April 2023 – Page 35 – Taiwan News Gazette

April 5, 2023

Gorilla Technology Group Reports 2022 Financial Results

–2022 Transition Year post IPO—
–Starts 2023 with Groundbreaking MENA Smart City Cybersecurity Win–
— Clear Revenue Visibility for 2023 and 2024 —
–Initiates 2023 Revenue Guidance of $65 to $75 million–

LONDON, April 04, 2023 (GLOBE NEWSWIRE) — Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today reported its unaudited financial results for the year ended December 31, 2022.

2022 Highlights:

Strategic pivot to security convergence as complement to advanced AI video analytics
Beefed up video analytics offering with acquisition of assets of SeeQuestor
Greater access to capital from listing on Nasdaq via reverse merger with Global SPAC Partners
Moved from Taiwan-based regional supplier to London-based global leader
Broad upgrade of leadership with new CEO, CFO, CIO, Global HR
Implemented financial and operational discipline by transitioning out of marginal or unprofitable projects

Subsequent Events:

Won a significant Smart City cybersecurity implementation project in MENA valued over $100 million
Developing next generation edge AI appliance with Hailo and Lanner Electronics
Won first U.K. customer for Smart Port project
Strengthening team with Dr. Evan Medeiros on Board, Lawrence Ng as Head of Asia
2023 revenue guidance of $65 to $75 million

Gorilla Chief Executive Officer Jay Chandan commented, “After consummating the merger to go public, we began a significant transformation that is already paying off. We started the year as a strong regional player in video analytics and ended the year as an emerging global leader in security convergence. The capital and visibility provided by our U.S. listing enabled meaningful and positive change. We moved our headquarters to London and started building our European operations. We expanded our marketing efforts around the world with a focus on Europe, MENA and Asia. We rationalized our existing book of business by discontinuing non-strategic or marginally profitable customer relationships. And we accelerated our technology development with both the SeeQuestor technology purchase and the development partnership for our next-gen Edge AI appliance.”

Chandan continued, “Elements of the transformation were difficult, such as our former CEO’s retirement and the exiting of many unfavorable customer accounts, which caused a significant decline in revenue. As they say, ‘no pain no gain’ and we are already seeing the ‘gain’ from our aggressive global expansion program, evidenced by our huge win of Smart City cybersecurity project in the MENA region. The aggregate project will stretch over several years, with first phase revenue of $100 million or more to be completed in twelve months. The second phase is likely to start later this year and should be larger in project scope. We anticipate Phase II revenue to be potentially up to twice that of Phase I. This is significant upside for a company that generated $40 million of sales a couple years ago and shows the power of the new team, products, and infrastructure we built over the past year. This large MENA project is the first of what we believe could be many similar projects around the world.”

Commenting on results, Gorilla Chief Financial Officer Daphne Huang noted, “Solid growth in Security Convergence is an early indicator of the wisdom of our product pivot, and the MENA win shows that this region can drive explosive growth in the years ahead. The revenue decline in 2022 was challenging but necessary to instill sound operational and financial discipline and reset our customer and project focus. We executed the reset well at the temporary cost of material decline in revenue during transition in 2022, and laid a sound foundation to pivot to global growth in 2023 and beyond. The bottom line was impacted by the revenue decline, by the increased G&A expense from being a public company, and by the substantial investment to transform us into a global player, which shows up mainly in operating expenses. That is money well spent, as you can see with these early project wins that are an order of magnitude greater than our operating expenses for the year.”

Huang continued, “2023 will be our first year as a truly global business evidenced by our sizable entrance into the MENA region and new projects in Europe and Asia. In light of the large Phase I win in the MENA region, we plan to raise debt financing to support upfront working capital needs. Looking forward, we will continue to invest heavily in growth but do expect to grow profitably over the longer-term as revenues should far exceed the investments we make.”

Looking forward, CEO Chandan concluded, “In November, we laid out four immediate priorities for the coming year. First, to build a world-class customer-centric team responsible for commercializing Gorilla’s technologies. Second, to globalize the company by bringing our technologies to the countries that are leading the world in Smart City adoption. Third, to build a robust sales pipeline that will complement our existing products and services, with a special focus on ethical video analytical solutions. And finally, to transform our business away from a cost-plus model and toward a value-based platform as a service model, which will bring about customer stickiness and a continuous revenue stream. I am proud of our team’s hard work to deliver on all of these objectives so rapidly and am confident we will make more progress in the months ahead. Let me reiterate, the second half of 2022 was a transition period under the new management team. I am excited and proud of the sizable growth we are poised to deliver in 2023 and beyond, driven by solid execution of our global expansion strategy via both organic and inorganic growth.”

2022 Results Overview

Unless noted otherwise, all figures are for the year ended December 31, 2022, and all comparisons are with the corresponding period of 2021.

The following table summarizes financial results:

	Year Ended
	December 31
Items		2022		2021
	(in thousands)
Revenue	$	22,409		$	42,243
Cost of revenue		(14,072	)		(26,469	)
Gross Profit		8,337			15,774
Gross Margin		37.2	%		37.3	%
Operating expense		94,844			23,932
Operating loss		(86,507	)		(8,158	)
Net loss	$	(87,537	)	$	(8,548	)

The following table shows our EBIT, EBITDA and adjusted EBITDA, together reconciled to the loss for the year ended December 31, 2022 and 2021.

	Year Ended December 31
	2022				2021
	(in thousands)
Loss for the year	$	(87,537	)	$	(8,548	)
Income tax expense (benefit)		430			(238	)
Financial expense, net		599			628
EBIT	$	(86,508	)		(8,158	)
Depreciation expense		5,938			6,386
Amortization expense		1,688			2,361
EBITDA	$	(78,882	)	$	589
Transaction costs		2,814			–
Share Listing Expense⁽¹⁾		70,105			–
Adjusted EBITDA	$	(5,963	)	$	589

(1) Non-cash de-SPAC reverse merger cost.

The revenue decline reflects the shift in emphasis to security convergence and a substantial paring of unprofitable or marginally profitable customer accounts. The table below highlights the building traction in convergence while video analytics is rationalized.

	Year Ended December 31								Change			Change
	2022				2021				$			%
	Dollars in Thousands		Percentage of Net Revenue		Dollars in Thousands		Percentage of Net Revenue
Security Convergence	$	12,711	56.7	%	$	12,055	28.5	%	$	656		5.4	%
Video IoT	$	9,698	43.3	%	$	30,188	71.5	%	$	(20,490	)	-67.9	%
Total	$	22,409	100.0	%	$	42,243	100.0	%	$	(19,834	)	-47.0	%

The gross profit decline tracked the decline in revenue. Gross margin percentage was unchanged versus the previous year. We expect our heightened operational and financial discipline to drive gross profit improvement over time.

Operating expense growth reflected investment in transforming Gorilla into a global cybersecurity leader, increased cost of being a public company, one-time expenses related to the SPAC merger, and one-time transaction expenses mainly related to the public listing and the SeeQuestor asset acquisition. 2023 operating expenses should be higher than 2021, reflecting growth of the business and increased public company annual cost, but lower than 2022 as the one-time listing expenses are not repeated. One-time listing expenses in 2022 were $70 million, reflecting non-cash charges related to accounting for the reverse merger transaction as a capital reorganization. Other transaction-related expenses totaled $2.8 million.

Excluding transaction cost and share listing expense, adjusted net loss, a non-GAAP financial measure, was $14.6 million, higher than prior year mainly due to the increase in public company expenses. However, adjusted EBITDA was a loss of $6.0 million and operating cash flow was an outflow of $8.8 million. Capital expenditures were $2.9 million for the year. The company ended the year with $23 million of cash and cash equivalents.

Outlook

With outstanding visibility from the MENA project, Gorilla expects substantial growth versus both 2022 and 2021. Full year 2023 revenue is anticipated to be in a range of $65 to $75 million. Operating expense as a percentage of revenue is expected to decrease.

About Gorilla Technologies Group Inc.
Gorilla, headquartered in London, U.K., is a global solution provider in security intelligence, network intelligence, business intelligence and IoT technology. Gorilla develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security, and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, telecom companies and private enterprises with network surveillance and cyber security.

