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Venture Capital and Private Equity Continue to Have a Taste for HR and HCM Tech Opportunities

Benzinga

The Surprise: While recession risks have led VCs to press pause on many pandemic favorites, the Human Capital Management (HCM) niche has proven to be the exception. It is a crowded space - over 400 HCM companies set up shop at the 2022 HR Technology Conference in Las Vegas. There's a reason for all the competition. The need for a scientific approach to managing a company's workforce gained steam during the COVID-19 pandemic, leading HR Tech to receive a record amount of VC attention in 2021. Despite all the hype over the past two years, this trend shows signs of staying power. The global HR Tech space is projected to expand at a CAGR of 9.1% through 2029 to $46.85B, which dwarfs the current size of $25.53B. Let’s provide some perspective on Human Capital Management’s dramatic rise in relevancy. HR Tech companies received a 250% increase in VC funding in Q4 2021 compared to Q4 2020. In that final quarter of 2021, VCs poured $11.2B into 212 unique HR Tech startups, which equates to an average deal size of $58.3M. In H1 2022, HR Tech was the beneficiary of $14.2B in funding across 387 deals, which equates to an average deal size of $41M. While the 2022 numbers thus far aren't nearly as eye-popping, context is everything. Recession fears in the U.S. and around the world kicked in during Q4 2021. Officials admitted inflation wasn't transitory. The public accepted the inevitability of higher borrowing costs. The stock market, being a forward-looking indicator, peaked in October of 2021. It's no surprise then that funding slowed from its peak. In fact, as of September 2022, overall VC investment has hit a two-year low. But not all industries feel the effects equally - flows into HR tech are holding up much better than the overall market. The Problem: Stubborn inflation and a fractured employer/employee relationship has put many small to midsize businesses at a crossroads. An American Express survey revealed that while the average small to midsize business enjoyed an 87% increase in revenue from July 2021 to July 2022, that same average also saw profits decrease by 4%. That’s the equivalent of running faster while falling even more behind. It’s easy to settle for top-line growth during a bull market, but downturns are when metrics like profitability and free cash flow become king. While expenses creep up, the expectations gap between employers and employees is also growing wider. As the gap expands, employee productivity, morale, & retention fall. The disconnect between both parties has become so widespread that it led to the coining of the term ‘quiet quitting’, which is an employee consciously doing just enough not to get fired. So while simply cutting costs through a reduced headcount would put a dent in the first problem, it would only exacerbate the second. A more comprehensive approach is needed to ensure a workforce is both happy and efficient. The Solution: Asure allows a small to midsize business to adopt a scientific attitude towards the management of its workforce. Asure Software’s (NASDAQ: ASUR) platform helps small and midsize businesses attract, manage, & retain the right people by automating the boring essentials - payroll, HR, & taxes. By removing administrative tasks from the equation, you free up the team’s day to do what they were hired to do. This streamlined approach saves employers money by reducing unnecessary headcount, and it ensures team members have the time to work on the business rather than just in the business. Let’s share a few examples of how the software is relevant in this climate. The tax laws in this country are more complex than ever. Under the CARES act, the Employee Retention Credit provision incentivized small and midsize businesses to keep employees on the payroll. For every employee spared, the business could receive a tax refund of up to $26,000. While the savings are significant, owners that looked to leverage this provision manually wasted hours navigating the application process. Do I fill out Form 941-X or Form 5884-A? How do I know if my business even qualifies? Am I compliant? Asure's clients didn't have to ask these questions because the company’s in-house experts and streamlining technology help to make the entire filing process smooth and without any time burden or confusion for the business owner. Asure recently integrated Equifax’s (NYSE: EFX) The Work Number technology with its platform to allow for instant verification of employment & income. Before this partnership, employees would have to fill out a verification request ahead of big applications like a mortgage or a car loan. Employers would then manually respond to each one. This Equifax integration eliminates all that back & forth at no extra cost to Asure’s clients. It's easy to miss the latest integrations or to only use a fraction of a software's capabilities. While Asure emphasizes efficiency for its clients, it's a company that believes in a personal touch. Upon subscribing, each client is assigned a dedicated team of Asure specialists in the local area. The implementation and maximization of the platform become significantly easier when help isn't outsourced to a call center. Asure offers its B2B cloud-based software via a subscription model. The company has a laundry list of individual solutions - Performance Tracking, Electronic Onboarding, Workers’ Compensation, you name it. But for small and midsize businesses that want to move beyond the a la carte approach, Asure offers comprehensive payroll & HR plans that bundle a host of services together. Asure has been around since 1985. Over those decades, Asure has earned the trust of 80,000 clients - 95% of which are SMBs. So despite being a company with vast resources, Asure markets itself to the business with say 100 employees. And as that business grows its market share, the software can scale and grow right along with it to serve 1000+ employees without expensive upgrades. As it is publicly traded, Asure is not a target for VC funding. However, VC and PE firms have certainly been active in acquiring HR tech and HCM companies during the recent market downturn. Thoma Bravo is one private equity software firm that has been on an acquisition spree recently. In October 2022 alone, the PE firm acquired ForgeRock (NYSE: FORG), Ping Identity, UserTesting (NYSE: USER) and completed a strategic investment into SMA Technologies. In addition, the strong activity in the industry by institutional investors highlights the underscoring demand is represents an overall “bullish” signal for the industry. Retail investors who believe in the secular shift to Human Capital Management would be wise to do further due diligence into the ticker symbol ASUR. Disclaimer: Spotlight Growth is compensated, either directly or via a third party, to provide investor relations services for its clients. Spotlight Growth creates exposure for companies through a customized marketing strategy, including design of promotional material, the drafting and editing of press releases and media placement. All information on featured companies is provided by the companies profiled, or is available from public sources. Spotlight Growth and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever and we are not qualified to give financial advice. The information contained herein is based on external sources that Spotlight Growth believes to be reliable, but its accuracy is not guaranteed. Spotlight Growth may create reports and content that has been compensated by a company or third-parties, or for purposes of self-marketing. Spotlight Growth was compensated five thousand dollars cash for the creation and dissemination of this content by the company. This material does not represent a solicitation to buy or sell any securities. Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management. The above communication, the attachments and external Internet links provided are intended for informational purposes only and are not to be interpreted by the recipient as a solicitation to participate in securities offerings. Investments referenced may not be suitable for all investors and may not be permissible in certain jurisdictions. Spotlight Growth and its affiliates, officers, directors, and employees may have bought or sold or may buy or sell shares in the companies discussed herein, which may be acquired prior, during or after the publication of these marketing materials. Spotlight Growth, its affiliates, officers, directors, and employees may sell the stock of said companies at any time and may profit in the event those shares rise in value. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/ The article “ Venture Capital and Private Equity Continue to Have a Taste for HR and HCM Tech Opportunities ” first appeared on Spotlight Growth. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

