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Killexams : SalesForce Certification availability - BingNews https://killexams.com/pass4sure/exam-detail/CRT-271 Search results Killexams : SalesForce Certification availability - BingNews https://killexams.com/pass4sure/exam-detail/CRT-271 https://killexams.com/exam_list/SalesForce Killexams : Revature and Salesforce expand partnership to build a talent pipeline trained and certified in Salesforce B2B Commerce Cloud

The MarketWatch News Department was not involved in the creation of this content.

RESTON, Va., Aug 04, 2022 (GLOBE NEWSWIRE via COMTEX) -- RESTON, Va., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Revature, the largest employer of entry-level technology talent in the United States, and Salesforce, the global leader in Customer Relationship Management (CRM), today announced a program to train and certify emerging tech talent in Commerce Cloud, a cloud-first solution that allows brands to deliver exceptional digital buying experiences for B2B buyers and rapidly adapt to market dynamics and customer needs.

Revature and Salesforce first partnered in 2020 to build a talent pipeline of certified Salesforce Developers, Salesforce Administrators and Salesforce Consultants to power the Salesforce economy. Today's announcement expands upon this mission to meet the growing demand for tech talent trained and certified in Salesforce Commerce Cloud using Revature's industry-leading approach. The program will be rolled out in phases, with the first phase focusing on the B2B Commerce solution and later expanding to other in-demand areas such as Order Management and B2C Commerce.

"At Revature, we train entry-level talent on the most in-demand skills and certifications, with real-world applications on their resume before they ever set foot in a client's office," said Anurag Gupta, SVP, Head of Product Partnerships at Revature. "This is exactly what we've partnered with Salesforce to accomplish. Online retailing and ecommerce has taken the world by storm leading to a significant demand for technology talent and through this partnership, we are connecting talent with opportunity."

As a Salesforce Trailhead Authorized Training Partner and Salesforce Talent Alliance Workforce Development Partner, Revature will leverage its best-in-class hire-train-deploy model to recruit, train, certify and place new graduates from its network of 700+ university and college partners. Revature is now the first Salesforce B2B Commerce Cloud authorized Workforce Development and Training Partner.

"Ecommerce has revolutionized the way our world operates, and businesses are increasingly turning to Salesforce B2B Commerce Cloud to help them navigate inherent B2B ecommerce challenges, generate more revenue, and lower costs," said Don Lynch, SVP, Cloud Solution Alliances at Salesforce. "In expanding our partnership with Revature, we are giving our customers and partners access to proven Salesforce-ready talent to help them power these initiatives."

To learn more about Revature's training program for Salesforce B2B Commerce, click here.

About Revature
Revature is the largest employer of emerging technology talent in the U.S. and the talent development partner of choice for Fortune 500 companies, government organizations and top systems integrators. Since its founding, Revature has trained over 10,000 software engineers in 55 technical disciplines, recruited talent from 700 universities, and deployed them to blue chip companies throughout the U.S.

Revature's mission is to create a pathway for qualified candidates from diverse experiences and educational backgrounds to reach their potential as technology professionals. Graduates of the Revature program work on innovative, challenging and rewarding software development projects across the United States. Revature has committed to training one million developers over the next decade.

Learn more at www.revature.com and follow @WeAreRevature on Twitter and LinkedIn.

About Salesforce
Salesforce, the global CRM leader, empowers companies of every size and industry to digitally transform and create a 360� view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.

Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM." For more information please visit https://www.salesforce.com, or call 1-800-NO-SOFTWARE.

Contact:
Emily Brown
REQ on behalf of Revature
ebrown@req.co

COMTEX_411576526/2471/2022-08-04T08:30:56

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Thu, 04 Aug 2022 00:30:00 -0500 en-US text/html https://www.marketwatch.com/press-release/revature-and-salesforce-expand-partnership-to-build-a-talent-pipeline-trained-and-certified-in-salesforce-b2b-commerce-cloud-2022-08-04
Killexams : Tequity Announces Its 22nd Salesforce M&A Transaction

Tequity's Client, Emelar Consulting Group, a full-service Salesforce consulting firm with expertise that includes Manufacturing and Revenue Management, has been acquired by Diabsolut

Both firms gain added proficiency in Salesforce Field Service, Revenue Cloud, CPQ, and Billing.

TORONTO, Aug. 5, 2022 /PRNewswire/ -- Tequity, a leading M&A Advisory firm specializing in global Enterprise B2B Cloud, SaaS, and IT companies, acted as the exclusive financial advisor to Emelar Consulting Group in their acquisition by Salesforce expert and innovative cloud solution provider, Diabsolut.

Emelar is a Salesforce consulting partner specializing in CPQ and Salesforce Field Service and is known for their success assisting manufacturing organizations address business concerns.

The overall goal of the acquisition was to increase the amount of experience, services, benefits, and value delivered to both Diabsolut and Emelar's clients.

"As a close-knit organization that strives to provide exceptional value and returns for our clients, we are delighted to join forces with a like-minded organization in Diabsolut," said Jesse Theiler, Founder and CEO of Emelar.

"Our combined commitment to client empowerment will provide clients with even deeper Salesforce expertise, particularly Salesforce Field Service, additional experience and capabilities with enterprise clients, and the ability to provide FinancialForce solutions across new verticals," Mr. Theiler stated, "We're eager to bring our CPQ expertise and deep manufacturing sector experience to Diabsolut."

On continuing Emelar's philanthropy post-acquisition, Mr. Theiler said, "I'm excited about our cultural alignment and importantly, we've gained a great partner in our ongoing mission to provide support for young adults with autism and raising autism awareness. This is a perfect situation for our clients, partners and staff alike."

"Working with Tequity has truly been a great experience!" said Mr. Theiler. "Tequity's professionalism and business acumen on Topics such as the Salesforce ecosystem, technology, and growth is simply outstanding. Combined with their Salesforce ecosystem experience, choosing them to be our broker was a no-brainer. I first met Alex at Dreamforce in 2017 and, keeping in touch through the years, we would talk about business and the ecosystem for a few years. When it was time to grow through M&A it was an opportunity to work even closer. Alex was the first (and only) person I called. Great people; even greater partners!  Thank you, Alex and team, for your exceptional advice and partnership through the years."

After the acquisition of Foundry52 in 2021 (also led by Tequity), the acquisition of Emelar will further cement Diabsolut's reputation as Field Service and Revenue Cloud experts, while expanding the capabilities they offer for manufacturing organizations.

"We are elated to have found an organization like Emelar, who is so closely aligned with our culture and dedication for delivering customer success," said Elie Hossari, President of Diabsolut. "Jesse's mission for Emelar, his community outreach, Emelar's passion for helping clients reach their goals in the best way possible - Emelar and Diabsolut's values come from the same playbook, and we're looking forward to a great future together."

Mr. Hossari continued, "We're also excited to put Emelar's manufacturing experience together with our enterprise experience, to continue to grow our capabilities in the Manufacturing, Automotive and Energy segment, and add a pool of high quality senior technical resources with specialties in Manufacturing, Revenue Cloud, CPQ, and Billing. Ultimately, we are increasing short- and long-term benefits for both current and future clients."

The addition of Emelar brings combined expertise in Field Service and Asset Management; CPQ, Billing and Revenue; CRM / Customer 360 Platform / Communities; Financial Force ERP; and Higher Education and Not-for-Profit. It further strengthens consulting services across implementations and integrations, advisory and managed services, development and support, change management and training, and talent management.

"This was our second experience working with Tequity on the buy side. There are three things I really appreciate about working with the Tequity team. Firstly, they're great matchmakers and have a real knack for putting the right buyer and seller together - on both occasions the cultural fit of the organizations has been excellent and from a buyer's perspective, that's critical. Secondly, they are very straight shooters and do a great job at keeping buyer and seller aligned on expectations, I always know that I'll get really straight, honest, and most importantly, realistic feedback about how we're approaching a potential deal as a buyer. Finally, I appreciate the way that Tequity supports their clients and deals: where high touch is needed, it's provided; but where buyer and seller are moving through the process happily together, the touch is lower from the Tequity side. They're there when needed but aren't overbearing in their involvement," said Andy Prince, Chief Innovation Officer, Diabsolut.