Gorilla places an emphasis on offering leading technology, expert service, and precise delivery, and ensuring top-of-the-line, intelligent and strong edge AI solutions that enable clients to improve operational performance and efficiency. With continuous core technology development, Gorilla will deliver edge AI solutions to managed service providers, distributors, system integrators, and hardware manufacturers. For more information go to Gorilla-Technology.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our Nasdaq listing improving our ability to attract the attention of customers and investors alike, our ability to fund operations as we execute a strategic shift to pursue the larger and higher margin opportunities in Security Convergence, our expectations to swing to profit in the quarters ahead, our immediate priorities, Gorilla’s strategic shift to enable it to pursue larger projects with better revenue visibility, along with those other risks described under the heading “Risk Factors” in the prospectus Gorilla filed with the Securities and Exchange Commission (the “SEC”) on July 7, 2022, and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Non-GAAP Measures

Certain of the measures included in this press release are non-GAAP financial measures, including adjusted EBITDA and adjusted net loss. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as used by Gorilla are not reported by all of their competitors and may not be comparable to similarly titled amounts used by other companies.

We believe that the non-GAAP measures such as adjusted EBITDA provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present adjusted EBITDA in order to provide more information and greater transparency to investors about our operating results.

Adjusted EBITDA represents EBITDA excluding transaction costs and share listing expenses which are one-off expenses for professional services related to the Business Combination, asset acquisition and SOX 404 implementation project which are considered as non-recurring corporate development events, which are added back for calculation of adjusted EBITDA.

The final table which shows our EBIT, EBITDA and adjusted EBITDA, together reconciled to the loss for the year ended December 31, 2022 and 2021 in this results announcement has more details on the non-GAAP financial measures and the related reconciliations between these financial measures.

For More Information:

Investors
Gary Dvorchak
The Blueshirt Group
gary@blueshirtgroup.com

Media
Jeff Fox
The Blueshirt Group
jeff@blueshirtgroup.com

Gorilla Technology Group Inc. and Subsidiaries
Consolidated Statements of Comprehensive Loss
(Unaudited)
(Expressed in United States dollars)

Items		For the year ended December 31, 2022			For the year ended December 31, 2021			For the year ended December 31, 2020
Revenue	$	22,408,808		$	42,242,863		$	45,412,589
Cost of revenue		(14,071,902	)		(26,468,662	)		(26,857,201	)
Gross profit		8,336,906			15,774,201			18,555,388
Operating expenses
Selling and marketing expenses		(3,644,316	)		(4,961,639	)		(5,331,150	)
General and administrative expenses		(9,191,505	)		(3,430,230	)		(2,932,144	)
Share listing expenses		(70,104,989	)		–			–
Research and development expenses		(14,110,408	)		(15,053,175	)		(14,342,826	)
Expected credit losses		–			(404,210	)		–
Other income		983,932			43,819			59,198
Other gains (losses) – net		1,222,885			(127,025	)		(1,702,379	)
Total operating expenses		(94,844,401	)		(23,932,460	)		(24,249,301	)
Operating loss		(86,507,495	)		(8,158,259	)		(5,693,913	)
Non-operating income and expenses
Interest income		235,912			37,869			159,275
Finance costs		(835,273	)		(666,349	)		(461,118	)
Total non-operating income and expenses		(599,361	)		(628,480	)		(301,843	)
Loss before income tax		(87,106,856	)		(8,786,739	)		(5,995,756	)
Income tax (expense) benefit		(430,368	)		238,445			74,903
Loss for the year	$	(87,537,224	)	$	(8,548,294	)	$	(5,920,853	)
Other comprehensive (loss) income
Components of other comprehensive income that may not be reclassified to profit or loss
Remeasurement of defined benefit plans	$	7,409		$	13,087		$	(7,589	)
Components of other comprehensive (loss) income that may be reclassified to profit or loss
Exchange differences on translation of foreign operations	$	(1,672,040	)	$	453,007		$	778,758
Other comprehensive (loss) income for the year, net of tax	$	(1,664,631	)	$	466,094		$	771,169
Total comprehensive loss for the year	$	(89,201,855	)	$	(8,082,200	)	$	(5,149,684	)

Loss per share
Basic loss per share	$	(1.78	)	$	(0.29	)	$	(0.20	)
Diluted loss per share	$	(1.78	)	$	(0.29	)	$	(0.20	)

Gorilla Technology Group Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(Expressed in United States dollars)

Items		December 31, 2022			December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	22,996,377		$	9,944,748
Financial assets at fair value through profit or loss – current		1,073,229			–
Financial assets at amortized cost – current		6,871,187			9,008,499
Contract assets		725,441			1,639,893
Accounts receivable		14,041,611			34,821,818
Inventories		68,629			152,227
Prepayments – current		1,266,442			231,531
Other receivables		648,617			19,930
Other current assets		61,803			5,971
Total current assets		47,753,336			55,824,617
Non-current assets
Financial assets at amortized cost – non-current		–			50,578
Property, plant and equipment		16,132,567			34,395,070
Right-of-use assets		16,675			123,375
Intangible assets		56,342			3,419,469
Deferred income tax assets		29,905			410,203
Prepayments – non-current		612,982			–
Other non-current assets		659,071			707,391
Total non-current assets		17,507,542			39,106,086
Total assets	$	65,260,878		$	94,930,703

Items		December 31, 2022			December 31, 2021
Liabilities and Equity
Liabilities
Current liabilities
Short-term borrowings	$	13,492,935		$	22,968,092
Contract liabilities		58,475			20,194
Notes payable		602			668
Accounts payable		6,674,528			8,060,501
Other payables		3,620,998			4,532,628
Provisions – current		88,469			152,778
Lease liabilities – current		16,981			54,588
Warrant liabilities		2,042,410			–
Long-term borrowings, current portion		2,108,896			2,077,634
Other current liabilities, others		152,373			129,356
Total current liabilities		28,256,667			37,996,439
Non-current liabilities
Long-term borrowings		8,251,788			10,751,630
Provisions – non-current		61,057			105,542
Deferred income tax liabilities		148,183			78,402
Lease liabilities – non-current		–			69,587
Total non-current liabilities		8,461,028			11,005,161
Total liabilities		36,717,695			49,001,600
Equity
Equity attributable to owners of parent
Share capital
Ordinary share		7,136			6,191,100
Preference share		–			5,844,892
Advance receipts for share capital		–			33,720
Capital surplus
Capital surplus		154,730,389			41,301,738
Retained earnings
Accumulated deficit		(96,984,380	)		(9,454,565	)
Other equity interest
Financial statements translation differences of foreign operations		370,178			2,042,218
Treasury shares		(29,580,140	)		(30,000	)
Equity attributable to owners of the parent		28,543,183			45,929,103
Total equity		28,543,183			45,929,103
Significant contingent liabilities and unrecognized contract commitments
Total liabilities and equity	$	65,260,878		$	94,930,703

Gorilla Technology Group Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
(Expressed in United States dollars)

