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Tuesday 19 October 2021

essensys upbeat on outlook

LogoA return to growth in the second half has put flexible workspace SaaS platform provider essensys in confident mood regarding its prospects for the coming year. In line with its recent trading update (see here), the company has reported a reversal the 5% pandemic driven sales decline experienced in H121 finishing the full year up 2% yoy. Turnover for the twelve months ending 31st July increased to £22.9m at constant currency (FY20: £22.5m) with the annual recurring revenue (ARR) run rate at the end of the period improving by 5% yoy to £20.6m. The tougher trading conditions did, however, take a toll on the bottom line with adjusted EBITDA falling by nearly 70% yoy to £1.9m.

Resilience in US demand for the essensys platform more than offset the downturn in activity elsewhere. Across the other side of the pond, FY21 sales rose by a healthy 10% yoy to £11.3m overtaking the UK to become the company’s largest geographic market. Revenue in this country, conversely, fell by 13% yoy, although the rate of top line contraction slowed from 18% in H1 to just 7% in the second half.

Despite buying cycles remaining longer than prior to the Covid-19 pandemic, essensys is upbeat on the outlook for FY22 and beyond. It reports that the pipeline of sales activity with current and new customers continues to increase in all geographies. Flush with the cash from an equity fundraising round in July which netted £31.8m, moreover, the company has set itself the target of growing ARR to £100m in 2026.  The more widespread, permanent adoption of hybrid working models is set to drive a significant growth in demand for flexible office space over the coming years. The market opportunity would appear to be ripening for this ambitious AIM-listed business.

Posted by: Duncan Aitchison at 09:54

Tags: results   saas   PropTech  

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Tuesday 19 October 2021

'Grammar school boys' drove development of IT sector in post-war Britain

AIT logoThe development of IT in Britain was driven by a crop of exceptional grammar school boys, many of them who had risen from nothing.” That’s one of the many findings in a recent research paper by Dr Sam Blaxland of Swansea University based on the oral histories within the Archives of IT.

The paper draws on the interviews within Archives of IT’s digital database to present a snapshot of life in post-war Britain and how it shaped the lives and achievements of leading industry figures, including our esteemed Chairman, Richard Holway MBE. 

By studying the Archives of IT interviews, Blaxland was able to build up a picture of the kinds of people that drove the IT and telecoms industries forward in Britain in the post-war period, and it makes fascinating reading.

Blaxland finds that - unlike other areas of public and business life at the time which were ‘stubbornly connected to an established group of more middle-class individuals’ - the IT sector was close to a meritocracy. ‘Its newness, and the fresh-thinking and talent it required, meant it drew in people whose fundamental qualities were intelligence and innovation – something not related to social class.’

The study shows that these leading figures, who shaped Britain’s IT and telecoms sectors in the post-war period, had a lot in common. Besides being almost exclusively men in that early period, many came from nuclear family households, had a strong mother described as a housewife, and a father in a technical, practical or engineering sector. The vast majority were also the products of grammar schools and placed great value on their formal education and access to high quality teachers. 

It’s impossible to ignore the fact that the world of IT was much more difficult for women in the post-war period and Blaxland also discusses the challenges faced by the pioneering women of the time and the change in political and social outlooks of later generations.

For the full story – and a fascinating insight into the social and cultural history of post-war Britain – we commend you to read the paper: The Archives of Information Technology: More Than Just Computers

Posted by: Tola Sargeant at 09:33

Tags: socialhistory  

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Tuesday 19 October 2021

*UKHotViewsExtra* EventTech Evendo – post-‘therapy’ update!

logoWas it something I said? Evendo isn’t showing Urban Axe Throwing as a featured activity on its home page anymore!

I refer to my post last week about the Canary Wharf-headquartered social events marketplace, whose valuation I couldn’t  quite come to grips with (see EventTech Evendo raises dosh to throw more axes (no, honestly!)).

My musings prompted a call from Evendo founder and CEO, Kasper Larsen, for some remedial therapy and I am now (somewhat) enlightened.

Subscribers to any TechMarketView subscription service – including UKHotViews Premium – can read the rest on UKHotViews Extra.

