NowVertical Executives Show Confidence in Growth with Major Open Market Share Purchases
NowVertical Group (TSXV: NOW) announced significant open market share purchases by its executive management team, totaling approximately 1.06 million Class A subordinate voting shares. These purchases, made following Q3 2024 results, were executed by CEO Sandeep Mendiratta, EVP Shailesh Mallya, CDO Andre Garber, and interim CFO Christine Nelson, increasing management's pro forma ownership to approximately 27%.
The purchases align with the company's near-term goals of achieving US$50 million in annual revenue run-rate and 20% EBITDA margin. Additionally, NowVertical announced new executive appointments following the completion of integration milestones, including Santiago Trógolo as EVP LATAM, Shailesh Mallya as EVP of Solutions and Services, Mostafa Hashem as EVP of Product & Tech, and Pankaj Ghag as EVP of Program Delivery and Operations.
NowVertical Group (TSXV: NOW) ha annunciato acquisti significativi di azioni sul mercato aperto da parte del proprio team di gestione esecutiva, per un totale di circa 1,06 milioni di azioni di voto subordinato di Classe A. Questi acquisti, effettuati dopo i risultati del terzo trimestre 2024, sono stati eseguiti dal CEO Sandeep Mendiratta, dall'EVP Shailesh Mallya, dal CDO Andre Garber e dalla CFO ad interim Christine Nelson, aumentando la proprietà pro forma della gestione a circa il 27%.
Gli acquisti sono in linea con gli obiettivi a breve termine dell'azienda di raggiungere 50 milioni di dollari americani in revenue annuale e un margine EBITDA del 20%. Inoltre, NowVertical ha annunciato nuove nomine esecutive dopo il completamento delle tappe di integrazione, includendo Santiago Trógolo come EVP LATAM, Shailesh Mallya come EVP di Soluzioni e Servizi, Mostafa Hashem come EVP di Prodotto e Tecnologia, e Pankaj Ghag come EVP di Consegna Programmi e Operazioni.
NowVertical Group (TSXV: NOW) anunció adquisiciones significativas de acciones en el mercado abierto por parte de su equipo de gestión ejecutiva, totalizando aproximadamente 1.06 millones de acciones de voto subordinado de Clase A. Estas compras, realizadas tras los resultados del tercer trimestre de 2024, fueron ejecutadas por el CEO Sandeep Mendiratta, el EVP Shailesh Mallya, el CDO Andre Garber y la CFO interina Christine Nelson, aumentando la propiedad pro forma de la dirección a aproximadamente el 27%.
Las compras están alineadas con los objetivos a corto plazo de la compañía de alcanzar 50 millones de dólares estadounidenses en ingresos anuales y un margen EBITDA del 20%. Además, NowVertical anunció nuevos nombramientos ejecutivos tras completar los hitos de integración, incluidos Santiago Trógolo como EVP LATAM, Shailesh Mallya como EVP de Soluciones y Servicios, Mostafa Hashem como EVP de Producto y Tecnología, y Pankaj Ghag como EVP de Entrega de Programas y Operaciones.
NowVertical Group (TSXV: NOW)는 경영진 팀의 공개 시장 주식 구매를 발표했으며, 총 106만 개의 A급 의결권 주식이 포함됩니다. 이러한 구매는 2024년 3분기 결과 발표 후 이루어졌으며, CEO Sandeep Mendiratta, EVP Shailesh Mallya, CDO Andre Garber, 그리고 임시 CFO Christine Nelson에 의해 실행되어 경영진의 프로포르마 소유권을 약 27%로 증가시켰습니다.
이 구매는 연간 5천만 달러의 수익 및 20% EBITDA 마진을 달성하겠다는 회사의 단기 목표와 일치합니다. 또한, NowVertical은 통합 이정표 완료 후 새로운 경영진 임명을 발표했으며, 여기에는 Santiago Trógolo가 EVP LATAM, Shailesh Mallya가 솔루션 및 서비스 EVP, Mostafa Hashem이 제품 및 기술 EVP, Pankaj Ghag가 프로그램 전달 및 운영 EVP로 임명되었습니다.
NowVertical Group (TSXV: NOW) a annoncé des achats significatifs d'actions sur le marché ouvert par son équipe de direction, totalisant environ 1,06 million d'actions de vote subordonné de Classe A. Ces achats, réalisés suite aux résultats du troisième trimestre 2024, ont été effectués par le PDG Sandeep Mendiratta, le EVP Shailesh Mallya, le CDO Andre Garber et la CFO intérimaire Christine Nelson, augmentant la propriété pro forma de la direction à environ 27%.
