WPTG signs Letter of Intent to acquire 50 percent stake in IT consulting firm Cloud I nine IT solutions

Headquartered in Dubai, CINITS powers operational efficiency and technology enablement for clients across fast-growing markets through its delivery centres in United Arab Emirates, Saudi Arabia, India & Africa. With over fifteen employees and a strong management team, CINITS serves top-tier clients and turned over 10,5 million SEK in 2023. The turnover is expected to increase in 2024. WPTG will own 50 percent and the founders, Ms Sudeshna Chowdhury Sunil Shankar and Ms Garima Sachdeva, will own 25 percent each, post transaction.

The addressable market spend on digital transformation in the utility and energy sector is estimated to be over $200 billion globally over the next 5 years. CINITS is strategically positioned to capitalize on this demand with its expertise in consulting, prepaid solutions and intellectual property specific to these industries.

“We are thrilled about joining hands with CINITS, an organisation that shares common DNA in terms of technical expertise, delivery excellence and customer success mindset,” said Marco Marangoni, WPTG CEO. “Together, we can shape a combined future that benefits our people, clients, partners, and shareholders.”

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10.00 CEST on the 28th of December 2023.

About i9

Cloud I nine IT solutions (CINITS) is a market leader in Consulting, Technology, Outsourcing and Infrastructure services. Headquartered in Dubai, UAE, CINITS offers a combined passion for client satisfaction, Technology Innovation, Deep Industry and Business process expertise. CINITS helps clients to transform and thrive in a changing and challenging world through strategic Consulting, Operational leadership and Breakthrough solutions. www.cloud-i9.com 

WPTG securs order for 3,36 million SEK for IT-support for Indian power utility

WPTG-subsidiary Altura, specialised in solutions tailored for energy and utility providers, has been awarded a two-year, 3.36 million SEK contract for full support and maintenance of a business-critical SAP platform underpinning mission-critical operations of a large, North India-based integrated power distribution utility.

“WPTG views Alturas expansion into managing marquee public sector utilities under India’s ambitious Digital India program as a momentous opportunity to establish themselves as specialised partners delivering indispensable system maintenance services catalysing the country’s smart, sustainable infrastructure transformation, says Marco Marangoni Group CEO, WPTG.”

Altura provides comprehensive database and application-managed services for the client’s expansive SAP for Utilities (ISU) production environment implemented across ninety-seven towns and suburban areas, facilitating over six million consumer billing transactions monthly.

Altura prevailed against two well-established global IT consultancies to win this strategic engagement by demonstrating unmatched expertise in managing support for SAP industry solutions for utilities driving billing, mobility, and customer service transformation programs locally – combined with highly compelling value propositioning. Additionally, Altura’s extensive experience successfully handling complex customisations supporting electricity, water and gas clients across critical billing and operational functions cemented confidence in Altura’s capabilities serving as a dependable, long-term managed services partner upholding intricate utility landscapes. 

Working in close coordination with onsite teams, Altura is responsible for continuously optimising infrastructure, bolstering reliability standards and assisting the client in achieving key metrics around service quality, meter uptime, helpdesk issue resolution and usage insights delivery – fully enabling the customer’s smart utility vision.      

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 9.00 CEST on the 20th of December 2023.

About Altura
Altura, a White Pearl Group company, provides specialised SAP solutions tailored for electricity, water and gas utilities enabling smart metering/billing, mobility, customer service and scalable operational efficiency gains via applied innovation. With over a decade’s experience digitally transforming utility leaders, Altura delivers unique value powering growth. www.altura.in

WPTG launching internship program to empower young black tech talent in South Africa

Beginning in January 2024, WPTG, takes on fifteen interns, provides them with a year of paid on-the-job work experience, training, and mentoring opportunities across its South African locations. Participants learns within various IT roles and teams in fields including software development, project management, data analytics, network engineering and technical writing.
  
This program is designed to expand career access in technology domains facing major skills shortages locally and where black professionals are severely underrepresented currently. Upon program completion, successful interns receive priority consideration for full-time employment within WPTG to place them on accelerated paths to become the next generation of young black IT leaders in communities where tech talent pipelines lag.
  
