Technology
Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2024 Financial Results
Published
1 year agoon
By
SINGAPORE, Feb. 24, 2025 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the fourth quarter and full year of 2024.
Key Highlights for the Fourth Quarter and Full Year of 2024
International businesses experienced robust growth across all segments in the fourth quarter of 2024Outbound hotel and air ticket bookings have recovered to more than 120% of the pre-COVID level for the same period in 2019.Air ticket and hotel bookings on our international OTA platform increased by over 70% year-over-year.Inbound travel bookings surged by more than 100% year-over-year.The Company delivered solid financial results in the fourth quarter of 2024Net revenue for the fourth quarter was RMB12.7 billion (US$1.7 billion), representing a year-over-year growth of 23%.Net income for the fourth quarter was RMB2.2 billion (US$300 million), compared to RMB1.3 billion for the same period in 2023.Adjusted EBITDA for the fourth quarter was RMB3.0 billion (US$408 million), an improvement from RMB2.9 billion for the same period last year.
“The travel market has shown remarkable resilience in 2024, driven by travelers’ growing desire for exploration and cultural experiences,” said James Liang, Executive Chairman. “We are committed to investing in AI and promoting inbound travel to foster innovation and enhance the overall travel experience. We anticipate another year of growth and success within the industry.”
“We achieved solid results across market segments over the past year,” said Jane Sun, Chief Executive Officer. “With a promising market outlook, we are well-positioned to deliver outstanding travel services globally. We are confident in our ability to create value for users and succeeding with business partners through new initiatives. Together, we strive for win-win outcomes and contribute to global economic growth.”
Fourth Quarter and Full Year of 2024 Financial Results and Business Updates
For the fourth quarter of 2024, Trip.com Group reported net revenue of RMB12.7 billion (US$1.7 billion), representing a 23% increase from the same period in 2023, primarily driven by stronger travel demand. Net revenue for the fourth quarter of 2024 decreased by 20% from the previous quarter, primarily due to seasonality.
For the full year of 2024, net revenue was RMB53.3 billion (US$7.3 billion), representing a 20% increase from 2023.
Accommodation reservation revenue for the fourth quarter of 2024 was RMB5.2 billion (US$709 million), representing a 33% increase from the same period in 2023, primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the fourth quarter of 2024 decreased by 24% from the previous quarter, primarily due to seasonality.
For the full year of 2024, accommodation reservation revenue was RMB21.6 billion (US$3.0 billion), representing a 25% increase from 2023. The accommodation reservation revenue accounted for 40% of the total revenue in 2024 and 39% of the total revenue in 2023.
Transportation ticketing revenue for the fourth quarter of 2024 was RMB4.8 billion (US$655 million), representing a 16% increase from the same period in 2023, primarily driven by an increase in transportation reservations. Transportation ticketing revenue for the fourth quarter of 2024 decreased by 15% from the previous quarter, primarily due to seasonality.
For the full year of 2024, transportation ticketing revenue was RMB20.3 billion (US$2.8 billion), representing a 10% increase from 2023. The transportation ticketing revenue accounted for 38% of the total revenue in 2024 and 41% of the total revenue in 2023.
Packaged-tour revenue for the fourth quarter of 2024 was RMB870 million (US$119 million), representing a 24% increase from the same period in 2023, primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the fourth quarter of 2024 decreased by 44% from the previous quarter, primarily due to seasonality.
For the full year of 2024, packaged-tour revenue was RMB4.3 billion (US$594 million), representing a 38% increase from 2023. The packaged-tour revenue accounted for 8% of the total revenue in 2024 and 7% of the total revenue in 2023.
Corporate travel revenue for the fourth quarter of 2024 was RMB702 million (US$96 million), representing an 11% increase from the same period in 2023 and a 7% increase from the previous quarter, primarily driven by an increase in corporate travel reservations.
For the full year of 2024, corporate travel revenue was RMB2.5 billion (US$343 million), representing an 11% increase from 2023. The corporate travel revenue accounted for 5% of the total revenue both in 2024 and 2023.
Cost of revenue for the fourth quarter of 2024 increased by 31% to RMB2.6 billion (US$362 million) from the same period in 2023 and decreased by 6% from the previous quarter, which was generally in line with the fluctuations in net revenue from the respective periods. Cost of revenue as a percentage of net revenue was 21% for the fourth quarter of 2024.
For the full year of 2024, cost of revenue was RMB10.0 billion (US$1.4 billion), representing a 23% increase from 2023. Cost of revenue as a percentage of net revenue was 19% in 2024.
