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Veralto Acquires TraceGains

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Expands Ability to Help Ensure Safety, Traceability and Compliance in the Food and Beverage Industry, Aligns with Veralto’s Commitment to Safeguarding Water, Food and Essential Goods

WALTHAM, Mass., Oct. 7, 2024 /PRNewswire/ — Veralto Corporation (NYSE: VLTO) (the “Company”), a global leader in essential water and product quality solutions dedicated to Safeguarding the World’s Most Vital Resources™, announced that it has acquired the holding company that owns TraceGains for a purchase price of $350 million (subject to customary post-closing adjustments).

TraceGains is a leading provider of cloud-based software solutions that enable connected data and digital workflow management to help consumer brands meet increasingly stringent compliance and reporting regulations for food and beverage safety and traceability. Its solutions enable consumer brands to efficiently track ingredient inputs, monitor supplier quality and develop new products with greater safety and increased velocity. 

TraceGains is complementary to the Company’s Product Quality and Innovation (“PQI”) segment, specifically, its Esko-branded digital workflow solutions for packaging and label design. Synergies with Esko’s global customer base, direct sales channel, and the application of the Veralto Enterprise System represent key value creation levers the Company believes will accelerate TraceGains’ growth, expand its market presence, and improve its operating efficiency. 

“We believe the transition to digital workflow solutions in the food and beverage industry is poised for strong growth over the next decade. The acquisition of TraceGains, in combination with our Esko business, strategically expands our digital offering and provides us the opportunity to deliver greater value to consumer brands as they digitize critical workflows with connected data across new product development, compliance and packaging,” said Jennifer L. Honeycutt, Veralto’s President and Chief Executive Officer. “TraceGains’ purpose-built solutions, focused on increasing food safety, are complementary to our PQI product portfolio and squarely aligned with our purpose — Safeguarding the World’s Most Vital Resources™. And with a high level of recurring revenue, robust core sales growth and attractive gross margins, TraceGains strengthens the financial profile of our PQI segment. We are excited to welcome TraceGains associates to Veralto.”

TraceGains’ Chief Executive Officer, Gary Nowacki, said “We are proud of the networked ecosystem TraceGains has built for the food and beverage industry and the tremendous growth we have delivered. We believe joining Veralto and partnering with its Esko business creates a powerful combination of two brands with deep expertise in digital workstream solutions for consumer brands. Furthermore, it enhances TraceGains’ ability to more rapidly expand industry use of our digital solutions that help customers increase transparency to ingredient inputs for food and beverage safety, speed up innovation of new recipes and significantly reduce time-to-market for new products.”

In 2024, TraceGains is expected to deliver just over $30 million in sales, with more than 95% of sales on a recurring basis, and a gross margin of approximately 80%. Since the beginning of 2022, TraceGains’ sales have grown at an average rate of greater than 20% on a year-over-year basis.

The acquisition was funded with cash on hand and is expected to deliver a double-digit return on invested capital, exceeding the Company’s weighted average cost of capital, in year 6.

Veralto’s management team will discuss this acquisition in more detail during its third quarter 2024 financial results conference call on Thursday, October 24, 2024. 

ABOUT VERALTO

With annual sales of $5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands are building on a long-established legacy of innovation and customer trust to create a safer, cleaner, more vibrant future. Headquartered in Waltham, Massachusetts, our global team of 16,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World’s Most Vital Resources™.

ABOUT TRACEGAINS

For over 15 years, TraceGains’ solutions have empowered food and beverage stakeholders to build more transparent, efficient and interconnected supplier networks that deliver safer, more compliant products to customers in less time. Using the power of TraceGains’ differentiated network, global brands gain digital visibility to over 550,000 ingredients and items from more than 80,000 supply chain locations which provides greater speed and control over compliance, enhances new product development and increases go-to-market velocity.

USE OF NON-GAAP FINANCIAL INFORMATION

Veralto supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information, to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. References to the non-GAAP financial measure of return on invested capital refers to the gross purchase price of the acquisition divided by the net operating profit after taxes of the acquired business. The non-GAAP financial measure disclosed by Veralto in this press release should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

TRACEGAINS FINANCIAL INFORMATION

The financial information of TraceGains provided herein is unaudited and is derived from information provided to Veralto by TraceGains’ management in conjunction with due diligence procedures, with various Veralto management adjustments also reflected. This information has not been conformed to the accounting principles (GAAP) and accounting policies followed by Veralto. Further, the definitions of performance measures of the TraceGains’ business, such as sales, gross margin and operating profit, may not align with the definition of Veralto.

