TORONTO, Nov. 29, 2024 /CNW/ – Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) (“Argo” or the “Company”), a new venture delivering the first-ever vertically and publicly integrated city transit system, announced today its financial results for the quarter ended September 30, 2024 (“Q3 2024”). During the third quarter of 2024, Argo deployed its smart transit system with its first paying customers and made significant progress in restructuring prior initiatives in its publicly traded entity. 

Argo Highlights

Argo School: The Company successfully deployed its smart transit solution to a series of private schools in the Greater Toronto Area, providing end-to-end student transportation operations. Argo’s innovative technology delivers access to more flexibility and real-time tracking of students and vehicles, with unprecedented safety, reliability, and transparency for families and schools alike. The Company plans to continue to expand this solution to other private and public schools throughout Canada and abroad.Argo City: Argo’s public transit solution is the first to integrate custom software with vehicular hardware to create a network of intelligently routed vehicles that augment public transit systems with on-demand, door-to-door service. Argo City aims to reduce private car usage and increase ridership of existing public transit systems through partnership with cities, transit agencies, and governments. The Company expects to announce its first city partners in the coming months.R&D Investment: The Company’s quarterly R&D investment spend for Q3 2024 increased by 401% year-over-year. This investment reflects a significant focus on developing the Company’s proprietary vertically and publicly integrated city transit system, with significant progress in software and hardware functionality to enable seamless and reliable school and city deployments, putting people in control of their mobility.

Restructuring Updates

Vehicle Subscription: $8.5M in liabilities have been reclassified in Q3 2024 as held for sale as a result of wholly owned subsidiaries Steer EV Canada Inc. filing an assignment into bankruptcy under the Bankruptcy and Insolvency Act in Canada and Steer Holdings LLC, making a General Assignment for the Benefit of Creditors, pursuant to California law. The Company anticipates these liabilities will be removed in the coming quarters upon completing these legal processes, aligning with its restructuring efforts announced in the May 23, 2024, press release.Disputed Office Lease: Argo filed a statement of claim regarding a disputed office lease with landlord 8174709 Canada Inc. and the Company’s former CEO. The disputed lease represents $3.6M in liabilities and payables on the Company’s balance sheet.Sale of Financial Assets: The Company continues to engage in active sales processes for intellectual property and financial assets associated with the last venture in its publicly traded entity. In Q3 2024, the Company completed the sale of 14,200 shares of preferred stock in the capital of Westbrook Global Inc., receiving a cash payment of $750K as consideration.

FoodsUp Updates

Argo maintains a 59.95% non-controlling ownership interest in FoodsUp Inc. (“FoodsUp”), one of Canada’s leading restaurant supply platforms. In Q3 2024, FoodsUp had revenues of $28.7M, representing a 10% increase over Q2 2024 and a 61% yearly increase in quarterly revenues from Q3 2023.

The Company remains committed to implementing a transaction structure, the effect of which would be to provide the shareholders of Argo with the net proceeds from any sale of its interest in FoodsUp to a third party or an indirect or tracking ownership interest in FoodsUp in each case, as of to-be-determined record date (the “FoodsUp Divestment”). The FoodsUp Divestment, if it occurs, will mark an important step in the formal separation between the business of FoodsUp and Argo.

Q3 2024 Results Compared to Q3 2023

In this press release, all references to ‘$’ are to Canadian dollars.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Argo

Argo delivers the first-ever vertically and publicly integrated city transit system. It is designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at www.rideargo.com.

Praveen Arichandran, Co-CEO
Argo Corporation
(800) 575-7051

Forward-Looking Information

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate,” “estimate,” and “intend,” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company’s securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2023 (filed on SEDAR+ on May 8, 2024) and its interim MD&A for the periods ended September 30, 2023, March 31, 2024, June 30, 2024, and September 30, 2024 for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

SOURCE ARGO CORPORATION

NEW YORK, Nov. 29, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global silicon photonics market size is estimated to grow by USD 5.24 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 24.88% during the forecast period. Increasing need for higher bandwidth is driving market growth, with a trend towards emergence of optical data centers. However, lack of global standards and guidelines poses a challenge. Key market players include AIO Core Co. Ltd., ams OSRAM AG, Broadcom Inc., Corning Inc., Hamamatsu Photonics KK, II VI Inc., Infinera Corp., Innolume GmbH, Intel Corp., International Business Machines Corp., IPG Photonics Corp., MACOM Technology Solutions Inc., NKT Photonics AS, Nokia Corp., NVIDIA Corp., OpenLight Photonics Inc., OSCPS Motion Sensing Inc, RANVOUS Inc., Sicoya GmbH, TRUMPF SE Co. KG, and Cisco Systems Inc..

