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Infosys: Strong performance with broad based revenue growth in CC of 3.1% sequentially and 3.3% YoY

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FY25 revenue guidance revised to 3.75%-4.50%; Margin guidance retained at 20%-22%

BENGALURU, India, Oct. 17, 2024 /PRNewswire/ — Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, delivered broad based growth performance with $4,894 million in Q2 revenues, sequential growth of 3.1% and year on year growth of 3.3% in constant currency. Operating margin for Q2 was at 21.1%. Free cash flow for Q2 was at $839 million, growing 25.2% year on year. TCV of large deal wins was $2.4 billion, 41% being net new.

H1 revenues grew at 2.9% year over year in constant currency. Operating margin for H1 was at 21.1%.

“We had strong growth of 3.1% quarter-on-quarter in constant current in Q2. The growth was broad based with good momentum in financial services.  This stems from our strength in industry expertise, market leading capabilities in cloud with Cobalt and generative AI with Topaz, resulting in growing client preference to partner with us”, said Salil Parekh, CEO and MD. “Our large deals at $2.4 billion in Q2 reflect our differentiated position. I am grateful to our employees for their unwavering commitment to our client as we further strengthen our market leadership” he added.

3.1% QoQ

3.3% YoY

 CC Growth  

21.1%

Operating
Margin

4.7% YoY

EPS Increase

(₹ terms)

$2.4 Bn

Large Deal

TCV

$839 Mn

Free

Cash Flow

Guidance for FY25:

Revenue growth of 3.75%-4.50% in constant currencyOperating margin of 20%-22%

Key highlights:

For six months ended September 30, 2024

For the quarter ended September 30, 2024

Revenues in CC terms grew by 2.9% YoYReported revenues at $9,608 million, growth of 2.9% YoYOperating margin at 21.1%, growth of 0.1% YoYBasic EPS at $0.37, growth of 4.4% YoYFCF at $1,933 million, growth of 41.2% YoY; FCF conversion at 125.3% of net profit

Revenues in CC terms grew by 3.3% YoY and 3.1% QoQReported revenues at $4,894 million, growth of 3.7% YoYOperating margin at 21.1%, decline of 0.1% YoY and flat QoQBasic EPS at $0.19, growth of 3.4% YoYFCF at $839 million, growth of 25.2% YoY; FCF conversion at 107.8% of net profit

“We continue to focus on accelerating revenue growth with a sharp focus on margin performance. Operating margins for the quarter was at 21.1%, driven by continued benefits from value-based pricing and utilization despite higher employee payouts. Our focus on cash generation resulted in another quarter of over 100% Free Cash Flow conversion to net profits,” said Jayesh Sanghrajka, CFO. “The Board announced an interim dividend of `21 per share, 16.7% increase from last year,” he added.

