Technology
Tecsys Reports Record Revenue for the Fourth Quarter and Full Year Fiscal 2024
Published
2 years agoon
By
SaaS subscription bookings set new record in fourth quarter, SaaS RPO climbs 43%
MONTREAL, June 27, 2024 /CNW/ — Tecsys Inc. (TSX: TCS), an industry-leading supply chain management SaaS company, today announced its results for the fourth quarter and full year of fiscal 2024, ended April 30, 2024. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).
“Fiscal 2024 has been a landmark year for Tecsys in which we have demonstrated our ability to drive continued growth and expand market opportunity,” said Peter Brereton, president and CEO at Tecsys. “Our SaaS revenue surged by 39% in fiscal 2024 and we achieved record-breaking SaaS bookings in our fourth quarter as well as for the full year. We head into fiscal 2025 with confidence that we are delivering exceptional value to our customers and are well-positioned to capitalize on our market momentum.”
Mark Bentler, chief financial officer of Tecsys Inc., added, “Our financial performance in fiscal 2024 underscores the strength of our business model. With a 43% increase in SaaS RPO in fiscal 2024 and positive evolution in our gross margin profiles, we continue to see the path for AEBITDA margin expansion to 8-9% in fiscal 2025 and 10-11% in fiscal 2026.”
Fourth Quarter Highlights:
SaaS revenue increased by 27% to $14.2 million, up from $11.1 million in Q4 2023.SaaS subscription bookingsi (measured on an ARRi basis) increased by 108% to a record $8.0 million, compared to $3.9 million in the fourth quarter of fiscal 2023.SaaS Remaining Performance Obligation (RPOi) increased by 43% to $196.9 million at April 30, 2024, up from $137.7 million at the same time last year.Annual Recurring Revenue (ARRi) at April 30, 2024 was up 21% to $94.7 million compared to $78.3 million at April 30, 2023.Total revenue increased 7% to a record $44.0 million compared to $41.2 million in Q4 2023. Professional services revenue decreased by 2% to $14.4 million compared to $14.6 million in Q4 2023.Gross margin was 47% for the fourth quarter of fiscal 2024 compared to 45% for the same period in fiscal 2023.Total gross profit increased to $20.6 million, up 12% from $18.4 million in Q4 2023.Operating expenses increased to $21.3 million, higher by $4.3 million or 25% compared to $17.0 million in Q4 last year. Q4 2024 operating expenses included $2.1 million of restructuring costs.Loss from operations (including the impact of restructuring costs) was $0.6 million in Q4 2024, compared to a profit from operations of $1.4 million in Q4 2023.Net profit was $0.3 million or $0.02 per share on a fully diluted basis in Q4 2024, compared to $0.4 million or $0.03 per share for the same period in fiscal 2023.Adjusted EBITDAii was $2.8 million, up 14% compared to $2.4 million reported in Q4 last year.In the fourth quarter of fiscal 2024, Tecsys acquired 128,300 of its outstanding common shares for approximately $5.0 million as part of its ongoing normal course issuer bid.
Fiscal 2024 Highlights:
SaaS revenue increased by 39% to $51.9 million, up from $37.5 million in fiscal 2023.SaaS subscription bookingsi (measured on an ARRi basis) increased to $18.6 million, up 13% from $16.4 million in fiscal 2023.Total revenue increased 12% to $171.2 million compared to $152.4 million in fiscal 2023.Professional services revenue was $55.2 million, down slightly compared to $55.4 million in fiscal 2023.Gross margin was 46% for fiscal 2024 compared to 44% for fiscal 2023.Total gross profit increased to $78.4 million, up 17% from $66.8 million in the same period of fiscal 2023.Operating expenses increased to $76.5 million, higher by $13.2 million or 21% compared to $63.2 million in fiscal 2023.Profit from operations (including the impact of restructuring) was $1.9 million, down from $3.6 million in fiscal 2023.Net profit was $1.8 million, or $0.13 per diluted share in fiscal 2024, compared to a net profit of $2.1 million, or $0.14 per diluted share, for fiscal 2023.Adjusted EBITDAii was $9.6 million, up slightly compared to $9.5 million in fiscal 2023.
Financial Guidance:
Tecsys is providing financial guidance as follows:
FY25 Guidance
FY26 Guidance
Total Revenue Growth
7-9%
n.a.
