Technology
CRITEO REPORTS RECORD FOURTH QUARTER 2024 RESULTS
Published
5 days agoon
By

Michael Komasinski Appointed as Chief Executive Officer
Deployed Record $225 Million to Repurchase Shares in 2024
Remaining Share Buyback Authorization Increased up to $200 Million
Targeting Mid-Single-Digit Growth in 2025
NEW YORK, Feb. 5, 2025 /PRNewswire/ — Criteo S.A. (NASDAQ: CRTO) (“Criteo” or the “Company”), the commerce media company, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter and Fiscal Year 2024 Financial Highlights:
The following table summarizes our consolidated financial results for the three months and twelve months ended December 31, 2024:
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
YoY Change
2024
2023
YoY Change
(in millions, except EPS data)
GAAP Results
Revenue
$553
$566
(2) %
$1,933
$1,949
(1) %
Gross Profit
$301
$277
9 %
$983
$863
14 %
Net Income
$72
$62
16 %
$115
$55
110 %
Gross Profit margin
54 %
49 %
5ppt
51 %
44 %
7ppt
Diluted EPS
$1.23
$1.02
21 %
$1.90
$0.88
116 %
Cash from operating activities
$169
$161
5 %
$258
$224
15 %
Cash and cash equivalents
$291
$336
(14) %
$291
$336
(14) %
Non-GAAP Results1
Contribution ex-TAC
$334
$316
6 %
$1,121
$1,023
10 %
Adjusted EBITDA
$144
$139
4 %
$390
$302
29 %
Adjusted diluted EPS
$1.75
$1.52
15 %
$4.57
$3.18
44 %
Free Cash Flow (FCF)
$146
$142
3 %
$182
$110
65 %
FCF / Adjusted EBITDA
101 %
102 %
(1)ppt
47 %
36 %
11ppt
“I’m incredibly proud of what our team has accomplished. This year, we solidified our position as a global leader in Commerce Media and delivered our strongest financial performance to date, marking our third consecutive year of double-digit growth,” said Megan Clarken, Chief Executive Officer of Criteo. “As I pass the baton to Michael Komasinski to lead Criteo into its next chapter of AI-driven innovation and growth, I do so with excitement for the Company’s future.”
Operating Highlights
The Company appointed Michael Komasinski as its new Chief Executive Officer, effective February 15, 2025.Retail Media Contribution ex-TAC grew 25% year-over-year at constant currency2 in 2024 and 23% in Q4.Same-retailer Contribution ex-TAC3 retention for Retail Media was 128% in 2024 and 126% in Q4.We expanded our platform adoption to 3,500 brands and 225 retailers, including Harrods.Performance Media Contribution ex-TAC was up 8% year-over-year at constant currency2 in 2024 and up 3% in Q4.Criteo’s media spend4 was $4.3 billion in 2024, growing 5% year-over-year at constant currency2 and $1.3 billion in Q4.We deployed $225 million of capital for share repurchases in 2024, and our Board of Directors increased the Company’s remaining share repurchase authorization to up to $200 million in January 2025.
___________________________________________________
1 Contribution ex-TAC, Contribution ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted diluted EPS and Free Cash Flow are not measures calculated in accordance with U.S. GAAP.
2 Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.
3 Same-client Contribution ex-TAC is the Contribution ex-TAC generated by clients that were live with us in a given quarter and are still live with us the same quarter in the following year.
4 Media spend is defined as working media spend allocated to Retail Media campaigns and media spend activated on behalf of Performance Media clients.
Financial Summary
Revenue for Q4 2024 was $553 million, gross profit was $301 million and Contribution ex-TAC was $334 million. Net income for Q4 was $72 million, or $1.23 per share on a diluted basis. Adjusted EBITDA for Q4 was $144 million, resulting in an adjusted diluted EPS of $1.75. As reported, revenue for Q4 decreased (2)%, gross profit increased 9% and Contribution ex-TAC increased 6%. At constant currency, revenue for Q4 decreased (1)% and Contribution ex-TAC increased 7%.
Revenue for the fiscal year 2024 was $1.9 billion, gross profit was $983 million and Contribution ex-TAC was $1.1 billion. As reported, revenue for 2024 decreased (1)%, gross profit increased 14% and Contribution ex-TAC increased 10%. At constant currency, revenue for 2024 increased 0.4% and Contribution ex-TAC increased 11%. Net income for fiscal year 2024 was $115 million, or $1.90 per share on a diluted basis. Fiscal year 2024 Adjusted EBITDA was $390 million, resulting in an adjusted diluted EPS of $4.57. Cash flow from operating activities was $169 million in Q4 and Free Cash Flow was $146 million in Q4. As of December 31, 2024, we had $333 million in cash and marketable securities on our balance sheet.
Sarah Glickman, Chief Financial Officer, said, “In 2024, we delivered record performance and expanded our adjusted EBITDA margin by 500 basis points to 35%. We deployed $225 million of capital for share repurchases, demonstrating our focus on driving shareholder value. As we enter 2025, we believe we are well-positioned to deliver continued growth, robust profitability, and strong cash generation.”
Fourth Quarter 2024 Results
Revenue, Gross Profit and Contribution ex-TAC
Revenue decreased (2)% year-over-year in Q4 2024, and decreased (1)% at constant currency, to $553 million (Q4 2023: $566 million). Gross profit increased 9% year-over-year in Q4 2024 to $301 million (Q4 2023: $277 million). Gross profit as a percentage of revenue, or gross profit margin, was 54% (Q4 2023: 49%). Contribution ex-TAC in the fourth quarter increased 6% year-over-year, or increased 7% at constant currency, to $334 million (Q4 2023: $316 million).
Retail Media revenue increased 20%, or 21% at constant currency, and Retail Media Contribution ex-TAC increased 22%, or 23% at constant currency, driven by continued strength in Retail Media onsite, new client integrations, an uptick in offsite campaigns and growing network effects of the platform.Performance Media revenue decreased (6)%, or decreased (5)% at constant currency, and Performance Media Contribution ex-TAC increased 1%, or 3% at constant currency, driven by the continued traction of Commerce Audiences as more clients adopt full funnel activation, partially offset by lower Retargeting and AdTech services and supply.
