Companies news of 2018-02-07 (page 1)

 
Sapiens Acquires North American P&C Solution Provider Adaptik

HOLON, Israel, February 7, 2018 /PRNewswire/ --

Acquisition is the latest step in Sapiens' journey to offer the U.S. insurance market a modern, modular, fully integrated property and casualty insurance platform  

Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced today that it has entered into a definitive agreement to acquire Adaptik. This acquisition will enable Sapiens to provide North American property and casualty (P&C) carriers with an enhanced platform, which will improve Sapiens' competitive position and enable it to increase its market share in the North American insurance market.

     (Logo: http://mma.prnewswire.com/media/585787/Sapiens_Logo.jpg )

Pennsylvania-based firm Adaptik offers P&C insurers policy administration and billing capabilities, for commercial, personal, specialty and workers' compensation lines of business.

"We see this acquisition as a major step in Sapiens' North American strategy and market positioning," said Karlyn Carnahan, head of the Americas, Property and Casualty, Celent. "By bringing together the strengths of the Adaptik and StoneRiver products, Sapiens is able to offer a strong portfolio of solutions that is well-tuned for the North American market. The additional resources provided by Sapiens will strengthen their competitive marketplace position and allow them to continue to add key capabilities as their clients focus on expanding their digital strategies."    

Roni Al-Dor, Sapiens president and CEO said, "The acquisition of Adaptik creates synergy with Sapiens' strong current capabilities. It will enable us to offer a truly modern, comprehensive property and casualty digital insurance platform. This platform will be formed by combining three powerful core components: Adaptik Policy, Adaptik Billing and Stream® Claims, accompanied by Sapiens' existing solutions for data and analytics, digital engagement and distribution, and cloud operation."  

"We continue to expand in the North American insurance space, a key market for Sapiens' planned growth. To service lower-tier insurance carriers, we acquired Maximum Processing and its Stingray system, followed by the acquisition of StoneRiver, Inc. in early 2017, for the mid- to upper-tiers," added Al-Dor. "Now, enhanced by the Adaptik acquisition, those transactions enabled Sapiens to establish a stronger presence in the U.S., while extending our reach with capabilities that are specifically fit to market across the life and annuities (L&A) and P&C markets."

"As part of the Sapiens organization, the Adaptik team and clients will have access to extensive resources and a global network of relationships," said John Pettit, Adaptik's co-founder and CEO. "By incorporating our solutions as part of a leading software platform, our policy administration and billing capabilities will be future-proofed and fully integrated. We look forward to transitioning into the Sapiens organization as seamlessly as possible to ensure uninterrupted service for our customers."

"In addition to its product portfolio, Adaptik's established, in-production customer base, along with its experienced and talented team, made for an attractive proposition for Sapiens," continued Al-Dor. "P&C providers seeking flexible product configuration will be well-served by our newly constituted P&C platform, offered as a single suite, or as standalone components. Carriers can also choose between a full cloud-based deployment, or the traditional on-premise option. This flexibility will enable carriers to best satisfy their specific financial and operational needs."

Highlights of the Sapiens' P&C platform for North America include:

  • Pre-defined insurance products and business content
  • An insurance data repository and advanced analytics solutions, with initiatives around advanced data management and predictive analytics
  • A digital engagement platform, featuring portal, mobile and customer engagement tools
  • An insurtech ecosystem with rapid integration capabilities, including pre-integration to leading technologies, such as personalized video, chatbots, artificial intelligence and machine learning-based services
  • Open API architecture, with easy and configuration-based integration
  • Cloud and software-as-a-service as an emerging and strategic deployment approach
  • A robust reinsurance solution

Adaptik Policy is used by agents, underwriters and customers to quote, issue and administer policies. It includes built in integration with third-party systems and provides comprehensive policy lifecycle support for all P&C lines of business. Adaptik Billing enables P&C carriers to integrate with third-party systems and data repositories, enjoy best-in-class usability and automate processes throughout the billing lifecycle. These offerings improve policy administration and billing for commercial, personal and specialty lines of business. StoneRiver Stream® Claims is an underlying platform that prepares P&C carriers to adapt to new business requirements, while streamlining end-to-end claims processing for all personal and commercial lines.

Adaptik's expected non-GAAP full year 2017 revenues were $12 million. Sapiens expects this transaction to be accretive to earnings starting in 2019. Sapiens will pay an aggregate cash consideration of between $19.5 million and $22 million, subject to retention and performance. 

