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TIMIA Expands Investment Portfolio with US$3M Finance Facility for Zmags

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TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA/OTC: TIMCF) announces that it has entered into a US$3 million investment facility with Zmags, the leader in rich digital experiences for retailers based in Boston, MA. The financing facility includes an initial disbursement of US$1,500,000, which has been advanced, and a further US$1,500,000 to be disbursed upon certain milestones being met over the term of the agreement.

“Zmags is a growing technology company with great prospects as it looks to expand its Creator platform and services offerings,” said Greg Smith, CIO of TIMIA. “Their corporate finance team was looking at a number of different alternatives and felt that TIMIA’s non-dilutive capital was the best choice for their financing needs. With the investment from TIMIA, Zmags avoids the dilutive impact of equity financing at an attractive market rate. We look forward to watching this exciting company grow.”

TIMIA has developed a proprietary, scalable, technology-driven fintech platform targeting higher risk-adjusted returns on its finance solutions, creating value for shareholders, and leveraging its non-dilutive capital structure.

TIMIA invests in growing software as a service (“SaaS”) companies like Zmags that require creative financing options. Under TIMIA’s revenue-based financing model, TIMIA advances capital to SaaS businesses with recurring revenue streams that allows the portfolio company to make monthly payments, that are a combination of principal and interest, to TIMIA with a repayment schedule sculpted to the portfolio company’s recurring revenue streams. The Company expects to make further investments in the coming months in the pursuit of its business model, which is to earn a combination of monthly payments and periodic gains on investments.

Fanvestor™ Pledges Alternative Financing for Music Industry at Family Tree Entertainment’s 9th Annual Pre-Grammy Manager’s Brunch and Paul Oakenfold’s Late-Night After Grammy Party

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Michael GolombFanVestor‘s Founder and Chief Executive Officer (“CEO”), as the Title Sponsor, joined forces with veteran music manager Michael “Blue” Williams, Founder and CEO of Family Tree Entertainment, to celebrate the talent behind the biggest stars in music at the 9thAnnual Pre-Grammy Manager’s Brunch on January 25, 2020.

Moderated by Family Tree Entertainment‘s Executive Vice President and PGMB Producer April Q. Russell, the 2020 Brunch Honoree’s were Jeff Robinson (Alicia Keys, H.E.R.) who received the “Manager Achievement Award;” Justin Lamotte (Ari Lennox, Ro James) who received the “Chris Lightly Award;” and Carrie Lyn Taylor (Anderson .Paak) who received the “Breaking Glass Ceilings Award.”

Golomb pledged to support the work of so many talented managers and artists in the room by offering alternative financing with the FanVestor patented web and ISO app available to download now.

“Our FanVestor platform is the alternative financing source for the music and entertainment industry. Brands would be able to create fully SEC compliant financial products, virtual and physical/unique experiences on our patented FanVestor platform. FanVestor gives music artists, athletes, teams, venues, and TV/film studios, a new source of financing for their creative projects.” – Michael Golomb, Founder and CEO of FanVestor

Michael Golomb’s vision goes even further driven by his passion to help other people access opportunities that are currently out of reach, include them in more opportunities to build wealth, and teach them to invest with HEART to succeed.

“My vision will always be to improve communication between all managers and provide real career advancement platforms for both managers and artists. FanVestor is the next step in the evolution between entertainers and their fans. The opportunity to create a deeper bond between the fans and our clients by allowing them to be in business together is exciting for me and the team at Family Tree. We look forward to working with Michael and the rest of the FanVestor team.” — Michael “Blue” Williams, Founder and CEO of Family Tree Entertainment

Confirmed Guests at the 9th Annual Grammys Brunch Included:
Safaree, Marques HoustonChris Stokes, H.E.R, Melyssa FordMona Scott Young, Maino, Regina King, Killer Mike, Big Boi, Miss Diddy LA, DC Young Fly, Michael BlacksonGolden BrooksMonte LipmanAvery LipmanNick CannonPaul RosenburgJeff RobinsonChris JordanTina DavisDana Sims, April Q. Russell,  Duquan Brown & Many More.

As the Technology Sponsor at Paul Oakenfold’s/Faster Kill Pussycat Late-Night After Grammy Party on Sunday, January 26, 2020, the FanVestor team met with top entertainment executives and talent to offer the unique alternative financing and show artists a new way to establish a deeper relationship with their fans using FanVestor.

“We are at a unique moment in history to dramatically change the way music, sports, film and television projects are funded by using the simple to use fintech FanVestor platform, the first of its kind fan-driven crowdsourced fundraising and engagement platform,” said Golomb.

The Faster Kill Pussycat Late-Night After Grammy Party was held at the private residence of the CEO of Absolut Elyx and hosted by legendary DJ Paul Oakenfold. The elaborate party setting attracted Diplo and many A-list celebrities, including Sophia BushNick SimmonsChuck LiddellMacy KateJulz TockerKandee Johnson, Vassy, Debbi JamesKedar Massenburg, “Blue” Williams, April Q. Russell, Duquan Brown, and Garry Richards (Destructo).

