We had to pleasure to catch up with Anita HAZENBERG, the Director of the Innovation Centre Directorate at INTERPOL Global Complex for Innovation, organizer of INTERPOL WORLD 2019.
PICANTE: What determined you to organize Interpol World?
A.H.: Coinciding with the opening of the INTERPOL Global Complex for Innovation in Singapore, the first edition of INTERPOL World took place in 2015. Two years later, the second edition was held in 2017 just right after I arrived from the Netherlands Police to become the new director of INTERPOL’s Innovation Centre. I was asked to organize the next edition of INTERPOL World for 2019 and I have a strong desire for it to be a forum where we can together develop INTERPOL’s global innovation agenda through the activities we organize. The focus of the Innovation Centre is very much on providing innovation capabilities for INTERPOL’s 194 member countries, and we find it very important that all together, with all participants, we set that agenda, and that we have a clear understanding of what is needed. Many people think innovation is only about new emerging technologies. However, it also means being able to react here and now. If something happens, you can trust and rely on law enforcement that they are there to solve the problems. It’s about changing culture and procedures, it demands a total change of mindset.
PICANTE: Why Singapore?
A.H.: Apart from the support and foresight of the Singapore Government which offered us a fantastic location to build our INTERPOL Global Complex for Innovation here in the Lion City back when the INTERPOL President hailed from this great city, Singapore is a country with a strong focus on innovation and law enforcement. It’s only apt to also have the new Innovation Centre and INTERPOL World 2019 in Singapore.
PICANTE: What should the attendees expect from the Interpol World conference?
A.H.: Inspiration and awareness are vital components of INTERPOL World 2019. In the previous editions, exhibitions were a bubble that mirrored the developments in the business world. This year, we want to add another bubble into the constellation, and that is the bubble of working together and finding solutions to contemporary problems. This is why we have different sets of activities including motivational keynotes, plenary sessions, 32 co-creation labs, and working groups. In the co-creation labs, a law enforcement representative presents a contemporary problem and experts from the business and academic worlds respond. At the same time, we have also organized meetings of four INTERPOL law enforcement working groups to continue their discussions and collaboration: the Chief Innovation Officers Expert Group, Darknet and Cryptocurrencies Working Group, Drone Expert Group, and INTERPOL-UNICRI Working Group on Artificial Intelligence for Law Enforcement. In addition, the Chief Information Officers of INTERPOL will gather together during the event. Imagine, these five groups already constitute about 250 law enforcement senior officials and experts, add to these the participants and visitors for the exhibitions and co-creation labs, and you have an event of magnitude.
PICANTE: Who are the “top-selection” speakers of the conference? What’s their add-value to the tech world?
A.H.: All of our speakers for INTERPOL World 2019 are top-notch. However, I want to highlight a topic that should play a significant role in all discussions during INTERPOL World, that of ethics, privacy and human rights. The motivational speaker for the second day of the programme, Dr. Ayesha Khanna, will discuss ethics and privacy issues, as their relationship with law enforcement still faces questions and gaps that need to be answered. For example, do police still have the trust of our population and communities? As machines and algorithms get more and more sophisticated in their abilities to interpret and process information, people raise more questions on how police deal with their data. Thus, there is a challenge for law enforcement to be transparent. This is an overarching theme that will be emphasized during INTERPOL World.
PICANTE: What changes do you see as being short-term possible to implement in the cyber-security world after the conference?
A.H.: First of all, I hope it’s not only the cybersecurity world because I think innovation is much broader. Apart from cybersecurity, we will also talk about disruptors; ethics, privacy and trust within our communities; drones; identification technologies; smart systems; what would 5G mean to law enforcement; augmented reality; and a myriad of other topics pertinent to policing and law enforcement. The coexistence of the motivational keynotes, co-creation labs and working groups at INTERPOL World makes it a comprehensive conference for collaborating on solutions that hopefully could be effectively implemented in the near future.
About INTERPOL World 2019
INTERPOL World 2019 will take place between 2-4 July at the Sands Expo and Convention Centre.
