Category: Business

Categories
Business

AM Best downgrades Issuer Credit Rating of Mutual of America Life Insurance Company, affirms financial strength rating

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Mutual of America Life Insurance Company (MofA) (New York, NY). The outlook of the Long-Term ICR has been revised to stable from negative, while the FSR is stable.

These Credit Ratings (ratings) reflect MofA’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management (ERM).

 

The rating downgrade of the Long-Term ICR reflects AM Best’s view of the company’s operating performance assessment as marginal, and considers the continuing deterioration and recent volatility in Mutual of America’s operating performance. Furthermore, the company’s Long-Term ICR also reflects the continued weakness in its balance sheet strength assessment, driven by market volatility and continued declines in risk-adjusted capitalization with increased losses.

 

The stable outlooks reflect AM Best’s expectation that MofA will continue to execute on the necessary steps to curb volatility, improve its overall operating performance and its strategic business profile in the near future. MofA’s business profile has experienced some additional weakness, but not enough deterioration to drive the FSR down further.

 

The company’s risk-adjusted capitalization has continued to decline a bit over the past few years, and is projected to be at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). Surplus has declined a bit as well. The company’s investment portfolio maintained a good credit quality through the COVID-19 pandemic and was without financial leverage, but this will be changing toward privately managed investments in the near future. The company’s net income has declined significantly in recent years, mainly due to general account margin compression, realized losses from impairments and significantly higher operating expenses, including additional costs related to business transformation initiatives. The company’s return-on-equity (ROE) ratio remains lower than the industry average, despite MofA not having a tax liability.

 

The company has a competitive position in its target market of providing pension products to nonprofit organizations and small for-profit businesses, although almost all of general account reserves are interest-sensitive, and more than half of the total assets are separate account assets. MofA is continuing to invest heavily in technology to enhance its infrastructure, sales efforts and margins as it still expects to gain market share in the near future.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Igor Bass
Senior Financial Analyst
+1 908 439 2200, ext. 5109
igor.bass@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Michael Porcelli
Senior Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

AM Best revises Issuer Credit Rating outlook to positive for Óptima Seguros

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Óptima Seguros (San Juan, PR). The outlook of the FSR is stable.

The Credit Ratings (ratings) reflect Óptima Seguros’ balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

The positive outlook is predicated on anticipated improvement in the balance sheet strength of Óptima Seguros, which reflects management’s ability to generate profits, grow policyholder surplus and improve its level of risk-adjusted capital. Over its recent history, management has successfully re-balanced the company’s book of business, significantly reduced its catastrophe exposure, while at the same time growing the size of its book and policyholder surplus levels. Reinsurance recoverable balances on the company’s older legacy reserves have also been declining, resulting in less credit risk exposure.

 

The operating performance assessment considers Óptima Seguros’ renewed emphasis on small to medium commercial enterprises, continued efforts to further develop its former agency relationships, and management’s ability to successfully execute on its plans and strategy in the upcoming years. The business profile assessment considers the company’s limited geographic profile, as well as some of the competitive headwinds in an already saturated and mature market. In addition, management has established its own ERM framework and has set specific risk tolerances and risk appetites in conjunction with its current business plan.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Edward J. Zonenberg
Senior Financial Analyst
+1 908 439 2200, ext. 5135
edward.zonenberg@ambest.com

Daniel J. Ryan
Senior Director
+1 908 439 2200, ext. 5325
daniel.ryan@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business Education

Philip’s Academy Charter School of Paterson breaks ground on permanent home on Madison Avenue in Paterson, N.J.