 

SOURCE FanVestor

Glass Lewis Recommends Shareholders Of VersaPay Vote FOR The Proposed Arrangement With An Affiliate Of Great Hill Partners

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VersaPay Corporation (TSXV: VPY) (the “Company” or “VersaPay“), is pleased to announce that Glass Lewis & Co. LLC (“Glass Lewis“), a leading independent proxy advisory firm, has recommended that shareholders of VersaPay (the “Shareholders“) vote FOR the proposed acquisition by 1233518 B.C. Ltd., an affiliate of Great Hill Partners, of all of the issued and outstanding common shares of the Company (“VersaPay Shares“) by way of a statutory plan of arrangement under the Canada Business Corporations Act (the “Arrangement“) for consideration of $2.70 for each VersaPay Share held.

In making its recommendation that Shareholders vote FOR the Arrangement, Glass Lewis stated: “Given the Company’s capital restraints and considering that the board appears to have adequately considered the Company’s strategic and transaction alternatives, ultimately arriving at a proposed transaction that provides shareholders with certain value and liquidity for their shares at a significant premium, we believe shareholders have more than sufficient cause to approve the proposed arrangement as the best path to maximize the value of their shares at this time. Based on these factors, along with the support of the board, we believe the proposed acquisition is in the best interests of shareholders.

Glass Lewis’ endorsement follows a report by Institutional Shareholder Services Inc. (“ISS“), also a leading independent proxy advisor firm, that recommended Shareholders vote FOR the Arrangement. VersaPay disclosed ISS’ recommendation in a press release dated January 29, 2020.

Your vote is important regardless of the number of VersaPay Shares you own. As a Shareholder, it is very important that you carefully read the management information circular dated January 15, 2020 (the “Circular“) and related materials with respect to the special meeting of Shareholders (the “Meeting“) and then vote your VersaPay Shares. You are eligible to vote your VersaPay Shares if you were a Shareholder of record at the close of business on January 8, 2020.

 

SOURCE VersaPay Corporation

MAJORITY Launches Out of Beta With Enhanced Capabilities Made Available to All 50 States

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MAJORITY, the first financial membership focused on migrants, today announced its launch out of beta, making the product widely available to anyone living in the U.S. On top of the product’s broad availability, new features are now available including Early Direct Deposit.

With MAJORITY direct deposit, users’ paychecks will go straight to their MAJORITY account, which can be accessed as soon as it’s deposited by an employer. Users can get their paychecks up to two days earlier than non-members, which means no more worrying about lost checks, mail delays or other problems related to physical paychecks.

“Everyone should have equal access to the tools, support and information needed to build a better financial future for themselves and their families—regardless of their country of origin,” said Magnus Larsson, CEO of MAJORITY. “More than half of the 68 million underserved in banking are people that have moved to this country. We exist to solve these problems so people can thrive and succeed faster!”

MAJORITY is unique in its approach to growing customers. Until now, customer acquisition has been fostered by a community-first approach—relying on referrals, brand ambassadors, and the company’s advisor program. Since its beta launch in October of 2019, the community has grown from its initial 1,000 beta testers to 20,000 members—an achievement made possible through the company’s heavy focus on the community, with a large portion of the member base coming from the Houston area.

Currently, MAJORITY also has 5,000 subscription-based users, a number that is expected to grow rapidly within the next year, with Meetup spaces opening in Houston later this month followed by Miami, FL later this year.

Membership costs $5 per month and includes an FDIC-insured account and Visa® prepaid card. Users also have access to more than 55,000 ATMs across North America, free and unlimited remittance to four countries including NigeriaGhanaKenya and Senegal—with plans to open remittances to 15 additional countries by the end of 2020, Mexico becoming available this spring. Additionally, free international calling to more than 25 countries and native language advisors are readily available to assist users. MAJORITY partners with the established Sutton Bank®, Member FDIC, for the U.S. market.

 

SOURCE MAJORITY

Broadridge Reports Second Quarter And Six Months Fiscal Year 2020 Results

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Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the second quarter and six months ended December 31, 2019 of its fiscal year 2020. Results compared with the same period last year were as follows:

Summary Financial Results

Second Quarter

Six Months

Dollars in millions, except per share data

2020

2019

Change

2020

2019

Change

Total revenues

$969

$953

2%

$1,917

$1,926

Recurring fee revenues

648

604

7%

1,272

1,179

8%

Operating income

27

78

(66)%

100

178

(44)%

Operating income margin

2.8%

8.2%

5.2%

9.3%

Adjusted Operating income – Non-GAAP

94

101

(7)%

198

224

(12)%

Adjusted Operating income margin – Non- GAAP

9.7%

10.6%

10.3%

11.6%

Diluted EPS

$0.09

$0.42

(79)%

$0.56

$1.06

(47)%

Adjusted EPS – Non-GAAP

$0.53

$0.56

(5)%

$1.22

$1.35

(10)%

Closed sales

$45

$106

(57)%

$83

$124

(33)%

“Broadridge continued to execute well in a mixed quarter.  Recurring revenues rose 7% to $648 million, driven by strong revenue from sales as well as contributions from recent acquisitions,” said Tim Gokey, Broadridge’s Chief Executive Officer. “Event-driven activity declined 36%, leading to a 5% decline in Adjusted EPS in a seasonally small quarter. Importantly, demand remains robust with strong Closed sales and performance by our recent acquisitions.