WPTG is committed to BEE ideals and as part of the company group’s broader transformation commitments supporting Black Economic Empowerment (BEE) ideals in South Africa, WPTG designed this internship initiative to make concrete investments into developing promising, high-potential black graduates eager to grow into technology specialists.

WPTG expands capacity in its Global Delivery Centers to target thirty percent growth in revenue and profit

WPTG operates ten GDC´s in countries like South Africa, Egypt, Zimbabwe, Ethiopia, and India. Through these GDC´s, WPTG clients gain 24×7-access to highly skilled teams with specialised competencies, including SAP S/4HANA migration architects, intelligent automation engineers ensuring integration modernisation and full-stack cloud implementers instilling next-generation data platforms.

Aligned with WPTG´s steadfast commitment towards equitable, inclusive economic progress, expansion plans, particularly in South Africa, emphasise leveraging youth skills development and extensive Broad-Based Black Economic Empowerment (BEE) by offering hiring- and training programs.

“Our GDC´s are built on sustainable value creation with round-the-clock access for our clients and are set to make a positive community impact wherever we operate,” says Group CEO of WPTG, Marco Marangoni.

The expansion in these GDC´s will occur without upfront investments; instead, it will be fuelled by working capital and organic growth.

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10.30 CEST on the 15th of December 2023.

WPTG intends to acquire fifty percent of Latin American digital solutions provider Ataraxy Digital

Ataraxy Digital is an industry-agnostic digital product agency, headquartered in Montevideo, Uruguay. This acquisition marks WPTG’s continued expansion into the thriving Latin American marketplace but also into hardware development markets in India and China. For WPTG it opens up multiple business oportunities into new markets with new types of offers and skill sets that WPTG does not yet have in its portfolio. The agency will continue to be operated under its own brand, Ataraxy Digital, by founders, Federico Imparatta and Martín Alcalde, and is expected to turn over 2,7 to 3 millions SEK in 2024.

This strategic acquisition expands WPTG’s capacity to offer comprehensive digital transformation services to customers in Latin America, North America and Asia by tapping into Ataraxys Digital client base. Ataraxy Digital’s regional expertise across emerging technologies can seamlessly be combined with WPTG’s global delivery mechanisms. For WPTG customers, it opens access to an expanded portfolio spanning cutting-edge mobile, AI/ML and IoT capabilities to automate processes through tailored augmentation.

“The partnership with Ataraxy Digital gives us, regional knowledge coupled with expertise in prototyping and data-powered design that perfectly complements our next-generation solutions suite and it is a footstep into new marketplaces,” says Marco Marangoni, CEO of White Pearl Technology Group.” 

Providing full lifecycle product support from conceptualisation to launch across diverse sectors like fitness, healthcare, and finance makes Ataraxy a strategic fit for augmenting WPTG’s expanding portfolio.

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at the 14th of November 2023 at 13.00 CET.

About Ataraxy Digital

Ataraxy is a user-centric digital product agency powering idea realisation through its unique skills integrating software, UX design and digital strategy. With expertise across mobile, web, product ideation and enterprise solutioning, Ataraxy helps industry-leading brands craft digital products stimulating progress. www.ataraxydigital.com

WPTG signs Letter of Intent to acquire data services provider – CynoTech

For WPTG, acquisitions continue to be a key focus alongside driving organic growth. WPTG’s fundamental idea is to offer a unique range of technologies and solutions to its customers globally, with diversification as the central element of its business model. Positioned as a global ICT (Information and Communications Technology) player for the digital era, WPTG aims to cater to the evolving needs of its global clientele.

With the acquisition of CynoTech, WPTG is acquiring a team of about ten specialized and skilled IT experts. WPTG will have access to CynoTech’s next-gen data offerings and delivery blueprint, enabling the cross-selling of services to its energy, utilities, and smart cities client base globally. Concurrently, CynoTech can leverage WPTG’s regional presence to expand beyond South Africa into high-growth Middle East and African markets.