1.  Client wins & Testimonials

Infosys announced that it has entered into a long-term collaboration with Metro Bank to enhance some of its IT and support functions, while digitally transforming the bank’s business operations. Daniel Frumkin, Metro Bank Chief Executive Officer, said, “This collaboration with a world class provider like Infosys builds on the solid foundations we have already laid, unleashing our true potential, and creating a sustainably profitable and scalable organization that is fit for the future. At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same – a high-quality service organization putting customers centre-stage. Metro Bank expects to deliver £80m of annualized cost savings this year across multiple initiatives, as it progresses towards the target of reaching mid-to-high teen Return on Tangible Equity by 2027. Our vision for Metro Bank in 2025 and beyond, places our store network firmly at its heart, as we continue with our plans to open new stores and bring the Metro Bank experience to the north of England.”Infosys announced a strategic collaboration with Proximus to help unlock new business opportunities. Antonietta Mastroianni, Chief Digital & IT Officer at Proximus, said: “We are delighted to strengthen our long-standing collaboration with Infosys. By leveraging Infosys’ global reach and our expertise in CPaaS and DI Solutions, the collaboration will drive innovation and deliver superior customer experiences for our joint customers. We are confident that our mutual deep expertise and proven track record will be instrumental in this two-way partnership.”Infosys announced its collaboration with TDC Net to help them transform from a traditional infrastructure company to a leading customer-centric technology company. Campbell Fraser, CTIO, TDC Net said, “At TDC Net, we are committed to delivering exceptional value to our customers through a transformation in our IT landscape. Our collaboration with Infosys will enable us to leverage industry-standard processes and platform to create better customer experiences. Infosys’ deep expertise in the telecommunications domain, coupled with their proven capabilities in driving end-to-end transformations, gives us confidence in achieving our goals. This collaboration represents a significant milestone in our journey towards becoming a fully digital and customer-centric technology company.”Infosys announced the extension of its existing collaboration with Posti to help it enhance customer experience and operational efficiency while continuing to innovate, scale, and grow its IT operations. Petteri Naulapää, CIO & SVP, ICT and Digitalization, Posti Group, said, “We are pleased to announce the renewal of our collaboration with Infosys for another seven years. By harnessing the power of AI through Infosys Topaz and cloud capabilities through Infosys Cobalt, we aim to create a more efficient and customer centric organization. The collaboration with Infosys will accelerate our digital transformation journey and help us deliver exceptional services, optimize our operations, and strengthen our position as a leading delivery and logistics provider.”Infosys announced a strategic collaboration with Sally Beauty Holdings, Inc. (SBH) to drive enterprise-scale IT transformation and implement best practices in IT operations to bring efficiencies through the optimization of IT service delivery. Scott Lindblom, CIO, Sally Beauty, said “We are excited to be collaborating with Infosys as we take SBH into the future by modernizing our IT service delivery and meeting the goals set by our “Fuel for Growth” initiative. Embracing AI-amplified IT is a significant step forward for us in enabling us to, in turn, deliver exceptional experiences for our customers.”Infosys announced a strategic collaboration with Polestar to create a base for Polestar’s development of in-car infotainment, Software and Electrical/ Electronics (SW&EE) engineering, user experience (UX), and cloud-powered digital services. Sven Bauer, Head of Software at Polestar, said, “Polestar is starting a new chapter in the company’s global setup with our partner Infosys in Bengaluru. We look forward to building automotive competence in the Polestar Tech Hub to support our growing vehicle portfolio and new model launches.”Infosys announced a successful collaboration with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative called DIVE. Shri Siddhartha Mohanty, CEO & MD, LIC, said, “Our collaboration with Infosys marks a significant milestone in our digital transformation journey. It will not only enhance our operational capabilities, but also enable us to cater to our vast customer, agent and employee base with newer, more personalized experiences. We are committed to leveraging the latest technologies that Infosys has to offer, including Cloud and Enterprise AI, to drive innovation and improve our offerings.”

2.  Recognitions & Awards

Brand

Recognized as India’s Best Workplaces™ for Women 2024: Top 50 (Large) for the fourth consecutive year by Great Place to Work® InstituteRecognized as India’s Best Workplaces™ in Diversity, Equity, Inclusion & Belonging 2024: Top 25 by Great Place to Work® InstituteRecognized among ‘Best Companies for Women in India (BCWI) study, 2024′ by Avtar & Seramount, and among ‘Best Companies – Hall of Fame’ for having featured in the list, six editions in a rowRecognized as the ‘Champion of Inclusion’ in the Most Inclusive Companies Index 2024 by Avtar and Seramount for the fifth year

AI and Cloud Services

Positioned as a leader in 2024 Gartner Magic Quadrant for Public Cloud IT Transformation ServicesRated as a leader in End-to-End Cloud Infrastructure Management Services NEAT 2024 by NelsonHallRecognized as a leader in Constellation Shortlist 2024: Artificial Intelligence and Machine Learning Best-of-Breed PlatformsRecognized as a leader in Constellation Shortlist 2024: AI-Driven Cognitive ApplicationsRecognized as a leader in Constellation Shortlist 2024: AI Services: GlobalRecognized as a leader in Constellation Shortlist 2024: Public Cloud Transformation Services: Global