Posted by: Anthony Miller at 09:18

Tags: funding   startup  

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Tuesday 19 October 2021

Mid and West Wales FRS invests in Civica tech

Civica logoMid and West Wales Fire and Rescue Service (MAWWFRS) has partnered with Civica to help enhance asset and inventory management and increase compliance. The terms of the deal have not been disclosed.  

MAWWFRS is responsible for providing emergency response cover and public safety programmes over ​almost two-thirds of Wales (c.4,500 square miles), comprising a population of 910,000 across 431,500 households. It runs 58 fire stations across the region and has approximately 330 vehicles and 12,000 equipment assets to manage.

The organisation wanted to improve its asset and inventory management, which was spread across two separate systems, into a new digital solution that could unify all assets into a single database. MAWWFRS will use Civica’s cloud-based TranSend platform to bring together the two systems, which should reduce data duplication and errors and improve efficiency. A single view of all assets in one central database should help the organisation improve financial planning and improve visibility of whole life asset costs. Supplier management should also be improved via a new Supplier Portal.

Civica has a strong presence in FRS with the majority of the UK's fire and rescue services using its Community Fire Risk Management Information System and fleet management solutions.

Posted by: Dale Peters at 09:03

Tags: cloud   software   fleet   bluelight   frs   emergency+services  

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Tuesday 19 October 2021

*NEW RESEARCH* UK Enterprise Software Market Trends & Forecasts 2021

Report coverThe 2021 version of the UK Enterprise Software Market Trends & Forecasts report is now available to download. Containing our latest market size and forecast data, along with insight into market dynamics and the key trends shaping the market, plus analysis of the challenges facing suppliers and recommendations for how to move forward, it is vital reading for suppliers operating in the UK.

COVID demonstrated - and elevated - the value of software, while organisations also learned a lot about themselves, their markets, supply chains and customers, stretching their comfort bubbles in doing so. That knowledge has accelerated digital transformation but what has also emerged is the extent to which behaviour has adapted to use more of the capabilities provided by Enterprise Software. Necessity is motivating us to lean into software to maximise the use of its existing capabilities, which in turn is igniting the desire to explore how software can be further used to reset and reimagine business models. 

This attitudinal change means organisations are becoming more discerning about software, more exacting about its impact on business outcomes and less tolerant of applications - and suppliers - that might impose restraints on reset and reimagination initiatives. These changing attitudes may not make for the most comfortable of market conditions but combined with growing impetus around the sustainability agenda, they do point towards a resilient UK Enterprise Software sector as organisations explore hybrid experiences and working practices, new styles of interfaces, the ever-growing need for easily accessible insight from data and emerging areas such as the Internet of Behaviour.

If you are a subscriber to TechSectorViews click here to download the UK Enterprise Software Market Trends and Forecast 2021 report. If you don’t have a subscription and would like to gain access the report and our other research and services please contact Deb Seth.

Posted by: Angela Eager at 08:42

Tags: software   forecasts   market+trends  

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Tuesday 19 October 2021

Coveo accelerates UK push with Qubit acquisition

Coveo logoLondon-based Qubit has an interesting pedigree having been founded by a group of former Google staffers around 8 years ago as a web site optimisation operation that has since morphed into an AI/ML-enabled ecommerce and personalisation provider. It hones in on what matters to businesses, emphasising how its customer experience solutions “amplifies your growth potential”. It has just been acquired by Montreal, Canada-based Coveo.  Terms were not disclosed.

The combination does bring complementary capabilities together. Coveo provides the Relevance Cloud, its AI-powered platform that is designed to deliver relevant experiences by injecting search, recommendations, and personalisation solutions into digital experiences. Its solutions cover ecommerce, service, website, and workplace applications. With the addition of Qubit it expands its footprint, particularly in retail and commerce where Qubit is strong. Qubit is also seen as a means to accelerate Coveo’s expansion into the UK and European markets. It is the second acquisition for Coveo, having acquired AI-based, digital commerce engines company Tooso in 2019.

The combo  operates in a crowded market where visibility is a challenge although Qubit’s retail expertise and customer base could be valuable in raising the profile of the expanded Coveo business.  

