Monthly Archives: June 2020

Funds Managed by Affiliates of Apollo Complete Tech Data Acquisition

Tech Data Plans to Invest Approximately $750 Million in Digital Transformation Initiatives to Improve Channel Partner Experience

Strong Pro Forma Balance Sheet Gives Significant Financial Flexibility, Makes Tech Data One of the Lowest Levered Sponsor-Backed Companies

NEW YORK, June 30, 2020 (GLOBE NEWSWIRE) — An affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced completion of its acquisition of Tech Data Corporation (Nasdaq: TECD) (“Tech Data”), one of the world’s largest technology distributors. Chief Executive Officer Rich Hume will continue to lead Tech Data from its headquarters in Clearwater, Florida.

“Tech Data is a global, market-leading company with an excellent management team and significant opportunities for expansion,” said Matt Nord, Co-Lead Partner of Private Equity at Apollo. “As a result of this acquisition and the resources we can bring to bear, Rich and the Tech Data team will have the strategic and financial flexibility to invest in new technology, expand services and pursue transactions that we believe will drive long-term value creation.”

Tech Data CEO Rich Hume said, “We are excited to enter Tech Data’s next chapter as a private company with our new sponsors at Apollo who have a track record of building great businesses in our sector. Having a single, strategic equity owner that’s fully aligned with our mission we believe gives us a real advantage in accelerating our transformational strategy and allows us to think more creatively – without the short-term demands that can come with public ownership.”

The transaction gives Tech Data an enterprise value of approximately $6 billion and included a $3.75 billion equity investment made by Apollo. With approximately 2.5x leverage, Tech Data is one of the highest credit quality, lowest levered sponsor-backed companies. As part of its go-forward plan, over the next five years Tech Data plans to invest approximately $750 million in digital transformation initiatives to better serve its channel partners. This includes investments in technology to expand its StreamOne Cloud Platform, optimize and standardize processes and apply data and analytics to be more agile in a rapidly evolving environment.

Apollo Private Equity Partner Robert Kalsow-Ramos added, “Tech Data benefits from exceptional global capabilities, a strong financial position and a values-driven corporate culture, all within an industry that continues to experience strong secular growth. We are excited to now leverage Apollo’s resources and experience to support the management team and take Tech Data to the next level of industry leadership and service to its customers, including thousands of small- and medium-sized businesses around the world. Today’s announcement of a $750 million investment in digital transformation is a testament of this focus and our commitment to Tech Data’s long-term growth.”

Pursuant to the terms of the merger agreement, an affiliate of certain funds managed by affiliates of Apollo acquired all of the outstanding shares of Tech Data common stock. Tech Data’s shareholders are entitled to receive $145 in cash for each share of TECD common stock owned. As a result of the completion of the merger, shares of Tech Data’s common stock no longer trade on the NASDAQ Global Select Market.

About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $316 billion as of March 31, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.

About Tech Data
Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 90 on the Fortune 500® and has been named one of Fortune’s World’s Most Admired Companies for 11 straight years. To find out more, visit www.techdata.com or follow us on Twitter, LinkedIn, Facebook and Instagram.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable federal securities laws.  The forward-looking statements include, without limitation, statements concerning the performance of Tech Data.  Forward-looking statements involve risks and uncertainties, including but not limited to economic, competitive, and technological factors outside Apollo’s or Tech Data’s control that may cause actual results to differ materially from the forward-looking statements. You should not place undue reliance on forward-looking statements as a prediction of actual results.  Apollo and Tech Data expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Apollo Contact Information
For investors please contact:
Gary M. Stein
Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0467
gstein@apollo.com

Ann Dai
Investor Relations Manager
Apollo Global Management, Inc.
(212) 822-0678
adai@apollo.com

For media inquiries please contact:
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
jrose@apollo.com

Tech Data Contact Information
For investors please contact:
Arleen Quiñones
Corporate Vice President, Investor Relations & Corporate Communications
(727) 532-8866
arleen.quinones@techdata.com

For media inquiries please contact:
Bobby Eagle
Director, External Communications
(727) 538-5864
bobby.eagle@techdata.com

With COVID-19 Lingering, Virtusa and Modjoul Partner to Get America Back to Work Safely

Health Checks, Contact Tracing, and Social Distancing from Factory Floors to Office Halls

SOUTHBOROUGH, Mass., June 30, 2020 (GLOBE NEWSWIRE) — Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering, and IT services, and Modjoul, a software services company that gathers information in real-time, today announced the development and delivery of the Modjoul Health Platform to help Americans get back to work safely.

One organization already using the Modjoul Health Platform is Table 301 Restaurant Group, which operates ten restaurants and food trucks in and around Greenville, SC.

“We began using Modjoul in May 2020 in response to the COVID-19 pandemic in an effort to do everything possible to provide a safe experience for our guests as well as a safe environment for our associates,” said Steve Seitz, COO, and VP of operations, Table 301 Restaurant Group. “Modjoul is easy to use, and we prescreen each associate prior to their shift. We have realized a tremendous value in what we believe will be a long-term partnership.”