Net Income and Adjusted Net Income
Net income was $72 million in Q4 2024 (Q4 2023: net income of $62 million). Net income allocated to shareholders of Criteo was $71 million, or $1.23 per share on a diluted basis (Q4 2023: net income available to shareholders of $61 million, or $1.02 per share on a diluted basis).
Adjusted net income, a non-GAAP financial measure, was $101 million, or $1.75 per share on a diluted basis (Q4 2023: $91 million, or $1.52 per share on a diluted basis).
Adjusted EBITDA and Operating Expenses
Adjusted EBITDA was $144 million, representing an increase of 4% year-over-year (Q4 2023: $139 million). This reflects higher Contribution ex-TAC over the period and effective cost management. Adjusted EBITDA as a percentage of Contribution ex-TAC, or Adjusted EBITDA margin, was 43% (Q4 2023: 44%).
Operating expenses increased by 10% year-over-year to $206 million (Q4 2023: $188 million), mostly driven by planned growth investments. Non-GAAP operating expenses increased 12% year-over-year to $165 million (Q4 2023: $147 million).
Fiscal Year 2024 Results
Revenue, Gross Profit and Contribution ex-TAC
Revenue decreased (1)% year-over-year, or increased 0.4% at constant currency, to $1.9 billion (FY 2023: $1.9 billion). Gross profit increased 14% year-over-year to $983 million (FY 2023: $863 million). Gross profit as a percentage of revenue, or gross profit margin, was 51% (FY 2023: 44%). Contribution ex-TAC increased 10% year-over-year, or increased 11% at constant currency, to $1.1 billion (FY 2023: $1.0 billion).
Retail Media revenue increased 24%, or 24% at constant currency, and Retail Media Contribution ex-TAC increased 25%, or 25% at constant currency, driven by continued strength in Retail Media onsite, new client integrations and growing network effects of the platform.Performance Media revenue decreased (4)%, or decreased (2)% at constant currency, and Performance Media Contribution ex-TAC increased 6%, or 8% at constant currency, driven by strong growth for Commerce Audiences and resilient Retargeting, partially offset by lower AdTech services and supply.
Net Income and Adjusted Net Income
Net income was $115 million (FY 2023: $55 million). Net income available to shareholders of Criteo was $112 million, or $1.90 per share on a diluted basis (FY 2023: $53 million, or $0.88 per share on a diluted basis).
Adjusted net income was $268 million, or $4.57 per share on a diluted basis (FY 2023: $191 million, or $3.18 per share on a diluted basis).
Adjusted EBITDA and Operating Expenses
Adjusted EBITDA was $390 million, representing an increase of 29% year-over-year (FY 2023: $302 million). This reflects higher Contribution ex-TAC and effective cost management. Adjusted EBITDA as a percentage of Contribution ex-TAC, or Adjusted EBITDA margin, was 35% (FY 2023: 30%).
Operating expenses increased 6% year-over-year to $832 million (FY 2023: $786 million), mostly driven by planned growth investments and the partial reversal of the loss contingency related to the CNIL matter in 2023. Non-GAAP operating expenses increased 3% or $20 million to $627 million (FY 2023: $607 million).
Cash Flow, Cash and Financial Liquidity Position
Cash flow from operating activities increased to $169 million in Q4 2024 (Q4 2023: $161 million).
Free Cash Flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property and equipment, increased to $146 million in Q4 2024 (Q4 2023: $142 million).
Cash and cash equivalents, and marketable securities, decreased $26 million compared to December 31, 2023 to $333 million, after spending $225 million on share repurchases in 2024 (2023: $125 million).
As of December 31, 2024, the Company had total financial liquidity of approximately $782 million, including its cash position, marketable securities, revolving credit facility and treasury shares reserved for M&A.
Criteo Appointed Michael Komasinski as Chief Executive Officer
The Board of Directors of the Company appointed Michael Komasinski as Chief Executive Officer and a member of the Board, effective February 15, 2025. Komasinski will succeed Megan Clarken who, as previously announced, is retiring and will be stepping down from her role as CEO and from the Board. Clarken will temporarily serve in a senior advisory role to ensure a smooth transition.
Komasinski brings over 20 years of AdTech expertise and a proven track record of driving accelerated growth, AI-driven innovation, and scale. Throughout his career, he has gained significant data-driven technology expertise and vast retail media experience. He previously served as CEO of the Americas, President of Global Data & Technology, and member of the Group Executive Management team at dentsu, one of the largest global advertising holding companies. He joined dentsu through its acquisition of Merkle in 2016 and led both the EMEA and Americas regions before becoming Global CEO of Merkle in 2021. He previously served in leadership positions at Razorfish, Schawk Retail Marketing, The Nielsen Company, and A.T. Kearney. Michael is a board member of the Ad Council and serves on the client advisory boards of Meta and Microsoft.
2025 Business Outlook
The following forward-looking statements reflect Criteo’s expectations as of February 5, 2025.
Fiscal year 2025 guidance:
Mid-single-digit growth in Contribution ex-TAC at constant currencyAdjusted EBITDA margin of approximately 33% to 34% of Contribution ex-TAC
First quarter 2025 guidance:
Contribution ex-TAC between $256 million and $260 million, or year-over-year growth at constant-currency of +3% to +5%Adjusted EBITDA between $68 million and $72 million
The above guidance for the first quarter and fiscal year ending December 31, 2025 assumes the following exchange rates for the main currencies impacting our business: a U.S. dollar-euro rate of 0.962, a U.S. dollar-Japanese Yen rate of 150, a U.S. dollar-British pound rate of 0.802, a U.S. dollar-Korean Won rate of 1,350 and a U.S. dollar-Brazilian real rate of 5.75.
The above guidance assumes that no additional acquisitions are completed during the first quarter of 2025 or the fiscal year ended December 31, 2025.