Ces achats correspondent aux objectifs à court terme de l'entreprise d'atteindre 50 millions de dollars américains de chiffre d'affaires annuel et une marge EBITDA de 20%. De plus, NowVertical a annoncé de nouvelles nominations exécutives suite à l'achèvement des jalons d'intégration, notamment Santiago Trógolo en tant qu'EVP LATAM, Shailesh Mallya en tant qu'EVP des Solutions et Services, Mostafa Hashem en tant qu'EVP Produit et Technologie, et Pankaj Ghag en tant qu'EVP de la Livraison de Programmes et des Opérations.
NowVertical Group (TSXV: NOW) gab bekannt, dass das Management-Team signifikante Aktienkäufe auf dem offenen Markt getätigt hat, insgesamt etwa 1,06 Millionen Stück der Klasse A stimmberechtigten Aktien. Diese Käufe wurden nach den Ergebnissen des dritten Quartals 2024 von CEO Sandeep Mendiratta, EVP Shailesh Mallya, CDO Andre Garber und der interimistischen CFO Christine Nelson getätigt und erhöhen das pro forma Eigentum des Managements auf etwa 27%.
Die Käufe stehen im Einklang mit den kurzfristigen Zielen des Unternehmens, einen Jahresumsatz von 50 Millionen US-Dollar und eine EBITDA-Marge von 20% zu erreichen. Zusätzlich gab NowVertical nach Abschluss der Integrationsmeilensteine neue Vorstandsnominierungen bekannt, darunter Santiago Trógolo als EVP LATAM, Shailesh Mallya als EVP für Lösungen und Dienstleistungen, Mostafa Hashem als EVP für Produkt & Technik und Pankaj Ghag als EVP für Programmabwicklung und Operationen.
- Management increased ownership stake to 27% through significant share purchases
- Company targets US$50 million annual revenue run-rate
- 20% EBITDA margin goal established
- Substantial completion of integration milestones achieved
- None.
- Management Purchased Approximately 1.06 Million Shares Since Q3 Results
Toronto, Ontario--(Newsfile Corp. - January 14, 2025) - NowVertical Group Inc. (TSXV: NOW) ("NowVertical" or the "Company"), a leading data analytics and AI solutions provider, announces that certain members of executive management have purchased approximately 1.06 million Class A subordinate voting shares in the open market (the "Management Purchases").
The Management Purchases were made following the announcement of the Q3 2024 results on November 14, 2024 where the Company highlighted its near-term goal of achieving US
"These recent open market purchases by our management are another testament to our team's belief and commitment to our growth trajectory," said Sandeep Mendiratta, NowVertical's CEO. "This commitment comes as we continue to execute on the opportunities to serve our clients' growing demands for data analytics and AI solutions, and further aligns the interests of our management team with our shareholders."
With the substantial completion of the initial integration milestones, NowVertical also announces the appointment of the following individuals as executive officers of the Company, including:
- Santiago Trógolo, EVP LATAM: Santiago now leads NowVertical's operations in the Latin American market and previously served as CEO of CoreBI (acquired by NowVertical in February 2022)
- Shailesh Mallya, EVP of Solutions and Services: Shailesh, co-founder and former Chief Technical Officer of Acrotrend Solutions Ltd. (acquired by NowVertical in January 2023), now leads NowVertical's North America and EMEA business operations
- Mostafa Hashem, EVP of Product & Tech: Mostafa, founder of Smartlytics Consultancy Ltd. (acquired by NowVertical in January 2023), is responsible for NowVertical's first party product innovation and commercialization endeavours
- Pankaj Ghag, EVP of Program Delivery and Operations: Pankaj, the former head of delivery for Acrotrend Solutions Ltd., now oversees NowVertical's seamless global service delivery for NowVertical's clients
"I am also proud to announce the appointment of key contributors to our business as executive officers of NowVertical. Following a year of significant transformation in 2024, we look forward to operating the business on an integrated and robust platform and are poised to achieve our first organic revenue and EBITDA milestones," said Sandeep Mendiratta.
About NowVertical Group Inc.
The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company's AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions. For further details about NowVertical, please visit www.nowvertical.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Andre Garber, CDO
IR@nowvertical.com
Nikhil Thadani, Investor Relations and Communications
nik@sophiccapital.com
t: (289) 667-1977
Cautionary note regarding Forward-Looking Statements
This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together "forward-looking statements"), including, without limitation: statements pertaining to the issuance of shares in settlement of existing debts, statements pertaining to the ability of the Company to achieve revenue and EBITDA objectives, the approval of the TSX Venture Exchange to the debt settlements, the alignment of the Company's leadership and shareholders, the ability of the Company to capitalize on growth opportunities, and the ability of the Company to achieve synergies from integration of various business arms. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company's management's discussion and analysis for the year ended December 31, 2023. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237132
FAQ
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