Fintech PR
Genstar Capital Increases Strategic Investment in Likewize, Acquires Majority Stake
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Investment Empowers Next Stage of Growth and Innovation for Global Leader in Tech Protection and Support
DALLAS, Oct. 22, 2024 /PRNewswire/ — Likewize, a leading global provider of tech protection and support, today announced that its existing investor, Genstar Capital (“Genstar”), has increased its investment in Likewize following its initial investment in March 2023. This significant investment makes Genstar the majority investor in Likewize and strengthens their commitment to fueling Likewize’s continued growth and mission to make every tech problem painless. Management and Brightstar Capital Partners (“Brightstar”) will remain minority investors in Likewize, ensuring continued leadership in driving the company forward.
Founded in 1997 and headquartered in Dallas, TX, Likewize’s innovative approach is trusted by many of the world’s biggest brands, including telecommunications companies, financial institutions and retailers, to protect millions of customers from tech-related issues. The company handles over 250 million device issues annually, from warranty and repairs to upgrades and premium technical support.
Rod Millar, CEO of Likewize, commented, “Over the last five years, we’ve transformed into a global leader in tech protection and support. Genstar’s increased investment underscores their confidence in our vision and potential. With this deeper partnership, we can continue to push the boundaries of innovation and ensure our platform remains the industry leader. We are excited to expand our capabilities and feel well-positioned to capitalize on the vast market opportunities in the rapidly growing tech protection and support sectors.”
Since Genstar’s initial investment, Likewize has built significant momentum, growing its core business by more than 30%. Over the past 12 months, Likewize has added major partnerships with some of the world’s largest telecommunications carriers, retailers, and financial institutions and has expanded its footprint across Europe, enhancing its capabilities and market presence.
Ryan Clark, President and Managing Partner at Genstar, said, “We are thrilled to expand our partnership with Rod and the entire Likewize team, as well as Brightstar, as we’ve witnessed firsthand the company’s exceptional growth over the first 19 months of Genstar’s investment. This enhanced commitment to Likewize comes at a pivotal moment, delivering the support and capital for Likewize to continue delivering exceptional customer value and achieve its full growth potential.”
Andrew Weinberg, Founder and CEO of Brightstar, said: “We are proud of Likewize’s growth and transformation during our ownership period and the company’s success in becoming a global leader in tech protection and support. We look forward to continuing to work with Genstar and the management team and remain confident in Likewize’s future prospects and market leadership in this dynamic industry.”
The increased strategic investment from Genstar will allow Likewize to focus on accelerating adoption of added value solutions such as AI-driven claims handling and expanded premium tech support, ensuring it maintains its reputation for the industry’s best customer experience, commercials and technology.
Financial terms of the transaction were not disclosed.
About Likewize
When your tech goes wrong, Likewize makes it right. Likewize offers the most comprehensive protection against any technology disruption. Whether a device is lost, stolen, damaged, malfunctioning, in need of an upgrade, or is in need of general troubleshooting, Likewize provides the solution. Trusted by the world’s largest brands including, telecommunications companies, financial institutions and retailers. Likewize operates in over 30 countries, resolving 250 million problems each year across insurance, warranty, repairs, trade-ins, recycling, and premium tech support. For more information, please visit: www.likewize.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries.
About Brightstar Capital Partners
Brightstar Capital Partners is a middle market private equity firm focused on investing in industrial, manufacturing, and services businesses where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Brightstar employs an operationally intensive “Us & Us” approach that leverages its extensive experience and relationship network to help companies reach their full potential. For more information, please visit www.brightstarcp.com.
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View original content:https://www.prnewswire.co.uk/news-releases/genstar-capital-increases-strategic-investment-in-likewize-acquires-majority-stake-302283491.html
Fintech PR
Introducing Adyen Uplift: The payment solution optimizing every transaction with AI
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- Piloted by 60 enterprise businesses including: Patagonia, On, Indeed, NordSecurity and Fubo
- AI helps businesses increase payment conversion rates by up to 6% compared to legacy implementations
NEW YORK, Jan. 9, 2025 /PRNewswire/ — Adyen, the global financial technology platform of choice for leading businesses, announces the launch of Adyen Uplift. The AI-powered payment optimization suite will help businesses increase payment conversion, simplify fraud management, and reduce the cost of payments. Adyen’s customers can utilize data-driven, tailored performance recommendations and opportunities to test different payment configurations to maximize performance.