November 03, 2022 10:30 AM Eastern Daylight Time

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SIGMA America Introduces New Website Redesigned for Streamlined Browsing Experience on Any Platform

SIGMA CORPORATION OF AMERICA

SIGMA Corporation of America, the US subsidiary of SIGMA Corporation (CEO: Kazuto Yamaki; headquarters: Asao-ku, Kawasaki-shi, Kanagawa, Japan), a leading lens and camera manufacturer for both still and cinema applications, is pleased to announce the debut of its new website. Rebuilt from the ground up, www.sigmaphoto.com is optimized for an informative, enjoyable, and visually compelling experience on screens of all sizes, from phones to studio monitors. A core goal of the new site was to improve the experience for all site visitors, wherever they are, and on whatever device they may be using. This started with a new foundation, built on Magento Cloud Commerce 2, that significantly reduced load times. Combined with rethinking the product organization structure and modernizing the user experience for a mobile-first approach, this enabled a robust and easy-to-navigate site that is performant on all devices. "Our new design modernizes our online experience, allowing customers to easily find and compare the depth and breadth of SIGMA lens and camera offerings in a visually engaging format," says Mark Amir-Hamzeh, SIGMA America President. "From hobbyist photographers to Hollywood filmmakers, the site has been crafted to inform and inspire while guiding the user to the right gear for their purposes." The e-commerce and dealer-finder focus is complemented by a wealth of educational content from SIGMA's talented team of contributors on the redesigned blog. The site itself also delivers on the product promise. SIGMA is a leader in crafting tools for creative visual content and, as such, the site is richly illustrated with imagery captured with its products. Most of the photography comes from SIGMA America Ambassadors, a group of elite working professionals who have chosen SIGMA photographic and cinematic gear for their work, including Global Vision lenses in the Art, Sports, Contemporary and Cine lines, and often incorporating the innovative fp and fp L full-frame mirrorless cameras. The website was designed and developed in partnership with Blue Collar Agency, Hood River, Oregon, SIGMA America's digital agency of record, under the direction of managing partners Rob McCready and Tom Lehman. Key updates include: Revamped homepage displays new announcements and information in a visually stunning way Improved product search functionality via new taxonomies "Build Your Own Kit" Cine lens bundle pricing tool Implementation of a real-time, dynamic "find a product" data exchange with authorized dealers' stock Streamlined customer experience and full purchase functionality on all platforms Educational discount programs for students and educators Streamlined product registration Improved online warranty support services Redesigned blog and workshops/events pages New Press Room for company news, product images, and media inquiries Experience the new website at www.sigmaphoto.com. Screenshot of the new SIGMA America website Screenshot of the new SIGMA America website Screenshot of the new SIGMA America website About SIGMA Corporation Craftsmanship. Precision. Dedication. Since 1961, SIGMA has been devoted to the pursuit of advancing photographic technology. Unique to the industry, the family-owned business produces its high-quality, award-winning still photo and cinema camera lenses, DSLR and mirrorless cameras, flashes, filters and accessories from its state-of-the-art manufacturing facility located in Aizu, Japan. In 2012, the company introduced SIGMA Global Vision with three distinct lens lines: Art, Contemporary and Sports. Designed for industry camera mount systems including Canon, Leica, Nikon, Olympus, Panasonic, Sony and SIGMA, each lens is handcrafted and tested in Japan to ensure a high-performance, premium product that is purpose-built to last. In 2016, the SIGMA Cine lens lineup was launched, further cementing SIGMA as an innovator in imaging engineering. Embodying the core optical DNA that has defined the SIGMA benchmark of excellence, SIGMA Cine lenses meet the needs of advanced 6k and 8k cinema production. Forming the landmark L-Mount alliance alongside Leica and Panasonic in 2018, SIGMA continues its storied tradition of imaging excellence through groundbreaking innovations such as the native L-mount SIGMA fp and fp L full-frame mirrorless digital cameras, announced in July 2019 and March 2021 respectively. These products, along with over 30 award-winning SIGMA Global Vision lenses available in native L-Mount format, demonstrate SIGMA's continued commitment to the creative community through expanded product offerings. With the fp, fp L and these lenses, even more users can now leverage SIGMA's renowned optical formula to achieve their creative vision with ease. ### For information about SIGMA America, please visit sigmaphoto.com and SIGMA Blog for helpful information about our products. Follow SIGMA America on social media! SIGMA Photo: Facebook, Twitter and Instagram SIGMA Cine: Facebook, Twitter and Instagram Contact Details SIGMA Corporation of America Jack Howard +1 631-201-7381 sigma.pr@sigmaphoto.com Company Website https://www.sigma-global.com/en/

November 03, 2022 09:00 AM Eastern Daylight Time

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SparkPlug Secures $8M in Series A Funding to Help Frontline Workers Earn Like Owners