Reconciliations of Contribution ex-TAC, Adjusted EBITDA and Adjusted EBITDA margin guidance to the closest corresponding U.S. GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of equity awards compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our share price. The variability of the above charges could potentially have a significant impact on our future U.S. GAAP financial results.
Extension of Share Repurchase Authorization
Criteo’s Board of Directors approved an increase of the previously authorized share repurchase program from up to $630 million to up to $805 million of the Company’s outstanding American Depositary Shares. As of January 31, 2025, the remaining share buyback authorization was extended to up to $200 million. The Company intends to use repurchased shares under this extended program to satisfy employee equity obligations in lieu of issuing new shares, which would limit future dilution for its shareholders, as well as to fund potential acquisitions in the future.
Under the terms of the authorization, the stock purchases may be made from time to time in compliance with applicable state and federal securities laws and applicable provisions of French corporate law. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability, as determined by Criteo’s management team. The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice.
Non-GAAP Financial Measures
This press release and its attachments include the following financial measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission (“SEC”): Contribution ex-TAC, Contribution ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted diluted EPS, Free Cash Flow and Non-GAAP Operating Expenses. These measures are not calculated in accordance with U.S. GAAP.
Contribution ex-TAC is a profitability measure akin to gross profit. It is calculated by deducting traffic acquisition costs from revenue and reconciled to gross profit through the exclusion of other costs of revenue. Contribution ex-TAC is not a measure calculated in accordance with U.S. GAAP. We have included Contribution ex-TAC because it is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions. In particular, we believe that this measure can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Contribution ex-TAC provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and board of directors.
Adjusted EBITDA is our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, certain acquisition costs and a loss contingency related to a regulatory matter. Adjusted EBITDA and Adjusted EBITDA margin are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.
Adjusted Net Income is our net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related assets, certain restructuring, integration and transformation costs, certain acquisition costs, a loss contingency related to a regulatory matter, and the tax impact of these adjustments. Adjusted Net Income and Adjusted diluted EPS are key measures used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that Adjusted Net Income and Adjusted diluted EPS can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted Net Income and Adjusted diluted EPS provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.
Free Cash Flow is defined as cash flow from operating activities less net acquisition of intangible assets, property, plant and equipment. Free Cash Flow Conversion is defined as free cash flow divided by Adjusted EBITDA. Free Cash Flow and Free Cash Flow Conversion are key measures used by our management and board of directors to evaluate the Company’s ability to generate cash. Accordingly, we believe that Free Cash Flow and Free Cash Flow Conversion permit a more complete and comprehensive analysis of our available cash flows.
Non-GAAP Operating Expenses are our consolidated operating expenses adjusted to eliminate equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, certain acquisition and integration costs, and a loss contingency related to a regulatory matter. The Company uses Non-GAAP Operating Expenses to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short-term and long-term operational plans, and to assess and measure our financial performance and the ability of our operations to generate cash. We believe Non-GAAP Operating Expenses reflects our ongoing operating expenses in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. As a result, we believe that Non-GAAP Operating Expenses provides useful information to investors in understanding and evaluating our core operating performance and trends in the same manner as our management and in comparing financial results across periods. In addition, Non-GAAP Operating Expenses is a key component in calculating Adjusted EBITDA, which is one of the key measures the Company uses to provide its quarterly and annual business outlook to the investment community.
Please refer to the supplemental financial tables provided in the appendix of this press release for a reconciliation of Contribution ex-TAC to gross profit, Adjusted EBITDA to net income, Adjusted Net Income to net income, Free Cash Flow to cash flow from operating activities, and Non-GAAP Operating Expenses to operating expenses, in each case, the most comparable U.S. GAAP measure. Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider such non-GAAP measures in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: 1) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; and 2) other companies may report Contribution ex-TAC, Contribution ex-TAC margin, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-GAAP Operating Expenses or similarly titled measures but calculate them differently or over different regions, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider these measures alongside our U.S. GAAP financial results, including revenue and net income.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including projected financial results for the quarter ending March 31, 2025 and the year ending December 31, 2025, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure related to our technology and our ability to innovate and respond to changes in technology, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, including without limitation uncertainty regarding the timing and scope of proposed changes to and enhancements of the Chrome browser announced by Google, investments in new business opportunities and the timing of these investments, whether the projected benefits of acquisitions materialize as expected, uncertainty regarding international growth and expansion (including related to changes in a specific country’s or region’s political or economic conditions), the impact of competition, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters and the impact of efforts by other participants in our industry to comply therewith, the impact of consumer resistance to the collection and sharing of data, our ability to access data through third parties, failure to enhance our brand cost-effectively, recent growth rates not being indicative of future growth, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, and the financial impact of maximizing Contribution ex-TAC, as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in the Company’s SEC filings and reports, including the Company’s Annual Report on Form 10-K filed with the SEC on February 23, 2024, and in subsequent Quarterly Reports on Form 10-Q as well as future filings and reports by the Company. Importantly, at this time, macro-economic conditions including inflation and fluctuating interest rates in the U.S. have impacted Criteo’s business, financial condition, cash flow and results of operations.
Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
Conference Call Information
Criteo’s senior management team will discuss the Company’s earnings on a call that will take place today, February 5, 2025, at 8:00 AM ET, 2:00 PM CET. The conference call will be webcast live on the Company’s website at https://criteo.investorroom.com/ and will subsequently be available for replay.
United States: +1 800 836 8184International: +1 646 357 8785France 080-094-5120
Please ask to be joined into the “Criteo” call.
About Criteo
Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.
Contacts
Criteo Investor Relations
Melanie Dambre, m.dambre@criteo.com
Criteo Public Relations
Jessica Meyers, j.meyers@criteo.com
Financial information to follow
CRITEO S.A.
