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ACT21 Software’s Pankaj Gupta Wins ‘Entrepreneur of the Year – Financial Tech’

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NEW DELHI, Sept. 30, 2024 /PRNewswire/ — ACT21 Software is thrilled to announce that its Founder and CEO, Pankaj Gupta, has been awarded ‘Entrepreneur of the Year – Financial Tech 2024’ by Entrepreneur Media. This recognition honors Mr. Gupta’s innovative approach and leadership in reshaping BFSI technology with cutting-edge low-code and AI solutions.

Entrepreneur Media, a notable authority in recognizing entrepreneurial excellence in the Asia-Pacific region, has celebrated Mr. Gupta for spearheading ACT21 Software’s remarkable growth and impact. Under his guidance, the company has more than doubled its revenue in the past year. The software provided by ACT21 to leading BFSIs has empowered about 50 Lakh lives, establishing a strong foothold in the financial tech sector.

“I am deeply honored to receive the award Entrepreneur of the Year – Financial Tech 2024,” said Pankaj Gupta. “I express my heartfelt thanks to the jury at Entrepreneur Media, and I am immensely grateful to our clients, my dedicated team, and our partners. This achievement is a reflection of our collective effort to drive innovation and excellence in financial technology.”

Emphasizing cutting-edge solutions, ACT21 Software has been pivotal in delivering scalable and efficient SaaS platforms that improve financial institutions’ operations, augmenting their compliance and strategic capabilities.

About ACT21 Software:

ACT21 Software, headquartered in Noida, NCR, India, is a leading SaaS company reshaping BFSI tech with low-code, and AI-driven solutions. We empower financial institutions worldwide with comprehensive Business Process Automation to enhance efficiency, streamline operations, and drive data-driven insights, all while minimizing human intervention. 

Our suite of innovative products includes HyPerform, which optimizes incentives and increases sales by 30% through features like DIY capabilities and real-time analytics; Underwriter360, which enhances traceability and borrower experiences with smart automation, achieving a 5x conversion rate increase; and ImpaktApps, which facilitates rapid application development by converting ideas into impactful applications while cutting development costs by 50%. With a strong focus on improving productivity, reducing costs, and driving data-driven insights, ACT21 Software is dedicated to helping financial institutions thrive in an evolving technological landscape.

Our commitment to excellence and innovation positions us as the partner of choice for organizations seeking to optimize their processes and embrace the future of finance technology.

For more information, visit www.act21.io

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ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024

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OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.

“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint. 

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase.  These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million). 
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.Revenue from the Circulation business increased to $35.1 million in 2024 
(2023 – $32.2 million):Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.

Consolidated results and financial performance 
(in millions) 

13 weeks ended

39 weeks ended

      Change

         Change

September
28, 2024

September
30, 2023

$

%

September
28, 2024

September

 30, 2023

$

%

Revenue

$

252.7

$ 360.6

(107.9)

(30)

$    861.2

$ 1,841.8

(980.6)

(53)

Profit (loss) for the

     period

$

 

5.7

 

$   (5.8)

 

11.5

 

 

(198)

 

$      24.1

 

$      15.0

 

9.1

 

61

Profit (loss) before
     income tax and
     other items 1

$

1.4

$   (8.7)

10.1

 

(116)

$      12.3

$      23.4

(11.1)

(47)

Profit (loss) before
     income tax and
     other items margin2

0.6 %

(2.4) %

1.4 %

1.3 %

(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report.

(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items.

 

As at

             September 28, 2024

December 31, 2023

$ Change

% Change

Cash

$

58.4

$

59.8

(1.4)

(2)

Inventories

$

71.5

$

68.8

2.7

4

Capital assets

$

174.2

$

173.0

1.2

1

Total assets

$

376.8

$

380.4

(3.6)

(1)

Working capital

$

99.2

$

97.8

1.4

1

As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.

To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.

About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours.  As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services.  As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations. 

For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedInFacebook and Instagram

FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.

This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities.  Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.

For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, reeves@mint.ca 

 

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River Associates Completes Third Platform Investment for 2024 with ID Label, Inc.

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CHATTANOOGA, Tenn., Nov. 22, 2024 /PRNewswire/ — River Associates Investments, L.P. (“River Associates”), a longstanding lower middle market private equity firm based in Chattanooga, TN, is pleased to announce the successful acquisition of ID Label, Inc. (“ID Label” or the “Company”). The transaction closed on November 15, 2024.

Founded in 1994 and based in Lake Villa, IL, ID Label is an industry-leading manufacturer of variable information barcode labels and warehouse signage for 3PLs and multi-site manufacturers. The Company provides design engineering, production, signage and nationwide installation services for warehousing, supply chain, manufacturing, electronics, calibration, medical, laboratory, lumber and library end markets. ID Label’s solutions are used by thousands of global organizations to keep businesses moving with efficiency, speed and accuracy.

“Throughout the process, River Associates consistently emerged as our top choice,” said Neil Johnston, Founder of ID Label. “I’m thrilled they saw ID Label’s value and growth potential. We will expand our capabilities and market reach, allowing us to better serve our customers. Most importantly, we will maintain our strong ID Label brand, preserving the quality and reputation we’ve built over the past 30 years.”