Drawing on decades of specialized expertise, CynoTech assists clients in designing and migrating data storage infrastructure, enhancing data protection, planning business continuity, and maintaining scalable systems. Their services encompass backup and disaster recovery, cloud optimization, data center relocation, and ongoing managed data services. The primary clientele is concentrated in the banking sector. CynoTech maintains partnerships with leading tech vendors such as IBM, Dell, Microsoft, and ReaQta for AI-powered infrastructure, endpoint security, and productivity tools. CynoTech will continue to operate under its own brand, led by senior management, with Alastair Barlow as Managing Director and Priya Barlow as Operations Manager. Management is aiming for an annual growth of 30 percent.

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10.00 CEST on the 7th of December 2023.

About CynoTech

CynoTech, based in Johannesburg, South Africa, was founded in 2019 as a premium data storage solutions firm. With vast experience, CynoTech runs a successful business focused on clients. As a 100% black female-owned Level One B-BBEE certified company, CynoTech combines ambitious leadership, strategic direction and a skilled, passionate team to ensure a bright future for the company and valued clients. CynoTech’s revenue is over SEK 6 million. 

WPTG maintains strong profitable growth in H2 2023

H1 2023 witnessed 48 percent revenue growth over H2 2022 figures, exceeding SEK 116 million overall. This substantial organic expansion outcome exceeded targets and further validated the strength of WPTG’s business model.

2023 Financial Projections

Full-year revenues for 2023 are projected to grow at levels aligned with the H1. Profit margins are expected to remain healthy within the targeted 12-14 percent rate in net margin, in 2023.

“Our well-designed business model continues driving increasing revenues paired with improving margins,” remarked Group CEO Marco Marangoni. “Diligent cost optimization efforts combined with strategic investments to accelerate growth are key factors underpinning our success.”

H2 Financial Performance  

The improvement seen in year-to-date profit margins can largely be attributed to our sharpened approach to global cost management and strategic resourcing across delivery centers. We are observing steady revenue expansion that outperforms prior expectations. There is also a constant focus on heightening operational efficiency by streamlining systems and processes wherever viable. Ongoing performance monitoring enables rapid response to address any underperformance scenarios. We are also continually consolidating internal platforms to boost transparency and reduce duplicative technologies and workflows.

Global Talent Management 

Our Global Delivery Center model provides access to vast talent pools in a highly cost-optimized manner. We have established GDCs across India, South Africa, Egypt and Zimbabwe which are staffed with skilled professionals to secure quality capabilities at affordable wage rates. Our extensive bench strength and industry-leading capabilities in the utilities and energy sectors reinforce WPTG’s positioning as a preferred transformation partner.  

Revenue Stability

A significant portion of WPTG’s project contracts are structured as multi-year agreements, which lends predictable visibility into future revenue streams. After-sales maintenance and support services further augment dependable recurring revenue.

Growth Trajectory

Strong and expanding demand for WPTG’s offerings continues across currently served markets. There is also a continual focus on winning new contracts and introducing solutions to drive further expansion. Targeted M&A activity is helping enter high-potential new geographies like Sweden, UAE, Southeast Asia and Latin America. Our annual business planning process facilitates laying out both short and medium-term growth paths across the Group. 

WPTG reports half-year and annual financial results. The next annual report for FY 2023 is slated for release on March 31, 2024.

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 9.00 CEST on the 1^st of December 2023.

White Pearl Technology Group to deliver IT resources for over SEK 20 million to South African municipality

WPTG’s subsidiary, InTheNet Technologies (ITNT), based in South Africa, is the key strategic partner that will support Tshwane on site, with its critical IT systems across key areas such as finance, billing systems, human capital management, utilities, services, and more. ITNT’s experienced IT consultants and specialists will be working closely with the municipality’s teams.

“Being selected as a key partner by the City of Tshwane demonstrates our commitment to enabling public sector organizations to optimize their system performance through IT experts and knowledge transfer,” said Marco Marangoni, Global CEO of WPTG.”  

