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VSPO, the largest esports company in Asia, rebranded Hero Esports to support esports globalization

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SHANGHAI, Nov. 8, 2024 /PRNewswire/ — VSPO, the largest esports company in Asia, is pleased to announce that it has officially been rebranded Hero Esports, aligning with its domestic brand and, in doing so, supporting its international growth strategy and the globalization of esports.

The company announced its intention to rebrand alongside the appointment of Dino Ying as Executive Chairman and Danny Tang as CEO on 8 October 2024. 

The unveiling of Hero Esports marks a pivotal moment in the company’s history. For nearly a decade, the business has been the leading esports tournament operator and content creator, investing in and shaping the industry to drive innovation and excellence. Most recently in September 2024, the company launched the Esports Asian Champions League (ACL), which is Asia’s premier international, multi-title esports tournament. As a key figure in the esports industry, Executive Chairman Dino Ying will play a vital role in growing the ACL alongside working closely with international governing bodies, including the International Olympic Committee and the Esports World Cup Federation, to elevate the industry more broadly. The global esports market is projected to grow from $54 billion in 2023 to $98 billion by 2028, according to a report by Frost & Sullivan.

The company’s new brand is supported by a refreshed Mission, Vision and set of Values to help employees of Hero Esports work towards common goals and ensure quality throughout the business. Hero Esports’ mission is to ‘Empower esports’, supported by its vision to ‘create the premier esports experience of the future’. Hero Esports’ values, which are based on inclusion, diversity, transparency and a passion for esports, have provided a strong foundation for the company’s continued expansion.

Danny Tang, CEO of Hero Esports, said: “Today marks a significant milestone for Hero Esports as we continue our growth trajectory to become a leading international esports organization, driven by a clear mission, vision and set of values. Hero Esports is well positioned to identify and develop new opportunities both domestically and internationally, and we look forward to aligning our expansion with an equally fast-growing esports industry.”

About Hero Esports (formerly VSPO)

Founded in 2016, Hero Esports is the biggest esports company in Asia, producing more than 7,000 matches every year that captivate an online fan base of over 800 million. With a global presence encompassing 12 office locations and eight top-tier esports arenas, Hero Esports offers a comprehensive suite of esports services, including tournament organization, marketing solutions, community development, and more. As a private company, Hero Esports counts Savvy Games Group and Tencent, among others, as investors, with Kuaishou and Huya as strategic partners.

Headquartered in Shanghai and employing more than 1,100 employees, Hero Esports is a fully integrated operator of esports tournaments and creator of esports content with global reach. The company has helped produce many prestigious tournaments including the Olympic Esports Week, the Esports World Cup as well as the esports series featured at both the Jakarta Asian Games 2018 and the Hangzhou Asian Games 2023. Hero Esports also worked with the world’s top-tier game publishers such as Tencent and Krafton in organizing popular esports leagues such as the Honor of Kings’ KPL series and PUBG’s PGC series, among many others. In 2024, Hero Esports launched Esports Asian Champions League (ACL), Asia’s premier international, multi-title esports tournament. Hero Esports is a member of the Esports Integrity Commission (ESIC).

Visit Hero Esports’ new website: www.heroesports.com 

 

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Jensen Hughes Appoints Dominic Casserley as Executive Chair of the Board of Directors

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BALTIMORE, Nov. 8, 2024 /PRNewswire/ — Jensen Hughes, a global leader in engineering, consulting and technology that make the world safe, secure and resilient, announced today that its board of directors appointed Dominic Casserley as its Executive Chair.

As Executive Chair, Casserley will work closely with the Jensen Hughes management team to reinforce the company’s key priorities.

“We are thrilled to welcome Dominic to our board,” said Raj Arora, CEO of Jensen Hughes. “His extensive experience and strategic insight will be instrumental in supporting our company’s continued growth.”

Casserley’s career began at McKinsey & Company (1983-2013), where he held influential leadership positions in various practices and positions across the globe. He served on the Shareholders Council of McKinsey from 1998 to 2013, and for five years oversaw the global finances of the company. In 2013, Casserley became the CEO of Willis, the global corporate insurance broker. He initiated and oversaw the merger with Towers Watson to create Willis Towers Watson, a $10 billion revenue company listed on NASDAQ. He served as President of Willis Towers Watson until December 2016. Casserley was also the Chairman of ERM, the environmental consulting firm, from 2019 to 2022. More recently, Casserley has served on multiple private equity portfolio company boards across various industries.