The transaction is expected to be completed in early March 2018. Upon completion, Adaptik will become wholly owned by Sapiens.

Conference Call 

Sapiens management will host a conference call and webcast to review and discuss the Adaptik acquisition, along with preliminary results for full-year 2017 and financial guidance for full-year 2018, on Monday, February 12, at 9:00 a.m. Eastern Time (4:00 p.m. in Israel).

Please call the following numbers (at least 10 minutes before the scheduled time) to participate:

North America (toll-free): +1-888-668-9141; International: +972-3- 9180609; UK: 0-800-917-5108.

The live webcast of the call can be viewed on Sapiens' website at: http://www.sapiens.com/investors/presentations-and-webcast/

If you are unable to join live, a replay of the call will be accessible until February 22, 2018:

North America: 1-888-782-4291; International: +972-3-925-5918.

A recorded version of the webcast will also be available for three months via the Sapiens website.

About Adaptik 

Adaptik Corporation was founded in 2000 by seasoned insurance professionals who had previously worked for some of the largest and most respected insurers in the field, including Chubb, Travelers and Samsung Fire & Marine. Numerous large P&C carriers rely on Adaptik's solutions and its team to meet their most complex product, business process and integration requirements. For more information: www.adaptik.com.

About Sapiens 

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector. We offer integrated core software solutions and business services, and a full digital suite for the property and casualty/general insurance; life, pension and annuities; and reinsurance markets. Sapiens also services the workers' compensation and financial and compliance markets.

Our portfolio includes policy administration, billing and claims; underwriting, illustration and electronic application; reinsurance and decision management software. Sapiens' digital platform features customer and agent portals, and a business intelligence platform. With a 30-year track record of delivering to more than 400 organizations, Sapiens' team of over 2,500 operates through our fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information: www.sapiens.com.

Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com


Supermicro Expands Edge Computing and Network Appliance Portfolio with New High Density SoC Solutions

Mini-ITX platforms based on the New Intel® Xeon® D-2100 SoC (System-on-a-Chip) Processor for compact high-performance, low power, feature rich embedded and IoT (Internet of Things) applications

SAN JOSE, California, Feb. 7, 2018 /PRNewswire/ -- Super Micro Computer, Inc. (NASDAQ: SMCI), a global leader in enterprise computing, storage, networking solutions and green computing technology, today announced several new additions to its edge computing and network appliance portfolio based on the new Intel® Xeon® D-2100 SoC (System-on-a-Chip) processor.

Supermicro expands Edge Computing and Network Appliance product portfolio with new Intel Xeon D-2100 SoC solutions

Leveraging its deep expertise in server technology, Supermicro is bringing customers some of the first Intel® Xeon® D-2100 System-on-a-Chip (SoC) processor-based solutions. The company's X11SDV series motherboards offer infrastructure optimization by combining the performance and advanced intelligence of Intel® Xeon® processors into a dense, lower-power system-on-a-chip. Supermicro is introducing a wide range of new systems to the market including compact embedded systems, rackmount embedded systems, as well as multi-node MicroCloud and SuperBlade systems.

With server-class reliability, availability and serviceability (RAS) features now available in an ultra-dense, low-power device, Supermicro X11SDV platforms deliver balanced compute and storage for intelligent edge computing and network appliances. These advanced technology building blocks offer the best workload optimized solutions and long life availability with the Intel® Xeon® D-2100 processor family, available with up to 18 processor cores, up to 512GB DDR4 four-channel memory operating at 2666MHz, up to four 10GbE LAN ports with RDMA support, and available with integrated Intel® QuickAssist Technology (Intel® QAT) crypto/encrypt/decrypt acceleration engine and internal storage expansion options including mini-PCIe, M.2 and NVMe support.

"These compact new Supermicro Embedded Building Block solutions bring advanced technologies and performance into a dense, low-power system-on-a-chip architecture, extending intelligence to the data center and network edge," said Charles Liang, President and CEO of Supermicro. "With the vast growth of data driven workloads across embedded applications worldwide, Supermicro remains dedicated to developing powerful, agile, and scalable IoT gateway and compact server, storage and networking solutions that deliver the best end to end ecosystems for ease of deployment and open scalability."