Product development expenses for the fourth quarter of 2024 increased by 16% to RMB3.4 billion (US$465 million) from the same period in 2023 and decreased by 7% from the previous quarter, primarily due to the fluctuations in product development personnel related expenses. Product development expenses as a percentage of net revenue were 27% for the fourth quarter of 2024.
For the full year of 2024, product development expenses increased by 8% to RMB13.1 billion (US$1.8 billion) from 2023. Product development expenses as a percentage of net revenue were 25% in 2024.
Sales and marketing expenses for the fourth quarter of 2024 increased by 45% to RMB3.4 billion (US$462 million) from the same period in 2023, primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses for the fourth quarter of 2024 was flat compared to the previous quarter. Sales and marketing expenses as a percentage of net revenue were 26% for the fourth quarter of 2024.
For the full year of 2024, sales and marketing expenses increased by 29% to RMB11.9 billion (US$1.6 billion) from 2023. Sales and marketing expenses as a percentage of net revenue were 22% in 2024.
General and administrative expenses for the fourth quarter of 2024 increased by 19% to RMB1.0 billion (US$142 million) from the same period in 2023, primarily due to an increase in general and administrative personnel related expenses. General and administrative expenses for the fourth quarter of 2024 decreased by 1% from the previous quarter. General and administrative expenses as a percentage of net revenue were 8% for the fourth quarter of 2024.
For the full year of 2024, general and administrative expenses increased by 9% to RMB4.1 billion (US$560 million) from 2023. General and administrative expenses as a percentage of net revenue were 8% in 2024.
Income tax expense for the fourth quarter of 2024 was RMB526 million (US$72 million), compared to RMB399 million for the same period in 2023 and RMB721 million for the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets.
For the full year of 2024, income tax expense was RMB2.6 billion (US$357 million), compared to RMB1.8 billion in 2023.
Net income for the fourth quarter of 2024 was RMB2.2 billion (US$300 million), compared to RMB1.3 billion for the same period in 2023 and RMB6.8 billion for the previous quarter. Adjusted EBITDA for the fourth quarter of 2024 was RMB3.0 billion (US$408 million), compared to RMB2.9 billion for the same period in 2023 and RMB5.7 billion for the previous quarter.
For the full year of 2024, net income was RMB17.2 billion (US$2.4 billion), compared to RMB10.0 billion in 2023.
Net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2024 was RMB2.2 billion (US$295 million), compared to RMB1.3 billion for the same period in 2023 and RMB6.8 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2024 was RMB3.0 billion (US$416 million), compared to RMB2.7 billion for the same period in 2023 and RMB6.0 billion for the previous quarter.
For the full year of 2024, net income attributable to Trip.com Group’s shareholders was RMB17.1 billion (US$2.3 billion), compared to RMB9.9 billion in 2023. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders was RMB18.0 billion (US$2.5 billion) in 2024, compared to RMB13.1 billion in 2023.
Diluted earnings per ordinary share and per ADS was RMB3.09 (US$0.42) for the fourth quarter of 2024. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB4.35 (US$0.60) for the fourth quarter of 2024. Each ADS currently represents one ordinary share of the Company.
For the full year of 2024, diluted earnings per share and per ADS was RMB24.78 (US$3.39). Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per share and per ADS was RMB26.20 (US$3.59).
As of December 31, 2024, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB90.0 billion (US$12.3 billion).
Recent Development
As part of our ongoing commitment to delivering value to our shareholders and ADS holders and in line with our regular capital return policy, the Company’s board of directors has authorized to undertake new capital return measures in 2025, consisting of (i) a share repurchase program under which the Company is authorized and approved to, from time to time, acquire up to an aggregate of US$400 million of its ordinary shares and/or ADSs, and (ii) an ordinary cash dividend for the financial year of 2024 totaling approximately US$200 million. The cash dividend will be US$0.30 per ordinary share or per ADS, payable to holders of ordinary shares and ADSs of record as of the close of business on March 17, 2025, Hong Kong time and New York time, respectively. Dividends to holders of ordinary shares are expected to be paid on or around March 27, 2025. Dividends to holders of ADSs are expected to be paid on or around April 4, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.
Conference Call
Trip.com Group’s management team will host a conference call at 7:00 PM on February 24, 2025, U.S. Eastern Time (or 8:00 AM on February 25, 2025, Hong Kong Time) following this announcement.
The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.