SaaS Revenue Growth
30-32%
n.a.
Adjusted EBITDAii Margin
8-9%
10-11%
On June 27, 2024, the Company declared a quarterly dividend of $0.08 per share to be paid on August 2, 2024 to shareholders of record on July 12, 2024.
Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be “eligible” dividends.
Q4 and FY2024 Financial Results Conference Call
Date: June 28, 2024
Time: 8:30 a.m. ET
Phone number: 800-836-8184 or 646-357-8785
The call can be replayed until July 5, 2024, by calling:
888-660-6345 or 646-517-4150 (access code: 46999#)
i See Key Performance Indicators in Management’s Discussion and Analysis of the 2024 Financial Statements.
ii See Non-IFRS Performance Measures in Management’s Discussion and Analysis of the 2024 Financial Statements.
About Tecsys
Tecsys is a global provider of advanced supply chain solutions. With a commitment to innovation and customer success, the company equips organizations with the essential software, technology and expertise needed for operational excellence and competitive advantage. Its cloud solutions serve a diverse range of industries, including healthcare, distribution and converging commerce, across multiple complex, regulated and high-volume markets. Built on the Itopia® low-code application platform, Tecsys’ offerings include enterprise resource planning, warehouse management, consolidated service management, distribution and transportation management, supply management at the point of use and order management solutions. Tecsys provides critical data insights and control across the supply chain, ensuring that organizations are agile, responsive and scalable. Tecsys is publicly traded on the Toronto Stock Exchange under the ticker symbol TCS. For more about Tecsys and its solutions, please visit www.tecsys.com.
Forward Looking Statements
The statements in this news release relating to matters that are not historical fact are forward-looking statements that are based on management’s beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.’s business can be found in the MD&A section of the Company’s annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR+ (www.sedarplus.ca).
Copyright © Tecsys Inc. 2024. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.
Non-IFRS Measures
Reconciliation of EBITDA and Adjusted EBITDA
EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation, gain on remeasurement of lease liability, recognition of tax credits generated in prior periods and restructuring costs. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities and non-recurring items, and the exclusion of depreciation, amortization, stock-based compensation, gain on remeasurement of lease liability and recognition of tax credits generated in prior periods eliminates the non-cash impact of these items.
The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company’s performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company’s operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under IFRS.
The reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable IFRS measure is provided below.
Year ended April 30,
(in thousands of CAD)
2024
2023
2022
Net profit for the period
$
1,849
$
2,089
$
4,478
Adjustments for:
Depreciation of property and equipment and right-of-use assets
1,477
1,775
2,162
Amortization of deferred development costs
583
496
290
Amortization of other intangible assets
1,493
1,603
1,612
Interest expense
163
406
622
Interest income
(1,015)
(686)
(474)
Income taxes
641
1,624
946
EBITDA
$
5,191
$
7,307
$
9,636
Adjustments for:
Stock based compensation
2,301
2,177
1,684
Gain on remeasurement of lease liability
–
–
(573)
Recognition of tax credits generated in prior periods
–
–
(617)
Restructuring costs
2,122
–
–
Adjusted EBITDAii
$
9,614
$
9,484
$
10,130
Consolidated Statements of Financial Position
(In thousands of Canadian dollars)
April 30, 2024
April 30, 2023
Assets
Current assets
Cash and cash equivalents
$
18,856
$
21,235
Short-term investments
16,713
15,835
Accounts receivable
22,090
22,900
Work in progress
4,248
1,734
Other receivables
134
523
Tax credits
6,422
5,338
Inventory
1,359
1,034
Prepaid expenses and other
9,143
8,193
Total current assets
78,965
76,792
Non-current assets
Other long-term receivables and assets
421
363
Tax credits
4,737
5,368
Property and equipment
1,372
1,802