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Key Market Trends Fueling Growth

The global Silicon Photonics market is experiencing significant growth due to the increasing demand for high-speed data transfer in various industries. With the Internet traffic from cloud computing, 5G technology, IoT, and AI-powered devices, there is a need for more efficient and low-power solutions. Silicon photonics offers this by using integrated circuits (ICs) for optical communications, reducing power consumption compared to electronic technologies. Key components of silicon photonics include transceivers, optical interconnects, lasers, modulators, and photodetectors. These are used in data centers, telecommunication networks, and interconnection networks. The market is also driven by the adoption of 5G network, self-driving cars, and high-speed kits for point-of-care testing and imaging data. Silicon photonics uses optical waveguides, optical modulators, and photodetectors made from silicon, silicon nitride, and other photonic components. These components are more compact and less susceptible to thermal effects compared to traditional fiber-optic solutions. Additionally, the use of high-powered laser sources, thermal stress management, and Liquid-crystal cladding helps mitigate thermal effects and improve performance. The market for silicon photonics is expected to grow in IT & telecommunications and consumer electronics sectors, with applications in broadband services, telecom service providers, and broadband connections. This growth is driven by the need for high-speed data transfer and low power consumption, making silicon photonics a promising solution for the future of optical communications and data storage systems. 

Silicon photonics is a game-changing technology for optical data centers, providing enhanced capabilities for data transmission, processing, and storage. By integrating high-speed, high-bandwidth optical interconnects directly onto silicon chips, silicon photonics enables seamless communication between different data center components. This results in faster data transfer rates, lower latency, and increased scalability, making it an ideal solution for modern applications like cloud computing, artificial intelligence, and big data analytics. The continuous growth in cloud-based applications and big data analytics has significantly expanded the scale of data center networks. Silicon photonics, with its advantages over traditional copper-based interconnects, is a crucial technology in addressing the demands for faster and more efficient data center infrastructure. 

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Market Challenges

The global silicon photonics market is experiencing significant growth due to increasing demand for high-speed data transfer in various industries. With the Internet traffic from cloud computing, 5G technology, IoT, and AI-powered devices, there is a need for more efficient and low-power optical communications solutions. Silicon photonics offers a promising solution with its integration of photonics and electronic components on a single silicon chip. However, challenges such as thermal effects, power consumption, and thermal stress in high-powered laser sources remain. Transceivers, optical interconnects, and lasers are key components in this market, along with modulators, photodetectors, and optical waveguides. Data centers, telecommunication, and IT & telecommunications are major end-users, with consumer electronics and automotive industries also adopting silicon photonics for high-speed kits in self-driving cars and point-of-care testing. Optical network infrastructure, including fiber-optic and active optical cables, is a significant application area. Silicon photonics is revolutionizing data storage systems, datacom protocols, and interconnection networks, offering an alternative to copper cables. The market is expected to grow further with advancements in silicon nitride, optical multiplexers, attenuators, and other photonic components.The absence of standardized protocols and specifications in the silicon photonics market poses challenges for both manufacturers and customers. Without universally accepted standards, the integration of silicon photonics components into existing optical communication systems and networks becomes complicated. Compatibility issues arise, product development and manufacturing processes are complicated, and implementation costs increase. Furthermore, the lack of clear standards results in inconsistent performance metrics, making it difficult for customers to compare and evaluate different silicon photonics solutions effectively. Standardization is crucial for the widespread adoption of new technologies, and its absence in the silicon photonics market hinders its growth and potential impact on the optical communication industry.