“As we enter the more significant second half, we expect a pick-up in organic growth and full-year Recurring revenue growth of 8-10%. We also expect to deliver within our 8-12% Adjusted EPS guidance, albeit at the low end. We continue to be well on-track to achieve the three-year objectives laid out at our 2017 Investor Day, including the high end of our Adjusted EPS objectives,” Mr. Gokey added. “Broadridge remains very well-positioned for growth, and we continue to invest in new products and technology to create value.”

Fiscal Year 2020 Financial Guidance – Updated

Change / Update1

Recurring fee revenue growth

8-10%

No change

Total revenue growth

3-6%

No change

Operating income margin – GAAP

~14%

Reduced from ~15%2

Adjusted Operating income margin – Non-GAAP

~18%

No change

Diluted earnings per share growth

(4)-0%

Reduced from 5-9%2

Adjusted earnings per share growth – Non-GAAP

8-12%

Expected to be at low end of range

Closed sales

$190-230M

No change

(1) From full-year guidance provided in earnings release Q1 FY20 on 11/6/2019

(2) Fiscal Year 2020 GAAP Operating income margin and Diluted EPS growth guidance has been updated to reflect the impact of acquisitions made in the second quarter and the impact of the IBM Private Cloud Charges

Financial Results for the Second Quarter Fiscal Year 2020 compared to the Second Quarter Fiscal Year 2019

  • Total revenues increased 2% to $969 million from $953 million in the prior year period.
    • Recurring fee revenues increased 7% to $648 million from $604 million. The increase in recurring fee revenues includes 6pts of growth from acquisitions. Organic growth was 1.5%.
    • Event-driven fee revenues decreased $17 million, or 36%, to $31 million, mainly from lower mutual fund proxy activity.
    • Distribution revenues decreased $6 million, or 2%, to $317 million, primarily from the decrease in event-driven fee revenues.
  • Operating income was $27 million, a decrease of $51 million, or 66%. Operating income margin decreased to 2.8%, compared to 8.2% for the prior year period.
    • Adjusted Operating income was $94 million, a decrease of $7 million, or 7%. Adjusted Operating income margin decreased to 9.7%, compared to 10.6% for the prior year period.
    • The decrease in Operating income was primarily due to higher acquisition amortization expense, charges associated with the Company’s new private cloud services agreement with IBM (the “IBM Private Cloud Agreement”), and the decrease in event-driven fee revenues.  The decrease in Adjusted Operating income was primarily due to the decrease in event-driven fee revenues.
  • Interest expense, net was $14 million, an increase of $3 million, or 30%, primarily due to an increase in interest expense from higher borrowings related to acquisitions.
  • The effective tax rate was 3.8% compared to 22.4% in the Second Quarter 2019. The effective tax rate was impacted by discrete tax items relative to pre-tax income, including excess tax benefits of $2.2 million, which increased from $0.8 million in the Second Quarter 2019.
  • Net earnings decreased 80% to $10 million and Adjusted Net earnings decreased 7% to $62 million.
    • Diluted earnings per share decreased 79% to $0.09, compared to $0.42 in the Second Quarter 2019 and Adjusted earnings per share decreased 5% to $0.53, compared to $0.56 in the Second Quarter 2019.
    • The decrease in Diluted earnings per share was primarily due to higher acquisition amortization expense, charges associated with the IBM Private Cloud Agreement, and a decrease in event-driven fee revenues. The decrease in Adjusted earnings per share was primarily due to a decrease in event-driven fee revenues.

Segment and Other Results for the Second Quarter 2020 compared to Second Quarter 2019

The results for the Company’s Advisor Solutions services that were previously reported in our Investor Communication Solutions segment are now reported within the Global Technology and Operations segment. As a result, our prior period segment results have been revised to reflect this change.

Investor Communication Solutions (“ICS”)

  • ICS total revenues were $716 million, a decrease of $12 million, or 2%.
    • Recurring fee revenues increased $11 million, or 3%, to $368 million. The increase was attributable to revenues from net new business (3pts) and acquisition growth (3pts), partially offset by internal growth (-3pts).
    • Event-driven fee revenues decreased $17 million, or 36%, to $31 million, mainly from lower mutual fund proxy activity compared to the Second Quarter 2019.
    • Distribution revenues decreased $6 million, or 2%, to $317 million, primarily from the decrease in event-driven activity.
  • ICS earnings before income taxes were $22 million, a decrease of $15 million, or 40%, primarily due to the decrease in event-driven fee revenues more than offsetting the contribution from higher recurring fee revenues. Pre-tax margins decreased to 3.1% from 5.1%.