SparkPlug

SparkPlug, the leading incentive management and wage supplementation platform for frontline workers, today announced an $8 million Series A funding round. The round was led by Lightbank, with participation from Industry Ventures, as well as existing investors TenOneTen Ventures and Jason Calacanis, bringing the company’s total investment raised to $11.5 million. The new capital will be used to fuel SparkPlug’s aggressive growth plans which include key executive hires and investments into data, development, and behavioral science expertise to continue expanding its category-defining platform. “We’re excited and energized to be closing this round in the most tumultuous fundraising and macroeconomic environment in recent memory,” said Andrew Duffy, CEO and Co-Founder of SparkPlug. “It's evidence of the critical inflection point brands find themselves in post-pandemic – to survive and thrive they need to re-invest in the resurgence of the physical retail channel. We’re en route to becoming as ubiquitous and essential for influencing brick-and-mortar customer acquisition as Google Ads is for influencing digital customer acquisition.” Since its inception in 2020, SparkPlug has been on a mission to disrupt the hourly labor market by empowering frontline workers with the ability to earn a portion of the revenue they generate when making trusted, personalized recommendations to customers. As brick-and-mortar retail and in-person dining have bounced back from the pandemic, SparkPlug has scaled rapidly to meet increasing demand for its services, with a 2,310% growth in revenue since closing its initial seed round in February 2021. “Coming out of the pandemic we’ve seen direct-to-consumer brands hit a major roadblock in expansion, and many leaders are coming to terms with the fact that a physical retail presence is necessary for the long-term health of a brand,” said Jake Levin, Chief Operating Officer and Co-Founder of SparkPlug. “With SparkPlug, these brands are able to harness the power of people to recreate the same curated, personalized customer experience in-store that made them stand out from legacy brands in the first place.” Working with more than 1,000 US retailers and over 200 brand partners, SparkPlug helps businesses harness the power of frontline employees and influence buying decisions at the point of sale. Using SparkPlug’s platform, retail and restaurant management teams, as well as brands themselves, can create a profit-sharing incentive program or sales contest that integrates directly into an organization’s POS system. From there, employees can enroll into the program via text message and automatically begin earning on every qualifying sale they make. “To be successful in today’s complex retail landscape, retailers and brands need to have not only a strong omnichannel selling strategy, but also powerful tools that help train, motivate, and retain the people that are essential to the functions of these organizations,” said Matt Sacks, Co-Managing Partner at Lightbank. “The SparkPlug team has created a rare win-win situation for operators and employees: a proven, scalable method for driving revenue at the local level, while fairly rewarding the employees that drive that growth.” SparkPlug continues to see exponential growth across all the board since its February 2021 seed round as brands and retailers continue to re-invest in physical sales environments. The company has grown its customer base of brands by 930% and retailers by 1,040% in the same time period. During the same time period, SparkPlug has seen a 1,930% increase in monthly supplemental wages distributed to frontline employees, helping properly reward, incentivize, and retain top-performing teams for their influential role in driving brand and retailer revenue. “The retail landscape continues to evolve rapidly but one thing that has become evident in recent years is the importance of having a powerful physical retail presence from the perspective of customer acquisition and product discoverability,” said Minnie Ingersoll, Partner at TenOneTen Ventures. “SparkPlug has given digitally native brands an economically feasible tool for expansion that doesn’t sacrifice fair compensation for the workers that make that growth possible. We’re proud to be partnering with SparkPlug once again to help solve some of retail’s most pressing issues.” Earlier this year SparkPlug announced an integration with Square, making it the first sales incentive tool for frontline workers in the Square App Marketplace. Visit www.sparkplug.app to learn more and https://squareup.com/us/en/app-marketplace/app/sparkplug for a 30 day free trial of the SparkPlug platform. About SparkPlug SparkPlug is the leading incentive management and wage supplementation platform for brick-and-mortar retailers, restaurants, and consumer goods companies. SparkPlug’s first-of-its-kind platform gives frontline workers the ability to earn like owners by rewarding them with cash for every sale they make. SparkPlug’s fully customizable incentive software also empowers brands and retailers to drive sales by mobilizing in-store employees to serve as influencers, while delivering real-time campaign data to track and manage efficacy. Launched in March 2020, SparkPlug has delivered more than $2M in supplemental income to frontline hourly employees, sponsored by the consumer brands whose products those in-store workers put directly into consumers' hands. Visit www.sparkplug.app to learn more. Contact Details N6A for SparkPlug Kevin Pryor +1 203-518-2348 sparkplug@n6a.com Company Website https://sparkplug.app/

November 03, 2022 08:53 AM Eastern Daylight Time

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MySize Acquires Naiz Fit To Consolidate Apparel Sizing Solutions And Position Company As A Potential Leader Helping Serve $1 Trillion Global Fashion Industry

MySize, Inc.

The nearly $1 trillion global fashion industry is no stranger to innovation. Thanks to technological advancements in the e-commerce fashion industry, apparel, footwear and accessories sales ballooned in 2021, hitting $180.5 billion in the U.S. alone. The sector is expected to grow by 13% this year, with consumers set to spend $204.9 billion on fashion items online. But while the industry looks promising, there are some disadvantages to shopping online — such as receiving an ill-fitting garment — that could affect the consumer experience and, ultimately, the sector’s growth. With returns being a commonly potentially huge blow to retailers’ bottom lines, MySize Inc. (NASDAQ: MYSZ) has developed solutions that could benefit both sides of the shopping experience. Measurement Solutions Founded in 2014, the company is an omnichannel e-commerce platform and provider of artificial intelligence (AI)-driven measurement solutions to drive revenue growth and reduce costs for its business clients. MySize ’s MySizeID is based on sophisticated algorithms and cutting-edge technology with broad applications for apparel sales in e-commerce and hybrid settings. The company recently launched FirstLook Smart Mirror, a mirrorlike touch display that provides in-store customers an enhanced shopping experience and contactless checkout. MySize says Orgad, its online retail platform, has expertise in e-commerce, supply chain and technology, operating as a third-party seller on Amazon.com Inc. (NASDAQ: AMZN), eBay Inc. (NASDAQ: EBAY) and other sites. To expand its portfolio and offerings, MySize announced on Oct. 12 that it acquired Spain-based Naiz Fit, a software as a service (SaaS) technology solutions provider that solves size and fit issues for fashion e-commerce companies. Naiz Fit’s SaaS Technology Naiz Fit’s SaaS technology acts as a digital tailor. It gathers more than 20 body measurements without asking customers to measure themselves by using its proprietary AI and computer vision capabilities to transform simple images into body measurements. For customers who do not want to use photos, Naiz Fit implements statistical modeling algorithms to determine the size and fit based on height, weight, age, gender and fit preference. MySize reports that Naiz Fit’s latest product — Smart Catalogue — will be launched following the acquisition. Smart Catalogue is designed to help retail products and design teams make the most informed decisions for their collections based on real-time customer data. With over 40 clients in Spain, Italy, Germany and France, Naiz Fit brings MySize a substantial customer base, including Desigual, Moschino, El Ganso, Philosophy, Alberta Ferretti, Silbon and Boglioli Milano. Financials Naiz Fit’s revenue and financial results will be fully integrated into MySize’s consolidated results for the fourth quarter of 2022, according to the company. As a result of the acquisition, Naiz Fit’s customers “will reap the benefits of a broader portfolio of products and solutions delivered by an unparalleled combined team of industry leaders with a deep understanding of the fashion e-commerce retail landscape,” the company said. Naiz Fit expects an estimated $400,000 in 2022 revenue, with substantial increases anticipated for 2023. MySize also anticipates its combined Naiz Fit and MySizeID sizing solution revenue to contribute an additional $1 million in revenues in 2023. “Combining the MySizeID and Naiz Fit sizing solutions, we expect to gain significant economies in sales and marketing and to deliver unparalleled sizing technology to fashion retailers,” MySize Founder and CEO Ronen Luzon said. “We believe the acquisition will be highly accretive in the near and long term as well as being a strategic play. By leading the consolidation of sizing solutions, MySize is positioning to build greater and broader offerings and become the leading technology provider in the industry.” The acquisition of Naiz Fit could position MySize as a leading company in measurement solution technologies for retail, helping the company boost revenue and grow its customer base. MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients. Orgad, its online retailer platform, has expertise in e-commerce, supply chain, and technology operating as a third-party seller on Amazon.com and other sites. MySize recently launched FirstLook Smart Mirror, a mirror-like touch display that provides in-store customers an enhanced shopping experience and contactless checkout. FirstLook Smart Mirror extends MySize's reach into physical stores and is expected to contribute to revenues through unit sales and recurring service fees.MySize has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications, including the apparel, e-commerce, DIY, shipping, and parcel delivery industries. This proprietary measurement technology is driven by several algorithms that are able to calculate and record measurements in a variety of novel ways. To learn more about MySize, please visit our website: www.mysizeid.com. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Or Kles, CFO ir@mysizeid.com Company Website https://mysizeid.com