Posted by: Angela Eager at 08:35

Tags: acquisition   software   customerexperience   AI   ML  

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Tuesday 19 October 2021

Telefónica Tech adds Fortinet SD-WAN

Telefónica Tech adds Fortinet SD-WANTelefónica Tech continues to expand its network security proposition in a bid to bring more multi national corporate (MNC) and enterprise customers under its wing, most recently adding secure software defined wide area network (SD-WAN) capabilities in collaboration with existing partner Fortinet.

The managed security service provider (MSSP) will integrate Fortinet’s Secure SD-WANTelefónica Tech adds Fortinet SD-WAN platform into its portfolio as it looks to capitalise on demand for secure connectivity to cloud-hosted data and applications from distributed locations as organisations allow more staff to work permanently from home. The technology will initially be made available in Spain, and later across Telefónica Tech’s footprint in Europe and the Americas.

Formed in 2019 Telefónica Tech is the digital business unit of Spanish telco Telefónica, which also owns UK mobile network operator O2. The Fortinet integration is the most recent in a series of recent partnerships Telefónica Tech has signed with cyber security suppliers, including Identity Access Management (IAM) specialist CyberArk and managed detection and response (MDR) firm CrowdStrike. It’s also just the latest step in a long term collaboration involving Fortinet itself - previous collaborations involved the latter’s Security Fabric architecture and Internet of Things (IoT) security solutions.

The last few years have seen multiple European telcos strengthen their managed security service (MSS) capabilities, including BT and Orange Business Services, either through partnership or acquisition (see our Cyber Security Supplier Prospects 2021 and Beyond report here). With more people set to work from home for the foreseeable future, there is much greater emphasis on securing the network connections employees use to access SaaS and other remote systems, and SD-WAN provides a flexible, manageable platform upon which to overlay additional cyber protection (more in depth analysis is available in our report SD-WAN Builds New Service Models for Network Providers here).

Posted by: Martin Courtney at 08:30

Tags: SD-WAN   MSSP   cybersecurity   partnership  

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Tuesday 19 October 2021

LTI looks to a $2b year

logoMumbai-based mid-tier offshore services firm LTI (Larsen & Toubro Infotech) raised the game again in FQ2, reporting record headline growth for the three months to 30th September of 25.8% yoy and 8.3% qoq, with revenues reaching $509m. Even so, LTI’s performance was outpaced by smaller sibling, Mindtree, whose quarterly growth still leads the market (see Mindtree revs up … and up).

LTI’s operating margins expanded 70 bps compared to FQ1, at 17.1%, albeit nearly three points down yoy. Like peers, attrition spiked up, from 15.2% in FQ1 to 19.6%, while headcount grew by nearly 11% over the same period to nearly 42,400 FTEs, 31% up yoy.

Having broken the half-billion-dollar quarterly revenue barrier, CEO Sanjay Jalona must be optimistic that LTI will hit the $2b milestone for FY22, a ‘mere’ 20% uplift on FY21. I’d say at current course and speed he’d have every right to be!

Posted by: Anthony Miller at 08:04

Tags: offshore  

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Tuesday 19 October 2021

UKHotViews Premium - Our individual subscription service, especially for you!

We recognise that there are many entrepreneurs and tech professionals that would benefit from access to our rich, searchable archive of HotViews and HotViews Extra articles. 

UKHotViews Premium

Indeed, many of you have contacted us because you can't click through from the links in our daily email to these shorter articles behind the paywall and the back catalogue of UKHotViews.

So, this service (UKHotViews Premium) is especially for you!

The subscription fee is per person and provides access to a hugely valuable, digital library of articles!

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Posted by: HotViews Editor at 00:00

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Monday 18 October 2021

Would you like to join the TechMarketView team?

TMV logoTechMarketView is one of the most highly regarded tech research and advisory firms in the UK. We are looking for two research analysts to join our growing team. Could this be you or someone you know?

The successful candidates will be part of our analyst team and will work closely with our research directors and principal analysts to deliver research and analysis for our clients on the UK tech market.

