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American Public Education Reports Fourth Quarter and Full Year 2024 Financial Results

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Net Income & Adjusted EBITDA Exceeded Guidance, Driven by Improvement in APUS, Rasmussen and Hondros College of Nursing Segments

CHARLES TOWN, W.Va., March 6, 2025 /PRNewswire/ — American Public Education, Inc. (Nasdaq: APEI), a portfolio of education companies providing online and campus-based postsecondary education and career learning to over 125,000 students through four subsidiary institutions, has reported unaudited financial and operational results for the fourth quarter ended December 31, 2024.

Key Fourth Quarter 2024 Highlights

Consolidated revenue for Q4 2024 increased 7.4% year-over-year to $164.1 million.Net income available to common stockholders in Q4 2024 was $11.5 million, essentially in line with net income available to common stockholders of $11.5 million in Q4 2023.Net income per diluted common share in Q4 2024 was $0.63, compared to net income per diluted common share of $0.64 in Q4 2023.Q4 2024 Adjusted EBITDA was $31.4 million compared to $25.7 million in Q4 2023.

Key Q1 and Full Year 2025 Guidance Highlights

Q1 2025 enrollments at Rasmussen, which were known at the end of Q4, increased to 14,500, or 6.8% compared to Q1 2024.Establishing guidance for full year 2025 revenue of a range between $650 million and $660 million and Adjusted EBITDA between $75 million and $85 million.

Management Commentary

“We are very pleased with APEI’s full year 2024 results, with revenue growing 4% and Adjusted EBITDA growing 21% as compared to 2023,” said Angela Selden, President and Chief Executive Officer of APEI. “Additionally, in the fourth quarter of 2024, revenue, earnings per share and Adjusted EBITDA all exceeded the top end of our guidance.”

“As we look to 2025, we intend to simplify and strengthen both our military and healthcare divisions. As we close underperforming campuses, sell buildings and terminate several long-term contracts, we expect these changes to simplify our operating structure and improve our long-term financial results,” concluded Selden.

Fourth Quarter 2024 Financial Results

Total consolidated revenue for the three months ended December 31, 2024, was $164.1 million, an increase of $11.3 million, or 7.4%, compared to $152.8 million for the three months ended December 31, 2023. The increase in revenue was primarily due to a $4.9 million increase in revenue in our Rasmussen University (“RU”) Segment, a $3.2 million increase in our Hondros College of Nursing (“HCN”) Segment, and a $3.0 million increase in our American Public University System (“APUS”) Segment.Total costs and expenses for the three months ended December 31, 2024, were $142.6 million, an increase of $5.7 million, or 4.2%, compared to $136.9 million for the three months ended December 31, 2023. The increase in costs and expenses for the three months ended December 31, 2024 was primarily driven by increases in employee compensation costs and information technology costs, partially offset by a decrease in advertising expense and depreciation and amortization costs.Instructional costs and services expenses for the three months ended December 31, 2024, were $71.7 million, an increase of $0.9 million, or 1.3%, compared to $70.7 million for the three months ended December 31, 2023.Selling and promotional expenses for the three months ended December 31, 2024, were $29.1 million, an increase of $2.3 million, or 8.6%, compared to $26.8 million for the three months ended December 31, 2023.General and administrative expenses for the three months ended December 31, 2024, were $36.2 million, an increase of $4.9 million, or 15.6%, compared to $31.3 million for the three months ended December 31, 2023. The increase in general and administrative expenses is primarily due to increases in information technology costs and bad debt expense.Net income available to common stockholders was $11.5 million, or $0.63 per diluted common share for the three months ended December 31, 2024, compared to net income of $11.5 million, or $0.64 per diluted common share, for the three months ended December 31, 2023.Adjusted EBITDA was $31.4 million for the three months ended December 31, 2024, compared to $25.7 million for the three months ended December 31, 2023. Adjusted EBITDA excludes adjustment for stock compensation, loss on disposals of long-lived assets, loss on assets held for sale, and transition services costs.