Consolidated Statement of Financial Position
(U.S. dollars in thousands, unaudited)
December 31, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$ 290,693
$ 336,341
Trade receivables, net of allowances of $ 28.6 million and $ 43.3 million at December 31, 2024 and December 31, 2023, respectively
800,859
775,589
Income taxes
1,550
2,065
Other taxes
53,883
68,936
Other current assets
50,637
48,291
Restricted cash – current
250
75,000
Marketable securities – current portion
26,242
5,970
Total current assets
1,224,114
1,312,192
Property and equipment, net
107,222
126,494
Intangible assets, net
158,384
180,888
Goodwill
515,188
524,197
Right of Use Asset – operating lease
99,468
112,487
Marketable securities – noncurrent portion
15,584
16,575
Noncurrent financial assets
4,332
5,294
Other noncurrent assets
61,151
60,742
Deferred tax assets
81,006
52,680
Total noncurrent assets
1,042,335
1,079,357
Total assets
$ 2,266,449
$ 2,391,549
Liabilities and shareholders’ equity
Current liabilities:
Trade payables
$ 802,524
$ 838,522
Contingencies – current portion
1,882
1,467
Income taxes
34,863
17,213
Financial liabilities – current portion
3,325
3,389
Lease liability – operating – current portion
25,812
35,398
Other taxes
19,148
26,289
Employee – related payables
109,227
113,287
Other current liabilities
49,819
104,552
Total current liabilities
1,046,600
1,140,117
Deferred tax liabilities
4,067
1,083
Defined benefit plans
4,709
4,123
Financial liabilities – noncurrent portion
297
77
Lease liability – operating – noncurrent portion
77,584
83,051
Contingencies – noncurrent portion
31,939
32,625
Other noncurrent liabilities
20,156
19,082
Total non-current liabilities
138,752
140,041
Total liabilities
1,185,352
1,280,158
Shareholders’ equity:
Common shares, €0.025 par value, 57,744,839 and 61,165,663 shares authorized, issued and outstanding at December 31, 2024 and December 31, 2023 , respectively.
1,931
2,023
Treasury stock, 3,467,417 and 5,400,572 shares at cost as of December 31, 2024 and December 31, 2023 , respectively.
(125,298)
(161,788)
Additional paid-in capital
709,580
769,240
Accumulated other comprehensive income (loss)
(108,768)
(85,326)
Retained earnings
571,744
555,456
Equity – attributable to shareholders of Criteo S.A.
1,049,189
1,079,605
Noncontrolling interests
31,908
31,786
Total equity
1,081,097
1,111,391
Total equity and liabilities
$ 2,266,449
$ 2,391,549
CRITEO S.A.
Consolidated Statement of Operations
(U.S. dollars in thousands, except share and per share data, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
2024
2023
Revenue
$ 553,035
$ 566,302
$ 1,933,289
$ 1,949,445
Cost of revenue
Traffic acquisition cost
218,636
249,926
811,806
926,839
Other cost of revenue
33,428
39,750
138,512
159,562
Gross profit
300,971
276,626
982,971
863,044
Operating expenses:
Research and development expenses
67,559
48,402
279,341
242,289
Sales and operations expenses
97,356
97,687
376,090
406,012
General and administrative expenses
41,548
42,219
176,138
137,525
Total Operating expenses
206,463
188,308
831,569
785,826
Income from operations
94,508
88,318
151,402
77,218
Financial and Other Income (Expense)
2,206
(4,498)
3,095
(2,490)
Income before taxes
96,714
83,820
154,497
74,728
Provision for income taxes
24,770
21,769
39,784
20,084
Net income
$ 71,944
$ 62,051
$ 114,713
$ 54,644
Net income available to shareholders of Criteo S.A.
$ 71,095
$ 61,017
$ 111,571
$ 53,259
Net income available to noncontrolling interests
$ 849
$ 1,034
$ 3,142
$ 1,385
Weighted average shares outstanding used in computing per share amounts:
Basic
54,695,112
56,107,042
54,817,136
56,170,658
Diluted
57,640,779
59,687,020
58,605,529
60,231,627
Net income allocated to shareholders per share:
Basic
$ 1.30
$ 1.09
$ 2.04
$ 0.95
Diluted
$ 1.23
$ 1.02
$ 1.90
$ 0.88
CRITEO S.A.
Consolidated Statement of Cash Flows
(U.S. dollars in thousands, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
2024
2023
Cash flows from operating activities
Net income
$ 71,944
$ 62,051
$ 114,713
$ 54,644
Non-cash and non-operating items
56,105
60,663
192,118
103,369
– Amortization and provisions
20,620
16,048
87,754
72,336
– Payment for contingent liability on regulatory matters
—
—
—
(43,334)
– Equity awards compensation expense
24,420
20,832
106,613
97,185
– Net loss (gain) on disposal of noncurrent assets
994
974
1,918
(7,929)
– Change in uncertain tax positions
(7)
(566)
1,757
(880)
– Net change in fair value of Earn-out
(2,195)
845
1,007
2,344
– Change in deferred taxes
(9,670)
1,154
(26,040)
(23,588)
– Change in income taxes
28,710
22,431
19,389
4,424
– Other
(6,767)
(1,055)
(280)
2,811
Changes in assets and liabilities
41,405
38,626
(48,670)
66,233
– (Increase) / Decrease in trade receivables
(167,111)
(135,233)
(28,516)
(56,344)
– Increase / (Decrease) in trade payables
193,703
159,127
(17,160)
87,937
– (Increase) / Decrease in other current assets
10,881
(8,648)
10,142
(5,616)
– Increase / (Decrease) in other current liabilities
2,925
24,089
(11,314)
40,952
– Change in operating lease liabilities and right of use assets
1,007
(709)
(1,822)
(696)
NET CASH PROVIDED BY OPERATING ACTIVITIES
169,454
161,340
258,161
224,246
Cash flows from investing activities
Acquisition of intangible assets, property, plant and equipment
(24,159)
(20,860)
(78,112)
(116,115)
Disposal of intangibles assets, property and equipment
765
1,136
1,476
1,804
Payment for business, net of cash acquired
—
132
(527)
(6,825)
Proceeds from disposition of investment
—
(778)
—
8,847
Purchases of marketable securities
(20,950)
(5,378)
(26,688)
(22,471)
Maturities and sales of marketable securities
5,409
21,236
5,950
26,048
NET CASH USED IN INVESTING ACTIVITIES
(38,935)
(4,512)
(97,901)
(108,712)
Cash flows from financing activities
Change in other financial liabilities
—
235
—
235
Proceeds from exercise of stock options
117
(3)
4,550
1,945
Repurchase of treasury stocks
(67,103)
(22,135)
(224,595)
(125,489)
Cash payment for contingent consideration
(51,983)
—
(51,983)
(22,025)
Other financing activities
2,825
(493)
1,529
(1,920)
NET CASH USED IN FINANCING ACTIVITIES
(116,144)
(22,396)
(270,499)
(147,254)
Effect of exchange rates changes on cash and cash equivalents and restricted cash
(7,422)
7,053
(10,159)
(5,139)
Net increase (decrease) in cash and cash equivalents and restricted cash
6,953
141,485
(120,398)
(36,859)
Net cash and cash equivalents and restricted cash at the beginning of the period
283,990
269,857
411,341
448,200
Net cash and cash equivalents and restricted cash at the end of the period
$ 290,943
$ 411,341
$ 290,943
$ 411,341
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for taxes, net of refunds
$ (4,606)
$ 1,250
$ (40,705)
$ (40,127)
Cash paid for interest
$ (328)
$ (424)
$ (1,360)
$ (1,539)
Non-cash investing and financing activities:
Intangible assets, property, plant and equipment in trade payables and other current liabilities
$ 1,758
$ 3,346
$ 1,758
$ 3,346
CRITEO S.A.