Applicants should have some understanding of, and an interest in, the UK tech market, including software or IT services. Some experience of either the financial services or public sector tech markets would also be beneficial.

In time, you will be writing content for our daily newsletter and contributing to research reports, so you’ll need excellent writing skills and attention to detail and be able to work to deadlines. 

You’ll be comfortable with both interviewing senior people and doing desk research and will enjoy thinking analytically. 

As part of the role, you may also be involved in analysing company finances or helping to prepare our market sizing data, so you’ll need to be happy playing with spreadsheets too.

We’re a small, friendly team and the right candidates will have the opportunity to grow into the roles and develop expertise in specific areas of the market.

We envisage both roles being full-time, but we’re flexible and could tailor the position for the right candidates.

We all work remotely from home – and always have – but you may be required to travel to meetings in London or in the M25 area from time to time.

If you think this could be you, please email our Chief Research Officer, Kate Hanaghan, to tell us about yourself, enclosing either a link to your LinkedIn profile or a CV (or both!).

Posted by: HotViews Editor at 13:36

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Monday 18 October 2021

Cash injection targets Plum overseas markets

PlumUK-based money management startup, Plum, has raised an additional $14m as it looks to continue its overseas expansion. Launched in 2017, Plum aims helps users manage their finances more affectively via the application of AI and automation. The app facilitates automated savings, bill switching and investing.

Plum's latest funding has been provided by a variety of investors including Ventura Capital, DMG Ventures and previous contributors Global Brain. The cash injection follows a previous funding round in July that raised $10m and included a contribution from the European Bank for Reconstruction and Development (EBRD).

Plum, which was founded by Alex Michael and TransferWise alumnus, Victor Trokoudes (see: Cash boost for Plum) has indicated strong revenue growth during 2021. The app uses open banking dataflows to connect with multiple accounts and a mix of gamification, incentives and rules to encourage users to save more. With an increasing number of people working from home, changed personal priorities, and the economy going through something of a reset, personal finance tools have seen burgeoning interest in the wake of the pandemic.

Posted by: Jon C Davies at 09:35

Tags: funding  

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Monday 18 October 2021

Atos becomes member of Catena-X

Atos logoIt is clear Atos sees the power of collaboration in the quest to accelerate the digital transformation of industries. Its latest move sees it become a member of Catena-X, an open scalable European network, which aims to secure cross-company data-exchange across the automotive industry. Atos is coming together with automotive manufacturers and suppliers, dealer associations, and equipment suppliers to create a networked data infrastructure. Other members include BMW AG, Mercedes-Benz-AG, Deutsche Telekom AG, Robert Bosch GmbH, SAP SE, Siemens AG, and Fraunhofer-Gesellschaft.

Together, the organisations will work to select and implement scalable, system-relevant, use cases to enable a fast pivot to digital ecosystems. Five pilot projects have been defined across quality management, logistics, maintenance, supply chain management, and sustainability. The projects will seek to strengthen the competitiveness of the automotive industry by increasing efficiency and productivity, accelerating innovation, and focusing on decarbonisation and sustainability.

Atos brings its expertise in European data frameworks and platforms (it is a founding member of GAIA-X, on which the infrastructure will be based); end-to-end solutions (to help define the optimal platform for any use case); automotive industry experience and expertise; cloud, security, and high-performance computing capabilities; its decarbonisation portfolio; and access to the Atos Scientific Community and Expert Community.

This latest announcement has echoes of Atos’ involvement in Software République (see Atos one of five founding partners of Software République) . That collaboration – with others in the automotive and technology field – was embarked on to create a new open ecosystem for intelligent and sustainable mobility. It is believed that the Catena-X network could now be used to enhance the development of products and services by Software République.

Posted by: Georgina O'Toole at 09:33

Tags: digital   collaboration   data   automotive   sustainability  

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Monday 18 October 2021

CloudCoCo on track for FY profit uplift

cocoCheshire-headquartered CloudCoCo (formerly Adept4), has updated the market on its FY21 performance - covering the period to end September 2021.

Revenue is expected to be “marginally” higher than last year’s £8.0m but trading EBITDA is projected to be more than £700k, representing a sizeable uplift (in line with market expectations) on the £261k reported in FY20.