Balance Sheet and Liquidity

Total cash, cash equivalents, and restricted cash were $158.9 million at December 31, 2024, compared to $144.3 million and December 31, 2023, representing an increase of $14.6 million, or 10.1%.

Registrations and Enrollment

Q4 2024

Q4 2023

% Change

American Public University System1

For the three months ended December 31,
  Net Course Registrations

97,100

90,700

7.1 %

Rasmussen University2

For the three months ended December 31,
  Total Student Enrollment

14,600

14,100

3.5 %

Hondros College of Nursing3

For the three months ended December 31,
  Total Student Enrollment

3,700

3,100

19.3 %

APUS Net Course Registrations represents the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. Excludes students in doctoral programs.RU Total Student Enrollment represents students in an active status as of the full-term census or billing date.HCN Total Student Enrollment represents the approximate number of students enrolled in a course after the date by which students may drop a course without financial penalty.

First Quarter and Full Year 2025 Outlook

The following statements are based on APEI’s current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law. Refer to APEI’s earnings conference call and presentation for further details.

First Quarter 2025 Guidance

(Approximate)

(% Yr/Yr Change)

APUS Net course registrations

100,500 to 102,000

1.5% to 3%

HCN Student enrollment

3,600

10 %

RU Student enrollment

14,500

7 %

 – On-ground Healthcare

6,500

3 %

 – Online

8,000

11 %

($ in millions except EPS)

APEI Consolidated revenue

$161.0 – $163.0

4% to 6%

APEI Net loss/income available to common stockholders

$1.7 – $3.1

n.a.

APEI Adjusted EBITDA

$13.5 – $15.5

(21%) to (9%)

APEI Diluted EPS

$0.09 – $0.17

n.a.

Full Year 2025 Guidance

(Approximate)

(% Yr/Yr Change)

($ in millions)

APEI Consolidated Revenue

$650 – $660

4% to 6%

APEI Net income available to common stockholders

$19 – $26

89% to 159%

APEI Adjusted EBITDA

 $75 – $85

4% to 18%

APEI Capital Expenditure (CapEx)

$18 – $22

(14%) to 4%

Non-GAAP Financial Measures

This press release contains the non-GAAP financial measures of EBITDA (earnings before interest, taxes, depreciation, and amortization) and adjusted EBITDA (EBITDA less non-cash expenses such as stock compensation and non-recurring expenses). APEI believes that the use of these measures is useful because they allow investors to better evaluate APEI’s operating profit and cash generation capabilities.

For the three months ended December 31, 2024 and 2023, adjusted EBITDA excludes impairment of goodwill and intangible assets, severance costs, loss on leases, stock compensation, loss on disposals of long-lived assets, and transition services costs.

These non-GAAP measures should not be considered in isolation or as an alternative to measures determined in accordance with generally accepted accounting principles in the United States (GAAP). The principal limitation of our non-GAAP measures is that they exclude expenses that are required by GAAP to be recorded. In addition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses are excluded.

APEI is presenting EBITDA and adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of EBITDA and adjusted EBITDA to the comparable GAAP financial measures that is included in the tables following this press release (under the captions “GAAP Net Income to Adjusted EBITDA,” and “GAAP Outlook Net Income to Outlook Adjusted EBITDA”) and not to rely on any single financial measure to evaluate its business.

About American Public Education

American Public Education, Inc. (Nasdaq: APEI), through its institutions American Public University System, Rasmussen University, Hondros College of Nursing, and Graduate School USA, provides education that transforms lives, advances careers, and improves communities.

APUS, which operates through American Military University and American Public University, is the leading educator to active-duty military and veteran students* and serves approximately 88,000 adult learners worldwide via accessible and affordable higher education.