Employers and employees are rightfully concerned about returning to work, with the number of COVID-19 cases on a steady rise in many parts of the country.

In response to this concern, Modjoul partnered with Virtusa to engineer the Modjoul Health Platform, which keeps employees safe and assures employers that critical work that requires being in person can still get done. This includes factories, manufacturing complexes, warehouses, distribution centers, retailers, and office environments.

The Modjoul Health Platform is a cloud-based application for employee screening that uses a mobile application or a wearable device for contact tracing and social distancing. The screening application requires employees to answer several short health-related questions before entering the workplace. Their responses generate an employee readiness score, with those who meet or exceed that score cleared to enter the building after receiving a digital badge. Employers are immediately notified if an employee does not meet the score threshold and requires additional screening.

The platform also allows employers to ensure proper distancing is followed throughout the workday. Employees can either put on a wearable device or use select mobile phones to track movement and interactions with other people. The device sensors alert employees if they get too close to one another and stores the event to the cloud. They also register and log employees within six feet for more than 15 minutes. At the end of each day, reports are sent to designated individuals and their supervisors.

In the unfortunate event that an employee contracts COVID-19, the platform’s contact tracing features identify who that employee was in close contact with over the previous days. Testing and other measures can then be quickly directed to those who may be at the highest risk.

“As soon as the economy started shutting down because of COVID-19, we knew there would be significant challenges in getting people back to work,” said Eric Martinez, founder and CEO, Modjoul. “With the help of Virtusa, we were able to quickly reengineer our existing product to meet the enormous challenge of getting America back to work safely.”

To create the Modjoul Health Platform, Virtusa partnered with Modjoul to reengineer its existing platform, an industrial SmartBelt that tracks body mechanics and movements –including bending, squatting, climbing, operating machinery, and driving– of industrial employees to improve worker safety and reduce or eliminate workplace injuries.

“Our partnership with Modjoul and the rapid development of the Healthcare Platform underscores the growing role of the Internet of Things in industry and Virtusa’s strengths as a digital engineering company,” said Kris Canekeratne, chairman and CEO, Virtusa. “Our domain expertise in Healthcare, Life Sciences, and Manufacturing, coupled with our deep competencies in IoT and sensor technologies, enabled us to both move on the market need incredibly quickly and deliver a platform that works for both employer and employee. It’s our job to keep everybody safe.”

About Modjoul, Inc.
Modjoul is a data invention and modeling company located in Clemson, South Carolina. Founded in 2016, Modjoul is committed to keeping employees safe and productive by empowering them through data analytics. Visit https://www.modjoul.com/ to learn more and keep up with the latest Modjoul news.

About Virtusa Corporation
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in the Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

© 2020 Virtusa Corporation. All rights reserved.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Contact:
Ron Favali
Conversion Marketing
727-512-4490
ron@conversionam.com

Radient Technologies Inc. Announces Receipt of Sales License, Launch of 2.0 Product Offerings And Supply Agreement with Premium 5 Ltd.

EDMONTON, Alberta, June 30, 2020 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a manufacturer of high quality cannabinoid-based formulations and products, has received a Health Canada license amendment for the sale of cannabis extracts, cannabis edibles and cannabis topicals.  This license, which allows for the sale of all three categories of extracted products, is a significant milestone in commercializing the Company’s product offerings and launching its 2.0 product portfolio.  Radient is also pleased to announce that it has entered into a manufacturing and service agreement with Premium 5 Ltd. (“P5”) for multiple products under its brand of premium concentrates.

“Receiving this license amendment is a critical step in diversifying and evolving Radient’s business model through new products and customers,” said Denis Taschuk, Chief Executive Officer, Radient Technologies. “The sales license will give Radient the ability to leverage our unique formulations for exciting new consumer products.”

In anticipation of receiving its sales license, Radient has started the process of increasing its product manufacturing and filling capabilities.  The Company will have substantial capacity for white label production of unique 2.0 products that uses its extensive formulation library.  Radient believes this will be a significant advantage in signing further manufacturing agreements and capturing new revenue opportunities.  Over the coming month, Radient looks forward to updating stakeholders and customers on innovative offerings.

The partnership with P5, Canada’s preeminent concentrate supplier, will involve multiple new product lines, bringing P5 concentrates to market with final manufacturing completed by Radient.  Under the renewable one-year agreement, Radient will supply distillate, and provide manufacturing services for a minimum of 240,000 units.  The first products planned will be a live resin vape cartridge, along with a live resin X cartridge that will be blended with Radient’s THC distillate.

Premium 5 is Canada’s leader in bringing quality concentrate products and curated devices to market. P5 launched the first live resin concentrates in the country and has quickly become synonymous with the highest levels of quality and cutting-edge products.

About Radient
Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.

About Premium 5
Premium 5 is a leading provider of the finest concentrates using hydrocarbon and solventless extraction methods.  The first to launch live resin in the Canadian market, P5 continues to set the pace for bringing unique and custom concentrate products to the legal cannabis market.  P5 is focused on delivering innovative products to cannabis consumers, while delivering maximum value.  With four products currently launched, P5 has an additional 12 skus planned over the next four months.  For more information on P5 visit: www.premium5.ca

SOURCE: Radient Technologies Inc.