Last month, the firm made two acquisitions (Systems Assurance and More Computers - see CloudCoCo scales via acquisition and £2.1m placing), which added 125 customers. CloudCoCo reports that the integration process is “underway” with the new platforms already being used to help with efficiencies across the Group.

CloudCoCo has completed the “Get Well” and “Get Fit” development phases of its strategy and is now progressing through the “Get Bigger” phase. The firm plans to ‘get big’ via both organic growth and further acquisitions. CEO, Mark Halpin, is confident next year will be “another year of strong progress” based on “increasingly optimised operations” and a “healthy pipeline”.

Posted by: Kate Hanaghan at 09:30

Tags: cloud   tradingupdate  

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Monday 18 October 2021

Shopblocks blocks in another ‘mill’

logoI hadn't thought that there was room in the market for any more DIY e-commerce platforms, especially one that doesn't use templates to build the website.

Well, that was before I came across Stockport, Manchester-based Shopblocks, which has just completed its third (and biggest) funding round, a £1m raise led by existing backer, Greater Manchester Combined Authority (GMCA) and a group of private investors.

Founded in 2011, Shopblocks had previously raised £550k in November 2019 (see Ambitious Shopblocks books in more dosh for ecommerce expansion), after its initial angel funding round in October 2018 (see Angels bless Shopblocks' journey to ecommerce heaven). Since then, Shopblocks has opened an office in California and is in the process of doing likewise in Australia.

Besides changing its logo to something less obvious (to me, anyway), Shopblocks has also refined its pricing model, introducing a starter website development platform for £20 pm which, if I understand correctly, does not include e-commerce functionality. For that you need to pay £39 p.m. which includes unlimited products, multiple payment methods and no transaction fees. The top-end ‘Enterprise’ subscription costs £499 p.m. has all the bells and whistles.

I note that Shopblocks founder Kevin Jones no longer refers to his ambition (stated in 2018) of becoming “the leading website platform in the UK in the next 12 months”. OK, he hasn’t, but he has done very well indeed!

Posted by: Anthony Miller at 09:11

Tags: funding   startup  

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Monday 18 October 2021

CentralNic goes from strength to strength

LogoThe relentless progress of internet domain name and web services provider CentralNic Group plc continues to build momentum. The company’s latest trading update reveals that the already blistering rate of growth achieved in H121 (see here) has risen further during the third quarter. Turnover for the first the nine months of the current financial year is expected to be up 66% yoy to $280m. This means that Q3 sales have almost doubled compared to the same period in FY20.

Acquisitions remain responsible for the majority of this top line improvement. The pace of expansion of CentralNic’s organic revenue has, however, also advanced. This is estimated to have increased from 25% yoy in H1 to 29% during the first nine months of 2021. It is anticipated that adjusted EBITDA between January and September will have jumped by at least by 44% to $32m.

When commenting on the internet platform provider’s first half figures, we thought it likely that management’s full year guidance would be revised upwards come the end of Q3. CentralNic now expects to trade comfortably at or above the upper end of market expectations for the FY21. The company will provide more detail on its performance during the first three quarters of this year when publishes interim results for this period later next month.

Posted by: Duncan Aitchison at 08:48

Tags: results   marketing   domainservices   ecommerce  

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Monday 18 October 2021

CloudTrade hits cloud nine with Advanced!

logologoDelighted to bring you the news that London-based e-invoicing software developer, CloudTrade, has been acquired by Advanced, one of the UK’s largest providers of business software and services. Terms were not disclosed.

We first met CloudTrade CEO David Cocks and his top team at our eighth Little British Battler event back in April 2016 and were truly impressed (see LBB CloudTrade – making e-invoicing easy!). A year later they were selected by Capita to help automate invoicing and accounts payable activities for its customers (see Capita partners with LBB CloudTrade).