Key Digital Services

Recognized as a leader in Global In-house Center (GIC) Setup Capabilities in India – Provider PEAK Matrix® Assessment 2024 by EverestRecognized as a leader in Digital Transformation Consulting Services PEAK Matrix® Assessment 2024 – North America by EverestRecognized as a leader in Salesforce Services PEAK Matrix® Assessment 2024 by EverestRecognized as a leader in Open Banking IT Services PEAK Matrix® Assessment 2024 by EverestRecognized as a leader in Private Equity IT Services PEAK Matrix® Assessment 2024 by EverestRecognized as leader in Life & Annuity (L&A) Insurance IT Services PEAK Matrix® Assessment 2024 by EverestRecognized as a leader in Digital Commerce Services PEAK Matrix® Assessment 2024 by EverestRecognized as a leader in Digital Workplace Services PEAK Matrix® Assessment 2024 – Europe by EverestRecognized as a leader in Digital Workplace Services PEAK Matrix® Assessment 2024 – North America by EverestRecognized as a leader in Focus on Appian – Low-code Application Development Services PEAK Matrix® Assessment 2024 by EverestRecognized as a leader in Focus on OutSystems – Low-code Application Development Services PEAK Matrix® Assessment 2024 by EverestRecognized as a leader in Focus on Microsoft Power Apps – Low-code Application Development Services PEAK Matrix® Assessment 2024 by EverestRated as a leader in IDC MarketScape: Asia/Pacific SAP Implementation Services 2024 Vendor AssessmentPositioned as a leader in HFS Horizons: The Best Service Providers for Core Banking ModernizationRated as a leader Learning Platforms NEAT 2024 by NelsonHallRecognized as a leader in Constellation Shortlist 2024: Metaverse Design and ServicesRecognized as a leader in Constellation Shortlist 2024: Custom Software Development ServicesRecognized as a leader in Constellation Shortlist 2024: Digital Transformation Services (DTX): GlobalRecognized as a leader in Constellation Shortlist 2024: Customer Experience (CX) Operations Services: GlobalRecognized as a leader in Constellation Shortlist 2024: Customer Experience (CX) Design & Execution Services: GlobalWon the SAP LeanIX Growth Partner of the Year Award at the SAP Transformation Excellence SummitInfosys BPM recognized as a Leader in the Lending Services PEAK Matrix® Assessment 2024 by EverestInfosys BPM recognized as a leader in ISG Provider LensTM Global Financing & Accounting Outsourcing Services Study (P2P, O2C, R2R and FP&A)Infosys BPM won the Avasant Digital Masters Award 2024 in the Business Process Transformation categoryInfosys BPM ranked as Innovators in Avasant Digital Masters Business Process Transformation Radarview™Infosys BPM won an award at NIQR Lean Six Sigma Case Study Contest 2024

Industry & Solutions

Rated as a leader in IDC FinTech 2024 RankingsInfosys BPM recognized as a leader in the Finance & Accounting Outsourcing (FAO) PEAK Matrix® Assessment 2024 by EverestInfosys Finacle positioned as a leader in the IDC MarketScape: Worldwide Cash Management Systems 2024 Vendor Assessment; Worldwide Integrated Bank Payment Systems 2024 Vendor Assessment; North America Digital Core Banking Platforms 2024 Vendor Assessment; Europe, Middle East, and Africa Digital Core Banking Platforms 2024 Vendor Assessment; Asia/Pacific Digital Core Banking Platforms 2024 Vendor AssessmentInfosys McCamish ranked as a leader in ISG Provider LensTM Insurance Platform Solutions study in North AmericaInfosys Finacle won Excellence in Corporate Digital Banking with Zand Bank at the Finnovex Awards Middle East 2024Infosys Finacle won 2 industry awards at Finnovex Awards Southern Africa 2024: ‘Excellence in Customer Experience with Standard Bank’, ‘Excellence in Payment Solutions for Finacle Payments’