November 03, 2022 08:00 AM Eastern Daylight Time

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Trust & Will Receives SOC 2 Type II Compliance Attestation Report

Trust & Will

Trust & Will, the leading digital estate planning platform in the U.S, is proud to announce that it has received a clean SOC 2 Type II attestation report. The attestation report affirms that Trust & Will’s information security practices, policies, procedures, and operations meet the rigorous SOC 2 Trust Service Criteria for security. SOC 2 Type II ensures the highest customer data and security standards. This independent assessment of internal security controls validates its dedication and adherence to the highest security, confidentiality, and availability standards. Developed by the Association of International Certified Professional Accountants (AICPA), SOC 2 requires an extensive auditing procedure that ensures a company is handling customer data securely and in a manner that protects the organization as well as the privacy of its customers. SOC 2 is designed specifically for service providers storing customer data in the cloud. “Achieving SOC 2, Type II compliance is an important milestone for Trust & Will, as we enter into a new era of digital vulnerability and security flaws,” said Eric Urhausen, Head of Engineering at Trust & Will. “We strive to set the standard in our industry, with rigorous monitoring and security standards that better support and secure our customers' sensitive information about their most important life decisions.” Trust & Will uses Drata’s automated platform to continuously monitor its internal security controls against the highest possible standards. With Drata, Trust & Will has real-time visibility across the organization to ensure systems' end-to-end security and compliance posture. “In today’s environment, showcasing a strong compliance posture is integral to earning and maintaining trust with customers, prospects, and partners alike,” said Adam Markowitz, Co-Founder and CEO of Drata. “Automating the path to SOC 2 Type II compliance with Drata enables Trust & Will to continuously monitor their controls and ensure that they remain in compliance at all times.” In addition, Trust & Will’s processes and policies support HIPAA compliance to further protect and secure the information of current and future members. Trust & Will’s SOC 2 Type II report and corresponding accreditation serve as evidence to present prospective members that their data is managed according to the strictest security and compliance guidelines. ABOUT TRUST & WILL Trust & Will is simplifying estate planning and settlement with attorney-approved, legally valid documents and processes designed to adhere to individual state guidelines. Since 2017, we’ve helped hundreds of thousands of Trust & Will members leave their legacy with an affordable way to create an estate plan or settle the estate of a loved one. Our platform uses bank-level encryption that protects customer data and complies with the highest security standards, including SOC 2 and HIPAA. Trust & Will is the official estate planning benefit provider for AARP members, along with several leading financial institutions, who all believe in our mission of helping every family leave their legacy. Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice. Contact Details Trust & Will Danielle Nuzzo +1 631-807-7772 danielle@trustandwill.com Company Website https://trustandwill.com

November 03, 2022 07:15 AM Eastern Daylight Time

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Network of Giving Expands Leadership Team with Addition of Chief Business Officer

Network of Giving

Chief Executive Officer, Rob Bennett, announces a new addition to the leadership team of the Network of Giving with Thomas O’Grady as Chief Business Officer. Tom is a results-driven professional with a career distinguished by consistent performance within both small and large organizations operating in diverse industries, markets, and business cultures. Tom has over fourteen years of experience in financial services with expertise in strategic business planning, product strategy, financial analysis, and project management. His experience includes executive roles with Cognizant Digital Works, Frog Design, and Infosys. As Chief Business Officer, Tom is guiding the company’s corporate development and partnerships, providing leadership, and executing strategies that enable the Network of Giving to fulfill its mission and grow stakeholder value. In this position, Tom will complement the strength and experience of the full Network of Giving leadership team and help grow the Network of Giving across the United States and internationally with community organizations and their financial services supporters. “Tom has been a long term champion of the Network of Giving and has always believed in its mission to create digital commerce with purpose,” stated Rob Bennett, CEO, SMB4.0, the organization that powers the Network of Giving Software as a Service (SaaS) platform. “The Network of Giving levels the playing field for local merchants to profitably grow their businesses with a measured result on marketing spend while gaining valuable customer insights and supporting local community and charitable organizations, at no cost to the customer. The Network of Giving Software-as-a-Service platform is a new form of digital marketing enabled by community organizations and the financial services industry to help communities prosper through an unprecedented merchant-funded micro-donation ecosystem.” About the Network of Giving The proprietary Network of Giving platform transforms communities and businesses by establishing an elevated standard of excellence in corporate and community social responsibility. The Network of Giving powers digital commerce with purpose by linking banking, fundraising, and marketing to inspire community contributions by businesses and consumers – at no cost to the consumer. The Network of Giving is committed to providing financial and social empowerment to drive positive change in communities and the world. The Network of Giving Software-as-a-Service platform is delivered by SMB4.0 and enables digital marketing opportunities for local businesses utilizing rich tokenized data to drive business decisions with a measured result on marketing spend. This enables and empowers business owners to gain key analytics and real-time actionable insights from the data. To learn more about the Network of Giving and supporting community organizations, including Special Olympics and United Way, visit networkofgiving.com. Contact Details David Saalfrank david.s@smb40.com Company Website http://www.networkofgiving.com

November 03, 2022 07:00 AM Eastern Daylight Time

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Akto acts to prevent data leaks and secures $4.5M seed round as it builds the world’s first plug-n-play API security platform