WPTG’s subsidiary, ITNT, has an extensive track record of successfully supplying IT consulting services and skilled IT talent to both public and private sector organizations across South Africa.

“We are proud to bring our expertise and capabilities in delivering technology resources to help the City of Tshwane optimize the use of its mission-critical IT systems,” said Gordon Colyn, Managing Director of ITNT. “This appointment highlights our mission to help government institutions succeed with their digital transformation.”

The new contract expands WPTG’s presence in the government sector in South Africa and across the African continent. 

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at the 8th of November 2023 at 09.30 CET.

About the City of Tshwane 
The City of Tshwane Metropolitan Municipality encompasses the administrative capital is located in northern South Africa in the provins of Guateng. The City serves over three million people, committed to delivering services, security and a better life for all residents.

About InTheNet Technologies
InTheNet Technologies (ITNT) is a leading SAP solutions provider and part of WPTG, delivering consulting, implementation and support services for enterprises across Africa. www.itnt.co.za

TradeVenue releases first analysis on White Pearl Technology Group

 “We have today published an initiating report on White Pearl Technology Group (WPTG). WPTG is an extremely fast-growing Group offering a comprehensive portfolio of solutions including IT consulting, infrastructure services, proprietary software products, system integration, cybersecurity, cloud computing and data analytics. With 30 offices located worldwide WPTG has a special focus on developing markets – capitalizing on the huge digital transformation going on in these markets. The widespread in product areas as well as geographical markets has given WPTG a unique diversification and enabled the company to show a substantial growth rate as well as improving profitability. Given that WPTG can maintain its current growth trend and is able to reap the benefits of larger operations we are looking at a Group with a turnover of around 340 MSEK and an EBITA of 48 MSEK in 2025. Having been listed on the First North in Sweden in 2023 – through a reverse takeover – the Group is valued below 140 MSEK. Our DCF-valuation gives us a value over 2 times as high.

In a separate statement, TradeVenues Senior Analyst Claes Vikbladh is quoted as saying “that WPTG offers a unique exposure to the digital transformation in a number of important developing countries. WTPG has shown an impressive record on these markets both in terms of sales as well as profitability. Through its diversification the operating trend has been remarkably steady. WPTG is quoted on the First North marketplace since 2023 but has so far received no greater attention. I believe that the company will receive a lot more attention and a higher valuation once the current expansion continues.”

Read the full analysis at TradeVenue. 

ERPST starts up projects of digital transformation in Ethiopia – worth over USD 2,7 millions

Ethiopian Insurance Corporation has utilized ERPST’s implementation of UNIT4 ERP and INSIS Insurance software for over twelve years across modules like finance, procurement, HRMS, payroll, life insurance and general insurance. The upgrading processes starts up this week and is worth USD 1.2 millions. 

ERPST is now embarking on the next phase of upgrades and enhancements leveraging the latest features. This will catalyze further operational excellence and customer service quality for Ethiopian Insurance Corporation.

Similarly, Addis Ababa Water & Sewage Authority has leveraged ERPST’s rollout of UNIT4 ERP and integrated billing software for a decade across finance, procurement, HRMS, payroll, stocks and water billing functions.

The transformations have optimized processes, improved business agility and enhanced decision-making for the public utility as it serves millions of citizens.

“We are proud to have been the long-term partner enabling digital innovation and operational excellence for these prestigious Ethiopian organizations. Our localization and industry expertise combined with change management rigour have been pivotal to the program’s success,” says Marco Marangoni, CEO of WPTG.

With these engagements, and other historical projects like; the implementation of ICT projects at African Union, worth 2,5 million USD. And projects for EiC, Aawsa, Eepco, Midroc Gold and ATA that ERPST has delivered, together with partners, worth over USD 12 million from the forming of company in 2005. By this, ERPST had demonstrated its capabilities in delivering complex, business-critical ERP solutions for large Ethiopian enterprises spanning their entire digital transformational journey – from initial implementation to enhancement and upgrades. 

This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at the 16th of October 2023 at 10.15 CET.