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Persistent Records $328.2 Million Revenue in Q1 FY25 with 5.6% Q-o-Q, 16.0% Y-o-Y Growth

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Pivots to AI-led, platform-driven services approach

PUNE, India and SANTA CLARA, Calif., July 18, 2024 /PRNewswire/ — Persistent Systems (BSE: 533179) (NSE: PERSISTENT) today announced the Company’s audited financial results for the quarter ended June 30, 2024, as approved by the Board of Directors.

Consolidated Financial Highlights for the Quarter ended June 30, 2024

Q1FY25

Margin%

QoQ

YoY

Revenue (USD Million)

328.2

5.6 %

16.0 %

Revenue (INR Million)

27,371.7

5.7 %

17.9 %

EBITDA (INR Million)

4,552.1

16.6 %

0.2 %

7.6 %

PBT (INR Million)

4,005.4

14.6 %

1.3 %

30.4 %

PAT (INR Million)

3,064.2

11.2 %

-2.8 %

33.9 %

 

The 34th Annual General Meeting of the Company was held on July 16, 2024. All the resolutions, including final dividend payment of INR 10 per share, were approved by the members with requisite majority.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:

“I am pleased to announce our 17th consecutive quarter of revenue growth, underscoring our clients’ sustained trust and confidence in us. Our continued success is driven by resilience, innovation, and a strategic focus on future readiness.

We have pivoted to an AI-led, platform-driven services approach, deepening our hyperscaler partnerships and developing a suite of innovative solutions. Recognizing our transformative digital solutions, ISG, the leading advisory firm, ranks us as a Leader for Digital Engineering services in the US and Europe 2024, for the second year in a row.

Ms. Roshini Bakshi retired as an Independent Director from our Board after a decade. We thank her for her leadership and guidance. We are delighted to welcome Ms. Anjali Joshi as an Independent Director. Her vast expertise as a technology leader will enrich our Board and guide us on our growth journey.”

First Quarter FY25 Client Wins and Outcomes

The order booking for the quarter ended on June 30, 2024, was at $462.8 million in Total Contract Value (TCV) and at $337.3 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

Delivering engineering and support services to accelerate the virtual private cloud roadmap and provide managed services for one of the largest US-based technology companiesConsolidating R&D operations globally and enhancing productivity to advance the AI, data, and SaaS strategy of a leading European network lifecycle automation companySetting up greenfield IT and security operations with managed services model to ensure timely transition for an application security testing firm, a PE-led carve-out from a top semiconductor company

Banking, Financial Services & Insurance

Modernizing customer data applications, enhancing risk and sales business KPIs, and implementing GenAI to improve customer experience for an American financial services and wealth management companyBuilding a cloud-native payment rail solution to enable real-time payments for the customers of one of the largest US-based fintech companiesTransforming legacy platforms and digitizing processes to elevate the experience of business banking customers for a leading Australian multinational bank

Healthcare & Life Sciences

Enhancing the software platform that tracks sample processing as well as reagent and instrument usage to improve turnaround time and reduce manual errors for a leading precision oncology companyMigrating on-prem clinical and claim data warehouse to a cloud-based platform to boost analytics efficiency for a multinational health insurance companyUndertaking product lifecycle management of critical applications for genetic condition diagnostics to increase operational efficiency for a leading US-based diagnostics company

News in the Quarter

Persistent Acquires Starfish Associates, Strengthening its Position in AI-powered Contact Center and Unified CommunicationsPersistent Enters into Strategic Partnership Agreement to Drive Innovative Solutions Powered by Google CloudPersistent Achieves Premier Services Partner Status with Snowflake, Boosting Data Management and Analytics CapabilitiesPersistent Transforms Enterprise Data Management with iAURA, a Portfolio of AI-Powered Data Solutions