“I am honored to be taking on the position of Executive Chair at Jensen Hughes,” said Casserley. “I look forward to working with the entire team to capitalize on growth opportunities and activate strategies that set the company up for continuing success.”

Gryphon Investors, a San Francisco-based middle-market private equity firm, is the lead investor in Jensen Hughes.

Gryphon Deal Partner Leigh Abramson and Operating Partner Scott Hearn said, “We are excited to partner with Dominic as Jensen Hughes moves forward. He will play a critical role as we continue our strategic growth plan and enable positive experiences for all our clients and employees.”

About Jensen Hughes
Jensen Hughes is a global leader in engineering, consulting and technology that make our world safe, secure and resilient. Worldwide, Jensen Hughes is recognized most widely for its leadership in fire protection engineering – a legacy of responsibility the company has advanced with honor and pride since 1939. Jensen Hughes’ commitment to safety, security and resilience extends to other critical competencies core to its purpose. These include accessibility consulting, risk and hazard analysis, process safety, forensic investigations, security risk, and emergency management as well as digital innovation across many of its services. Today, the Company has 1,700+ engineers, consultants, analysts and strategists who work from 90+ offices supporting clients in 100+ countries across all end markets.

About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, Software, and Technology Services and Solutions sectors. With approximately $9+ billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $500 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

Contact:

Caroline Luz
Lambert
cluz@lambert.com
203-570-6462

 

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SOURCE Jensen Hughes

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MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2025 FIRST QUARTER RESULTS

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NEW YORK, Nov. 8, 2024 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal first quarter ended September 30, 2024.

Since the start of fiscal 2025, the Madison Square Garden Arena (“The Garden”) has hosted a record number of concerts for a fiscal first quarter and, last month, welcomed back the New York Knicks (“Knicks”) and the New York Rangers (“Rangers”) for the start of their 2024-25 regular seasons at The Garden. Later today, the Christmas Spectacular production kicks off its 2024 holiday season at Radio City Music Hall with 199 performances currently on sale as compared to 193 shows in fiscal 2024. In addition, new sales and renewal activity in the Company’s premium hospitality business remains strong, while the Company also recently announced new multi-year sponsorship deals with Lenovo and its subsidiary Motorola Mobility and the Department of Culture and Tourism – Abu Dhabi, as well as a multi-year extension of its sponsorship deal with Verizon.

For the fiscal 2025 first quarter, the Company reported revenues of $138.7 million, a decrease of $3.5 million, or 2%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $18.5 million, an improvement of $14.9 million, or 45%, and adjusted operating income of $1.9 million, an increase of $2.1 million, both as compared to the prior year quarter.(1)

Executive Chairman and CEO James L. Dolan said, “With fiscal ’25 underway, we expect our portfolio of assets and brands to continue benefiting from demand for shared experiences, including this year’s Christmas Spectacular production. Looking ahead, we remain confident in the strength of our Company and believe we are well positioned to generate long-term value for our shareholders.”

Results for the Three Months Ended September 30, 2024 and 2023:

Three Months Ended

September 30,

Change

$ millions

2024

2023

$

%

Revenues

$    138.7

$    142.2

$     (3.5)

(2) %

Operating Loss

$    (18.5)

$    (33.4)

$     14.9

45 %

Adjusted Operating Income (Loss)(1)

$        1.9

$      (0.2)

$       2.1

NM

Note: Amounts may not foot due to rounding. NM – Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are not considered meaningful.

(1)

See page 3 of this earnings release for the definition of adjusted operating income (loss) (“AOI”) included in the discussion of non-GAAP financial measures. During the fiscal 2024 third quarter, the Company amended this definition so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with Madison Square Garden Sports Corp. (“MSG Sports”) is no longer excluded in all periods presented. For the three months ended September 30, 2024 and the three months ended September 30, 2023, the non-cash portion of operating lease revenue was $0.5 million.