		Year ended December 31 2022			Year ended December 31 2021			Year ended December 31 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax	$	(87,106,856	)	$	(8,786,739	)	$	(5,995,756	)
Adjustments
Adjustments to reconcile profit (loss)
Expected credit losses		–			404,210			–
Depreciation expenses		5,938,167			6,385,999			5,307,581
Amortization expenses		1,687,618			2,361,009			2,897,975
Loss (gain) on disposal of property, plant and equipment		70,698			(459	)		856
Impairment loss		–			–			1,238,548
Loss on lease modification		48,488			–			–
Share listing expenses		70,104,989			–			–
Share option expenses		346,122			375,941			142,416
Interest expense		835,273			666,349			461,118
Interest income		(235,912	)		(37,869	)		(159,275	)
Gains on reversal of accounts and other payables		(960,564	)		–			(25,523	)
Loss on disposal of subsidiaries		69,335			–			124,441
Gains on financial assets and liabilities at fair value through profit or loss		(405,008	)		–			–
Changes in operating assets and liabilities
Changes in operating assets
Contract assets		914,452			(158,970	)		(972,189	)
Notes receivable		–			0			3,074,266
Accounts receivable		3,580,932			(1,579,304	)		(5,060,026	)
Inventories		83,598			(62,449	)		68,568
Prepayments		(1,245,559	)		344,354			(108,164	)
Other receivables		(628,687	)		(187,708	)		79,218
Other current assets		(55,832	)		–			(21,840	)
Other non-current assets		55,361			(30,235	)		(18,657	)
Changes in operating liabilities
Contract liabilities		38,281			20,194			–
Notes payable		(66	)		(35,835	)		(5,850,712	)
Accounts payable		(1,378,916	)		1,371,017			3,102,523
Other payables		9,129			1,163,036			31,344
Provisions		(108,794	)		837			103,850
Other current liabilities		23,017			28,566			(64,222	)
Cash (outflow) inflow generated from operations		(8,320,734	)		2,241,944			(1,643,660	)
Interest received		235,912			37,869			159,275
Interest paid		(686,841	)		(655,673	)		(461,118	)
Tax paid		(2,174	)		(1,167	)		–
Net cash flows (used in) from operating activities		(8,773,837	)		1,622,973			(1,945,503	)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through profit or loss		(1,105,540	)		–			–
Acquisition of property, plant and equipment		(2,935,249	)		(7,496,271	)		(4,121,887	)
Proceeds from disposal of property, plant and equipment		–			459			6,180
Acquisition of intangible assets		(73,093	)		(899,005	)		(1,404,192	)
Disposal in financial assets at amortized cost		2,187,890			135,937			26,483
Investment in financial assets at amortized cost		–			(1,579,329	)		(2,245,333	)
Decrease (increase) in guarantee deposits		368			(72,142	)		5,087
Net cash flows used in investing activities		(1,925,624	)		(9,910,351	)		(7,733,662	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings		12,492,935			5,000,000			3,508,961
Repayments of short-term borrowings		(20,089,523	)		(327,098	)		–
Proceeds from long-term borrowings		3,447,526			6,146,341			1,184,469
Repayments of long-term borrowings		(4,899,022	)		(4,933,134	)		(900,682	)
Principal repayment of lease liabilities		(90,549	)		(33,864	)		(29,716	)
Exercise of share options		–			135,520			112,004
Payment of transaction cost		(292,416	)		–			–
Proceeds from capital reorganization		32,324,004			–			–
Exercise of warrants		714,230			–			–
Net cash flows from financing activities		23,607,185			5,987,765			3,875,036
Effect of foreign exchange rate changes		143,905			91,105			324,900
Net increase (decrease) in cash and cash equivalents		13,051,629			(2,208,508	)		(5,479,229	)
Cash and cash equivalents at beginning of year		9,944,748			12,153,256			17,632,485
Cash and cash equivalents at end of year	$	22,996,377		$	9,944,748		$	12,153,256

The following table shows our EBIT, EBITDA and adjusted EBITDA, together reconciled to the loss for the year ended December 31, 2022 and 2021 (net of operating expenses and non-operating income and expenses and excluding other comprehensive income).

	Year Ended December 31
	2022			2021
	(in thousands)
Loss for the year	$	(87,537	)	$	(8,548	)
Income tax expense (benefit)		430			(238	)
Financial expense, net		599			628
EBIT	$	(86,508	)		(8,158	)
Depreciation expense		5,938			6,386
Amortization expense		1,688			2,361
EBITDA	$	(78,882	)	$	589
Transaction costs⁽¹⁾		2,814			–
Share Listing Expense⁽²⁾		70,105			–
Adjusted EBITDA	$	(5,963	)	$	589

(1) Transaction costs are one-off expenses for professional services related to the Business Combination, asset acquisition and SOX 404 implementation project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA.
(2) Share listing expense represents non-cash IFRS 2 charges recorded in connection with the consummation of the SPAC merger.

GlobeNewswire Distribution ID 8802130

April 4, 2023

Škoda Appoints FCB as Global Agency of Record Led by London Office

Image Description: A graphic celebrating FCB’s appointment as Global Agency of Record for ŠKODA.

LONDON, April 04, 2023 (GLOBE NEWSWIRE) — Škoda Global Marketing Communications has appointed FCB as their new global creative lead agency partner following a four-way pitch involving three other undisclosed agencies. The account will commence from early April and will be run out of the London office with a remit encompassing major product launches and priorities for over 20 major markets.

The review process, which started last year, was handled by The Observatory International (London) on behalf of Škoda Global Marketing, and the new agency will transition with Škoda’s previous agency, OptimistThjnk, until the end of June.

The Volkswagen Group-owned marque is investing in its brand to compete with the upscale market, and the review follows the development of its new brand platform. The new appointment impacts Škoda’s global creative agency relationship only and does not impact its media agency relationship or relationships with agencies in regions or individual markets.

On appointing FCB, Meredith Kelly, Global Head of Marketing Škoda Auto, stated, “With FCB we identified not only first-class agency support but also a true long-term business partner, and they exceeded our expectations throughout every stage of this process. We are looking forward to getting started.”

Katy Wright, CEO FCB Inferno, added, “We had a car-shaped hole in our heart, and we are overjoyed to have filled it with such an iconic auto brand. We look forward to working with the entire global Škoda team in creating business-transforming work.”

“The opportunity to partner with Škoda is a dream come true for everyone across FCB,” said Tyler Turnbull, Global CEO of FCB. “From the first moment we spent together, we felt an incredible connection across our companies given our challenger spirits, passionate people and shared belief in the economic power of creativity. Together, I’m confident that we can help build the Škoda global business like never before.”

About Škoda Auto

› is successfully steering through the new decade with the Next Level – Škoda Strategy 2030.
› aims to be one of the five best-selling brands in Europe by 2030 with an attractive line-up in the entry-level segments and additional e-models.
› is emerging as the leading European brand in important growth markets such as India or North Africa.
› currently offers its customers twelve passenger-car series: the Fabia, Rapid, Scala, Octavia and Superb as
well as the Kamiq, Karoq, Kodiaq, Enyaq iV, Enyaq Coupé iV, Slavia and Kushaq.
› delivered over 731,000 vehicles to customers around the world in 2022.
› has been a member of the Volkswagen Group for 30 years. The Volkswagen Group is one of the most successful vehicle manufacturers in the world.
› independently manufactures and develops not only vehicles but also components such as engines and transmissions in association with the Group.
› operates at three sites in the Czech Republic; has additional production capacity in China, Russia, Slovakia and India primarily through Group partnerships, as well as in Ukraine with a local partner.
› employs 45,000 people globally and is active in over 100 markets.

About FCB

FCB (Foote, Cone & Belding) is a global, award-winning and integrated marketing communications company with a heritage of creativity and success dating from 1873. FCB Inferno, based in London, work with a diverse mix of both local and global clients to create ideas that drive business today and build brands of tomorrow. Ideas that endure and are Never Finished.

Named Cannes Lions 2022 #2 Global Network, 2022 Ad Age A-List, 2022 Fast Company Most Innovative, Cannes Lions 2020/2021 Global Network of the Year, Adweek 2020 Global Agency of the Year and the #1 Global Network on The Good Report, FCB focuses on creating Never Finished campaign ideas that have the power to transform brands, businesses and communities. With more than 8,000 people in 109 operations in 80 countries, the company is part of the Interpublic Group of Companies (NYSE: IPG). Visit fcb.com or follow @FCBglobal on Instagram and Twitter and FCB Global on Facebook and LinkedIn.

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Kellie Gleason

kellie.gleason@fcb.com

GlobeNewswire Distribution ID 8801841

April 4, 2023

Fogo de Chão Announces Plans to Enter Ecuador

Leading restaurant from Brazil signs franchise development agreement with Eljuri Group to bring the Fogo experience to Ecuador for the first time

Coral Gables, Fla.

Guests can enjoy new brand extensions such as the Next Level Lounge and The Butchery in the recently opened Coral Gables, Fla. location. https://fogodechao.com/newsroom

DALLAS, April 04, 2023 (GLOBE NEWSWIRE) — Fogo de Chão, the internationally renowned restaurant from Brazil that allows guests to make discoveries at every turn, today announced plans to make its debut in Ecuador with the signing of a franchise development agreement with the Eljuri Group. Through the agreement, the Eljuri Group is set to bring three Fogo restaurants to Ecuador in the coming years. The first location, in Quito, is slated to open in the summer of 2023. The announcement follows Fogo’s recently announced plans to enter Bolivia, Costa Rica, El Salvador, Canada and the Philippines, as the brand continues to execute its strategic global growth plan.

The first of three restaurants will open at the JW Marriott, Quito’s premier luxury hotel, and will feature Fogo’s innovative design enhancements. The Quito restaurant will showcase Fogo’s recent brand transformation with enhanced design and innovation platforms in a warm, timeless and approachable setting. Design innovation platforms include an open air churrasco grill where guests can watch as gaucho chefs display the culinary art of churrasco, and a glass-enclosed terrace and bar area for guests to enjoy views of the Ecuadorian sky year-round.

