Black & Veatch Uses Descartes Visual Compliance™ to Help it Grow Globally

Rhea-AI Summary

Descartes Systems Group (Nasdaq:DSGX) announced that Black & Veatch is utilizing Descartes Visual Compliance to enhance trade compliance and reduce risks as it expands globally. This cloud-based solution streamlines workflows for denied party screening and export documentation, supporting industries such as aerospace and manufacturing. Black & Veatch's compliance team can now focus on strategic activities, improving efficiency amidst growing contracts. Descartes' solution aims to enable firms to meet regulatory standards and boost their reputation in fast-growing sectors.

Positive

• Black & Veatch is using Descartes Visual Compliance, enhancing its compliance operations.
• The solution automates denied party screening, reducing trade compliance risks.
• Improves efficiency in managing increasing contract volumes for Black & Veatch.
• Supports various industries, potentially increasing Descartes' market reach.
• Enhances the reputation of organizations through improved compliance processes.

Negative

• Forward-looking statements highlight potential risks and uncertainties affecting future performance.

WATERLOO, Ontario, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Black & Veatch, a U.S.-based global engineering, construction and professional services company, is using Descartes Visual Compliance™ to automate denied party screening and reduce trade compliance risk as it continues its global growth trajectory.

Descartes Visual Compliance is a cloud-based solution for export, financial and trade compliance, including restricted and denied party screening, controlled goods classification, and export license and documentation management. The solution includes comprehensive watch list, regulatory and tariff content from the U.S., as well as the EU, APAC and EMEA regions. Descartes Visual Compliance helps companies in diverse industries, such as aerospace, financial services, retail, manufacturing, education, transportation and defense, to better navigate the ever-changing, complex world of foreign trade compliance by streamlining workflows, mitigating business risk and enhancing overall compliance.

Peter Loftspring, Black & Veatch’s Senior Vice President and Chief Compliance Manager, said that “embedding Descartes Visual Compliance into our internally-developed systems and leveraging its automated screening capability has helped us to keep pace with the growing number of contracts that we manage.” At the same time, he said, the technology “increases capacity in the compliance team to focus on more strategic activities, such as training and internal stakeholder engagement.”

Loftspring considers Descartes Visual Compliance to be a valuable tool “in the world of infrastructure development where safety is sacrosanct” and where “Black & Veatch is recognized internationally for our commitment to both safety and compliance.”

“We’re pleased that our compliance solution is helping Black & Veatch advance its international growth objectives by increasing screening efficiency and minimizing the exposure to trade-related risks,” said Jackson Wood, Director Industry Strategy at Descartes. “By using the Descartes solution as part of a program to meet high regulatory standards, compliance can become a business enabler for companies operating in highly-regulated, fast-growing industries, streamlining due diligence processes and helping to enhance the image and reputation of the organization.”

About Black & Veatch

Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world's largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

Global Media Contact
Cara Strohack
Tel: +1(800) 419-8495 ext. 202025                                 
cstrohack@descartes.com  

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relate to Descartes' solution offering and potential benefits derived therefrom including any potential efficiency gains or increased compliance effectiveness; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, "Certain Factors That May Affect Future Results" in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes most recently filed management's discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FAQ

What is the significance of Descartes Visual Compliance for Black & Veatch?

Descartes Visual Compliance enhances Black & Veatch's trade compliance by automating denied party screening and reducing risks.

How does Descartes Visual Compliance impact contract management for Black & Veatch?

It increases the compliance team's capacity to manage more contracts efficiently.

What industries benefit from Descartes Visual Compliance?

Industries such as aerospace, manufacturing, and retail benefit from this compliance solution.

What are the potential risks mentioned in Descartes' press release?

The release includes forward-looking statements that involve risks and uncertainties that could affect future business performance.

When was Descartes' announcement about Black & Veatch made?

The announcement was made on August 30, 2021.