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Allot Announces Fourth Quarter & Full Year 2023 Financial Results

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2 years ago

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HOD HASHARON, Israel, Feb. 15, 2024 /PRNewswire/ — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited fourth quarter and full-year 2023 financial results.

Financial Highlights

Fourth quarter revenues were $24.3 million and full-year 2023 revenues were $93.2 million;SECaaS revenues were $3.2 million for Q4 and $10.6 million for FY 2023, up 41.5% and 48.4% year-over-year respectively.December 2023 SECaaS ARR* was $12.7 million;Q4 GAAP net loss was $18.3 million and non-GAAP net loss was $16.4 million, including a credit loss provision for 2 specific customers of approximately $9 million; the full year 2023 GAAP net loss was $62.8 million and non-GAAP net loss was $53.3 million, including a credit loss provision of approximately $23 million;

Financial Outlook

Looking ahead to 2024, management expectations are as follows:

Full-year 2024 non-GAAP operating profit and free cash flow breakevenContinued double-digit growth of SECaaS revenues and ARR

Management Comment

Erez Antebi, President & CEO of Allot, commented, “2023 represented a year with significant challenges on multiple fronts. While the macro economic environment and service provider spending remain challenging, we are controlling what we can control. As we announced in prior quarters, we have taken aggressive actions to align our expense footprint with the expected revenue level going ahead. Our goal is to bring the business back to profitability  while investing in our long-term growth engine, Security as a Service (SECaaS).”

The Company also announces that Mr. Manuel Echanove is stepping down from the Board to focus on other opportunities.

Q4 2023 Financial Results Summary

Total revenues for the fourth quarter of 2023 were $24.3 million, a decrease of 26.3% compared to $33.0 million in the fourth quarter of 2022.

Gross profit on a GAAP basis for the fourth quarter of 2023 was $11.4 million (gross margin of 46.8%), a 47.9% decline compared with $21.9 million (gross margin of 66.3%) in the fourth quarter of 2022.

Gross profit on a non-GAAP basis for the fourth quarter of 2023 was $12.6 million (gross margin of 51.7%), a 43.7% decline compared with $22.4 million (gross margin of 67.7%) in the fourth quarter of 2022. The fourth quarter gross margin level was negatively impacted by a one-time write-off.

Net loss on a GAAP basis for the fourth quarter of 2023 was $18.3 million, or $0.48 per basic share, compared with a net loss of $6.7 million, or $0.18 per basic share, in the fourth quarter of 2022.

Net loss on a non-GAAP for the fourth quarter of 2023 was $16.4 million, or $0.43 per basic share compared with a non-GAAP net loss of $4.9 million, or $0.13 per basic share, in the fourth quarter of 2022. A credit loss provision for 2 specific customers of approximately $9 million increased the fourth quarter expenses.

Full Year 2023 Financial Results Summary

Total revenues for 2023 were $93.2 million, a 24.1% decrease compared to $122.7 million in 2022.

Gross profit on a GAAP basis for 2023 was $52.7 million (gross margin of 56.6%), a 36.5% decline compared with $82.9 million (gross margin of 67.5%) in 2022.

Gross profit on a non-GAAP basis for 2023 was $55.5 million (gross margin of 59.6%), a 34.4% decline compared with $84.7 million (gross margin of 69%) in 2022.

Net loss on a GAAP basis for 2023 was $62.8 million, or $1.66 per basic share, compared with a net loss of $32.0 million, or $0.87 per basic share, in 2022.

Net loss on a non-GAAP basis for 2023 was $53.3 million, or $1.41 per basic share, compared with a net loss of $23.2 million, or $0.63 per basic share, in 2022. A credit loss provision of approximately $23 million increased the 2023 expenses.

Cash, short-term bank deposits, and investments as of December 31, 2023, totaled $54.9 million, compared to $86.4 million as of December 31, 2022.

Conference Call & Webcast:

The Allot management team will host a conference call to discuss its fourth quarter and full year 2023 earnings results today, February 15, 2024, at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:

US:  1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610

A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm 

About Allot

Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed, and cloud service providers and over 1,000 enterprises. Our industry-leading network-based security as a service solution is already used by many millions of subscribers globally. Allot. See. Control. Secure.

