Kohli Ventures and Zynergy Group Launch $100M Global Investment Drive for Solar Energy

Kohli Ventures and Zynergy Group Launch $100M Global Investment Drive for Solar Energy

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Kohli Ventures and Zynergy Group Launch $100M Global Investment Drive for Solar Energy

Kohli Ventures, the global technology investment company, and Zynergy Group an Indian solar projects and services company, has announced today the launch of its fund-raising plans, targeting USD$100m over the next three years. The investment will go towards expanding the business and driving the rapid growth of the solar energy sector across India, Africa, The Middle East and Asia.

A specialist in disruptive technologies, Tej Kohli, Chairman and CEO of Kohli Ventures, said:

‘This is both an essential part of the solution to moving the world away from non-renewable sources of energy and a key to unlocking greater economic growth for emerging and developing countries. Technology will continue to advance and push the dial in the renewable energy sector. The key is in finding those at the cutting edge to ensure first mover advantage’

The $100m investment drive has been launched by Kohli Ventures and Zynergy to further fund and support ground-breaking technology within the renewable energy sector by providing Zynergy with working capital to help it build the business, expand into new markets, and further develop its manufacturing and R&D capabilities. This is based on Zynergy’s successful track record of achieving path breaking technologies and solar based applications for home solutions in rural communities.

The announcement follows the launch of the partnership between Kohli Ventures and Zynergy in December 2015, at which Kohli Ventures invested $10m into Zynergy to support its new manufacturing plant in Tamil Nadu, India. Here, Zynergy will manufacture Cells, PV Modules, Inverters (Power Control Units) and other solar-based applications, supporting the Indian Government’s solar energy initiatives and helping to change the daily lives for many thousands of families living in India’s rural communities. The investment by Kohli Ventures is the first tranche of funding with further tranches of funding confirmed to take place to support Zynergy’s growth into the overseas markets.

Rohit Rabindernath, serial entrepreneur and Founder of Zynergy, added

‘At the COP21 UN climate summit more than 500 organisations worldwide, representing over $3.4trn in assets, pledged to new commitments. With energy demands only set to increase, these assets need to remain within the energy sector and shift towards renewables. Technology is a differentiator in the global market, and at the same time is bringing costs down, which means it is possible to bring increasingly affordable power on-line. With the biggest demands in emerging and developing countries, solar is the primary energy and investment solution.’

 


Equity Bank

Equity Bank, an African Financial Services Powerhouse, Chooses Entersekt to Protect Its Digital Chan

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Equity Bank, an African Financial Services Powerhouse, Chooses Entersekt to Protect Its Digital Channels

Equity Bank has selected Entersekt’s mobile-based, multi-factor authentication products, Transakt and Interakt, to boost the security of its online banking, mobile banking, and payments product set. Equity Bank is a subsidiary of Nairobi-headquartered Equity Group Holdings. Entersekt, a provider of advanced authentication and mobile security software, will partner closely with the fast-growing financial institution as it expands its digital banking and payments offerings.

Speaking when he confirmed the association with Entersekt, Equity Group Holdings managing director, Dr. James Mwangi, described the partnership as a strategic effort to guarantee the integrity of its digital financial services platforms. ‘At Equity, we are riding the wave of digital convenience and our association with Entersekt will afford us a rare opportunity to deliver banking services on multiple digital platforms,’ Mwangi said, adding, ‘The provision of digital banking solutions, is part of Equity’s commitment to deepen financial inclusion in Africa.’

Mobile technology is crucial to the provision of accessible banking and payments services in sub-Saharan Africa, overcoming as it does challenges presented by inadequate infrastructure, limited travel options, and the relative expense of and distrust in traditional banking channels. ‘Mobile penetration rates in sub-Saharan Africa average about 70 percent and are climbing fast,’ Gerhard Oosthuizen, Entersekt’s chief information officer. ‘Those African banks that succeed in creating innovative mobile experiences will grab the lion’s share of an underserved market.’