Akto

Over 30 million mobile and web app developers around the world use thousands of APIs everyday. These APIs carry sensitive data of users which if leaked can cause irreparable damage to companies. Securing these APIs during the development cycle becomes paramount, especially with the movement towards a more agile and continuous release cycle. To solve this problem, Akto is building a plug and play API security platform and is today announcing a $4.5M seed funding round led by Accel India with participation from angel investors Akshay Kothari (co-founder and COO of Notion), Renaud Deraison ( co-founder Tenable) and Milin Desai (CEO of Sentry) among others. Akto is the world's first plug-n-play API security platform which helps security teams and developers secure their APIs in the development pipeline. Akto deploys in less than a minute to create an inventory of APIs, detects PII data leaks, misconfigurations and continuously tests these APIs for business logic flaws like broken authentication and authorization in CI/CD pipeline. Akto is the most lightweight API security platform, requiring zero manual configuration to get started within a minute. It mirrors traffic from customer’s cloud - AWS and GCP and provides instant visibility to security teams which otherwise would have taken months of back and forth with developers. Akto currently discovers more than 100,000 APIs for its customers around the world. Ankita Gupta and Ankush Jain co-founded Akto in January 2022 with a mission to develop the fastest API security platform. After having worked together for 2 years, they left their jobs last year and talked to 200+ security engineers across the globe before writing a single line of code. Akto is currently securing thousands of APIs of some of the largest fintech and SaaS companies across the globe. Akto has identified more than 100 leaks with credit card information and found over 1,000 broken auth issues through its robust testing module. Ankita Gupta, co-founder, at Akto commented: “We learned that the biggest challenge facing teams seeking API security solutions is that it takes months to try them. We have set out to create a solution that is not only fast to act but super easy to deploy. The plug and play element means that our customers can get an instant inventory of APIs within 2 minutes.” API attack traffic has grown 700% in the last year. According to Gartner, by 2022 API abuses will be the most frequent attack vector resulting in data breaches. Last month, Optus - one of the biggest telcos in Australia had a massive data breach because of an unauthenticated API left exposed. If Optus was using Akto, they would have received an alert on this vulnerability and could have prevented this breach. Ankush Jain, co-founder at Akto added: “I've worked for ten years developing big data applications handling billions of data points at Morgan Stanley and CleverTap. Current solutions give high false positives and to solve this problem I strongly believe that API security testing must be context-aware and should discover deep business logic vulnerabilities. To derive context, we apply AI/ML to analyze all of application traffic. We have built an engine that can process Google-scale traffic (10B requests/day) with 0 performance impact in real-time.” In addition to Akto’s API security platform, Akto has developed a free chrome extension called AKTO MINI to generate a quick inventory of APIs and detect PII data leaks without having to deploy anything. AKTO MINI has already generated interest from security engineers and developers who have generated their API inventory instantly for free. We have just launched the chrome extension - AKTO MINI and are extending it as a full fledged open source project. The new investment will allow Akto to integrate with all CI/CD tools enabling developers to run checks before deploying APIs, provide comprehensive coverage of business logic tests and improve the platform by building stronger AI/ML capabilities. Our vision is to enable the 30 million developers and security engineers to secure their APIs in less than 60 seconds. Prayank Swaroop, Partner, Accel India commented: “Today APIs are pervasive - they are the glue that enables any software to provide rich functionality. However, till recently not much thought was given to securing APIs. Securing APIs requires identifying complex patterns of API misuse - moreover this has to be done in the DevSecOps pipeline following a Shift-Left approach, without taking a lot of time from engineering teams. In the current market, all the solutions overwhelm security teams by throwing a lot of false positives. Akto’s approach and tech addresses all of these problems and provides a reliable, scalable, easy to install & accurate API security solution. We are very excited to be a part of their journey.”. About Akto Akto is the world’s first plug-n-play API security platform that enables security teams and developers to proactively secure APIs in CI/CD pipelines and prevent sensitive data leaks. Akto. Akto deploys in less than a minute to create an inventory of APIs, detects PII data leaks, misconfigurations and continuously tests these APIs for business logic flaws. Learn more about Akto here: https://www.akto.io/ About Accel Accel is a global venture capital firm that aims to be the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Accel has been operating in India since 2008, and its investments include companies like BookMyShow, BrowserStack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Cure Fit, Musigma, Moneyview, Mensa Brands, Myntra, Moglix, Ninjacart, Swiggy, Stanza Living, Urban Company, Zetwerk, and Zenoti, among many others. Atoms is a program by Accel India to support pre-seed startups with easy access to non-dilutive capital, mentorship from founders and operators, and a community to help them grow. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or https://twitter.com/Accel_India Contact Details Akto Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.akto.io/

November 03, 2022 07:00 AM Eastern Daylight Time

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CSG Systems International Reports Third Quarter 2022 Results