Supermicro's new SYS-E300-9D is a compact box embedded system that is well-suited for the following applications:  network security appliance, SD-WAN, vCPE controller box, and NFV edge computing server. Based on Supermicro's X11SDV-4C-TLN2F mini-ITX motherboard with four-core, 60-watt Intel Xeon D-2123IT SoC this system supports up to 512GB memory, dual 10GbE RJ45 ports, quad USB ports, and one SATA/SAS hard drive, SSD or NVMe SSD.

The new SYS-5019D-FN8TP is a compact (less than 10-inch depth) 1U rackmount embedded system that is ideal for cloud and virtualization, network appliance and embedded applications. Featuring Supermicro's X11SDV-8C-TP8F flex-ATX motherboard supporting the eight-core, 80-watt Intel Xeon D-2146NT SoC, this power and space efficient system with built-in Intel QAT crypto and compression supports up to 512GB memory, four GbE RJ45 ports, dual 10GbE SFP+ and dual 10GbE RJ45 ports, dual USB 3.0 ports, four 2.5" internal SATA/SAS hard drives or SSDs, and internal storage expansion options including mini-PCIe, M.2 and NVMe support.

For more details on Supermicro's Xeon SoC processor-based solutions, please visit https://www.supermicro.com/products/nfo/Xeon-D.cfm

For more information on Supermicro's complete line of Embedded Building Block Solutions visit www.supermicro.com/Embedded or download an Embedded Solutions Brochure.

Supermicro is introducing two new MicroCloud servers based on the new processors. Perfect for cloud computing, dynamic web serving, dedicated hosting, content delivery network, memory caching, and corporate applications, these systems support eight hot-pluggable server nodes in a 3U enclosure with a centralized IPMI server management port.  The SYS-5039MD8-H8TNR features the 8-core, 65-watt Intel Xeon D-2141i SoC, and the new SYS-5039MD18-H8TNR features the 18-core, 86-watt Intel Xeon D-2191 SoC.  Each server node for these MicroCloud systems supports up to 512GB of ECC memory, one PCI-E 3.0 x16 expansion slot, two hybrid storage drives that support U.2 NVMe/SATA3, two M.2 NVMe/SATA3 connectors, and dual GbE ports.

Supermicro's 4U/8U SuperBlade enclosures feature blade servers that support new Intel Xeon D-2100 System-on-a-Chip (SoC) processors, including the 18-core D-2191 processor as well as the 16-core D2187NT processor with 100G Crypto/Compression. The blade servers support up to 512GB DDR4 memory, hot-plug 2.5" U.2 NVMe/SATA drives, M.2 NVMe, and 25Gb\10Gb Ethernet and 100G Intel® Omni-Path (OPA) or 100G EDR InfiniBand. Redundant chassis management Modules (CMM) with industry standard IPMI management tools, high-performance switches, integrated power supplies and cooling fans, Battery Backup Modules (BBP) make this all-in-one blade solution ideal for datacenter and cloud applications.

For complete information on Supermicro products, visit www.supermicro.com.

Follow Supermicro on Facebook and Twitter to receive their latest news and announcements.

About Super Micro Computer, Inc. (NASDAQ: SMCI)
Supermicro® (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced Server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and Embedded Systems worldwide. Supermicro is committed to protecting the environment through its "We Keep IT Green®" initiative and provides customers with the most energy-efficient, environmentally-friendly solutions available on the market.

Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.

Intel and Xeon are registered trademarks of Intel Corporation in the United States and other countries.

All other brands, names and trademarks are the property of their respective owners.

SMCI-F

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CarGurus Hires Wendy Harris as Vice President of European Sales

Former Dropbox EMEA Sales Director Will Lead CarGurus International Dealer Sales Operations

CAMBRIDGE, Massachusetts, Feb. 7, 2018 /PRNewswire/ -- CarGurus, Inc. (NASDAQ: CARG) a leading global online automotive marketplace, today announced that Wendy Harris has joined the company as Vice President of European Sales. Wendy comes to CarGurus from Dropbox, where she had been since 2015, most recently as Director of EMEA Core Enterprise Sales.  She will be based out of CarGurus' European Headquarters in Dublin, Ireland.