Reconciliation of Cash from Operating Activities to Free Cash Flow
(U.S. dollars in thousands, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
2024
2023
CASH FROM (USED FOR) OPERATING ACTIVITIES
$ 169,454
$ 161,340
$ 258,161
$ 224,246
Acquisition of intangible assets, property and equipment
(24,159)
(20,860)
(78,112)
(116,115)
Disposal of intangibles assets, property and equipment
765
1,136
1,476
1,804
FREE CASH FLOW (1)
$ 146,060
$ 141,616
$ 181,525
$ 109,935
(1) Free Cash Flow is defined as cash flow from operating activities less net acquisitions of intangible assets, property and equipment.
CRITEO S.A.
Reconciliation of Contribution ex-TAC to Gross Profit
(U.S. dollars in thousands, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
YoY Change
2024
2023
YoY Change
Gross Profit
300,971
276,626
9 %
982,971
863,044
14 %
Other Cost of Revenue
33,428
39,750
(16) %
138,512
159,562
(13) %
Contribution ex-TAC (1)
$ 334,399
$ 316,376
6 %
$ 1,121,483
$ 1,022,606
10 %
(1) Refer to the “Non-GAAP Financial Measures” section for a definition of this Non-GAAP metric.
CRITEO S.A.
Segment Information
(U.S. dollars in thousands, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
Segment
2024
2023
YoY
Change
YoY
Change
at
Constant
Currency (2)
2024
2023
YoY
Change
YoY
Change
at
Constant
Currency (2)
Revenue
Retail Media
$ 91,889
$ 76,583
20 %
21 %
$ 258,303
$ 209,007
24 %
24 %
Performance Media
461,146
489,719
(6) %
(5) %
1,674,986
1,740,438
(4) %
(2) %
Total
553,035
566,302
(2) %
(1) %
1,933,289
1,949,445
(1) %
0.4 %
Contribution ex-TAC
Retail Media
90,228
74,154
22 %
23 %
253,846
203,460
25 %
25 %
Performance Media
244,171
242,222
1 %
3 %
867,637
819,146
6 %
8 %
Total (1)
$ 334,399
$ 316,376
6 %
7 %
$ 1,121,483
$ 1,022,606
10 %
11 %
(1) Refer to the Non-GAAP Financial Measures section of this filing for a definition of the Non-GAAP metric.
(2) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.
CRITEO S.A.
Reconciliation of Adjusted EBITDA to Net Income (Loss)
(U.S. dollars in thousands, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
YoY
Change
2024
2023
YoY
Change
Net income (loss)
$ 71,944
$ 62,051
16 %
$ 114,713
$ 54,644
110 %
Adjustments:
Financial Income (Expense)
(2,206)
4,497
(149) %
(3,095)
2,805
(210) %
Provision for income taxes
24,770
21,769
14 %
39,784
20,084
98 %
Equity awards compensation expense
21,710
21,003
3 %
105,742
99,222
7 %
Pension service costs
(23)
(131)
82 %
495
401
23 %
Depreciation and amortization expense
25,514
23,079
11 %
101,193
99,653
2 %
Acquisition-related costs
(522)
613
(185) %
1,439
1,894
(24) %
Net loss contingency on regulatory matters
—
35
(100) %
—
(21,632)
100 %
Restructuring, integration and transformation costs
2,821
5,729
(51) %
29,847
44,727
(33) %
Total net adjustments
72,064
76,594
(6) %
275,405
247,154
11 %
Adjusted EBITDA (1)
$ 144,008
$ 138,645
4 %
$ 390,118
$ 301,798
29 %
(1) Refer to the “Non-GAAP Financial Measures” section for a definition of this Non-GAAP metric.
CRITEO S.A.