Right-of-use assets
1,251
1,708
Contract acquisition costs
4,478
3,738
Deferred development costs
2,683
2,254
Other intangible assets
7,703
9,287
Goodwill
17,363
17,467
Deferred tax assets
9,073
8,137
Total non-current assets
49,081
50,124
Total assets
$
128,046
$
126,916
Liabilities
Current liabilities
Accounts payable and accrued liabilities
20,030
21,669
Deferred revenue
36,211
30,388
Lease obligations
812
793
Total current liabilities
57,053
52,850
Non-current liabilities
Other long-term accrued liabilities
496
253
Deferred tax liabilities
826
1,255
Lease obligations
1,302
2,120
Total non-current liabilities
2,624
3,628
Total liabilities
$
59,677
$
56,478
Equity
Share capital
$
52,256
$
44,338
Contributed surplus
9,417
15,285
Retained earnings
8,121
10,832
Accumulated other comprehensive loss
(1,425)
(17)
Total equity attributable to the owners of the Company
68,369
70,438
Total liabilities and equity
$
128,046
$
126,916
Consolidated Statements of Income and Comprehensive (loss) Income
(In thousands of Canadian dollars, except per share data)
Three Months Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
2024
2023
Revenue:
SaaS
$
14,191
$
11,133
$
51,918
$
37,476
Maintenance and Support
8,140
7,992
33,957
32,714
Professional Services
14,390
14,614
55,188
55,353
License
282
529
1,386
3,116
Hardware
6,952
6,924
28,793
23,765
Total revenue
43,955
41,192
171,242
152,424
Cost of revenue
23,341
22,828
92,853
85,615
Gross profit
20,614
18,364
78,389
66,809
Operating expenses:
Sales and marketing
8,437
7,778
32,976
28,080
General and administration
3,264
2,599
11,844
11,218
Research and development, net of tax credits
7,435
6,597
29,514
23,943
Restructuring costs
2,122
–
2,122
–
Total operating expenses
21,258
16,974
76,456
63,241
(Loss) profit from operations
(644)
1,390
1,933
3,568
Other income (costs)
122
(189)
557
145
(Loss) profit before income taxes
(522)
1,201
2,490
3,713
Income tax (benefit) expense
(781)
755
641
1,624
Net profit
$
259
$
446
$
1,849
$
2,089
Other comprehensive income (loss):
Effective portion of changes in fair value on designated revenue hedges
(2,187)
(521)
(1,086)
(6)
Exchange differences on translation of foreign operations
102
489
(322)
1,423
Comprehensive (loss) income
$
(1,826)
$
414
$
441
$
3,506
Basic and diluted earnings per common share
$
0.02
$
0.03
$
0.13
$
0.14
Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
Three Months Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
2024
2023
Cash flows from operating activities:
Net profit
$
259
$
446
$
1,849
$
2,089
Adjustments for:
Depreciation of property and equipment and right-of-use-assets
361
440
1,477
1,775
Amortization of deferred development costs
147
145
583
496
Amortization of other intangible assets
347
402
1,493
1,603
Interest (income) expense and foreign exchange (gain) loss
(122)
189
(557)
(145)
Unrealized foreign exchange and other
481
1,336
(569)
1,754
Non-refundable tax credits
(596)
(429)
(1,961)
(2,095)
Stock-based compensation
531
455
2,301
2,177
Income taxes
65
124
519
554
Net cash from operating activities excluding changes in non-cash
working capital items related to operations
1,473
3,108
5,135
8,208
Accounts receivable
2,714
955
764
(5,915)
Work in progress
(856)
208
(2,518)
(151)
Other receivables and assets
(135)
163
1
(58)
Tax credits
(728)
3,239
113
(114)
Inventory
544
268
(327)
(226)
Prepaid expenses
299
21
(646)
(1,452)
Contract acquisition costs
(784)
(190)
(1,045)
(908)
Accounts payable and accrued liabilities
(3,052)
1,645
(2,455)
3,259
Deferred revenue
5,506
1,258
5,833
5,713
Changes in non-cash working capital items related to operations
3,508
7,567
(280)
148
Net cash provided by operating activities
4,981
10,675
4,855
8,356
Cash flows from financing activities:
Repayment of long-term debt
–
–
–
(8,400)
Proceeds from short-term investments
–
–
–
5,000
Payment of lease obligations
(193)
(119)
(786)
(689)
Payment of dividends
(1,175)
(1,094)
(4,560)
(4,225)
Interest paid
(27)
(17)
(163)
(406)
Issuance of common shares on exercise of stock options
3,897
185
6,964
297
Shares repurchased and cancelled
(5,010)
–
(7,215)
–
Net cash used in financing activities
(2,508)
(1,045)
(5,760)
(8,423)
Cash flows from investing activities:
Interest received
6
27
97
90
Transfers from short-term investments
–
–
40
–
Acquisitions of property and equipment