"We are thrilled to welcome Wendy to our team. She is an experienced sales leader with an impressive track record of driving sales growth and developing high-performance sales teams," said Sam Zales, COO at CarGurus. "CarGurus is now the most visited online automotive marketplace in the United States, and we are building our presence in Europe. Not only do we provide a trusted and transparent shopping experience for consumers, we also deliver exceptional value for dealers through our customer acquisition marketing products. Wendy will help us build on the success we've had to date and guide our European sales operations going forward." 

Wendy joins CarGurus after leading strong growth as Head of EMEA Sales at Dropbox in Dublin.  She previously led UK mid-market sales at AdRoll, a digital advertising and re-targeting SaaS business, and worked in Content Marketing at Facebook in Dublin.  Prior to this, Wendy spent 11 years as a European and US Shares Trader at Goldman Sachs.

"CarGurus is a pioneering company and I am very excited to be a part of this talented team," said Wendy Harris. "The technical innovation that CarGurus brings to digital automotive retail drives exceptional value for dealers, and I look forward to forging strong relationships with our customers as we continue to build our business in Europe."

CarGurus was founded in the United States in 2006, and launched its Europe business in 2015 with CarGurus UK (www.cargurus.co.uk), followed by CarGurus Germany (www.cargurus.de) in 2017. The company uses a differentiated, technology-driven platform to enable consumers to search car listings and connect with dealers. Dealers can list their stock on the CarGurus marketplace platform for free or through a range of value-added subscriptions that drive customer connections and help sell cars. Automotive dealerships in the UK that are interested in learning more about CarGurus can contact the company here.

About CarGurus
Founded in 2006, CarGurus (NASDAQ:CARG) is a global, online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top rated dealers. CarGurus operates online marketplaces in the United States, Canada, the United Kingdom and Germany. To learn more about CarGurus, visit www.cargurus.com.

CarGurus is a registered trademark of CarGurus, Inc.

Carl Data Poland Works with University on Advancing AI Applications

VANCOUVER, British Columbia, February 7, 2018 /PRNewswire/ --

CSE: CRL 
FSE: 7C5 
OTC: CDTAF 

Carl Data Solutions Inc.'s (CSE: CRL; FSE: 7C5; OTC: CDTAF) ("Carl Data" or the "Company"), Polish subsidiary will be working closely with a team of engineering and robotics masters students at the Gda?sk University of Technology to continue R&D for its wastewater infrastructure monitoring machine learning features. Lead by a PhD with over ten year's experience coordinating teams researching automated control and decision systems, and robotics, these technology specialists will help Carl Data's Polish data science centre remain at the forefront of artificial intelligence (AI) applications for this sector.

Tomasz Bia?aszewski, PhD, has been fascinated with applying advanced robotics and automated control systems to water and wastewater infrastructure since he began his master's thesis in 1997. By the time he finished his PhD in 2006, he had shifted his focus to applying machine learning (AI) algorithms to gain insight from the data gathered by his mobile robotics systems.

"Poland has many problems optimizing its waste water infrastructure," said Bia?aszewski. "These issues are associated with huge costs, especially where leaks and overflows occur."

By working closely with the Carl Data Poland's data scientists, Bia?aszewski and his team are helping create a fast, logical machine learning system to address a very complex engineering problem. Carl Data is combining their big data sets acquired from over a dozen years monitoring wastewater infrastructure with data from a specially designed control system, and then using the university's super computers to build breakthrough precision for its predictive analytic features.

"An additional product of this research is sensor anomaly detection," said Piotr Stepinski. "These tools are extremely valuable across North America and the EU in monitoring aging infrastructure which is vital for the safety of the environment and the public."

Greg Johnston, Carl Data CEO, commented, "These new products and features will further set Carl Data apart from its competition by dramatically increasing operational efficiency in sensor monitoring analysis. This advantage that will help Carl Data achieve its revenue targets by offering a superior product from its Big Data as a Service (BDaaS) Platform."

About Carl Data Solutions Inc. 
Carl Data Solutions Inc. an Industrial IoT (IIoT) company focused on providing next generation information collection, storage and analytics solutions for data-centric companies. Building on its recent acquisitions, Carl helps its clients analyze and understand all forms of environmental data through a powerful platform of data collection, monitoring, reporting, and predictive analysis tools.

