in BPEA VIII

Presentation of EQT AB’s Half-year Report 2024

Financial analysts and media are invited to participate in a conference call, including a presentation at 08:30 CEST.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, shareholderrelations@eqtpartners.com

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CEST on 18 July 2024.

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EQT AB Half-year report 2024 (20240717)

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Technology

Automotive Electromechanical Relay Market Projected to Surge to USD 18.03 Billion by 2031, Growing at a 5% CAGR from 2024 to 2031: Market Research Intellect

Published

44 mins ago

September 25, 2024

The growth of the Automotive Electromechanical Relay Market is driven by several key factors. Increasing integration of advanced electronics in vehicles, such as infotainment systems, safety features, and power management systems, is significantly boosting demand for reliable and efficient electromechanical relays. The rise in vehicle electrification, including the adoption of electric and hybrid vehicles, further accelerates the need for high-performance relays to manage complex electrical circuits. Additionally, the growing emphasis on vehicle safety and automation, including advanced driver-assistance systems (ADAS) and autonomous driving technologies, is driving innovation and demand in this sector.

LEWES, Del., Sept. 25, 2024 /PRNewswire/ — The Automotive Electromechanical Relay Market Size was valued at USD 12.2 billion in 2023 and is projected to reach USD 18.03 billion by 2031. This growth reflects a compound annual growth rate (CAGR) of 5% from 2024 to 2031. The market expansion is driven by increasing automotive electronics integration, advancements in relay technology, and rising demand for efficient and reliable automotive systems.

Download PDF Brochure: https://www.marketresearchintellect.com/download-sample/?rid=911435

202 – Pages
126 – Tables
37 – Figures

Scope Of The Report

REPORT ATTRIBUTES

DETAILS

STUDY PERIOD

2020-2031

BASE YEAR

2023

FORECAST PERIOD

2024-2031

HISTORICAL PERIOD

2020-2023

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Panasonic Corporation, TE Connectivity, Omron Corporation, Hella GmbH & Co. KGaA, Delphi Technologies, Siemens AG, Littelfuse Inc., Bosch Automotive, Mitsubishi Electric Corporation, and Fujitsu Limited.

SEGMENTS COVERED

By Type, By Application And By Geography

CUSTOMIZATION SCOPE

Free report customization (equivalent to up to 4 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Automotive Electromechanical Relay Market Overview

1. Market Size and Growth

The Automotive Electromechanical Relay Market was valued at USD 12.2 billion in 2023 and is projected to reach USD 18.03 billion by 2031, growing at a compound annual growth rate (CAGR) of 5% from 2024 to 2031. This growth is driven by increasing automotive electronics integration and rising demand for advanced vehicle systems. The market expansion reflects the broader trend of integrating sophisticated electronic components into vehicles to enhance performance, safety, and comfort. The continuous evolution in automotive technology and rising consumer preference for high-tech features contribute to the steady growth of the electromechanical relay sector.

2. Key Drivers

Several factors are driving the growth of the Automotive Electromechanical Relay Market. The integration of advanced electronics in vehicles, such as infotainment systems, advanced driver-assistance systems (ADAS), and electric powertrains, necessitates reliable and efficient relays. Additionally, the growing adoption of electric and hybrid vehicles is creating increased demand for specialized relays that can handle complex electrical circuits. Innovations in relay technology, focusing on improved durability, performance, and miniaturization, are also contributing to market expansion.

3. Technological Advancements

Technological advancements play a crucial role in shaping the Automotive Electromechanical Relay Market. Innovations include the development of high-performance relays with enhanced durability, miniaturization, and advanced features such as electromagnetic interference (EMI) shielding. Improvements in relay materials and manufacturing processes are driving the creation of more reliable and efficient products. The integration of smart relays, which offer diagnostic and monitoring capabilities, is also becoming increasingly important in modern automotive systems. These advancements are essential for meeting the growing demands of sophisticated vehicle electronics.