Global Technology and Operations (“GTO”)

  • GTO recurring fee revenues were $281 million, an increase of $34 million, or 14%. The increase was attributable to the combination of revenues from acquisitions (10pts) and organic growth (4pts).
  • GTO earnings before income taxes were $49 million, an increase of $2 million, or 3%, compared to $48 million in the prior year period. The increased earnings were primarily due to higher organic revenues, partially offset by the impact of expenditures to implement and support new business. Pre-tax margins decreased to 17.4% from 19.2%.

Other

  • Other Loss before income tax increased 144% to $68 million from $28 million in the Second Quarter 2019. The increased loss was primarily due to charges associated with the IBM Private Cloud Agreement, and higher interest expense compared to the prior year period.

Financial Results for the Six Months Fiscal Year 2020 compared to the Six Months Fiscal Year 2019

  • Total revenues fell slightly to $1,917 million from $1,926 million in the prior year period.
    • Recurring fee revenues increased 8% to $1,272 million from $1,179 million. The increase in recurring fee revenues includes 6pts of growth from acquisitions.
    • Event-driven fee revenues decreased $54 million, or 43%, to $71 million, mainly from lower mutual fund proxy activity.
    • Distribution revenues decreased $33 million, or 5%, to $630 million, primarily from the decrease in event-driven fee revenues.
  • Operating income was $100 million, a decrease of $78 million, or 44%. Operating income margin decreased to 5.2%, compared to 9.3% in the prior year period.
    • Adjusted Operating income was $198 million, a decrease of $26 million, or 12%. Adjusted Operating income margin decreased to 10.3%, compared to 11.6% for the prior year period.
    • The decrease in Operating income was primarily due to higher acquisition amortization expense, charges associated with the IBM Private Cloud Agreement, and the decrease in event-driven fee revenues.  The decrease in Adjusted Operating income was primarily due to the decrease in event-driven fee revenues.
  • Interest expense, net was $27 million, an increase of $7 million, or 32%, primarily due to an increase in interest expense from higher borrowings related to acquisitions.
  • The effective tax rate was 11.2% compared to 17.6% in the prior year period. The effective tax rate was impacted by discrete tax items relative to pre-tax income, including excess tax benefits of $8 million, unchanged from $8 million in the prior year period.
  • Net earnings decreased 48% to $66 million and Adjusted Net earnings decreased 12% to $142 million.
    • Diluted earnings per share decreased 47% to $0.56, compared to $1.06 in the prior year period and Adjusted earnings per share decreased 10% to $1.22, compared to $1.35 in the prior year period.
    • The decrease in Diluted earnings per share was primarily due to higher acquisition amortization expense, charges associated with the IBM Private Cloud Agreement, and a decrease in event-driven fee revenues.  The decrease in Adjusted earnings per share was primarily due to a decrease in event-driven fee revenues.

Segment and Other Results for the Six Months Fiscal Year 2020 compared to the Six Months Fiscal Year 2019
The results for the Company’s Advisor Solutions services that were previously reported in our Investor Communication Solutions segment are now reported within the Global Technology and Operations segment. As a result, our prior period segment results have been revised to reflect this change.

Investor Communication Solutions

  • ICS total revenues were $1,418 million, a decrease of $65 million, or 4%.
    • Recurring fee revenues increased $23 million, or 3%, to $717 million. The increase was attributable to the combination of revenues from acquisitions (2pts) and organic growth (1pt).
    • Event-driven fee revenues decreased $54 million, or 43%, to $71 million, mainly from lower mutual fund proxy activity compared to the prior year period.
    • Distribution revenues decreased $33 million, or 5%, to $630 million, primarily from the decrease in event-driven activity.
  • ICS earnings before income taxes were $45 million, a decrease of $51 million, or 53%, primarily due to decreased event-driven fee revenues more than offsetting the contribution from higher recurring fee revenues. Pre-tax margins decreased to 3.2% from 6.4%.

Global Technology and Operations

  • GTO recurring fee revenues were $555 million, an increase of $69 million, or 14%. Revenue from acquisitions contributed (11pts) to the increase.
  • GTO earnings before income taxes were $105 million, an increase of $11 million, or 12%, compared to $94 million in the prior year period. The increased earnings were primarily due to higher revenues from acquisitions, including software license sales, and higher organic revenues, partially offset by the impact of expenditures to implement and support new business. Pre-tax margins decreased to 19.0% from 19.4%.

Other

  • Other Loss before income tax increased 75% to $89 million from $51 million in the six months ended December 31, 2019. The increased loss was primarily due to charges associated with the IBM Private Cloud Agreement, and higher interest expense compared to the prior year period.

