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CLPS Incorporation (Nasdaq: CLPS) is a leading global provider of information technology (IT) consulting and solutions, specializing in banking, insurance, and financial services. Founded in 2005, the company has grown to serve a diverse clientele, including mid-size firms and Fortune 500 companies like Bank of America, Standard Chartered, and Sony.
Headquartered in Hong Kong, CLPS operates through 20 delivery and research & development centers worldwide, from the US and Europe to Asia and Australia. The firm offers a comprehensive range of services, focusing on IT consulting, customized IT solutions, and software products such as a Risk Control Platform, Transaction Acquiring Platform, and a Virtual Bank Training Platform.
Recent Achievements:
- Development of an innovative quantitative trading system for retail investors, leveraging algorithmic models for enhanced investment efficiency and risk control.
- Launch of an AI-generated content (AIGC) solution to improve project execution speed and reduce talent acquisition costs.
- Successful acquisition of Purple Potato Finance in Hong Kong to expand its credit card business.
- Acquisition of College of Allied Educators in Singapore to bolster its Talent Creation and Development Programs.
Despite global economic challenges, CLPS has managed steady financial performance through strategic innovations, acquisitions, and a strong focus on talent development. The company reported increased revenues from its global operations and a notable growth in its US business, reflecting its successful global expansion strategy.
CLPS Incorporation announced that Chief Operating Officer Henry Li Li has been promoted to President, effective immediately. Mr. Li, who joined CLPS in 2019, has significantly enhanced the company's operational efficiency and productivity through innovative technologies and optimized processes. He has also expanded market scope and developed strong client relationships, contributing to sustained organic growth. Mr. Li has 20 years of experience in the financial and IT industries, previously holding senior roles at Mastercard and Commonwealth Bank of Australia in China.
Mr. Li's educational background includes a bachelor's degree in Computer Science from Tianjin University and an MSE degree from Fudan University. As President, he aims to leverage the company’s competitive advantages, foster innovation, and expand international reach to deliver exceptional value to stakeholders.
Paul Xiao Feng Yang, Chairman of CLPS, praised Mr. Li's strategic vision and execution abilities, indicating that this promotion aligns with CLPS's long-term strategy to strengthen leadership and enhance management to respond better to market changes and client needs.
CLPS has received a notice from Nasdaq dated June 10, 2024, regarding its non-compliance with the minimum bid price requirement, as its common shares closed below $1.00 for 30 consecutive trading days.
The company has until December 9, 2024, to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days. If this is achieved, Nasdaq will confirm compliance in writing. Failing this, CLPS may seek an additional 180-day extension by moving to the Nasdaq Capital Market and possibly implementing a reverse stock split.
This notification does not affect the listing or trading of CLPS shares, and the company is taking steps to address the issue.
CLPS has successfully acquired Shell Infotech through its subsidiary Ridik Pte. , aiming to bolster its global expansion strategy, particularly in Southeast Asia. Established in 2003 and based in Singapore, Shell Infotech is a renowned IT consulting and managed services provider, with a strong presence in banking and insurance sectors across Singapore and Malaysia.
The acquisition will integrate Shell Infotech's workforce into CLPS's operations, with employees relocating to Ridik's Singapore office. This move is projected to increase CLPS's revenue in Southeast Asia by 25% to 30% and bring 27 new clients into its fold. CLPS plans to maintain the Shell Infotech brand to leverage the combined strengths of both firms, enhancing its market competitiveness and expanding its service offerings.
Key executives from CLPS expressed optimism about the acquisition, highlighting its role in advancing the company's growth plans across the Asia-Pacific region, including markets in Malaysia, the Philippines, Japan, India, Vietnam, and Australia.
CLPS celebrates IBM's 60 years in mainframe leadership and highlights its commitment to talent development. Recognizing IBM's contributions since the 1964 launch of the IBM System/360, CLPS underscores the importance of mainframes in digital transformation. CLPS's Talent Creation Program (TCP) offers a comprehensive six-month curriculum combining theoretical knowledge and practical training, focusing on mainframe technologies like JCL, COBOL, and DB2. The program has successfully graduated over 6,000 professionals for global financial institutions. CEO Raymond Lin emphasizes the significance of IBM's Mainframe Skills Council in fostering a skilled workforce and vows to enhance CLPS's training programs further.
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