CloudTrade stepped up a gear after being spotted at our inaugural Great British Scaleup event in July 2017 by John O’Connell, founder and chair of corporate advisory network ScaleUp Group (see CloudTrade: from ‘Battler’ to Scale-Up). A year later, ScaleUp Group supported CloudTrade with its first external investment, a £2.2m funding round led by Calculus Capital (see CloudTrade's head in the clouds with £2m funding round). CloudTrade had recently been chosen as the e-invoicing partner of German supply chain management software supplier, SupplyOn, giving them access to 60,000 customers in 70 countries (see ‘GBS’ CloudTrade scales up with SupplyOn).

CloudTrade’s acquisition by Advanced was supported by Paddy MccGwire who, with his team at Silverpeak, advised Cocks and his colleagues throughout the successful sales process.

All of us at TechMarketView wish David Cocks and the CloudTrade team all the very best for the future.

Footnote from Richard Holway

In so many ways, this CloudTrade deal epitomises the very best of TechMarketView’s partnering programmes and the power of networking.

Anthony Miller has been the driving force behind those programmes after initiating Little British Battlers in 2012 and taking it on through Great British Scaleups and the highly successful TechMarketView Innovation Partner Programme (TIPP) of today.

John O’Connell has a long pedigree of understanding the power of the network which was very much behind his formation of the Scaleup Group (SUG) which sponsored our Great British Scaleup programme. Both Anthony & I joined as founder members of SUG and have been actively involved ever since as shareholders and investors in CloudTrade and others. On top of that Capita and Advanced have been close partners and clients of TechMarketView since our very inception (and indeed way before that!)

Some readers might remember, at one of my ‘State of the IT Nation’ presentations, me offering to refund the £1250 per head ticket price for a 1% share in all the deals initiated that evening. There was a resounding ’Oh NO!’ from the gathered CEOs. There are so many examples of TechMarketView being the catalyst for couplings of all sorts in our sector.

Something of which we at TechMarketView are immensely proud.

Posted by: Anthony Miller at 08:18

Tags: acquisition  

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Friday 15 October 2021

HCL Q2 driven by app and cloud deals

hclSecond quarter results from HCL Technologies were positive with revenue (constant currency) up 10.5% (to $2.79bn) over the comparable period last year. Europe grew slightly slower at 9.0%.

The growth engine was Services revenue (i.e., combined IT & Business Services and Engineering & R&D services), which was up 13.1% year-on-year. IT & Business Services was the overall leader in terms of growth rate, up 13.2% due to an “acceleration” in application modernisation and cloud transformation deals. However, the Products & Platforms business declined 5.5% due to delays in closure of certain deals.

Across the business as a whole, HCL saw growth with a standout performance in Lifesciences & Healthcare (+20.1%) and Entertainment & Publishing (+13.4%). The company is also making progress in terms of increasing the number of larger clients. The number of $100m+ accounts has increased by one, while $50m+ clients are up by 12 and $20m+ clients up by 18m. In all, Q2 saw total contract value of new deal wins grow 38% to $2.2bn.

Although the growth rate slowed slightly on Q1 (+11.7% year-on-year), CEO & Managing Director, C Vijayakumar, says the firm’s “robust pipeline and continued strong employee ramp up augurs well for our business momentum going forward”. For FY2022 as a whole, HCL says it is expecting double digit growth and an EBIT margin of 19-21%.

More on the European and UK businesses once we have caught up with management…..

Posted by: Kate Hanaghan at 09:30

Tags: results   cloud   appmodernisation  

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Friday 15 October 2021

Automated AP provider Tipalti launches in the UK

Tipalti logoTipalti is a $2bn valuation San Francisco based unicorn who grew sales in North America by 83% during 2020 and has now launched in Europe, siting its HQ in central London. It plans to invest £100m in Europe over the next five years. As part of that it aims to create 200+ UK jobs over the next three years including over 40 hires across engineering, sales, customer success and compliance to be filled by the end of 2021. 

Tipalti’s CMO for the past seven years, Robert Israch has moved to London to become GM of the European business.

While its mid-market customers were impacted by the pandemic Tipalti also saw demand for its product grow as e-commerce businesses for example had to scale up rapidly or businesses simply had to pay more attention to how money was moving around. It has 1,500+ customers in total, including Amazon Twitch, National Geographic, Business Insider, Farmdrop, Hopin, Cazoo and Time Out, with c.50 in the Europe/UK. 