Launch of Broadridge Private Cloud
On December 31, 2019, Broadridge and IBM entered into the IBM Private Cloud Agreement under which IBM will operate, manage and support the Broadridge Private Cloud, the Company’s private cloud global distributed platforms and products.  This agreement has an initial term of approximately 10 years and three months, expiring on March 31, 2030. As a result of this agreement, Broadridge expects to transfer the ownership of certain Company-owned hardware located at Company facilities worldwide along with the Company’s maintenance agreements associated with such hardware to IBM.  Accordingly, the Company has recorded charges of $33.4 million representing a charge on the hardware assets to be transferred to IBM and other charges related to the IBM Private Cloud Agreement (the “IBM Private Cloud Charges”).

Second Quarter 2020 Acquisitions
Broadridge completed three primary acquisitions in the Second Quarter 2020, with an aggregate purchase price of approximately $227 million.

  • Shadow Financial Systems, Inc. (“Shadow Financial”): In October 2019, the Company acquired Shadow Financial, a provider of multi-asset class post-trade solutions for the capital markets industry. The acquisition builds upon Broadridge’s post-trade processing capabilities by adding a market-ready solution for exchanges, inter-dealer brokers and proprietary trading firms. In addition, the acquisition adds capabilities across exchange traded derivatives and cryptocurrency. The purchase price was approximately $39 million.
  • Fi360, Inc.: In November 2019, the Company acquired Fi360, Inc., a provider of fiduciary and Regulation Best Interest solutions for the wealth and retirement industry, including the accreditation and continuing education for the Accredited Investment Fiduciary® (AIF®) Designation, the leading designation focused on fiduciary responsibility. The acquisition is expected to enhance Broadridge’s retirement solutions by providing wealth and retirement advisors with fiduciary tools that will complement its Matrix trust and trading platform and further strengthen Broadridge’s data and analytics tools and solutions suite. The purchase price was approximately $120 million.
  • Clear Structure Financial Technology, LLC (“ClearStructure”): In November 2019, the Company acquired ClearStructure, a global provider of portfolio management solutions for the private debt markets. ClearStructure’s component services are expected to enhance Broadridge’s existing multi-asset class, front-to-back office asset management technology suite, providing Broadridge clients with a capability to access the public and private markets. The purchase price was approximately $69 million.

Third Quarter 2020 Acquisition
In January 2020, the Company signed an agreement to acquire FundsLibrary Limited (“FundsLibrary”), a leader in fund document and data dissemination in the European market.  The combination of FundsLibrary’s capabilities with Broadridge’s existing regulatory communications offerings is expected to enable Broadridge to reduce complexity and cost for global fund managers, helping them to increase distribution opportunities and meet their regulatory requirements across multiple jurisdictions.  The acquisition is expected to close in February 2020, with an expected purchase price of approximately $69 million net of cash acquired and subject to normal closing adjustments.

Earnings Conference Call
An analyst conference call will be held today, Friday, January 31, 2020 at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge’s Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419.

A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through February 14, 2020, the recording will also be available by dialing 1-877-344-7529 passcode: 10136507 within the United States or 1-412-317-0088 passcode: 10136507 for international callers.

Explanation and Reconciliation of the Company’s Use of Non-GAAP Financial Measures 
The Company’s results in this press release are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures (“Non-GAAP”). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, and Free cash flow. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results.

The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company’s business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors’ understanding of the Company’s operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, for internal planning and forecasting purposes and in the calculation of performance-based compensation. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company’s Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share
These Non-GAAP measures reflect Operating income, Operating income margin, Net earnings, and Diluted earnings per share, as adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operating performance. These adjusted measures exclude the impact of: (i) Amortization of Acquired Intangibles and Purchased Intellectual Property, (ii) Acquisition and Integration Costs, and (iii) IBM Private Cloud Charges. Amortization of Acquired Intangibles and Purchased Intellectual Property represents non-cash amortization expenses associated with the Company’s acquisition activities. Acquisition and Integration Costs represent certain transaction and integration costs associated with the Company’s acquisition activities. IBM Private Cloud Charges represent a charge on the hardware assets to be transferred to IBM and other charges related to the IBM Private Cloud Agreement.

We exclude IBM Private Cloud Charges from our Adjusted Operating income and other earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and this item does not reflect ordinary operations or earnings. We also exclude the impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, as these non-cash amounts are significantly impacted by the timing and size of individual acquisitions and do not factor into the Company’s capital allocation decisions, management compensation metrics or multi-year objectives. Furthermore, management believes that this adjustment enables better comparison of our results as Amortization of Acquired Intangibles and Purchased Intellectual Property will not recur in future periods once such intangible assets have been fully amortized. Although we exclude Amortization of Acquired Intangibles and Purchased Intellectual Property from our adjusted earnings measures, our management believes that it is important for investors to understand that these intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.

Free Cash Flow
In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities less Capital expenditures as well as Software purchases and capitalized internal use software.

Reconciliations of such Non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP can be found in the tables that are part of this press release.

Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other words of similar meaning, are forward-looking statements. In particular, information appearing in the “Fiscal Year 2020 Financial Guidance” section are forward-looking statements. These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year 2019 (the “2019 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2019 Annual Report.