Rasmussen University is a 125-year-old nursing and health sciences-focused institution that serves approximately 14,600 students across its 20 campuses in six states and online. It also has schools of Business, Technology, Design, Early Childhood Education and Justice Studies.

Hondros College of Nursing focuses on educating pre-licensure nursing students at eight campuses (six in Ohio, one in Indiana, and one in Michigan). It is the largest educator of PN (LPN) nurses in the state of Ohio** and serves approximately 3,700 total students.

Graduate School USA is a leading training provider to the federal workforce with an extensive portfolio of government agency customers. It serves the federal workforce through customized contract training (B2G) to federal agencies and through open enrollment (B2C) to government professionals.

Both APUS and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros is accredited by the Accrediting Bureau of Health Education Schools (ABHES). Graduate School USA is accredited by the Accrediting Council for Continuing Education & Training (ACCET). For additional information, visit www.apei.com. 

*Based on FY 2019 Department of Defense tuition assistance data, as reported by Military Times, and Veterans Administration student enrollment data as of 2023.

**Based on information compiled by the National Council of State Boards of Nursing and Ohio Board of Nursing.

Forward Looking Statements

Statements made in this press release regarding APEI or its subsidiaries that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. In some cases, forward-looking statements can be identified by words such as “anticipate,” “believe,” “seek,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “will,” “would,” and similar words or their opposites. Forward-looking statements include, without limitation, statements regarding the Company’s future path, expected growth, registration, enrollments, revenues, net income, Adjusted EBITDA and EBITDA, capital expenditures, the growth and profitability of Rasmussen University and plans with respect to recent, current and future initiatives.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: APEI’s failure to comply with regulatory and accrediting agency requirements, including the “90/10 Rule”, and to maintain institutional accreditation and the impacts of any actions APEI may take to prevent or correct such failure; changes in the postsecondary education regulatory environment as a result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices; potential or actual government shutdowns; the impact, timing, and projected benefits of the planned combination of APUS, RU, and HCN into one consolidated institution; APEI’s dependence on the effectiveness of its ability to attract students who persist in its institutions’ programs; changing market demands;  declines in enrollments at APEI’s subsidiaries;; APEI’s inability to effectively market its institutions’ programs; APEI’s inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students; the loss or disruption of APEI’s ability to receive funds under Title IV or tuition assistance programs or the reduction, elimination, or suspension of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; APEI’s need to successfully adjust to future market demands by updating existing programs and developing new programs; APEI’s loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and market conditions and changes in interest rates; difficulties involving acquisitions; APEI’s indebtedness and preferred stock, including the refinancing or redemption thereof; APEI’s dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party vendors; the inability to recognize the anticipated benefits of APEI’s cost savings and revenue generating efforts; APEI’s ability to manage and limit its exposure to bad debt; and the various risks described in the “Risk Factors” section and elsewhere in APEI’s Annual Report on Form 10-K for the year ended December 31, 2024, and in other filings with the SEC. You should not place undue reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.

Company Contact
Frank Tutalo
Director, Public Relations
American Public Education, Inc.
ftutalo@apei.com
571-358-3042

Investor Relations
Brian M. Prenoveau, CFA
MZ North America
Direct: 561-489-5315
APEI@mzgroup.us

American Public Education, Inc.

Consolidated Statement of Income

(In thousands, except per share data)

Three Months Ended

December 31,

2024

2023

(unaudited)

Revenue

$

164,110

$

152,804

Costs and expenses:

Instructional costs and services

71,661

70,747

Selling and promotional

29,057

26,750

General and administrative

36,228

31,332

Depreciation and amortization

3,863

5,081

Loss on assets held for sale

1,618

2,425

Loss on disposals of long-lived assets

148

537

   Total costs and expenses

142,575

136,872

Income from operations before

  interest and income taxes

21,535

15,932

Interest expense, net

(585)

(791)

Income before income taxes

20,950

15,141

Income tax expense

7,986

2,124

Equity investment loss

–

(3)