About Emelar Consulting Group

Emelar Consulting Group is a Salesforce consulting partner specializing in CPQ and Salesforce Field Service, which helps organizations significantly Strengthen performance, efficiencies, and bottom-line results through the Salesforce platform. We have proven successes in supporting manufacturing organizations of all sizes to solve big business problems.

About Diabsolut

Diabsolut is a Salesforce Summit Consulting Partner and has been a FinancialForce partner since 2014. We have nearly 20 years of experience implementing Salesforce, Field Service, Revenue, and Higher Education solutions throughout North America. Our team of experts is uniquely positioned to identify and resolve the challenges that many organizations face, with rapid time to value results no matter where they are in their transformation journey.

About Tequity

Tequity assists Enterprise B2B SaaS, Cloud, and IT companies with business growth and exit strategies. Our mission is simple: achieve the best outcome for our clients. With decades of combined experience as executives, consultants, and owners of software and technology companies, we leverage our deep industry knowledge across tech ecosystems and our relationships with strategic, growth-focused buyers around the globe to drive successful M&A transactions. For more information visit www.tequityadvisors.com

Media Contact Info for more details:
Diane Horton
Managing Partner, Tequity Advisors
T: 416.993.1734 | E: 341953@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/tequity-announces-its-22nd-salesforce-ma-transaction-301599753.html

SOURCE Tequity Advisors

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Killexams : LWC offering free online training and education courses

The Louisiana Workforce Commission (LWC) says it is launching “Tech Ready Louisiana,” a program that will bring free online learning to thousands of people across the state.

LWC is partnering with Coursera to offer Louisianians access to thousands of courses to help them develop new skills and increase their career readiness. Coursera is one of the world’s largest online learning platforms, offering over five thousand courses.

They work with over 250 top universities and companies including Yale University, Columbia University, Microsoft, and Google to provide training for in-demand skills that employers want.

“Tech Ready Louisiana will take people from courses to careers,” said LWC Secretary Ava Cates, “Everything from learning Microsoft Office, to skills in the IT or healthcare industries. This is about giving Louisianians the opportunity to learn new, marketable skills to advance in their current job or get the career they’ve always wanted.”

Tech Ready Louisiana aims to provide all Louisianians with accessible education and training to help them reach their career goals, officials say.

Louisianians will have free access to more than 5,000 courses that will help them develop the knowledge and skills needed to find meaningful employment, including in areas such as career readiness, digital skills, data analytics, hospitality and tourism, and healthcare. All courses are fully online and self-paced to work around busy schedules. Learners can earn a certificate in three to six months.

“Technology is creating new opportunities in the workforce, but workers need access to flexible, affordable, and fast-tracked pathways to transition into well-paying jobs of the future,” said Coursera CEO Jeff Maggioncalda. “We’re honored to partner with the Louisiana Workforce Commission to launch a free statewide training initiative that will equip thousands of Louisianians with the high-demand skills and credentials needed to advance their careers and unlock their full earning potential in the new economy.”

The program includes Career Academy from Coursera, which prepares workers – even those without a college degree or prior work experience – for over 20 in-demand digital careers in roughly six months.

Louisianians can explore careers, develop key skills and competencies, build a portfolio of hands-on projects using tools of the trade, and earn industry-recognized credentials from Google, IBM, Meta, Salesforce, and Intuit to help them land good jobs.

A new study shows more than half of all Louisianians either do not have access to or cannot afford high-speed internet. So, LWC is also opening up its American Job Centers (AJC) for people to access these online courses if reliable internet access at home is an issue.

“We know Louisiana struggles when it comes to making broadband available and affordable for our people,” said Cates. “We have almost 60 American Job Centers and affiliate sites across the state available for people to come in and use reliable internet to complete these courses.”

Officials say you’ll need to contact your AJC to ask about availability for technology services before you arrive. To find an AJC near you, including their location and hours of operation, click here.

To register for “Tech Ready Louisiana” residents need to be 18 or older and have or create a HiRE account. Once they have an account they can register here. To learn more about Coursera and the courses they offer, click here.

Copyright 2022 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Tue, 02 Aug 2022 02:07:00 -0500 en text/html https://www.katc.com/news/covering-louisiana/lwc-offering-free-online-training-and-education-courses
Killexams : Odaseva Announces Date for Data Innovation Forum for Enterprise-level Salesforce Architects

Virtual event in October will allow leading Salesforce architects to discuss ideas, opportunities, and strategies to maximize the value of Salesforce data

SAN FRANCISCO – JULY 21, 2022 – Odaseva, leading enterprise data platform for Salesforce, has announced the date for its two-day Data Innovation Forum, to be held on October 26-27, 2022. The stakes for Salesforce data are surging ever higher as Salesforce rises to larger, more complex challenges.

Data Innovation Forum for Salesforce Architects

“Data protection, privacy, and agility of Salesforce data is a complex matter. It’s a problem that we can collectively simplify,” said Olivier Rachon, Distinguished Architect and General Manager for Australia, Odaseva. “The Data Innovation Forum is a platform to share implementation best practices. And, to create and engage with a community of expert architects.”

“Organisations that neglect to build in data agility from the start will leave themselves vulnerable to performance issues down the road,” explained Rachon. “We’re helping architects ensure good practice during their enterprise-grade Salesforce implementations, when the project’s resources are available and solid architectural decisions can be made. Our global forum of CTAs brings unique real-world knowledge about how to make that happen.”

More details about the event
Odaseva’s Data Innovation Forum provides a platform for Salesforce Certified Technical Architects (CTAs) to discover new and exciting ways to think about the future of data management. The event connects leading experts to provide and consider their experiences and new perspectives around today’s Salesforce data architecture.

Last year’s inaugural Data innovation Forum hosted more than 30 speakers including more than 20 CTAs, many whom have already signed on to return this year, with 2,600+ session registrations. Feedback highlighted the success of the event in delivering an impressive depth of content and knowledge from CTAs across a unique range of topics.

“I'm excited. I’ve never seen an event where so many CTAs and experts are coming together and talking about the most important factors and pain points in large-scale Salesforce implementations." - IBM CTA

Rather than giving a broad overview on topics, the Data Innovation Forum delivers deep technical insights. The event is tailored to Salesforce architects interested in improving their data management skills, as well as technical Salesforce professionals interested in going deep on data. The event is an opportunity to lift the lid on personal insights, ideas, and stories from CTAs who’ve worked on the world’s most sophisticated Salesforce implementations.

The Data Innovation Forum is part of a wider strategy by Odaseva to build a global forum of CTAs. Key to this strategy is a new free Learning Management System (LMS) offered by Odaseva that provides masterclasses, learning modules and instructor-led training in Topics including data agility, security in the cloud, future-proofed architecture, finding a balance between functionality and performance with data protection, and more.

Interested attendees can follow the event webpage here: https://www.odaseva.com/data-innovation-forum-for-salesforce-architects/ and interested speakers can submit a proposal here: https://go.odaseva.com/forum-speaking-submission-22

About Odaseva
More than 93 million users rely on Odaseva to keep their Salesforce data protected, compliant, and agile. Industry leaders like Schneider Electric and Manulife depend on Odaseva to ensure business continuity, satisfy customers and regulators, and move Salesforce data to any system. A leading Salesforce partner since 2012, with funding from Salesforce Ventures, Odaseva delivers unmatched security, performance, and expertise to large enterprise Salesforce customers.

Media Contact:
Remy Claret
Odaseva
contact@odaseva.com
+1-800-490-1054

Salesforce AppExchange Mavericks: New Episode Features Odaseva CEO Sovan Bin

Thu, 21 Jul 2022 01:00:00 -0500 text/html https://www.realwire.com/releases/Odaseva-Announces-Date-for-Data-Innovation-Forum
Killexams : Scratchpad Studio Helps Revenue Operations Take the Complexity Out of the Sales Tech Stack

SAN MATEO, Calif., July 27, 2022 (GLOBE NEWSWIRE) -- Scratchpad, Inc., pioneer and leader of the revenue team workspace, today announced the immediate availability of Scratchpad Studio—the world’s first Revenue Operations toolkit designed for revenue and sales operations leaders to take the complexity out of their tech stack, drive process adoption, and close the gap in data growing outside of Salesforce.

Complexity exists in every company. More people, changes in workflows, new processes, and tools create complexity that distracts sales teams from revenue growth. For salespeople, this creates time consuming administrative work. As a result, reps work outside of their company’s core systems leading to poor process adherence and data hygiene, bad handoffs, unreliable forecasts, lost sales, and customer churn.