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Segment Overview 

This silicon photonics market report extensively covers market segmentation by

Application 1.1 Communications1.2 Consumer electronics1.3 OthersComponent 2.1 Lasers2.2 Modulators2.3 Photo detectorsGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Communications- The communications industry’s growth is driving the demand for silicon photonics due to its ability to transmit wider bandwidth signals with low latency and maintain signal quality during long-distance communication with minimal loss. Silicon photonics is a key technology in optical communication systems, enabling the transfer of large amounts of data at high speeds. Increased bandwidth and low latency requirements have fueled the demand for silicon photonics-based devices such as receivers, transmitters, and modulators. The proliferation of data centers and cloud computing infrastructure is a major factor driving the market’s growth. Vendors like Cisco Systems Inc. And Intel Corp. Offer silicon photonics solutions for high-speed data transmission in data center environments. The evolution of 5G networks is another significant factor, as silicon photonics supports 5G networks with low latency and high capacity at a low cost and power per bit. With the increasing investment in 5G networks, the demand for silicon photonics is also expected to rise, boosting the growth of the global silicon photonics market through the communications segment.

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Research Analysis

Silicon photonics is an innovative technology that merges electronic and optical functionalities on a single silicon chip. This technology is revolutionizing various industries, including telecommunications, data centers, and consumer electronics. With the exponential growth of Internet traffic, cloud computing, and the Internet of Things (IoT), there is a surging demand for high-speed data transfer solutions. Silicon photonics offers a promising solution with its ability to transmit data at unprecedented speeds using light instead of electricity. This technology is not limited to telecommunications but also finds applications in 5G networks, smartphones, AI-powered devices, and networking components. It is a game-changer for data centers, enabling faster and more efficient data processing and storage. Datacom protocols and both optical and copper cables benefit from this technology’s integration with electronic circuits. However, challenges such as thermal effects and the need for advanced photonic components remain. Despite these challenges, silicon photonics continues to gain traction due to its potential to revolutionize electronic technologies and pave the way for a future of high-speed, efficient, and cost-effective data transfer.

Market Research Overview

Silicon photonics is a revolutionary technology that utilizes silicon ICs to transmit data using light waves instead of traditional copper cables. This technology is poised to revolutionize various industries, including telecommunications, data centers, cloud computing, and consumer electronics. With the exponential growth of Internet traffic, the demand for high-speed, low-power, and cost-effective solutions is increasing. Silicon photonics offers a solution by enabling the integration of photonic components such as lasers, modulators, and optical interconnects on a single chip. This technology is also crucial for 5G networks, IoT, self-driving cars, and AI-powered devices, which require high-speed data transfer and low power consumption. Silicon photonics also offers advantages in data storage systems, optical network, and telecom services by reducing thermal effects and power consumption compared to traditional electronic technologies. The market for silicon photonics is expected to grow significantly due to its potential applications in various sectors, including IT & telecommunications, datacom protocols, and consumer electronics. Some of the key components of silicon photonics include optical waveguides, photodetectors, optical modulators, and lasers made from bulk crystalline silicon, silicon nitride, and other photonic materials. The technology also includes thermal effects management using Liquid-crystal cladding and self-driving cars applications using high-speed kits. The market for silicon photonics is expected to grow significantly due to its potential applications in various sectors, including telecommunications, data centers, cloud computing, and consumer electronics. The technology offers advantages such as high-speed data transfer, low power consumption, and cost-effectiveness, making it a promising solution for the future of optical communications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationCommunicationsConsumer ElectronicsOthersComponentLasersModulatorsPhoto DetectorsGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

NEW YORK, Nov. 29, 2024 /PRNewswire/ — Report with market evolution powered by AI – The managed services market in saudi arabia size is estimated to grow by USD 949 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.51%  during the forecast period. Growing demand for outsourcing of non-core operations in banking, financial services, and insurance (BFSI) and retail sector is driving market growth, with a trend towards increase in adoption of cloud-based managed services in Saudi Arabia. However, data and privacy issues  poses a challenge. Key market players include ACS Services Inc., Alphabet Inc., Amazon.com Inc., AO Kaspersky Lab, Atos SE, Cisco Systems Inc., Diyar United Co., eHosting DataFort, Fortinet Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Juniper Networks Inc., Microsoft Corp., Nokia Corp., Palo Alto Networks Inc., Security Matterz, Telefonaktiebolaget LM Ericsson, Wipro Ltd., and Zoho Corp. Pvt. Ltd..