For more information, visit www.allot.com

Performance Metrics

* Total ARR – Support & Maintenance ARR (measures the current annual run rate of support & maintenance revenues, which is calculated based on the expected revenues for the fourth quarter of 2023, excluding one-time items, and multiplied by 4) and SECaaS ARR (measures the current annual run rate of SECaaS revenues, which is calculated based on estimated revenues for the month of Dec. 2023 and multiplied by 12).

GAAP to Non-GAAP Reconciliation:

The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment and changes in taxes-related items.

These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.

Safe Harbor Statement

This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our accounts receivables, including our ability to collect outstanding accounts and assess their collectability on a quarterly basis; our ability to meet expectations with respect to our financial guidance and outlook; our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors; government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:

EK Global Investor Relations

Ehud Helft

+1 212 378 8040

allot@ekgir.com

 

 

Public Relations Contact:

Seth Greenberg, Allot Ltd.

+972 54 922 2294

sgreenberg@allot.com

 

 

   

 

TABLE  – 1

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(Audited)

Revenues

$       24,342

$       33,029

$       93,150

$     122,737

Cost of revenues

12,941

11,134

40,464

39,831

Gross profit  

11,401

21,895

52,686

82,906

Operating expenses:

Research and development costs, net

7,942

12,371

39,115

49,800

Sales and marketing

12,057

12,881

43,850

49,393

General and administrative

10,316

3,703

34,656

15,982

Total operating expenses

30,315

28,955

117,621

115,175

Operating loss

(18,914)

(7,060)

(64,935)

(32,269)

Financial and other income, net

661

796

3,215

2,134

Loss before income tax expenses

(18,253)

(6,264)

(61,720)

(30,135)

Tax expenses

96

474

1,084

1,895

Net Loss

(18,349)

(6,738)

(62,804)

(32,030)

 Basic net loss per share

$         (0.48)

$         (0.18)

$         (1.66)

$         (0.87)

 Diluted net loss per share

$         (0.48)

$         (0.18)

$         (1.66)

$         (0.87)

Weighted average number of shares used in 

computing basic net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

Weighted average number of shares used in 

computing diluted net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

 

 

TABLE  – 2

ALLOT LTD.

AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS

(U.S. dollars in thousands, except per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

GAAP cost of revenues

$        12,941

$        11,134

$       40,464

$         39,831

 Share-based compensation (1) 

(162)

(323)

(1,219)

(1,133)

 Amortization of intangible assets (2)** 

(1,024)

(157)

(1,606)

(613)

Non-GAAP cost of revenues

$        11,755

$        10,654

$       37,639

$         38,085

 GAAP gross profit 

$        11,401

$        21,895

$       52,686

$         82,906

 Gross profit adjustments 

1,186

480

2,825

1,746

 Non-GAAP gross profit 

$        12,587

$        22,375

$       55,511

$         84,652

 GAAP operating expenses 

$        30,315

$        28,955

$     117,621

$       115,175

 Share-based compensation (1) 

(1,449)

(1,966)

(7,626)

(8,032)

 Amortization of intangible assets (2)** 

–

–

–

–

 Income related to M&A activities (3) 

699

274

699

274

 Changes in taxes and headcount related items (4)

–

325

–

325

 Non-GAAP operating expenses 

$        29,565

$        27,588

$     110,694

$       107,742

 GAAP financial and other income 

$              661

$             796

$         3,215

$           2,134

 Exchange rate differences* 

(50)

(85)

(378)

(442)

 Expenses related to M&A activities (3) 

–

4

43

4

 Non-GAAP Financial and other income 

$              611

$             715

$         2,880

$           1,696

 GAAP taxes on income 

$                96

$             474

$         1,084

$           1,895

 Changes in tax related items 

(25)

(25)

(100)

(100)

 Non-GAAP taxes on income 

$                71

$             449

$            984

$           1,795

 GAAP Net Loss 

$      (18,349)

$        (6,738)