Read more about our Awards & Recognitions here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident and the related review and notification process are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

Infosys Limited and subsidiaries

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:                    (Dollars in millions)

September 30, 2024

March 31, 2024

ASSETS

Current assets

Cash and cash equivalents

2,601

1,773

Current investments

887

1,548

Trade receivables

3,820

3,620

Unbilled revenue

1,559

1,531

Other current assets

1,817

2,250

Total current assets

10,684

10,722

Non-current assets

Property, plant and equipment and Right-of-use assets

2,284

2,323

Goodwill and other Intangible assets

1,604

1,042

Non-current investments

1,189

1,404

Unbilled revenue

255

213

Other non-current assets

912

819

Total non-current assets

6,244

5,801

Total assets

16,928

16,523

LIABILITIES AND EQUITY

Current liabilities

Trade payables

458

474

Unearned revenue

860

880

Employee benefit obligations

343

314

Other current liabilities and provisions

3,210

2,983

Total current liabilities

4,871

4,651

Non-current liabilities

Lease liabilities

756

767

Other non-current liabilities

463

500

Total non-current liabilities

1,219

1,267

Total liabilities

6,090

5,918

Total equity attributable to equity holders of the company

10,789

10,559

Non-controlling interests

49

46

Total equity

10,838

10,605

Total liabilities and equity

16,928

16,523

  

Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(Dollars in millions except per equity share data)

3 months ended
September 30,
2024

3 months ended
September 30,
2023

6 months ended
September 30,
2024

6 months ended
September 30,
2023

Revenues

4,894

4,718

9,608

9,334

Cost of sales

3,400

3,271

6,659

6,481

Gross profit

1,494

1,447

2,949

2,853

Operating expenses:

   Selling and marketing expenses

221

213

454

429

   Administrative expenses

240

234

469

463

Total operating expenses

461

447

923

892

Operating profit

1,033

1,000

2,026

1,961

Other income, net (3) 

72

60

160

117

Profit before income taxes

1,105

1,060

2,186

2,078

Income tax expense

327

309

644

603

Net profit (before minority interest)

778

751

1,542

1,475

Net profit (after minority interest)

777

751

1,540

1,475

Basic EPS ($)

0.19

0.18

0.37

0.36

Diluted EPS ($)

0.19

0.18

0.37

0.36

NOTES:

The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and six months ended September 30, 2024, which have been taken on record at the Board meeting held on October 17, 2024.A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.Other income is net of Finance Cost.As the quarter and six months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the six months ended figures reported in this statement.

IFRS-INR Press Release : https://www.infosys.com/investors/reports-filings/quarterly-results/2024-2025/q2/documents/ifrs-inr-press-release.pdf
Fact sheet: https://www.infosys.com/investors/reports-filings/quarterly-results/2024-2025/q2/documents/fact-sheet.pdf

 

Logo: https://mma.prnewswire.com/media/633365/Infosys_Logo.jpg

 

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Project Tomorrow Unveils Latest Speak Up Research, Highlights Need for Active Digital Student Learning Experiences

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3 mins ago

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October 17, 2024

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The 21st annual report findings include a desire for active learning to foster discovery and critical analysis of information to prepare students for the technology-driven world

IRVINE, Calif., Oct. 17, 2024 /PRNewswire-PRWeb/ — Project Tomorrow, one of the nation’s leading education nonprofit organizations, today announces new insights from its latest Speak Up research about the use of technology and artificial intelligence (AI) in classrooms and school districts nationwide. The Speak Up research project works with several local stakeholders to collect municipal data, informing district level decisions. Findings were collected from over 100,000 K-12 students, educators, administrators, and parents across the country.