Reconciliation from Non-GAAP Operating Expenses to Operating Expenses under GAAP
(U.S. dollars in thousands, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
YoY
Change
2024
2023
YoY
Change
Research and Development expenses
$ 67,559
$ 48,402
40 %
$ 279,341
$ 242,289
15 %
Equity awards compensation expense
9,713
10,465
(7) %
54,628
55,078
(1) %
Depreciation and Amortization expense
13,740
10,258
34 %
51,936
38,485
35 %
Pension service costs
57
(18)
417 %
330
263
25 %
Acquisition-related costs
—
(3)
100 %
—
504
(100) %
Restructuring, integration and transformation costs
412
1,031
(60) %
8,576
9,853
(13) %
Non GAAP – Research and Development expenses
43,637
26,669
64 %
163,871
138,106
19 %
Sales and Operations expenses
97,356
97,687
— %
376,090
406,012
(7) %
Equity awards compensation expense
6,892
4,819
43 %
22,985
21,633
6 %
Depreciation and Amortization expense
3,311
3,140
5 %
12,960
13,267
(2) %
Pension service costs
(110)
(132)
17 %
(32)
(49)
35 %
Restructuring, integration and transformation costs
(26)
2,912
(101) %
5,467
19,923
(73) %
Non GAAP – Sales and Operations expenses
87,289
86,948
— %
334,710
351,238
(5) %
General and Administrative expenses
41,548
42,219
(2) %
176,138
137,525
28 %
Equity awards compensation expense
5,105
5,719
(11) %
28,129
22,511
25 %
Depreciation and Amortization expense
391
477
(18) %
1,716
2,127
(19) %
Pension service costs
30
19
58 %
197
187
5 %
Acquisition-related costs
(522)
616
(185) %
1,439
1,390
4 %
Restructuring, integration and transformation costs
2,435
1,786
36 %
15,804
14,951
6 %
Net loss contingency on regulatory matters
—
35
(100) %
—
(21,632)
100 %
Non GAAP – General and Administrative expenses
34,109
33,567
2 %
128,853
117,991
9 %
Total Operating expenses
206,463
188,308
10 %
831,569
785,826
6 %
Equity awards compensation expense
21,710
21,003
3 %
105,742
99,222
7 %
Depreciation and Amortization expense
17,442
13,875
26 %
66,612
53,879
24 %
Pension service costs
(23)
(131)
82 %
495
401
23 %
Acquisition-related costs
(522)
613
(185) %
1,439
1,894
(24) %
Restructuring, integration and transformation costs
2,821
5,729
(51) %
29,847
44,727
(33) %
Net loss contingency on regulatory matters
—
35
(100) %
—
(21,632)
100 %
Total Non GAAP Operating expenses (1)
165,035
$ 147,184
12 %
627,434
607,335
3 %
(1) Refer to the “Non-GAAP Financial Measures” section for a definition of this Non-GAAP metric.
CRITEO S.A.
Reconciliation of Adjusted Net Income to Net Income (Loss)
(U.S. dollars in thousands except share and per share data, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
YoY
Change
2024
2023
YoY
Change
Net income (loss)
$ 71,944
$ 62,051
16 %
$ 114,713
$ 54,644
110 %
Adjustments:
Equity awards compensation expense
21,710
21,003
3 %
105,742
99,222
7 %
Amortization of acquisition-related intangible assets
8,573
8,943
(4) %
34,860
34,980
— %
Acquisition-related costs
(522)
613
(185) %
1,439
1,894
(24) %
Net loss contingency on regulatory matters
—
35
(100) %
—
(21,632)
100 %
Restructuring, integration and transformation costs
2,821
5,729
(51) %
29,847
44,727
(33) %
Tax impact of the above adjustments (1)
(3,686)
(7,469)
51 %
(18,734)
(22,536)
17 %
Total net adjustments
28,896
28,854
— %
153,154
136,655
12 %
Adjusted net income(2)
$ 100,840
$ 90,905
11 %
$ 267,867
$ 191,299
40 %
Weighted average shares outstanding
– Basic
54,695,112
56,107,042
54,817,136
56,170,658
– Diluted
57,640,779
59,687,020
58,605,529
60,231,627
Adjusted net income per share
– Basic
$ 1.84
$ 1.62
14 %
$ 4.89
$ 3.41
43 %
– Diluted
$ 1.75
$ 1.52
15 %
$ 4.57
$ 3.18
44 %
(1) We consider the nature of the adjustment to determine its tax treatment in the various tax jurisdictions we operate in. The tax impact is calculated by applying the actual tax rate for the entity and period to which the adjustment relates.
(2) Refer to the “Non-GAAP Financial Measures” section for a definition of this Non-GAAP metric.
CRITEO S.A.
Constant Currency Reconciliation(1)
(U.S. dollars in thousands, unaudited)
Three Months Ended
Twelve Months Ended
December 31
December 31
2024
2023
YoY
Change
2024
2023
YoY
Change
Gross Profit as reported
$ 300,971
$ 276,626
9 %
$ 982,971
$ 863,044
14 %
Other cost of revenue as reported
33,428
39,750
(16) %
138,512
159,562
(13) %
Contribution ex-TAC as reported(2)
334,399
316,376
6 %
1,121,483
1,022,606
10 %
Conversion impact U.S. dollar/other currencies
5,122
—
14,980
—
Contribution ex-TAC at constant currency
339,521
316,376
7 %
1,136,463
1,022,606
11 %
Contribution ex-TAC(2)/Revenue as reported
60 %
56 %
58 %
52 %
Traffic acquisition costs as reported
218,636
249,926
(13) %
811,806
926,839
(12) %
Conversion impact U.S. dollar/other currencies
1,276
—
9,529
—
Traffic acquisition costs at constant currency
219,912
249,926
(12) %
821,335
926,839
(11) %
Revenue as reported
553,035
566,302
(2) %
1,933,289
1,949,445
(1) %
Conversion impact U.S. dollar/other currencies
6,399
—
24,509
—
Revenue at constant currency
$ 559,434
$ 566,302
(1) %
$ 1,957,798
$ 1,949,445
0.4 %
(1) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.
(2) Refer to the “Non-GAAP Financial Measures” section for a definition of this Non-GAAP metric.
CRITEO S.A.
Information on Share Count
(unaudited)
Twelve Months Ended
2024
2023
Shares outstanding as at January 1,
55,765,091
57,263,624
Weighted average number of shares issued during the period
(947,955)
(1,092,966)
Basic number of shares – Basic EPS basis
54,817,136
56,170,658
Dilutive effect of share options, warrants, employee warrants – Treasury method
3,788,393
4,060,969
Diluted number of shares – Diluted EPS basis
58,605,529
60,231,627
Shares issued as at December 31, before Treasury stocks
57,744,839
61,165,663
Treasury stocks as of December 31,
(3,467,417)
(5,400,572)
Shares outstanding as of December 31, after Treasury stocks
54,277,422
55,765,091
Total dilutive effect of share options, warrants, employee warrants
5,896,157
8,471,113
Fully diluted shares as at December 31,
60,173,579
64,236,204
CRITEO S.A.