“Most companies believe managing complexity requires more guardrails, processes, tools, and people. But what many don’t realize is they are solving for the symptoms of complexity rather than the root cause,” says Pouyan Salehi, CEO and co-founder of Scratchpad. “We launched Scratchpad in 2018 with a mission to make salespeople happy and to help them produce more revenue by reducing complex admin work. We’re now doing the same for Revenue Operations teams with Scratchpad Studio; a new experience for configuring frictionless processes reps love, designing workflows for seamless handoffs, driving data hygiene best practices, and bringing the revenue team together to collaborate in one place that’s always connected to Salesforce.”

Nearly every sales organization has made massive investments in their CRM and sales tech stack, but with limited results. For the first time ever, companies can unlock and realize the value from those investments with Scratchpad Studio. Revenue Operations can trust processes are followed enthusiastically by their reps, gain visibility into every update in Salesforce, forecast more accurately, and ramp reps faster, resulting in happier and more productive sales teams.

Scratchpad Studio is immediately available with new functionality including:

  • Role Designer: Revenue Operations can custom design frictionless workflows for every salesperson on the revenue team through a tailored workspace reps love to use that follows processes needed to Strengthen data hygiene in Salesforce.
  • Cards: Revenue Operations and Sales Enablement teams can create battle cards, sales playbooks, and competitive intel, giving reps contextual information helpful during customer calls. Integrations with best-in-class sales enablement tools are coming soon.
  • Automations: Revenue Operations can send actionable alerts to Slack and the Scratchpad Inbox to help teams celebrate wins, notify reps of opportunities missing next steps, alert Revenue Operations to opportunities missing fields, deals with no activity, and more. Automations eliminate the need for single-use Slack bots that only create noise and aren’t actionable by reps.
  • Notes Sync: Revenue Operations can configure Scratchpad notes to automatically sync changes to sales notes with Salesforce, improving data visibility and empowering Reps to move faster.
  • Conditional Highlighting: Revenue Operations and Enablement can instantly see which opportunities are missing methodology details instead of drilling into every opportunity one by one. Conditional Highlighting further reduces dependencies on spreadsheets or expensive forecasting tools.

Scratchpad has continued to experience unprecedented growth, recently announcing a surge in word-of-mouth customer love, and recognition as the #1 trending software for Sales Performance Management Software by G2. Scratchpad continues its rapid pace of innovation with exact products such as the first Sales Inbox and Deal Alert System and the first Commenting System Designed for Revenue Teams. Scratchpad secured $33 million in Series B funding pre-empted by Craft Ventures earlier this year.

Revenue teams can sign up to use Scratchpad, free in less than 30 seconds through a web app or Google Chrome plugin. Scratchpad instantly connects to Salesforce and gives salespeople the fastest experience to access and update Salesforce and RevOps one revenue team workspace minimizing complexity in their sales tech stacks. For more information, please visit: www.scratchpad.com

What Revenue Operations leaders are saying

”The more simplistic things can be when you have a heavy tech-stack and selling software in general the better. People don’t need more, they need less. Anything that can reduce clicks and streamline workflows is the name of the game, especially for RevOps. We use Scratchpad across our whole go-to-market org including CS, sales, and account managers.”

  • Graham Hastings, Manager, Revenue Operations, Sendoso

“Good ops teams should be figuring out how to make it easier for salespeople to sell and enablement is about providing the training, guidance, and coaching to make sales teams really effective. When you have an ops team and an enablement team that have sold before and have had any element of empathy for salespeople, it’s a no-brainer to buy Scratchpad.”

  • Jonas Taylor, GTM Enablement Effectiveness, Lattice

“Scratchpad has been the most frictionless in terms of change management. The feature sets expanded but you haven’t sacrificed the simplicity. Scratchpad is the most successful switch we’ve done in terms of day-to-day workflow and I love it. It’s my favorite that we use a lot.”

  • Will Bodansky, Growth Operations, Applico

“Right off the bat I was a pretty huge fan because we suffer from Salesforce dilution within our opportunity views and it’s hard to figure out what I actually need to fill out in order to do my job. Scratchpad simplifies that a lot. It helps with training new reps and to be able to say here, this is everything you need.”

  • John Goodwin, Sales Leader, NPAccel

Tweet this
Complex #sales tech stacks + time-consuming admin work = unhappy & underproductive #salesreps. @Scratchpad Studio makes reps happy and lets #RevOps get the most from its Salesforce investments. Here’s how: https://bit.ly/3Oxvw4L

Helpful Links

About Scratchpad

Scratchpad is the pioneer and leader of the revenue team workspace, combining sales notes, spreadsheets, task managers, chat, notifications, collaboration, pipeline management, search, and process adherence in one delightful experience, connected to Salesforce. Revenue teams can be up and running in less than 30 seconds and immediately Strengthen data hygiene, work faster, reduce tools, and get more out of their Salesforce investments. Scratchpad is loved by top performing sales teams at Autodesk, Cisco, Segment, Twilio, and more. Founded in 2019, Scratchpad is a privately held company backed by Accel and Craft Ventures. To learn more, visit https://scratchpad.com.

Media Contact‍

Stephanie Schlegel
Offleash PR for Scratchpad
scratchpad@offleashpr.com

Wed, 27 Jul 2022 01:03:00 -0500 en text/html https://apnews.com/press-release/GlobeNewswire/technology-aa4123e6ceaea62d89fd37a4116b7c0d
Killexams : ICT Academy joins hands with 100 colleges in state for skill training, finishing courses

By Express News Service

THIRUVANANTHAPURAM: The Information and Communication Technology Academy of Kerala (ICTAK) has selected 100 colleges in the state for skill training and finishing courses. Soon, other colleges will join the initiative. As part of the selection process, the 100 colleges received premium membership from ICTAK for the upcoming academic year.

Last year, there were 75 colleges, and it is the first time the membership crossed the three-digit mark. This year’s membership programme began on July 11, 2022, and the selection was made from a pool of over 230 applications.Some of the parameters taken into account included overall pass percentage of students, the proportion of teachers with PhDs and specialisations, institution’s accreditation and its present state, and the allocated and real student enrolment for the last academic year.

Launched in 2015, premium membership was available only to engineering colleges until 2020. It is now available to a range of state-based educational institutions, including polytechnics, ITIs, management, science, and technology schools. For seamless integration with universities and to make sure that the benefits reached recipients, 1,000 student ambassadors and institutional knowledge officers have been identified.

The main aim of the programme is to ensure certified training programmes from industrial partners for both students and faculty. It also aims to provide lucrative career opportunities to bright students from different institutions. The membership will be valid throughout the academic year. The programme offers numerous advantages to institutions, faculty, and students. One of the main features of the programme will be free training sessions and certification in industrial skills from industry giants like Google, Oracle Academy, Salesforce, and EY. It provides ICTAK educational enrichment programmes such as ICSET, Techathlon, and Students’ Top 10.

The ability to enrol at discounted rates in the short and long-term courses provided by ICTAK is an additional bonus. Faculty members will have the chance to connect, network, and learn about new developments in the sector.The list of selected premium members is published on the official website of ICTAK. Link: https://ictkerala.org/membership.

Mon, 08 Aug 2022 13:38:00 -0500 text/html https://www.newindianexpress.com/cities/thiruvananthapuram/2022/aug/09/ict-academy-joins-hands-with-100-colleges-in-state-for-skill-training-finishing-courses-2485571.html
Killexams : UK Government signs procurement memo of understanding with Salesforce, but are more needed to prevent a cloud oligopoly?

The UK Government’s Crown Commercial Service (CCS) procurement body has signed a Memorandum of Understanding (MoU) with Salesforce to make it easier and cheaper for public sector organizations to buy from the supplier.

According to Philip Orumwense, Commercial Director and Chief Technology Procurement Officer at CCS:

The agreement will further ensure increased collaboration and aggregation of government and wider public sector spend to achieve increased automation, forecasting, reporting and customer engagement management tools.

The main items on the Salesforce MoU are:

  • A discount on licences (Salesforce, Mulesoft, Tableau & Slack) and services for eligible UK public sector bodies, including health bodies.
  • Free experimentation projects, so that eligible bodies can test and learn how Salesforce solutions can be used to meet their requirements.
  • Direct access to a panel of Salesforce’s SME implementation partners.
  • Discounted training and support.
  • A discounted trial of Salesforce’s Net Zero Cloud, supporting the UK government’s drive towards Net Zero.