(144)
(340)
(599)
(850)
Acquisitions of other intangible assets
–
–
–
(62)
Deferred development costs
(203)
(283)
(1,012)
(880)
Net cash used in investing activities
(341)
(596)
(1,474)
(1,702)
Net Increase (decrease) in cash and cash equivalents during the period
2,132
9,034
(2,379)
(1,769)
Cash and cash equivalents – beginning of period
16,724
12,201
21,235
23,004
Cash and cash equivalents – end of period
$
18,856
$
21,235
$
18,856
$
21,235
Consolidated Statements of Changes in Equity
(In thousands of Canadian dollars, except number of shares)
Share capital
Number
Amount
Contributed
Surplus
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
Balance, May 1, 2023
14,582,837
$
44,338
$
15,285
$
(17)
$
10,832
$
70,438
Net profit
–
–
–
–
1,849
1,849
Other comprehensive (loss) income:
Effective portion of changes in fair value on designated revenue hedges
–
–
–
(1,086)
–
(1,086)
Exchange difference on translation of foreign operations
–
–
–
(322)
–
(322)
Total comprehensive (loss) income
–
–
–
(1,408)
1,849
441
Shares repurchased and cancelled
(204,500)
(684)
(6,531)
–
–
(7,215)
Stock-based compensation
–
–
2,301
–
–
2,301
Dividends to equity owners
–
–
–
–
(4,560)
(4,560)
Share options exercised
461,813
8,602
(1,638)
–
–
6,964
Total transactions with owners of the Company
257,313
$
7,918
(5,868)
$
–
$
(4,560)
$
(2,510)
Balance, April 30, 2024
14,840,150
$
52,256
9,417
$
(1,425)
$
8,121
$
68,369
–
Balance, May 1, 2022
14,562,895
$
43,973
13,176
$
(1,434)
$
12,968
$
68,683
Net profit
–
–
–
–
2,089
2,089
Other comprehensive income:
Effective portion of changes in fair value on designated revenue hedges
–
–
–
(6)
–
(6)
Exchange difference on translation of foreign operations
–
–
–
1,423
–
1,423
Total comprehensive income
–
–
–
1,417
2,089
3,506
Stock-based compensation
–
–
2,177
–
–
2,177
Dividends to equity owners
–
–
–
–
(4,225)
(4,225)
Share options exercised
19,942
365
(68)
–
–
297
Total transactions with owners of the Company
19,942
$
365
2,109
$
–
$
(4,225)
$
(1,751)
Balance, April 30, 2023
14,582,837
$
44,338
15,285
$
(17)
$
10,832
$
70,438
SOURCE Tecsys Inc.
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Teradata Introduces New Privacy, Security, and Resiliency Capabilities as AI Forces Change in Enterprise Data Protection
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41 minutes agoon
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New capabilities protect the sensitive data and intelligence behind enterprise AI while keeping mission-critical operations available and recoverable
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Key Capabilities
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Executive Quote
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Partner Quote
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About Teradata
Teradata empowers enterprises to turn intelligence into autonomous action, grounding AI agents in deep business context and trusted data. As AI agents multiply, Teradata is the context foundation, governance layer, and performance backbone that companies need now. The Teradata Autonomous Knowledge Platform puts AI into production across cloud, on-premises, and hybrid environments.
Forward-Looking Statements
This press release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions relating to Teradata’s privacy, security, and resiliency capabilities. Such statements include statements regarding future product availability, capabilities, and offerings, and expected benefits to Teradata customers. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Teradata’s results could differ materially from the results expressed or implied by the forward-looking statements made. Teradata undertakes no obligation, and does not intend to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the planned product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether customer adoption will justify the investments in the product capabilities and offerings. Further information on factors that could affect Teradata’s financial and other results is included in the filings Teradata makes with the Securities and Exchange Commission from time to time.
The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the U.S. and worldwide.
Poly-Anonymization and PII Vault are registered trademarks of Anonomatic, Inc.