INTERPOL World is a global co-creation opportunity which engages the public and private sectors in dialogue, and fosters collaboration to counter future security and policing challenges. INTERPOL World comprises of three interlinked activities: a series of niche and targeted platforms for knowledge exchange culminating in strategic co-creation labs to discuss the challenges and solutions for combating the crimes of the future; an exhibition that serves as a business and networking event for manufacturers, distributors, and Research and Development organizations to offer innovative products and cutting-edge technologies to public and private entities involved in law enforcement, security and likeminded industries. INTERPOL World will also host a series of INTERPOL working groups (by invitation only) focusing on innovation, artificial intelligence, drones and darknet cryptocurrencies.
Police, public, security professionals and commercial buyers from around the world will convene in Singapore to forge mutually beneficial alliances leading to faster, more accurate responses to global security and public safety threats.
Register to attend INTERPOL World 2019 here: www.interpol-world.com
About Anita Hazenberg
Ms Anita Hazenberg assumed her current duties as the first Director of the Innovation Centre Directorate, INTERPOL Global Complex for Innovation in Singapore on 1 July 2017. In the increasingly complex policing operating environment characterized by rapid technological breakthroughs, the Innovation Centre was set up to engage global law enforcement in strategic futures planning and to co-create solutions to emerging law enforcement challenges.
In the past 36 years of her career in the Netherlands Police, Ms Hazenberg was involved in various operational duties across the Netherlands specializing in ‘Violence against Women and Children’ and ‘International Police Cooperation’. She progressed into the international foray to take up several trailblazing roles, including as the Director of the European Network of Policewomen (ENP); the first Programme Director ‘Police and Human Rights’ for the Council of Europe (France); the founder and first Director of the School for Police Leadership; the first Coordinator for International Strategic Alliances and Deployment of the Staff of the Dutch National Police Commissioner; and as the initiator and Conference Director of the global annual law enforcement think-tank consisting of top-level executives – ‘Pearls in Policing.’ Ms Hazenberg holds two Masters, one in Public Administration and one in Change Management.
In the current digital age where technology has led to the fast convergence of the physical, digital and biological worlds, Ms Hazenberg believes that global law enforcement must better anticipate future challenges, and formulate innovative, efficient and resource-efficient solutions in response to criminals constantly looking to exploit vulnerabilities. The writings are already on the wall, and the global policing community must be ready to tackle the inevitable challenges that lay in the horizon.
Chinsay’s Intelligent Contract Platform Enables Rio Tinto & Cargill to Complete the First Fully Digitalised Iron Ore Trade
Chinsay, the leading provider of contract digitalisation solutions in the commodity and freight markets, is announcing today the completion of the first fully digitalised iron ore trade, through a trial achieved in partnership with Rio Tinto and Cargill‘s Metals business on Chinsay’s Intelligent Contract Platform (ICP).
In using ICP, Rio Tinto and Cargill collaborated on a single platform to dramatically reduce the time it takes to create, issue and approve commodity contracts from several days to under two hours. The digitalisation of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front-, middle- and back-office functions.
Colin Hayward, Chinsay CEO, said: “This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance. We are constantly collaborating with clients, market participants, tech vendors and industry consortia to extend digitalisation further along the commodity trade lifecycle.”
“The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry,” said Lee Kirk, Managing Director for Cargill’s Metals business. “This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better.”
ICP is state-of-the-art technology which allows companies to digitalise pre-trade processes early in the deal lifecycle, creating an agreed contract dataset that can be seamlessly integrated with other operational systems, functions and processes, enabling transparency and traceability across the supply chain. ICP prepares clients for the use of technologies such as blockchain, ML, AI and electronic trade documentation solutions.
Intertrust acquires Viteos for USD 330 million
Intertrust N.V. (“Intertrust”), a leading global provider of expert administrative services to corporate, fund, capital markets and private wealth clients, today announces the acquisition of Viteos1, a provider of leading-edge technology solutions for U.S. funds, from PPC Enterprises LLC, FiveW Capital LLC (an affiliate of 22C Capital) and Viteos management.
Viteos is a tech-enabled alternative funds industry leader providing end-to-end middle and back office administration for top tier hedge funds, private equity, real estate, private debt and other alternative asset managers. Viteos has approximately 715 employees and operates a global delivery model with its headquarters and sales team in the U.S. supported by Centres of Excellence in India. Viteos delivered revenues of USD 52 million2, 94% in the U.S., having grown at an organic CAGR of 22% over the last two years, and an EBITDA margin of 36.6%.