$     (62,804)

$       (32,030)

 Share-based compensation (1) 

1,611

2,289

8,845

9,165

 Amortization of intangible assets (2)** 

1,024

157

1,606

613

 Income related to M&A activities (3) 

(699)

(270)

(656)

(270)

 Changes in taxes and headcount related items (4)

–

(325)

–

(325)

 Exchange rate differences* 

(50)

(85)

(378)

(442)

 Changes in tax related items 

25

25

100

100

 Non-GAAP Net income (loss) 

$      (16,438)

$        (4,947)

$     (53,287)

$       (23,189)

 GAAP Loss per share (diluted) 

$           (0.48)

$          (0.18)

$         (1.66)

$            (0.87)

 Share-based compensation 

0.04

0.06

0.23

0.25

 Amortization of intangible assets** 

0.03

0.01

0.05

0.02

 Income related to M&A activities 

(0.02)

(0.01)

(0.02)

(0.01)

Changes in taxes and headcount related items

–

(0.01)

–

(0.01)

 Exchange rate differences* 

(0.00)

(0.00)

(0.01)

(0.01)

 Non-GAAP Net income (loss) per share (diluted) 

$           (0.43)

$          (0.13)

$         (1.41)

$            (0.63)

Weighted average number of shares used in 

computing GAAP diluted net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

Weighted average number of shares used in 

computing non-GAAP diluted net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

* Financial income or expenses related to exchange rate differences in connection with revaluation of assets and

 liabilities in non-dollar denominated currencies. 

 ** While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired  

 companies is reflected in the measures and the acquired assets contribute to revenue generation. 

 

 

TABLE  – 2 cont.

ALLOT LTD.

AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS

(U.S. dollars in thousands, except per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(1) Share-based compensation:

Cost of revenues

$              162

$             323

$         1,219

$           1,133

Research and development costs, net

597

775

3,010

3,168

Sales and marketing

473

684

2,651

2,943

General and administrative

379

507

1,965

1,921

$           1,611

$          2,289

$         8,845

$           9,165

 (2) Amortization of intangible assets 

Cost of revenues

$           1,024

$             157

$         1,606

$               613

$           1,024

$             157

$         1,606

$               613

 (3) Expenses (Income) related to M&A activities 

General and administrative 

$            (699)

$                –

$          (699)

$                  –

Research and development costs, net

–

(274)

–

(274)

Finanacial expensees (income)

–

4

43

4

$            (699)

$           (270)

$          (656)

$             (270)

 (4) Changes in taxes and headcount related items  

Sales and marketing

$                 –

$           (325)

$                –

$             (325)

$                 –

$           (325)

$                –

$             (325)

 

 

TABLE  – 3

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED  BALANCE  SHEETS

(U.S. dollars in thousands)

December 31,

December 31,

2023

2022

(Unaudited)

(Audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$                14,192

$           12,295

Short-term bank deposits

10,000

68,765

Restricted deposits

1,728

1,050

Available-for-sale marketable securities

28,853

4,293

Trade receivables, net (net of allowance for credit losses of
$25,253 and $2,908 on December 31, 2023 and December
31, 2022, respectively)

14,828

44,167

Other receivables and prepaid expenses

8,422

7,985

Inventories

11,874

13,262

Total current assets

89,897

151,817

LONG-TERM ASSETS:

Restricted deposit

158

–

Severance pay fund

395

371

Operating lease right-of-use assets

3,057

5,387

Trade receivables, net

–

4,934

Other assets 

562

864

Total long-term assets

4,172

11,556

PROPERTY AND EQUIPMENT, NET

11,189

14,236

GOODWILL AND INTANGIBLE ASSETS, NET

32,748

35,344

Total assets

$              138,006

$         212,953

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

$                     969

$           11,661

Deferred revenues

14,892

20,825

Short-term operating lease liabilities

1,453

2,542

Other payables and accrued expenses

21,937

25,573

Total current liabilities

39,251

60,601

LONG-TERM LIABILITIES:

Deferred revenues

7,437

7,285

Long-term operating lease liabilities

702

2,579

Accrued severance pay

1,080

940

Convertible debt

39,773

39,575

Total long-term liabilities

48,992

50,379

SHAREHOLDERS’ EQUITY

49,763

101,973

Total liabilities and shareholders’ equity

$              138,006

$         212,953

 

 

TABLE  – 4

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(U.S. dollars in thousands)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(Audited)

Cash flows from operating activities:

Net Loss

$      (18,349)

$     (6,738)

$      (62,804)

$        (32,030)

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation

1,638

2,287

5,536

6,406

Stock-based compensation

1,611

2,288

8,845

9,165

Amortization of intangible assets

1,766

241

2,596

946

Increase in accrued severance pay, net

37

57

116

92

Decrease in other assets

636

196

302

775

Decrease (Increase) in accrued interest and  amortization of premium on marketable securities 

(305)

(13)

(712)

71

Changes in operating leases, net

(164)

979

(636)

(5)

Decrease (Increase) in trade receivables

9,784

(7,189)

34,273

(11,629)

Decrease (Increase) in other receivables and prepaid expenses

(698)

(338)

476

(55)

Decrease (Increase) in inventories

2,165

(586)

1,388

(2,170)

Increase (Decrease) in trade payables

(2,857)

5,608

(10,692)

7,721

Increase (Decrease) in employees and payroll accruals

1,115

1,873

(4,130)

(385)

Decrease in deferred revenues

(2,806)

(6,815)

(5,781)

(9,970)

Increase (Decrease) in other payables, accrued expenses and other long term liabilities

1,200

(1,586)

1,289

(1,668)

Amortization of issuance costs of Convertible debt

50

50

198

171

Net cash used in operating activities

(5,177)

(9,686)

(29,736)

(32,565)

Cash flows from investing activities:

Decrease (Increase) in restricted deposit

(804)

50

(836)

430

Redemption of (Investment in) short-term deposits

3,600

15,350

58,765

(7,830)

Purchase of property and equipment

(621)

(1,507)

(2,489)

(5,642)

Acquisitions, net of Cash acquired, and other

–

(500)

–

(500)

Investment in available-for sale marketable securities

(12,064)

–

(46,742)

–

Proceeds from redemption or sale of available-for sale marketable securities

7,750

–

22,935

7,030

Net cash provided by (used in) investing activities

(2,139)

13,393

31,633

(6,512)

Cash flows from financing activities:

Proceeds from exercise of stock options

(1)

1

–

251

Issuance of convertible debt

–

–

–

39,404

Net cash provided by (used in) financing activities

(1)

1

–

39,655

Increase (Decrease) in cash and cash equivalents

(7,317)

3,708

1,897

578

Cash and cash equivalents at the beginning of the period

21,509

8,587

12,295

11,717

Cash and cash equivalents at the end of the period

$        14,192

$     12,295

$        14,192

$          12,295

 

 

Other financial metrics (Unaudited)

U.S. dollars in millions, except number of full time employees, % of top-10 end-
customers out of revenues and number of shares

Q4-2023

FY 2023

FY 2022

Revenues geographic breakdown

Americas

3.8

16 %

16.6

18 %

21.8

18 %

EMEA

14.4

59 %

56.1

60 %

71.2

58 %

Asia Pacific

6.1

25 %

20.5

22 %

29.7

24 %

24.3

100 %

93.2

100 %

122.7

100 %

Revenue breakdown by type

Products

10.7

44 %

37.6

40 %

61.1

50 %

Professional Services

1.1

5 %

6.1

7 %

11.6

9 %

SECaaS (Security as a Service)

3.2

13 %

10.6

11 %

7.2

6 %

Support & Maintenance

9.3

38 %

38.9

42 %

42.8

35 %

24.3

100 %

93.2

100 %

122.7

100 %

Revenues per customer type

CSP

19.7

81 %

75.1

81 %

98.3

80 %

Enterprise

4.6

19 %

18.1

19 %

24.4

20 %

24.3

100 %

93.2

100 %

122.7

100 %

Security revenues

21.7

28.5

Backlog (end of period)

