SYMBOLIC LOGIC INC - EVOL STOCK NEWS

Evolving Systems has entered into a strategic collaboration with Zain Saudi Arabia to enhance its Loyalty offering through the Yaqoot platform. This partnership aims to improve customer engagement and retention by leveraging Evolving Systems' advanced solutions, including 360-degree customer profiling and real-time journey triggers. The collaboration was formalized during a ceremony at LEAP Saudi Arabia 2022. Yaqoot, part of Zain's digital transformation initiative, seeks to meet modern consumer expectations while fostering a digitally connected future.

Evolving Systems (Nasdaq: EVOL) has finalized its acquisition by PartnerOne, focusing on its Customer Acquisition and Network Services division and CVML and Loyalty business. This move is expected to enhance Evolving Systems' market position and expand its capabilities in delivering real-time digital engagement solutions. PartnerOne's backing aims to strengthen Evolving Systems' innovative offerings, benefiting its extensive customer base across five continents. Evolving Systems has over 100 clients in 65 countries, reinforcing its role as a leader in customer engagement technologies.

Evolving Systems (NASDAQ: EVOL) announced a collaboration with Amdocs to enhance the Amdocs Digital Brands Suite-as-a-Service. This partnership aims to provide loyalty and campaign capabilities that enable communication service providers (CSPs) to create engaging digital experiences for their customers. The cloud-based suite employs a 'pay-as-you-grow' model, fostering flexibility without hefty commitments. Key benefits include improved customer engagement through personalized offers and reduced churn, bolstering CSPs' operational agility in a competitive digital space.

Evolving Systems, Inc. (NASDAQ: EVOL) announced the expiration of the 30-day 'go-shop' period for the sale of its operating subsidiaries and assets, including Customer Acquisition and Network Services to PartnerOne Capital. The period concluded on November 15, 2021, with no superior acquisition proposals received. Following this, the company is bound by 'no-shop' provisions, limiting negotiation with third parties. The transaction is expected to close in 2021, pending stockholder approval and customary closing conditions.

Evolving Systems, Inc. (NASDAQ: EVOL) reported its third quarter results for 2021, achieving revenues of $7.0 million and year-to-date revenues of $20.4 million, marking a 5.4% increase from 2020. The company also reported a positive operating profit of $0.6 million and net income of $0.1 million. Adjusted EBITDA was $1.0 million for the quarter. Strong service revenues, primarily from managed services, comprised 99% of total revenues. Cash and cash equivalents increased to $3.6 million, and the company anticipates a debt-free balance sheet post-transaction with approximately $37.5 million in cash.

Evolving Systems, Inc. (NASDAQ: EVOL) will release its 2021 third quarter financial results post-market on November 10, 2021. This announcement follows a transaction with PartnerOne Capital, revealed on October 18, 2021, which means there will be no conference call to discuss the results. Evolving Systems specializes in real-time digital engagement solutions, serving over 90 service providers globally. The company emphasizes its capabilities in customer engagement and resource management for various sectors, including telecom and retail.

Evolving Systems (Nasdaq: EVOL) and Cellcard have been shortlisted for the Best Use of Customer Insight award at the Engage Awards.

This recognition highlights their successful partnership in enhancing Cellcard's loyalty program, which serves 4 million customers and supports 5G rollout. The first year of the Cellcard Club has shown outstanding growth, with plans for new features and a VIP Club for high-value customers.

Cellcard's initiatives aim to reduce churn and engage the critical youth market, driving their digital lifestyle brand forward.

Evolving Systems (NASDAQ: EVOL) announced on October 15, 2021, that it will sell its Customer Acquisition and Network Services division and Loyalty Business to PartnerOne Capital for a base price of $40 million. Upon closing, Evolving Systems expects approximately $37.5 million in cash, achieving a debt-free balance sheet. The deal is subject to shareholder approval and includes a 'go-shop' period until November 15, 2021, allowing for alternative acquisition proposals. The largest stockholder has agreed to support the transaction.

Evolving Systems reported Q2 2021 financial results with $7.0 million in revenue, a 6.7% increase from the prior year. Year-to-date revenue reached $13.5 million.

The company generated positive cash flow, boosting cash and equivalents to $4.9 million. Operating profit for the quarter was $0.4 million, leading to a net income of $1.0 million. Adjusted EBITDA stood at $0.7 million, compared to $0.6 million in Q2 2020. Gross profit margins improved to 68.8%.