“The report’s findings extend more than two decades of nationwide survey data, offering deeper insights and highlighting previously unexplored emerging trends,” says Dr. Julie Evans, Chief Executive Officer of Project Tomorrow.

Key insights from the Speak Up research include:

61% of middle and high school teachers report engaging students in weekly active learning experiences using classroom technology, however the majority of students report more passive uses of technology than active learning in their classrooms.Currently, only 3 in 10 students say they have learning experiences in school that enable them to develop new content using multi-media digital tools to substantiate learning or explore new ideas.45% of students in grades 6-12 use AI tools as study guides, and there is substantial demand from students for more AI tools that support personalized learning.

“The report’s findings extend more than two decades of nationwide survey data, offering deeper insights and highlighting previously unexplored emerging trends,” says Dr. Julie Evans, Chief Executive Officer of Project Tomorrow. “This year, the data underscores a miscommunication about active versus passive learning experiences. It’s no longer about having technology in the classroom; it’s about how teachers use it to connect with students, develop future-ready skills, and create active learning experiences. We must move beyond checking the box on technology and focus on how it drives real student growth.”

The national report will be released in three installments, highlighting new data findings and takeaways for districts to implement in policies and curriculums. The themes and release dates for each chapter are as follows:

Chapter 1: Active vs. Passive Learning Using Digital Tools and Resources was released October 17, 2024Chapter 2: The Value Proposition for Technology-Enabled Active Learning will be released October 24, 2024Chapter 3: Closing the Gap between Aspirations and Practices to Create More Active Learning Experiences will be released on October 31, 2024

Research detailed in Speak Up’s 2023-2024 data reflects and extends on The National Educational Technology Plan (NETP), published in January 2024 by the US Department of Education. The NETP report, supported by Speak Up research, defines active use of technology as tools used “to discover, analyze and apply learning rather than passively receiving information.” However, according to Speak Up research, 75% of high school students and 66% of middle school students say their primary use of technology is to complete an online quiz or assessment. While this is beneficial to educators and schools it does not help students develop critical thinking or teamwork skills.

The first chapter of research, along with an infographic, was unveiled at the 2024 Congressional Briefing, hosted on edWeb, where Dr. Evans discussed the data with a panel of high school students and district leaders from across the country. Together, they shared recommendations for how district leaders can improve learning experiences with technology innovations to inform strategic planning initiatives.

To view the full Speak Up survey results, visit THIS webpage.

Suzanne Lacey, Superintendent of Talladega, Alabama County Schools, has worked with Speak Up to discover district stakeholders’ views to influence strategic planning processes. The district has found the combination of local and national data to be a game-changer in determining how to adopt new classroom technologies.

“This data was instrumental in determining short term as well as long term goals and resources that would have the greatest impact on student learning,” said Lacey. “Speak Up data is especially important to district level leaders to gauge both the time spent utilizing technology in classrooms and also the types of technology being utilized by teachers to enhance learning. For example, I was pleased to see how frequently elementary teachers relied on online reading sites or subscriptions to increase the volume of reading for their students.”

Districts that value stakeholder voices and want to transform teaching and learning to be more innovative so that every student is well prepared for future success should participate in Speak Up surveys. To join the Speak Up research initiative, visit THIS webpage.

The Speak Up Research Project is generously supported by Advanced Learning Partnerships, Agile Education Marketing, edWeb, iboss, and Spectrum Enterprise.