CSG

CSG (NASDAQ: CSGS) today reported results for the quarter ended September 30, 2022. Financial Results: Third quarter 2022 financial results: Total revenue was $273.3 million and total non-GAAP adjusted revenue was $255.1 million. GAAP operating income was $20.0 million, or 7.3% of total revenue, and non-GAAP operating income was $46.7 million, or 18.3% of non-GAAP adjusted revenue. Shareholder Returns: CSG declared its quarterly cash dividend of $0.265 per share of common stock, or a total of approximately $8 million, to shareholders. During the third quarter of 2022, CSG repurchased 488,000 shares of its common stock under its stock repurchase program for approximately $28 million. “After hitting some headwinds last quarter, Team CSG delivered strong, healthy revenue growth in Q3 with 4.2% sequential quarter-over-quarter growth. Further, on the back of our timely Operating Margin Improvement Initiative, we reported non-GAAP adjusted operating margin of 18.3%, one of our best results in recent memory. And we returned $91 million to shareholders via buybacks and dividends during the first nine months of the year,” said Brian Shepherd, President and Chief Executive Officer of CSG. “Looking forward, our exciting Q3 results give us confidence that we can finish 2022 strong and build even better growth momentum for 2023.” Financial Overview (unaudited) (in thousands, except per share amounts and percentages): For additional information and reconciliations regarding CSG’s use of non-GAAP financial measures, please refer to the attached Exhibit 2 and the Investor Relations section of CSG’s website at csgi.com. Results of Operations GAAP Results: Total revenue for the third quarter of 2022 was $273.3 million, a 3.8% increase when compared to revenue of $263.2 million for the third quarter of 2021. This increase can be mainly attributed to the continued growth of CSG's revenue management solutions, as approximately three-fourths of the increase was attributed to organic growth resulting mainly from increased payments volume and conversions of customer accounts onto CSG solutions. GAAP operating income for the third quarter of 2022 was $20.0 million, or 7.3% of total revenue, compared to $32.8 million, or 12.4% of total revenue, for the third quarter of 2021. The decrease in operating income can be primarily attributed to the $14.0 million increase in restructuring and reorganization charges related mainly to an operating margin improvement initiative that began in the second quarter of 2022. GAAP EPS for the third quarter of 2022 was $0.40, as compared to $0.50 for the third quarter of 2021. The decrease in GAAP EPS can be mainly attributed to the increase in restructuring and reorganization charges, discussed above, offset by a $6.2 million loss recorded in the third quarter of 2021 related to CSG obtaining a controlling interest in MobileCard. Non-GAAP Results: Non-GAAP adjusted revenue for the third quarter of 2022 was $255.1 million, a 3.3% increase when compared to non-GAAP adjusted revenue of $247.0 million for the third quarter of 2021. The increase in non-GAAP adjusted revenue between periods is due to the factors discussed above. Non-GAAP operating income for the third quarter of 2022 was $46.7 million, or 18.3% of total non-GAAP adjusted revenue, compared to $41.6 million, or 16.8% of total non-GAAP adjusted revenue for the third quarter of 2021. The increases in operating income and operating income margin can be mainly attributed to the higher revenue along with the margin improvement initiatives, mentioned above. Non-GAAP EPS for the third quarter of 2022 was $1.06 compared to $0.88 for the third quarter of 2021, with the increase due to the factors discussed above. Balance Sheet and Cash Flows Cash, cash equivalents and short-term investments as of September 30, 2022 were $147.3 million compared to $135.0 million as of June 30, 2022 and $233.7 million as of December 31, 2021. CSG had net cash flows from operations for the third quarters ended September 30, 2022 and 2021 of $22.8 million and $46.1 million, respectively, and had non-GAAP free cash flow of $10.9 million and $38.7 million, respectively. These year-over-year decreases in quarterly cash flows from operations and non-GAAP free cash flow are mainly attributed to unfavorable changes in working capital, resulting mainly from the timing of payment of employee wages and the accrual of the annual bonus, and deferred revenue related to a large international implementation project. Summary of Financial Guidance CSG is updating its financial guidance for the full year 2022, as follows: For additional information and reconciliations regarding CSG’s use of non-GAAP financial measures, please refer to the attached Exhibit 2 and the Investor Relations section of CSG’s website at csgi.com. Conference Call CSG will host a conference call on Wednesday, November 2, 2022 at 5:00 p.m. ET to discuss CSG’s third quarter 2022 earnings results. The call will be conducted live and archived on the Internet. A link to the conference call is available at http://ir.csgi.com. In addition, to reach the conference by phone, call 1-888-412-4131 and use the passcode 2327393. Additional Information For information about CSG, please visit CSG’s web site at csgi.com. Additional information can be found in the Investor Relations section of the website. About CSG CSG empowers companies to build unforgettable experiences, making it easier for people and businesses to connect with, use and pay for the services they value most. Our customer experience, billing and payments solutions help companies of any size make money and make a difference. With our SaaS solutions, company leaders can take control of their future, and tap into guidance along the way from our more than 5k-strong experienced global CSG services team. Want to learn more about how to be a change maker and industry shaper like our 1,000-plus clients? Visit csgi.com to learn more. Forward-Looking Statements This news release contains forward-looking statements as defined under the Securities Act of 1933, as amended, that are based on assumptions about a number of important factors and involve risks and uncertainties that could cause actual results to differ materially from what appears in this news release. Some of these key factors include, but are not limited to the following items: CSG derives approximately forty percent of its revenue from its two largest customers; Fluctuations in credit market conditions, general global economic and political conditions, and foreign currency exchange rates; CSG’s ability to maintain a reliable, secure computing environment; Continued market acceptance of CSG’s products and services; CSG’s ability to continuously develop and enhance products in a timely, cost-effective, technically advanced and competitive manner; CSG’s ability to deliver its solutions in a timely fashion within budget, particularly large and complex software implementations; CSG’s dependency on the global telecommunications industry, and in particular, the North American telecommunications industry; CSG’s ability to meet its financial expectations; Increasing competition in CSG’s market from companies of greater size and with broader presence; CSG’s ability to successfully integrate and manage acquired businesses or assets to achieve expected strategic, operating and financial goals; CSG’s ability to protect its intellectual property rights; CSG’s ability to conduct business in the international marketplace; CSG’s ability to comply with applicable U.S. and International laws and regulations; and CSG’s business may be disrupted, and its results of operations and cash flows adversely affected by the COVID-19 pandemic. This list is not exhaustive, and readers are encouraged to review the additional risks and important factors described in CSG’s reports on Forms 10-K and 10-Q and other filings made with the SEC. For more information, contact: John Rea, Investor Relations (210) 687-4409 E-mail: john.rea@csgi.com CSG SYSTEMS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED (in thousands) CSG SYSTEMS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME-UNAUDITED (in thousands, except per share amounts) CSG SYSTEMS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED (in thousands) EXHIBIT 1 CSG SYSTEMS INTERNATIONAL, INC. SUPPLEMENTAL REVENUE ANALYSIS Revenue by Significant Customers: 10% or more of Revenue Revenue by Vertical Revenue by Geography EXHIBIT 2 CSG SYSTEMS INTERNATIONAL, INC. DISCLOSURES FOR NON-GAAP FINANCIAL MEASURES Use of Non-GAAP Financial Measures and Limitations To supplement its condensed consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), CSG uses non-GAAP adjusted revenue, non-GAAP operating income, non-GAAP adjusted operating margin percentage, non-GAAP EPS, non-GAAP adjusted EBITDA, and non-GAAP free cash flow. CSG believes that these non-GAAP financial measures, when reviewed in conjunction with its GAAP financial measures, provide investors with greater transparency to the information used by CSG’s management in its financial and operational decision making. CSG uses these non-GAAP financial measures for the following purposes: • Certain internal financial planning, reporting, and analysis; • Forecasting and budgeting; • Certain management compensation incentives; and • Communications with CSG’s Board of Directors, stockholders, financial analysts, and investors. These non-GAAP financial measures are provided with the intent of providing investors with the following information: • A more complete understanding of CSG’s underlying operational results, trends, and cash generating capabilities; • Consistency and comparability with CSG’s historical financial results; and • Comparability to similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are not measures of performance under GAAP, and therefore should not be considered in isolation or as a substitute for GAAP financial information. Limitations with the use of non-GAAP financial measures include the following items: • Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles; • The way in which CSG calculates non-GAAP financial measures may differ from the way in which other companies calculate similar non-GAAP financial measures; • Non-GAAP financial measures do not include all items of income and expense that affect CSG’s operations and that are required by GAAP to be included in financial statements; • Certain adjustments to CSG’s non-GAAP financial measures result in the exclusion of items that are recurring and will be reflected in CSG’s financial statements in future periods; and • Certain charges excluded from CSG’s non-GAAP financial measures are cash expenses, and therefore do impact CSG’s cash position. CSG compensates for these limitations by relying primarily on its GAAP results and using non-GAAP financial measures as a supplement only. Additionally, CSG provides specific information regarding the treatment of GAAP amounts considered in preparing the non-GAAP financial measures and reconciles each n on-GAAP financial measure to the most directly comparable GAAP measure. Non-GAAP Financial Measures: Basis of Presentation The table below outlines the exclusions from CSG’s non-GAAP financial measures: CSG believes that excluding certain items in