These risks include:

  • the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;
  • Broadridge’s reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge’s services with favorable pricing terms;
  • a material security breach or cybersecurity attack affecting the information of Broadridge’s clients;
  • changes in laws and regulations affecting Broadridge’s clients or the services provided by Broadridge;
  • declines in participation and activity in the securities markets;
  • the failure of Broadridge’s key service providers to provide the anticipated levels of service;
  • a disaster or other significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s services;
  • overall market and economic conditions and their impact on the securities markets;
  • Broadridge’s failure to keep pace with changes in technology and demands of its clients;
  • Broadridge’s ability to attract and retain key personnel;
  • the impact of new acquisitions and divestitures; and
  • competitive conditions.

Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.

 

SOURCE Broadridge Financial Solutions, Inc.

Illuminate Financial Invests $4 Million in Baton Systems

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Baton Systems (“Baton”), a provider of distributed ledger-based post-trade solutions for capital markets, has received a $4 million investment from Illuminate Financial Management. Baton’s total of $16 million in funding, which also includes investors Trinity Ventures, Alsop Louie and Commerce Ventures, will be used to accelerate its global roll-out, particularly in EMEA, where Baton recently opened a London office.

The addition of London and New York-based Illuminate Financial to the Board adds industry specialization and regional focus as the Baton business seeks to deploy its post-trade settlements platform across top-tier banks and infrastructure providers, including the major clearing houses. The platform already enables banks, such as JPMorgan, to drastically reduce the payments and settlement process from days to under three minutes.

“Baton was created to solve inefficiencies in global payments systems, and we’ve made great progress working through the structural challenges the industry faces,” said Arjun Jayaram CEO and Founder at Baton Systems. “An increasing number of banks and clearing houses are realizing that a fast, standardized, and immutable approach to transferring assets is the only viable path forward. The confidence shown by an industry focused investor such as Illuminate Financial along with our existing stakeholders is further validation of our vision for a streamlined and efficient settlement model.”

“Baton’s speed and accuracy is eliminating many of the problems that legacy systems have burdened the global settlements ecosystem for decades,” said Mark Beeston at Illuminate Financial. “We are excited to play a role in Baton’s journey as the Company modernizes the settlement landscape and scales its business across major financial institutions in Europe and North America.”

In October 2019, Baton appointed Alex Knight, an FX banking industry veteran, as Head of EMEA. The funding also follows several high-profile wins for the Company in Europe, including a successful pilot with the Bank of England, which delivers a renewed real-time gross settlement (RTGS) service to enable their systems to connect and achieve settlement in central bank money.

 

SOURCE Baton Systems

iSTOX Graduates From MAS Regulatory Sandbox: Now A Fully Regulated DLT-Based Capital Markets Platform

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Next-generation capital markets platform iSTOX passed a major milestone on 1 Feb 2020 when it graduated from the Monetary Authority of Singapore (MAS)’s Fintech Regulatory Sandbox.

ICHX Tech Pte Ltd (ICHX), the Singapore-based operator of the iSTOX platform, has been approved by MAS as a recognised market operator (RMO) and a capital markets services (CMS) licensee. This makes iSTOX the first capital markets platform using distributed ledger technology (DLT) to feature integrated issuance, custody and trading of digitised securities to be approved and licensed by a major regulator.

A Big Step Forward

“This is a big milestone both for iSTOX and for the financial industry as a whole,” said Danny Toe, Founder and CEO of ICHX. “We started this just over two years ago as a vision of how investing could be done better. Today we truly emerge as a 21st century financial institution.”

“While capital markets have seen many changes and innovations over the years, the underlying core infrastructure hasn’t really changed since the advent of electronic trading decades ago,” said iSTOX Chief Operating Officer Darius Liu. “We are proud to deliver an operational platform that can address market demand while meeting the robust regulatory standards and licensing conditions set by MAS.”

MAS Chief FinTech Officer Sopnendu Mohanty hailed iSTOX’s graduation as a success of the program: “We are delighted that the regulatory sandbox has enabled iSTOX to validate its technological innovation with actual customers in a safe manner,” he said. “This has again demonstrated that proportional regulations through sandbox experimentation can foster innovation and bring new benefits to consumers and the financial industry. We look forward to further our collaboration with innovators as we build a smart financial centre.”

Chew Sutat, Senior Managing Director and Head of Global Sales & Origination at Singapore Exchange (SGX), said, “Capital markets across the world are evolving at a rapid pace and those that embrace innovation and set new benchmarks will prove successful. Singapore has long been a world-class fintech hub, known for its innovative business environment. This recognition of iSTOX will further elevate Singapore’s capital markets position globally.”

Looking Ahead To 2020

Graduation from the MAS sandbox means the removal of restrictions for iSTOX, including limitations on the size of issuances that it can host and number of investors that can be onboarded.