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Market Driver

The Managed Services Market in Saudi Arabia is experiencing significant growth due to the increasing adoption of remote work and hybrid work models. This shift has led to an increased demand for collaboration tools, outsourcing of IT infrastructure, and managed services from providers. The market is transitioning towards a subscription-based model, offering strategic solutions in cloud computing, cybersecurity, managed infrastructure, communications, mobility, and more. Large enterprises in IT and telecommunication, entertainment and media, and the digital realm are investing in managed services to enhance their cybersecurity posture. Managed security services, including vulnerability management, risk and compliance, detection and response, firewall management, and log management, are essential for mitigating cyber threats and protecting data. Managed services providers offer a range of service types, including fully managed and co-managed services for network security, cloud security, endpoint security, application security, and telecommunications. The market also caters to on-premises and cloud-based solutions, addressing the needs of various industries such as banking, transportation, healthcare, and e-commerce. The market’s growth is driven by digital transformation, increasing cyberattacks, and the need for agility in service delivery. Managed service providers offer proactive security measures, threat monitoring, incident response, and cybersecurity awareness to help businesses stay ahead of cyber threats. The use of artificial intelligence and automation tools in hybrid security services further enhances security compliance and threat detection capabilities. In conclusion, the Managed Services Market in Saudi Arabia is a dynamic and evolving landscape, offering a range of services to help businesses navigate the digital economy and address their unique needs in the face of cybersecurity challenges. 

In Saudi Arabia, the use of managed services based in the cloud has gained significant traction. This trend can be explained by the benefits cloud solutions provide, including scalability, cost-effectiveness, and flexibility. The primary reason for this trend is the increasing demand for digital transformation across various industries in Saudi Arabia. Companies recognize the importance of adapting to cloud-based solutions to remain competitive in today’s rapidly evolving technology landscape. The COVID-19 pandemic has further accelerated this shift, as businesses have had to adapt quickly to remote work arrangements, and cloud services have been essential for enabling remote work environments. 

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Market Challenges

The managed services market in Saudi Arabia is experiencing significant growth, particularly in the areas of remote work and hybrid work environments. With the increasing adoption of collaboration tools and outsourcing, managed services providers (MSPs) are in high demand for managing IT infrastructure, ensuring continuous monitoring, and providing strategic solutions. This shift to cloud computing brings challenges in the form of cybersecurity, with managed security services becoming essential for data protection and threat detection. MSPs offer a range of services, including managed infrastructure, communications, mobility, and network security, available both on-premises and cloud-based. Large enterprises in IT and telecommunication, entertainment and media, and digital realm sectors are investing in managed services to enhance their cybersecurity posture and mitigate risks. As cyber threats evolve, MSPs provide proactive security measures, including vulnerability management, risk and compliance, detection and response, and firewall management. The subscription-based model allows businesses to access skilled workforces and the latest digital technologies, including artificial intelligence and automation tools, for hybrid security services and regulatory compliance. MSPs play a crucial role in digital transformation, ensuring service delivery agility, and optimizing cloud environments for industries such as banking, transportation, and e-commerce.In Saudi Arabia, managed services have gained popularity among businesses looking to outsource their IT infrastructure and support functions. While this arrangement offers numerous advantages, it also brings up concerns regarding data and privacy. When a business outsources IT functions to a third-party provider, they grant access to sensitive data and confidential information. If the provider lacks proper regulation or vetting, there is a risk of data breaches, hacks, or leaks, leading to reputational damage, financial losses, and potential legal action. Ensuring the managed services provider adheres to strict data security protocols and regulations is crucial for businesses to mitigate these risks.