 

Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2025 first quarter revenues from entertainment offerings of $115.1 million decreased $1.4 million, or 1%, as compared to the prior year period, primarily due to lower event-related revenues.

Event-related revenues decreased $1.5 million, primarily due to lower revenues from concerts. This reflects lower per-concert revenues primarily due to a shift in the mix of events at The Garden from promoted events to rentals and a decrease in the number of concerts at the Company’s theaters, partially offset by an increase in the number of concerts at The Garden.

Fiscal 2025 first quarter arena license fees and other leasing revenues of $4.7 million increased $2.2 million, or 90%, as compared to the prior year period, due to an increase in other leasing revenues.

Fiscal 2025 first quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $86.5 million decreased $4.1 million, or 5%, as compared to the prior year quarter, primarily due to lower event-related expenses of $3.5 million. The decrease in event-related expenses was primarily due to lower expenses from concerts, mainly driven by lower per-concert expenses due to a shift in the mix of events at The Garden from promoted events to rentals, partially offset by an increase in the number of events at The Garden.

Food, Beverage and Merchandise
Fiscal 2025 first quarter food, beverage and merchandise revenues of $19.0 million decreased $4.3 million, or 18%, as compared to the prior year period. This was primarily due to lower food and beverage sales at concerts held at the Company’s venues as compared to the prior year quarter, primarily due to lower per-concert food and beverage revenues and, to a lesser extent, the decrease in the number of events at the Company’s theaters, partially offset by the increase the number of events at The Garden.

Fiscal 2025 first quarter food, beverage and merchandise direct operating expenses of $11.2 million increased $0.1 million, or 1%, as compared to the prior year period.

Selling, General and Administrative Expenses
Fiscal 2025 first quarter selling, general and administrative expenses of $45.7 million decreased $3.1 million, or 6%, as compared to the prior year period. The decrease was primarily due to (i) lower professional fees, mainly due to the absence of non-recurring costs incurred by the Company in the prior year period in connection with the registration and sale of the Company’s Class A common stock by Sphere Entertainment Co.; (ii) a decrease in employee compensation and benefits; and (iii) lower other costs, all as compared to the prior year period. These decreases were partially offset by higher rent expense as compared to the prior year period.

Operating Loss and Adjusted Operating Income (Loss)
Fiscal 2025 first quarter operating loss of $18.5 million improved $14.9 million, or 45%, as compared to the prior year period, primarily due to lower restructuring charges and, to a lesser extent, the decrease in direct operating expenses and selling, general and administrative expenses, partially offset by the decrease in revenues. Fiscal 2025 first quarter adjusted operating income of $1.9 million increased $2.1 million as compared to the prior year quarter, primarily due to lower direct operating expenses and selling, general and administrative expenses (excluding merger, spin-off and acquisition-related costs), partially offset by the decrease in revenues. 

About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for more than 90 years. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures
During the fiscal 2024 third quarter the Company amended its definition of adjusted operating income so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented.

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) amortization for capitalized cloud computing arrangement costs and (viii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the executive deferred compensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated and combined basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.

Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Ari Danes, CFA

Senior Vice President, Investor Relations, Financial Communications & Treasury

Madison Square Garden Entertainment Corp.

(212) 465-6072

Justin Blaber

Vice President, Financial Communications

Madison Square Garden Entertainment Corp.

(212) 465-6109

Grace Kaminer

Vice President, Investor Relations & Treasury

Madison Square Garden Entertainment Corp.

(212) 631-5076

Sarah Rothschild

Senior Director, Investor Relations & Treasury

Madison Square Garden Entertainment Corp.

