Traditional power grids are severely vulnerable to weather conditions, and even fires, as we saw in California. Every day, says Microgrid Knowledge, "somewhere in the U.S. power fails because of weather, accidents, equipment malfunctions or other causes. The costs of these outages vary based on their length and who they affect." Fires in California disrupted millions of people for days, in some instances. Business, schools, and hospitals were all impacted. The power issue has grown so severe that PG&E recently outlined its plans with the California Public Utilities Commission to set up 300 MW of temporary generation for the 2020 wildfire season, according to Utility Dive. Such news is creating sizable, exciting opportunity for top companies like CleanSpark, Inc, General Electric Compan, IBM, Cognizant Technology Solutions Corp, and Advanced Energy Industries Inc.
CleanSpark, Inc., a software company with advanced engineering, software and controls for innovative microgrid and distributed energy resource management systems today announced it has completed the acquisition of all of the issued and outstanding shares of p2klabs, Inc. a design and innovation consulting firm that specializes in applying design, technology, and business process methodologies to create intuitive digital experiences and journeys that help transform and grow businesses. "This acquisition will enable CleanSpark to continue to accelerate the development and deployment of our software platforms and significantly expand our sales and marketing capabilities. This strategic move will bring significantly increased software revenues, and the integration of the talented p2k team will allow us to reduce our operating expenses. We have been working with p2klabs for the past several months and have been impressed with their capabilities. It was quickly apparent that an acquisition of p2k's technologies and team was the right move." said CEO of CleanSpark, Zach Bradford.
Mr. Bradford continued, "We are projecting that the acquisition will add up to $2,000,000 in additional revenue related to the acquired business in the coming year. We will also be adding significant depth in software sales experience and will be enhancing our top-tier sales and marketing team. Mr. Amer Tadayon will join the CleanSpark executive team as the Company's Chief Revenue Officer to oversee this enhanced business development strategy. Mr. Tadayon has more than 25 years of experience working with world-class companies including IBM, Cognizant and Frog Design." Mr. Tadayon commented, "We are excited to join the CleanSpark family of personnel and technologies and to help further innovate on their product offerings, as well as to make available an even more diverse set of services to their existing client base." Mr. Bradford concluded, "We've identified the opportunity to maximize the value of our offering, internalize what would otherwise be expenses, and diversify our ability to better serve our valued clients. We also plan to add further strategic acquisitions in the near future to continue to build the Company's reach and capabilities."
Other related developments from around the markets include:
IBM's (NYSE:IBM) Board of Directors has elected Arvind Krishna as Chief Executive Officer of the company and a member of the Board of Directors, effective April 6, 2020. Krishna is currently IBM Senior Vice President for Cloud and Cognitive Software, and was a principal architect of the company's acquisition of Red Hat. James Whitehurst, IBM Senior Vice President and CEO of Red Hat, was also elected by the Board as IBM President, effective April 6, 2020. Virginia Rometty, IBM Chairman, President and Chief Executive Officer, will continue as Executive Chairman of the Board and serve through the end of the year, when she will retire after almost 40 years with the company. "Arvind is the right CEO for the next era at IBM," said Rometty. "He is a brilliant technologist who has played a significant role in developing our key technologies such as artificial intelligence, cloud, quantum computing and blockchain. He is also a superb operational leader, able to win today while building the business of tomorrow. Arvind has grown IBM's Cloud and Cognitive Software business and led the largest acquisition in the company's history. Through his multiple experiences running businesses in IBM, Arvind has built an outstanding track record of bold transformations and proven business results, and is an authentic, values-driven leader. He is well-positioned to lead IBM and its clients into the cloud and cognitive era."
General Electric Company (NYSE:GE) announced results for the fourth quarter ending December 31, 2019. GE Chairman and CEO H. Lawrence Culp, Jr. said, "The fourth quarter marked a strong close to the year for GE. We met or exceeded our full-year financial targets and are on a positive trajectory for 2020. We're proud of our progress in 2019, including decisive actions to reduce our leverage and strengthen our businesses. Our work continues, but GE's committed team, exceptional technology, and global network make me more confident than ever that we can deliver." Culp continued, "Our priorities looking forward are clear. We are solidifying our financial position, continuing to strengthen our businesses as improvement efforts build momentum, and driving long-term profitable growth. We remain committed to creating value as we continue our multi-year transformation."
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) has entered into exclusive negotiations to acquire the French operations of EI-Technologies, a Paris-based, privately-held digital technology consulting firm and leading independent Salesforce specialist in France. The proposed acquisition would complement Cognizant's global Salesforce practice, expanding client resources in Europe. The planned acquisition requires advance consultation with the relevant works councils and would be subject to customary closing conditions. Financial terms of the proposed transaction are not being disclosed. "We're determined to help our clients become fully digital, data-enabled, customer-centric businesses. Cloud has changed the way IT is delivered across infrastructure, applications and platforms, and is one of our strategic focus areas," said Brian Humphries, Cognizant CEO. "EI-Technologies, based in France, would not only support our effort to further scale our international business but also add Salesforce expertise and capabilities to our cloud management portfolio."
Advanced Energy Industries Inc. (NASDAQ:AEIS) will release its fourth quarter 2019 financial results before the market opens on Tuesday, February 18, 2020. Management's quarterly conference call will be held later that morning beginning at 8:30 a.m. Eastern Time.
Date: Feb 6, 2020