Fintech PR

Flight Centre Becomes Largest Individual Shareholder in The Upside Travel Company

Published

5 years ago

April 8, 2019

Newsfile

Reading Time: 2 minutes

Flight Centre Group (ASX:FLT), continues to strengthen its rapidly growing global corporate travel business, today announcing a strategic investment in The Upside Travel Company (“Upside”), the corporate travel company launched in 2017 by Priceline founder Jay Walker.

FLT’s investment is for a 25% interest in Upside which will see it become the business’s largest individual shareholder providing access to Upside’s travel technology platform and software development resources. As part of the agreement, the parties also entered into a commercial deal that covers cooperation on various distribution initiatives that combine FLT’s deep understanding of the corporate travel space with Upside’s powerful technical assets.

With this deal, FLT improves its technology capabilities, specifically in the small-and-midsize corporate market. FLT plans to leverage Upside’s technology platform to continue the digital enablement of its Corporate Traveler business, pairing the proficiency of its people with cutting edge artificial intelligence and machine learning models. The investment also adds Washington, DC to the expanding global list of FLT “Lab” locations following the recent investment in Bangkok-based 30SecondsToFly, and the acquisition of the award-winning mobile app Sam :] in Barcelona last month.

“We have been impressed by the capability and flexibility of Upside’s technology and team to improve the business traveler experience. Its use of machine learning models to dynamically price business travel packages in real-time to save clients money while increasing traveler options is just one example of Upside’s best in class technology,” according to Dean Smith, President of FLT’s Americas operations.

For Upside, the deal substantially bolsters the company’s product offering to the small corporate market, where it will continue to operate under the Upside brand. Access to FLT’s supplier relationships and global reach expands Upside’s inventory and enhances its ongoing software development with a broader set of travel data inputs.

“FLT is the perfect partner for Upside as we get aggressive in serving small corporate clients. Not only does FLT’s global scale, content, and experience immediately make our product more complete, but FLT’s people and expertise also make us smarter, which is key as we accelerate into the future.” said Jay Walker, CEO of Upside.

The Upside product will soon take advantage of the emerging standards called Next-Generation Storefront, which are being developed by ATPCO in collaboration with airline and industry leaders. Incorporating the new standards for product display is a top post-investment priority for both parties and is expected to take place in Q2 of 2019. “It’s promising to see FLT and Upside work together on providing the best traveler experience possible by making NGS a priority so flight shoppers can compare like-type products on third party channels. We’re inspired to see so many channels taking a step forward to transform flight shopping” said Gianni Cataldo, Head of Research & Development, at ATPCO.

Jefferies LLC served as the sole financial advisor to Upside.

SOURCE Flight Centre Travel Group (Canada) Inc.

Fintech PR

Shareholders request EGM to appoint new Board of Directors of B2 Impact ASA

Published

32 mins ago

November 28, 2023

CISION (PR Newswire)

OSLO, Norway, Nov. 28, 2023 /PRNewswire/ — Shareholders representing approximately 24% of the shares and votes of B2 Impact ASA request an Extraordinary Shareholders Meeting to elect new Board of Directors.

A group of shareholders in B2 Impact ASA (the “Company”) including the founding partner Jon Harald Nordbrekken and associated companies; Valset Invest AS and F2Kapital AS together with Gulen Invest AS (the “Shareholders”) have today, in accordance with section 5-7 (2) of the Norwegian Public Limited Liability Companies Act, jointly requested that the board of directors of the Company convenes an Extraordinary General Meeting in the Company to resolve on the election of new members of the Board until the next annual general meeting in 2024. Prioritet Group AB, the largest shareholder in the Company also supports the request for appointment of a new board. Jointly, the request is put forward by shareholders representing approximately 24% of the Company’s shares.

Following the election, the new board is proposed to be composed of four new Directors, including Anders Engdahl as Chairman, Jon Harald Nordbrekken as Vice Chairman, Ellen Hanetho as Director, Nils Wiberg as Director and re-election of Jessica Sparrfeldt.

“I am very pleased that we are able to propose such an experienced board with over hundred years of combined industry experience. The debt collection industry is facing a number of critical challenges posed by rising interest rates, inflation as well as rapid technological change. At the same time, it also presents a number of attractive opportunities as many competitors struggle to adapt to this new environment. For B2 Impact ASA to capitalize on these opportunities we believe it is the right time to appoint new leadership and for the owners to take a more active role in the transformation of the business. To support this change, I will assume an active role on the Board of Directors to help realize the full potential of the business,” says Jon Harald Nordbrekken, founding partner and shareholder of B2 Impact ASA.