By leveraging the enormous popularity of mobile devices, their support of digital certificates and encryption, as well as their user-friendly interfaces, Entersekt’s solutions enable banks to offer innovative banking capabilities without exposing their customers to fraud,’ Oosthuizen continued. ‘Creating trusted relationships using mobile in a user-friendly way is the key to unlocking the full potential of this powerful channel.’

Equity will integrate Entersekt’s Transakt software development kit into its mobile applications to enable out-of-band, multi-factor authentication of online banking, mobile banking, mobile money transfer, e-commerce, call center, in-branch interactions, and more. Using digital certificates and proprietary validation techniques, Transakt converts the mobile phone into a trusted second factor of authentication and introduces an isolated communication channel between the device and financial institution that avoids reliance on the open Internet for user and transaction verification. The process is largely seamless to the banking customer. It avoids one-time passwords or challenge questions, requiring just one tap on a pop-up authentication request. Little to no user education is required.

Many mobile phones in Africa cannot run applications, so Equity has also opted for Entersekt’s push-USSD’based authentication product, Interakt, which provides the same peace of mind as Transakt does to owners of virtually any GSM-capable mobile device.

Ronald Webb, director of payments at Equity Bank, said, ‘The deployment of Entersekt extends Equity’s robust mobile strategy and, along with our Equitel MVNO initiative, will provide our customers with Africa’s most secure payments products and services. We are committed to extending financial inclusion and providing affordable, relevant, and secure services.’

Schalk Nolte, Entersekt’s chief executive officer, was buoyant. ‘We are delighted to have been chosen by Equity Bank. They, like other banks in Africa, have astonished me with their ambition to reimagine banking for a new digital era,’ he said. ‘Is there anywhere in the world that’s exploring the opportunities that mobile technology opens up as fervently and creatively as this continent is? As a South Africa-founded mobile technology company, Entersekt is proud to be a part of this fast-developing story.’

 

elensa Raises $18m to Meet Surge in Demand for its Wireless Smart City Solutions

elensa Raises $18m to Meet Surge in Demand for its Wireless Smart City Solutions

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Telensa Raises $18m to Meet Surge in Demand for its Wireless Smart City Solutions

Telensa, which provides end-to-end smart city solutions incorporating low power wide area (LPWA) wireless technology, today announced funding of $18M to fuel its next stage of profitable growth. The funding includes equity funding from Environmental Technologies Fund and debt funding from Silicon Valley Bank. It will be used to support expansion to meet growing demand in the smart cities market.

Telensa makes wireless smart city control applications, including the world’s most widely deployed smart streetlight solution, with over 50 city and regional networks deployed in 8 countries and a project footprint covering over 1 million streetlights.

Fundamental to Telensa’s success is its LPWA Ultra Narrow Band (UNB) radio system, which combines low-cost, long range, long battery life and 2-way communication for massive numbers of devices. According to Machina Research, with a projected 3.8 billion connections, LPWA systems will dominate wide area wireless connectivity for Machine-to-Machine (M2M) by 2024.

Telensa is experiencing strong demand growth in three areas:

The worldwide rollout of energy-efficient LED street lights. Connecting these lights is becoming mandatory as it unlocks further energy savings, reduces maintenance costs and enables flexible lifetime control of local lighting levels.
Streetlights are increasingly being seen as the ideal low-cost hub for smart city sensor applications, such as weather and pollution monitoring.
New Smart City applications that connect to the city’s UNB network. The company’s smart parking solution, for example, already includes some of the world’s largest deployments such as Moscow and Shenzhen.
‘The smart city controls market is awash with pilot applications looking for a business case, LPWA networks waiting for a critical mass of devices, and vendors hoping for a path to profit,’ said Will Gibson, CEO Telensa. ‘We’re different. Our networks are proven at commercial scale and our applications are sold on a sustainable business case. This investment is recognition of Telensa’s success and enables us to expand to meet the growing demand for our solutions.’