4. Market Segmentation

The Automotive Electromechanical Relay Market is segmented by relay type, application, and vehicle type. Key relay types include power relays, signal relays, and latching relays, each serving different functions in automotive systems. Applications range from controlling lighting and ignition systems to managing power windows and door locks. Vehicle types include passenger cars, commercial vehicles, and electric/hybrid vehicles. Each segment experiences varying growth rates influenced by technological advancements, regulatory requirements, and consumer preferences. Understanding these segments helps in targeting specific market needs and opportunities.

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5. Regional Analysis

Regional analysis reveals significant variations in the Automotive Electromechanical Relay Market. North America and Europe lead the market due to advanced automotive technology and high adoption rates of electronic features. The U.S. and Germany are key markets, driven by innovations in vehicle safety and electrification. In contrast, the Asia-Pacific region is experiencing rapid growth due to increasing vehicle production, rising disposable incomes, and expanding automotive industries in countries like China, Japan, and South Korea. Emerging markets in Latin America and the Middle East also show promising growth prospects.

6. Competitive Landscape

The Automotive Electromechanical Relay Market is competitive, with several key players dominating the industry. Leading companies include Panasonic Corporation, TE Connectivity, Omron Corporation, and Hella GmbH & Co. KGaA. These companies are focusing on innovation, strategic partnerships, and acquisitions to strengthen their market positions. They invest in research and development to introduce advanced relay technologies and meet the evolving needs of the automotive industry. Competitive strategies also involve expanding production capabilities and enhancing product offerings to cater to diverse customer requirements.

7. Challenges

The Automotive Electromechanical Relay Market faces several challenges. One significant issue is the increasing complexity of automotive electrical systems, which demands more sophisticated and reliable relays. Additionally, the market must address concerns related to electromagnetic interference (EMI) and thermal management, which can impact relay performance and durability. Regulatory requirements for automotive components, including environmental and safety standards, add another layer of complexity. Manufacturers must continuously innovate to overcome these challenges and meet the growing demands of the automotive industry while adhering to stringent regulations.

8. Future Outlook

The future outlook for the Automotive Electromechanical Relay Market is promising, driven by ongoing advancements in automotive technology and increasing demand for high-performance relays. The market is expected to continue growing as vehicle electrification, advanced safety systems, and automation technologies become more prevalent. Innovations in relay technology, such as smart relays with integrated diagnostics and enhanced materials, will play a crucial role in shaping the market’s future. The industry will need to adapt to evolving consumer preferences and regulatory requirements while capitalizing on emerging opportunities in the automotive sector.

Geographic Dominance:

Geographic dominance in the Automotive Electromechanical Relay Market is shaped by varying regional factors. North America and Europe are leading markets, benefiting from advanced automotive technologies, high adoption rates of electronic features, and stringent regulatory standards. The U.S. and Germany, in particular, drive significant market growth due to their focus on innovation and vehicle electrification. In contrast, the Asia-Pacific region is experiencing rapid expansion, driven by increased vehicle production, rising disposable incomes, and robust automotive industries in China, Japan, and South Korea. Emerging markets in Latin America and the Middle East are also showing strong growth potential, influenced by expanding automotive sectors and rising demand for advanced vehicle components. These regional dynamics highlight the diverse growth opportunities and market trends shaping the global automotive electromechanical relay landscape.

Automotive Electromechanical Relay Market Key Players Shaping the Future

Key players shaping the future of the Automotive Electromechanical Relay Market include Panasonic Corporation, TE Connectivity, Omron Corporation, Hella GmbH & Co. KGaA, Delphi Technologies, Siemens AG, Littelfuse Inc., Bosch Automotive, Mitsubishi Electric Corporation, and Fujitsu Limited.

Automotive Electromechanical Relay Market Segment Analysis

The Automotive Electromechanical Relay market is segmented based on By Type, By Application and Geography, offering a comprehensive analysis of the industry.