Awards and Recognitions

Persistent’s Founder, Chairman, and Managing Director, Dr. Anand Deshpande honored with the Association of Computing Machinery Presidential Award 2023Persistent ranked a Leader in ISG Provider Lens™ Digital Engineering Services Quadrant Report U.S. 2024Persistent named a Leader in ISG Provider Lens™ Digital Engineering Services Quadrant Report for Europe, 2024Persistent cited a Leader and Rising Star in ISG’s Provider Lens™ Salesforce Ecosystem Partners 2024 ReportPersistent Recognized for Excellence in Governance and Executive Leadership in Institutional Investor’s 2024 Asia Executive Team SurveyPersistent won the “Masters of Risk” award in the Risk Governance category at the CNBC-TV18 India Risk Management Awards

About Persistent

Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,500 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

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Media Matters Worldwide Becomes AXM and Merges Tech with Humanity

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SAN FRANCISCO, Sept. 25, 2024 /PRNewswire/ — Media Matters Worldwide, a pioneer in agile and data-driven media solutions, is excited to announce its rebranding to AXM (Ars x Machina). This transformation signifies the company’s commitment to architecting meaningful media solutions at the intersection of human ingenuity and cutting-edge technology.

 

Founded by Taji Zaminasli and Josy Amann, AXM has consistently been at the forefront of innovation, driving business growth for its clients through a blend of advanced technology and human-centered strategies. The rebrand marks a significant milestone in the agency’s evolution, aligning its identity more closely with its mission to transform businesses with human-led innovation.

“Rebranding to AXM represents our evolution and a deeper alignment with our core mission,” said Josy Amann, Co-Founder of AXM. “As we continue to innovate, our focus remains on creating media strategies that leverage the most advanced technologies and resonate on a human level. AXM is about pushing boundaries and delivering results while staying true to the values that have always defined us—ingenuity, passion, and a relentless pursuit of excellence.”

Introducing Agile Mix Modeling™: A Game-Changer in Media Measurement

At the heart of AXM’s innovative offerings is its proprietary Agile Mix Modeling™ (AMM), a revolutionary approach to marketing mix modeling. In response to the challenges posed by walled gardens, third-party cookie deprecation, and the evolving advertising landscape, AXM developed AMM to provide clients with an agile and holistic view of campaign performance across all channels.

AMM stands apart from traditional models by automating real-time data collection, leveraging machine learning for model training, and employing Bayesian methods for more accurate attribution and forecasting. This approach allows for frequent model refreshes, enabling in-flight optimization and delivering incrementality and superior Return on Ad Spend (ROAS) for clients.

Results for clients have included 37% incrementality and increased ROAS after implementing AMM, with newfound insights into high-performing channels like local radio and streaming music while reallocating investments from underperforming channels.

“AXM is not just a name change; it’s a statement of our ethos,” said Taji Zaminasli, Co-Founder of AXM. “We are committed to creating media solutions that harness the best technology while keeping people at the center. Our new identity reflects our dedication to delivering future-forward yet deeply human experiences.”

The AXM Identity: A Fusion of Art and Technology

AXM’s new brand identity embodies its core values through distinct visual and verbal language. The primary logomark, known as “The Multiplier,” symbolizes the convergence of technology and humanity, with the bold “X” standing as a testament to visionary leadership. The brand’s tone is a balance of maverick yet warm, futuristic yet people-first, and playful yet masterful, ensuring that every communication reflects AXM’s unique blend of expertise and human touch.

“AXM is not your typical media agency,” Taji Zaminasli, Co-Founder and Managing Partner. “We’re here to break the mold, offering our clients tailored, tech-driven solutions powered by a team of passionate experts.” “By embracing the latest tech and AI, we engineer cutting-edge solutions that push the boundaries of the ever-changing media world”.

The rebranding initiative extends across all aspects of the company, including a refreshed website, updated marketing materials, and a continued commitment to delivering innovative media solutions that drive real business impact.