‘Smart city technologies are about harnessing previously isolated information and infrastructure to drive energy efficiency, automation and better decision-making,’ said Patrick Sheehan, Founder and Partner at Environmental Technologies Fund. ‘Telensa’s success is built on robust wireless technology and an application business case that works for the whole ecosystem. We look forward to helping the team accelerate the growth of this thriving business.’

‘Telensa has an impressive track record of technical innovation and has been consistently winning new clients in the US, Europe and the Middle East,’ said Andrew Hunter, a Director at Silicon Valley Bank’s UK Branch. ‘We’re delighted to provide additional capital to enable Telensa’s further growth.’

Ferro Announces Acquisition to Further Strengthen Its Position in Fast-Growing Turkey Market

Ferro Announces Acquisition to Further Strengthen Its Position in Fast-Growing Turkey Market

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Ferro Announces Acquisition to Further Strengthen Its Position in Fast-Growing Turkey Market

Ferro Corporation announced today that it has purchased 100% of the equity of privately held Istanbul-based Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi A.S. (‘Ferer’) for approximately $9.0 million in cash, on a cash-free and debt-free basis, subject to working capital and other adjustments. The transaction will be funded with excess cash and a draw on the Company’s revolving credit facility. 

The acquisition of Ferer is the third step Ferro has taken in the past 18 months to strengthen its position in the fast-growing Turkey market. In July 2014, Ferro acquired assets of a reseller of Ferro porcelain enamel products in Turkey, providing a commercial base for direct marketing and sales opportunities. In November 2015, Ferro completed the acquisition of Egypt-based tile coatings manufacturer Al Salomi for Frit and Glazes, adding production capacity to meet current and future demand in Turkey as well as other markets in the Middle East and North Africa. Now, the Ferer acquisition brings Ferro an operational presence in Turkey focused on the glass market.

Ferer is a distributor in Turkey of Ferro color and glass coating products and also provides customized, blended products and technical support primarily for the glass industry. Ferer’s primary focus is on servicing manufacturers of automotive, flat and container glasses as well as non-tile ceramic applications, including dinnerware, stoneware and porcelain. Ferer also distributes pigments into the paint and plastics industries. Among other activities, Ferer provides local operational capabilities to produce and distribute customized paste and powder products from intermediates supplied by Ferro. Ferer recently opened a new blending, mixing and pasting plant that is expected to significantly expand production and distribution capabilities.

Ferro estimates that in 2016 the acquisition will generate incremental sales of approximately $3 million and incremental adjusted EBITDA of approximately $2.0 million.

Commenting on the proposed transaction, Peter Thomas, Chairman, President and CEO of Ferro Corporation, said, ‘The acquisition of Ferer advances our strategy to invest in higher-growth opportunities and to expand sales in this fast-growing region. The acquisition adds to our existing presence in Turkey and enables us to serve our customers more directly and effectively. The new Ferer plant expands our capabilities to produce customized products and color solutions and will serve as a platform to build a broader marketing and customer support infrastructure.’

Mr. Thomas concluded, ‘The Ferer management team have been valued partners of Ferro over the past 17 years. They have built a company that is well known and respected in the glass market in Turkey. We look forward to working with the Ferer team to build on that foundation and to accelerate our growth in the region.’

Tyco Expands Investment in Middle East Business

Tyco Expands Investment in Middle East Business

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Tyco Expands Investment in Middle East Business

Tyco has announced that it has made an additional investment in its Tyco UAE joint venture with local partner Suwaidi Engineering Group

Separately the firm has reached a definitive agreement to sell its fire detection and protection business in Australia to Evergreen Capital, L.P. 

Tyco UAE is a leading provider of fire, security and integrated solutions and services in the UAE and also has operations in Qatar and Oman, serving customers in the oil and gas, transportation, banking, commercial and other sectors in the region.

“The Middle East represents an attractive opportunity for growth for Tyco,” said Tyco Chief Executive Officer George R. Oliver.  “This expanded investment will allow the joint venture to fully leverage Tyco’s product portfolio, service capabilities and global account base to enhance the solutions it offers customers throughout the Middle East region.”