FORWARD-LOOKING STATEMENTS

Certain statements in this release, including the statements regarding TraceGains’ future financial performance, the Company’s differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are “forward-looking” statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto’s liquidity position or other financial measures; Veralto’s management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; the effects of the separation or the distribution on Veralto’s business; growth, declines and other trends in markets Veralto sells into; new or modified laws, regulations and accounting pronouncements; future regulatory approvals and the timing thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2023 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

Investor Relations Contact:
Ryan Taylor
Vice President, Investor Relations
investors@veralto.com

Media Relations Contact:
Steve Field
Vice President, Communications
steve.field@veralto.com

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SOURCE Veralto

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Ricky Power Joins Stoch Analytics as Chief Growth Officer

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October 7, 2024

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NEW YORK, Oct. 7, 2024 /PRNewswire/ — Stoch Analytics Limited, a software company based in Ireland, today announced that Ricky Power has joined the company as its Chief Growth Officer. In his new role, Mr. Power will lead the company’s sales, marketing, and business development activities.

“Stoch Analytics has an amazing team and a fantastic set of products,” said Chris Stiefeling, CEO and cofounder of Stoch Analytics. “Ricky joins us at the perfect time in our journey and will help us to unlock the incredible potential of what we have built. Ricky knows the actuarial market exceedingly well and fully appreciates the value and cost savings that we can deliver to life insurers around the world.”

Stoch Analytics develops, sells, and supports high-performance stochastic modeling solutions for the life insurance industry. These solutions include the company’s flagship Atlas software suite used for pricing, valuation and projection of insurance asset and liability portfolios. Atlas is well known for running 100 to 200 times faster than many competing products and is licensed by some of the world’s largest insurance companies. The company acquired the Atlas software suite from Oliver Wyman in 2023.

Mr. Power formerly led AXIS actuarial software sales globally at Moody’s Analytics. His focus for over a decade has been helping life insurers to find the best solutions for their actuarial modelling, financial reporting and scenario generation needs.

“The Stoch Analytics team have a long and rich history providing best of breed actuarial solutions. They have continuously modernized as they developed so customers can benefit from continuous improvement in features and functionality while enjoying unrivalled raw compute power and calculation speed,” said Ricky Power, Chief Growth Officer of Stoch Analytics. “I am very excited to join the team to support our growing customer base.”

About Stoch Analytics Limited

At Stoch Analytics, we deliver industry-leading modeling solutions to help life insurers navigate the stochastic world. Our flagship Atlas actuarial modeling suite has been in production at top insurers around the globe for more than 20 years. Formerly part of Oliver Wyman, we opened a new chapter by establishing Stoch Analytics in 2023, enabling us to focus on providing software and services for actuarial and risk management applications. For more information, visit www.stochanalytics.com.

Media Contact:
inquiries@stochanalytics.com 

 

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SOURCE Stoch Analytics Limited

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CobbleStone Software’s Highly-Anticipated User Conference Is Only Days Away

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50 mins ago

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October 7, 2024

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The 2024 CobbleStone Software user conference is taking place next week in vibrant Las Vegas.

PRINCETON, N.J., Oct. 7, 2024 /PRNewswire-PRWeb/ — CobbleStone Software – a recognized Leader in contract lifecycle management (CLM) according to the SPARK Matrix™ Report – continues its tradition of hosting an immersive and educational conference event from October 16th to the 18th.

“Attendees will have a great time networking with like-minded individuals within the contract management space, and we look forward to hosting and educating about the vast benefits of efficient AI powered CLM solutions,” – Bradford Jones, VP of Sales and Marketing at CobbleStone

Attendees can expect a powerful conference packed with industry speakers, an exciting agenda, interactive workshops, and much more. Surrounded by contract management and procurement leaders, innovators, and experts, attendees will be exposed to great networking opportunities. With a high number of registrants, CobbleStone® is prepared to maintain its successful user conference track record by engaging with CobbleStone Contract Insight® users and prospective users next week.

While the conference will take place from Wednesday, October 16th to Friday, October 18th, prospective users have registered for a one-day-only complimentary contract management conference on Thursday, October 17th.

Some conference highlights will include:

Thought leadershipNetworking opportunitiesInteractive sessionsCLE sessionsExciting keynote speakerAnd much more

To view the full conference agenda, click here.

“We are very excited that attendees are days away from witnessing the immersive and thought-provoking conference. Attendees will have a great time networking with like-minded individuals within the contract management space, and we look forward to hosting and educating about the vast benefits of efficient AI powered CLM solutions,” says Bradford Jones, VP of Sales and Marketing at CobbleStone Software.

Contact CobbleStone Software for a free demo.

For more information, email Sales@CobbleStoneSoftware.com or call 866-330-0056.

About CobbleStone Software:

CobbleStone Software is a celebrated leader in contract management software solutions whose flagship CLM software solution – CobbleStone Contract Insight – expedites contract management, vendor management, eProcurement, and eSourcing processes while offering seamless integrations, ease-of-use, and high scalability. CobbleStone’s contract lifecycle management solutions provide simplified contract and vendor tracking, highly configurable email alerts, user-friendly calendar notifications, intelligent contract workflow automation, highly robust security options, streamlined authoring of contract templates with dynamic clauses, centralized revenue/cost management, detailed text indexing and searching, future-minded vendor/client ratings, robust document version control, custom contract management reports, speedy IntelliSign® electronic signatures, more intelligent contracts with VISDOM® artificial intelligence and machine learning, and more.

Follow CobbleStone Software on social media:

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To stay up to date on contract lifecycle management industry trends and news, subscribe to CobbleStone’s Contract Insights blog.

Media Contact

Simran Bains, CobbleStone Software, 866-330-0056, Marketing@CobbleStoneSoftware.com, https://www.cobblestonesoftware.com/ 

Twitter

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SOURCE CobbleStone Software

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aelf and Gaia Hosted Hello [AI], Bringing Together AI and Blockchain Innovators at TOKEN2049 Week

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50 mins ago

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October 7, 2024

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aelf’s AI-themed event kicked off Singapore’s TOKEN2049 week, paving the way for the future of AI-blockchain integration

SINGAPORE, Oct. 7, 2024 /PRNewswire/ — aelf, a leading AI-enhanced Layer 1 blockchain network, hosted Hello [AI] on 16 September 2024, with co-host Gaia. The event successfully kicked off Singapore’s TOKEN2049 week, attracting a capacity crowd of AI and blockchain enthusiasts, industry experts, and Web3 innovators at SKAI Loft, Swissôtel. Attendees included AI and blockchain enthusiasts, developers, industry experts, and Web3 leaders, looking to explore the fusion of AI and blockchain.

Supported by Google Cloud and Microsoft, and featuring partners such as Asia Blockchain Gaming Alliance (ABGA), NEAR, Plug and Play, Sapien, and SchellingAI, Hello [AI] underscored the growing synergy between AI and blockchain. The event provided a vibrant platform for discussion, thought leadership, and networking, signalling the critical role blockchain technologies will play in the future of digital innovation.

Advancing the AI-Blockchain Dialogue

At the heart of Hello [AI] was a focus on AI and blockchain integration. Brian Liang, COO of aelf, delivered the keynote, sharing aelf’s vision of an AI-enhanced blockchain ecosystem.

He emphasised the importance of community engagement in shaping this future and highlighted key developments from aelf’s Whitepaper v2. This includes aelf’s recent successful deployment of AI-powered audits for smart contracts and the integration of machine learning for smart contract optimisation. Liang also revealed upcoming developments, such as the rollout of aelf’s AI oracle and the use of natural language processing (NLP) to simplify smart contract creation.

Panel Discussion: AI-Powered Blockchain Application

A lively panel discussion moderated by Khaniff Lau, Business Development Director at aelf, featured key figures exploring the future of AI-enhanced blockchain applications. Panellists included Sydney Lai, Head of Developer Advocacy at Gaia; Steve Shirkey, Director of Azure AI for ANZ, ASEAN, and Korea at Microsoft; Chris May, Head of Global Sales at Sapien; and CC Chen, AI Blockchain Expert at Google Cloud.

The panel explored the potential of AI-powered blockchain applications, delving into real-world use cases and addressing challenges such as AI hallucinations. The panellists shared insights on improving the integration of AI in decentralised applications, enhancing interoperability between AI and blockchain systems, and overcoming technical barriers to adoption.

Fireside Chat: Can AI Become Truly Decentralised?

In a thought-provoking fireside chat moderated by Khaniff Lau, Emad Mostaque, Founder of Schelling AI, and Luki Song, Head of Ecosystem & Strategy at Chainbase, explored the potential for AI to not just exist within decentralised systems, but to actively function in a fully decentralized manner.

This discussion highlighted blockchain’s capacity to address key concerns around data ethics, trust in algorithms, and the infrastructure necessary to support decentralised AI, while offering insights into how decentralisation could reshape the AI landscape.

Interactive On-Chain Entertainment and Engagement

Beyond discussions, Hello [AI] offered on-chain, hands-on experiences. Attendees gamified their event participation by voting for music genres via TMRWDAO‘s Votigram bot on Telegram, weaving decentralisation into entertainment. Guests also collected Crypto Boxes, with rewards in the form of $ELF tokens, and $SGR tokens from Project Schrodinger, the world’s first AI-powered 404 NFT collection. These elements showcased blockchain’s ability to seamlessly integrate into real-world experiences and provide tangible rewards through decentralised technologies.

aelf’s Vision for a Decentralised, AI-Enhanced Future

Hello [AI] kickstarted this year’s TOKEN2049 and signified aelf’s pivotal role in advancing decentralised AI and blockchain technologies. The success of Hello [AI] sets the stage for aelf’s role as a pioneer in AI and blockchain convergence. “We are excited by the collective brilliance and shared vision within our community,” said Brian Liang. “As we continue to evolve, we invite more innovators to help us shape the future of Web3.” As aelf continues to lead the way in AI-blockchain integration, Hello [AI] underscored the network’s commitment to building a decentralised, AI-enhanced future for the global Web3 ecosystem.

Stay updated on aelf’s news and engage with the aelf community on:

Website: https://aelf.com 

Telegram: https://t.me/aelfblockchain  

Discord: https://discord.gg/aelfblockchain

About aelf

aelf, an AI-enhanced Layer 1 blockchain network, leverages the robust C# programming language for efficiency and scalability across its sophisticated multi-layered architecture. Founded in 2017 with its global hub in Singapore, aelf is a pioneer in the industry, leading Asia in evolving blockchain with state-of-the-art AI integration and modular Layer 2 ZK Rollup technology, ensuring an efficient, low-cost, and highly secure platform that is both developer and end-user friendly. Aligned with its progressive vision, aelf is committed to fostering innovation within its ecosystem and remains dedicated to advancing Web3 and AI technology adoption.

For more information about aelf, please refer to our Whitepaper V2.0: https://docs.aelf.com/resources/whitepaper-2/ 

About Gaia

Gaia is a pioneering decentralized AI platform dedicated to transforming knowledge into a dynamic, secure, and collaborative ecosystem. By bridging the gap between centralized AI solutions and open-source models, Gaia offers a unique network of living knowledge organisms that adapt and grow continuously. Our platform empowers knowledge holders to protect and monetize their intellectual property while enabling developers to build innovative, smarter applications on top of a secure, evolving foundation. With a commitment to privacy, adaptability, and collaboration, Gaia is redefining the future of AI, making knowledge a vibrant, protected, and accessible resource for all.

Disclaimer: The information provided in this press announcement is for general informational purposes only and does not constitute legal, financial, or investment advice. aelf makes no representations or warranties of any kind, express or implied, regarding the accuracy, completeness, or reliability of the information provided in this press announcement. Any reliance you place on such information is strictly at your own risk. Blockchain technology and cryptocurrency involve inherent risks, including but not limited to market volatility, regulatory changes, and potential security vulnerabilities. By accessing and using the information provided in this press announcement, you agree to indemnify and hold aelf, its officers, directors, employees, and agents harmless from and against any and all claims, liabilities, damages, losses, or expenses arising out of or in connection with your use of the information. aelf reserves all rights not expressly granted in this press announcement.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/aelf-and-gaia-hosted-hello-ai-bringing-together-ai-and-blockchain-innovators-at-token2049-week-302268834.html

SOURCE aelf

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