58.8

87.7

% of top-10 end-customers out of revenues

63 %

47 %

44 %

Total number of full time employees 

559

559

749

(end of period)

Non-GAAP Weighted average number of basic shares  (in
millions)

38.3

37.9

37.0

Non-GAAP weighted average number of fully diluted
shares  (in millions)

40.5

40.3

39.5

 

 

SECaaS (Security as a Service) revenues– U.S. dollars in millions (Unaudited)

Q4-2023:

3.2

Q3-2023:

2.8

Q2-2023:

2.4

Q1-2023:

2.3

Q4-2022:

2.2

SECaaS ARR* (annualized recurring revenues)- U.S. dollars in millions (Unaudited)

Dec. 2023:

12.7

Dec. 2022:

9.2

Dec. 2021:

5.2

Dec. 2020:

2.7

*ARR: annualized recurring SECaaS revenues, calculated based on the monthly revenues multiplied by 12

 

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Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the surgical precision developers need for cost-effective payment routing.

Since ISO/IEC 7812 expanded the standard Bank Identification Number (BIN) length to 8 digits, traditional 6-digit lookup tables have struggled to correctly identify modern card profiles. This leads to false positives, misidentified interchange fees, and failed transactions. BinBase addresses this challenge by introducing a multi-tiered database structure supporting up to 11-digit precision, alongside a recommended “Waterfall Lookup Algorithm.”

To ensure 100% routing and verification accuracy, the Waterfall method executes a descending search sequence: checking 11-digit BIN ranges down through 10, 9, 8, 7, and 6 digits until an exact match is resolved.

Key technical specifications of the 2026 BinBase release include:

Over 3.2 Million Card Ranges: Full global coverage including Visa, Mastercard, Amex, Discover, UnionPay, JCB, and regional networks.Extended Precision: Over 88% of the dataset consists of high-precision ranges (8–11 digits) to accurately isolate sub-brands, currencies, and card tiers.29 Granular Attributes: Beyond core issuer data, the database features advanced parameters including Durbin Regulation status, US Debit/ATM network routing (STAR, NYCE), Fast Funds (Visa Direct / Mastercard MoneySend indicators), commercial Level 2/Level 3 data, and digital wallet token ranges (Apple Pay / Google Pay).

“Modern payment processing requires surgical precision,” said a spokesperson for Damiko Inc. “Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the underlying intelligence developers need to build resilient, cost-effective payment infrastructure.”

Developers and payment teams can evaluate the full 29-field database schema, review integration examples, and download a free 2026 sample dataset on the official GitHub repository.

To learn more about full commercial licensing options, instant CSV downloads, and custom API delivery, visit BinBase.

About Damiko Inc

Damiko Inc is a US-based fintech data provider specializing in card issuer analytics, payment routing data, and global BIN database solutions. Operating through its flagship product, BinBase.com, the company supplies high-precision transaction intelligence to help merchants and payment facilitators worldwide optimize approval rates and mitigate fraud.

Media Contact

Fedor Lavrikoff, BinBase, 1 +17866133333, sales@binbase.com, htttps://www.binbase.com 

View original content:https://www.prweb.com/releases/binbase-launches-2026-bin-database-featuring-6-11-digit-waterfall-lookup-for-high-precision-payment-routing-302829291.html

SOURCE BinBase

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Redington Limited and AutomationEdge Announce Strategic Partnership to Accelerate Enterprise Automation and Agentic AI Adoption

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57 minutes ago

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July 22, 2026

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MUMBAI, India, July 22, 2026 /PRNewswire/ — Redington, a leading technology aggregator and innovation catalyst, and AutomationEdge, a leading Agentic Process Automation platform for global enterprises, have announced a strategic partnership to accelerate the adoption of enterprise automation and Agentic AI. The collaboration brings together Redington’s extensive distribution ecosystem and partner network with AutomationEdge’s enterprise-grade Agentic Process Automation platform to enable faster, scalable, and outcome-driven digital transformation for organizations.