By Type

Power Relays: These relays handle high-current applications and are crucial for controlling large electrical loads, such as engine systems, lighting, and power windows in vehicles. They ensure reliable operation and safety in managing high power circuits.Signal Relays: Used for switching low-current signals, these relays are essential for functions such as controlling audio signals, communication systems, and minor control tasks. They provide precise and reliable signal management within automotive electronics.Latching Relays: These relays maintain their state after activation without continuous power supply, making them ideal for applications that require consistent operation, such as locking mechanisms and memory functions in vehicle systems.

By Application

Lighting Systems: Relays in this category control the operation of various lighting systems in vehicles, including headlights, taillights, and interior lights. They ensure reliable switching and enhance the safety and functionality of automotive lighting.Powertrain Control: This application involves relays used in managing engine systems, transmission controls, and fuel systems. They play a critical role in the operation and efficiency of the vehicle’s powertrain.Comfort and Convenience Features: Relays in this category control features such as power windows, door locks, and seat adjustments. They enhance user comfort and convenience by providing reliable and efficient control over these systems.Safety and Security Systems: Relays used in safety and security applications include those in advanced driver-assistance systems (ADAS), airbags, and anti-theft systems. They are essential for the reliable operation of critical safety features.

By Geography

North America: This region is a major market for automotive electromechanical relays, driven by advanced automotive technology and high demand for electronic vehicle components in the U.S. and Canada.Europe: Europe is a key market due to the presence of leading automotive manufacturers and stringent regulations promoting advanced vehicle safety and environmental standards. Countries like Germany, France, and the UK are significant contributors.Asia-Pacific: The region shows rapid growth in automotive electromechanical relays, driven by increased vehicle production, rising disposable incomes, and expanding automotive industries in China, Japan, and South Korea.Latin America: Emerging markets in Latin America are expanding, supported by growing automotive sectors and rising consumer demand for advanced vehicle technologies, particularly in Brazil and Mexico.Middle East and Africa: The market in this region is growing due to increased automotive activities and investments in vehicle technology, with significant contributions from South Africa, Saudi Arabia, and the UAE.

Internet, Communication and Technology:

The Automotive Electromechanical Relay Market is increasingly shaped by advancements in internet, communication, and technology. The integration of IoT (Internet of Things) and connected vehicle technologies is driving the demand for more sophisticated and reliable relays to manage complex electrical systems in modern vehicles. With the rise of smart vehicles and the automotive industry’s shift toward automation, relays are playing a critical role in ensuring seamless communication between various electronic systems, including infotainment, advanced driver-assistance systems (ADAS), and vehicle-to-everything (V2X) communication networks. Additionally, advancements in communication protocols and data transfer technologies are enhancing the efficiency and real-time performance of these systems. As vehicles become more connected and autonomous, the demand for durable, high-performance relays will continue to grow, enabling precise control and monitoring of electronic circuits. These technological developments are essential for ensuring the reliable operation of advanced automotive systems and for meeting the evolving needs of the next-generation vehicle market.

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About Us: Market Research Intellect

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SOURCE Market Research Intellect

Technology

Data-Driven Health and Fitness Leader OxeFit Surpasses $70M Funding Milestone

Published

44 mins ago

September 25, 2024

Biohacking Legend Dave Asprey and Solidcore Founder Anne Mahlum join investor team as company unveils new cutting-edge Artificial Intelligence

DALLAS, Sept. 25, 2024 /PRNewswire/ — OxeFit, leaders of AI-driven health and fitness experiences, today announced Dave Asprey and Anne Mahlum as investors in the company’s latest $17.5M round of funding, bringing the total to over $70M, to date. With continued interest from entrepreneur and professional athlete investors, the new funds will be used to further deliver on OxeFit’s commitment to bring state-of-the-art Artificial Intelligence (AI) to its health and fitness experiences.

Anne and Dave join a deep bench of notable investors who have turned to OxeFit to achieve their own personal health and fitness goals, including soccer legend Harry Kane, pro golfer Dustin Johnson and NFL quarterback Dak Prescott.