calculating its non-GAAP financial measures provides meaningful supplemental information regarding CSG’s performance and these items are excluded for the following reasons: Transaction fees are primarily comprised of interchange and other payment-related fees paid, in conjunction with the delivery of service to customers under CSG’s payment services contracts, to third-party payment processors and financial institutions by CSG. Because CSG controls the integrated service provided under its payment services customer contracts, these transaction fees are presented gross, and not netted against revenue; however, other payments companies who do not provide and/or control an integrated service present their revenue net of transaction fees. The exclusion of these fees in calculating CSG’s non-GAAP adjusted revenue provides management and investors an additional means to use to compare CSG’s current revenue with historical and future periods, as well as with other payments companies. Restructuring and reorganization charges are expenses that result from cost reduction initiatives and/or significant changes to CSG’s business, to include such things as involuntary employee terminations, changes in management structure, divestitures of businesses, facility consolidations and abandonments, and fundamental reorganizations impacting operational focus and direction. These charges are not considered reflective of CSG’s recurring business operating results. The exclusion of these items in calculating CSG’s non-GAAP financial measures allows management and investors an additional means to compare CSG’s current financial results with historical and future periods. Executive transition costs include expenses incurred related to a departure of a CSG executive officer under the terms of the related separation agreement. These types of costs are not considered reflective of CSG’s recurring business operating results. The exclusion of these costs in calculating CSG’s non-GAAP financial measures allows management and investors an additional means to compare CSG’s current financial results with historical and future periods. • Acquisition-related expenses include amortization of acquired intangible assets, earn-out compensation, and transaction-related costs. Transaction-related costs, which typically include expenses related to legal, accounting, and other professional services, are direct and incremental expenses related to business acquisitions, and thus, are not considered reflective of CSG’s recurring business operating results. The total amount of acquisition-related expenses can vary significantly between periods based on the number and size of acquisition activities, previously acquired intangible assets becoming fully amortized, and ultimate realization of earn-out compensation. In addition, the timing of these expenses may not directly correlate with underlying performance of the CSG’s operations. Therefore, the exclusion of acquisition-related expenses in calculating CSG’s non-GAAP financial measures allows management and investors an additional means to compare CSG’s current financial results with historical and future periods. • Stock-based compensation results from CSG’s issuance of equity awards to its employees under incentive compensation programs. The amount of this incentive compensation in any period is not generally linked to the level of performance by employees or CSG. The exclusion of these expenses in calculating CSG’s non-GAAP financial measures allows management and investors an additional means to evaluate the non-cash expense related to compensation included in CSG’s results of operations, and therefore, the exclusion of this item allows investors to further evaluate the cash generating capabilities of CSG’s business. • The convertible notes OID is the result of allocating a portion of the principal balance of the debt at issuance to the equity component of the instrument, as required under current accounting rules. This OID is then amortized to interest expense over the life of the respective convertible debt instrument. The interest expense related to the amortization of the OID is a non-cash expense, and therefore, the exclusion of this item allows investors to further evaluate the cash interest costs of CSG’s convertible notes for cash flow, liquidity, and debt service purposes. Gains and losses related to the extinguishment/conversion of debt can be as a result of the refinancing of CSG’s credit agreement and/or repurchase, conversion, or settlement of CSG’s convertible notes. These activities, to include any derivative activity related to debt conversions, are not considered reflective of CSG’s recurring business operating results. Any resulting gain or loss is generally non-cash income or expense, and therefore, the exclusion of these items allows investors to further evaluate the cash impact of these activities for cash flow and liquidity purposes. In addition, the exclusion of these gains and losses in calculating CSG’s non-GAAP EPS allows management and investors an additional means to compare CSG’s current operating results with historical and future periods. Gains or losses related to the acquisition or disposition of certain of CSG’s business activities are not considered reflective of CSG’s recurring business operating results. Any resulting gain or loss is generally non-cash income or expense, and therefore, the exclusion of these items allows investors to further evaluate the cash impact of these activities for cash flow and liquidity purposes. In addition, the exclusion of these gains and losses in calculating CSG’s non-GAAP EPS allows management and investors an additional means to compare CSG’s current operating results with historical and future periods. Unusual items within CSG’s quarterly and/or annual income tax expense can occur from such things as income tax accounting timing matters, income taxes related to unusual events, or as a result of different treatment of certain items for book accounting and income tax purposes. Consideration of such items in calculating CSG’s non-GAAP financial measures allows management and investors an additional means to compare CSG’s current financial results with historical and future periods. CSG also reports non-GAAP adjusted EBITDA and non-GAAP free cash flow. Management believes non-GAAP adjusted EBITDA is a useful measure to investors in evaluating CSG’s operating performance, debt servicing capabilities, and enterprise valuation. CSG defines non-GAAP adjusted EBITDA as income before interest, income taxes, depreciation, amortization, stock-based compensation, foreign currency transaction adjustments, acquisition-related expenses, and unusual items, such as restructuring and reorganization charges, executive transition costs, gains and losses related to the extinguishment of debt, and gains and losses on acquisitions or dispositions, as discussed above. Additionally, management uses non-GAAP free cash flow, among other measures, to assess its financial performance and cash generating capabilities, and believes that it is useful to investors because it shows CSG’s cash available to service debt, make strategic acquisitions and investments, repurchase its common stock, pay cash dividends, and fund ongoing operations. CSG defines non-GAAP free cash flow as net cash flows from operating activities less the purchases of software, property and equipment. Non-GAAP Financial Measures Non-GAAP Adjusted Revenue: The reconciliations of GAAP revenue to non-GAAP adjusted revenue for the indicated periods are as follows (in thousands): Non-GAAP Operating Income: The reconciliations of GAAP operating income to non-GAAP operating income for the indicated periods are as follows (in thousands, except percentages): (1) Restructuring and reorganization charges include stock-based compensation, which is not included in the stock-based compensation line in the tables above and following, and depreciation, which has not been recorded to the depreciation line item on the Income Statement. Non-GAAP EPS: The reconciliations of GAAP EPS to non-GAAP EPS for the indicated periods are as follows (in thousands, except per share amounts): (2) During the third quarter of 2021, CSG acquired a controlling interest in MobileCard, in which it had previously held only an equity interest in. Upon acquisition of the controlling interest, CSG recognized a non-cash loss in other income (expense) related to the fair value remeasurement of the pre-existing equity investment. (3) For the third quarter and nine months ended September 30, 2022 the GAAP effective income tax rates were approximately 33% and 26%, respectively, and the non-GAAP effective income tax rates were 27.5% for both periods. For the third quarter and nine months ended September 30, 2021 the GAAP effective income tax rates were approximately 28% for both periods, and the non-GAAP effective income tax rates were 27% for both periods. (4) The outstanding diluted shares for the third quarter and nine months ended September 30, 2022 were 31.2 million and 31.5 million, respectively, and for the third quarter and nine months ended September 30, 2021 were 32.0 million for both periods. Non-GAAP Adjusted EBITDA: CSG’s calculation of non-GAAP adjusted EBITDA and the reconciliation of CSG’s non-GAAP adjusted EBITDA measure to GAAP net income is provided below for the indicated periods (in thousands, except percentages): (5) Interest expense includes amortization of deferred financing costs as provided in Note 6 below. (6) Amortization on the statement of cash flows is made up of the following items for the indicated periods (in thousands): Non-GAAP Free Cash Flow: CSG’s calculation of non-GAAP free cash flow and the reconciliation of CSG’s non-GAAP free cash flow measure to cash flows from operating activities are provided below for the indicated periods (in thousands): Non-GAAP Financial Measures – 2022 Financial Guidance Non-GAAP Adjusted Revenue: The reconciliation of GAAP revenue to non-GAAP adjusted revenue, as included in CSG’s 2022 full year financial guidance, is as follows: Non-GAAP Operating Income: The reconciliation of GAAP operating income to non-GAAP operating income, as included in CSG’s 2022 full year financial guidance, is as follows (in thousands, except percentages): Non-GAAP EPS: The reconciliation of GAAP EPS to non-GAAP EPS as included in CSG’s 2022 full year financial guidance is as follows (in thousands, except per share amounts): (7) For 2022, the estimated effective income tax rate for GAAP and non-GAAP purposes is expected to be approximately 29% and 27.5%, respectively. (8) The weighted-average diluted shares outstanding are expected to be approximately 31.4 million. Non-GAAP Adjusted EBITDA: CSG’s calculation of non-GAAP adjusted EBITDA and the reconciliation of CSG’s non-GAAP adjusted EBITDA measure to GAAP net income is provided below for CSG’s 2022 full year financial guidance (in thousands, except percentages): Non-GAAP Free Cash Flow: CSG’s calculation of non-GAAP free cash flow and the reconciliation of CSG’s non-GAAP free cash flow measure to cash flows from operating activities is provided below for the indicated period (in thousands): Contact Details CSG John Rea +1 210-687-4409 tammy.hovey@csgi.com Company Website https://www.csgi.com