As a part of the partnership, AutomationEdge’s portfolio of AI Agents and automation solutions is now available through the Redington AI Exchange Marketplace, enabling partners and customers to easily discover, evaluate, and deploy enterprise-ready AI solutions. This availability significantly reduces the time required to adopt AI-driven automation and provides organizations with access to proven use cases that can deliver measurable business outcomes.

The partnership is focused on delivering solution-led automation offerings that simplify adoption for enterprises and channel partners. By combining Redington’s go-to-market reach with AutomationEdge’s 10x automation capabilities, the two organizations aim to help businesses move from fragmented automation initiatives to enterprise-wide orchestration—driving efficiency, agility, and operational excellence.

Through this collaboration, both companies will jointly promote pre-built automation and AI Agent solutions across key business functions, including banking operations, insurance processes, IT / HR operations, customer service, and finance functions. These solutions include ready-to-deploy workflows, AI Agents, demonstration environments, and implementation frameworks designed to accelerate deployment and reduce complexity.

The partnership will also include joint go-to-market initiatives such as partner enablement programs, co-branded workshops, solution showcases, and proof-of-concept (PoC) engagements. These initiatives are designed to equip Redington partners with the knowledge, tools, and support needed to successfully position, sell, and implement AI-powered automation solutions for enterprise and mid-market customers.

Sayantan Dev, Global Head, Software Solutions Group, Redington, said, “The next phase of AI adoption will be defined by execution. Through the Redington AI Exchange Marketplace, we are bringing together the technologies and ecosystem needed to help partners deliver real business outcomes at scale. AutomationEdge’s Agentic AI and automation capabilities strengthen our ability to enable customers to accelerate AI adoption with greater speed, governance, and confidence.”

Prasad Likhite, Chief Sales Officer of AutomationEdge, said, “We are delighted to strengthen our partnership with Redington and accelerate the adoption of next-generation enterprise automation and Agentic AI solutions across the market. The availability of AutomationEdge AI Agents through the Redington AI Exchange Marketplace marks an important milestone in democratizing AI-led transformation, enabling enterprises to rapidly scale intelligent automation initiatives with speed, agility, and measurable business impact. At the same time, it creates significant opportunities for partners to drive innovation, unlock new revenue streams, and deliver greater value to their customers.”

The collaboration also emphasizes localized support, implementation expertise, and customer success services, ensuring that organizations can seamlessly deploy, manage, and scale automation initiatives. By leveraging Redington’s strong partner ecosystem and AutomationEdge’s deep expertise in automation and Agentic AI, the partnership is well-positioned to address the evolving needs of modern enterprises.

As organizations increasingly prioritize productivity, operational efficiency, and AI-led transformation, this partnership marks a significant step toward making enterprise automation and Agentic AI more accessible, scalable, and impactful across industries.

 About Redington

Redington Limited (NSE: REDINGTON) (BSE: 532805), a leading technology solutions provider, empowers businesses in their digital transformation journeys. Guided by its brand narrative “Unlock Next”, Redington goes beyond distribution to remove barriers, accelerate digital adoption, and unlock access, growth, trust, efficiency, and impact—helping businesses, communities, and societies embrace what’s next in technology

About AutomationEdge

AutomationEdge is a leading Agentic Process Automation platform for global enterprises. Its platform enables organizations to automate complex business processes, deploy AI Agents at scale, improve operational efficiency, and accelerate digital transformation initiatives across industries.

Media Contact:
Rahul Wandile
rahul.wandile@automationedge.com

 

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Applied Intuition Launches Dana, the Agentic Platform for Physical AI

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57 minutes ago

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July 22, 2026

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New platform pairs agentic AI with the tooling, data, infrastructure and domain expertise Applied Intuition has built over nearly a decade to speed the safe development of intelligent machines for the physical world.

Dana is the first agentic platform for building, testing, deploying and operating physical AI systems across industries.Built on nearly a decade of Applied Intuition’s tooling, infrastructure, workflows and engineering expertise, Dana is purpose-built for safety-critical systems operating in the physical world.Dana helps companies build physical AI applications for any industry or use case, from autonomy and software-defined vehicles to fleet operations, robotics, construction, mining and intelligent in-vehicle experiences.Dana has already reduced critical phases of vehicle development from months to days in internal and select customer deployments.