As a result of the investment transaction, which has been completed, Tyco will fully consolidate the financial results of Tyco UAE into its Rest of World Integrated Solutions & Services segment, which is expected to add approximately $130 million in revenue on an annualized basis.

Tyco’s Australian fire detection and protection business designs, installs and services fire safety systems and equipment, and offers a range of fire protection services.  It also provides specialist fire protection services to several industries including mining, marine, industrial, commercial and retail.

Details of the agreement were not disclosed.  The financial results of this business are reported within the Rest of World Integrated Solutions & Services segment.  In fiscal year 2015, the business had revenue of approximately $260mn. 

“The agreement with Evergreen is a result of the ongoing review of our portfolio of businesses and our shift toward higher-return opportunities to provide solutions to improve customers’ safety, security and performance,” said Mr. Oliver.  “Our remaining residential and commercial security, retail solutions, traffic and transportation solutions, and products businesses in Australia will continue to be important components of Tyco’s portfolio, and we are committed to serving these customers and growing these businesses.”

“The Australian fire business has been a leader in the market for more than 125 years, with the past 25 years as part of Tyco.  It has a strong management team and highly dedicated employees. We thank them for their contributions to Tyco and know they will continue their tradition and passion for fire protection as part of Evergreen,” Mr. Oliver added.

The transaction is expected to close in Tyco’s fiscal second quarter of 2016, subject to customary closing conditions.    

These transactions are not expected to significantly impact the company’s earnings.  As a result, Tyco’s earnings per share before special items guidance of $2.05 – $2.20 for fiscal year 2016 and approximately $0.40 for the first quarter remain unchanged.

Egyptian Market Retains Promise for Insurers

Egyptian Market Retains Promise for Insurers

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Egyptian Market Retains Promise for Insurers

Egypt’s under-developed non-life market shows considerable growth potential due to the country’s sizeable middle-class

Axco Insurance Information Services Ltd (Axco) has released its latest country report on Egypt which highlights that, despite political instability and security concerns, the market continues to show considerable growth within the insurance industry.

Although the non-life market is underdeveloped due to the relatively poor population ‘ 25% of Egyptians live below the poverty line – the sizeable middle class offer significant growth potential. The poorer elements of society are not out of reach, however, being serviced by both micro-insurance and Takaful products for those seeking ethical and Sharia-compliant cover in the majority Muslim country.

Like most areas of the Egyptian economy, the insurance industry had been significantly affected by the political upheaval and ongoing uncertainty since early 2011. Rioting has caused an increase in property damage and a surge in car thefts is owed to the breakdown in law and order in many parts of the country.

However, the ongoing lack of security has highlighted the benefits of insurance cover and it was reported that in 2015, commercial insureds were better protected by insurance than before. This is reflected in the increases in premium income in the last few years, and the $169mn paid out by insurers for riot damage caused in January 2011.

In 2015, the Egyptian market comprised 17 general non-life insurance companies, plus an export credit insurer and a co-operative insurance society. The largest insurer remains the state-owned company Misr which dominates the market in all classes.

Total non-life premiums excluding personal accident and healthcare for the financial year ending 30 June 2014 stood at $6.6bn.

Commenting on the report, Alexander Frost, Country Intelligence Research Analyst at Axco said: ‘As one of the ‘CIVETS’ territories, Egypt has long been regarded as one of the most promising emerging economies which the insurance industry has sought to benefit from. The events of early 2011, while economically damaging, have shown the value of insurance and the growing affluence of the middle-class suggests that we are likely to see considerable growth in both penetration and premiums.’

 

Saudi Investment Bank to use Wynyard Software

Saudi Investment Bank to use Wynyard Software

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Saudi Investment Bank to use Wynyard Software

Wynyard Group, will deliver its Wynyard Risk Management software to the Saudi Investment Bank.