Construction Officially Underway With Target Completion in Fall 2023

 

PATERSON, N.J. & WASHINGTON — (BUSINESS WIRE) — Philip’s Academy Charter School of Paterson (PACS) and Building Hope broke ground today for the construction of Philip’s Academy’s new school at 94-124 Madison Ave. Members of the community – including New Jersey State Senator Nellie Pou, Paterson Mayor André Sayegh, Paterson Economic Development Executive Director Michael Powell, New Jersey Public Charter Schools Association President and CEO Harry Lee, and Councilwoman and Pastor Dr. Lilisa Mimms – joined Philip’s Interim CEO T.J. Best, school leadership, families, and students for the ceremony.

“All any parent or guardian wants is the opportunity for their child to be given a chance to succeed,” said Sen. Pou. “That success, of course, starts with a quality education. I am excited to be witness today to a ground-breaking that marks a new chapter in the success story that is Philip’s Academy, and at the same time heralds a new chapter of quality educational opportunity for Paterson students and their families and recognizes a new investment in our city and its residents.”

 

Mayor Sayegh said, “This is a noteworthy new chapter for Philips Academy. Their new home will enrich the lives of students and add vitality to the neighborhood. Paterson is in growth mode and together we’re transforming this once fallow site, helping to create a better quality of life for residents in the area.”

 

Mr. Lee also shared his excitement about the project. “I am proud to see construction of this new facility begin,” he said. “Charter schools are an important element of the public school system, and I am so excited to see Philip’s Academy students begin to use this new facility in 2023.”

 

The ceremony began with a flag salute and singing by Philip’s students, and it concluded with a blessing of the land by Dr. Mimms.

 

“The Board of Trustees of PACS Paterson is thrilled to build our school’s permanent home in this community,” said Dina Runcie, president of the Board of Philip’s Academy Charter School of Paterson. “Our state-of-the-art school campus will enable us to fulfill our mission and vision while creating jobs within Paterson and paying tribute to Paterson’s rich history in the silk industry. We look forward to building partnerships within the community that will enrich our students’ learning experiences while enhancing the community.”

 

Philip’s Academy Charter School’s Founding Principal Regina Lauricella said, “For the past six years we have dreamed about a permanent location in Paterson that met Philip’s mission and vision of providing our students with an intentionally designed school building that meets all of the key design elements of our charter. Today, we quite literally step into that space and look forward to the development of our forever home where our students will have access to innovative learning spaces, both indoors and out. Our new school will allow us to continue to grow our student body and further develop programming that supports our students, families, and the greater community. We have lots of ideas and cannot wait to have the space for them to become a reality.”

 

Don Taylor, who is chair of the facilities committee for the Philip’s Academy Charter School of Paterson’s Board of Directors, also spoke at the event. “Today we celebrate a major investment in the city of Paterson,” he said. “There will soon be an exceptional new school building on this long-abandoned property. The Board of Trustees of Philip’s Academy Charter School of Paterson and our supporters are making an investment in this community and the families that are served by PACS Paterson. And most of all, we are making an unwavering commitment to our students and their families.”

 

The site plan includes a 63,000-square foot academic building with an interior courtyard, basketball court, and full commercial kitchen. Construction, which will utilize exclusively local contractors from Northern New Jersey, is expected to be complete in time for the new Philip’s Academy school campus to open in fall 2023.

 

“Yes, we build dream schools, but what we do is about so much more than constructing a facility,” said Jerry Zayets, vice president, Building Hope Real Estate. “We design and build advanced, sustainable school campuses that enhance the experience of learning and well-being of students and teachers, creating connection and social impact in local communities.”

 

Building Hope is the leading investor in and developer of place-based charter school facilities customized to the program goals and the school culture, tailored to the market, and sensitive to urban planning and design. The non-profit purchased the land parcel on behalf of Philip’s Academy in a transaction that closed last month.

 

Philip’s Academy opened in 2016 with just 60 kindergartners and currently serves 435 kindergarten through fifth grade students in two different buildings in Paterson. This new site will enable Philip’s Academy to grow by 75 additional students each year and operate a single, kindergarten through eighth grade campus in Paterson for 675 students on a permanent basis.

 

About Building Hope

Building Hope is a non-profit foundation created to support education and public charter schools. Since 2003, Building Hope has created impact by investing in facilities, financial, and operational services for charter schools nationwide. With Building Hope’s support, schools can devote more resources to educating students in underserved communities. Building Hope has supported over 300 charter school projects and more than 150,000 students in 20 states and the District of Columbia, by providing more than $375 million in direct loans, credit enhancements, and equity investments to support more than $2 billion in school construction. For more information about how Building Hope helps charter schools nationwide with facilities, financing, and operational services, visit www.buildinghope.org.

Contacts

Media Contact
Martha Holler

ShinePR for Building Hope

pr@bhope.org
buildinghope@shinepr.com

Categories
Art & Life Business Lifestyle

Aetrex presents new comfort dress shoe designs for fall 2022 based on scientific data

Brand to exhibit its year-round comfort footwear collection at 2022 Atlanta Shoe Market, booth #1537

 

TEANECK, N.J. — (BUSINESS WIRE) — Aetrex, Inc. (“Aetrex”), the global market leader in foot scanning technology, orthotics and comfort & wellness footwear, today announced its plans to showcase its new Fall/Winter 2022 collection at this year’s Atlanta Shoe Market, Feb. 19-21. In addition to successful year-round casual and athleisure styles, Aetrex will be showcasing its comfort-driven, fashion-forward dress styles, such as the Corey and Finley heeled clogs. Unique to all Aetrex shoes, these styles feature the company’s proprietary arch support for proper alignment plus additional healthy ingredients for all-day comfort.


“Retailers are well stocked with cozy footwear and athleisure styles that have been driving the market throughout the pandemic,” said Renee Newman, VP Footwear Sales at Aetrex. “Consumers are ready and excited to get back to work in person and resume public social events. They are looking for fresh, fun dress styles for these occasions, but they don’t want to sacrifice the comfort they’ve become accustomed to.”

 

Renowned for comfort, the Aetrex footwear collection delivers the perfect balance of health benefits and trend-right styling. In particular, the company’s fall clog styles, such as the Corey and Finley (MSRP $164.95), provide versatile looks that transition well across seasons.

 

Both silhouettes feature Aetrex’s Signature Arch Support, which is designed to provide alignment, minimize over-pronation and help prevent common conditions such as plantar fasciitis, arch pain and metatarsalgia. Other healthy ingredients include an antimicrobial microfiber footbed, memory foam cushioning for added comfort, suede and leather uppers, and a 3’’ lightweight cork heel for comfortable wear without a clunky feel. Additional notable features include:

 

  • Corey – a braided belt for an additional flare and a stretch gore side for optimal comfort and fit.
  • Finley – an adjustable quarter strap with a hook and loop closure system for a personalized fit.

 

For years, Aetrex has been recognized as an orthotic sandal brand, thriving during the Spring season. “Over the past couple of years, we’ve seen significant growth in our Fall/Winter collection and athleisure styles that transition well from season to season,” said Newman. “We’re excited to continue this momentum in our Fall 2022 lineup with fashionable, fun options, like these new dress styles that offer heel height and take her easily from work to dinner without sacrificing the comfort she has come to expect from Aetrex.”

 

It’s well known that heeled footwear typically isn’t comfortable or very supportive. However, Aetrex’s mission is to help people stay comfortable on their feet in all types of footwear. It all starts with a comprehensive foot scan. Over the past 20 years, Aetrex has placed more than 10,000 foot scanners around the world and performed more than 40 million scans.

 

“With all this data, it’s no surprise that we really know feet. And we recognize this is our secret sauce for developing great shoes and orthotics. Our unique, premium footwear designs are all based on scientific data to ensure maximum comfort, support and a better overall fit,” said Larry Schwartz, CEO Aetrex.

 

Available in August 2022, Aetrex’s Fall/Winter 2022 line will also include new athluxe sneakers, cozy, weatherproof and fashion-forward boots with sherpa features, new slippers for at-home comfort, and much more. Atlanta Shoe Market attendees can stop by the booth (#1537) to experience this unique footwear collection.

 

To learn more about Aetrex, please visit www.aetrex.com.

 

About Aetrex

Aetrex Worldwide, Inc. is widely recognized as the global leader in foot scanning technology, orthotics, and comfort and wellness footwear. Aetrex has developed state-of-the-art foot scanning devices, including Albert, Albert 2 and iStep, designed to accurately measure feet and determine foot type and pressure points. Since 2002, Aetrex has placed over 10,000 scanners worldwide that have performed more than 40 million unique customer foot scans, currently averaging more than 2.5 million scans a year.

 

The company is renowned for its over-the-counter orthotics – the worlds #1 premium foot orthotic. With fashion, function and quality at the forefront, Aetrex also designs and manufactures stylish, performance footwear. Based in New Jersey, Aetrex is consistently named one of New Jersey’s Top 100 Privately Held Companies and was also included in NJBIZ’s Top 30 Manufacturing Companies. It has remained privately owned by the Schwartz family for three generations. For additional information, visit www.aetrex.com.

Contacts

Media
Rajira Hernandez

Matter Communications

978-225-8082

aetrex@matternow.com

Categories
Business Regulations & Security

Bronstein, Gewirtz & Grossman, LLC notifies shareholders of EMCORE Corporation (EMKR) investigation

NEW YORK — (BUSINESS WIRE) — Attorney Advertising–Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of EMCORE Corporation (“EMCORE” or the “Company”) (NASDAQ: EMKR). Investors who purchased EMCORE shares are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/emkr.

The investigation concerns whether EMCORE and certain of its officers and/or directors have violated federal securities laws.

 

On February 9, 2022, Emcore issued a press release reporting its financial and operating results for its fiscal 2022 first quarter. Among other items, Emcore reported both first quarter earnings and second quarter revenue guidance that missed consensus estimates. On this News Emcore’s stock price fell $1.82 per share, or 30.9%, to close at $4.07 per share on February 10, 2022.

 

If you are aware of any facts relating to this investigation or purchased EMCORE shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/emkr. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.

 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Yael Nathanson

212-697-6484 | info@bgandg.com

Categories
Art & Life Business

Amazon Music names BRELAND as the next breakthrough artist, expands its breakthrough program to support more emerging artists

Amazon Music reveals that the country trailblazer will be the next Breakthrough Artist in the U.S., receiving a global campaign to support his upcoming releases, including enhanced playlist support, social media campaigns, an Amazon Original song, marketing opportunities, and bespoke editorial content

 

Breakthrough—the program from Amazon Music supporting up-and-coming artists from around the world—announces increased opportunities, including The Breakthrough Development Fund, a new initiative providing backing for independent artists

 

SEATTLE — (BUSINESS WIRE) — Today, Amazon Music is announcing that country trailblazer BRELAND has been selected as the next Breakthrough Artist. A bold new force on the music landscape, BRELAND’s groundbreaking mix of hip-hop and country has turned heads, and as a Breakthrough Artist, the singer/songwriter/producer will receive substantial support from Amazon Music, including bespoke video and audio content, global marketing campaigns, increased visibility across playlists and programming, and high-profile Amazon Original tracks.

As part of Breakthrough, BRELAND will be a featured guest on Country Heat Weekly, the first genre-focused Original podcast from Amazon Music, to connect with co-hosts Kelly Sutton and Amber Anderson on his new music and the year ahead.

 

“It’s an honor to be selected as the next Breakthrough Artist. Coming together with Amazon Music is a natural pairing. We share the same vision for my music, and I know that by working with them, I’ll be able to make even my most ambitious plans a reality. I can’t wait to share what we’re working on with my fans,” said BRELAND.

 

New Jersey-born BRELAND began writing songs as a teenager, inspired by a diverse collection of sounds and eclectic artists like the Beatles, Rascal Flatts, Prince, and his number-one influence, Stevie Wonder. His debut single, “My Truck,” fused hip-hop with country and became a breakout success, going platinum and ending up on best-of-the-year lists from NPR and The New York Times. Since signing to Bad Realm Records/Atlantic Records, BRELAND has collaborated with heavy-hitters such as Gary LeVox of Rascal Flatts, Nelly, Blanco Brown, Lauren Alaina, and Chase Rice. He recently enlisted Keith Urban for the dynamic collaboration “Throw It Back,” and is currently featured on Dierks Bentley’s single with HARDY, “Beers On Me.” Praised by Rolling Stone as “1,000 percent the whole package,” he made his Grand Ole Opry debut to a standing ovation last year.

 

Amazon Music has also unveiled details of the Breakthrough Development Fund, an initiative created to provide independent artists with additional financial support to help them as they launch their careers. The fund is the newest part of the Breakthrough program from Amazon Music, joining Breakthrough Live and the Breakthrough playlists supporting new artists. Each month, one independent artist in the U.S. will receive financial support that they’ll be able to use to cover some of the costs artists face when starting out, like funding an early tour, hiring a PR or social team, and more. Thus far in 2022, Amazon Music has used the fund to support singer/songwriter Lauren Spencer-Smith in January and Muni Long in February.

 

“Helping to develop artists is something that is very important to Amazon Music, and we understand that as their career starts to grow, each artist has different needs. Depending on where they’re at in their career, they may need to build a strong team around them or to enhance their live show. With the Breakthrough Development Fund, we want to help artists build their teams and their profile,” said Amazon Global Co-Head of Artist Relations Chris Graham. “Whether we’re backing artists with this new fund, providing a stage for their music on our Breakthrough playlists, or supporting them with the Breakthrough Artist program, Amazon Music is constantly working to help emerging artists find new fans and get to the next level of their careers.”

 

Breakthrough is the emerging artist program from Amazon Music, aimed at amplifying the best new talent and championing them at different moments early in their careers. The program encompasses playlisting, livestreams, funding, marketing and social campaigns, events, editorial content, and more. Breakthrough has supported a wide variety of artists from around the globe, including U.S. hip-hop artist Blxst, country powerhouse Gabby Barrett, rising pop star Remi Wolf, London-based musician and poet Arlo Parks, rising German pop sensation Malik Harris, London singer/songwriter Olivia Dean, and Latin pop duo Las Villa.

 

(Download hi-res art here)

For more information on Amazon Music, please contact David Marek (davmarek@amazon.com)

Contacts

David Marek

davmarek@amazon.com

Categories
Business Regulations & Security

TLS Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC notifies Telos Corporation Investors with losses exceeding $300,000 of class action and encourages investors to contact the firm

NEW YORK — (BUSINESS WIRE) — Attorney Advertising–Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Telos Corporation (“Telos” or “the company”) (NASDAQ: TLS) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Telos securities between November 19, 2020, and November 12, 2021, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/tls.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

 

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the TSA and CMS contracts, which constituted a majority of the Company’s future revenues, were not on track to commence as represented at the end of 2021 and in 2022; (2) Defendants lacked a reasonable basis and sufficient visibility to provide and affirm the Company’s 2021 guidance in the face of the uncertainty surrounding the TSA and CMS contracts; (3) COVID-19- and hacking scandal-related headwinds were throwing off the timing for performance of the TSA and CMS contracts and their associated revenues; (4) as a result, the guidance provided by Defendants was not in fact “conservative”; (5) as a result of the delays, Telos would be forced to dramatically reduce its revenue estimates; and (6) as a result of the foregoing, Defendants’ statements about Telos’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

 

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/tls or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Telos you have until April 8, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Yael Nathanson

212-697-6484 | info@bgandg.com

Categories
Business Local News

Billtrust acquires Order2Cash, a European B2B financial software provider 

Acquisition Further Expands Global Reach for AR Automation and B2B Integrated Payments Leader  

 

LAWRENCEVILLE, N.J. & AMSTERDAM — (BUSINESS WIRE) — Billtrust (NASDAQ: BTRS), a B2B accounts receivable (AR) automation and integrated payments leader, announced today it has acquired Netherlands-based Order2Cash, a leading B2B order-to-cash platform provider. The acquisition follows the October 2021 purchase of iController, broadening the company’s European footprint, global presence and ability to expand its innovative Business Payments Network (BPN).

For over 20 years, each company has pursued a similar vision to streamline and accelerate B2B payments for its customers. Now, those customers will gain access to a broader platform of SaaS modules and a global B2B payments network at a time when it is critical to digitally transform accounts receivable to maximize cash flow. Order2Cash’s enterprise customer base, global interoperability capabilities and established connections to over 70 B2B and B2G e-invoicing networks will broaden BPN’s reach to deliver fully compliant and secure e-invoicing across multiple markets. As an open network supporting buyers and suppliers, allowing both accounts payable and accounts receivable platforms to exchange invoices, payments and remittance data, BPN delivers invoices to over 170 leading accounts payable (AP) portals.

 

“We are thrilled to welcome Frank Hoekstra, Marco Eeman and the Order2Cash team into the Billtrust family,” said Steve Pinado, Billtrust President. “This strategic acquisition aligns perfectly with our growth plan of expanding globally with companies that offer complementary expertise, shared values and local market presence. Our EU team now exceeds 100 members, serving more than 700 customers, and is accelerating our global expansion.”

 

“On behalf of our Order2Cash team, we are pleased and excited to combine with Billtrust, a true industry leader and innovator,” said Frank Hoekstra, CEO, Order2Cash. “Since 2000, we have worked to make the digital transformation of AR fast and simple while streamlining B2B invoicing and payments. Billtrust brings us an exciting opportunity to leverage our joint commercial and industry experience and offer all customers greater access to a global marketplace. Our coming together ensures that we can continue to provide the speed and quality of service needed to operate in today’s digital landscape.”

 

The Order2Cash team will continue to operate from Netherlands locations in Amsterdam and Joure, as well as offices in Krakow, Poland and New York City, USA.

 

About Billtrust

Billtrust is a leading provider of cloud-based software and integrated payment processing solutions to simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.

 

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the benefits and synergies that may be realized by Billtrust (“the Company”) and Order2Cash as a result of the acquisition. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including Billtrust’s and Order2Cash’s ability to realize the anticipated benefits and synergies of the acquisition. There may be additional risks the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

Investor

John T. Williams

IR@billtrust.com

Media

Paul Accardo

PR@billtrust.com

Categories
Business

NICE named MetriStar Top Provider for Smart Self-Service

Metrigy report recognizes NICE’s self-service for delivering top customer sentiment scores and proven business success

 

HOBOKEN, N.J.–(BUSINESS WIRE)–#CXoneExpert—NICE (Nasdaq: NICE) today announced that it has been recognized as a MetriStar Top Provider in the Customer Self-Service Knowledge Bases category from a total of 22 companies evaluated. The Metrigy report is based on both customer ratings of providers and quantitative metrics and correlates the products and services evaluated with measurable business success. NICE’s top positioning is the result of high customer sentiment scores and customer documented business success through the use of its products and services by evaluated customers. For a complimentary copy of the report, click here.

 

The evaluations driving NICE’s winning position were performed as part of Metrigy’s Customer Experience MetriCast 2022 research that assesses business success correlated with customer sentiment. Business success is assessed via data showing before-and-after changes in business metrics (revenue, costs, customer ratings, and agent efficiency) resulting from the use of customer self-service knowledge bases. The study connects customer sentiment by appraising areas such as AI/machine learning, response times to problems and questions, platform reliability, product or service value, technical features, integrations with other key applications and ease of managing content.

 

Robin Gareiss, CEO & Principal Analyst, Metrigy, commented, “Self-service is one of the fastest-growing technology areas within the customer experience. CX leaders are pairing knowledge bases with other technologies, such as AI-enabled virtual assistants to guide customers to successfully address their issues. They also embed AI and machine learning into the knowledge base so it learns and automatically updates content as needed. NICE not only earned positive ratings and business success scores from research participants, it earned the top business success score of the entire 2022 MetriStar Top Provider program for CX.”

 

Paul Jarman, CEO, NICE CXone, commented, “Customer experience begins even before customers reach out for support. From the very first internet or website search, customers are already building their perception of the experience and translating it into brand loyalty. Having the ability to independently resolve issues and access answers is critical from the very first instance in today’s digital era. We innovate to deliver frictionless customer experiences wherever the customer journey begins and are pleased to see our efforts recognized in this report. We remain committed to helping organizations build long lasting relationships with their customers through innovation.”

 

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com

 

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

 

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Jarman, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Omri Arens, +972 3 763 0127, CET, ir@nice.com

Categories
Business Environment

New Jersey American Water signs agreement to purchase Bound Brook Sewer System

Acquisition Will Add 2,900 New Wastewater Customers

 

CAMDEN, N.J. — (BUSINESS WIRE) — New Jersey American Water announced today it has signed an agreement to acquire the wastewater collection system of the Borough of Bound Brook, N.J. for $5 million. This municipally owned system serves approximately 2,900 customers, most of whom already receive water service from New Jersey American Water. The agreement follows a voter referendum that took place in November 2021, in which nearly two-thirds of Bound Brook voters approved the sale of the system to New Jersey American Water.

 

“I want to thank the elected officials and residents of Bound Brook for entrusting us to manage and improve their sewer utility and protect the environment from the many risks associated with running a sewer collection system,” said Mark McDonough, president of New Jersey American Water. “Providing water and wastewater service is all we do, and as Bound Brook’s water company for over a hundred years, we are deeply committed to making the needed improvements to provide the community with sewer service that is as safe, reliable and affordable as the water service we provide.”

 

As part of the acquisition agreement, New Jersey American Water will invest more than $11 million in critical sewer system improvements in the next ten years, while freezing current sewer rates for residents for two years and increasing rates no more than 3 percent annually for the three years after that.

 

“I am grateful to the voters for recognizing that selling the system to New Jersey American Water is the best solution for our town,” said Bob Fazen, Mayor, Bound Brook Borough. “The sale proceeds will enable us to pay down the Borough’s municipal debt and stabilize, or even potentially reduce, property taxes for our residents. Additionally, New Jersey American Water will be adding the sewer charges onto the existing water bills, which removes the significant burden of customer billing from the Borough’s finance department.”

 

Bound Brook Council President Abel Gomez added, “In addition to the financial benefits, the sale of our sewer collection system will also allow our Department of Public Works staff the ability to focus on road and public area improvements and other essential projects while not having to manage the daily demands of sewer maintenance and emergency repairs. New Jersey American Water, which has the staffing capacity and expertise to handle the operation of the system, will take that burden off their shoulders.”

 

This will be New Jersey American Water’s third wastewater acquisition within the company’s water footprint in the last three years, adding a total of more than 7,500 new wastewater customers. The company acquired the 1,800 customer Mount Ephraim wastewater system in 2019 and the 2,900 customer Long Hill Township wastewater system in 2020.

 

New Jersey American Water anticipates completing the acquisition in the second half of 2022, following approval from the New Jersey Board of Public Utilities.

 

About New Jersey American Water

New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.

 

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs approximately 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 25 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing.

Contacts

Media:
Denise Venuti Free

Director of Communications & External Affairs

Denise.Free@amwater.com