The Shareholders are of the view that the Company needs to reconsider its strategy and focus on the following core areas:

Reduce Cost and Complexity: Structurally reduce group common and local overhead costs through simplified decentralized governance and removing all non-value added activities.
Enhance Focus: Reduce geographic footprint, build volume and leverage in-market scale. Going forward, the company should focus on collection of unsecured consumer receivables.
Reduce Indebtedness: Adopt capital light strategy including a partnership with an international investment fund to invest in portfolios outside the Company’s balance sheet, release capital, reduce indebtedness and interest expenses and drive servicing fees.
Invest in Technology: Accelerate digital adoption by investing into modern collection system technology that could substantially lower cost-to-collect through automated workflows and smarter processes.
Deliver Profitable Growth: Create profitable organic servicing revenue growth through co-operation with portfolio investors and banks in selected markets as well as acquisitions of businesses that allow the Company to leverage economies of scale.

“I am honoured and excited to be proposed as new Chairman of B2 Impact ASA. I expect to work closely with the new Board of Directors and management to lead the re-orientation of the Company. I believe that if adopting a capital light strategy, the Company is well positioned to take advantage of the emerging opportunities and supportive NPL cycle that can deliver substantial value to shareholders over next few years,” says Anders Engdahl, proposed Chairman of the Board.

In addition, it has been proposed that the following members shall be elected to the Nomination Committee until the annual general meeting in 2024: Frode Foss-Skiftesvik as Chairman, Kjetil Andreas Garstad as Member and Niklas Wiberg as Member.

Background on the proposed board members:

Anders Engdahl, Chairman

Anders Engdahl is a seasoned NPL investment and servicing executive with over 25 years financial services experience. Until Aug 2022, Anders was the CEO of Intrum AB, Europe’s largest debt collector where he spent in total eight years in several roles including CEO, CFO and CIO. Prior to joining Intrum, Anders was Managing Director at Morgan Stanley’s Financial Institutions Group. Anders started his career with Goldman Sachs in London in 1997. He graduated with an M.Sc. In Economics and Managerial Finance from the Stockholm School of Economics.

Jon Harald Nordbrekken, Deputy chairman and board member

Jon Harald Nordbrekken is a founder and the third largest shareholder in B2 Impact ASA. After four years as CEO of Intrum Justitia Norway, Nordbrekken founded Aktiv Kapital in 1991, where he stayed on as CEO until 1999 and as Chair from 1999 to 2004. In 2005, he founded B2Holding AS, now B2 Impact ASA, parent to both Gothia Financial Group and Bank2. Gothia was sold to Herkules in 2008 and Nordbrekken stepped down as Chair of the Board of Bank2 in 2010, before establishing the “new” B2Holding the following year. Nordbrekken was the Chair of the Board of B2 Impact ASA until 2020.

Ellen Hanetho, Board member

Ellen Merete Hanetho has 20 years of experience from investment banking and private equity as a finance and business development executive in corporations such as Frigaard Invest, Credo Partners, Goldman Sachs Investment Banking Division in London and the Brussels Stock Exchange and Citibank in Brussels. She is founder and chairperson of Cercis, a cleantech investment company established in 2020. Ellen holds a BSBA from Boston University, US and an MBA from Solvay University, Belgium in addition to executive training from INSEAD, France and Harvard Business School, US.

Nils Wiberg, Board member

Nils Wiberg is the founder and CEO of Prioritet Group AB. Nils has a very long and solid career within the financial services industry. Nils joined Nordbanken 1986 (currently Nordea) and became CEO of Nordbanken Inkasso focused on debt collection and debt restructuring within the private and corporate sector. Nils was with Nordbanken until 1997. In 1981 Nils founded Prioritet Group which focuses on financial services and asset management. Prioritet Group is the largest shareholder of B2 Impact ASA and wholly owned by Nils Wiberg.