All local banks must comply with the market regulations laid down by the local regulator SAMA (Saudi Arabian Monetary Agency) which is the Central Bank of the Kingdom of Saudi Arabia.

Hassan Khalaf Al-Faori, Head of Compliance said: “With the bank having grown and diversified over the years, the compliance team needs a more efficient way to manage the SAMA Regulatory Compliance Requirements and associated risk assessment.”

“We required a robust regulatory compliance framework that will simplify our complex regulatory, governance, risk and compliance program, deliver efficiencies and increase productivity.”

“We are confident that Wynyard Risk Management will help SAIB effectively, automate the regulatory compliance requirements, manage risk and monitor compliance. We expect it will also give us the most appropriate framework to enable risk-aware decisions to be incorporated into business strategy.”

“We expect the framework and compliance content that Wynyard has already developed in its system would give us a fast start and the most effective controls. We’re pleased to be working with the Wynyard compliance solution which will also help create a professional discipline for compliance management within the business culture.”

Wynyard Risk Management is a comprehensive, personalised, highly configurable software platform providing compliance, risk management framework to integrate corporate governance and regulatory compliance management with business and strategic objectives.

Wynyard Group CEO, Craig Richardson, said the Saudi Investment Bank’s decision to entrust Wynyard to deliver its Regulatory Compliance solution is testament to Wynyard’s ability to effectively address the challenges organisations face in managing their compliance, governance, and operational risk obligations.

“Wynyard has a strong track record of working in successful partnerships with its Middle East clients to deliver robust solutions that help them address the business challenges they face.”

Ratings Remain Stable for Saudi Arabia's Banking System

Ratings Remain Stable for Saudi Arabia’s Banking System

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Ratings Remain Stable for Saudi Arabia’s Banking System

Moody’s Investors Service has maintained its stable outlook on the Saudi Arabian banking system.

This decision reflects the rating agency’s expectation that in the context of persistently low oil prices, banks’ profitability and capital buffers will remain resilient and underpin their solid credit profiles. The outlook expresses Moody’s expectation of how bank creditworthiness will evolve in the system over the next 12 to 18 months. 

“Countercyclical government spending will continue to support the non-oil sectors, to which most bank lending is directed,” says Olivier Panis, a Moody’s Vice President — Senior Credit Officer. “It will also help to moderate the negative effect that prolonged low oil prices would otherwise have on the domestic economy.”

Despite a softening of the operating environment for Saudi banks, Moody’s forecasts real GDP growth of 2.8% for 2015 and 2.7% for 2016 (consistent with Moody’s forecast of Brent oil at $53 per barrel in 2016), slower than the 3.5% in 2014. As a result, the rating agency expects credit growth to moderate to 8% in 2015 and around 5% in 2016. In addition, loan performance is expected to weaken from the strong 1.4% non-performing loan,.

“Asset quality is expected to weaken but will remain strong overall with the ratio of total non-performing loans to gross loans remaining below 2.5% for 2016,” says Panis. “At the same time, despite slowing credit growth, banks’ solid profitability will support a modest increase in capital buffers from already solid levels.”

Moody’s base case is that the combination of solid net income and moderating credit growth will result in an average tangible common equity (TCE) ratio of around 16.8% at end 2016, an increase of about 100 basis points from year-end 2014. These buffers provide, in Moody’s view, a significant mitigant against both the expected asset quality pressures and the high level of concentration risk in banks’ loan books.

Saudi banks will also continue to benefit from a low-cost and stable deposit funding base, although high levels of depositor concentrations, primarily from the public sector, continue to represent a structural challenge to the banks’ funding, particularly in an environment of low oil revenues.

“Bank liquidity is tightening across the region as a consequence of persistently low oil prices and increased government borrowings,” says Khalid Howladar, Senior Credit Officer based in Dubai. “While we expect further modest reductions in public sector deposits, Saudi, like other Gulf sovereigns, has chosen to avoid major outflows to prevent further funding pressures on local banks.”