Anchored by products (XP1 and XS1) that enable an ecosystem of deep data, the OxeFit experience includes the most technologically-advanced platforms, innovative health and wellness programs, gamification, and a robust content library that allows anyone to live healthier.

“Technology has unleashed an incredible amount of data that we can use to better ourselves mentally and physically. OxeFit’s XP1 and XS1 cracked the code on delivering the tools you need to do exactly what your body needs to become healthier and more powerful, in very little time. It’s so much more than just a gym,” said entrepreneur, author and recognized “father of biohacking,” Dave Asprey. “That’s why I’m thrilled to have added OxeFit to over 30 locations of Upgrade Labs, and I’m even more thrilled to join the OxeFit team. Together, we will transform the way we workout and live healthier, longer lives with science!”

“I look at a lot of investments and OxeFit won this category for me with a product that is head and shoulders above the competition and a talented team who knows how to execute.” said Solidcore founder Anne Mahlum. “I am incredibly excited to be part of this company that is changing the future of fitness with personalized data to help people achieve their health and wellness goals.”

The OxeFit Experience with AI
AI is playing a pivotal role in the future of fitness. OxeFit’s core technology (hardware and software) integrates AI, robotics, movement and performance tracking, advanced coaching and analytics, all driven by unparalleled data science to connect, collaborate, and ultimately transform the health of individuals.

Starting today and rolling out in the coming months, key AI features include:

Personalized Training Programs – The AI Virtual Trainer will create programs based not only on a user’s personal goals, but update them in real time based on how the user is training. Using AI models that are based on optimized results driven methodology, the training data is constantly monitored and evaluated by OxeFit’s software to deliver the user the perfect workout.Health Snapshots and Tracking – The suite of assessments and data tracking use AI models to provide analysis and insights into a user’s health and wellness status and progress. The tracking will be able to detect possible injuries before they happen or determine when post-injury rehabilitation is complete.Digital Training Assistant – The AI-based assistant is integrated into the product platforms and in the app, from helping users discover new OxeFit content to building an “exercise playlist” based on goals and interests. While training, the assistant will provide feedback on movements and form to maximize the results of each session. If a user has questions about their numbers, the assistant can be used to help them better understand what their data means.AI Gaming for OxePlay – Only OxeFit has highly dynamic interactive fitness gaming. When a game is initiated, bot players – powered by AI – will play alongside the human. This way, there will always be someone to compete with regardless of game preference and skill level. Bot intelligence includes human-like strategies and the ability to chat with users during play.

“OxeFit’s XP1 and XS1 are the only products to fully integrate a user’s data from cardio, strength, balance and gaming – allowing it to be analyzed holistically – a key differentiator in providing our users with an AI-driven training experience and the personalized insights that map to their goals and abilities,” said Rab Shanableh, CEO of OxeFit. “Dave and Anne have long pioneered a data-driven approach to healthier living, and we could not be more excited to bring their expertise to OxeFit as we continue to deliver on our mission.”

For more information, follow OxeFit on Instagram, Facebook, and Twitter.

About OxeFit
OxeFit is a digital fitness and technology company that produces the XP1 and XS1, first-of-their-kind strength training systems, revolutionizing the world of connected fitness through advanced robotics and artificial intelligence. By harnessing data-driven workout programs, the XP1 and XS1’s computer-controlled weight loads allow for variable resistance training while state-of-the-art technologies capture data and monitor form to identify weaknesses and potential for injury. Included in the OxeFit ecosystem is a library of engaging content, which seeks to bring a new element of connectivity to the fitness community. OxeFit is headquartered in Plano, Texas. For more information, visit oxefit.com.

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SOURCE OxeFit

Technology

Dave & Buster’s Launches Reimagined Store in McAllen on October 4

Published

44 mins ago

September 25, 2024

Grab Your Crew, the First 100 People in Line at the Grand Opening to Receive Free Games for a Year

MCALLEN, Texas, Sept. 25, 2024 /PRNewswire/ — Today, Dave & Buster’s, the ultimate entertainment, restaurant, and sports watching destination for families and friends, announces the opening of its completely reimagined location in McAllen, TX at 2700 West Expressway 83, Suite 100 on Friday, October 4.