The demand fueling Fogo’s international growth strategy can be credited to the brand’s continued year-over-year positive traffic results and a young, growing guest demographic. For nearly 45 years, Fogo has provided guests with authentic experiences rooted in discovery and continues to transform, innovating to fit guests’ needs. Fogo’s newest openings include restaurants in Woodland Hills, Calif., Paramus, N.J., Coral Gables, Fla., Rio de Janeiro, Brazil, Queens, N.Y., Reston, Va., Monterrey, Mexico and more expected soon.

“2023 is starting as another strong year for Fogo as we continue to execute on our long-term strategic growth plan, which includes expanding our presence in South America,” said Barry McGowan, Chief Executive Officer of Fogo de Chão. “We are honored to work with the accomplished team at the Eljuri Group to bring Fogo to Ecuador for the first time. Our franchisees around the world are an essential part of our brand and we are proud to work with them to introduce new guests to the culinary art of churrasco.”

Reston, Va.

Fogo opened the Reston, Va. location in December 2022, marking the 70th location globally for the brand. https://fogodechao.com/newsroom

With operations in the U.S., Latin America and Europe, the Eljuri Group manages a portfolio of well-known, international hospitality, retail and automotive franchises including JW Marriott, Hilton, Wendy’s, Volkswagen, Hyundai and KIA.

“We are proud to work with Fogo de Chão to bring their distinctive menu and innovative dining experience to Ecuador for the first time,” said Juan Pablo Eljuri, Chairman of the Eljuri Group. “As a longtime fan of Fogo de Chão myself, I believe it will be a unique addition to our portfolio of hospitality brands and look forward to bringing the culinary art of churrasco to Ecuadorians soon.”

Paramus, N.J.

In January 2023, Fogo opened its first New Jersey restaurant in Paramus at Garden State Plaza. https://fogodechao.com/newsroom

Founded in Southern Brazil in 1979, Fogo de Chão is a 45-year-old brand known for its dining experience of discovery and showcasing the culinary art of churrasco where guests can watch as gaucho chefs butcher, hand-carve and grill high-quality cuts of protein over an open flame. With a warm, timeless design and signature offerings including a fresh and seasonal Market Table and an award-winning Bar Fogo menu featuring hand-crafted cocktails and South American wines, Fogo has become a destination of choice by both brand advocates and new guests globally.

For more information about Fogo de Chão, visit fogo.com. To learn more about global franchising opportunities, visit fogo.com/global-development/.

About Fogo de Chão
Fogo de Chão (fogo-dee-shown) is an internationally renowned restaurant that allows guests to discover what’s next at every turn. Founded in Southern Brazil in 1979, Fogo elevates the centuries-old cooking technique of churrasco – the art of roasting high-quality cuts of meat over an open flame – into a cultural dining experience of discovery. In addition to its Market Table and Feijoada Bar – which includes seasonal salads and soup, fresh vegetables, imported charcuterie and more – guests are served simply-seasoned meats that are butchered, fire-roasted and carved tableside by gaucho chefs. Guests can also indulge in dry-aged or premium Wagyu cuts, seafood a la carte, All-Day Happy Hour including signature cocktails, and an award-winning South American wine list, as well as smaller, sharable plates in Bar Fogo. Fogo offers differentiated menus for all dayparts including lunch, dinner, weekend brunch and group dining, plus full-service catering and contactless takeout and delivery options. For locations and more information about Fogo de Chão, visit fogo.com.

About Eljuri Business Corporation
The Eljuri Business Corporation leads more than 120 companies within 12 industries, including: Insurance, Ceramics, Cars, Motorcycles, Beverages, Energy, Financial Services, Home Appliances, Logistics, Hospitality, and Telecommunications. Their extensive experience and knowledge in these fields have allowed for their steady and solid growth, establishing themselves as one of the most important business references in the region.

Today, the Eljuri Business Corporation employs more than 10,000 people, demonstrating their commitment to the development of human talent and contributing significantly to the country’s economy.

Fogo
Guests can enjoy new brand extensions such as the Next Level Lounge and The Butchery in the recently opened Coral Gables, Fla. location. https://fogodechao.com/newsroom

Fogo

Fogo opened the Reston, Va. location in December 2022, marking the 70^th location globally for the brand. https://fogodechao.com/newsroom

Fogo

In January 2023, Fogo opened its first New Jersey restaurant in Paramus at Garden State Plaza. https://fogodechao.com/newsroom

Media Contact:
FogoPR@icrinc.com

Photos accompanying this announcement are available at:

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GlobeNewswire Distribution ID 8801767

April 4, 2023

Bipsync and Burgiss team up to provide best-in-class capabilities to private market investors

The new strategic partnership combines Burgiss’ portfolio management with Bipsync’s investment screening, due diligence, CRM, document management, and workflow automation to provide a complete end-to-end lifecycle of private assets.

NEW YORK, April 04, 2023 (GLOBE NEWSWIRE) — Bipsync, a leading provider of RMS technology, and Burgiss, a global provider of data and analytics solutions for investors, announces a new partnership. The Bipsync platform now integrates with Burgiss’ Private i^® Platform, which enables mutual clients operating in private markets to leverage Bipsync’s workflow management and document processing abilities with Burgiss’ best-in-class data and analytics. It is the latest addition to Bipsync’s ecosystem of partnerships that enrich the Bipsync experience and value proposition via integrations with our clients’ preferred data and technology providers.

The new data integration allows existing users of Burgiss’ Private i Platform to access key data at the fund, manager, and portfolio levels within Bipsync. This creates a centralized, single source of truth across the firm – from investment screening to due diligence to portfolio monitoring activities. Benefits of the integration include:

Key investment data from Burgiss is readily accessible to all teams within your organization.
Knowledge can be shared across teams, reducing the need for internal reporting.
All interactions with your investments, peers, and competitors can be easily captured.
Processes can be made repeatable, measurable, and auditable across pre- and post-commitment activities.

Bipsync offers dedicated dashboards for Burgiss data, giving users direct access to valuable insights that they can customize to their unique requirements, without having to submit data requests or switch between applications.

“This Burgiss collaboration is another milestone in our integration work with best-in-class financial data and analytics providers, building an ecosystem of value with Bipsync at its center,” said Danny Donado, CEO at Bipsync. “We’re ensuring critical data and processes are effectively and efficiently shared across firms, bringing investment and operational workflows together in an intuitive solution that streamlines and automates pipeline, due diligence, and portfolio monitoring processes.”

“Bipsync and the Private i Platform were made for each other, and now together cover the entire lifecycle of private capital investing,” said Jim Kocis, Founder & CEO of Burgiss. “Our clients will be absolutely thrilled with the addition of investment pipeline management, workflow capabilities, and seamless integration with Bipsync.”

The new Private i Platform integration is an addition to the existing integration of the Caissa Platform into Bipsync. Get in touch at hello@bipsync.com to learn more and see the integrations in action.

About Bipsync
Bipsync is a research and document processing and workflow automation solution connecting investment front and back offices. We use modern technologies, agile processes, and user-centered design to drive speed, agility, quality, and efficiency into our customers’ processes to drive better decisions, faster. Bipsync clients span the entire investment management industry across asset class, strategy and size. The world’s largest allocators right through to pre-launch fund managers rely on Bipsync as a single system of record and modern productivity environment to help them power their unique investment processes and drive operational excellence. For more information, visit www.bipsync.com.

About Burgiss
Burgiss is a global, market-leading provider of data and analytics solutions for investors. With over 30 years of expertise in alternative investments, we offer unrivaled data, analytics, and transparency that enable asset owners, asset managers, and financial intermediaries to evaluate and manage complex portfolios. Burgiss’ solutions serve 1,000+ clients in more than 30 countries, delivering data that represents over $15 trillion in assets. With offices throughout the Americas, EMEA, and Asia Pacific, we leverage our network and expertise so that we can service our clients by focusing on their varying needs across regions.

Media Contact
Chau Mai
cmai@bipsync.com
(864) 678-0446

GlobeNewswire Distribution ID 8801749

April 4, 2023

Acronis launches new Cyber Cloud data center in Mexico City

The latest Cyber Cloud data center ensures faster access, greater data resiliency, and data sovereignty for service provider clients, while empowering MSPs with comprehensive cyber protection solutions

MEXICO CITY, April 04, 2023 (GLOBE NEWSWIRE) — Acronis, a global leader in cyber protection, today announced the availability of a new Cyber Cloud data center in Mexico City, Mexico. This new addition to the company’s global network of Cyber Cloud data centers provides Acronis partners with access to a comprehensive range of cutting-edge cyber protection solutions, empowering them to create new services and offerings to manage their clients’ data protection needs more efficiently and effectively with faster access, continuous data availability, and the added benefit of data sovereignty.