Salesforce has a number of UK public sector customers, including the Health Service Executive, Department for Works & Pensions, various local authorities and CCS itself.

More MoUs

CCS has signed a number of such MoUs in exact years with cloud suppliers, including the likes of Oracle, Google and Microsoft. Oracle’s agreement was first signed as far back as 2012 with an updated  and expanded deal signed last year. At that time, Orumwense commented:

This enhanced Memorandum of Understanding will continue to deliver savings and benefits for new and existing public sector customers using Oracle's cloud based technologies. It will continue delivering value for money whilst supporting public sector customers' journey to the cloud.

Expanding the list of suppliers offering cloud services has become a political agenda item in the UK as legislators have queried the amount of business that has gone to Amazon Web Services (AWS). As of February last year, some £75 million of contracts had been awarded in the previous 12 months.

Lord Maude, who previously ran the UK Cabinet Office where he waged a war on excessively priced tech contracts and essentially began the MoU process in earnest as part of his reforms, was quoted as warning:

When it comes to hosting, we've regressed into allowing a small group, and one vendor, in particular, to dominate. If you take a view of the government as simply as a customer, it makes absolutely no sense for the government to be overly dependent on one supplier. No one would sensibly do that.

The Salesforce MoU looks well-timed as CCS recently launched a tender for a range of cloud services in a set of deals that could be worth up to £5 billion in total. Procurement notices have been issued under the G-Cloud 13 framework, covering cloud hosting, cloud software and cloud support, with a further lot for migration and set-up services to follow. Contracts can last for 3 years with an option to extend by a further year.

Eligible suppliers must be able to offer services in the following capabilities:

  • Planning - the provision of planning services to enable customers to move to cloud software and/or hosting services;
  • Setup and Migration- the provision of setup and migration services which involves the process of consolidating and transferring a collection of workloads. Workloads can include emails, files, calendars, document types, related metadata, instant messages, applications, user permissions, compound structure and linked components.
  • Security services - Maintain the confidentiality, integrity and availability of services and information, and protect services against threats.
  • Quality assurance and performance testing - Continuously ensure that a service does what it’s supposed to do to meet user needs efficiently and reliably.
  • Training
  • Ongoing support - Support user needs by providing help before, during and after service delivery.

My take

Having a wider range of potential providers operating under such MoUs is crucial for government to deliver value for taxpayers money.

Those of us who lived through the crusading days of Maude insisting that tech vendors - mostly large US systems houses and consultancies - come back to the negotiating table, tear up their existing contracts and start from scratch, have been dismayed, but not surprised, that the so-called ‘oligopoly’ simply had to sit it out and wait for a change of government/minister to get things back to ‘normal’.

There were successes that linger. The UK’s G-Cloud framework was a triumph when set up and continues to do good work. As an aside, and given this article has been triggered by a Salesforce announcement, I do remember talking to CEO Marc Benioff in London prior to the formal announcement of G-Cloud and how it would work.   

At the time there was a heavy push from certain quarters to make G-Cloud all about virtualization and private cloud rather than the public cloud push it was to become. I asked Benioff if he thought this was the right direction of travel and got a very firm rebuttal as he told me:

The UK government is way behind in this, and way too much into virtualization…Government needs to stop hiding behind the private cloud.

I was in good company - Benioff had been in at the Cabinet Office the previous day and given Maude the same message.  Thirteen years on, the Public Cloud First policy that was shaped later that year still stands, but progress hasn’t been made at the rate that was promised back in those heady launch days and which needs to be achieved.

In 2022, there’s the risk of a different sort of oligopoly, as the concern around AWS' grip on government contracts suggests - and not just in the UK -  but unfortunately there’s no sign of a Maude to take charge this time and bang the negotiating table.

Instead the Secretary of State with responsibility for digital thinks the internet has been around for ten years and retweets memes of politicians being stabbed. Meanwhile a putative, unelected new Prime Minster has just announced that she (somehow) intends to redesign the internet into adults-only and kid-friendly versions. Sigh. 

Mon, 01 Aug 2022 23:26:00 -0500 BRAINSUM en text/html https://diginomica.com/uk-government-signs-procurement-memo-understanding-salesforce-are-more-needed-prevent-cloud
Killexams : SAP wants to offer a best of suite platform with S/4HANA, but still lacks adoption

SAP has been beating the drum for some time now with its “RISE with SAP”. We were particularly curious to see whether that message is getting through to customers and what SAP now exactly means with RISE. The goal of RISE is that you can grow your organization by using SAP solutions, where S/4HANA is the best of suite platform. But can the company deliver on that promise?

We spent a week at SAP Sapphire in Orlando, where we immersed ourselves in the world of SAP, doing multiple interviews with SAP executives, talking to customers, talking to partners and doing the research to find out where SAP is moving with RISE with SAP.

SAP has a broad product portfolio, from cloud ERP (S/4HANA), HCM and CRM to supply chain management and procurement. However, the fact is that ERP is still the most important SAP product, which also holds the most potential. To strengthen S/4HANA, SAP has built or purchased various solutions around it. The RISE with SAP story focuses entirely on S/4HANA supplemented with additional tools.

Everything is RISE with SAP: is that useful?

During Sapphire, we couldn’t ignore that SAP is moving towards a platform strategy, creating a “best of suite” offering around S/4HANA. In doing so, SAP is moving in the same direction as Microsoft, Salesforce and ServiceNow. It doesn’t seem to want to communicate this yet, or it simply doesn’t dare. Instead, they keep shouting “RISE with SAP”. That doesn’t help customers get a clear picture. reading between the lines, it is clear that people at SAP also have trouble with this slogan. We heard comments from various corners that say that SAP should call it by its name: “Cloud ERP as a service”, or if you want to position it more broadly, “Cloud ERP platform as a service”. “RISE with SAP” comes across to us as a somewhat bloated meaningless slogan, which SAP should not continue to use for too long. It doesn’t add anything and ultimately creates more confusion than clarity.

Best of Suite approach

If we zoom in deeper on that “best of suite” approach. Then we see that SAP is putting the S/4HANA ERP solution at the center. To strengthen the suite offering, SAP has purchased two solutions that add value. These are a Business Process Intelligence solution and a solution for no-code development.

The Process Intelligence solution is provided by SAP Signavio, a company that SAP acquired in early 2021. With Signavio, you can do process mining, among other things, to get visibility and make your business processes transparent, but also to automate them and make them more efficient. For companies that have a lot of business processes, this can be very useful. Process mining can save a lot of money, but it also helps to meet governance and compliance requirements better because you have better insight into your processes, making everything more transparent.

We mentioned it earlier, a form of no-code development; this falls under the SAP Business Technology Platform at SAP. For this purpose, SAP has acquired the company AppGyver. AppGyver allows the creation of simple applications via a drag-and-drop interface. For example, forms for quickly modifying or adding data. Or to display data from an ERP system in a slightly different way. SAP has already presented the first integrations of AppGyver in S/4HANA.

For companies that want to go a step further, SAP also has a low-code solution, this is the SAP Business Application Studio. The Business Application Studio allows you to build SAP applications and extensions that use the SAP Cloud Application Programming Model. In other words, you can use it to build extensions on top of existing SAP applications.

Of course, based on available documentation, you can also build integrations with SAP in any programming language of your choice. The fact is, however, that low-code and no-code increase the speed of application development and firmly lower the threshold for building something. In that respect, investing in no-code and low-code is a good strategy.

SAP Store broadens best of suite offering

To make this best of suite even more attractive, SAP is now paying more attention to its ISV partners (independent software vendors). They develop applications on top of S/4HANA, for example. They add valuable functionality, which can be in the form of features, but also complete solutions that use the reliable HANA database and back-end. Examples are the integration with Icertis for contract management, which delivers a complete contract management solution. Or what about PriceFX, they provide a feature to price your product more accurately.

However, this focus on ISVs has been developed in the last three years. In the meantime, SAP has signed up some 1,800 partners for the SAP Store, but at the same time, there is still a long way to go. SAP wants 8 out of 10 applications to come from partners rather than SAP itself. To make the SAP Store more attractive, it has decided to adjust the revenue distribution. Previously SAP wanted 50 percent of the revenue generated in the SAP Store, now SAP takes 15 percent for the Integration Tier and 25 percent for the Platform Tier. In theory, anyone can become an ISV partner of SAP, but the company still applies an extensive approval process.