All participants must pre-register to join this conference call using the Participant Registration link below:
https://register.vevent.com/register/BI464e7cf662634c26ab00fc2284233a50.
Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident,” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.
Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.
Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.
About Trip.com Group Limited
Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”
For further information, please contact:
Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com
Trip.com Group Limited
Unaudited Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2023
December 31, 2024
December 31, 2024
RMB (million)
RMB (million)
USD (million)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash
43,983
51,093
7,000
Short-term investments
17,748
28,475
3,900
Accounts receivable, net
11,410
12,459
1,707
Prepayments and other current assets
15,591
20,093
2,753
Total current assets
88,732
112,120
15,360
Property, equipment and software
5,142
5,053
692
Intangible assets and land use rights
12,644
12,840
1,759
Right-of-use asset
641
755
103
Investments (Includes held to maturity time deposit and
financial products of RMB15,530 million and RMB10,453
million as of December 31,2023 and December 31,
2024, respectively)
49,342
47,194
6,466
Goodwill
59,372
60,911
8,345
Other long-term assets
688
454
62
Deferred tax asset
2,576
3,254
446
Total assets
219,137
242,581
33,233
LIABILITIES
Current liabilities:
Short-term debt and current portion of long-term debt
25,857
19,433
2,662
Accounts payable
16,459
16,578
2,271
Advances from customers
13,380
18,029
2,470
Other current liabilities
16,715
19,970
2,736
Total current liabilities
72,411
74,010
10,139
Deferred tax liability
3,825
4,098
561
Long-term debt
19,099
20,134
2,758
Long-term lease liability
477
561
77
Other long-term liabilities
319
296
41
Total liabilities
96,131
99,099
13,576
MEZZANINE EQUITY
–
743
102
SHAREHOLDERS’ EQUITY
Total Trip.com Group Limited shareholders’ equity
122,184
141,807
19,427
Non-controlling interests
822
932
128
Total shareholders’ equity
123,006
142,739
19,555
Total liabilities, mezzanine equity and shareholders’ equity
219,137
242,581
33,233
Trip.com Group Limited
Unaudited Consolidated Statements of Income
(In millions, except share and per share data)
Three Months Ended
Year Ended
December 31, 2023
September 30, 2024
December 31, 2024
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2024
RMB (million)
RMB (million)
RMB (million)
USD (million)
RMB (million)
RMB (million)
USD (million)
Revenue:
Accommodation reservation
3,903
6,802
5,178
709
17,257
21,612
2,961
Transportation ticketing
4,106
5,650
4,780
655
18,443
20,301
2,781
Packaged-tour
704
1,558
870
119
3,140
4,336
594
Corporate travel
634
656
702
96
2,254
2,502
343
Others
991
1,234
1,238
170
3,468
4,626
634
Total revenue
10,338
15,900
12,768
1,749
44,562
53,377
7,313
Less: Sales tax and surcharges
(13)
(27)
(24)
(3)
(52)
(83)
(11)
Net revenue
10,325
15,873
12,744
1,746
44,510
53,294
7,302
Cost of revenue
(2,010)
(2,800)
(2,640)
(362)
(8,121)
(9,990)
(1,368)
Gross profit
8,315
13,073
10,104
1,384
36,389
43,304
5,934
Operating expenses:
Product development *
(2,916)
(3,640)
(3,397)
(465)
(12,120)
(13,139)
(1,800)
Sales and marketing *
(2,333)
(3,382)
(3,373)
(462)
(9,202)
(11,902)
(1,631)
General and administrative *
(869)
(1,045)
(1,033)
(142)
(3,743)
(4,086)
(560)
Total operating expenses
(6,118)
(8,067)
(7,803)
(1,069)
(25,065)
(29,127)
(3,991)
Income from operations
2,197
5,006
2,301
315
11,324
14,177
1,943
Interest income
593
598
517
71
2,090
2,341
321
Interest expense
(497)
(399)
(323)
(44)
(2,067)
(1,735)
(238)
Other (expense)/income
(903)
1,781
(137)
(19)
(667)
2,220
304
Income before income tax
expense and equity in income
of affiliates
1,390
6,986
2,358
323
10,680
17,003
2,330
Income tax expense
(399)
(721)
(526)
(72)
(1,750)
(2,604)
(357)
Equity in income of affiliates
351
558
359
49
1,072
2,828
387
Net income
1,342
6,823
2,191
300
10,002
17,227
2,360
Net income attributable to non-
controlling interests and mezzanine
classified non-controlling interests
(45)
(58)
(34)
(5)
(84)
(160)
(22)
Net income attributable to
Trip.com Group Limited