(212) 631-5345

Conference Call Information:
The conference call will be Webcast live today at 8:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 888-660-6386 / Conference ID Number 8020251
Conference call replay number is 800-770-2030 / Conference ID Number 8020251 until November 15, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations

 

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three Months Ended
September 30,

2024

2023

Revenues

Revenues from entertainment offerings

$       115,081

$       116,505

Food, beverage, and merchandise revenues

18,975

23,261

Arena license fees and other leasing revenue

4,658

2,446

Total revenues

138,714

142,212

Direct operating expenses

Entertainment offerings, arena license fees, and other leasing direct operating expenses

(86,466)

(90,559)

Food, beverage, and merchandise direct operating expenses

(11,243)

(11,118)

Total direct operating expenses

(97,709)

(101,677)

Selling, general, and administrative expenses

(45,746)

(48,822)

Depreciation and amortization

(13,781)

(13,585)

Restructuring credits (charges)

40

(11,553)

Operating loss

(18,482)

(33,425)

Interest income

372

851

Interest expense

(14,043)

(14,287)

Other expense, net

(769)

(4,469)

Loss from operations before income taxes

(32,922)

(51,330)

Income tax benefit

13,601

659

Net loss

$       (19,321)

$       (50,671)

Loss per share attributable to MSG Entertainment’s stockholders:

Basic and diluted

$            (0.40)

$            (1.00)

Weighted-average number of shares of common stock:

Basic and diluted

48,217

50,437

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)

The following is a description of the adjustments to operating loss in arriving at adjusted operating income (loss) as described in this earnings release:

Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units and stock options granted under the Company’s Employee Stock Plan and the Company’s Non-Employee Director Plan.Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.

Three Months Ended
September 30,

$ thousands

2024

2023

Operating loss

$       (18,482)

$       (33,425)

Depreciation and amortization

13,781

13,585

Share-based compensation (excluding share-based compensation included in restructuring charges)

6,262

6,177

Restructuring (credits) charges

(40)

11,553

Merger, spin-off, and acquisition-related costs (1)

2,035

Amortization for capitalized cloud computing arrangement costs

168

Remeasurement of deferred compensation plan liabilities

220

(145)

Adjusted operating income (loss) (2)

$           1,909

$             (220)

(1)

This adjustment represents non-recurring costs incurred and paid by the Company for the sale of the retained interest by Sphere Entertainment Co.

(2)

During the fiscal 2024 third quarter the Company amended the definition of adjusted operating income so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented. Pursuant to GAAP, recognition of operating lease revenue is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. As a result, operating lease revenue is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Adjusted operating income includes operating lease revenue of (i) $854 and $829 of revenue collected in cash for the three months ended September 30, 2024 and September 30, 2023, respectively, and (ii) a non-cash portion of $470 and $495 for the three months ended September 30, 2024 and September 30, 2023, respectively.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(Unaudited)

September 30,
2024

June 30,
2024

ASSETS

Current Assets:

Cash, cash equivalents, and restricted cash

$             37,613

$             33,555

Accounts receivable, net

95,525

77,259

Related party receivables, current

20,768

17,469

Prepaid expenses and other current assets

106,490

90,801

Total current assets

260,396

219,084

Non-Current Assets:

Property and equipment, net

642,338

633,533

Right-of-use lease assets

391,058

388,658

Goodwill

69,041

69,041

Indefinite-lived intangible assets

63,801

63,801

Deferred tax assets, net

81,733

68,307

Other non-current assets

101,960

110,283

Total assets

$        1,610,327

$        1,552,707

LIABILITIES AND DEFICIT

Current Liabilities:

Accounts payable, accrued and other current liabilities

$           159,261

$           203,750

Related party payables, current

43,671

42,506

Long-term debt, current

20,313

16,250

Operating lease liabilities, current

27,014

27,736

Deferred revenue

270,955

215,581

Total current liabilities

521,214

505,823

Non-Current Liabilities:

Long-term debt, net of deferred financing costs

646,975

599,248

Operating lease liabilities, non-current

451,071

427,014

Other non-current liabilities

39,765

43,787

Total liabilities

1,659,025

1,575,872

Commitments and contingencies

Deficit:

Class A Common Stock (a)

460

456

Class B Common Stock (b)

69

69

Additional paid-in-capital

26,909

33,481

Treasury stock at cost (4,365 shares outstanding as of September 30, 2024 and June 30, 2024)

(140,512)

(140,512)

Retained earnings

96,282

115,603

Accumulated other comprehensive loss

(31,906)

(32,262)

Total deficit

(48,698)

(23,165)

Total liabilities and deficit

$        1,610,327

$        1,552,707

(a)

Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 45,958 and 45,556 shares issued as of September 30, 2024 and June 30, 2024, respectively.