Net income

$

12,964

$

13,014

Preferred stock dividends

1,459

1,539

Net income available to common stockholders

$

11,505

$

11,475

Income per common share:

Basic

$

0.65

$

0.65

Diluted

$

0.63

$

0.64

Weighted average number of

   common shares:

Basic

17,686

17,762

Diluted

18,366

17,896

Three Months Ended

Segment Information:

December 31,

2024

2023

Revenue:

  APUS Segment

$

82,364

$

79,362

  RU Segment

$

57,489

$

52,575

  HCN Segment

$

18,941

$

15,789

  Corporate and other

$

5,316

$

5,078

Income (loss) from operations before

interest and income taxes:

  APUS Segment

$

27,279

$

26,463

  RU Segment

$

3,603

$

(2,867)

  HCN Segment

$

697

$

783

  Corporate and other

$

(10,044)

$

(8,447)

Twelve Months Ended

December 31,

2024

2023

(unaudited)

Revenue

$

624,559

$

600,545

Costs and expenses:

Instructional costs and services

295,703

292,862

Selling and promotional

128,810

132,955

General and administrative

141,961

128,239

Depreciation and amortization

19,303

27,816

Impairment of goodwill and intangible assets

–

64,000

Loss on assets held for sale

1,618

2,425

Loss on leases

3,715

–

Loss on disposals of long-lived assets

383

554

   Total costs and expenses

591,493

648,851

Income (loss) from operations before

interest and income taxes

33,066

(48,306)

Interest expense, net

(2,127)

(4,459)

Income (loss) before income taxes

30,939

(52,765)

Income tax expense (benefit)

10,419

(10,715)

Equity investment loss

(4,407)

(5,236)

Net income (loss)

$

16,113

$

(47,286)

Preferred stock dividends

6,056

6,008

Net loss available to common stockholders

$

10,057

$

(53,294)

Loss per common share:

Basic

$

0.57

$

(2.94)

Diluted

$

0.55

$

(2.93)

Weighted average number of

   common shares:

Basic

17,625

18,112

Diluted

18,149

18,193

Twelve Months Ended

Segment Information:

December 31,

2024

2023

Revenues:

  APUS Segment

$

317,049

$

303,303

  RU Segment

$

216,262

$

214,086

  HCN Segment

$

67,290

$

56,936

  Corporate and other

$

23,958

$

26,220

Income (loss) from operations before

interest and income taxes:

  APUS Segment

$

89,422

$

84,426

  RU Segment

$

(21,798)

$

(103,575)

  HCN Segment

$

(1,122)

$

(1,396)

  Corporate and other

$

(33,436)

$

(27,761)

 

GAAP Net Income to Adjusted EBITDA:

The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023:

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(in thousands, except per share data)

2024

2023

2024

2023

Net income (loss) available to common stockholders

$

11,505

$

11,475

$

10,057

$

(53,294)

Preferred dividends

1,459

1,539

6,056

6,008

Net income (loss)

$

12,964

$

13,014

$

16,113

$

(47,286)

Income tax expense (benefit)

7,986

2,124

10,419

(10,715)

Interest expense, net

585

791

2,127

4,459

Equity investment loss

–

3

4,407

5,236

Depreciation and amortization

3,863

5,081

19,303

27,816

EBITDA

25,398

21,013

52,369

(20,490)

Impairment of goodwill and intangible assets

–

–

–

64,000

Severance costs

–

–

530

2,959

Loss on assets held for sale

1,618

2,425

1,618

2,425

Loss on leases

–

–

3,715

–

Other professional fees

1,404

–

2,217

–

Stock compensation

2,166

1,715

7,668

7,740

Loss on disposals of long-lived assets

148

537

383

554

Transition services costs

659

–

3,798

2,403

Adjusted EBITDA

$

31,393

$

25,690

$

72,298

$

59,591

 

GAAP Outlook Net Income to Outlook Adjusted EBITDA:

The following table sets forth the reconciliation of the Company’s outlook GAAP net income to the calculation of outlook adjusted EBITDA for the three and twelve months ending December 31, 2024:

Three Months Ending

Twelve Months Ending

March 31, 2025

December 31, 2025

(in thousands, except per share data)

Low

High

Low

High

Net income available to common stockholders

$

1,696

$

3,096

$

18,638

$

25,638

Preferred dividends

1,535

1,535

6,085

6,085

Net Income

3,231

4,631

24,723

31,723

Income tax expense

1,385

1,985

10,595

13,595

Interest expense, net

1,366

1,366

8,332

8,332

Loss on minority investment

–

–

–

–

Depreciation and amortization

4,131

4,131

18,124

18,124

EBITDA

10,113

12,113

61,774

71,774

Stock compensation

1,902

1,902

7,349

7,349

Professional Fees

1,465

1,465

5,077

5,077

Other – loss on lease/assets/disposals

20

20

20

20

IT Transition services cost

–

–

781

781

Adjusted EBITDA

$

13,500

$

15,500

$

75,000

$

85,000

 EPS 

$         0.09

$         0.17

$         1.00

$         1.38

 

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SOURCE American Public Education, Inc.

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RSPO Launches New Guidance to Leverage Sustainable Palm Oil Certification for IFRS® Sustainability Disclosure Standards

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31 minutes ago

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July 23, 2026

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KUALA LUMPUR, Malaysia, July 23, 2026 /PRNewswire/ — The Roundtable on Sustainable Palm Oil (RSPO) has released a guidance document, “Leveraging RSPO Principles and Criteria for IFRS® Sustainability Disclosure Standards”. This new resource supports certified sustainable palm oil producers to align their sustainability practices with the IFRS S1 and IFRS S2 disclosure standards that serve as the global framework for reporting sustainability-related financial information.

As more than 30 jurisdictions, representing around 60% of global GDP, move towards adoption of the IFRS Sustainability Disclosure Standards (IFRS SDS), companies are increasingly required to disclose how sustainability-related risks and opportunities affect their financial position and prospects.1

This resource provides a practical pathway for palm oil producers to respond to these requirements by leveraging their existing compliance with the RSPO Principles and Criteria (P&C), without duplicating efforts or creating parallel systems.

Informing investor-relevant disclosures: A four-step approach

Certification and the IFRS SDS serve different purposes. This guidance, developed with support from PwC Malaysia, provides a practical bridge between operational sustainability practices and financial disclosure expectations by helping members translate certification-related topics, metrics, and evidence to inform investor-relevant disclosures.

It sets out a four-step approach to IFRS SDS-aligned reporting, guiding RSPO Members on applicability, reporting boundaries, identification of sustainability-related risks and opportunities, and links to financial performance. It also includes seven practical examples, illustrating how the RSPO P&C requirements and implementation evidence can inform disclosures across key sustainability topics, from ethical conduct and legal compliance to environmental protection and worker health and safety.

Beyond growers, the guidance document also supports financial institutions by helping banks, insurers, and investors understand how palm oil sustainability issues, such as labour disputes and traceability gaps, can translate into financial risks, impacts, and opportunities, enabling clearer risk profiling and more informed financing decisions.

Joseph D’ Cruz, RSPO Chief Executive Officer, said: “As sustainability reporting becomes an integral pillar of financial performance, this guidance bridges certification and disclosure, providing RSPO members with a practical framework to demonstrate sustainability performance in ways that resonate with global capital markets. In line with the growing importance of sustainability disclosures in financing and investment decision-making processes, this guidance illustrates how RSPO Principles and Criteria practices can complement an organisation’s strategy and risk assessment processes.”

Andrew Chan, Partner, Sustainability Leader at PwC Malaysia, said: “This guidance responds to the broader shift towards measuring sustainability through a financial lens, with the adoption of the IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2). For RSPO growers, this creates an opportunity to demonstrate how sustainability practices contribute to business resilience as well as value creation — building investor confidence for the long term.”