For further information please contact:

Radient – Investor Relations
ir@radientinc.com

Premium 5
david@premium5.ca

Forward Looking Information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the impact of the sales license on the Company’s business; the impact of the commercial agreement with P5; the Company’s ability to develop and commercialize it Cannabis 2.0 portfolio; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Radient Technologies Inc. Announces Receipt of Sales License, Launch of 2.0 Product Offerings And Supply Agreement with Premium 5 Ltd.

EDMONTON, Alberta, June 30, 2020 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a manufacturer of high quality cannabinoid-based formulations and products, has received a Health Canada license amendment for the sale of cannabis extracts, cannabis edibles and cannabis topicals.  This license, which allows for the sale of all three categories of extracted products, is a significant milestone in commercializing the Company’s product offerings and launching its 2.0 product portfolio.  Radient is also pleased to announce that it has entered into a manufacturing and service agreement with Premium 5 Ltd. (“P5”) for multiple products under its brand of premium concentrates.

“Receiving this license amendment is a critical step in diversifying and evolving Radient’s business model through new products and customers,” said Denis Taschuk, Chief Executive Officer, Radient Technologies. “The sales license will give Radient the ability to leverage our unique formulations for exciting new consumer products.”

In anticipation of receiving its sales license, Radient has started the process of increasing its product manufacturing and filling capabilities.  The Company will have substantial capacity for white label production of unique 2.0 products that uses its extensive formulation library.  Radient believes this will be a significant advantage in signing further manufacturing agreements and capturing new revenue opportunities.  Over the coming month, Radient looks forward to updating stakeholders and customers on innovative offerings.

The partnership with P5, Canada’s preeminent concentrate supplier, will involve multiple new product lines, bringing P5 concentrates to market with final manufacturing completed by Radient.  Under the renewable one-year agreement, Radient will supply distillate, and provide manufacturing services for a minimum of 240,000 units.  The first products planned will be a live resin vape cartridge, along with a live resin X cartridge that will be blended with Radient’s THC distillate.

Premium 5 is Canada’s leader in bringing quality concentrate products and curated devices to market. P5 launched the first live resin concentrates in the country and has quickly become synonymous with the highest levels of quality and cutting-edge products.

About Radient
Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.

About Premium 5
Premium 5 is a leading provider of the finest concentrates using hydrocarbon and solventless extraction methods.  The first to launch live resin in the Canadian market, P5 continues to set the pace for bringing unique and custom concentrate products to the legal cannabis market.  P5 is focused on delivering innovative products to cannabis consumers, while delivering maximum value.  With four products currently launched, P5 has an additional 12 skus planned over the next four months.  For more information on P5 visit: www.premium5.ca

SOURCE: Radient Technologies Inc.

For further information please contact:

Radient – Investor Relations
ir@radientinc.com

Premium 5
david@premium5.ca

Forward Looking Information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the impact of the sales license on the Company’s business; the impact of the commercial agreement with P5; the Company’s ability to develop and commercialize it Cannabis 2.0 portfolio; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Regions with low COVID-19 cases can apply new normal: Jokowi

Jakarta President Joko Widodo (Jokowi) highlighted that a new normal can solely be applied in regions with reportedly low cases of COVID-19 transmission backed by scientific data.

“We must not attempt to apply a new normal while it is in fact not possible based on the (COVID-19 cases) data. Do not force it. Hence, the stages must be prepared,” President Jokowi remarked during his working visit to the COVID-19 Handling Command Post in Semarang, Central Java, on Tuesday.

Jokowi highlighted the significance of each regional head and Task Force for the Acceleration of Handling COVID-19 to hold scientific data.

Regional heads and the COVID-19 Task Force for the Acceleration of Handling must always involve practitioners, such as epidemiologists, scientists, and medical personnel, in the decision-making process, he noted.

“Do not ever open up to the new ‘new normal’ order without going through the appropriate steps. Every time we make a policy, please use scientific data,” he remarked.

Prior to transitioning to the new normal, the local government must disseminate information to the public on the significance of adhering to health protocols.

Thereafter, regional heads and the local Task Force must decide on the right time to transition to the new normal era.

“Lest we dare to embark on the new normal while R-t is still high, above 1, and R-naught is still high. Be careful. Do not formulate policies that are not backed by clear scientific data,” he noted.

On Monday, President Jokowi had called on his ministers to go beyond their usual realm of operation and make a breakthrough to address challenges posed by the COVID-19 pandemic. “With this good opportunity, once again, I urge that we must not work linearly. I seek a breakthrough that the community can witness and is expected to truly have an impact on accelerating this handling,” the president remarked while chairing a limited cabinet meeting on COVID-19 handling at the Merdeka Palace here on Monday.

Vice President Ma’ruf Amin, several ministers, and heads of state institutions attended the meeting, albeit with compliance to the health protocols.

He sought the deployment of more health workers and medical devices in several provinces where the COVID-19 transmission rate was still high.

 

Source: Antara News