MEDIA CONTACT
Jennifer Donahue
Jennifer.Donahue@Teradata.com
View original content:https://www.prnewswire.com/news-releases/teradata-introduces-new-privacy-security-and-resiliency-capabilities-as-ai-forces-change-in-enterprise-data-protection-302913579.html
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October 20, 2026By
New Teradata Factory and Teradata Sovereign Cloud on Google Distributed Cloud capabilities give enterprises greater control over where their most sensitive data and AI operate
SAN DIEGO, Oct. 20, 2026 /PRNewswire/ — Teradata (NYSE: TDC) today announced a portfolio of deployment and platform capabilities designed to give governments and enterprises greater control over the data, AI, and technology that power their most critical operations. This includes expanded capabilities for Teradata Factory with AI Studio and the availability of Teradata Sovereign Cloud on Google Distributed Cloud air-gapped environment.
What’s New
Teradata’s portfolio spans two complementary deployment models designed to address different sovereignty requirements.
The expanded capabilities for Teradata Factory with AI Studio bring a unified AI environment to operate on data, vectors, models, and agents directly into customer-controlled on-premises infrastructure. These capabilities include:
Tera, the agentic coworker for enterprise data work, including Tera Harness and Tera Context EngineAgentStack, the complete AI agent development capabilities to build, manage, observe and operate agents through natural language, pro-code, low-code, and Model Context Protocol (MCP) interfacesModel services, which provide machine learning operations and AI model management with pre-integrated model and bring-your-own-model supportData pipelines for ingesting multimodal unstructured data, vector embeddings, vector storage and hybrid search for RAGAnalytics, native notebooks backed by in-database analytics and Teradata’s Elastic Python Compute, built on Ray and Arrow, bring AI to where data lives
Teradata Sovereign Cloud on Google Distributed Cloud air-gapped brings Teradata’s high-performance enterprise-scale analytics into fully isolated environments. Key benefits of running Teradata Sovereign Cloud on Google Distributed Cloud air-gapped include:
Full isolation: Deploy Teradata in an air-gapped environment with no external connectivity— keeping classified and regulated data fully containedSecurity and compliance: Meet stringent regulatory requirements while maintaining complete audit trails and governanceHigh-performance analytics and AI at scale: Run complex queries across billions of rows and petabytes of data with predictable performance
Why it Matters
Research points to growing urgency. According to a 2026 BARC global study of 320 business and IT decision-makers, 62 percent of organizations cite data and AI in core business processes as a key driver of sovereignty requirements. A separate IBM study found that 91 percent of executives say they do not fully understand their organization’s dependencies across AI vendors, models and infrastructure. And Gartner predicts that by 2030, more than 75 percent of enterprises outside the United States will have a digital sovereignty strategy, supported by a sovereign cloud strategy.
As AI moves into mission-critical operations, sovereignty is no longer only about where data resides. Organizations must also consider where AI runs, which models are used, how enterprise information is accessed, who operates the environment, and which external technologies their AI depends on.
This is particularly relevant for governments, defense organizations, regulated industries and critical infrastructure, where data residency, privacy, jurisdiction, operational continuity or national-security requirements can limit the use of traditional public-cloud AI services.
Teradata frames sovereignty across three dimensions: data sovereignty (where data lives and who can access it), operational sovereignty (who controls the environment and whether it can operate independently), and digital sovereignty (which technologies and AI models the organization depends on). An organization can satisfy data residency requirements and still lack full sovereignty if AI processing occurs externally, external administrators can access the environment, or operations stop when public connectivity is unavailable.
Teradata’s sovereign portfolio is designed to address these requirements, bringing enterprise analytics and AI inside the boundaries that organizations control.
The Deployment Portfolio
Teradata Factory and Teradata Sovereign Cloud on Google Distributed Cloud air-gapped address different sovereignty requirements.
Teradata Factory is an integrated hardware and software rack that brings a private enterprise data and AI environment into customer-controlled on-premises infrastructure. It is designed for organizations that require direct physical control over their infrastructure and AI execution.
Teradata Sovereign Cloud on Google Distributed Cloud air-gapped provides a cloud operating model inside a sovereign boundary. The environment has no connection to the public internet and is operated by the customer. It is designed for organizations that need the operational model of cloud within a fully isolated, sovereign environment. Teradata provides the enterprise analytics layer within the air-gapped boundary, enabling organizations to support use cases such as operational reporting, mission analysis, intelligence fusion, training and simulation analytics, and defense logistics and sustainment inside the sovereign boundary.