Importantly, the guidance also reflects RSPO’s longer term interest in progressively strengthening linkages with sustainability disclosure frameworks. As disclosure expectations continue to evolve, RSPO intends to further explore how certification-related data metrics and assurance processes can support broader and more integrated sustainability disclosures in the future.

The Guidance Document can be downloaded here.

For more information, visit www.rspo.org 

About RSPO:
The Roundtable on Sustainable Palm Oil (RSPO) is a global partnership to make palm oil sustainable. Formed in 2004, the RSPO is a multi-stakeholder non-profit organisation that unites members from across the palm oil value chain, including oil palm producers, palm oil processors and traders, consumer goods manufacturers, retailers, banks and investors, environmental or nature conservation non-governmental organisations (NGOs), and social or developmental NGOs.

As a partnership for progress and positive impact, the RSPO facilitates global change to make the production and consumption of palm oil sustainable. To inspire change, we communicate the environmental and social benefits. To make progress, we catalyse collaboration. To provide assurance, we set the standards of certification.

The RSPO is registered as an international association in Zurich, Switzerland, with main offices in Malaysia and Indonesia, and offices in China, Colombia, Netherlands, United Kingdom and the United States. 

About PwC:
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 136 countries and 137 territories. Across audit and assurance, tax and legal, deals and consulting, we help clients build, accelerate, and sustain momentum. Find out more at www.pwc.com

1

IFRS Foundation, ISSB Podcast February 2025

 

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SOURCE Roundtable On Sustainable Palm Oil

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Nordic Capital announces agreement to sell ArisGlobal to Dassault Systèmes, following its transformation into a scaled and AI-enabled life sciences platform

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31 minutes ago

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July 23, 2026

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WALTHAM, Mass., 23 July 2026 /PRNewswire/ — Nordic Capital today announced that it has entered into a definitive agreement to sell ArisGlobal, a leading provider of software to the life sciences industry, to Dassault Systèmes (Euronext Paris: FR0014003TT8) (Paris: DSY.PA). The transaction represents a full exit for Nordic Capital and marks the successful culmination of a partnership that has transformed ArisGlobal into a scaled, cloud-native and AI-enabled platform serving more than 200 life sciences companies, CROs and government health authorities worldwide.

Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal develops and delivers regulatory, safety, and quality software to a global client base that includes many of the world’s largest pharmaceutical and biotech organisations, as well as regulatory authorities. Its flagship LifeSphere® platform is a fully integrated, cloud-native suite that enables life sciences organisations to manage complex regulatory submissions, pharmacovigilance workflows and clinical data on a single platform, improving compliance, speed and operational efficiency. The platform also embeds advanced AI-enabled automation across core pharmacovigilance workflows, reducing manual processing and accelerating safety case management.

“Nordic Capital invested in ArisGlobal because the business had strong fundamentals, a loyal blue-chip client base and significant potential to modernise its technology and scale its commercial reach. Working closely with Aman and his team, Nordic Capital has supported the company’s transformation into a leading cloud-native platform for the life sciences industry with differentiated AI-enabled capabilities and a strengthened market position. Nordic Capital is proud of what has been achieved together with management and looks forward to seeing the company continue to grow under Dassault Systèmes ownership,” said Daniel Berglund, Partner and Head of Healthcare, Nordic Capital Advisors.

Nordic Capital first invested in ArisGlobal in 2019, partnering with the founding family and management team to pursue an ambitious development strategy. In 2021, Nordic Capital made a further investment in the company, reflecting its conviction in ArisGlobal’s growth potential and the progress achieved since the original partnership began. Throughout the ownership period, Nordic Capital worked closely with management to accelerate the SaaS transition, professionalise the go-to-market organisation, broaden the product offering and strengthen the leadership team.