(b)

Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of September 30, 2024 and June 30, 2024.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SELECTED CASH FLOW INFORMATION

(in thousands)

(Unaudited)

Three Months Ended

September 30,

2024

2023

Net cash (used in) provided by operating activities

$       (27,359)

$           1,378

Net cash used in investing activities

(6,690)

(55,490)

Net cash provided by financing activities

38,107

9,273

Net increase (decrease) in cash, cash equivalents, and restricted cash

4,058

(44,839)

Cash, cash equivalents, and restricted cash, beginning of period

33,555

84,355

Cash, cash equivalents, and restricted cash, end of period

$         37,613

$         39,516

 

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IriusRisk partners with Toreon to deliver bespoke training to extend threat modeling programs within enterprise organizations

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– Hybrid Practitioner training to increase an organizations’ threat modeling maturity

– Toreon’s hands-on training equips teams with the knowledge to threat model and effectively manage risk for their products

– This exclusive training offer with Toreon is specifically to level up threat modeling skills within the IriusRisk platform for medium to large enterprises with global teams

LONDON, Nov. 8, 2024 /PRNewswire/ — IriusRisk, the world’s leading Open Threat Modeling platform, has announced its partnership with Toreon, a European cybersecurity organization. Together with an exclusive training offer, global customers are able to reach a higher level of threat modeling and risk management maturity, using IriusRisk’s Threat Modeling Tool and Toreon’s hands-on training framework.

CEO of IriusRisk, Stephen de Vries, added: “This partnership with Toreon exemplifies our joint commitment to empowering enterprises with the knowledge and tools they need to strengthen their security posture. By combining IriusRisk’s robust threat modeling platform with Toreon’s expert training, we’re enabling global teams to not only adopt but truly master the practice of threat modeling. This collaboration ensures organizations can scale their security efforts efficiently and effectively, driving real impact in managing risk at every stage of development.”

It is true that one-size doesn’t fit all, and this is why the IriusRisk Practitioner Course is flexible and based upon a mixture of self-paced activities as well as interactive labs within a group. This training has been developed by Toreon for different use cases, industries and needs.

“The IriusRisk and Threat Modeling training from Toreon was a game changer. The trainers were experts, answering all our questions in a complex environment. The hands-on sessions and clear, structured approach boosted our team’s confidence in using IriusRisk, whether they were beginners or experienced. It’s helping us protect the bank and get more from the tool.” Maxine McFarlane, Application Security SME, Lloyds Banking Group

The IriusRisk Practitioner course is a hybrid online training designed for developers, architects, product managers, and security professionals. It offers 20 hours of learning, split between self-paced modules and interactive labs over 8 weeks, focusing on advanced threat modeling using IriusRisk and Toreon’s whiteboard hacking. Through practical exercises on a cloud-native case study, participants will develop product diagrams, triage threats, and apply techniques like STRIDE.

Sebastien Deleersnyder, CTO of Toreon, stated: “This is a pivotal moment for our industry, as we merge best-in-class training with the most advanced tool to effectively scale threat modeling for our customers. By integrating IriusRisk into our training, we empower development and product teams to embed security into their workflows from the outset, simplifying processes, reducing complexity, and maintaining consistency—even in the fastest-moving environments.”

For more information please visit https://www.iriusrisk.com/toreon

About IriusRisk
IriusRisk is the industry’s leading threat modeling and secure design solution in Application Security. With enterprise clients including Fortune 500 banks, payments, and technology providers, it empowers security and development teams to ensure applications have security built-in from the start – using its powerful threat modeling platform.

About Toreon
Toreon is a Belgian cyberconsulting company located in Antwerp, with a focus on security strategy and governance. Toreon helps companies assess their security maturity and develop customized roadmaps for improving their security posture. The company also offers CISO as a service, providing clients with ongoing support and expertise. Toreon has expertise in helping product companies institute security-by-design.

Threat Modeling Made Scalable with IriusRisk TrainingIriusRisk PartnersIriusRisk Threat Modeling Platform

Jenna Starmer
Senior Demand Generation Manager
IriusRisk
jstarmer@iriusrisk.com

This release was issued through WebWire®. For more information, visit http://www.webwire.com.

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