Saudi slowdown in deposit growth remains relatively modest (4% growth in the first half of 2015 versus 7% over the same period in 2014) and Moody’s anticipates that liquidity buffers will remain solid into 2016 with around 33% of their total assets in liquid assets as of June 2015.

Finally, Moody’s considers it very likely that the Saudi government would support the banking system in case of need. The rating agency notes however that, in line with global practices, the Saudi authorities have committed to the eventual implementation of a banking resolution regime which may negatively affect the support available for troubled banks once implemented, although the rating agency still awaits regulatory clarity in this regard.

Moody's Changes Pakistan's Banking System Outlook to Stable

Moody’s Changes Pakistan’s Banking System Outlook to Stable

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Moody’s Changes Pakistan’s Banking System Outlook to Stable

Moody’s Investors Service has changed the outlook for the Pakistan banking system to stable from negative, reflecting the improvement in the country’s economic growth prospects, driven in turn by the government’s commitment to economic reforms under its IMF program.

“We expect the strengthening economy, together with the central bank’s accommodative monetary policy, to stimulate lending growth and support the banking sector’s loan performance over the next 12-18 months,” says Elena Panayiotou, a Moody’s Assistant Vice President and lead analyst for Pakistani banks. 

Moody’s forecasts Pakistan’s real GDP will expand by 4.0% in the fiscal year ending June 2016 (compared to a sluggish 2.8% during 2008-13), mainly driven by higher spending on infrastructure projects as the government aims to ease energy shortages and execute projects associated with the China-Pakistan Economic Corridor (CPEC).

The rating agency notes that the strengthening of the domestic economy will contribute to the improvement in Pakistani banks’ asset quality. The level of credit risk, however, will remain high as banks are heavily exposed to the low-rated Pakistan sovereign (B3, stable) through holdings of securities and government-related loans, which are equivalent in size to 7.3x Tier 1 capital, exposing banks to event risk.

“We expect problem loans will decline to around 12% of total loans by the end of 2016 compared with 12.4% for the end of June 2015. Banks, however, will remain heavily exposed to the low-rated Pakistan sovereign, linking the banks’ creditworthiness to that of the sovereign” says Ms Panayiotou.

In the area of capital, the rating agency expects buffers will come under pressure due to moderate asset growth and lower internal capital generation — a result of weaker profitability.

Moody’s expects earnings to ease slightly over the outlook period, mainly because of the lower coupon on government securities in a declining interest rate environment and as the market’s perception of Pakistan’s risk profile eases (upgraded to B3 from Caa1 on 11 June 2015). Higher loan volumes and capital gains booked through the sale of government securities will only partially offset the pressure on profitability.

In addition, the rating agency expects that Pakistani banks will maintain ample liquidity and continue to benefit from large volumes of low-cost and stable customer deposits.

“The Pakistani banks’ deposit-based funding structure remains a credit strength. We expect inflows of remittances from migrant workers will continue to drive the growth in bank deposits and support banks’ funding bases,” says Ms Panayiotou.

While banks will use part of their liquid asset to fund lending, Moody’s expects the sector to maintain strong liquidity buffers, with core liquid assets — defined as cash and bank placements — at 12% of total assets and liquid securities, more broadly defined, at 41% of total assets as of June 2015.

UAE Based Investment Firm Moves Into Sport Apps

UAE Based Investment Firm Moves Into Sport Apps

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UAE Based Investment Firm Moves Into Sport Apps

Investment accelerates growth for leading global sports app with Daman strategically committed to future growth capital.

Sportlobster, a leading sports app that brings fans together, has secured £2m from leading UAE-based investment company, Daman Investments.

‘Sportlobster is in strong growth mode at the moment and this is certainly a reflection of our investment into – and focus on – the product, particularly this year. Our latest funding allows us to further accelerate our competitive lead in a number of ways.’ said the company’s CEO and co-founder, Andy Meikle. ‘Daman sees Sportlobster as an innovative concept and the product is unmatched. This raise and Daman’s continued support will allow us to execute our global strategy.’