November 02, 2022 02:01 PM Mountain Daylight Time

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Intus Care Closes $14.1M Series A to Advance Adoption of First-of-its-kind Predictive Analytics Platform for Geriatric Populations

Intus Care

Intus Care, developer of an innovative predictive analytics platform aimed at improving geriatric care outcomes, today announced the close of its Series A, securing over $14M led by Deerfield Management. Other undisclosed investors contributed to the raise through additional cash investments and conversion of existing debt. Founded in 2019 by Brown University undergraduate students, Intus Care’s mission is to empower geriatric care providers through data to deliver more effective patient management and treatment for dual-eligible seniors -- some of the most socially vulnerable and clinically complex people in the U.S. “We are extremely impressed both by the impact that Intus Care’s technology is poised to have on patient outcomes, and by the passion and dedication of its team,” said Dr. Julian Harris, operating partner at Deerfield Management. “We are proud to invest in a company we believe will be vital to revolutionizing geriatric care.” Intus Care’s technology platform enables care providers to mitigate preventable high-utilization events, track quality interventions, and equip healthcare management teams with vital actionable insights to make informed decisions for senior patients to improve their health outcomes. Its digital healthcare platform integrates with electronic health records, claims, and accounting software to highlight clinical risks in patients and display organizational data. This offers a holistic view of each patient in an organization, allowing healthcare teams to better plan, manage, and provide quality care to the most vulnerable senior populations in our communities. “To have an investor as esteemed in the healthcare industry as Deerfield Management recognize our value enough to lead our Series A is truly humbling,” said Robbie Felton, CEO and co-founder of Intus Care. “As a child, I watched my mother – then a geriatric social worker in Detroit – navigate the obstacles of caring for a disadvantaged population. Today, it makes me extremely proud to be providing caregivers with predictive analytics technology that will allow them to make more informed decisions for their patients that may lead to better outcomes.” Intus Care currently works with over 25 PACE Programs in 13 states who are utilizing its first-of-its-kind predictive analytics platform and entered a Letter of Understanding with the National PACE Association to pursue a strategic partnership. “Robbie and I are proud to be impacting the elder care space, and also hope to inspire other young entrepreneurs of color,” said Evan Jackson, COO and co-founder of Intus Care. “We are very appreciative to have earned the support of Deerfield Management and our other investors and are excited by the possibilities that their investment will enable us to actualize.” The latest investment round will position the company to maximize greater technological opportunities through data, honing product strategy that will support a major scale-up of their current service offerings. They also plan to grow their human capital by attracting, hiring, and retaining strong talent committed to their mission. About Intus Care Intus Care synthesizes data to improve care and reduce hospitalizations for some of the most socially vulnerable and clinically complex patients in today’s healthcare system – senior citizens. The company has created a unique data-driven predictive analytics platform designed for organizations such as PACE programs, nursing homes, long-term care facilities, and home care agencies. It easily integrates with existing electronic health records, claims, and financial software to automatically extract and analyze data. By highlighting participant risk and care-focused information, the Intus Care software empowers clinicians, nurses, and other care providers by informing decisions that improve outcomes and reduce unnecessary costs. Learn more at intuscare.com. Contact Details SVM Public Relations Jordan Bouclin +1 401-490-9700 intuscare@svmpr.com Company Website https://www.intuscare.com/

November 02, 2022 10:40 AM Eastern Daylight Time

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