Acronis’ global network of Cyber Cloud data centers includes more than fifty locations in the U.S., U.K., Switzerland, France, Germany, Japan, Australia, Singapore, and other regions. Today’s announcement marks Acronis’ seventh Cyber Cloud data center presence in North America, following the launch of the Toronto location last month. With the new Cyber Cloud data center, Acronis partners in Mexico and the LATAM region will have access to a full suite of cyber protection solutions and managed cloud solutions via the Acronis Cyber Protect Cloud platform, with the added benefit of local data management and support from their service providers.

“The expansion of Acronis Cyber Cloud data centers into Mexico offers a great advantage to our customers,” said Omar Navarro, General Director at VirtualTech. “We are proud to be an Acronis partner and distributor of its cyber protection solutions throughout Mexico and other Latin American countries, providing the best data security possible. With the proximity of a Cyber Cloud data center closer to our customers, the benefits are vast as Acronis continues to safeguard customer data, but now with a more local presence.”

The Acronis Cyber Cloud data centers are tailored to meet corporate and regulatory needs, enabling partners to exceed compliance, data sovereignty, and performance requirements. Acronis’ worldwide Cyber Cloud data centers adhere to the highest standards of physical security to restrict unauthorized physical access and protect the safety of customer data. The Mexico City Cyber Cloud data center’s standards and reports include ISO/IEC 27001:2013, ISO 14001:2015, ISO/IEC 20000-1:2018, ISO 9001:2015, ISO/IEC 38500:2015, ISO22301:2019, MX-574-2022, and MX-575-2022 underscoring Acronis’ commitment to providing secure and reliable cyber protection solutions.

Purpose-built to provide organizations with the utmost levels of data availability, security, and safety for their critical data, applications, and systems, each facility features state-of-the-art as well as the best operational and security controls. The Acronis Cyber Cloud data centers also follow the approach of need plus one (N+1) for greater redundancy across all hardware layers of its infrastructure, minimizing risks and eliminating single points of failure. This ensures that customers can always rely on Acronis for resilient and robust cyber protection solutions.

Acronis General Manager of Latin America and the Caribbean, Agustin Mella, said “The addition of an Acronis Cyber Cloud data center in Mexico is a huge milestone for our company and our LATAM partners. We are rapidly expanding into the market so this latest launch arms us with the juxtaposition necessary to meet the needs of local customers. With each new Acronis Cyber Cloud data center, we are further enhancing the network of availability to offer the most exceptional cyber protection solution in the market.”

Service providers interested in learning more about the advantages and opportunities that are created by offering integrated cyber protection solutions available are encouraged to visit: https://www.acronis.com/en-us/products/cloud/cyber-protect/.

About Acronis

Acronis unifies data protection and cybersecurity to deliver integrated, automated cyber protection that solves the safety, accessibility, privacy, authenticity, and security (SAPAS) challenges of the modern digital world. With flexible deployment models that fit the demands of service providers and IT professionals, Acronis provides superior cyber protection for data, applications, and systems with innovative next-generation antivirus, backup, disaster recovery, and endpoint protection management solutions powered by AI. With advanced anti-malware powered by cutting-edge machine intelligence and blockchain based data authentication technologies, Acronis protects any environment – from cloud to hybrid to on premises – at a low and predictable cost.

Acronis is a Swiss company, founded in Singapore. Celebrating two decades of innovation, Acronis has more than 2,000 employees in 45 locations. Acronis Cyber Protect solution is available in 26 languages in over 150 countries and is used by 18,000 service providers to protect over 750,000 businesses.

Media Contact:
Karl Bateson
Karl.Bateson@acronis.com

GlobeNewswire Distribution ID 8799909

April 4, 2023

Fortinet Expands its NSE Certification Program to Address Evolving Cybersecurity Skillset Needs

Updates to the Fortinet Network Security Expert (NSE) Certification program and other Training Institute initiatives are helping address the cybersecurity skills gap and the expanding needs of customers and partners

SUNNYVALE, Calif., April 04, 2023 (GLOBE NEWSWIRE) —

John Maddison, EVP of Products and CMO at Fortinet
“Just as the threat landscape is constantly evolving, the same must happen with security teams’ skillsets to stay ahead and eliminate cyber risks. The significant updates we’re making to our flagship NSE Certification program will provide security professionals, including customers and partners, with more flexibility to acquire the skills needed for growth in their ever-evolving job roles. Fortinet is helping close the skills gap by enhancing our award-winning training curriculum that benefits both individuals and the organizations that need skilled talent.”

News Summary
Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced upcoming updates to its flagship Network Security Expert (NSE) Certification program to further help advance cybersecurity skill sets and address the talent shortage.

These updates, going into effect later this year, will help upskill security professionals – including customers, partners and employees – and reskill anyone interested in entering the field by more closely aligning the training curriculum to various cyber career pathways. Other Fortinet certification updates include new naming designations based on proficiency progression and more flexibility for individuals to craft their NSE training journey.

Mitigating Cyber Risks by Addressing the Talent Shortage through Training
One of the top challenges CISOs are facing is the lack of cybersecurity talent to fill the critical roles needed to effectively protect their organizations. Fortinet’s 2023 Global Cybersecurity Skills Gap Report found that as a result of unfilled IT positions due to the cyber skills shortage, 68% of organizations indicate they face additional cyber risks.

To help tackle this challenge, Fortinet established the NSE Certification program in 2015 as part of its longstanding dedication to address the cybersecurity skills gap. In addition to the company’s commitment to technology innovation, this focus transpires into continuously innovating Fortinet’s training curriculum content and how it is delivered. As part of this, the NSE Certification program will now focus on more role-based training aligned to in-demand careers, such as Cloud Security Specialists and Security Operations (SOC) Analysts, which a recent Fortinet report found were the two most sought-after roles.

These changes will further enable security professionals to sharpen their skill sets to stay ahead of new threat methods and learn about the latest security technology to help strengthen their organization’s security posture. At higher levels, there are multiple certification options to better drill down into areas of expertise. The new NSE Certification designations include:

Fortinet Certified Expert (FCX): The most elite designation and what has been known as NSE 8 is evolving into Fortinet Certified Expert (FCX). The FCX certification identifies the highest proficiency in comprehensive and expert knowledge of network security design, configuration, and troubleshooting for complex networks.
Fortinet Certified Engineer (FCE): These certifications further enable learners to specialize in cybersecurity solutions and gain advanced skills that map to the following key areas: Zero Trust Access, Network Security, Public Cloud Security, Security Operations, and OT Security.
Fortinet Certified Professional (FCP): The professional level of certification does a deep dive into role-based training with the ability to certify in the following three areas: Network Security, Public Cloud Security, Security Operations.
Fortinet Certified Associate (FCA): This certification centers around cybersecurity technology with a focus on network security and the technical aspects of the next-generation firewall.
Fortinet Certified Fundamentals (FCF): This certification will focus on the foundational knowledge and skills that are required to learn how to operate cybersecurity products and solutions. This curriculum also offers courses that cover today’s threat landscape and the fundamentals of cybersecurity.

Existing NSE Certification holders with an NSE level 1-8 designation, including Fortinet’s partner community, can expect a smooth transition from their existing achievements to the revamped certification program with required exams clearly mapped out for each proficiency level. These enhancements will begin rolling out gradually with finalized transition expected in the fall of 2023. For information on the overall NSE Certification program updates, visit here. More information about the partner benefits of these changes is available here.