1,297
6,765
2,157
295
9,918
17,067
2,338
Earnings per ordinary share
– Basic
1.99
10.37
3.28
0.45
15.19
26.10
3.58
– Diluted
1.94
9.93
3.09
0.42
14.78
24.78
3.39
Earnings per ADS
– Basic
1.99
10.37
3.28
0.45
15.19
26.10
3.58
– Diluted
1.94
9.93
3.09
0.42
14.78
24.78
3.39
Weighted average ordinary shares
outstanding
– Basic
652,033,082
652,719,801
656,190,044
656,190,044
652,859,211
654,035,399
654,035,399
– Diluted
668,332,395
681,411,847
698,171,269
698,171,269
671,062,240
688,704,882
688,704,882
* Share-based compensation included in Operating expenses above is as follows:
Product development
215
221
219
30
870
976
134
Sales and marketing
39
38
40
6
158
171
24
General and administrative
196
200
200
27
806
895
123
Trip.com Group Limited
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except %, share and per share data)
Three Months Ended
Year Ended
December 31, 2023
September 30, 2024
December 31, 2024
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2024
RMB (million)
RMB (million)
RMB (million)
USD (million)
RMB (million)
RMB (million)
USD (million)
Net income
1,342
6,823
2,191
300
10,002
17,227
2,360
Less: Interest income
(593)
(598)
(517)
(71)
(2,090)
(2,341)
(321)
Add: Interest expense
497
399
323
44
2,067
1,735
238
Add: Other expense/(income)
903
(1,781)
137
19
667
(2,220)
(304)
Add: Income tax expense
399
721
526
72
1,750
2,604
357
Less: Equity in income of affiliates
(351)
(558)
(359)
(49)
(1,072)
(2,828)
(387)
Income from operations
2,197
5,006
2,301
315
11,324
14,177
1,943
Add: Share-based compensation
450
459
459
63
1,834
2,042
281
Add: Depreciation and amortization
208
215
220
30
817
851
117
Adjusted EBITDA
2,855
5,680
2,980
408
13,975
17,070
2,341
Adjusted EBITDA margin
28 %
36 %
23 %
23 %
31 %
32 %
32 %
Net income attributable to Trip.com Group Limited
1,297
6,765
2,157
295
9,918
17,067
2,338
Add: Share-based compensation
450
459
459
63
1,834
2,042
281
Add: Loss/(gain) from fair value changes of equity securities
investments and exchangeable senior notes
989
(1,276)
438
60
1,507
(1,082)
(148)
Add: Tax effects on fair value changes of equity securities
investments and exchangeable senior notes
(61)
15
(16)
(2)
(188)
14
2
Non-GAAP net income attributable to Trip.com Group Limited
2,675
5,963
3,038
416
13,071
18,041
2,473
Weighted average ordinary shares outstanding-
Diluted-non GAAP
668,332,395
681,411,847
698,171,269
698,171,269
671,062,240
688,704,882
688,704,882
Non-GAAP Diluted income per share
4.00
8.75
4.35
0.60
19.48
26.20
3.59
Non-GAAP Diluted income per ADS
4.00
8.75
4.35
0.60
19.48
26.20
3.59
Notes for all the condensed consolidated financial schedules presented:
Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.2993 on December 31, 2024 published by the Federal Reserve Board.
View original content:https://www.prnewswire.com/news-releases/tripcom-group-limited-reports-unaudited-fourth-quarter-and-full-year-of-2024-financial-results-302383344.html
SOURCE Trip.com Group Limited
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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.
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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.”
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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
Technology
Nordic Capital announces agreement to sell ArisGlobal to Dassault Systèmes, following its transformation into a scaled and AI-enabled life sciences platform
Published
21 minutes agoon
July 23, 2026By
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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Technology
Cognizant and Gulf Edge Announce Strategic Partnership to Accelerate Enterprise AI Adoption in Southeast Asia
Published
21 minutes agoon
July 23, 2026By
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)
RSPO Launches New Guidance to Leverage Sustainable Palm Oil Certification for IFRS® Sustainability Disclosure Standards
Nordic Capital announces agreement to sell ArisGlobal to Dassault Systèmes, following its transformation into a scaled and AI-enabled life sciences platform
Cognizant and Gulf Edge Announce Strategic Partnership to Accelerate Enterprise AI Adoption in Southeast Asia
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