The media revolution is here. For more information about AXM and its suite of services, please visit WeAreAXM.com

About AXM
AXM, formerly known as Media Matters Worldwide, is a premier San Francisco-based media agency with a reputation for pioneering innovative and intelligent media strategies. Specializing in meaningful media at the intersection of human ingenuity and advanced technology, AXM is at the forefront of driving business growth through data-driven solutions that resonate on a human level.

Founded by a visionary female-led team, AXM has consistently broken new ground in the media industry, earning accolades for its creativity, strategic excellence, and results-driven approach. The agency has been recognized with numerous industry awards, including being an Ad Age Small Media Agency of the Year twice and a Campaign Magazine Agency of the Year finalist, underscoring its commitment to excellence and innovation.

View original content to download multimedia:https://www.prnewswire.com/news-releases/media-matters-worldwide-becomes-axm-and-merges-tech-with-humanity-302259017.html

SOURCE Media Matters Worldwide

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Mediwhale Secures $12 Million in Series A2 Funding to Drive Global Leadership in Cardiovascular and Metabolic Disease Management

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SEOUL, South Korea, Sept. 25, 2024 /PRNewswire/ — Mediwhale, the AI-powered health diagnostics company, announced $12 million series A2 investments. This funding leverages the momentum of their technological advancements and rapid adoption of its innovative biomarker for preventing cardiovascular disease in general hospitals and clinics.

The financing round was led by Korea Development Bank (KDB), with participation from Woori Venture Partners, IMM Investment, Mirae Asset Securities, and other investors. This investment involves both the issuance of new shares and secondary sales.

Mediwhale initially raised $2 million in Series Pre-A funding in 2021, followed by $9 million in Series A funding in 2023. The recent Series A2 investment of $12million further strengthens the company’s growth trajectory.

Mediwhale is setting a new standard of care for the early prevention of cardiovascular disease using AI-powered retina scans. The company’s flagship product, Reti-CVD, is an AI diagnostic solution that autonomously assesses future cardiovascular disease risk using an eye scan. It is a simple, radiation-free test that provides highly accurate results equivalent to the coronary artery calcium score derived from a cardiac CT scan in predicting cardiovascular risk. Since June 2023, Reti-CVD has been approved for private reimbursement in Korea and has been utilized in over 7,200 cases across 57 medical institutions as of August 2024.

With this new capital, Mediwhale will continue to enhance AI algorithms, achieve U.S. FDA approval for Reti-CVD, expand its global footprint, and develop new products to predict chronic kidney disease risk.

“Mediwhale is the first company in the world to develop and commercialize medical AI that can predict cardiovascular disease risk through a simple eye exam. The company demonstrates significant differentiation in both business performance and technological innovation. We have decided to invest actively, confident that Mediwhale will make history in AI-driven prediction of cardiovascular and metabolic diseases both domestically and globally,” said Korea Development Bank.

Kevin Choi, CEO of Mediwhale, added, “I believe that our successful fundraising, even in a frozen capital market, is largely due to our excellent technology. With our pioneering technology, developed and commercialized as a world first, we aim to lead the global market in cardiovascular and metabolic disease management. We are determined to secure FDA De Novo approval by 2025, with plans to launch our product in the United States shortly thereafter. Additionally, to maintain a competitive edge, we will significantly enhance our AI performance and expand our product pipeline to include chronic kidney disease prediction.”

About Mediwhale

Mediwhale is the AI-powered health diagnostics company that uses non-invasive retina scans to help prevent heart and kidney diseases. Mediwhale’s solution uses deep learning algorithms to detect future disease risks even before symptoms appear. Mediwhale has been dedicated to making preventative care more affordable, accessible, safe, and convenient since being founded in 2016 in South Korea.