Supplemental Financial Information and Operating Metrics
(U.S. dollars in thousands except where stated, unaudited)
YoY
Change
QoQ
Change
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Q1
2023
Q4
2022
Clients
(5) %
1 %
17,269
17,162
17,744
17,767
18,197
18,423
18,646
18,679
18,990
Revenue
(2) %
21 %
553,035
458,892
471,307
450,055
566,302
469,193
468,934
445,016
564,425
Americas
(2) %
33 %
274,620
206,816
212,374
198,365
280,597
219,667
208,463
188,288
281,806
EMEA
(3) %
13 %
183,372
161,745
168,496
162,842
189,291
158,756
163,969
160,214
185,125
APAC
(1) %
5 %
95,043
90,331
90,437
88,848
96,414
90,770
96,502
96,514
97,494
Revenue
(2) %
21 %
553,035
458,892
471,307
450,055
566,302
469,193
468,934
445,016
564,425
Retail Media
20 %
51 %
91,889
60,765
54,777
50,872
76,583
49,813
44,590
38,021
59,801
Performance Media
(6) %
16 %
461,146
398,127
416,530
399,183
489,719
419,380
424,344
406,995
504,624
TAC
(13) %
13 %
218,636
192,789
204,214
196,167
249,926
223,798
228,717
224,398
281,021
Retail Media (2)
(32) %
41 %
1,661
1,182
911
703
2,429
1,377
1,072
669
2,719
Performance Media
(12) %
13 %
216,975
191,607
203,303
195,464
247,497
222,421
227,645
223,729
278,302
Contribution ex-TAC (1)
6 %
26 %
334,399
266,103
267,093
253,888
316,376
245,395
240,217
220,618
283,404
Retail Media (2)
22 %
51 %
90,228
59,583
53,866
50,169
74,154
48,436
43,518
37,352
57,082
Performance Media
1 %
18 %
244,171
206,520
213,227
203,719
242,222
196,959
196,699
183,266
226,322
Cash flow from operating activities
5 %
195 %
169,454
57,503
17,187
14,017
161,340
19,614
1,328
41,964
125,455
Capital expenditures
19 %
24 %
23,394
18,899
21,119
13,224
19,724
15,849
45,519
33,219
14,522
Net cash position
(29) %
2 %
290,943
283,990
291,698
341,862
411,257
269,857
298,183
380,663
448,200
Headcount
(2) %
0.1 %
3,507
3,504
3,498
3,559
3,563
3,487
3,514
3,636
3,716
Days Sales Outstanding (days – end of month) (2)
4 days
(3) days
62
65
64
66
58
61
69
74
71
(1) Refer to the “Non-GAAP Financial Measures” section for a definition of this Non-GAAP metric.
(2) From September 2023, we have included Iponweb in our calculation of Days Sales Outstanding. Days Sales Outstanding excluding Iponweb would have been 71 days for the same period.
View original content:https://www.prnewswire.com/news-releases/criteo-reports-record-fourth-quarter-2024-results-302368227.html
SOURCE Criteo Corp
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February 10, 2025By

Assist.AI boosts efficiencies and bridges the knowledge gap in trade finance, enabling banks to focus on strategic projects
LONDON, Feb. 10, 2025 /PRNewswire/ — Finastra today announced the launch of Assist.AI, an AI-powered assistant designed to enhance the trade finance operations within its Trade Innovation solution. The tool, built on architecture powered by Microsoft Azure OpenAI Service, bridges the knowledge gap in the trade finance industry, providing users with instant, accurate, and context-aware assistance.
The trade finance industry faces significant challenges, including a diminishing knowledge base and a widening disparity between seasoned professionals and new entrants. Assist.AI addresses these issues by offering prompt-based assistance, allowing users to interact with the tool by entering specific questions related to trade processes. This ensures that users receive precise answers sourced from relevant resources without the need to sift through extensive documentation.
Assist.AI offers Trade Innovation users the following benefits:
Enhanced user support: Provides instant, accurate, and context-aware assistance, significantly improving the user experience.24/7 availability and efficiency: Ensures users can access support anytime, boosting efficiency by automating routine inquiries and freeing up valuable time for more strategic tasks.Continuous improvement and adaptability: The solution learns and adapts based on interactions, ensuring ongoing relevance and continuous improvement in responses.
“This timely and much needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to solve real-world challenges in financial services. By providing instant assistance to bank employees, we are empowering our clients to navigate the complexities of trade finance with greater ease and efficiency,” said Andrew Bateman, EVP Lending at Finastra.
Finastra identified a significant talent gap in the trade finance industry through interactions with various clients. As experienced staff retire or transition to other careers, banks need to invest in training new staff on the latest developments in trade finance and the use of Trade Innovation. Assist.AI uses Microsoft Copilot technology to facilitate this training and support, making it a timely and essential addition to the industry.
“We are pleased to work with Finastra to make trade finance simpler and more efficient for banks worldwide. Using the robust capabilities of Microsoft Azure, this solution exemplifies the power of AI in enhancing operational efficiency and user experience,” said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft. “This collaboration not only showcases our shared vision for the future of financial technology, but also strengthens the long-standing relationship between Microsoft and Finastra. Together, we are committed to driving innovation and empowering businesses to achieve more through cutting-edge technology.”
Assist.AI is a global solution, available to users of Finastra Trade Innovation worldwide. To learn more, visit Finastra’s website.
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
Logo: https://mma.prnewswire.com/media/2615478/FINASTRA_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/finastra-simplifies-trade-finance-with-ai-powered-assistant-using-microsoft-azure-openai-service-302371441.html
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SINGAPORE, Feb. 10, 2025 /PRNewswire-PRWeb/ —
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Seamless Transactions
The new card programme will empower users to spend their cryptocurrencies effortlessly across millions of Visa-accepting merchants worldwide. With this innovative solution, users can utilise their cryptocurrencies directly, thanks to RedotPay’s proprietary real-time conversion technology. This feature bridges the gap between digital assets and traditional commerce, making crypto spending as seamless as using a conventional debit or credit card.