Carl Data continues to develop applications to work with new cloud-based mass storage services and analytics tools (Big-Data-as-a-Service (BDaaS) to provide scalability for municipalities, utilities and other industrial verticals. These data collection and storage methods allow the company to build smart Software-as-a-Service (SaaS)-based applications that can collect data from many diverse sources and provide deep insight for decision-making purposes.  More information can be found at http://www.CarlSolutions.com.

On behalf of the Board of Directors: 

Greg Johnston
President, Chief Executive Officer and Director
Carl Data Solutions Inc.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

Kimberly Bruce, Corporate Communications, Carl Data Solutions Inc., Telephone: +1-778-379-0275, Email: kimberly@carlsolutions.com  

Fineqia Announces Set up of Blockchain Investment Advisory Group

LONDON, February 7, 2018 /PRNewswire/ --

Fineqia International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTCPink: FNQQF) (Frankfurt: FNQA) is pleased to announce the formation of an advisory group of experts on distributed ledger technologies, commonly referred to as the blockchain.

The set up of this group is in line with the Company's strategic shift towards investments in and acquisitions of companies developing and propagating blockchain based financial solutions that are adjunct to the Company's core business of placing debt and equity securities.

Rudra Dalmia, one of Fineqia's current advisors, is setting up the investment advisory group. He was previously the Managing Director of Danish investment bank Saxo Bank's India entity, Saxo Financial Services Private Limited. Mr Dalmia is also an advisor to family investment offices in Europe and India and a consultant to Swordfish Investments LLP, a London-based private equity fund.

"Blockchain technologies represent a paradigm shift in the functioning of financial services," said Fineqia advisor, Rudra Dalmia. "The long term value of this new technology is still being mapped out and we want to actively participate in the architecture of this new landscape."

The Company is investigating the set up of a subsidiary to focus on effectively managing and growing its portfolio of blockchain-related investments such as the investment in London-based Nivaura, made along with New York-based Digital Currency Group, announced last month.

Fineqia also announces the departure of Karolina Komarnicka as Chief Marketing Officer ("CMO"). The Company is actively looking for a new CMO with expertise in blockchain technologies and crypto currencies.

About Fineqia International 

Fineqia International is a listed entity in the Canada (CSE: FNQ), US (OTCPink: FNQQF) and Europe (Frankfurt: FNQA). Fineqia International outlines the Company's corporate governance, culture, processes and relations by which the Company and its subsidiaries are controlled, directed and governed. Fineqia International oversees and ensures the overall success, planning and growth of the Company and all of its subsidiaries, including its adoption of blockchain technologies. For more information, visit https://investors.fineqia.com/news.

FORWARD-LOOKING STATEMENTS 

Some statements in this release may contain forward-looking information (as defined under applicable Canadian securities laws) ("forward-looking statements"). All statements, other than of historical fact, that address activities, events or developments that Fineqia (the "Company") believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the  failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement except to the extent required by applicable securities laws.

W: http://www.fineqia.com

Media Contact:
Bundeep Singh Rangar
CEO
Bundeep.Rangar@Fineqia.com
Tel: +44-203-500-3462

Wix's Hagit Kaufman to Share Secrets of Stunning Design at AWWWARDS Berlin Digital Thinkers Conference

Find out what happens when two designers start with a blank page and no brief, no creative restrictions and no developer assistance

BERLIN, Feb. 7, 2018 /PRNewswire/ -- Wix.com Ltd. (NASDAQ: WIX) is delighted to be sponsoring and presenting at the AWWWARDS Berlin Digital Thinkers Conference, February 7-9, 2018. The session, titled "Start from Scratch: A 14-Day Website Based on True Events," features Hagit Kaufman, vice president of design and brand, at Wix, along with two designers from the Wix in-house studio, Naama Hoffman and Erez Atias. Together, they'll discuss the process of meeting the ultimate creative challenge?how to design an amazing website from a blank page with no brief, no creative restrictions and no developer assistance?in just two weeks.

Hagit Kaufman, vice president of design and brand at Wix, to speak at AWWWARDS Berlin Digital Thinkers Conference

Wix's in-house design studio is the largest of its kind in Israel. The 170-person team is the creative force behind the Wix user interface, as well as the inspiring product design, web templates and media used by more than 121 million users around the world. During the session, lead Wix studio designers will take attendees on a design journey through their fast-paced and often amusing process of creating a stunning website from scratch in minimal time, using the advanced capabilities of the Wix Editor, Wix's sophisticated drag-and-drop platform.