“We are very excited to graduate from the sandbox as we are now fully operational and moving ahead at full speed,” said Chief Commercial Officer Choo Oi Yee. “In addition to opening registration for accredited and institutional investors, we’re working hard on a pipeline of exciting issuances across different asset classes.”

Drawing on the power of advanced smart contracts and DLT to streamline the issuance and trading process, iSTOX brings private capital markets into the 21st century. By allowing buyers and sellers to connect directly, iSTOX removes longstanding barriers that have prevented a far greater pool of investors from access to private market opportunity.

Compared with traditional trading venues, iSTOX is a more flexible, affordable and inclusive alternative, and offers investment options that were previously inaccessible.

Key investors of ICHX include Singapore Exchange (SGX), Asia’s leading international multi-asset exchange; Heliconia, a subsidiary of Temasek Holdings focused on investing in fast growing companies;

Japan’s Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo Global Investments); Thailand’s Kiatnakin Phatra Financial Group; and South Korea’s Hanwha Asset Management.

Further strengthening its digitised security ecosystem, ICHX has also forged partnerships with law firms Allen & Overy, Allen & Gledhill, Rajah & Tann and Dentons Rodyk; with corporate finance advisors SAC Capital and RHT Capital; and with professional services firm PwC Singapore and audit firm Deloitte.

MILESTONES:

2018, SEPTEMBER: Singapore Exchange, Asia’s leading international multi-asset exchange and Heliconia, a subsidiary of Temasek Holdings focused on investing in fast growing companies, agree to join ICHX as investors.

2019, MAY: ICHX is accepted into the MAS Fintech Regulatory Sandbox.

2019, SEPTEMBER: Kiatnakin Phatra Financial Group, a prominent Thai investment bank and pioneering private wealth business, agrees to join ICHX as an investor.

2019, OCTOBER: Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo Global Investments), a prominent Japanese financial services firm, agrees to join ICHX as an investor.

2019, NOVEMBER: ICHX completes the world’s first issuance, custody and trading of a regulated DLT-based security on a single integrated platform.

2020, JANUARY: Hanwha Asset Management, South Korea’s leading comprehensive asset management company, agrees to join ICHX as an investor.

2020, FEBRUARY: ICHX graduates from MAS’ sandbox as a regulated RMO. ICHX is also awarded a CMS licence to carry out dealing in capital markets products and to provide custodial services.

 

SOURCE iSTOX

Illuminate Financial Invests $4 Million in Baton Systems

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Baton Systems (“Baton”), a provider of distributed ledger-based post-trade solutions for capital markets, has received a $4 million investment from Illuminate Financial Management. Baton’s total of $16 million in funding, which also includes investors Trinity Ventures, Alsop Louie and Commerce Ventures, will be used to accelerate its global roll-out, particularly in EMEA, where Baton recently opened a London office.

The addition of London and New York-based Illuminate Financial to the Board adds industry specialization and regional focus as the Baton business seeks to deploy its post-trade settlements platform across top-tier banks and infrastructure providers, including the major clearing houses. The platform already enables banks, such as JPMorgan, to drastically reduce the payments and settlement process from days to under three minutes.

“Baton was created to solve inefficiencies in global payments systems, and we’ve made great progress working through the structural challenges the industry faces,” said Arjun Jayaram CEO and Founder at Baton Systems. “An increasing number of banks and clearing houses are realizing that a fast, standardized, and immutable approach to transferring assets is the only viable path forward. The confidence shown by an industry focused investor such as Illuminate Financial along with our existing stakeholders is further validation of our vision for a streamlined and efficient settlement model.”

“Baton’s speed and accuracy is eliminating many of the problems that legacy systems have burdened the global settlements ecosystem for decades,” said Mark Beeston at Illuminate Financial. “We are excited to play a role in Baton’s journey as the Company modernizes the settlement landscape and scales its business across major financial institutions in Europe and North America.”

In October 2019, Baton appointed Alex Knight, an FX banking industry veteran, as Head of EMEA. The funding also follows several high-profile wins for the Company in Europe, including a successful pilot with the Bank of England, which delivers a renewed real-time gross settlement (RTGS) service to enable their systems to connect and achieve settlement in central bank money.

 

SOURCE Baton Systems

AllocateRite Announces a New Version of its Mobile App, with Significant Updates

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AllocateRite™, the New York FinTech and data science company that provides wealth managers and individual investors with ETF-based dynamic asset allocation strategies and risk analytics, is excited to announce the release of a newly updated version of our mobile app.

The update includes stock market momentum indicators which use AI algorithms and qualitative analysis to provide price momentum alerts (up / down and strong-up / strong-down) via SMS notification.

Also included in this new release is an AI-powered search feature for securities on the app dashboard – essentially a state-of-the-art decision support infrastructure to assist users in managing their investment portfolios.

Download our mobile apps from our website or the app store to use whichever services are suitable for you:

RiskMonkey Analytics

With our new RiskMonkey, you can now link multiple brokerage accounts and get real-time risk information about your portfolios, including qualitative and quantitative analysis and price momentum alerts for all.