The migration to a modern, cloud-native architecture created the foundation for ArisGlobal to become an early leader in the application of AI to drug safety. A key milestone was the development and launch of NavaX, ArisGlobal’s generative AI solution for safety case processing, which automates and accelerates core pharmacovigilance workflows and has been adopted by a number of the world’s leading pharmaceutical companies. NavaX has further differentiated ArisGlobal’s offering and marked an important step in the Company’s evolution into a broader, AI-enabled safety and regulatory software platform.

“The life sciences industry is at an inflection point as regulatory complexity is increasing, data volumes are growing and our clients need software that can keep pace. The partnership with Nordic Capital gave us the resources and the runway to build exactly that. NavaX and our expanded platform are the result of that ambition, and I am confident we are well placed for what comes next,” said Aman Wasan, CEO, ArisGlobal.

Alongside its technology transformation, ArisGlobal strengthened its management team and commercial organisation, while two strategic acquisitions broadened the Company’s platform capabilities. Today, ArisGlobal serves more than 200 enterprise customers, including half of the world’s top 50 biopharma companies, processes more than 12 million safety cases annually and is expected to generate approximately USD 175 million in revenue in 2026. As rising regulatory complexity and increasing volumes of adverse event reporting continue to drive demand for advanced life sciences software, ArisGlobal is well positioned for future growth through solutions that automate compliance workflows, reduce manual processing and enable organisations to manage regulatory risk more effectively.

The transaction brings together ArisGlobal’s leadership in AI-enabled safety and regulatory software with Dassault Systèmes’ capabilities across research, clinical development and manufacturing. Nordic Capital believes the combination represents a highly compelling strategic fit, pairing complementary capabilities to create a broader, end-to-end offering across the life sciences value chain. ArisGlobal will also benefit from Dassault Systèmes’ global scale, customer reach and investment capacity, providing a strong platform for its next phase of innovation and growth.

The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2026.

Evercore and Jefferies LLC acted as financial advisors to ArisGlobal and Kirkland & Ellis acted as legal advisor to ArisGlobal.

Media contacts:

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com

ArisGlobal
Morgan Scott
Vice President, Marketing & Communications and Chief of Staff
mscott@arisglobal.com

About ArisGlobal

ArisGlobal is a leading provider of software to the life sciences industry. Its LifeSphere® platform delivers integrated regulatory, safety, and quality solutions to more than 200 life sciences companies, CROs and government health authorities worldwide. Founded in 1989 and headquartered in Waltham, Massachusetts, ArisGlobal combines deep domain expertise with advanced technology to help clients improve compliance, accelerate development cycles and manage regulatory complexity at global scale. For more information, visit www.arisglobal.com.

About Nordic Capital

Nordic Capital is a leading international private equity investor and subsector specialist dedicated to building stronger, more resilient businesses through transformative, long-term growth in partnership with management teams. With over 35 years of experience, Nordic Capital currently manages approximately EUR 39 billion in assets, investing in middle-market companies across Northern Europe and North America. Rooted in its Nordic heritage and values, it combines global reach with local presence through dedicated sector investment advisory teams, bringing deep expertise across its core sectors: Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Through active ownership, strong operational capabilities, a global network of experts and technology-enabled transformation, Nordic Capital helps companies scale, innovate and become sustainable leaders. For more information, visit www.nordiccapital.com or connect on LinkedIn.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

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Cognizant and Gulf Edge Announce Strategic Partnership to Accelerate Enterprise AI Adoption in Southeast Asia

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July 23, 2026

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Partnership combines Cognizant’s global AI engineering capabilities with Gulf Edge’s sovereign digital infrastructure to capture the region’s growing demand for secure, scalable AI solutions.