To Strengthen the offering, SAP has now divided some 80 people into industry teams, whose task is to enhance the offering in the SAP Store for their specific industry. SAP has a lot of specific industry knowledge in-house because it has been in business for many years. The company should therefore be able to make the overall package more attractive for specific industries quickly. Whether it will succeed in doing so remains to be seen.

SAP should take a broader view

If you look at what is happening in enterprise IT, you see that one trend is precisely to do a lot of collaborating. Your worst enemy can become your best friend. All solutions must be able to work well together. At SAP, however, we still see some traditional thinking that gets in the way of this. The company has invested heavily in the SAP Store offering to enable better collaboration with, for example, Microsoft Teams and other Microsoft products. An integration with Slack, on the other hand, is out of the question, as Salesforce currently owns it. During an interview at Sapphire, we noted the following quote: “Slack is not an option, due to Salesforce acquisition”.

From this perspective, SAP will not encourage integrations with Salesforce or Tableau in the SAP Store. Salesforce is seen as a major competitor. That’s a traditional mindset that SAP needs to eradicate because it doesn’t benefit the customer. Suppose a customer has decided to choose Slack as an internal communication and collaboration tool. In that case, it should be able to work together with SAP just as well as Microsoft Teams can.

We also see this mindset when looking at opportunities to roll out SAP S/4HANA. You can roll out SAP S/4HANA cloud to your own data centre, AWS, Azure, Google Cloud or Alibaba. However, if your organization has chosen Oracle Cloud or IBM Cloud, SAP will block your deployment. This is absolutely not allowed and will never be an option, so we were told. We understand that the Oracle Cloud is at the bottom of the list if you’re SAP, but as long as you support S/4HANA on-premise, you better tell customers that any location is possible, including the Oracle Cloud.

SAP gets most S/4HANA business from SAP ECC customers

SAP currently has over 19,000 S/4HANA customers, of which over 1,600 have been added through the RISE with SAP program since the beginning of 2021. Those customers also have access to Signavio, Appgyver and other tools. SAP already manages around 56,000 workloads in the cloud with an uptime of 99.98%. SAP has established a good track record as an “as a service” provider.

It also became clear that SAP is signing up most S/4HANA customers through ECC migrations. These customers are running an old version of SAP ECC and have to migrate before 2027. Official support for SAP ECC expires in 2027, although customers can extend it for years for an additional fee. At least until 2030, possibly even 2035.

SAP ECC is SAP’s legacy on-premises ERP product. With SAP ECC, the trend was to build modifications in the source code to make the ERP system better fit the customer’s needs. A huge disadvantage of this practice is that you cannot upgrade to newer versions easily because you will lose those customizations. The market has solved this with the so-called fit-to-standard principle. Companies must let their business processes run via standard procedures that the ERP system supports. Additional customization also remains possible through extensions and modular software that can be built on top of the ERP system and that hooks up to the APIs of an ERP system. S/4HANA has been developed according to this principle. You have the S/4HANA ERP system, and you have separate applications that interact with it or modular blocks that become accessible within the ERP package. This is possible by using the available APIs and SDKs.

Integrating with SAP

So the key to success for SAP’s strategy with this best of suite platform approach lies in its ability to extend, link and integrate S/4HANA with other applications and solutions. To do this well, you need APIs, an application programming interface, which is a way for applications to communicate with each other in the background. With APIs, third-party applications can communicate with the SAP platform and exchange data. Of course, after permission and authentication have taken place first.

At the time of writing, S/4HANA has 585 APIs, and the SAP Business platform has over 450. So there are plenty of opportunities to link with SAP software. SAP customers have told us many times that it is complex to integrate with SAP because the data model and the APIs are pretty complicated. This was a big hurdle for potential ISVs. Our discussions with SAP made it clear that they also received this signal and developed the SAP BTP, the SAP Business Technology Platform. This includes the low-code and no-code solutions but also an iPaaS solution, SAP BTP Integration Suite. This has made it much easier to integrate your own software with SAP.

In addition, SAP has introduced a so-called One Domain Model. The One Domain Model allows you to use APIs to communicate with SAP uniformly, where data can be exchanged with different SAP applications using the same model. You no longer need to have a separate API set for each application. The integration between SAP applications is also a lot easier.

For companies that especially want a lot of access to data in SAP, but do not need to modify it so much, there is now the possibility to use the SAP Data Warehouse Cloud. In the SAP Data Warehouse Cloud you can bring together data from SAP solutions and data from third parties. So that you can then make it available for data science models, think machine learning and AI or analytics solutions to create better insights.

Will SAP S/4HANA be a good best-of-suite platform?

SAP’s strategy is clear if you can read between the lines or just got to this article. If you’ve been walking around on SAP Sapphire, then, unfortunately, it’s a lot less clear. As far as we are concerned, SAP should clearly outline which direction it is moving in and stop using slogans that cause confusion.

SAP is more or less reinventing itself. For years it has been pushing S/4HANA, now more as-a-service with all kinds of additional services, so it is starting to become a large platform with all kinds of applications around it and on top of it. As a result, it’s beginning to look more and more like a best-of-suite approach. However, some things could be better or are still challenging for SAP.

SAP Store

To start with, the offer in the SAP Store. That still leaves something to be desired, the adoption of the applications falls short. We hope that the 80 people who are now working on adding industry-specific applications or persuading partners to add them will be very successful. This is where SAP really lags behind the competition.

Furthermore, SAP would do well to invest heavily in low-code and no-code capabilities so that customers will make a greater contribution to building modular extensions. For this, SAP will also need to rig up more training courses and events to educate customers in no-code and low-code development.

Finally, SAP must abandon traditional competitive thinking and embrace anything and everything. If you want to play a central role as a platform, you cannot ignore top-rated solutions because a competitor owns them.

Integrate more SAP solutions

If SAP wants to offer the largest and most complete best-of-suite platform, it will need to add more SAP solutions. Also, SAP Ariba, SAP Concur, SAP SuccessFactors, and SAP CRM should all become part of that suite. With a complete best-of-suite platform, customers can do a broad SAP platform integration.

You also see this at Salesforce and Microsoft; many products are included by default within the subscription. Of course, there are still options to further scale up specific solutions at extra cost, but the primary offering should be broader and more solid.

Clear product range

The trend today in IT is also simplicity. A product can be very advanced, but the interface the user is presented with must be simple. As far as we are concerned, this also applies to the product portfolio. It must be clear, and customers must be able to quickly see what they are getting. As far as we are concerned, SAP could still be a bit clearer about the SAP Business Technology Platform and the SAP Business Process Intelligence package. What does it includes, and what can customers do with it?

If SAP can do all that, then Europe’s largest tech company can compete even more effectively with its mostly American competitors.

Fri, 05 Aug 2022 03:01:00 -0500 en text/html https://www.techzine.eu/blogs/applications/85381/sap-wants-to-offer-a-best-of-suite-platform-with-s-4hana-but-still-lacks-adoption/
Killexams : Paragon 28, Inc. (FNA) CEO Albert DaCosta on Q2 2022 Results - Earnings Call Transcript

Paragon 28, Inc. (NYSE:FNA) Q2 2022 Earnings Conference Call August 3, 2022 4:30 PM ET

Company Participants

Matt Bacso - Gilmartin Group

Albert DaCosta - Co Founder, President and Chief Executive Officer

Stephen Deitsch - Chief Financial Officer

Conference Call Participants

Craig Bijou - Bank of America

Kyle Rose - Canaccord

Mike Mattson - Needham

David Turkaly - JMP Securities

Operator

Good afternoon and welcome to the Paragon 28’s Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes.

Matt Bacso

Joining me from Paragon 28 are Alberta DaCosta, Chairman and CEO and Steve Deitsch, CFO. Earlier today Paragon 28 released financial results for the quarter ended June 30, 2022. Before we begin, I'd like to remind you that management will make statements during this call and include forward- looking statements within the meeting of federal securities laws which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements.

