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About CLPS Incorporation
CLPS Incorporation (Nasdaq: CLPS) is a globally recognized provider of information technology (IT) consulting and solutions, headquartered in Hong Kong. Founded in 2005, the company specializes in delivering tailored IT services and innovative solutions to a diverse range of industries, including banking, wealth management, e-commerce, automotive, insurance, and healthcare. With a strong focus on the financial services sector, CLPS serves a growing network of clients, ranging from mid-sized enterprises to Fortune 500 companies, across Asia, North America, Europe, and the Middle East.
Core Services and Solutions
CLPS offers a comprehensive suite of IT services, including:
- IT Consulting Services: Expertise in financial technology solutions, legacy system modernization, and digital transformation initiatives.
- Customized IT Solutions: Development of tailored platforms, such as risk control systems, credit card solutions, virtual banking training platforms, and debt collection systems.
- Robotic Process Automation (RPA): Advanced automation tools like Nibot, designed to enhance operational efficiency across industries.
- Artificial Intelligence (AI): AI-driven solutions for business process optimization, intelligent automation, and predictive analytics.
- Global Delivery and IT Staffing: Seamless integration of talent and technology through its Talent Creation Program (TCP) and Talent Development Program (TDP).
Global Footprint
To meet the growing demand for global IT support, CLPS has established 19 delivery and research & development centers worldwide. These centers are strategically located in Mainland China (Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan) and internationally in the USA, Canada, Japan, Singapore, Malaysia, India, Philippines, UAE, and Hong Kong SAR. This extensive global presence enables CLPS to provide real-time, localized services to its clients.
Strategic Growth and Diversification
CLPS's growth strategy is underpinned by its dual focus on geographic expansion and diversification into emerging sectors. Recent acquisitions, such as Shell Infotech in Southeast Asia and Purple Potato Finance, have bolstered its market share and strengthened its service portfolio. The company has also ventured into new industries, including e-commerce, tourism, and academic education, complementing its core IT offerings.
Technology and Innovation
Innovation is at the heart of CLPS's operations. The company has invested heavily in five key technological engines: AI, low-code platforms, RPA, cloud computing, and big data. Its AI Innovation Committee (CAIC) spearheads the integration of advanced technologies like generative AI and machine learning into its solutions, enabling clients to achieve digital transformation and operational excellence.
Challenges and Resilience
Despite facing challenges such as fluctuating client demand and global economic uncertainties, CLPS has demonstrated resilience through strategic initiatives. These include diversifying revenue streams, optimizing operational costs, and enhancing talent acquisition and development. Its proactive approach to market dynamics ensures sustained competitiveness and long-term growth.
Commitment to Excellence
CLPS is committed to delivering high-quality IT services that align with international standards. Its emphasis on innovation, client-centric solutions, and global expansion positions the company as a trusted partner for organizations navigating the complexities of digital transformation.
Conclusion
With its robust service portfolio, technological expertise, and global reach, CLPS Incorporation continues to redefine the IT consulting landscape. By addressing the evolving needs of its clients and leveraging cutting-edge technologies, the company is well-positioned to drive sustainable growth and create value for stakeholders worldwide.
CLPS Incorporation (Nasdaq: CLPS) reported its unaudited financial results for the first half of fiscal 2023, ending December 31, 2022. Revenues increased by 1.1% year-over-year to $76.8 million, driven by growth in wealth management (up 24.3%) and automotive services (up 29.7%). Net income rose to $1.4 million compared to a net loss of $1.9 million in the prior period. Despite dealing with macroeconomic challenges, including exchange rate fluctuations and COVID-19 impacts, CLPS maintained a strong cash position with $37.6 million in cash. The company anticipates total sales growth of 5% to 10% for fiscal 2023.