- Competitive game-changer for Intertrust, accelerating our strategy to become a global leader in tech-enabled corporate and fund solutions through:
- Gaining a material presence in the U.S., increasing exposure to funds and accelerating our growth potential
- Leveraging Viteos’ digitalisation and automation technology
- Building on Viteos’ offshore Centres of Excellence
- Enterprise value of USD 330 million (EUR 294 million3), resulting in a post-synergy multiple of 8.0x FYE March 2019EBITDA
- Significant net run-rate annual cost synergies of approximately USD 22 million4 expected primarily from offshoring
- ROIC expected to exceed Intertrust’s WACC by 2021 and reach double-digits by 2022
- Mid-single digit EPS accretion expected by 2020 with double- digit accretion expected by 2021
- Sound financing structure: approximately 4.1x leverage ratio5 at closing, with strong cash generation expected to drive leverage ratio below 3.0x by 2021
- Medium-term guidance increased to reflect enhanced revenue growth and cost synergies
- Viteos’ co-founders, Shankar Iyer and Chitra Baskar (formerly CEO and COO, respectively), will join our Executive Committee and, along with other key employees, have reinvested approximately 35% of their after-tax proceeds in Intertrust shares
The acquisition of Viteos is an acceleration of our strategy to become a global leader in tech-enabled corporate and fund solutions, adding a high growth provider of leading-edge technology solutions with a top 10 position in U.S. fund administration and over 80 top tier clients.
The combined group will build on the existing technology partnership between the two companies and the professional relationships between the management teams to drive further growth and lead the digitalisation and innovation of the industry. Viteos’ world-class client base and technology solutions, developed by a team of 130 technology experts, significantly expand the market potential for Intertrust into higher growth adjacencies with attractive cross-selling and upselling opportunities.
The acquisition of Viteos meets the strategic and M&A objectives set out in our Capital Markets Day and, in particular, delivers:
- Meaningful presence in the U.S. and increased exposure to funds – the combined group will hold a top 10 position in U.S. fund administration providing mission-critical services to asset managers.
- Accelerated growth potential – Viteos brings new clients, services and technology solutions which expand Intertrust’s market potential into higher growth adjacencies with an annual market value of >EUR 3.5 billion, resulting in a total market potential in excess of EUR 10.0 billion growing at 4-6% per annum (up from EUR 6.5 billion growing at 3-5%).
- Strengthened technology foundation – Viteos is at the forefront of digitising and automating fund administration with leading-edge technologies including blockchain, workflow automation, RPA6, and digitalisation/OCR7. Leveraging these tools, the combined group will have the potential to drive incremental revenue growth through service innovation and reduce costs through service automation.
- Significant step towards operational excellence – building on Viteos’ offshore Centres of Excellence in India will allow us to fast-track our standardisation, centralisation and shared services initiatives, improving the efficiency and quality of our services.
Commenting on today’s announcement, Stephanie Miller, CEO of Intertrust, said:
“Today I am thrilled to announce the acquisition of Viteos. This is a significant leap forward for Intertrust which will accelerate our strategy in every way.
The combination of these world-class businesses enhances our global position in fund services, expands our presence in the U.S. and unlocks many opportunities to cross sell our products and services. It will provide tremendous benefits to our existing clients through advanced technology, a digitised delivery model and a solution-oriented service suite. With the addition of over 700 employees including 130 technology experts, I am particularly excited for the future innovations that our combined organisation will bring to the industry.
These benefits are reflected in the strong value creation from the transaction in the form of double-digit ROIC, double-digit EPS accretion as well as increased growth and margin guidance.
Furthermore, we welcome a Viteos team who is dynamic, engaged and will further our goal of becoming the employer of choice in our industry. Earlier this year Intertrust started a powerful collaboration with Viteos. Today we move forward together as one company to lead the digitalisation and innovation of our industry.”
Shankar Iyer, CEO of Viteos, said:
“This is a very exciting opportunity for Viteos to become an integral part of a successful, global business. We have longstanding relationships with the Intertrust team who are familiar with our industry-leading technology solutions. By bringing together our complementary strengths and capabilities, we will significantly enhance the future prospects for the combined group. We look forward to working with Stephanie and her team and are deeply committed to delivering on our shared strategic objectives.”