SUNNYVALE, Calif., July 22, 2026 /PRNewswire/ — Applied Intuition, Inc., a leader in physical AI, today announced the launch of Dana, the first agentic platform for building, testing, deploying and operating physical AI systems across industries. Dana combines the power of agentic AI and rapid application development with nearly a decade of Applied Intuition’s tooling, infrastructure and engineering knowledge. The result is a unified system that accelerates the development of intelligent machines in the physical world.

“We believe physical AI will become one of the defining technologies of this century,” said Qasar Younis, co-founder and CEO of Applied Intuition. “Our ambition is to help bring intelligence to a billion machines, and Dana is the platform we built to make that possible.”

Unlike general-purpose AI tools designed primarily for digital workflows, Dana is built for the complexities of machines operating in the physical world. Dana comes with all the platform capabilities needed to build and deploy safety-critical physical AI applications, including data, visualization and tooling, as well as the evaluation, traceability and governance these systems require. The platform was designed to work across industries and with a wide range of use cases, from software-defined vehicle development and advanced driver assistance systems (ADAS) to mining and construction operations, truck fleet management, robotics and intelligent in-vehicle experiences. With Dana, customers can:

Deploy Applied Intuition’s reference applications — spanning autonomy, fleet operations, and more — or build their own.Use both natural language and command-line interfaces to complete complex development tasks more intuitively and accelerate iteration cycles across teams and systems.Integrate the platform with enterprise systems and collaboration tools, like Slack and Jira, helping organizations connect fragmented engineering and operational workflows while embedding agentic capabilities across the development process.

Applied Intuition has used Dana internally since last year, building and delivering solutions on the platform for long-standing customers across automotive, trucking, mining, and agriculture. Dana’s agent-driven workflows have reduced critical phases of vehicle development timelines from months to days in some cases. Applied Intuition has offered limited, early access to select customers, including heavy-equipment manufacturer Komatsu and Isuzu Motors, who is using the platform to accelerate L4 autonomy for its fleet of commercial trucks.

“We’ve been impressed by how Dana can streamline complex engineering workflows and accelerate development,” said Yasuhiro Yazawa, Director, Isuzu Motors Limited, Japan. “Dana gives our engineering teams greater confidence to develop, track and deploy safe autonomous-vehicle capabilities at a much faster pace.”

“Applied Intuition has been a valuable technology partner as we continue advancing the digital capabilities that support the next generation of mining equipment and solutions,” said Peter Salditt, CEO, Komatsu Mining. “Dana represents another step forward, bringing intelligent, agentic capabilities into our engineering workflows to help our teams innovate faster, improve efficiency and ultimately create greater value for our customers’ operations.”

Dana is designed to help companies keep up with the fundamental shift now underway across industries. As autonomous vehicles, robots and industrial systems become more capable, manufacturers need a more integrated way to build, validate and deploy them safely. Dana gives teams a faster path from idea to production, and the confidence to put increasingly intelligent machines into the real world.

The future of AI is physical. Dana was built for it.

To learn more about Dana and Applied Intuition’s physical AI platform, visit AppliedIntuition.com.

About Applied Intuition
Applied Intuition, Inc. is powering the future of physical AI. Founded in 2017 and now valued at $15 billion, the Silicon Valley company is creating the digital infrastructure needed to bring intelligence to every moving machine on the planet. Applied Intuition services the automotive, defense, trucking, construction, mining and agriculture industries in three core areas: tools and infrastructure, operating systems, and autonomy. Eighteen of the top 20 global automakers, as well as the United States military and its allies, trust the company’s solutions to deliver physical intelligence. Applied Intuition is headquartered in Sunnyvale, California, with nearly two dozen offices across the globe, including in London, Munich, Tokyo, Seoul, and the Washington, D.C. metro area. Learn more at applied.co or press@applied.co.

View original content:https://www.prnewswire.com/apac/news-releases/applied-intuition-launches-dana-the-agentic-platform-for-physical-ai-302831516.html

SOURCE Applied Intuition, Inc.

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