About Project Tomorrow & Speak Up
The Speak Up Research Project is a national initiative of Project Tomorrow, an internationally recognized education nonprofit organization dedicated to ensuring that all students are prepared to become tomorrow’s leaders, innovators and engaged citizens of the world. Each year, the Speak Up Research Project polls K–12 students, parents, and educators about the role of technology for learning in and out of school and the impact of new learning models on student outcomes and teacher effectiveness. The Speak Up dataset represents the largest collection of authentic, unfiltered stakeholder voices on digital learning. Since the fall of 2003, more than 6.3 million K–12 students, parents, teachers, librarians, principals, technology leaders, district administrators, communications officers and members of the community have shared their views and ideas through Speak Up. Education, business, and policy leaders report that they regularly use the Speak Up data to inform federal, state and local education programs, policies and initiatives. Learn more at https://www.tomorrow.org/speakup.

Media Contact

Madeleine Martin, Project Tomorrow, 2244365267, madeleine.martin@finnpartners.com, https://www.tomorrow.org/

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SOURCE Project Tomorrow

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Catalyst Power Launches Energy Management Services for Generators and Retail Energy Suppliers

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October 17, 2024

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Catalyst Power’s Energy Management Services Enhance Efficiency and Maximize Value

NEW YORK , Oct. 17, 2024 /PRNewswire/ — Catalyst Power Holdings LLC (“Catalyst Power”), an independent integrated provider of retail power and cleaner energy solutions for the commercial and industrial sector, is launching new energy management services for generators and retail energy suppliers within their service areas. The new energy management services include hedging and portfolio management, historical analysis, trading control, legislative tracking, and more. Catalyst Power’s energy management services are designed to reduce costs, improve operational efficiency, and maximize overall performance for retail energy suppliers and generators. The company’s new energy management services are now available in New York, New England, the Mid-Atlantic, and the Midwest.

“Today’s energy markets are more complicated and offer more opportunities than ever before. The Catalyst Power team brings decades of experience helping generators and retail suppliers and can help our partners use the markets to meet their business needs whether it is energy price certainty, optimization opportunities or access to illiquid renewable energy credit markets” said Gabriel Phillips, CEO of Catalyst Power Holdings.”

Retail Energy Suppliers Management: Catalyst Power provides tailored electricity and gas management solutions designed to save retail suppliers money and simplify operations. Services include customized pricing, risk management, and streamlined billing, offering clarity and control over energy procurement. Catalyst Power also offers sustainable energy options to assist retail suppliers in easily meeting renewable goals.

Generation Energy Management: Catalyst Power offers energy management solutions for generators designed to maximize efficiency and revenue. Services include customized scheduling, risk management, and transparent billing to help generators optimize operations and navigate market complexities. Catalyst Power’s tailored approach ensures smooth, profitable energy generation with clear insights and ongoing support.

Businesses interested in partnering with Catalyst Power or learning more can contact:
Web: https://catalystpower.com/
Phone: 1-888-789-7250
Email: contact@catalystpower.com 

About Catalyst Power Holdings LLC:

Catalyst Power Holdings LLC  is an independent, integrated energy solutions provider specializing in integrating retail electricity with complementary cleaner energy solutions designed to help commercial and industrial companies reduce costs, generate revenue, and decarbonize their operations, all with no upfront investment . Catalyst Power’s suite cleaner energy solutions include customized Connected Microgrid solutions, rooftop solar, energy storage, EV Charging, and community solar. Catalyst Power specializes in serving the middle-market commercial and industrial end-use customers. Catalyst Power is a portfolio company of BP Energy Partners, LLC. More info: www.catalystpower.com.

About BP Energy Partners:

BP Energy Partners is a Dallas, Texas based lower-middle market private equity firm that invests alongside entrepreneurs, family-owned businesses, and companies through growth equity and buyout transactions. The firm focuses on energy and energy-intensive industries and companies that generate returns and reduce emissions. Investment themes include Value-Add Infrastructure, the Natural Gas Value Chain, Electrification, and Environmental Management. Founded in 2013 and initially sponsored by T. Boone Pickens, BPEP manages over $600 million in committed capital.

For more information, visit www.bpenergypartners.com.