Compliance and Security
RedotPay is committed to providing users with a secure and trustworthy platform for their transactions. The partnership emphasises robust security measures to protect user data and funds, fostering confidence in the use of cryptocurrencies for everyday purchases.
Enhancing User Experience
“We are thrilled to partner with Visa and StraitsX to bring this innovative card program to Singapore,” said Michael, CEO of RedotPay. “This collaboration marks a significant step forward in our mission to make crypto payments accessible and user-friendly, promoting the mass adoption of cryptocurrencies in payment systems. Our users will enjoy the flexibility of spending their digital assets just like traditional currency.”
Jason Tay, Head of Commercial at StraitsX said, “We are excited to support RedotPay in launching this innovative card program in Singapore. This partnership is a game changer for everyday retail use cases, enabling users to easily leverage their digital assets for daily transactions. As the BIN sponsor, StraitsX is dedicated to powering this initiative, which will transform how consumers interact with cryptocurrencies in the retail space. By combining our technology with Visa’s vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.”
“Based on a Visa study, close to six in 10 consumers in Singapore are aware of cryptocurrencies. In fact, over 35 per cent of cryptocurrency owners in Singapore use cryptocurrencies for retail purchases.[1] We are happy to support our partners who are helping more cryptocurrency users have a more seamless payment experience and access to digital payments leveraging on their Visa cards for face-to-face or online transactions. Visa is committed towards promoting innovation with our valued partners and this initiative with RedotPay and StraitsX aligns with our vision to become the best way to pay and be paid,” said Adeline Kim, Visa Country Manager for Singapore & Brunei.
Looking Ahead
The RedotPay card program is set to soft launch later this year, featuring a user-friendly interface designed for both convenience and security. Users will have the ability to manage their crypto assets easily, making everyday spending as simple as swiping a card.
About RedotPay
RedotPay is a leading crypto payment company, headquartered in Hong Kong, eligible to operate across various Asian, European and other jurisdictions. Their mission is to enable crypto adoption as a medium of exchange, increase payment efficiency with blockchain, and promote financial inclusion for the unbanked. Through intuitive interfaces and proprietary blockchain technology, RedotPay simplifies crypto transactions while prioritizing enterprise-grade security. The platform enables seamless integration of digital assets into everyday spending, ensuring accessibility and trust for both businesses and individuals.
For media inquiries, please contact: Press@RedotPay.com
About StraitsX
StraitsX is Southeast Asia’s leading digital payment infrastructure provider and a licensed Major Payment Institution regulated by the Monetary Authority of Singapore. Leveraging blockchain technology within a secure, regulated environment, StraitsX empowers businesses and individuals with innovative tools for managing funds, integrating digital assets, and enabling seamless cross-border transactions. Through partnerships with global financial institutions, businesses, and developers, StraitsX is driving the future of digital payments and financial connectivity.
1 Visa Green Shoots Radar: Study conducted across Asia Pacific markets, including 500 Singapore respondents in June 2023.
Media Contact
Jackee T. T. WONG, RedotPay, 1 85221290009, press@redotpay.com, https://www.redotpay.com/
View original content to download multimedia:https://www.prweb.com/releases/redotpay-partners-with-straitsx-and-visa-to-revolutionise-digital-spending-302371220.html
SOURCE RedotPay
Technology
KBC Group renews collaboration with Cognizant to improve IT services and customer experience
Published
38 minutes agoon
February 10, 2025By

KBC Group and Cognizant celebrate over a decade of collaboration with a renewed agreement until 2027. Cognizant will provide various IT services, focusing on quality and cost-effectiveness.
BRUSSELS, Feb. 10, 2025 /PRNewswire/ — Cognizant (Nasdaq: CTSH) today announced the renewal of its relationship with KBC Group, a leading Belgian universal multi-channel bank-insurer.
This renewal of the agreement will extend until 2027, positioning Cognizant as KBC Group’s partner in supporting its IT and business transformation across the entire spectrum of IT services, including application development & maintenance, data services, infrastructure, and quality engineering.
“We are pleased to renew our agreement with Cognizant, as it supports our goals of creating superior customer experience, supporting innovation, and maintaining operational excellence,” said Isabel Van Mele, Chief Information Officer of KBC Bank & Insurance. “Cognizant’s ability to provide various IT services, focusing on quality, stability, and cost-effectiveness, makes it an important partner for KBC. We look forward to continuing our collaboration to achieve our organizational objectives.”
Cognizant and KBC Group have enjoyed a long-standing relationship for over 11 years, built on mutual trust, respect, and a proven track record. This agreement has been characterized by a collaborative spirit, seeking win-win solutions for both parties. The renewal of the relationship underscores the commitment of both organizations to continue bringing execution focus, innovative solutions and thought leadership to KBC Group. Cognizant’s existing team and service offerings are expected to enhance quality, ensure operational stability, foster innovation, and optimize cost-effectiveness for KBC Group.
“We are honored to extend our partnership with KBC Group,” said Geert Lejon, Country Manager, Belgium & Luxembourg at Cognizant. “Our extensive experience in delivering a wide range of IT services has been crucial in helping KBC achieve its objectives over the past eleven years. Our team is excited to continue this work and further enhance our collaboration.”
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.
About KBC Group
KBC is one of the leading financial groups in Europe. It is a multi-channel bank-insurance group with a geographic focus on Europe, catering mainly to retail clients, SMEs and local midcaps. The group occupies significant, and in many cases leading positions in its core markets of Belgium, Czech Republic, Bulgaria, Hungary and Slovakia. The KBC group has also selectively established a presence in a number of other countries and regions around the world.
KBC Group employs around 41000 staff and caters for about 13 million clients in its core markets. KBC Group NV is listed on Euronext Brussels (ticker symbol ‘KBC’).
For more information, contact: GlobalCommunications@cognizant.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/kbc-group-renews-collaboration-with-cognizant-to-improve-it-services-and-customer-experience-302371525.html
SOURCE Cognizant Technology Solutions


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