Fostering Cyber Skills through the Fortinet Training Institute
As the cornerstone of the Fortinet Training Institute – also comprised of the Education Outreach program, Academic Partner program, Authorized Training Center program, and more – the expansion of Fortinet’s certifications will also benefit participants of these programs, including veterans, students and under-represented groups. Some key highlights of advancements across these programs in helping address the skills gap and pledge to train 1 million people by 2026 include:

Increasing training through new public and private sector collaborations: Fortinet has partnered with the All-India Council for Technical Education (AICTE) and EduSkills Foundation to offer 100,000 virtual internships in the field of cybersecurity across India. Through these kind of cross sector public and private collaborations, Fortinet is helping bring more talent into the field.
Continuing to build the workforce of the future with new academic partnerships: The Academic Partner program provides academic institutions with Fortinet’s training curriculum to integrate into their students’ learning. Fortinet has surpassed 500 academic partners globally, including the addition of Ecole 2600 based in France that will use Fortinet’s training in its Hybrid Lab providing hands-on learning.
Developing OT security skills: Fortinet is partnering with Purdue University to increase awareness of OT cybersecurity career pathways and foster the development of OT security talent at both the graduate and undergraduate levels. Purdue Polytechnic’s newly constructed Smart Manufacturing laboratories and research testbeds in the new Dudley and Lambertus Halls (Gateway Complex) utilize hardware and software donated by Fortinet to monitor and manage operations, support research, and provide real-world laboratory experiences in their courses. Additionally, Purdue leverages Fortinet training materials to support the laboratory curriculum.
Instilling fundamental cyber awareness through free offering global expansion: Building on the success and demand seen in the U.S. after making the company’s customized version of its Security Awareness and Training service available for free to educators tied to the 2022 White House National Cyber Workforce and Education Summit, Fortinet is expanding the offering across the United Kingdom. The service is now available to more than 1 million education staff in nearly 30,000 schools across the U.K.
Increasing access to technical training for security professionals: Fortinet is increasing access for security professionals to upskill through its Authorized Training Center (ATC) program, with new partners including Computer Gross in Italy and DNS based in Czech Republic.

Additional Resources

More information about the partner benefits of these changes available in this blog or on the Fortinet Partner portal.
For information on the overall NSE Certification program updates visit here.
Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs.
Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.
Learn more about Fortinet’s FortiGuard security services portfolio.
Read about how Fortinet customers are securing their organizations.
Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.

About Fortinet
Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

FTNT-O

Copyright © 2023 Fortinet, Inc. All rights reserved. The symbols ® and denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

Media Contact:	Investor Contact:	Analyst Contact:
Stephanie Lira Fortinet, Inc. 408-235-7700 pr@fortinet.com	Peter Salkowski Fortinet, Inc. 408-331-4595 psalkowski@fortinet.com	Brian Greenberg Fortinet, Inc. 408-235-7700 analystrelations@fortinet.com

GlobeNewswire Distribution ID 8801226

April 4, 2023

Fortinet Unveils New Real-Time Response and Automation Capabilities Across its Security Fabric, Empowering CISOs to Build a Self-Defending Ecosystem

New Innovations, Including FortiOS 7.4, Support Organizations in Building a Cybersecurity Platform Across Endpoint Security, SOC Automation, Threat Intelligence, Identity and Access, and Application Security

SUNNYVALE, Calif., April 04, 2023 (GLOBE NEWSWIRE) — Accelerate 2023

Michael Xie, Founder, President and CTO at Fortinet
“From our founding, Fortinet’s broad portfolio has been built with integration and automation in mind. Our commitment to this vision has made Fortinet a leader in supporting customers with consolidating point products into one unified cybersecurity platform – what we call the Fortinet Security Fabric. With today’s news, we are taking this commitment one step further by adding new real-time response and automation capabilities to improve efficacy, increase effectiveness, and accelerate time to resolution of sophisticated attacks.”

News Summary
Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced it has expanded the Fortinet Security Fabric with new and enhanced products and capabilities to enable advanced threat prevention and coordinated response for a self-defending ecosystem across networks, endpoints, and clouds.

The Majority of Organizations are Pursuing a Consolidation Strategy for Their Security

According to a recent survey from Gartner®, 75 percent of organizations are pursuing security vendor consolidation, up from 29 percent in 2020. The same survey notes, “Security and risk management leaders are increasingly dissatisfied with the operational inefficiencies and the lack of integration of a heterogenous security stack. Buyers are now looking for more efficient and integrated solutions, rather than point security products.”¹

The Fortinet Security Fabric Supports Consolidation

Fortinet leads vendor consolidation with its Security Fabric platform comprised of over 50 enterprise-grade products. Today, Fortinet is widening this leadership position even further by adding new real-time response and automation capabilities across its Security Fabric to transform detection to real-time protection. New products and enhancements, including the introduction of FortiOS 7.4, span the following five key areas:

Endpoint Security & Early Response

Simplify and expedite incident analysis: Built on a cloud-native foundation, FortiEDR and FortiXDR now provide additional interactive incident visualization with enriched contextual incident data using multiple threat intelligence feeds that enable customers to simplify and expedite investigations.
Block anomalous and malicious network activity: Unveiled today is a new FortiNDR Cloud offering which combines robust artificial intelligence, complemented by pragmatic analysis and breach protection technology. The solution provides 365-day retention and visibility into network data, with built-in playbooks, and threat hunting capabilities to detect anomalous and malicious behavior on the network. Customers can also now choose from a self-contained, on-premises deployment powered by Fortinet’s Virtual Security Analyst or a new guided SaaS offering maintained by advanced threat experts from FortiGuard Labs.
Mitigate supply chain risks: FortiRecon, supported by threat experts from FortiGuard Labs, now delivers enhanced proactive threat intelligence into critical risks associated with supply chain vendors and partners, including external exposed assets, leaked data, and ransomware attack intelligence.
Deceive threat actors in real time and at scale: FortiDeceptor now offers vulnerability outbreak defense. When a vulnerability is reported by FortiGuard Labs, the vulnerability is automatically pushed as a feed to the outbreak decoy, to deceive attackers from real assets to fake assets and quarantine the attack early in the kill chain. Further, a SOAR playbook can automatically initiate the creation and strategically place deception assets to gather granular intel and stop suspicious activities.
Access and share threat intelligence with a global community: FortiDeceptor also now offers a new attack exchange program which allows FortiDeceptor customers to anonymously exchange valuable intel on the most current attacks and take proactive steps to avoid a breach.

SOC Automation & Augmentation

Further simplify security operations and accelerate the detection of threats: FortiAnalyzer enables more sophisticated event correlation across different types of log sources using a new intuitive rules editor that can be mapped to MITRE ATT&CK® use cases. In addition, FortiSOAR now offers a turnkey SaaS subscription option, inline playbook recommendations driven by ML, extensive OT security features and playbooks, and unique no/low code playbook creation enhancements.
Reduce alert triage and power more effective threat hunting: FortiSIEM now includes new link graph technology which allows for easy visualization of relationships between users, devices, and incidents. The solution is also now powered by an advanced machine learning framework, which enhances protection by detecting anomalies and outliers that may be missed by traditional methods.
Remain one step ahead of adversaries: Fortinet now offers AI-assisted incident triage through its FortiGuard SOC-as-a-Service offering, as well as new SOC operations readiness and compromise assessment services from FortiGuard Labs.

AI-Powered Threat Intelligence

Effectively counter multi-step, cyber-physical attacks: Fortinet has enhanced its FortiGuard AI-powered Device Security Services to further support IT/OT convergence. Time to protection is significantly reduced with enhanced automated virtual patching for both OT and IT devices based on global threat intelligence, zero-day research, and CVE query service. Granular OT security at the industry level is enhanced with Industrial Internet of Things (IIoT) and Internet of Medical Things (IoMT) device convergence.
Reduce time to remediation and increase threat hunting effectiveness with new mapping of industrial devices and communication paths to the Purdue Reference Model hierarchy, new OT-specific playbooks for threat remediation, and incorporated use of the ICS MITRE ATT&CK® matrix for OT threat analysis.

Identity and Access

Secure access to critical assets: Providing secure remote access for IT and OT networks, FortiPAM, an integral component of Fortinet’s Identity and Access Management portfolio also comprised of FortiAuthenticator and FortiToken, now includes zero-trust network access (ZTNA) controls when users try to access critical assets. The ZTNA tags can be applied to check device posture continuously for vulnerabilities, updated AV signatures, location, and machine groups.

Application Security

Identify and fix vulnerabilities and misconfigurations in pre-production and runtime applications: FortiDevSec is a new comprehensive application security testing solution incorporating SAST, DAST and SCA, for early vulnerability and misconfigurations detection, and protection including secret discovery. The tool scans application code in CI/CD pipelines and provides actionable remediation information to developers. The tool natively integrates with Jenkins, Bamboo, Azure DevOps, and more.