All forward-looking statements, including but not limited to those relating to the macroeconomic our operating trends and future financial performance, including our revenue guidance, the impact of COVID-19 on our business, supply chain disruption, expense management, expectations for hiring growth in our organization, market opportunity, commercial expansion, and product pipeline development are based upon our current estimates and various assumptions. These statements involve material risks, uncertainties that could cause real results or events to materially differ from those implied by these forward looking statements. All forward looking statements are based upon current available information and Paragon 28 assumes no obligation to update these statements.

Accordingly, you should not place undue reliance on these statements. For a list in description of the risks and uncertainties associated with our business please refer to the risk factors section of our public filings with the Securities and Exchange Commission including our quarterly report on form 10-Q filed earlier today with the SEC. This conference call contains time sensitive information, and it's accurate only as of the live broadcast on August 3, 2022. Paragon 28 disclaims any intention or obligation except as required by law to update or revise any financial projections or forward looking statements or the because of new information, future events or otherwise. During this presentation, we will refer to the non-GAAP financial measures of adjusted EBITDA a reconciliation of the most comparable GAAP financial measure net income is contained in our press release issued earlier today.

And with that, I'll turn the call over to Albert.

Albert DaCosta

Thank you, Matt. Good afternoon. And thank you for joining Paragon 28 second quarter 2022 earnings call. I will provide an overview of our second quarter and give a business update. Steve will then provide additional detail regarding our quarterly results and provide an overview of our updated 2022 revenue guidance. We will then open the call for Q&A.

Beginning with our second quarter 2022 revenue performance. Total revenue for the

second quarter was $42.5 million, representing growth of 19% compared to the second quarter of 2021. Strengthening of the U.S. dollar reduced our second quarter net revenue growth by 140 basis points as compared to the prior year period. Second quarter U.S. revenue was $36.8 million, representing growth of 19% compared to the second quarter of 2021. U.S. growth was the result of increased revenue contribution from new product launches and benefits from exact medical education and training, resulting in strong salesforce productivity gains offset partially by modest COVID disruptions. Later in my prepared remarks, I will provide more detail on the quarter's revenue growth drivers.

Second quarter international revenue was a record $5.7 million representing growth of 20% compared to the second quarter of 2021. Strengthening of the U.S. dollar reduced our second quarter international net revenue by 10 percentage points as compared to the prior year period. Growth in the quarter was once again driven primarily by our three largest international markets of Australia, South Africa and the United Kingdom.

Moving to our foot and ankle sub segment revenue trends during the second quarter Paragon 28 experienced double digit revenue growth in each of the foot and ankle sub segments including fracture, ankle, flatfoot hallux valgus, including hammer toe and Charco. Ankle and fracture product lines, which both benefited from exact new product launches led our growth in the second quarter. Paragons comprehensive product portfolio, which addresses each of the foot and ankle sub segments continues to be a key driver of our success.

I will now provide an update on U.S. revenue growth drivers including salesforce expansion, salesforce productivity, new product contributions and medical education. Starting with the salesforce. We ended the second quarter of 2022 with 198 producing sales reps compared to 197 in the first quarter of 2022. The number of producing reps can fluctuate quarter to quarter due to various factors including, among other things, the seasonality of the foot and ankle market, and the timing of hiring and onboarding new sales reps.

P28 continues to be the destination of choice for sales reps who are foot and ankle specialist, as well as reps new to the industry. I am excited about both the quantity and quality of reps that have joined P28 in the last year, we expect the number of producing reps to increase over time and in the second half of 2022. Moving to salesforce productivity, which we define as average revenue dollars per producing sales rep increased by an impressive 17% as compared to the prior year period. Fueling this growth was new product launches, including nine new products so far this year and 90 new product launches since 2020.

New product launches, complemented by our medical education and salesforce expansion initiatives have increased our revenue with existing and new surge in customers. Specifically during the second quarter, we did business with 1829 U.S. surgeon customers, including 582 U.S. producing surgeons, both records for P28 and an increase compared to the prior year period of 11% and 18% respectively. With approximately 15,000 surgeons that treat foot and ankle in the United States we have only scratched the surface and have a long runway of growth in front of us.

Our broad and innovative product portfolio in the hands of our best in class and growing salesforce, combined with leading medical education and training is driving sustainable high quality revenue growth. Speaking of medical education and surgeon training, almost 700 surgeons attended in person FNA medical education events in the second quarter of 2022 bringing the total number of surgeons trained in person at FNA medical education events to almost 2200 in the last 12 months. We are very pleased with our ability to meet the very strong surge in demand for these training events, leveraging our best in class surgeon training facility at our headquarters in Denver, Colorado.

Thank you to all our medical education team for their commitment and passion to Strengthen patient outcomes, including many, many weekends worked over the last year. Building on this momentum in July, we announced the launch of our new mobile surgeon training lab housed in a 43 by 30 foot tractor trailer, which includes a state of the art six station categoric training facility. The mobile lab is currently on the road, and we'll be hosting over 50 training sessions in approximately 50 U.S. cities during the second half of 2022.

The mobile lab will highlight our broad and innovative product portfolio, including the nine new products and surgical systems launched so far this year.

Speaking of new product launches, in mid May, we expanded our soft tissue portfolio with the launch of our grappler suture anchor system. The grappler suture anchor system is offered in peak titanium, and an all suture option and a variety of sizes and configurations to address soft tissue repair in all the foot and ankle sub-segments. In May, we also launched TinoTac 2.0 for minimally invasive soft tissue repair for hammer toe and other complicated deformities, redesigned with an angulated washer to allow for greater capture of soft tissue TinoTac 2.0 streamlines tensioning and improves fit to the bony surface.

The addition of the grappler and TinoTac 2.0 bolsters P28 soft tissue product offering which includes the recently launched paratrooper plantar plate system, and react stabilization system, grappler interference screw system and release stabilization system. With this comprehensive portfolio, Paragon 28 provides its customers a broad array of innovative solutions for soft tissue stabilization and repair.

Lastly, in June, we launched our monkey rings circular external fixation system for trauma, deformity correction and limb salvage. Monkey rings is an external fixation device designed to maintain anatomic position while providing stability, preservation and soft tissue and allow for adjustability and functionality. The monkey ring system allows hospitals and surgeons to collaborate with a single vendor for internal fixation, external fixation, wound care and biologics. Combined with the launch of monkey bars pinned to bar external fixation system earlier this year, we are building out a strong external fixation portfolio and complementing our wide ranging internal fixation biologics and soft tissue options.

As we head into the back half of 2022 our product pipeline remains strong and is expected to continue to drive future growth. In summary, we continue to have success on all key strategic initiatives. And we will continue to invest in the business to drive sustainable and profitable revenue growth. We are grateful for the trust our physicians and patients have for Paragon 28. I would also like to thank our sales representatives and employees around the world for their diligent efforts and dedication to fulfilling our mission to continuously Strengthen outcomes and experiences of patients suffering from foot and ankle conditions.

I will now turn it over to Steve. Steve?

Stephen Deitsch

Thank you, Albert. Moving to our second quarter 2022 financial results. Paragon's revenue for the second quarter of 2022 was $42.5 million, representing 19% growth compared to the second quarter of 2021. Strengthening of the U.S. dollar reduced our second quarter net revenue growth by 140 basis points as compared to the prior year period. Second quarter revenue increased by $1.1 million, or 2.7%, compared to the first quarter of 2022. Gross profit margin for the second quarter of 2022 was 82% compared to 81.3% in the second quarter of 2021. The improvement was primarily due to lower excess and obsolete inventory expense in the second quarter of 2022 as compared to the prior year period.

Total operating expenses during the second quarter were $43.9 million, compared to $43 million in the first quarter of 2022. The sequential increase in operating expenses in the second quarter was the result of $1.2 million of onetime costs related to the successful second quarter launch of our new SAP system.

Opportunistic investments to drive long term durable growth were enabled by and began after our October 2021 IPO, resulting in a 45% increase in second quarter operating expenses compared to the pre-IPO prior year period. The return on these investments has been significant. Revenue growth for the first half of 2022 was 22% and was fueled by a 13% expansion of our U.S. surgeon customer base and 18% increase in U.S. salesforce productivity and record international revenue. This growth was driven largely by incremental investments in R&D to bolster our product offering an incremental investments in sales and marketing to expand our global medical education programs and salesforce.