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SOURCE Mediwhale

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ECHL and GameAbove Entertainment Partner on “ECHL Unfiltered” Docuseries

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Set to premiere Sunday, September 29 on NHL Network

SHREWSBURY, N.J., Sept. 25, 2024 /PRNewswire/ — The ECHL and GameAbove Entertainment today announced the upcoming release of ECHL Unfiltered, a new sports docuseries that focuses on the developmental league for both the National Hockey League (NHL) and American Hockey League (AHL). The first season will feature the Idaho Steelheads and premiere on Sunday, September 29, 10:00 PM ET on the NHL Network (NHLN).

 

“Capturing the drive to advance to the next level for our players, coaches, and officials and showcasing their talents is what our League’s development is all about,” said ECHL Commissioner Ryan Crelin. “The opportunities to capture the drama and excitement as this process unfolds are riveting and will highlight the ECHL’s role in professional hockey’s development in North America and the unique markets we serve.”

Directed and executive produced by Tyler Nimmons, ECHL Unfiltered will follow a team’s behind-the-scenes journey throughout a season, providing exclusive and unfiltered access to the raw reality of players, coaches, and communities that make up this dynamic league. The Idaho Steelheads, two-time Kelly Cup Champions, and affiliates of the NHL Dallas Stars, take the spotlight in the inaugural season of ECHL Unfiltered.

The narrative highlights a range of players, including experienced veterans competing for one last chance at success, and young aspiring rookies dreaming of reaching the NHL. It also covers the league’s significant growth and explores the factors contributing to its expansion. The first season consists of five 30-minute episodes.

Hockey enthusiasts and sports fans can relish the dynamic and thrilling world of one of the most compelling minor professional hockey leagues through NHLN.

ECHL Unfiltered NHLN Schedule (all times Eastern Time zone):

Episodes 1 and 2: Sunday, Sep. 29, 10 PM-11 PMEpisodes 3 through 5: Sunday, Oct. 6, 8 PM-9:30 PM

“It has been an incredible experience working on this project throughout the season,” said Nimmons. “With how the season ended in the summer of 2023 for the Steelheads, we wanted to capture this pursuit of redemption. There’s also the tale of what minor league hockey and the ECHL are about. The grit, toughness, the organizations, communities, the people, it’s all there.”

The ECHL has been steadily expanding since 1988 and has twenty-nine active teams, with five new expansion teams added since 2020. The league’s commitment to community involvement and exciting gameplay has developed a loyal fan base. The ECHL’s growing popularity is also due to increased media coverage, celebrity investors, online streaming services, and social media promotion.

For the latest news, updates, and developments, visit GameAbove Entertainment at www.GameAboveEntertainment.com.

About the ECHL
Formed in 1988-89 with five teams in four states, the ECHL has grown into a coast-to-coast league with 29 teams in 22 states and one Canadian province for its 37th season in 2024-25. There have been 752 players who have gone on to play in the National Hockey League after starting their careers in the ECHL, including 12 who have made their NHL debuts in the 2023-24 season. The ECHL has affiliations with 29 of the 32 NHL teams in 2024-25, marking the 27th consecutive season that the league has affiliations with at least 20 teams in the NHL. Further information on the ECHL is available on its website at ECHL.com.

About GameAbove
GameAbove is a successful multifaceted brand consisting of charitable giving, capital investment, sports entertainment, and media ventures. It provides its portfolio companies the power to propel their business to the next level, fan and athlete experiences that aim to grow sports, and awe-inspiring cinematic experiences. Brands include GameAbove Capital, GameAbove Entertainment, GameAbove Sports, and GameAbove Giving. GameAbove and its affiliates are CapStone Holdings, Inc. companies.

GameAbove Entertainment is an award-winning sports film production company and financier, delivering cinematic storytelling that captivates global audiences. GameAbove Entertainment aspires to tell compelling stories and is committed to delivering high-quality, impactful programming. Recent work includes Iceman: A George Gervin Story.

To learn more about GameAbove, visit GameAbove.com.

Instagram: @GameAbove  
LinkedIn: @GameAbove  
Facebook: @GameAbove
X: @Game_Above
YouTube: @GameAbove

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SOURCE GameAbove

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