|By Business Wire||
|December 19, 2012 03:14 AM EST||
At the beginning of 2012, Cidron Delfi Intressenter AB acquired Orc Group (STO:ORC) through a public tender offer directed to the shareholders in Orc Group AB. Following the sale of Orc’s former subsidiaries and sub-groups CameronTec and Neonet at the beginning of October, continuing operations in the Cidron Delfi Intressenter group now consist solely of operations in Orc. Cidron Delfi Intressenter AB was formed on November 28, 2011, and Orc Group AB is consolidated as of January 1, 2012. There is no historical information for the Cidron group and the comparative figures for 2011 have been taken from Orc’s operations in Orc Group. CameronTec and Neonet are reported as discontinuing operations for all of the periods covered in this report.
- OPERATING REVENUE FOR THE PERIOD FROM JANUARY TO SEPTEMBER REACHED SEK 391M (432), A DECREASE OF 9%. THE DROP IN REVENUE WAS PARTLY COMPENSATED BY LOWER EXPENSES AND CAPEX. ADJUSTED EBITDA WAS SEK 178M (205) AND EBITDA-CAPEX WAS SEK 96M (115).
- OPERATING REVENUE FOR THE QUARTER FROM JULY TO SEPTEMBER AMOUNTED TO SEK 127M (140), DOWN BY 9%. THE DROP IN REVENUE WAS LARGELY COMPENSATED BY LOWER EXPENSES AND CAPEX. ADJUSTED EBITDA WAS SEK 60M (64) AND EBITDA-CAPEX WAS SEK 33M (34).
- A SUCCESSFUL BOND PLACEMENT OF EUR 60M WAS CARRIED OUT IN NOVEMBER.
- THE LAUNCH OF AN EFFICIENCY IMPROVEMENT PROGRAM WILL REDUCE THE NUMBER OF EMPLOYEES BY AROUND 20 DURING DECEMBER, EQUAL TO JUST UNDER 10% OF THE TOTAL NUMBER OF EMPLOYEES.
- AS A RESULT OF THE EFFICIENCY IMPROVEMENT PROGRAM, TOGETHER WITH REFINANCING AND RESTRUCTURING OF THE FORMER ORC GROUP, INCOME FOR THE QUARTER FROM OCTOBER TO DECEMBER WILL BE CHARGED WITH SUBSTANTIAL NON-RECURRING COSTS.
CEO TORBEN MUNCH COMMENTS:
“As previously announced during our meetings with investors, revenue for the quarter from July to September 2012 was down somewhat from the preceding quarter as result of challenging market conditions. Although revenue has fallen by nearly 10% during the past year, EBITDA-CAPEX for the last four quarters has held steady at around SEK 30m. This is mainly explained by the wind-up of group-wide functions and successful renegotiation of third-party agreements.
In November Orc launched an initiative mainly aimed at realizing the expected synergies from regionalization of customer service and adapting the sales and service organizations to the current market conditions. The number of employees will be reduced by around 20 and the office in Frankfurt will be closed. At the same time, Orc is continuing to invest aggressively in new products and services. After the reorganization, the number of employees active in the product and development organization will be around 100, i.e. close to half of all employees in the company.
Also in November, Orc successfully placed a EUR 60m five-year Senior Secured High Yield bond. The offering was fully subscribed already before completion of the management’s investor roadshow.
The market climate during the quarter from October to December remained weak. At the same time, the secured long-term financing together with the implemented organizational changes and cost adaptations provide excellent scope to continue developing and positioning Orc as a leading provider of technology and services for the global financial industry.”
Orc is a leading provider of technology and services for the global financial industry. Since 1987, Orc delivers trading and market access solutions used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
Orc develops and provides the tools needed for running profitable trading or brokerage businesses in today’s competitive and ever-changing markets.
With market presence in all major global financial centers, Orc provides sales and support services from its offices across EMEA, the Americas and the Asia-Pacific regions.
Orc is owned by Cidron Delfi Intressenter AB, which in turn is owned by Nordic Capital Fund VII.
N.B. The English text is a translation of the Swedish text. In case of discrepancy between the Swedish and the English text the Swedish version shall prevail.
This information was brought to you by Cision http://www.cisionwire.com
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Oct. 9, 2015 03:00 PM EDT Reads: 175
DevOps is here to stay because it works. Most businesses using this methodology are already realizing a wide range of real, measurable benefits as a result of implementing DevOps, including the breakdown of inter-departmental silos, faster delivery of new features and more stable operating environments. To take advantage of the cloud’s improved speed and flexibility, development and operations teams need to work together more closely and productively. In his session at DevOps Summit, Prashanth...
Oct. 9, 2015 03:00 PM EDT
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Bryan Forrester, Senior Vice President of Sales at eFolder, will present how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He will also demonstrate how easy it is to search and restore cloud application data using Cloudfinder.
Oct. 9, 2015 03:00 PM EDT Reads: 459
Saviynt Inc. has announced the availability of the next release of Saviynt for AWS. The comprehensive security and compliance solution provides a Command-and-Control center to gain visibility into risks in AWS, enforce real-time protection of critical workloads as well as data and automate access life-cycle governance. The solution enables AWS customers to meet their compliance mandates such as ITAR, SOX, PCI, etc. by including an extensive risk and controls library to detect known threats and b...
Oct. 9, 2015 03:00 PM EDT Reads: 217
SYS-CON Events announced today that Key Information Systems, Inc. (KeyInfo), a leading cloud and infrastructure provider offering integrated solutions to enterprises, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Key Information Systems is a leading regional systems integrator with world-class compute, storage and networking solutions and professional services for the most advanced softwa...
Oct. 9, 2015 03:00 PM EDT Reads: 371
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Oct. 9, 2015 03:00 PM EDT Reads: 341
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Oct. 9, 2015 02:45 PM EDT Reads: 133
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
Oct. 9, 2015 02:45 PM EDT Reads: 142
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
Oct. 9, 2015 02:45 PM EDT Reads: 171
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
Oct. 9, 2015 02:15 PM EDT Reads: 154
The enterprise is being consumerized, and the consumer is being enterprised. Moore's Law does not matter anymore, the future belongs to business virtualization powered by invisible service architecture, powered by hyperscale and hyperconvergence, and facilitated by vertical streaming and horizontal scaling and consolidation. Both buyers and sellers want instant results, and from paperwork to paperless to mindless is the ultimate goal for any seamless transaction. The sweetest sweet spot in innov...
Oct. 9, 2015 02:15 PM EDT Reads: 206
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.
Oct. 9, 2015 02:15 PM EDT Reads: 167
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, will review the current landscape of...
Oct. 9, 2015 02:00 PM EDT
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Oct. 9, 2015 02:00 PM EDT Reads: 232
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, al...
Oct. 9, 2015 02:00 PM EDT Reads: 185