View original content:https://www.prnewswire.co.uk/news-releases/shareholders-request-egm-to-appoint-new-board-of-directors-of-b2-impact-asa-301998953.html

Fintech PR

Runergy Ranked as a BloombergNEF Tier 1 PV Module Manufacturer

Published

32 mins ago

November 28, 2023

CISION (PR Newswire)

runergy-ranked-as-a-bloombergnef-tier-1-pv-module-manufacturer

SHANGHAI, Nov. 28, 2023 /PRNewswire/ — Runergy has achieved a significant milestone by being included in the latest BloombergNEF Tier 1 PV Module Manufacturers list for Q4 of 2023. This recognition is a testament to the exceptional quality and reliability of Runergy’s products, its outstanding performance in global projects, and its strong bankability.

BloombergNEF (BNEF) is renowned as one of the most reputable industry research institutions in the global new energy sector. BNEF has developed a tiering system for PV module products based on bankability, with the goal of creating transparent differentiation between the hundreds of manufacturers of solar modules on the market. To qualify as a Tier 1 PV module manufacturer, companies must demonstrate the production of self-owned brand PV modules for six different projects, financed by six different commercial banks.

Runergy’s high-efficiency N-type double-glass module products are built on the latest generation of ultra-high efficient N-type cell technology developed by the Photovoltaic R&D Institute established by Runergy. These modules offer several advantages, including lower LCOE, better BOS cost, higher power efficiency, and are widely utilized in large-scale ground-mounted projects and tracking systems, C&I projects, and residential roofs. Runergy is committed to meeting the diverse needs of global customers and delivering higher returns for them. Since entering the PV module business in 2022, Runergy’s module products have been exported to numerous countries and regions worldwide, with increasing shipments. The company has established extensive partnerships in key markets such as the United States, South America, Europe, and Southeast Asia, and has implemented PV power projects in various locations. One of Runergy’s flagship products is the N-type Double Glass 144-Piece Module, which has received recognition as the RETC “Overall Highest Achiever”, demonstrating exceptional performance in rigorous tests of quality, performance, and reliability.

Currently, Runergy is strategically expanding its vertical industrial chain, covering polysilicon, cells, modules, and power systems. The company has established independent production sites in multiple locations worldwide. Runergy implements stringent management practices in intelligent manufacturing, quality control, and after-sales support to ensure the delivery of efficient and high-quality products and services to customers, with the commitment of becoming the most reliable global solar solution partner. In response to the global energy transformation and evolving market trends, Runergy will accelerate the development of its entire industry chain, focus on module business growth, and establish a stable and trustworthy module production supplier brand.

Photo – https://mma.prnewswire.com/media/2286967/image_5027829_29292431.jpg

View original content:https://www.prnewswire.co.uk/news-releases/runergy-ranked-as-a-bloombergnef-tier-1-pv-module-manufacturer-301998949.html

Fintech PR

Bybit Celebrates 5 Years of Disrupting the Game with 20 Million Users Milestone

Published

32 mins ago

November 28, 2023

CISION (PR Newswire)

bybit-celebrates-5-years-of-disrupting-the-game-with-20-million-users-milestone

DUBAI, UAE, Nov. 28, 2023 /PRNewswire/ — B ybit, a top-three crypto exchange, is pleased to announce a new milestone in its growth journey: surpassing 20 million registered users. This landmark underscores Bybit’s position at the forefront of the crypto industry, celebrating its 5th anniversary this December.

Since its inception, Bybit has offered innovative trading solutions, user-friendly platforms, and 24/7 customer service in multiple languages. The achievement of over 20 million registered users is a testament to the trust and confidence the global trading community places in Bybit.

“Bybit has proved itself as a safe, highly effective crypto hub,” said Ben Zhou, co-founder and CEO. “Reaching 20 million registered users is not just a number for us; it represents the faith and enthusiasm of a community that believes in the potential of crypto and trusts Bybit as their preferred platform.”

Bybit attributes its rapid growth to its constant innovation in the crypto space, including introducing AI-powered trading bots, a sophisticated options market, and a thriving copy trading community. Prudent risk management and enhanced AML compliance have led Bybit to gain licenses in the UAE, Kazakhstan, and Cyprus.

“We are more than just a trading platform; we are the Crypto Ark and a gateway to Web3: the next generation of the internet,” added Ben Zhou. “Our commitment to our users remains stronger than ever, and we look forward to introducing more innovative features and services in the near future.”

As Bybit continues to expand its offerings and reach new heights, the company is poised to play a pivotal role in shaping the future of the crypto industry.

#Bybit #TheCryptoArk #High5Bybit

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For media inquiries, please contact: [email protected]

For more information please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media