BANGKOK, July 23, 2026 /PRNewswire/ — Cognizant (Nasdaq: CTSH), a leading AI builder and global technology services provider, and Gulf Edge Company Limited, the digital infrastructure arm of Thai energy and infrastructure conglomerate Gulf Development Public Company Limited (GULF) or Gulf Group, today announced a landmark strategic partnership. The alliance is designed to accelerate enterprise AI adoption and establish a resilient, AI-native digital economy in Thailand and the broader region.

As artificial intelligence (AI) rapidly reshapes industries, economies, and societies worldwide, the partnership aims to establish the foundational ecosystem needed to enable Thailand’s next phase of digital transformation. By combining trusted sovereign digital infrastructure with world-class AI engineering and enterprise transformation capabilities, Gulf Edge and Cognizant will help organizations deploy AI securely, responsibly, and at scale.

The collaboration brings together Gulf Edge’s leadership in digital infrastructure, energy, cloud, and strategic relationships across Thailand’s most important industries with Cognizant’s global expertise in AI, digital engineering, cloud modernization, data, and intelligent operations. Together, the two companies will deliver end-to-end AI capabilities spanning infrastructure, AI platforms, enterprise solutions, systems integration, and managed services.

The partnership will initially focus on accelerating AI adoption across key sectors including banking and financial services, energy and utilities, healthcare, telecommunications, manufacturing, and the public sector. Through industry-specific AI solutions, organizations will be able to improve operational efficiency, enhance customer experience, strengthen decision-making, automate complex business processes, and unlock new opportunities for innovation and growth.

Beyond enterprise transformation, Gulf Edge and Cognizant share a broader ambition of strengthening Thailand’s position as a regional AI hub. The partnership is expected to attract global technology expertise, stimulate investment in advanced digital capabilities, and create high-value employment opportunities across AI engineering, data science, cloud infrastructure, cybersecurity, and digital transformation. The two companies also plan to collaborate with universities, research institutions, technology partners, and public-sector organizations to develop AI talent, promote responsible AI adoption, and foster a sustainable innovation ecosystem for the country.

Mr. Sarath Ratanavadi, Chief Executive Officer, Gulf Development Public Company Limited, said, “Our partnership with Cognizant marks an important milestone in our vision of helping Thailand become an AI-native economy. By combining Gulf Edge’s strengths in digital infrastructure, energy, cloud, and deep understanding of the Thai market with Cognizant’s global expertise in enterprise AI, digital engineering, and transformation services, we are creating a comprehensive platform that enables organizations to adopt AI with confidence and generate measurable business outcomes. Together, we will develop secure, resilient, and future-ready sovereign digital infrastructure while delivering industry-specific AI solutions tailored to the needs of Thai enterprises and public institutions. We believe AI has the potential to transform every sector, creating new opportunities for productivity, innovation, and sustainable economic growth.”

Mr. Ganesh Ayyar, President of Asia Pacific & Japan (APJ), Cognizant, said, “As Thailand works toward its ambition of becoming an AI-native economy, we see this partnership as a meaningful way to help contribute to that vision, not just through the projects we deliver, but by building lasting AI and technology capability inside the country. With Gulf Edge’s market reach and Cognizant’s AI Builder strategy and global delivery capability, we are positioned to deliver transformative outcomes for Thai enterprises across every major sector.”

About Gulf Edge
Gulf Edge Company Limited is the digital infrastructure arm of Gulf Development Public Company Limited, Thailand’s leading energy and infrastructure conglomerate. Gulf Edge is building a robust digital ecosystem, spanning data centers, cloud services, satellite technology, and AI infrastructure, to accelerate Thailand’s digital transformation and position the country as a regional hub for the AI economy.

About Cognizant
Cognizant (NASDAQ: CTSH) is an AI Builder and technology services provider, building the bridge between AI investment and enterprise value by building full-stack AI solutions for clients. Its deep industry, process, and engineering expertise enables it to build an organization’s unique context into technology systems that amplify human potential, realize tangible returns, and keep global enterprises ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant.

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SOURCE Gulf Development Public Company Limited (GULF)

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