Supporting Quotes

“The received wisdom in security has long been that one should choose best-of-breed products and stitch them all together. Across the industry, the prevailing wisdom has changed as people increasingly realize that it makes more sense to have an integrated stack where different components work seamlessly together to create a proactive and automated security posture, and it is great to see this approach reflected in Fortinet’s Security Fabric.” – JP DiCicco, IT Manager Infrastructure Operations, RES Americas

“Adding additional Fortinet products into our environment and having that single Security Fabric really allows us to respond quickly to incidents, whereas before with the different siloed systems, they did not communicate with each other, so their intelligence was limited. But when we started migrating to the Fortinet suite, it really provided a lot of intelligence and automation to allow us to respond more quickly and to be more proactive.” – Andy Craig, Chief Innovation Officer, Maple Knoll Communities

Fortinet Accelerate 2023
Accelerate is Fortinet’s annual customer and partner conference taking place April 3-6, 2023. Visit Fortinet’s LinkedIn company profile on April 4^th to live stream the keynotes, which will dive into today’s cybersecurity news, as well as new innovations across Fortinet’s secure networking portfolio.

Additional Resources

Read more about Fortinet’s Accelerate news and the benefits of consolidation and convergence in this blog post.
Read about updates to Fortinet’s NSE Certification program and more about the Fortinet Training Institute’s momentum here.
Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs.
Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.
Learn more about Fortinet’s FortiGuard Security Services portfolio.
Read about how Fortinet customers are securing their organizations.
Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.

¹ Gartner, Infographic: Top Trends in Cybersecurity 2022 — Vendor Consolidation, John Watts, Dionisio Zumerle, Published 19 August 2022.

FTNT-O

Media Contact:	Investor Contact:	Analyst Contact:
Camille Burdge Fortinet, Inc. 408-235-7700 pr@fortinet.com	Peter Salkowski Fortinet, Inc. 408-331-4595 psalkowski@fortinet.com	Brian Greenberg Fortinet, Inc. 408-235-7700 analystrelations@fortinet.com

GlobeNewswire Distribution ID 8801076

April 4, 2023

Fortinet Revolutionizes Secure Networking with Unified Management and Analytics Across the Entire Hybrid Network

New Innovations to Fortinet’s Secure Networking Portfolio and FortiOS 7.4 Span Hybrid Mesh Firewall, Secure SD-WAN, Single-Vendor SASE, Universal ZTNA, and Secure WLAN/LAN

SUNNYVALE, Calif., April 04, 2023 (GLOBE NEWSWIRE) — Accelerate 2023

Ken Xie, Founder, Chairman of the Board and Chief Executive Officer at Fortinet
“In the next decade, secure networking will overtake networking and emerge as the predominant market to support the immense processing power requirements of secure connectivity. Fortinet was founded over 20 years ago with the goal of converging networking and security into secure networking solutions. Today we’re deepening unified management and analytics across our secure networking portfolio to give CIOs unprecedented levels of visibility and enforcement across their entire environment–whether on-premises, in the cloud, or a hybrid of both.”

News Summary
Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced new innovations enabling unified management and analytics across its secure networking portfolio. CIOs today must contend with highly complex, disparate environments, and Fortinet delivers game-changing visibility and enforcement across all secure networking elements, including Hybrid Mesh Firewall, Single-Vendor SASE, Universal ZTNA, Secure SD-WAN, and Secure WLAN/LAN.

Secure Networking Expands with New Hybrid Mesh Firewall
Today’s networks are complex hybrid environments that extend across many edges, which is leading most organizations to shift to a secure networking approach that converges security and networking. An emerging component of secure networking is Hybrid Mesh Firewalls. According to Gartner®, “Hybrid Mesh Firewall platforms enable security policy controls to be defined and enforced between workloads, and between users and workloads connected on any network in on-premises first organizations.”¹ Gartner anticipates “by 2026, more than 60 percent of organizations will have more than one type of firewall deployment, which will prompt adoption of hybrid mesh firewalls.”²

Because of Fortinet’s unique converged approach, we’ve already been delivering on the concept of Hybrid Mesh Firewalls to customers for years and are taking things one step further with unified management and analytics across not just Hybrid Mesh Firewalls but our entire secure networking portfolio.

Cut Through Complexity with Unified Management and Analytics Across the Entire Hybrid Network
FortiManager is Fortinet’s centralized management solution that covers the enterprise network across FortiGate Next-Generation Firewall deployments (both on-premises and in the cloud), as well as Secure SD-WAN, Secure WLAN/LAN, and Universal ZTNA. With today’s news, FortiManager now integrates with FortiSASE, Fortinet’s Single-Vendor SASE solution, making Fortinet the only vendor delivering consistent security, management, and analytics across the entire hybrid network.

Additionally, Fortinet is now introducing new updates across its secure networking portfolio and FortiOS 7.4, including:

Hybrid Mesh Firewall for Data Center and Cloud

FortiGate 7080F is a new series of next-generation firewalls (NGFWs) that eliminates point products, reduces complexity, and delivers higher performance through purpose-built ASIC technology and AI/ML-powered advanced security. It delivers a Security Compute Rating of 5x faster NGFW firewall performance, 2x faster IPSec VPN throughput, and 2x better threat protection, all while being 73% more energy efficient per Gbps of firewall throughput compared to the industry standard.
FortiFlex is a new points-based consumption program with support for Hybrid Mesh Firewall deployments and a variety of products, such as virtual machines, FortiGate appliances, and SaaS-based services, among others.

Secure SD-WAN for Branch Offices

Fortinet Secure SD-WAN enables consistent security and superior user experience for business-critical applications, whether in the cloud, the data center, or on-premises, and supports a seamless transition to single-vendor SASE. We believe it’s because of these features that Fortinet was named a Leader in the 2022 Gartner® Magic Quadrant for SD-WAN for the third year in a row.³ New enhancements unveiled today include automation in overlay orchestration to accelerate site deployments and a redesign of the monitoring map view to provide global WAN status for each site.

Single-Vendor SASE for Remote Users and Branch Offices

Fortinet’s Single-Vendor SASE solution, FortiSASE, converges cloud-delivered security and networking to simplify operations across hybrid networks. As part of today’s news, FortiSASE now integrates with FortiManager, allowing unified policy management for Secure SD-WAN and SASE along with unmatched visibility across on-premises and remote users.

Universal ZTNA for Remote Users and Campus Locations

Fortinet Universal ZTNA provides the industry’s most flexible zero-trust application access control no matter where the user or application is located, and new enhancements now deliver user-based risk scoring as part of our continuous checks for ongoing application access.

WLAN/LAN for Branch Offices and Campus Locations

FortiAP, our family of industry-leading, secure WLAN Access Points, can now integrate with Fortinet’s Single-Vendor SASE solution, marking the industry’s first AP integration with SASE. This enables secure micro-branches where an AP is deployed to send traffic to a FortiSASE solution and ensure comprehensive security of all devices at the site.

Supporting Quotes

“The rise of digital transformation and work-from-anywhere has made supporting and securing applications and employees at different locations critical for businesses. As organizations aim to simplify their environments, the market for integrated and secure networking solutions continues to grow. Fortinet has set itself apart by providing a single management platform across its secure networking portfolio for multi-cloud and hybrid environments. In our latest Secure Access Service Edge (SASE) quarterly report, Fortinet is ranked as one of the top three vendors¹ in a market that grew over 40% year-over-year in 2022.”⁴ – Chris DePuy, Technology Analyst – 650 Group

“Our mission has always been to translate our customers’ complex technology needs into practical solutions, and Fortinet helps us do just this. Fortinet’s transformation from an industry-leading firewall provider to a well-rounded secure networking vendor has created a painless journey for our customers as they address changing business needs with new solutions like SD-WAN and SASE. With this announcement, Fortinet is continuing to add capabilities our customers need and is strengthening our ability to provide simplified, efficient secure networking solutions to our clients.” – Neil Anderson, AVP, Cloud & Infrastructure Solutions – World Wide Technology

Fortinet Accelerate 2023
Accelerate is Fortinet’s annual customer and partner conference taking place April 3-6, 2023. Visit Fortinet’s LinkedIn company profile on April 4th to live stream the keynotes, which will dive into today’s secure networking news, as well as new innovations across the Fortinet Security Fabric.

Additional Resources

Read more about today’s Accelerate news and the benefits of consolidation and convergence in this blog post.
Read about updates to Fortinet’s NSE Certification program and more about the Fortinet Training Institute’s momentum here.
Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs.
Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.
Learn more about Fortinet’s FortiGuard Security Services portfolio.
Read about how Fortinet customers are securing their organizations.
Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.