The newly updated location brings everything families and crew connectors alike love about Dave & Buster’s and reimagines it with innovative gaming activities and groundbreaking ways for crews to play including The Arena, interactive Social Bays and an immersive watch experience.

Get ready for entertainment like never before. Here’s what you can expect:

The Arena: Created exclusively for Dave & Busters, The Arena offers revolutionary gameplay technology identified by Dave & Busters. Guests will have a multitude of ways to connect and compete with friends in a captivating wall-to-wall, gaming environment. For a limited time only, the experience will be available at only $5 per person, per session. With its fully transparent exterior, The Arena allows up to eight players to participate and the versatile gaming unit features intuitive and invisible tracking technologies, along with immersive media, audio, and tactile solutions to deliver futuristic gaming experiences.Interactive Social Bays – Brace yourself for new experiences with high-tech interactive gaming in our High-Tech Darts & Social Shuffleboard Bays. Hang with friends in a private, reservable Social Bay in impressive private suites for two to six players. Darts and Shuffleboard have been re-invented with mind-blowing digital interactivity for the coolest, tech-savvy versions of darts and shuffleboard ever!Immersive Watch – The All-New Dave & Buster’s Watch Experience is a must for sports games and events. With a 40-foot screen, every seat is the best in the house. Immerse yourself in the action with top-notch surround sound, dozens of additional oversized HDTVs surrounding the bar.Evolved Menu – Dave & Buster’s craft kitchen has never been better! Grab your crew and get ready to feast on the revamped chef-crafted menu, packed with mouthwatering new and improved options for every taste!Sleek New Store Design Inside & Out – Step into a tech-forward entertainment destination with a bright, energetic atmosphere that provides the perfect, Eat, Drink, Play, and Watch destination!Midway & Prizes – Of course, Dave & Buster’s still has its iconic Midway! Over 120 games, VR experiences and epic prizes await! Social bays are available to be booked for elevated private group events.

“We’re excited to welcome our neighbors to the brand-new Dave & Buster’s, a premier entertainment destination with new state of the art games, innovative menu and fun for your whole crew,” says General Manager Pedro Guerra Jr. “Our giant 40-foot WOW Wall will be the go-to for sports watching all season long and the immersive gaming environment, and all-new High-Tech Darts & Social Shuffleboard Bays and more ensures something for everyone in your crew. Be sure to visit for the Grand Opening – we can’t wait to see you!”

The first 100 people in line at Dave & Buster’s grand opening on October 4 will receive free games for a year! Doors open at 11 a.m., don’t miss out on this opportunity to game all year! Terms & conditions apply.

Specials include the $5 Happy Hour, where guests can enjoy $5 drink specials including the new Tres Tequila Rita, 22 oz Domestic Drafts, wine, Backwoods Blueberry Lemonade, and D&B Long Island Iced Tea.

Dave & Buster’s McAllen hours of operation are Monday through Thursday from 11 a.m. – midnight, Friday from 11 a.m. – 1 a.m. Saturday from 10 a.m. – 1 a.m. and Sunday from 10 a.m. – midnight. For more information, please visit www.daveandbusters.com.

About Dave & Buster’s
Founded in 1982 and headquartered in Coppell, Texas, Dave & Buster’s Entertainment, Inc., is the owner and operator of 223 venues in North America that offer premier entertainment and dining experiences to guests through two distinct brands: Dave & Buster’s and Main Event. The Company has 164 Dave & Buster’s branded stores in 42 states, Puerto Rico, and Canada and offers guests the opportunity to “Eat Drink Play & Watch,” all in one location. Each store offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. The Company also operates 59 Main Event branded stores in 20 states across the country, and offers state-of-the-art bowling, laser tag, hundreds of arcade games and virtual reality, making it the perfect place for families to connect and make memories. For more information, visit daveandbusters.com.

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SOURCE Dave & Buster’s