Together, Teradata Factory and Teradata Sovereign Cloud on Google Distributed Cloud air-gapped support a hybrid approach to sovereign deployment, giving organizations the flexibility to run enterprise analytics and AI inside whichever boundary their requirements demand.
Executive Perspectives
“As AI becomes embedded in mission-critical decisions, organizations can no longer treat sovereignty as a data-location requirement. They need control over where AI runs, which models are used, who can operate the environment, and whether critical workloads can continue if external connectivity disappears. And increasingly, sovereignty is not a single location. It is an architecture that spans public cloud, sovereign cloud, and on-premises infrastructure. Teradata is uniquely built for that reality. We can run in all of those environments, connect them through Teradata Fabric without requiring data to move, and give organizations the freedom to choose the AI models and infrastructure that work for them.”
— Sumeet Arora, Chief Product Officer, Teradata
“Google Distributed Cloud is purpose-built, air-gapped infrastructure that delivers complete technical, operational and software sovereignty. By combining Google Distributed Cloud’s sovereign infrastructure with Teradata’s AI and knowledge capabilities, we are giving enterprise customers in regulated industries the ability to innovate without sacrificing control over their data.”
— Muninder Singh Sambi, VP of Product Management, Google Distributed Cloud
Availability
The expanded Teradata sovereign capabilities for Teradata Factory with AI Studio will be available in Q1 2027. Teradata Sovereign Cloud on Google Distributed Cloud air-gapped is available in Private Preview.
About Teradata
Teradata empowers enterprises to turn intelligence into autonomous action, grounding AI agents in deep business context and trusted data. As AI agents multiply, Teradata is the context foundation, governance layer, and performance backbone that companies need now. The Teradata Autonomous Knowledge Platform puts AI into production across cloud, on-premises, and hybrid environments.
Teradata Forward-Looking Statements
This press release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions relating to Teradata’s sovereign portfolio. Such statements include statements regarding future product availability, capabilities, and offerings, and expected benefits to Teradata customers. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Teradata’s results could differ materially from the results expressed or implied by the forward-looking statements made. Teradata undertakes no obligation, and does not intend to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the planned product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether customer adoption will justify the investments in the product capabilities and offerings. Further information on factors that could affect Teradata’s financial and other results is included in the filings Teradata makes with the Securities and Exchange Commission from time to time.
The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the U.S. and worldwide.
MEDIA CONTACT
January Machold
January.Machold@Teradata.com
View original content:https://www.prnewswire.com/news-releases/teradata-expands-sovereign-ai-across-on-premises-and-air-gapped-cloud-environments-302913587.html
SOURCE Teradata Corporation
Technology
State Farm® and MIT AgeLab Collaborate to Study What’s Driving Distraction Behind the Wheel
Published
42 minutes agoon
October 20, 2026By
Drivefulness™ research explores the human side of a nearly $100 billion roadway risk
BLOOMINGTON, Ill., Oct. 20, 2026 /PRNewswire/ — As vehicles become more connected and technology-enabled, the challenge of distracted driving is becoming more complex across the country. The question is no longer simply what distracts drivers, but understanding why people make certain choices behind the wheel and how technology may influence those decisions.
State Farm® and the MIT AgeLab are exploring those questions through a research initiative examining driver attention, distraction, and the behaviors that influence decision-making behind the wheel. Researchers have coined the term “drivefulness” to describe a state in which a driver is safe, aware, appropriately engaged, and ready to respond to the road, while being supported in having the best possible driving experience for them.
The study brings together State Farm’s decades of experience understanding crash risk, driver behavior, and the real-world consequences of distraction with MIT AWARE initiative’s multidisciplinary research expertise in transportation safety, human factors, behavioral science, and how people interact with technology.
Distracted driving carries significant human and economic consequences. According to U.S. Department of Transportation research, distraction was involved in 29% of motor vehicle crashes studied, contributing to more than 10,000 deaths, 1.3 million injuries, and an estimated $98.2 billion in economic costs.
Understanding the relationship among driver attention, distraction, and behaviors could help inform how automakers, organizations, regulators, and insurers approach roadway safety, risk prevention, and the design of future driving experiences.