¹Gartner, Hype Cycle for Workload and Network Security, Charlie Winckless, 18 July 2022.

²Gartner, Gartner Magic Quadrant for Network Firewalls, Rajpreet Kaur, Adam Hils, Tom Lintemuth, 19 December 2022.

³Gartner, Magic Quadrant for SD-WAN, Jonathan Forest, Naresh Singh, Andrew Lerner, Karen Brown, 12 September 2022.

⁴ Secure Access Service Edge (SASE) Market Surges over 40% Y/Y in 2022; According to 650 Group, 27 March, 2023.

GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

FTNT-O

Media Contact:	Investor Contact:	Analyst Contact:
Margaret Reeb Fortinet, Inc. 408-235-7700 pr@fortinet.com	Peter Salkowski Fortinet, Inc. 408-331-4595 psalkowski@fortinet.com	Brian Greenberg Fortinet, Inc. 408-235-7700 analystrelations@fortinet.com

GlobeNewswire Distribution ID 8801315

April 4, 2023

Philips and Northwell Health partner to standardize and future-proof patient monitoring across the enterprise

April 4, 2023

New York State’s largest health system adopts Philips patient monitoring platform to drive integration and innovation for a better patient and staff experience and improved outcomes

Amsterdam, the Netherlands and New Hyde Park, N.Y., USA – Royal Philips (NYSE: PHG, AEX: PHIA) a global leader in health technology, and Northwell Health, the largest healthcare provider in the state of New York, USA, announced today they have entered into a seven-year agreement to help the health system standardize patient monitoring, enhance patient care and improve patient outcomes while driving interoperability and data innovation. This will not only allow Northwell Health to lay the foundation for a future-proof, enterprise-wide platform, but the system will also allow them to support innovative technologies as they evolve and give them the flexibility to scale their patient monitoring systems quickly and efficiently.

As the largest healthcare provider in the state, Northwell Health has 83,000 employees, 21 hospitals, including their flagship facilities North Shore University Hospital and Long Island Jewish Medical Center, 850 outpatient facilities and one of the largest residency programs in the U.S. with over 1,900 residents and fellows. All of this to help them address a service area of twelve million people, treating over two million patients a year, delivering over 30,000 babies, and treating more New Yorkers for cancer than any other care provider. Northwell Health is also pioneering research at the Feinstein Institutes, including national clinical trial sites for treating lupus, rheumatoid arthritis, and paralysis.

“With the new system, we wanted something that could leverage our existing IT infrastructure and allow Northwell to offer cybersecurity, while also building in redundancy with local availability,” said Phyllis McCready, vice president and chief procurement officer for Northwell Health. “The new Philips system gives us an enterprise-wide platform that centralizes our patient monitoring and allows us to see what is happening at each bedside. The innovative approach is extensible and allows us to give the communities we serve the very latest technology, while helping us to deliver a better patient and staff experience and better outcomes.”

In the wake of the pandemic, health systems like Northwell Health that already treat millions of patients a year required new levels of scalability. In many cases, they were having to convert unconventional spaces like convention centers and parking lots into ICUs to help treat patients. With the Philips patient monitoring platform, they have a vendor-agnostic system that will leverage the health system’s existing network infrastructure, along with Philips Software Evolution Services, to standardize care and ensure that Northwell Health is at the forefront of monitoring innovation.

“As forward-thinking health systems like Northwell Health take an enterprise-wide approach to healthcare IT, we can help take the guesswork out of the technology and help them to standardize their systems, with an open, interoperable architecture that can break down barriers to integration and simplify workflow for care providers,” said Jeff DiLullo, chief market leader of Philips North America. “Their new patient monitoring system can help minimize manual tasks, give staff a centralized view of patients, and harness the power of massive amounts of data by using AI to provide actionable clinical insights – all of which are helping them to deliver a better patient and staff experience, lower costs and contribute toward the goal of improving outcomes.”

For further media information, please contact:

Mark Groves
Philips Global Press Office
Tel: +31 631 639 916
Email: mark.groves@philips.com

Silvie Casanova
Philips North America
Tel: + 1 781 879 0692
Email: silvie.casanova@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2022 sales of EUR 17.8 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

About Northwell Health
Northwell Health is New York State’s largest health care provider and private employer, with 21 hospitals, about 900 outpatient facilities and more than 12,000 affiliated physicians. We care for over two million people annually in the New York metro area and beyond, thanks to philanthropic support from our communities. Our 83,000 employees – 18,900 nurses and 4,900 employed doctors, including members of Northwell Health Physician Partners – are working to change health care for the better. We’re making breakthroughs in medicine at the Feinstein Institutes for Medical Research. We’re training the next generation of medical professionals at the visionary Donald and Barbara Zucker School of Medicine at Hofstra/Northwell and the Hofstra Northwell School of Nursing and Physician Assistant Studies. For information on our more than 100 medical specialties, visit Northwell.edu and follow us @NorthwellHealth on Facebook, Twitter, Instagram and LinkedIn.

Attachment

Philips InvelliVue MX750 patient monitor in use in the Intensive Care Unit

GlobeNewswire Distribution ID 1000802152

April 4, 2023

Vytelle Closes $20MM in Series B Funding to Accelerate Genetic Progress in Cattle

LENEXA, Kansas, April 04, 2023 (GLOBE NEWSWIRE) — Vytelle, a precision livestock company, has raised $20MM in Series B funding to accelerate genetic progress in cattle. With this new investment, Vytelle will continue to expand its global operations, while delivering the most accessible, reliable, and predictable reproductive technology available to customers today.

The investment was led by Forage Capital Partners, a Calgary based growth equity fund that invests across the entire food and agriculture value chain. New investor, Mountain Group Partners, joins current investors, Grosvenor Food and Ag Tech, Open Prairie, Fulcrum Global Capital, Serra Ventures, and KC Rise to complete the round.

Forage Capital Partner, Jim Taylor said, “Vytelle has proven their ability to scale and deliver consistent results for the benefit of cattle producers aiming to accelerate genetic progress around the world. We are impressed with Vytelle’s track record of growth and delivery and are excited about what the future will bring.”

Vytelle’s integrated technology platform combines Vytelle ADVANCE, a breakthrough in vitro fertilization (IVF) technology, with Vytelle SENSE, an animal performance data capture system, and Vytelle INSIGHT, an artificial intelligence based genetic analytics engine.

As the fastest growing advanced reproduction company, Vytelle is easily accessible to more than 50% of the US cow herd. Combining this footprint, with Vytelle’s curation of the world’s largest multibreed efficiency database, provides the infrastructure to impact bovine genetic progress rapidly. Progressive cattle producers can use the technology to multiply the impact of elite livestock productivity and profitability, sustainably delivering more protein with fewer inputs.

“We are delighted to have secured this new investment; this is indicative of strong market interest in our products and services. Our mission is clear, and we are grateful for the support of our investors who join us on our journey to ensure meat and milk are viable food choices for future generations.” said Kerryann Kocher, CEO of Vytelle.

About Vytelle

Vytelle is a precision livestock company reshaping how cattle producers worldwide optimize their herds. Through Vytelle’s integrated technology platform, generations of genetic gains can be made in just a few years. This allows producers to sustainably deliver more protein with fewer inputs, helping to ensure meat and milk are viable, competitive food choices for future generations. For more information about Vytelle, please visit www.vytelle.com.

About Forage Capital Partners

Forage Capital Partners is Canada’s most experienced team of Ag & Food investors, having managed over $500 million in commitments to the industry over the last 18 years. Forage Capital Ag & Food Business Solutions Fund works to provide its portfolio companies with the stability and flexibility they need to expand and adapt their business models during these challenging times. The fund will invest with creative business owners that are looking to capitalize on new and innovative opportunities. For more information on Forage Capital Partners, visit www.foragecapitalpartners.com.

About Mountain Group Partners

Mountain Group Partners is a Nashville-based venture capital firm that invests in early-stage companies predominantly in the life sciences, animal health and disruptive technology sectors.  The firm has invested in companies across animal health primarily in companion animals and technologies centered on improving protein production.  Mountain Group takes a hands-on approach to investing based upon its deep operational experience and currently has over $300 million in assets under management. For more information on Mountain Group Partners, visit www.mtngp.com.

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Vytelle Announces Series B Funding

Lisa Rumsfeld
Vytelle
lisa.rumsfeld@vytelle.com

GlobeNewswire Distribution ID 8801024