Saving businesses from trading off between conversion, risk, and cost
The complexity of payment management still holds businesses back from reaching their ambitions. They constantly need to compromise between conversion, fraud, and cost. Thanks to Adyen Uplift, businesses can optimize the full payments funnel with AI. AI-powered payment optimizations bundled in a single product suite are trained on Adyen’s global transaction dataset. Rather than navigating the complexity of payments in operational silos, the AI-first approach uses risk-based intelligence and automated conversion optimization to help businesses get more out of payments. The pilot has shown a significant effect on profits, with businesses seeing an overall uplift of up to 6% on their payment conversion rate.
“Balancing risk management, driving conversion, and minimizing cost has always required ineffective compromises – until now” said Carlo Bruno, VP of Product at Adyen. “Adyen Uplift changes the game by unleashing the depth and power of AI to solve for real-time payment optimization. This will transform cost savings and performance, redefining business efficiency in 2025 and beyond.”
$1 trillion+ payments data
Businesses and other providers rely on limited datasets, impacting their ability to recognize shoppers and payment behavior. With Adyen Uplift, companies benefit from AI trained on over a trillion dollars worth of global payments data from Adyen’s single platform.
“We’ve increased our conversion rate by up to 2% with Adyen’s AI, making a real difference to both our performance and cost efficiency, while keeping fraud under control,” commented Luca Spichtig, Head of Digital Operations & Projects at On.
Adyen has processed payments for over one billion consumers globally, giving its AI solutions a strong basis to differentiate good shoppers from fraudsters. When an Adyen customer encounters a new shopper, there is a high likelihood that Adyen has seen the shopper elsewhere on the platform. For a retail merchant on the Adyen platform, there is more than a 90% chance that Adyen has seen that shopper before. When a good shopper is identified, AI optimizations allow them to speed through checkout whilst shoppers and retailers also benefit from precise payment fraud mitigation.
“We’ve increased our conversion rate on customer initiated transactions by 10% by leveraging Adyen’s AI technology, which optimizes the entire payment funnel while maintaining control over fraud and costs,” commented Kes Saulis, Head of Payments at Nord Security.
The AI-first approach to fighting fraud
Today, the fraud control process is highly complex, requiring businesses to implement extensive manual rules to combat ever-evolving fraud techniques. With Adyen Uplift, businesses can automate fraud control by removing the operational burden from fraud management teams. The solution automates and refines risk management without relying on manual rules. This enables businesses to lower fraud levels and reduce false positives, depending on their risk appetite.
Businesses piloting the risk product have seen the impact firsthand. Adyen’s pilot enterprise customers have reduced their manual risk rules by 86% on average, and 35% of customers have completely eliminated manual rules saving valuable time and resources.
Adyen’s customer Indeed, a leading job matching and hiring platform, was able to run AI-based optimization experiments that are tailored to the unique characteristics of its business. This translated into a reduction in operational workload by automating processes to drive efficiency.
Reduce payment processing costs by up to 5%
Today, businesses are more focused than ever on their bottom line, yet many still view payments as a commodity rather than a powerful cost-saving strategy.
Adyen Uplift has reduced payment cost by up to 5% for pilot customers in the U.S. Adyen’s AI selects the best routes with the best rates for transactions to help minimize total cost of payment. Pilot customers also experienced cost savings through Adyen’s optimizations, which tailored the shopper-facing checkout flow to their needs.
To learn more about Adyen Uplift, click here.
About Adyen
Adyen (ADYEN:AMS) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Meta, Uber, H&M, eBay, and Microsoft. Adyen continuously improves and expands its product offering as part of its ordinary course of business. New products and features are announced via press releases and product updates on the company’s website.
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View original content:https://www.prnewswire.co.uk/news-releases/introducing-adyen-uplift-the-payment-solution-optimizing-every-transaction-with-ai-302347156.html
Fintech PR
Crisil unveils a new brand identity
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New logo reflects ability to power mission-critical decisions with confidence
LONDON, Jan. 9, 2025 /PRNewswire/ — Crisil Limited, a provider of ratings, data, research, analytics and solutions, today unveils its new brand logo.
The new brand identity, ‘Crisil’ (earlier written as CRISIL), reinforces the company’s position as a global, insights-driven analytics firm, building on a distinguished legacy of close to four decades.
Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.
Says Amish Mehta, Managing Director & CEO, Crisil, “Our reimagined brand expresses a more progressive vision of our future. It celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients. Our people’s analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence. The new brand identity guides us in shaping how we present ourselves to the world, influencing every interaction internally and externally to help us deliver exceptional client value.”
The strategic brand transformation positions Crisil’s businesses — Crisil Ratings, Crisil Intelligence (formerly MI&A), Crisil Coalition Greenwich, and Crisil Integral IQ (formerly GR&RS) — under a cohesive identity that offers a consistent and more connected experience for clients around the world.
Crisil Ratings: Offers independent credit ratings in India that empower informed decisions and objective benchmarking by lenders, investors and issuers.
Crisil Intelligence: Offers insights, consulting, technology-driven risk solutions and advanced data analytics, serving clients across government, private and public enterprises, empowering them to make informed decisions.
Crisil Coalition Greenwich: Offers strategic benchmarking, analytics and insights to the financial services industry and specialises in providing unique, high-value and actionable information to help clients measure and drive their business performance.
Crisil Integral IQ: Offers solutions and actionable intelligence to financial institutions around the globe to deliver strategic transformation, optimise risk and drive operational excellence.
The main logo in bold black is simple yet strong, symbolising excellence and the certainty that we deliver. Complementing this, our business logos now feature a distinct teal colour that conveys the confidence and trust rooted in rigour and domain expertise.
About Crisil Limited
Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.
Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.
Headquartered in India, Crisil is majority owned by S&P Global.
Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.
Our globally diverse workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.
For more information, visit www.Crisil.com
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK
Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil. However, Crisil alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
Crisil has taken due care and caution in preparing this press release. Information has been obtained by Crisil from sources which it considers reliable. However, Crisil does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. Crisil especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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Fintech PR
MANTRA and DAMAC Group Revolutionize Tokenized Real-World Assets with US$1 Billion Deal
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DUBAI, UAE, Jan. 9, 2025 /PRNewswire/ — MANTRA, a purpose-built layer 1 blockchain for tokenized real-world assets (RWAs) has signed a US$1 billion agreement with DAMAC Group, a prominent investment conglomerate, renowned for its diversified portfolio that spans across key sectors such as real estate development, hospitality, data centres, and more, to tokenize assets in the Middle East.
The collaboration between MANTRA and the DAMAC Group will enable token-based financing for a diverse range of assets within the group’s extensive portfolio of companies, with a minimum value of US$1 billion.
The DAMAC Group assets will be available in early 2025, exclusively on MANTRA Chain, marking a bold step in leveraging blockchain technology to bring greater transparency, security, and accessibility to DAMAC Group’s wide-ranging assets. This milestone partnership is yet another step in MANTRA’s vision to become the preferred ledger of record for real-world assets.
“This partnership with DAMAC Group is an endorsement for the RWA industry. We’re thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain,” said John Patrick Mullin, CEO of MANTRA.
Amira Sajwani, Managing Director of Sales & Development at DAMAC, said, “DAMAC is always exploring new technologies to enhance our product offerings. Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions. Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.”
The MANTRA and DAMAC Group partnership follows the recent announcement of MANTRA Chain’s Mainnet launch, which went live in October, representing a significant milestone in the integration of traditional finance with blockchain technology.
About MANTRA:
MANTRA is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.
Website | Twitter | LinkedIn | Discord
About DAMAC Group:
The DAMAC Group is the multi-billion-dollar business conglomerate of UAE based Hussain Sajwani. The Group’s investments are divided into seven core areas; real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.
Some of the Group’s most notable activities include DAMAC Properties, one of the region’s largest property developers, the acquisition of the Italian fashion house, Roberto Cavalli and luxury Swiss jewellery brand de GRISOGONO, the 50-storey development DAMAC Towers Nine Elms in London and a luxury resort in the Maldives.
In a bid to disrupt the global data centre landscape, the Group recently announced plans to build data centres through its digital infrastructure company, EDGNEX Data Centers by DAMAC, across different global locations.
Today, the Group’s global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Group continues in its quest for diversification and business excellence.
Visit us at www.damacgroup.com
View original content:https://www.prnewswire.co.uk/news-releases/mantra-and-damac-group-revolutionize-tokenized-real-world-assets-with-us1-billion-deal-302346789.html
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