“Distracted driving is not simply about whether a driver knows what is safe or unsafe. It reflects a much more complex interaction between the driver’s state, the demands of the driving environment, and the technologies that compete for or support their attention,” said Dr. Pnina Gershon of the MIT AgeLab. “With this research, we are looking beyond individual moments of distraction to understand what drivers need to be prepared, attentive, and appropriately engaged during the driving task. That allows us to think differently about safety and about how technology, information, and interventions can support drivers before, during, and after the drive.”
Dr. Gershon is the director of the MIT AWARE initiative and a co-director of the MIT Advanced Vehicle Technology Consortium. With more than two decades of research experience, she leads work at the intersection of driving safety, human behavior, health, and human-centered AI. Her research uses sensing, real-world data, and behavioral analytics to understand human states and to develop technologies and interventions that support safer, more effective interactions between people and increasingly automated systems.
Understanding the behavior behind the risk
Drivers may know distraction is dangerous, but State Farm research shows that knowledge doesn’t always change what happens behind the wheel. Sixty-eight percent of drivers admit to engaging in distracting behaviors while driving, and 44% say they have crashed or experienced a near-crash while doing so.
Perception may be part of the challenge. Sixty-two percent of drivers believe taking their eyes off the road for two or more seconds is safe, even though a two-second glance away doubles crash risk.
“Technology is changing the driving experience, creating new opportunities to better understand and support drivers,” said Jeff Legner, technology executive at State Farm. “The more we learn about how people interact with technology behind the wheel, the better positioned we are to anticipate evolving risks, improve driver experiences and explore new approaches to accident prevention. This research can help turn those insights into meaningful ways to support drivers before, during and after every drive.”
Combining real-world risk with behavioral science
State Farm has worked to address distracted driving from multiple angles, including advocating for stronger hands-free laws, supporting cross-industry safety research and advancing technology that can help drivers better understand their behavior. That work includes telematics-based tools for customers and collaboration with companies such as Cambridge Mobile Telematics to explore how technology and data can help reduce roadway risk. The MIT AgeLab brings deep expertise in understanding the human side of a rapidly changing driving environment.
The collaboration builds on an established research relationship between State Farm and MIT, including State Farm’s participation in the MIT Advanced Vehicle Technology Consortium, which studies how drivers interact with increasingly automated and technology-enabled vehicles.
First findings expected in October
The first phase of the research is focused on establishing a deeper understanding of how people perceive and manage attention behind the wheel.
Findings from the first phase of the drivefulness study are expected later in October 2026, providing an early look at what the research is uncovering about driver attention, distraction and behavior through consumer survey findings.
The findings will help inform the next phase of drivefulness research, beginning in January 2027, on how people, technology and the driving environment can work together to support safer driving.
About State Farm®
For over 100 years, the mission of State Farm has been to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. State Farm Mutual Automobile Insurance Company and its affiliates are the largest providers of auto and home insurance combined in the United States. Its more than 19,200 agent offices and over 62,000 employees serve over 96 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 32 on the 2025 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
About the AWARE initiative at the MIT AgeLab
AWARE is an MIT research initiative focused on developing intelligent vehicle systems that can better understand drivers and support them in real-world conditions. Based at the MIT AgeLab and Center for Transportation & Logistics, AWARE brings together naturalistic driving research, advanced simulation, behavioral science, and artificial intelligence to study how driver state, behavior, and context interact across the driving journey. Its research examines areas such as distraction, fatigue, impairment, workload, automation use, driver monitoring, and human-machine interaction, with the goal of moving beyond simply detecting driver behavior toward systems that can sense, interpret, respond, and promote safer and more appropriate driver engagement. Through this work, AWARE is building the evidence and methods needed to support the next generation of adaptive, human-centered mobility technologies. For more information about AWARE, visit https://ctl.mit.edu/aware-initiative, and about the AgeLab, visit https://agelab.mit.edu/.
View original content to download multimedia:https://www.prnewswire.com/news-releases/state-farm-and-mit-agelab-collaborate-to-study-whats-driving-distraction-behind-the-wheel-302913331.html
SOURCE State Farm
Teradata Introduces New Privacy, Security, and Resiliency Capabilities as AI Forces Change in Enterprise Data Protection
Teradata Expands Sovereign AI Across On-Premises and Air-Gapped Cloud Environments
State Farm® and MIT AgeLab Collaborate to Study What’s Driving Distraction Behind the Wheel
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