Paragon 28 exclusive focus on foot and ankle, and passion for improving patient outcomes strongly resonates with foot and ankle surgeons and sales reps. During the second quarter, the opportunistic investments we made in medical education and salesforce expansion initiatives exceeded our expectations, further validating that our strategy is working and has momentum. Several factors drove these opportunistic investments and included that were not limited to increased visibility of Paragon 28 after our IPO last year, the resurgence of in person medical education activities in the last 12 months, and continued foot and ankle market consolidation. As we head into the back half of 2022, we expect to continue making opportunistic investments and we also expect second half 2022 operating expenses to be consistent with the first half of the year.

Moving to further details on the P&L. Research and development expense were $6 million, or 14% of revenue for the second quarter of 2022 compared to $3.6 million, or 10% of revenue in the second quarter of 2021 and $5.8 million, or 14% of revenue in the first quarter of 2022. The increase in research and development as compared to the prior year was primarily due to further investments in product development, clinical studies, quality, and the acquisitions of additive orthopedics in May 2021, and busier in January 2022.

Selling general and administrative expense was $38 million for the second quarter of 2022 compared to $26.6 million in the second quarter of 2021 and $37.2 million in the first quarter of 2022. The increase in SG&A expense as compared to the prior year was driven primarily by investments in sales and marketing including in person U.S. marketing and medical education events, commercial team expansion both in the U.S. and in our international markets, increased variable sales representative commission expense related to revenue growth, increased G&A expenses due to the cost of becoming a publicly traded company in the fourth quarter of 2021 and one time SAP implementation costs.

The $800,000 increase in second quarter SG&A expense, as compared to the first quarter of 2022 was primarily due to the $1.2 million onetime costs related to our successful second quarter SAP launch. Second quarter adjusted EBITDA was a $3.2 million loss compared to the $3.3 million loss in the first quarter of 2022. When excluding the second quarter, one time SAP expenses of $1.2 million adjusted EBITDA improved nicely as compared to the first quarter, despite continued strong investments in key growth drivers during the quarter.

Turning to liquidity. Total liquidity was $113 million at June 30, 2022 including $73 million of cash and $40 million of cash available via our senior credit facility. Additionally, in the second half of 2022, we expect to recoup $5 million of cash flow from accounts receivable balances which increased temporarily in the second quarter during the launch of SAP.

Our strong liquidity position, combined with our increased operating leverage moving into the second half of 2022 and beyond is expected to enable P28 to operate without future financings to fund operations.

Before turning to our updated 2022 revenue guidance, a few comments on macroeconomic and other external factors and their impact on P28. Notwithstanding the strong momentum in our business, we remain cognizant of the current macroeconomic environment, including the potential for reduced elective foot and ankle procedures. Our company and team are resilient and have delivered strong results in past difficult business environments.

Our comprehensive product suite addresses both the elective and the non-elective foot and ankle market sub segments of fracture in Charco which together account for over 1/3rd of the global foot and ankle market. With respect to inflation, we are not currently experiencing a material impact on our business. Also, the global supply chain remains challenging, but we are confident that our team and vendors will continue to effectively manage these risks. Consistent with remarks from our past earnings calls we have and may continue to opportunistically increased inventory and instrument purchases to ensure that we have product on hand to meet demand.

And finally COVID in hospital staffing, shortage headwinds on elective procedures remain but currently are not significant.

Now turning to our increased 2022 revenue guidance. Our 2022 revenue guidance assumes currency translation rates for our international business remain consistent with current translation rates. We have increased our 2022 annual net revenue guidance to $176 million representing growth compared to the prior year of 19%. The strength in U.S. Dollar as compared to the prior year is expected to reduce our 2022 net revenue growth by approximately 100 basis points.

We expect our third and fourth quarter net revenue to be $42.5 million and $49.6 million respectively representing growth compared to the prior year periods of approximately 19% and 16%, respectively. The strength in U.S. dollar as compared to the prior year periods is expected to reduce both third and fourth quarter net revenue growth by approximately 100 basis points. While we will not be providing specific adjusted EBITDA or cash flow guidance for 2022 we expect to continue to see sequential improvement and increased operating leverage moving into the third and fourth quarters of this year.

That is the end of our prepared remarks. Operator, please open up the lines for questions and answers.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] The first question today comes from the line of Craig Bijou from Bank of America. Please go ahead. Your line is now open.

Craig Bijou

Good afternoon, guys. Thanks. Thanks for taking the questions. Maybe just to start wanted to touch on guidance. And I think you had 20 plus percent growth in the first half. You're looking for 20% growth in constant currency for the entire year, suggesting a little bit of a pullback on from a growth perspective in the second half. So we'd love to just hear kind of how you guys are thinking about the quarters. What's assumed in that guidance? It seems conservative to us, but we just love to hear some of the assumptions that you're making it.

Stephen Deitsch

Hey, Craig it's Steve. Thank you for the question. And maybe to start with just with respect to assumptions in the guidance, we've assumed operating conditions similar to where we're at today, related to COVID, supply chain, elected procedural levels, etc. And when we look at the third quarter, typically, the third quarter is pretty consistent with the second quarter in terms of procedural levels for us anyway. And our numbers are driven by growth, consistent growth quarter-to-quarter, but we start seeing vacations in the second quarter particularly in our European markets.

And then when we look out to the fourth quarter, as you know, our fourth quarter is traditionally the strongest quarter of the year for Paragon 28 really driven by the elective procedure, boldness that starts coming through late in the year. Last year, we grew 25% in the fourth quarter, and we expect to have another strong and finish to this year. And that, as you noted, would put us at 20% on an operational basis for the full year. And we feel really good about that, particularly where we're at and operating in a somewhat uncertain macroeconomic environment.

Craig Bijou

Great, thanks, Steve. And then maybe for Albert or for Steve, appreciate the color on the product growth by category and what the key drivers were. I wanted to see if you might provide a little bit more color on how we should think about the product category growth, foot and ankle category growth in the second half? And what, if anything may be different than what we've seen in the first half?

Albert DaCosta

Yes, hey, how you doing Craig? This is Albert. I'll take a stab at this one. I think from discussions where we really tried to balance our portfolio and we feel like in times, like today, that balance of our portfolio has really benefited us. We've seen some of our more exact product launches that have impacted growth slightly disproportionate to other areas. But we were happy to report that all the sub-segments grew nicely in Q2. Second half of this year, I'd see maybe some impact from exact product launches like our soft tissue portfolio. Also the external fixator.

We recently launched the monkey rings circular fixator, which can be used in multiple segments of foot and ankle But primarily, the Charco segment could see a really nice pop from a product like that. So second half, I'd expect to see some of the usual suspects like our ankle franchise which includes fusion, total ankle replacement to tailor spacer from additive orthopedics. I'd also expect to continue to see nice movement on the fracture fixation line. But then I see the newcomer, I'd see Charco really seeing a nice pop with the influence of some of these new products.

Craig Bijou

Great, thanks for taking the questions guys.

Albert DaCosta

Of course. Thank you Craig.

Operator

Thank you. The next question today comes from the line of Kyle Rose from Canaccord. Please go ahead. Your line is now open.

Kyle Rose

Great, good afternoon, gentlemen. Thank you for taking the questions. So you talked a lot about all of the soft tissue products that have launched in -- I guess the quarter or year-to-date. Our diligence that was one of the big most commonly cited product gaps, I just maybe the overall interest both in the sales force and maybe at some of your medical education around these new products launching when we should expect those to really pick up and then the secondary question there is where are the existing product gaps now that you have sold soft tissue? Thank you.

Albert DaCosta

I'll take that. How you doing, Kyle? And thanks for the question. You're exactly right, I'd say two areas that we had gaps, where the soft tissue portfolio. Even though we had a few products in the soft tissue space, we were still mostly missing in that area. And if you remember, soft tissue really touches all the sub segments, as we've mentioned before. So that's, that was an important piece for us. We've recently launched things like the React stabilization system for ankle fracture.

We launched the grappler, soft tissue anchor devices, we also have the grappler, interference free devices, those are going to be really helpful not only in getting us into the soft tissue, but the complimentary effect it has on all the existing technology that we have. So areas like flat foot really see an influence there. The other area that you might remember, we were missing was external fixation. And in January, we launched the pin to bar, monkey bars, pin to bar stabilization system for primarily, trauma or fracture fixation.