The offering, cloud based and localised for the UK market, is an automated accounts payable (AP) solution coupled with international payments capability. The end-to-end AP offering addresses the entire workflow, including supplier management, VAT compliance, procurement, invoice management, PO matching, self-billing, global payments and payment reconciliation, a process that is normally plagued by manual steps. The international transfer capability will support UK business’ international growth ambitions. With API integrations to accounting and ERP packages such as Oracle NetSuiteSage Intacct, Intuit Quickbooks and Microsoft Dynamics, its narrow focus enables it to co-exist with existing cloud solutions. How far it plans to expand its focus remains to be seen. 

Accounting is a crowded sector within the UK but Tipalti (which comes from the Hebrew expression for "we handled it") appears to have an edge with the level of automation it brings to the mundane but vital accounting processing task. The planned investment in the UK and creation of new tech sector jobs is welcome too. 

Posted by: Angela Eager at 09:18

Tags: software   accounting  

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Friday 15 October 2021

CGI wins European Space Agency 5G navigation contract

CGICGI is working with the European Space Agency (ESA) across a range of contracts (see here and work back), the latest of which will see it use 5G networks, alongside traditional navigation systems, to provide ‘hybrid-positioning’ systems. In layman’s terms, this is all about helping airspace users in locations where traditional navigation systems struggle.

Back in December, CGI signed a contract with ESA to develop a 5G facility at the European Centre for Space Applications & Telecommunications (ECSAT) at the Harwell Campus in Oxfordshire (see here). Its latest contract will be a proof of concept (PoC) arrangement with a view to supporting future aircraft development such as unmanned aerial vehicles (UAV), that will need to safely operate beyond line of sight within built-up areas, where the signals of Global Navigation Satellite Systems (GNSS) are often disrupted.

In addition to the ESA, CGI is working with a range of partners on the PoC including u-blox, the Advanced Communication, Mobile Technology and IoT (ACMI) Research Centre at the University of Sussex and air navigation service provider National Air Traffic Services (NATS), to define use cases and system requirements for a 5G-based complement to existing GNSS receivers. 

This looks like a positive move for CGI, not only further deepening its relationship with the ESA but using its experience in delivering complex, mission-critical, space software systems for clients to develop use cases in areas that should offer future growth, as well as bringing closer the potential benefits of satellite integration into 5G networks.

Posted by: Marc Hardwick at 09:16

Tags: contract   satellite   5G  

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Friday 15 October 2021

Temenos forges ahead in Q3

TemenosLeading core banking software vendor, Temenos, has released its latest quarterly results, once again characterised by strong revenue growth and healthy operating profitability. Following a strong H1 (see: Momentum builds for Temenos) the financials for the three months ended 30 September 2021 revealed quarterly revenue of $231.6m, up 11% on the same time last fiscal and EBIT of $40.8m, at a margin of 17.6%.

Temenos saw its revenue from software licences jump by 21% in the quarter to $63.5m whilst SaaS and subscription revenue climbed 58% to $31.3m. Total bookings were up 19% as the vendor onboarded 18 new clients in the quarter off the back of strong demand for its offerings. Maintenance and services revenue was more or less constant at $137m as Temenos continues to successfully move more and more of its customer onto the “as a Service” pricing model.

Whilst Temenos continues to prosper in the US, the Geneva-based vendor is also seeing healthy growth closer to home, with Europe the second largest contributor to SaaS ACV in the quarter. Temenos is specifically targeting the European Banking as a Service (BaaS) market, estimated to be worth more than $3bn per annum and to that end recently signed a partnership agreement with BaaS specialist Vodeno.

Temenos has set the bar high in terms of the market for core banking software. The vendor appears to be reaping the rewards for being an early mover in embracing cloud native technology, modular, open architecture and collaborative innovation. Despite having cut its teeth serving the smaller and mid-tier institutions globally, Temenos is now increasingly working with large, multi-national banks that are looking to embrace digital transformation at pace and at scale.

Posted by: Jon C Davies at 08:39

Tags: Temenos  

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