“We are excited to welcome ID Label to our portfolio,” said Ken Trent, Principal at River Associates. “ID Label is an excellent platform for River’s fund VIII. ID Label comes with a strong existing management team, an industry leading brand, and a pristine facility with ample capacity to achieve solid growth for the foreseeable future. We look forward to partnering with the management team and supporting the company as it continues to build on its impressive track record of success.”

River Associates funded the transaction with equity from its eighth investment fund (River VIII, L.P.). Blake Lewis and Ken Trent, Principals, led the process for River Associates. Mesirow Financial, Inc. served as the exclusive sell-side banker for the transaction. Financing was provided by NXT Capital. River Associates was advised by Holland & Knight, LLP. ID Label was advised by Kilpatrick Townsend & Stockton, LLP.

As with all platform company investments, River Associates and the ID Label management team will seek complementary strategic add-on acquisitions. For more information or to suggest potential add-on ideas, please reach out to Mark Jones.

About River Associates:

River Associates is a private equity firm based in Chattanooga, TN, which has focused exclusively on investing in the lower middle market for 35 years. Target businesses can be privately held, private equity-backed, or divestitures from larger companies. River Associates is opportunistic as to industry and has invested in numerous niche manufacturers, high margin distributors, industrial service providers and business service companies. River targets U.S. & Canadian companies, typically with EBITDA in the $3-12 million range. Since its founding in 1989, River Associates has completed more than 120 transactions. River is currently investing its eighth investment fund, which has $345 million of committed capital. For more information, visit www.riverassociates.com.

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SOURCE River Associates Investments

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Findings from IXPE Data Reveal Key Insights on Corona Around Black Holes

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WASHINGTON, Nov. 22, 2024 /PRNewswire/ — Groundbreaking research using data from NASA’s Imaging X-ray Polarimetry Explorer (IXPE) mission has revealed new insights into the shape and properties of a black hole’s corona, a key structure surrounding black holes. Led by Universities Space Research Association’s (USRA) postdoctoral researcher, Lynnie Saade, at USRA’s Science and Technology Institute, these findings were recently published in The Astrophysical Journal and represent a significant advance in our understanding of black hole environments. The work was conducted at NASA’s Marshall Space Flight Center in Huntsville, Alabama.

Many black holes are encircled by accretion disks —turbulent whirlpools of gas and debris, —and they also feature superheated coronas. These coronas are dynamic regions of plasma that are responsible for most X-ray emissions from black holes though scientists have only theoretical insights into their behavior. This latest discovery offers the first glimpse into the shape of these coronas, potentially deepening our understanding of how they help to generate the energy released when the black holes absorb materials.

“Scientists have long speculated on the makeup and geometry of the corona,” said Lynnie Saade. “Is it a sphere above and below the black hole, or an atmosphere generated by the accretion disk, or perhaps plasma located at the base of the jets?”

Results from the IXPE, which specializes in X-ray polarization, help map the shape and structure of coronas. IXPE observes X-rays, and studies objects that are not just small, but also very distant. X-ray polarization is needed “to determine the geometry of these objects which are too small and distant to image.”

According to Lynnie Saade, “IXPE provides the means to study the black hole’s accretion geometry, or the shape and structure of its accretion disk and related structures, including the corona.”

IXPE demonstrated that, among all black holes for which coronal properties could be directly measured via polarization, the corona was found to be extended in the same direction as the accretion disk – providing, for the first time, clues to the corona’s shape and clear evidence of its relationship to the accretion disk. The results rule out the possibility that the corona is a compact region above and below the black hole or at the base of a relativistic jet.

This research has significant implications. With the increasing availability of data on the shape of the corona, scientists can refine their models and develop a deeper understanding of its nature and behavior.

IXPE has not observed all black holes. This research has only studied 12 black holes, among them Cygnus X-1 and Cygnus X-3, stellar-mass binary black hole systems about 7,000 and 37,000 light-years from Earth, respectively, and LMC X-1 and LMC X-3, stellar-mass black holes in the Large Magellanic Cloud more than 165,000 light-years away.

Stellar mass black holes typically have a mass roughly 10 to 30 times that of Earth’s Sun, whereas supermassive black holes may have a mass that is millions to tens of billions of times larger. Despite these vast differences in scale, IXPE data suggests both types of black holes create accretion disks of similar geometry. Future research is needed to explore more black holes and advance our understanding of the corona.

About IXPE

IXPE, which continues to provide unprecedented data enabling groundbreaking discoveries about celestial objects across the universe, is a joint NASA and Italian Space Agency mission with partners and science collaborators in 12 countries. IXPE is led by Marshall Space Fight Center; Ball Aerospace, headquartered in Broomfield, Colorado, manages spacecraft operations together with the University of Colorado’s Laboratory for Atmospheric and Space Physics in Boulder. https://www.nasa.gov/ixpe

About USRA

Founded in 1969, under the auspices of the National Academy of Sciences at the request of the U.S. Government, the Universities Space Research Association (USRA) is a nonprofit corporation chartered to advance space-related science, technology, and engineering. USRA operates scientific institutes and facilities and conducts other major research and educational programs. An association of 121 university members, it engages the broader university community, employs in-house scientific talent, and offers innovative research, development, and project management expertise. More information about USRA is available at https://www.usra.edu.

Media Contact:
Suraiya Farukhi
sfarukhi@usra.edu
443-812-6945

 

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SOURCE Universities Space Research Association

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