And we saw a really nice pop from that. And then again, like I mentioned, the monkey rings is going to be a really nice complement for the ankle segment, as well as Charco. So we're really excited about starting to have the ability to participate in more and more of the foot and ankle ailments. And I'll tell you, our mission has always been if there's a condition below the knee, anything related to foot and ankle, we want to be a participant there, we want to Strengthen the technology and offer meaningful options to our surgeon customers. So we feel like the soft tissue and the experts really gave us that.

Kyle Rose

Great, and then just. Yes, I don't know if I missed it. Yes sorry go ahead.

Stephen Deitsch

Maybe the second part that you've mentioned, any areas that we still might be missing, I tell you that I still continue to expect to see some soft tissue products, introducing into the market. I'd also expect to see some external fixation products. And those would probably be some areas that we're still missing. And then if you remember the Smart28 is something we've got some real ambition for moving forward. So I'd say those might be some of the gaps.

Kyle Rose

Great. And then just the last question for me, is overall, I understand you have one net add from a from a productive sales reps prospective here. And I know that there's some rounding errors there as far as when are people roll on and roll off. But overall expectations with respect to hiring, I mean, should we expect that sales force on a rolling 12 month basis to increase in line with the top line. Obviously, you're launching new products or so just trying to understand what expectations should be for just new feet on the street as it stands.

Albert DaCosta

You got it. Just to remind you, we report producing reps, which if you remember is a salesperson that's selling a product in every month of the quarter. our sales force actually did grow. And you can see due to seasonal changes and some other factors that can influence the producing rep count. It looks like it was steady. But we do expect that to increase and we really liked that measure moving forward as a target for us. We feel like adding, producing sales reps is a good target and will continue to be a focus for us moving forward.

Kyle Rose

Thanks for taking the question.

Albert DaCosta

Of course. Thank you.

Operator

Thank you. Today's question today comes from the line of Mike Mattson from Needham. Please go ahead. Your line is now open.

Mike Mattson

Yes, thanks for taking my questions. Can you guys hear me okay.

Albert DaCosta

Yes.

Stephen Deitsch

Hi, Mike.

Mike Mattson

Hi. Sorry, I'm using some headphones for the first time here. So, I guess first on the international business,. I think you grew 30% almost on a constant currency basis, based on some of the [orthopedics] company that does look like the international markets were particularly strong this quarter. Do you think that it was kind of there were just more procedures kind of a catch up going on there? Or do you think it was really just your own kind of products and execution in those markets? Combination of both.

Stephen Deitsch

Yes, Hey, Mike it's Steve. I think it's actually both and, as we noted in our prepared remarks, and in the earnings, release our three largest markets again, we're really driving our growth and we're just really, really pleased with the progress that we continue to make in those markets and expanding relationships with surgeons, growing with existing surgeons, and just really excellent in territory management, navigating in tough fire environments and continuing to be resilient.

And so we have continued to see some pockets of COVID challenges. And even some if you can believe this some rolling brownouts in South Africa from time to time, but our teams are pretty resilient, as we've talked about and they find a way to make the number and exceed the number. And so we're really happy with what we continue to see in those markets.

Mike Mattson

Okay, got it. And then it looks like your cash balance is down about 36 million year-to-date. I needed some M&A. So I can't remember how much of that went toward M&A versus operations. But maybe just comment on that. And then talk about your how much cash you think you'll use for the rest of the year if you're going to do that?

Albert DaCosta

Yes, yes, that's right. And that's a good question, Mike. So for the first part of the year, we had cash use and operations of about $24 million. And 11 million of that was driven by inventory investments, most of it related to these new product launches that we brought to market, but also related to some opportunistic builds of legacy products. If we could find a slot on a machine that was extra somewhere, we would take it. And we built some inventory to be able to enable our growth as we move into the seasonally stronger second part of the year.

We also increased our accounts receivable balance not intentionally unintentionally related to our SAP launch. But we will recoup that that was about a $5 million impact for the quarter. so that will be recouped. And then when we look to the balance of the cash use for the year, it's about $24 million net. And that was really driven by instruments of about $6 million on a year-to-date basis and SAP of about $3 million and then other CapEx of about $3 million, principally the building.

Mike Mattson

Okay, thanks. And then with this mobile training lab that you're introducing, is that training done in that I guess vehicle can be kind of incremental to the existing training courses you're already doing either locally or at your headquarters, or will be kind of replacing some of the kind of regional local training courses you had offered?

Stephen Deitsch

That's a great question. I'll tell you, we're excited to expand our medical training capabilities. So the demand has been pretty high, especially with some of these new product launches, for in person medical education, really, for surgeons to get their hands on some of these new products, primarily some of the ankle products, external fixation, fracture fixation products. What we've always tried to do is find the most effective avenue to bring surgeons to our headquarters when possible, but in some situations, it's more appropriate to bring the medical education to them. And so this gives us the flexibility really to move that medical education hub around, and we expect it to be complementary to our in house facility. And we just expect to capture more surgeons who might not have the flexibility of leaving their territories to come here for some medical education and still get their hands on product. We're pretty excited about that mobile app.

Mike Mattson

Yes, okay. Great. Thank you.

Albert DaCosta

Of course. Thank you.

Stephen Deitsch

Thanks, Mike.

Operator

Thank you. [Operator Instructions] The next question today comes from the line of David Turkaly from JMP Securities. Please go ahead. Your line is now open.

David Turkaly

Great, thank you. Albert maybe you've talked about some I guess pretty impressive productivity numbers on your salesforce. Let's call it high teens 20 percentage last couple of quarters. I guess just remind us like where these guys stand today in terms of potential I can't imagine that you can keep seeing increases like that. But maybe with the new products, you can. I guess, help us think about those trends versus real just new ads.

Albert DaCosta

Yes and thanks for the question Dave. Great to talk to you. I'll tell you there's a few things there. One is the history of Paragon 28 we've always had such an exciting cadence of new product introductions, and we're definitely a clinically oriented organization, which means we appeal more to that clinically minded salesperson. And medical education for us as two facets, it has the surgeon trainings, but it also has sales rep, education. And so as we increase these medical education opportunities for surgeons, it's also a really nice way for our sales reps to continue to get educated on our products, while we designed the instruments and implants and the options the way we have.

So I think there is really a twofold benefit there. We launch a lot of great products. And we have a history of doing that. And we continue to do that today. And it's not slowing down moving forward. And in addition to that, we have tons of medical education opportunities to continue to Strengthen our sales forces ability to represent these products and just really be a service in the operating room for those surgeons. So we attribute a lot of that productivity increase to those things there.

David Turkaly

Got it. And I guess if you'd be willing to give us sort of an update on patient specific options, I know you mentioned Talus. and then Disior, the 3D planning, I guess, I'd love to hear sort of an update of where you stand on the Smart28 platform as well. Thank you.

Albert DaCosta

Absolutely. Yes, you got it. Thanks for the question. We love we continue to be really excited about what Smart28 can mean to the future of foot and ankle surgery, impacting patients, impacting surgeons, impacting basically our knowledge of these deformities and best ways to treat these. So in and of itself, Smart28 really is driven towards more patient specific identification and solutions.

I will tell you that the exact acquisitions, both of Additive Orthopedics and Disior are moving well. The Additive Orthopedics line in particular, the Talus Spacer. Just showed us how powerful some of these options can be to surgeons. These were patients, in some cases, very young patients that suffer with a vascular necrosis. And the options just weren't great for these patients, in some cases, facing amputation.

So there's just such an amazing feeling when we can provide an option a meaningful option like that that gives our surgeons those options and also benefits patients. So we're excited about that. It's doing well for us. And then the Disior side of it, which we've commented before we still think is the software really can be the foundation of the Smart28 or enabling technologies.

And right now the phases of Disior are being used primarily internally for some of our research and development work. As we do two things, one, we prepare for more of a public launch next year, but also in combining Additive Orthopedics and the Disior platform to create a really powerful solution there. So that was sort of an answer that gives you an update on those acquisitions, but also let you know where we are with the Smart28. That's a chance for us to really change the game here and Strengthen options for patients.

David Turkaly

I appreciate it. Thank you.

Albert DaCosta

Of course.

Stephen Deitsch

Thanks Dave.

Operator

Thank you. There are no further questions registered at this time. So I'd like to pass the call back over to Albert DaCosta for closing remarks. Please go ahead.

Albert DaCosta

You got it. Thanks. Thank you again for your time today. Steve and I look forward to seeing many of you at future investor and industry conferences as well as individual meetings. Have a wonderful day.

Operator

This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.

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