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Segment Overview 

This managed services market in Saudi Arabia report extensively covers market segmentation by  

Type 1.1 MDS1.2 MNS1.3 MSS1.4 MMS1.5 OthersDeployment 2.1 Cloud2.2 On premisesEnd-user 3.1 Government3.2 Financial services3.3 Healthcare3.4 Oil and gas3.5 OthersGeography 4.1 Middle East

1.1 MDS-  Managed Document Services (MDS) play a vital role in the managed services market in Saudi Arabia. MDS refer to the management of a company’s document infrastructure and processes to boost efficiency, cut operational costs, and strengthen security. By outsourcing MDS, businesses can concentrate on their key competencies while experts handle document automation, reproduction, and management requirements. MDS offer significant cost savings through Managed Print Services (MPS), which enable companies to optimize their printer, copier, scanner, and related equipment usage, leading to substantial savings. Furthermore, deploying document management systems and automating processes result in reduced print and paper waste and increased document workflow efficiency. MDS also enhance document security by implementing secure print solutions, ensuring sensitive documents remain confidential in sectors like healthcare, legal, and finance. Additionally, MDS improve document access and sharing through cloud-based storage and remote collaboration, fostering a more productive workforce and enhancing the overall customer experience. These factors are expected to fuel the growth of the MDS segment in the managed services market in Saudi Arabia during the forecast period.

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Research Analysis

The Managed Services Market in Saudi Arabia is experiencing significant growth due to the increasing adoption of remote and hybrid work models. With the shift to digital transformation, businesses are seeking strategic solutions from Managed Services Providers (MSPs) to manage their IT infrastructure, ensure continuous monitoring, and protect their digital realm from cyber threats. Subscription-based models are becoming increasingly popular, allowing businesses to access advanced digital technologies, collaboration tools, and a skilled workforce without the need for large upfront investments. MSPs offer cybersecurity professionals to safeguard against data breaches, cyberattacks, and data protection concerns. The Internet of Things (IoT) and mobile technologies are expanding the attack surface, necessitating network security, cloud security, endpoint security, application security, and telecommunications. MSPs provide threat monitoring and incident response services to help businesses stay ahead of cyber threats and mitigate risks. Digital transformation brings opportunities but also challenges, such as data breaches and cyberattacks. MSPs offer strategic solutions to help businesses navigate these challenges and leverage digital technologies to enhance their operations and competitiveness.

Market Research Overview

The Managed Services Market in Saudi Arabia is witnessing significant growth due to the increasing adoption of remote work and hybrid work models, fueled by the widespread use of collaboration tools. Outsourcing IT infrastructure management to Managed Services Providers (MSPs) has become a strategic solution for businesses seeking to optimize their operations and focus on core competencies. In the digital realm, cloud computing is a major driver, with Managed Cloud Services offering continuous monitoring, subscription-based models, and proactive security measures. Cybersecurity is a top priority, with Managed Security Services providing solutions for vulnerability management, risk and compliance, threat detection, and incident response. MSPs offer a range of services, from Managed Infrastructure and Managed Communications to Managed Mobility and Managed Network. The market caters to various industries, including IT and telecommunication, entertainment and media, banking, transportation, and healthcare, among others. The Managed Services Market in Saudi Arabia is characterized by its agility, with MSPs delivering services on-premises and in the cloud, catering to the unique needs of large enterprises and SMEs. The market is also driven by the increasing importance of cybersecurity, with cyber threats and data breaches a major concern for businesses in the digital economy. MSPs provide technical security services, including firewall management, log management, and endpoint security, as well as development platforms and customized customer experiences. Strategic alliances and regulatory standards are also shaping the market, with industry-specific solutions and ITES becoming increasingly important. The Managed Services Market in Saudi Arabia is expected to continue growing, driven by the increasing adoption of digital technologies, the need for cybersecurity professionals, and the importance of proactive security measures in the face of cyberattacks and cybersecurity awareness. The market is also being shaped by the adoption of artificial intelligence and automation tools, hybrid security services, and the optimization of cloud environments.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeMDSMNSMSSMMSOthersDeploymentCloudOn PremisesEnd-userGovernmentFinancial ServicesHealthcareOil And GasOthersGeographyMiddle East

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio