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Net profit jumped by 121% period-over-period and net profit margin expanded to 17% Revenue delivered by generative AI achieved 55% growth BEIJING, Aug. 23, 2023 /PRNewswire/ -- Bairong Inc. ("Bairong" or the "Company"; HKEX:6608), a leading cloud-based AI turnkey service provider, today announced its unaudited consolidated results for the six months ended June 30, 2023. Highlights Financial Summary Six months ended June 30, 2023 2022 Change (unaudited) (unaudited) ( %) (RMB in thousands, except percentages) Revenue 1,243,032 945,181 32 Model as a service ("MaaS") 431,134 346,991 24 Business as a service ("BaaS") 811,898 598,190 36 BaaS – Financial Scenario 492,095 316,862 55 BaaS – Insurance Scenario 319,803 281,328 14 Gross profit 896,034 677,581 32 Operating profit 211,730 92,013 130 Profit for the period 206,808 93,370 121 Non-IFRS measures Non-IFRS profit for the period 226,847 125,912 80 Non-IFRS EBITDA 267,644 168,417 59 For the six months ended June 30, 2023, our revenue reached RMB1,243.03 million, representing an increase of 32% from RMB945.18 million for the six months ended June 30, 2022. The growth sped up compared to the previous year, mainly driven by our BaaS business, the revenue of which rose by 36% period-over-period to RMB811.90 million, empowered mainly by our Generative AI (Artificial Intelligence) technology. Within the BaaS business, our Financial Scenario （金融行業雲） contributed a revenue of RMB492.10 million, representing an increase of 55% period-overperiod, while our Insurance Scenario (保險行業雲) contributed a revenue of RMB319.80 million, representing an increase of 14% period-over-period. Our MaaS business, our cornerstone business, grew by 24% period-over-period to RMB431.13 million. Our gross profit reached RMB896.03 million with our gross profit margin remaining at a higher profitability level of 72%, as our business model continued to prove its scalability. Our operating profit surged by 130% periodover-period to RMB211.73 million and our operating profit margin further expanded to 17%. Our profit for the period jumped by 121% period-over-period to RMB206.81 million and our net profit margin further expanded to 17%, mainly as we maximized the synergies brought by our industryleading position amid a high threshold regulatory environment. Our non-IFRS profit reached RMB226.85 million and our non-IFRS net profit margin was as high as 18%. Financial Results Review Revenue Our total revenue increased by 32% from RMB945.18 million for the six months ended June 30, 2022 to RMB1,243.03 million for the six months ended June 30, 2023, primarily attributable to industry growth and our enhanced capabilities of providing products and services. Our MaaS business reported revenue growth of 24% period-over-period to approximately RMB431.13 million for the six months ended June 30, 2023. During the Reporting Period, the number of Key Clients reached 146, representing an increase of 14 from 132 period-over-period, while average revenue per Key Client grew by 11% period-over-period to RMB2.43 million from RMB2.19 million in the corresponding period of the previous year. The Key Client retention rate of our MaaS business has further increased to 98%. Six months ended June 30, Change 2023 2022 ( %) (RMB in thousands, except percentages) Revenue from MaaS 431,134 346,991 24 Revenue from Key clients 355,246 288,389 23 Number of Key clients 146 132 11 Average revenue per Key client 2,433 2,185 11 Retention rate of Key FSP clients 98 % 96 % +2 pct Note: "Key Clients" are defined as paying clients that each contribute more than RMB300,000 total revenue to the Company year-to-date. Our BaaS –Financial Scenario business reported revenue growth of 55% period-over-period to RMB492.10 million for the six months ended June 30, 2023. As a result of a rapid growing gross transaction values, which grew by 72% period-over-period to RMB21.26 billion for the first half year. During the Reporting Period, we deepened our cooperation with clients by jointly developing various marketing activities to contribute to the rapid expansion of gross transaction values. In addition, the operational efficiency continued to improve due to the effective role of our accumulated self-owned users in combination with our technical advantages powered by Generative AI, thereby generating a higher level of ROI. Six months ended June 30, Change 2023 2022 ( %) (RMB in thousands, except percentages) Revenue from BaaS – Financial Scenario 492,095 316,862 55 Gross transaction value 21,262,052 12,367,135 72 Technical service fee rate 2.31 % 2.56 % -0.25 pct Our revenue from insurance scenario increased by 14% to RMB319.80 million for the six months ended June 30, 2023. Total premiums increased by 59% period-over-period to RMB1,597.40 million. In the first half of 2023, first year premiums increased by 76% periodover-period to RMB939.75 million. Renewal premiums increased by 40% period-over-period to RMB657.65 million. The persistency rate of life insurance premiums continued to exceed 90%, ranking among the top in the industry. Six months ended June 30, Change 2023 2022 ( %) (RMB in thousands, except percentages) Revenue from BaaS – Insurance Scenario 319,803 281,328 14 Revenue from the first year premiums 270,236 230,583 17 First year premiums 939,753 534,499 76 Revenue from the renewal premiums 49,567 50,745 -2 Renewal premiums 657,650 470,936 40 Cost of sales The cost of sales increased by 30% from RMB267.60 million for the six months ended June 30, 2022 to RMB347.00 million for the six months ended June 30, 2023, primarily attributable to an increase of RMB11.11 million in analytics service costs, and an increase of RMB49.13 million in insurance brokerage commission costs, in line with the growth of our business scale. Gross profit and gross margin As a result of the foregoing, the Group's gross profit increased by 32% from RMB677.58 million for the six months ended June 30, 2022 to RMB896.03 million for the six months ended June 30, 2023. The Group's gross margin was 72% for both the six months ended June 30, 2023 and 2022. Research and development expenses The Group's research and development expenses increased by 26% from RMB159.95 million for the six months ended June 30, 2022 to RMB202.07 million for the six months ended June 30, 2023, primarily attributable to the increase in the staff costs of our research and development personnel to support product offerings and technology development about various AI application technology, algorithm-driven machine learning platform and underlying database performance. General and administrative expenses The Group's general and administrative expenses decreased by 6% from RMB132.53 million for the six months ended June 30, 2022 to RMB123.98 million for the six months ended June 30, 2023, primarily attributable to the effective management and control of the general and administrative expenses. Sales and marketing expenses Our sales and marketing expenses increased by 19% from RMB388.44 million for the six months ended June 30, 2022 to RMB460.68 million for the six months ended June 30, 2023, primarily due to an increase of RMB82.57 million of promotion, advertising, information technology services and other related expenses, which was mainly due to the increased branding and business promotion to enhance our brand recognition and our continuous promotional efforts to obtain high-quality traffic to improve conversion efficiency. Other income Our net other income increased by 10% from RMB95.36 million for the six months ended June 30, 2022 to RMB105.01 million for the six months ended June 30, 2023. This is primarily due to (1) an increase of RMB30.71 million of government grants; (2) an increase of RMB14.18 million in the interest income from time deposits and fair value change and gains from our other investments which were mainly include certain low-risk wealth management products; (3) the foreign exchange loss of RMB1.65 million for the six months ended June 30, 2023 compared with the foreign exchange gains of RMB30.60 million for the six months ended June 30, 2022, which was due to the variance from the appreciation of USD against RMB affected by macro environment. Profit for the period As a result of the foregoing, the Group's profit for the period increased from RMB93.37 million for the six months ended June 30, 2022 to RMB206.81 million for the six months ended June 30, 2023. Cash, cash equivalents and time deposits The Group had cash and cash equivalents and time deposits of RMB2,756.67 million and RMB3,010.86 million as at June 30, 2023 and December 31, 2022, respectively. To manage the liquidity risk, we monitor and maintain a level of cash and cash equivalents as deemed adequate by our senior management to finance our operations. Conference Call Our management will hold a conference call at 10:00 a.m. Beijing/Hong Kong Time on Wednesday, August 23, 2023 (10:00 p.m. U.S. Eastern Time on August 24, 2023) to discuss the financial results and answer questions from investors and analysts. For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Participant Online Registration: https://webcast.roadshowchina.cn/meet/sign/MlRDMjk1VTl1ejZZaUMrNWViRlpGSzJsRFdqbGlpNDg4bjZYWjk4Tk1Edz0= Dial-in details for the earnings conference call are as follow: International: +86-23-62737100 Mainland China: 023-63623333/4008-063-263 HK China: +852-30183602/+852-30186949 English Dial-in Password: 926830039 Chinese Dial-in Password: 833103943 Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.brgroup.com/earnings. About Bairong Inc. Bairong Inc (Stock Code: 6608.HK) is a leading cloud-based AI turnkey service provider. The company is dedicated to frontier technologies such as NLP, privacy computing, machine learning and cloud computing, built complementary AI technology solutions combining discriminant AI and generative AI, and proposed MaaS (Model as a service) + BaaS (Business as a service), to promote the inclusive development of AI in vertical industry. Bairong is committed to deeply embedding discriminant AI and generative AI into the whole process of vertical industry, connecting different scenarios and customers, with cloud deployment, it helps clients to improve the decision-making capability and provides turnkey service at business level for customer interactions, extending AI capability from the intermediate operation to the final result delivery, making AI applicable, visible, and perceptible in vertical industries, and facilitating the digital intelligence development. Bairong offers professional services for more than 7,000 institutions including 6 state-owned banks, 12 national joint-stock banks, more than a thousand regional banks, as well as major consumer finance companies, insurance companies, wealth management companies, and numerous internet technology companies. For more information, please visit: http://ir.brgroup.com. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements. These forward-looking statements can be identified by terminologies such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and the negative of these words and other similar expressions or statements. Bairong may also make written or oral forward-looking statements in its periodic reports to the HKEx, in its annual and interim reports to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Bairong's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including but not limited to the following: Bairong's strategies, future business development, and financial condition and results of operations; Bairong's limited operating history; risks associated with the financial service industry, Bairong's ability to develop and deliver services of high quality and appeal to clients; Bairong's ability to generate positive cash flow and profits; Bairong's ability to compete successfully; Bairong's ability to build its brand and withstand negative publicity; and changes in client demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Bairong's filings with the HKEX. All information provided in this press release is as of the date of this press release, and Bairong does not undertake any obligation to update any forward-looking statements, except as required under applicable laws.
STOCKHOLM, Aug. 22, 2023 /PRNewswire/ -- NaaS Technology Inc. (NASDAQ: NAAS), a leading electric vehicle (EV) charging service company, has announced plans to acquire Charge Amps AB ("Charge Amps"), a Swedish EV charging solutions provider for approximately SEK 724 million (US$66.4 million) of 100% of the issued and outstanding shares. The deal marks a landmark initiative of NaaS' expanded global layout after its acquisition early this June of over 89% stake in Sinopower HK, the biggest one-stop solar PV service provider in HK. As a leading Sweden-born EV infrastructure supplier, Charge Amps has pioneered the market specializing in home and destination AC charging solutions. For over a decade, Charge Amps' broad portfolio of intelligent, sustainable, user-friendly, and aesthetically pleasing product offerings has been proven by its 22% local market share with an established international footprint in 13 markets. Sustainability as the entrenched Company DNA is manifested throughout the whole production chain as well as other commitments being a participant of the UN Global Compact. Set in the fossil-free transition, significant uptake in EV sales and its strongly-correlated charging infrastructure are out of step regarding the growth curve and supply-demand relationship. Europe, leading the shift towards vehicle electrification, is expected to sell nearly 62 million EV by 2030, as indicated in an Arthur D. Little analysis. The report also states that the build-up of a dense and well-developed charging infrastructure and software management are required, illustrated by an installed charger base of nearly 50 million by 2030, thus calling for synergy between EV infrastructure manufacturers and integrated service providers. "We are very pleased to welcome the Charge Amps brand and team into the NaaS platform, marking an important milestone as we continue to expand into the international market," Alex Wu, Co-founder, President and CFO of NaaS, stated. "We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity. We are confident that we can work with the Charge Amps team to further strengthen its leading position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels. I firmly believe this acquisition will bring value to our shareholders." Olle Tholander, CEO of Charge Amps comments: "There is strong interest from global investors in our market currently, and in Charge Amps specifically. We have been overt about our efforts in recent years to determine the best solution for the Company's long-term strategy and growth plan. We believe that NaaS has both the expertise and financial strength to support Charge Amps' growth journey under the same brand in Europe with an expanded product offering and the means to expedite the Company's expansion plans. With NaaS' extended product portfolio, Charge Amps will not only be able to bring more competitive and purposeful solutions to users, but also accelerate the transition to an electrified life and open the gateway to a smarter ecosystem." The deal will engage the parties in all-rounded and deep integration from technology, product, personnel, capital, and market perspectives. Charge Amps' technological innovation and market channel capability will serve as a strategic step for NaaS to carry out localized services in Europe and achieve business synergy throughout the whole chain towards a broader scope of global business layout, aiming as a one-stop EV charging solutions provider. As of March 31, 2023, NaaS' extensive network has connected over 575,000 chargers and 55,000 charging stations. In the first quarter of 2023, charging volume transacted through NaaS' network reached 1,023 GWh, an increase of 112% YoY; gross transaction value transacted through NaaS' network showed an increase of 107% YoY. About NaaS Technology Inc. NaaS Technology Inc. (NASDAQ: NAAS), listed in Nasdaq on June 13, 2022, is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group. NaaS provides charging station operators and EV owners with online and offline charging solutions and non-charging value-added services. NaaS also serves charger manufacturers, OEMs and other industry partners, helping to make charging faster, more convenient, with a superior customer experience - and in the process of improving operational efficiency for all parties on the industry value chain. Learn more at: www.enaas.com/en/ About Charge Amps Charge Amps is a leading Sweden-born provider of innovative and sustainable charging solutions for electric vehicles. Charge Amps develops smart and user-friendly products for use in homes, offices, and public places. Charge Amps was founded in 2012 in Stockholm, Sweden, and is undergoing rapid international expansion, with 120 employees in seven countries, and sales across 15 markets. For more information, visit www.chargeamps.com NaaS Press contact pr@enaas.com
STOCKHOLM, SWEDEN - Media OutReach - 22 August 2023 - NaaS Technology Inc. (NASDAQ: NAAS), a leading electric vehicle (EV) charging service company, has announced plans to acquire Charge Amps AB ("Charge Amps"), a Swedish EV charging solutions provider for approximately SEK 724 million (US$66.4 million) of 100% of the issued and outstanding shares. The deal marks a landmark initiative of NaaS' expanded global layout after its acquisition early this June of over 89% stake in Sinopower HK, the biggest one-stop solar PV service provider in HK. As a leading Sweden-born EV infrastructure supplier, Charge Amps has pioneered the market specializing in home and destination AC charging solutions. For over a decade, Charge Amps' broad portfolio of intelligent, sustainable, user-friendly, and aesthetically pleasing product offerings has been proven by its 22% local market share with an established international footprint in 13 markets. Sustainability as the entrenched Company DNA is manifested throughout the whole production chain as well as other commitments being a participant of the UN Global Compact. Set in the fossil-free transition, significant uptake in EV sales and its strongly-correlated charging infrastructure are out of step regarding the growth curve and supply-demand relationship. Europe, leading the shift towards vehicle electrification, is expected to sell nearly 62 million EV by 2030, as indicated in a Arthur D. Little analysis. The report also states that the build-up of a dense and well-developed charging infrastructure and software management are required, illustrated by an installed charger base of nearly 50 million by 2030, thus calling for synergy between EV infrastructure manufacturers and integrated service providers. "We are very pleased to welcome the Charge Amps brand and team into the NaaS platform, marking an important milestone as we continue to expand into the international market," Alex Wu, Co-founder, President and CFO of NaaS, stated. "We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity. We are confident that we can work with the Charge Amps team to further strengthen its leading position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels. I firmly believe this acquisition will bring value to our shareholders." Olle Tholander, CEO of Charge Amps comments: "There is strong interest from global investors in our market currently, and in Charge Amps specifically. We have been overt about our efforts in recent years to determine the best solution for the Company's long-term strategy and growth plan. We believe that NaaS has both the expertise and financial strength to support Charge Amps's growth journey under the same brand in Europe with an expanded product offering and the means to expedite the Company's expansion plans. With NaaS' extended product portfolio, Charge Amps will not only be able to bring more competitive and purposeful solutions to users, but also accelerate the transition to an electrified life and open the gateway to a smarter ecosystem." The deal will engage the parties in all-rounded and deep integration from technology, product, personnel, capital, and market perspectives. Charge Amps' technological innovation and market channel capability will serve as a strategic step for NaaS to carry out localized services in Europe and achieve business synergy throughout the whole chain towards a broader scope of global business layout, aiming as a one-stop EV charging solutions provider. As of March 31, 2023, NaaS' extensive network has connected over 575,000 chargers and 55,000 charging stations. In the first quarter of 2023, charging volume transacted through NaaS' network reached 1,023 GWh, an increase of 112% YoY; gross transaction value transacted through NaaS' network showed an increase of 107% YoY. Hashtag: #NaaSTechnologyThe issuer is solely responsible for the content of this announcement.About NaaS Technology Inc.NaaS Technology Inc. (NASDAQ: NAAS), listed in Nasdaq on June 13, 2022, is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group. NaaS provides charging station operators and EV owners with online and offline charging solutions and non-charging value-added services. NaaS also serves charger manufacturers, OEMs and other industry partners, helping to make charging faster, more convenient, with a superior customer experience - and in the process of improving operational efficiency for all parties on the industry value chain. Learn more at: www.enaas.com/en/ About Charge AmpsCharge Amps is a leading Sweden-born provider of innovative and sustainable charging solutions for electric vehicles. Charge Amps develops smart and user-friendly products for use in homes, offices, and public places. Charge Amps was founded in 2012 in Stockholm, Sweden, and is undergoing rapid international expansion, with 120 employees in seven countries, and sales across 15 markets. For more information, visit www.chargeamps.com
SEOUL, South Korea, Aug. 22, 2023 /PRNewswire/ -- From September 13 to 15, the Seoul Metropolitan Government will host Try Everything 2023, a grand festival for global startups, where members of the startup ecosystem, including promising startups, large and medium-sized companies, and investors and accelerators from all over the world come together. It will be held at Dongdaemun Design Plaza (DDP) for three days. Seoul to hold global startup festival Try Everything 2023 in September, aims to attract 70 billion won investment This year, the focus is on strengthening overseas networks to support Seoul startups in gaining momentum for their global expansion. In particular, considering the concern over the global economic slowdown, the Seoul Metropolitan Government is focusing more on attracting investment at Try Everything than in previous years, with a goal of 70 billion won in investment. To this end, it will expand the number of exhibition booths to 100, two times more than last year's 50, and implement various investment attraction programs, such as meetups, a meeting between startups and investors to attract investment. Considering this is the first Try Everything event to be held after COVID-19 was declared endemic, the opportunity to experience the technology of Seoul startups through experiential exhibition booths will be provided, and participatory programs for university students and prospective entrepreneurs will be expanded so that the general public can enjoy participating as well. Applications will be accepted on the official Try Everything website until August 8 for the offline exhibition and September 11 for the online exhibition. For a regular meetup, you can apply on the Try Everything website ( https://tryeverything.or.kr/eng/ ) or through Startup Plus, the city's integrated platform for entrepreneurship. Companies that want to hold a 1:1 meetup with domestic and foreign investors can apply on the Try Everything website from August 1 to 25. Kim Tae-kyun, head of the Seoul Metropolitan Government's Economic Policy Office, said, "Try Everything, which marks its 5th anniversary this year, focuses on investment attraction as startups are having difficulties due to the global economic slowdown. Furthermore, the culture of entrepreneurship will be widely shared through experiential programs in which the general public, such as prospective entrepreneurs and university students, can participate." TRY EVERYTHING OPERATIONS BRANCH, ask@tryeverything.or.kr, 82-70-8796-9607
BEIJING, Aug. 22, 2023 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S. listed EV charging service company in China, today announced that it has entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Charge Amps AB ("Charge Amps") . The consideration for the acquisition, which values Charge Amps at an equity value of approximately SEK 724 million (US$66.4 million), will be a combination of cash and newly issued Class A ordinary shares of the Company. Charge Amps is a prominent integrated EV charging solutions provider headquartered in Sweden, boasting over a decade of pioneering experience with a strong focus on sustainability. It offers a full suite of EV charging hardware and charge point management systems, covering diverse AC use cases at work, home and destination while enabling swift integration to charge point operators and value-added energy management features for end-users. As a dedicated EV charging platform, Charge Amps holds a well-established international presence, driving cleaner transport solutions worldwide. "We are very pleased to welcome the Charge Amps brand and team into the NaaS platform, marking an important milestone as we continue to expand into the international market," Alex Wu, Co-founder, President and CFO of NaaS, stated. "We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity. We are confident that we can work with the Charge Amps team to further strengthen its leading position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels. I firmly believe this acquisition will bring value to our shareholders." Olle Tholander, CEO of Charge Amps comments: "There is strong interest from global investors in our market currently, and in Charge Amps specifically. We have been overt about our efforts in recent years to determine the best solution for the Company's long-term strategy and growth plan. We believe that NaaS has both the expertise and financial strength to support Charge Amps' growth journey under the same brand in Europe with an expanded product offering and the means to expedite the Company's expansion plans. With NaaS' extended product portfolio, Charge Amps will not only be able to bring more competitive and purposeful solutions to users, but also accelerate the transition to an electrified life and open the gateway to a smarter ecosystem." The acquisition is subject to customary closing conditions. Houlihan Lokey acted as financial advisor to NaaS and ABG Sundal Collier acted as financial advisor to Charge Amps in connection with the transaction. About NaaS Technology Inc. NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop EV charging solutions to charging stations comprising online EV charging, offline EV charging and innovative and other solutions, supporting every stage of the station lifecycle. As of March 31, 2023, NaaS had connected over 575,000 chargers covering 55,000 charging stations, representing 40% and 49% of China's public charging market share respectively. On June 13, 2022, the American depositary shares of the Company started trading on Nasdaq under the stock code NAAS. Safe Harbor Statement This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. For investor and media inquiries, please contact: Investor RelationsNaaS Technology Inc.E-mail: ir@enaas.comMedia inquiries:E-mail: pr@enaas.com
Industry-leading provider of TCA for institutional investors further enhances TT® cross-asset offering CHICAGO and NEW YORK, Aug. 22, 2023 /PRNewswire/ -- Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, and Abel Noser Solutions, LLC (ANS) announced today a definitive agreement for TT to acquire ANS, the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants, from Abel Noser Holdings, a majority-owned portfolio company of Estancia Capital Partners. Terms of the transaction, expected to close on Aug. 31, were not disclosed. The acquisition represents TT's extension into the multi-asset data and analytics space, further building on its expansion into new asset classes. In June, TT announced the establishment of a new foreign exchange (FX) business line, TT FX, following its entry into the fixed income space in March with the acquisition of AxeTrading. TT has long been a leader in technology solutions for listed derivatives. Abel Noser Solutions, the fintech subsidiary of Abel Noser Holdings, provides comprehensive pre-trade, real-time and post-trade TCA products and services to both the buy side and sell side for a range of asset classes, including global equities, FX, futures, fixed income and options. Abel Noser also offers a broad range of compliance reporting, trade surveillance and algorithmic trading solutions. TT CEO Keith Todd said: "This acquisition enhances our appeal to the buy side with an offering that spans multiple asset classes which we can fortify with the wealth of anonymized data harnessed through our platform. Abel Noser's pioneering solutions have for decades been critical to the success of buy-side participants across the globe who recognize that the ability to reliably analyze transaction costs is essential. We intend to introduce the tools into the listed derivatives space through our vast client base, build on Abel Noser's FX TCA capabilities as we roll out our new TT FX initiative and offer the firm's clients the full breadth of TT services available." Peter Weiler, Abel Noser CEO, said: "We are delighted to become a part of the TT family. Our complementary multi-asset platform offerings will drive our business to new heights by continuing to deliver exceptional service and additional product innovation at an accelerated pace to our clients. This strategic move represents a significant milestone in our company's history and will enable us to leverage the global reach of TT to better serve our customers and offer broader opportunities to our employees and partners." As a result of the acquisition, Abel Noser's TCA and regulatory services will be made available to TT clients. Abel Noser's clients will be able to leverage the comprehensive services and functionality of the TT platform. Over time, Abel Noser's analytics will be integrated into the TT platform. Abel Noser LLC, an agency-only brokerage that provides a range of trading services and analytics for investment managers, asset owners, investment consultants and brokers, is not part of the transaction and will continue to operate as an independent agency-only execution broker-dealer. TT will acquire START, a broker-neutral trade optimization platform, from Abel Noser LLC in a second transaction expected to close by the first quarter of 2024. Foley & Lardner LLP is acting as legal advisor to TT. Ardea Partners LP is serving as financial advisor, and Seward & Kissel LLP is acting as legal advisor to Abel Noser Holdings. About Trading Technologies Trading Technologies (www.tradingtechnologies.com) is a Software-as-a-Service (SaaS) technology platform provider to the global capital markets industry. The company's award-winning TT® platform connects to the world's major international exchanges and liquidity venues in listed derivatives alongside a growing number of asset classes, including fixed income. The TT platform delivers advanced tools for trade execution and order management, market data solutions, analytics, trade surveillance, risk management and infrastructure services to the world's leading sell-side institutions, buy-side firms and exchanges. The company's blue-chip client base includes the Tier 1 banks as well as brokers, money managers, hedge funds, proprietary traders, Commodity Trading Advisors (CTAs), commercial hedgers and risk managers. These firms rely on the TT ecosystem to manage their end-to-end trading operations. In addition, exchanges utilize TT's technology to deliver innovative solutions to their market participants. TT also strategically partners with technology companies to make their complementary offerings available to Trading Technologies' global client base through the TT ecosystem. About Abel Noser Solutions Abel Noser Solutions has long been respected as a leader in the campaign to lower the costs associated with trading. The company is the industry-leading provider of transaction cost analysis with over 350 global clients subscribing to its multi-asset TCA and compliance products directly or through a network of resellers, distribution partners and strategic alliances. In 2022, Abel Noser was named the Top "Best-in-Class" Vendor in the Global Multi-Asset Class TCA Aite Matrix Report. Learn more at www.abelnoser.com.
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