"When you put Wix Editor in the hands of a designer, the possibilities are insane," said Hagit Kaufman, vice president of design and brand at Wix. "It enables designers and developers to push the limits of web design to build visual, innovative brands. This session is all about joining our fellow digital dreamers in Berlin and giving them the tools they need to blaze a trail toward complete creative freedom online."

Wix Session Details:

  • Start from Scratch: A 14-Day Website Based on True Events
  • Date: February 8, 2018
  • Time: 16h00 Central European Time
  • Location: The Langenbeck-Virchow-Haus, Berlin
  • Speakers from Wix: Hagit Kaufman, vice president of design and brand; Naama Hoffman, product design team lead; and Erez Atias, brand designer
  • The presentation will be available for replay after the event on the Wix High on Design Blog

Creative Inspiration:
Follow along and get design inspiration, tips and tutorials from the Wix High on Design social channels:

The Wix product suite includes powerful solutions for creators of all kinds. In addition to Wix Editor and Wix ADI, Wix has recently launched Wix Code, a powerful all-in-one coding environment, to answer the needs of all designers and developers. To learn more, visit: wix.com/code/home

About Wix
Wix is leading the way with a cloud-based development platform for over 121 million registered users worldwide. Wix was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, artists, and individuals to take their businesses, brands and workflow online. The Wix Editor, Wix ADI, a highly curated App Market and Wix Code enable users to build and manage a fully integrated and dynamic digital presence. Wix's headquarters are in Tel Aviv with offices in Be'er Sheva, Berlin, Dnipro, Kiev, Los Angeles, Miami, New York, San Francisco, São Paulo and Vilnius.

Media Relations:
Vivian Hernandez
pr@wix.com  
415-517-6539

Visit us: on our blogFacebookTwitterInstagramLinkedInPinterest and Google+ 
DownloadWix App is available for free on Google Play and in the App Store

Erez Atias, brand designer at Wix, to speak at the AWWWARDS Berlin Digital Thinkers Conference

 

Naama Hoffman, product design team lead at Wix, to speak at AWWWARDS Berlin Digital Thinkers Conference

 

 

Photo - https://mma.prnewswire.com/media/638825/Wix_Hagit_Kaufman_AWWWARDS.jpg

Photo - https://mma.prnewswire.com/media/638826/Wix_Erez_Atias_AWWWARDS.jpg

Photo - https://mma.prnewswire.com/media/638827/Wix__Naama_Hoffman_AWWWARDS.jpg

Logo - https://mma.prnewswire.com/media/562291/Wix.jpg

 

Electrolux to Receive Statement of Objections From the French Competition Authority

STOCKHOLM, Feb. 7, 2018 /PRNewswire/ --

The French Competition Authority has informed Electrolux that it will issue a Statement of Objections alleging that Electrolux and other appliance manufacturers have acted in breach of antitrust rules in France during the period September 2006 to April 2009.

A Statement of Objections is a formal step in an investigation whereby the Competition Authority informs the concerned parties of its preliminary conclusions. The Statement of Objections does not prejudge the final outcome of the case.

As previously disclosed in Electrolux annual reports, Electrolux became in 2013 the subject of an investigation by the French Competition Authority regarding a possible violation of antitrust rules.

The Authority has thereafter decided to conduct two separate investigations. In one of the investigations, the Authority has now informed Electrolux that it intends to issue a Statement of Objections in March 2018, alleging that Electrolux and other appliance manufacturers have coordinated their prices of large domestic appliances in France during the period September 2006 to April 2009. As for the other investigation, which is still ongoing, the Authority has so far not communicated any conclusions and it is therefore too early to assess to what extent that investigation may affect the Group. Electrolux is cooperating fully with the Authority in these investigations.

The Statement of Objections will be analyzed by Electrolux when received. Given the nature of these investigations, it cannot be ruled out that the outcome could have a material impact on Electrolux financial result and cash flow. At this stage it is however not possible to evaluate the extent of such an impact.

For further information, contact:

Arba Kokalari
Electrolux Press Hotline
+46-8-657-65-07

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 0800 CET on February 7, 2018.

This information was brought to you by Cision http://news.cision.com
http://news.cision.com/electrolux/r/electrolux-to-receive-statement-of-objections-from-the-french-competition-authority,c2446639

The following files are available for download:

 


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