Sportlobster’s new product offering and strategy for growth attracted Daman to not only inject capital upfront but use its corporate finance arm to raise future funding.

‘We value innovative businesses that provide technology solutions for consumer needs. Sportlobster has a phenomenal team and provides an excellent social platform for a large market of sports fans across the globe.’ said Shehab Gargash, Founder and Chairman of Daman Investments.

The investment by Daman Investments will be used to accelerate and support Sportlobster’s latest products and strategic developments from its London-based HQ.

The company which is backed by sporting celebrities including Michael Owen has already recorded a user base of 2.2 million sport fans across the globe. The company is witnessing a strong growth in the number of active users which is now increasing month on month by 60%.

Andy Meikle continues: ‘As a multi-functional sports app, serving multiple sports, engagement levels are high across the platform, be it through making predictions before events begin, chatting during games with other fans or making use of the blogging functionality. From a commercial perspective, there are multiple ways in which we will generate revenue across the entire platform which will complement the user’s experience and that starts here in the UK working with some of the UK’s biggest gaming companies.’

Sportlobster has appointed Daman Investments as the advisor for future rounds of capital raising. ‘We are really excited to be part this journey and believe that Sportlobster can become the leading social media platform to cater to over 1.2 billion sport fans across the globe’ said Sumit Mehta, Head of Deal Structuring & Advisory at Daman Investments.

Procera Sees Surge of Growth in Middle East

Procera Sees Surge of Growth in Middle East

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Procera Sees Surge of Growth in Middle East

Firm opens training facility in Dubai, addressing surge of growth in Middle East.

Procera Networks, Inc., the global Subscriber Experience Company, today announced expanded operations in the Middle East to serve the needs of partners and network operators in this rapidly growing region. The expansion includes growing the company’s sales and operations presence by opening a state-of-the-art training facility in Dubai’s popular Media City innovation hub. The new facility will serve regional customers and partners providing knowledge and skills to help improve subscriber experience with a reduced effort and operational cost. Training programs will include Procera’s Traffic Management, ScoreCard, Policy & Charging and PacketLogic/V NFV-ready solutions for both fixed, mobile and Wi-Fi broadband networks.

“The Middle East is one of the most technologically innovative regions in the world and we view it as a strategic market,” said Lyn Cantor, President and CEO of Procera Networks. “By expanding operations as well as opening a world-class training facility, we are signaling our long-term commitment to do business in the Middle East and signaling to our partners and customers that we are here to help them achieve success in their next-generation infrastructure deployments.”

The Middle East leads innovative initiatives such as Smart Cities and is poised for explosive growth especially in the IoT market, which will in turn require industry-leading traffic management technology to ensure positive customer experiences on the region’s stretched networks. Analysts expect the Middle Eastern IoT markets to continue to outpace global rates, further accelerating adoption of IoT devices and deployment of associated IoT services across the region.

“The rapid demand and growth that operators in the Middle East are facing requires many to embrace the customer experience as a network-wide philosophy across all departments,” said Angus MacCormick, Middle East Sales Director for Procera Networks. “Procera’s award-winning ScoreCard solution provides an attractive method of evaluating network operators’ subscriber experience readiness that is critical to ensuring the success and growth of Smart Cities and other innovative IoT deployments happening here in the Middle East.”

Gaining the intelligence to accurately gauge network quality readiness in the age of IoT is now a priority for network operators around the world, who are increasingly turning to ScoreCard to meet these needs. ScoreCard is a subscriber experience management solution that rates the experience that the operator’s network is capable of delivering in application categories that matter to customers. By providing meaningful insights into network Quality of Experience, operators are able to prioritize their investments to achieve maximum ROI and take actions that will have the greatest effect on network quality. ScoreCard recently won the LTE Asia Awards 2015 in the category of Best Test/Measurement Solution, received a Broadband Technology Report Diamond Technology Review ranking of 4.5 out of 5 Diamonds, and is a finalist for the CommsMEA Awards 2015 in the category of Most Innovative New Service of the Year.