Media Inquiries:
Sam Boykin | Boykin Consulting
sam@samboykin.net; 917.447.2657

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Bain & Company announces expanded partnership with OpenAI to accelerate delivery of AI solutions and meet fast-growing client needs

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October 17, 2024

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Deepening of collaboration sees Bain establish a dedicated OpenAI Center of Excellence to drive and deliver AI innovation for clients and maximize value of clients’ AI investments

BOSTON and SAN FRANCISCO, Oct. 17, 2024 /PRNewswire/ — Bain & Company today announced an expanded partnership with OpenAI, the maker of ChatGPT, and frontier AI models such as GPT 4o and the new OpenAI o1, to accelerate AI’s transformative impact in the world’s top companies.

Bain and OpenAI have been collaborating closely since 2022, with the public announcement of a global services alliance in early 2023 bringing OpenAI’s ground-breaking AI capabilities and platforms to Bain clients worldwide. Bain has also deployed OpenAI platforms, including making ChatGPT Enterprise, available to employees worldwide, with these tools being used to deliver numerous pioneering, bespoke applications of the technology, enhancing employees’ efficiency and productivity.

Bain and OpenAI will now further extend and deepen the scope of this already fast-growing work through their expanded partnership. This will harness the combination of OpenAI’s innovations and Bain’s deep AI/technology implementation capabilities and strategic expertise to further enhance their ability to leverage the most powerful AI solutions to meet clients’ needs and lead them in their AI journey.

With the far-reaching expansion of its OpenAI partnership, Bain is investing in establishing an OpenAI Center of Excellence (CoE). Led by a dedicated Bain team equipped with in-depth experience and expertise, as well as the latest insights into OpenAI innovations, the OpenAI CoE will provide services and technologies that help clients to realize business value and impact from OpenAI’s technologies.

Bain will combine its extensive industry expertise together with OpenAI’s horizontal technology innovations to deliver breakthrough business value. Under the partnership, Bain and OpenAI will co-design and deliver the first solutions for the retail and healthcare life sciences industries, expanding to additional industries over time. Bain’s OpenAI CoE will be staffed with deep technical resources equipped to deliver client solutions that leverage OpenAI frontier technology, including multi-modal, real-time and reasoning applications.

Christophe De Vusser, Bain’s Worldwide Managing Partner, said: “At Bain, we’ve seen the power of our partnership with OpenAI as we work together with clients and within our own business as well. We’ve unlocked transformative results, driving innovation and creating lasting value. With this expanded collaboration, we will further push the boundaries, leading the way in reshaping industries and delivering even greater impact.”

OpenAI COO Brad Lightcap said: “We’re building on our partnership with Bain to turn cutting-edge AI into real, impactful results for enterprises across multiple industries. We want to make sure businesses lean into the full scale of the opportunity to operate more efficiently, better serve customers, and propel a new wave of innovation.”

The expansion of Bain’s partnership with OpenAI will build on the foundation of the powerful results secured for Bain clients, including The Coca-Cola Company and Amgen.

During this time, Bain has worked with OpenAI to embed multiple AI solutions into clients’ operations and deliver concrete business results across a range of use cases. In doing so Bain has supported clients in changing and improving processes, operating models, technology architectures, talent and data assets. Bain will continue to leverage OpenAI’s fast-developing products and platform in its offerings to clients on AI transformation consulting, which encompasses AI strategy development, process change, workforce and organizational development, and technology foundations, guiding leaders through their companies’ AI journeys. Under their expanded partnership, the two firms will also work closely through a regular series of joint industry roundtables and events to showcase the impact of their collaborations in delivering transformational results for clients around the world.

Media contacts 
To arrange an interview or for any questions, please contact:
Gary Duncan (London) — Email: gary.duncan@bain.com
Katie Ware (New York) — Email: katie.ware@bain.com
Ann Lee (Singapore) — Email: ann.lee@bain.com 

About Bain & Company

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future.

Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a gold rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 2% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry. 

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