Wealth Management

Our risk-adjusted wealth management strategies are diversified, liquid and tax-efficient (including tax loss harvesting). They have cash management built in with automated execution and are automatically rebalanced periodically to maintain an optimal risk / reward ratio. They may also be suitable for individual 401k retirement investment portfolios.

Asset Management

Our asset management strategies are also risk-adjusted, diversified and liquid, and can be used as an Alpha overlay over existing strategies. They are tax-efficient, with automated execution and automatic rebalancing periodically, and may also be suitable for pension funds, hedge funds and college endowments.

Track Record

AllocateRite’s strategies are GIPS-verified and have a confirmed track record of success stretching back more than four years.

Nucleus Software Announces Q3 FY 2020 Financial Results, Revenue Grew at 6% YoY

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Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, announced its financial results for the quarter and nine months ended 31st December, 2019.

Consolidated revenue for the third quarter of FY2020 is at Rs. 130.3 crore compared to Rs. 122.9 crore in Q3 of the previous year. Revenue for the first nine months of FY20 is at Rs. 382.6 crore, against Rs. 357.0 in the corresponding nine months of FY19.

Mr. Vishnu R. Dusad (Managing Director, Nucleus Software) said, “Our ongoing investment in the latest technologies, including Artificial Intelligence, Digital and Cloud, continues to add value to our customers’ business. Our market-focused, roadmap-driven approach ensures that our customers can take advantage of those enhancements quickly and easily. During the quarter, we showcased our solutions in a range of markets across the world, including AustraliaIndiaIndonesiaSingaporeNigeria, and the Philippines. In cloud, we added 7 new customers and we were delighted to win the Best Lending Implementation Award by IBS Intelligence. Our Q3 performance is in line with our expectations and it reflects the continued strength of our business in India and internationally.”

Financial highlights:

Consolidated results for the Quarter ended 31st December, 2019

  • Consolidated revenue for the quarter stood at Rs. 130.3 crore in comparison to Rs. 122.9 crore in the corresponding Q3 of the previous year
  • Product business revenue for the quarter was at Rs. 103.9 crore in comparison to Rs. 96.7 crore in the corresponding Q3 of the previous year
  • EBIDTA for the quarter stood at Rs. 23.4 crore in comparison to Rs. 22.2 crore in the corresponding Q3 of the previous year
  • Net Profit after Tax (PAT) stood at Rs. 23.2 crore in comparison to Rs. 20.7 crore in the corresponding Q3 of the previous year
  • Earnings Per Share for the quarter is at Rs. 7.99 in comparison to Rs. 7.14 in the corresponding Q3 of the previous year

Consolidated results for the nine months ended 31st December, 2019

  • Consolidated revenue stood at Rs. 382.6 crore in comparison to Rs. 357.0 crore in the corresponding nine months of the previous year
  • Product business revenue at Rs. 302.4 crore in comparison to Rs. 282.9 crore in the corresponding nine months of the previous year
  • EBIDTA stood at Rs. 61.9 crore in comparison to Rs. 63.3 crore in the corresponding nine months of the previous year
  • Net Profit after Tax (PAT) stood at Rs. 60.9 crore in comparison to Rs. 57.5 crore in the corresponding nine months of the previous year
  • Earnings Per Share at Rs. 20.96 in comparison to Rs. 19.78 in the corresponding nine months of the previous year

Liquidity:

Cash and cash equivalents, including investments in debt schemes of mutual funds, fixed deposits with banks, tax free bonds and preference shares are at Rs. 531.9 crore as on 31st December, 2019, as against Rs. 506.1 crore on 30th September, 2019.

Business Highlights:

  • Gained 7 new customers for FinnOne Neo Cloud in India
  • Won 9 new product orders and added 8 new customers worldwide, during the quarter
  • 9 product module implementations successfully went live across the globe
  • Appointed Prakash Purushottam Pai as Chief Evangelist Officer
  • Won the IBS Intelligence FinTech Innovation Award for ‘Best Lending Implementation of FinnOne Neo’ with Roha Housing Finance
  • Organized a roundtable in association with Dun & Bradstreet for the Banks & NBFCs, on ‘Co-origination in Lending – The way forward’ in Mumbai
  • Demonstrated insights on how the company helps leading organizations drive innovation at Vietnam Retail Banking Forum 2019 in Vietnam
  • Organized an industry roundtable for Banks & NBFCs on Profiting from digital in lending with cloud’ in Mumbai
  • Hosted an industry round table for Banks & NBFCs on ‘The Road Ahead for Corporate Lending’ in Lagos
  • Addressed the Mortgage Loans Innovation Conference in Singapore on ‘Transforming Lending for Tomorrow – Going Beyond digital’
  • Presented insights on how FinnOne Neo is helping banks and other financial services companies drive innovation in lending at the BFSI Innovation Summit 2019 in Indonesia
  • The global strength of employees at Nucleus Software as on December 31st 2019 stands at 2125

 

SOURCE Nucleus Software

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