The acquisition of Viteos has compelling financial benefits. The transaction is expected to deliver mid single-digit EPS accretion in the first full year of ownership (2020) and double-digit EPS accretion by 2021 including phased synergies. The ROIC of the transaction is expected to exceed Intertrust’s WACC by 2021 and reach double-digits by 2022 including phased synergies.
USD 22 million of net run-rate annual cost synergies have been identified on a detailed bottom-up basis by Intertrust, Viteos and an expert offshoring consultancy. The synergies will primarily come from offshoring selected support functions for client-facing teams, back office and IT support, with India Centres of Excellence balancing existing jurisdictions and enabling 24-hour support for our clients. We expect to deliver approximately 90% of the synergies by 2021 with approximately 20% coming through by 2020. The aggregate one-off costs over the period to deliver the synergies are estimated at approximately USD 30 million.
Terms and financing
The enterprise value for the acquisition is USD 330 million (EUR 294 million), resulting in a pre-synergy multiple of 17.3x FYE March 2019 EBITDA. Including net run-rate annual cost synergies of USD 22 million, the equivalent post-synergy multiple is 8.0x FYE March 2019 EBITDA.
The acquisition was funded through debt (new USD 150 million term loan plus RCF) and cash on balance sheet with USD 11 million re-invested by Viteos’ management and key employees in Intertrust shares. Leverage ratio8 at closing amounts to approximately 4.1x and is expected to decrease to below 3.0x by 2021.
Following receipt of regulatory approvals, simultaneous signing and closing of the transaction occurred on 17 June 2019.
In connection with the acquisition of Viteos, Intertrust is increasing its medium-term guidance as follows:
- 4-6% underlying revenue growth year-on-year9 (increased from 3-5%);
- Adjusted EBITA margin of at least 40% for 2021 (increased from at least 38%), from at least 36% in 2019 (unchanged);
- Capex around 2% of revenue in the medium-term (unchanged) and up to 3% in early years to deliver the Centres of Excellence;
- Effective tax rate of around 21% (19% previously);
- Dividend policy and target leverage ratio remain unchanged.
Blockchain Platform FLETA and Security Auditor CertiK Forming a Strategic Partnership
A blockchain platform FLETA announced a partnership with CertiK, a leading blockchain security auditor. The partnership agreement started to be discussed since April 2019 when FLETA’s smart contract audit was verified with a high score of 99 out of 100. Not only do both companies expect FLETA’s blockchain infrastructure to be reinforced, but they also plan to offer effective security service to blockchain projects in FLETA’s ecosystem.
CertiK is a blockchain and smart contract audit platform, led by prestigious experts and computer engineers including Dr. Zhong Shao, a professor of computer science at Yale and Dr. Ronghui Gu, an assistant professor of computer science at Columbia University. It offers a service that can effectively strengthen blockchain’s security and credibility through mathematical proofs. It has audited more than 175 projects and cooperated with many top companies of the industry such as Ethereum Foundation, IBM, and Universal Protocol and well-known exchanges like Binance, and OKEx. Recently, on June 1st, the company announced that it was selected as an EOS Block Producer.
FLETA is a blockchain platform that offers a fast and stable service with reasonable fees to both developers and users so that it can create a user-friendly ecosystem. It aims to solve problems that existing platforms have such as slow speeds, scalability limitation, and excessive fees. By doing so, FLETA is aiming to drive the commercialization of the blockchain with its own core technologies. FLETA has developed outstanding blockchain technologies like Independent multi-chain Structure, Block Redesign, and PoF (Proof-of-Formulation) which is its own consensus algorithm.
Paul Park, CEO of FLETA, said, “FLETA’s advanced blockchain technology and its stability were verified by CertiK, one of the world’s best blockchain security company.” He also added, “As a blockchain platform, security is something that we never compromise. This FLETA-CertiK partnership will allow both DApp developers and users to use the blockchain platform with high-quality security.”
Meanwhile, FLETA plans to launch its mainnet in August after it successfully launched its testnet in last March. Through the testnet launch in March, FLETA demonstrated its performances by achieving 10,000 average TPS and 15,000 peak TPS with 6 core CPU.
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