CLPS Incorporation (Nasdaq: CLPS) announced plans to release its first half of fiscal 2023 financial results on March 3, 2023, prior to market opening. The company will host a conference call at 8:30 am ET to discuss these results, along with business highlights and outlook for the future. Interested parties can access the call via multiple dial-in numbers or through a live audio webcast. CLPS, headquartered in Hong Kong, provides IT consulting and solutions, primarily targeting the banking and financial service sectors across various regions, including the US, Europe, and Asia.
On February 6, 2023, CLPS Incorporation (Nasdaq: CLPS) shared a letter from its Chairman addressing shareholders. The letter highlights CLPS's resilient business performance in 2022, despite macroeconomic challenges. Key accomplishments included a 20.6% revenue growth to $152 million and a positive cash flow from operations. The company launched several products, including a new digital currency application and an upgraded credit card system. Strategic partnerships were formed with DaoCloud and others to enhance fintech solutions. Looking forward, CLPS aims to strengthen its global presence and focus on innovation in fintech.
CLPS Incorporation (Nasdaq: CLPS) has declared a special cash dividend of $0.05 per share, amounting to approximately $1.18 million, payable on January 10, 2023. Shareholders of record as of December 29, 2022 will receive this dividend. CEO Raymond Lin emphasized the company’s strong business position and its commitment to returning capital to shareholders. Future dividends will depend on the company's financial performance and conditions.
CLPS Incorporation (Nasdaq: CLPS) reported a 20.6% increase in fiscal year 2022 revenues, reaching $152.0 million compared to $126.1 million in the previous year. IT consulting services revenue rose by 17.8% to $144.1 million, while customized IT solutions surged 115.2% to $6.7 million. However, operating income dropped 11.6% to $7.4 million, and net income fell 34.6% to $4.6 million. Looking ahead, the company expects 20%-25% revenue growth for fiscal year 2023, despite currency fluctuations.
CLPS Incorporation (Nasdaq: CLPS) will announce its second half and full year financial results for fiscal 2022 on October 20, 2022, before the market opens.
A conference call is scheduled for 8:30 am ET to discuss these results, along with business highlights and future outlook. Listeners can access the call via various dial-in numbers or through a live audio webcast on the Company’s investor relations website.
CLPS is a global IT consulting and solutions provider focused on the banking and financial sectors, operating 18 centers across the globe.
CLPS Incorporation (Nasdaq: CLPS) has appointed Mr. Srustijeet Mishra as the new CEO of CLPS Technology Inc. in California, responsible for U.S. operations. Mr. Mishra, an IT veteran with over 20 years of experience, previously founded Ridik and led CLPS SEA. Under his leadership, CLPS California, established in January 2020, has shown significant growth, including an 85% team expansion and revenue generation since fiscal year 2021. The company plans to leverage its established relationships in Asia to build a strong client base in the U.S., aiming for further growth in North America.
CLPS Incorporation (Nasdaq: CLPS) announced the development of a new loan management system aimed at small and medium-sized banks in Hong Kong and Southeast Asia, with a launch expected in 2023. The system integrates advanced technologies such as blockchain and facial recognition to enhance the loan application process, targeting a market demand identified through preliminary research. This initiative aims to help traditional banks improve efficiency and reduce operational costs while adapting to digital transformation.
CLPS Incorporation (Nasdaq: CLPS) announced a strategic Collaboration Agreement with Educare Global Academy in Singapore on June 21, 2022. This partnership aims to enhance IT talent in the banking and fintech sectors by offering a Post Graduate Diploma focused on new banking technologies. The program includes internship and job placement support for graduates. CLPS anticipates that this collaboration will drive revenue growth by addressing the region's demand for skilled professionals in these industries.
CLPS Incorporation (Nasdaq: CLPS) announced the launch of a scenario-based digital currency application solution aimed at aiding financial institutions in enhancing their digital economy capabilities. This initiative is a response to the growing demand for digital currency ecosystems, particularly in China, where the digital RMB is gaining momentum. The solution integrates various financial services, enabling institutions to adopt digital currency more rapidly. CLPS plans to customize the solution for clients, targeting increased market penetration and customer acquisition.
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