BELLEVUE, WA / ACCESSWIRE / December 31, 2021 / Trilogy International Partners Inc. ("Trilogy" or "TIP Inc.") (TSX:TRL), an international wireless and fixed broadband telecommunications operator, and its minority partner Tesbrit BV, today announced that they have entered into a definitive agreement to sell 100% of their equity in Two Degrees Group Limited ("2degrees") to Voyage Digital (NZ) Limited ("Voyage"), a joint venture between Macquarie Asset Management and Aware Super as owners of Vocus Group Limited. Trilogy owns 73.17% of the equity in 2degrees. It first announced discussions with Macquarie Asset Management and Aware Super and a potential merger of 2degrees with Orcon Group in October 2021.
The implied enterprise value of 2degrees equates to NZ$1.70 Bn (including lease liabilities). This represents an EV/EBITDA multiple of 8.9x based on last twelve months of New Zealand Segment Adjusted EBITDA at September 30, 2021 on a US-GAAP basis and using an implied enterprise value of NZ$1.58 Bn excluding lease liabilities. On a cash free debt free basis, the purchase price for 100% of 2degrees shares (including employee options that will convert into shares in connection with the sale) represents an equity value of NZ$1.315 Bn, subject to potential adjustments at closing for specific costs or payments by 2degrees between signing and closing.
"Over the past several months we have been focused on strategic initiatives to maximize value for our stakeholders. This transaction crystalizes value for Trilogy shareholders at a valuation which reflects the remarkable accomplishments of our team in New Zealand and runway for future growth," said Brad Horwitz, President and CEO of Trilogy.
The transaction is subject to required regulatory approvals and the approval of Trilogy's shareholders.
Trilogy anticipates that closing will take place in the first half of 2022.
Trilogy and 2degrees are being advised by Montarne, and Macquarie Asset Management, Aware Super and Vocus Group Limited are being advised by UBS.
Shareholder Approval and Recommendation of the Board
Under the provisions of the Business Corporations Act (British Columbia), Trilogy's governing corporate law statute, the sale of all or substantially all of its undertaking requires approval by way of a special resolution, which is a resolution approved by at least two-thirds of the votes cast on the matter at a meeting of shareholders. The special meeting of common shareholders is currently expected to be held in Q1 2022. SG Enterprises, II LLC ("SG"), Brad Horwitz and Alignvest Management Corporation ("Alignvest") and certain of its affiliates, have entered into support agreements agreeing to vote their Trilogy common shares in favor of the transaction.
Trilogy's board of directors, after consultation with management, its financial adviser and its legal advisors and reliance upon a fairness opinion from Grant Samuel and Associates Limited, and as to be more fully described in the management information circular to be filed and mailed to common shareholders in connection with the transaction, has unanimously approved the transaction and determined that it is in the best interests of Trilogy and recommends that common shareholders vote in favor of the transaction.
The Purchase Agreement
Under the terms of the purchase agreement, Voyage will acquire all of the equity interest of 2degrees. In addition to shareholder and regulatory approvals, the closing of the transaction is subject to the receipt of certain third-party consents, as well as a number of other customary conditions, including with respect to the accuracy of the parties' representations and warranties and material compliance with their respective covenants.
The purchase agreement includes customary non-solicitation provisions subject to certain fiduciary exceptions.
Copies of the purchase agreement and the management information circular to be mailed to common shareholders in connection with the transaction will be filed with Canadian securities regulators and will be available on the SEDAR profile of Trilogy at www.sedar.com. Shareholders are urged to read the management information circular and the other relevant materials when they become available, as such materials will contain important information regarding the transaction.
The Bridge Loan
SG, Brad Horwitz and Alignvest have also committed to provide up to a $10M loan (the "Bridge Loan") to fund Trilogy's corporate costs and certain transaction related costs between signing and the expected closing date of the transaction, subject to the approval of the Toronto Stock Exchange.
The entrance into the Bridge Loan constitutes a related-party transaction under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101") due to the participation by certain Trilogy insiders as lenders. The Bridge Loan is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the Bridge Loan does not exceed 25.0% of Trilogy's market capitalization. The material change report in relation to the Bridge Loan will be filed fewer than 21 days before the closing date of the Bridge Loan as Trilogy wishes to complete the Bridge Loan as soon as commercially practical after all required approvals are obtained.
About Trilogy International Partners Inc.
TIP Inc. is the parent company of Trilogy International Partners LLC, a wireless and fixed broadband telecommunications operator formed by wireless industry veterans John Stanton, Theresa Gillespie and Brad Horwitz.
Trilogy currently provides wireless and fixed broadband communications services through its operating subsidiaries in New Zealand and Bolivia. Its head office is located at 155 108th Avenue NE, Suite 400, Bellevue, Washington, 98004 USA.
For more information, visit www.trilogy-international.com
Two New Zealand entrepreneurs are celebrating a world-first after establishing a licensing agreement with US company Xela Pack.
The partnership means Xela Pack’s innovative, more sustainable packaging will be produced outside the US for the first time under the Xela Oceania name.
Xela Pack, which is based in Saline, Michigan, focuses on small-dose or multi-dose packaging between 5ml and 30ml. The packets are made predominantly from recycled paper, use approximately 93% less plastic than similar-sized bottles and tubes and take up around 20% less space than plastic bottles. They can be used for liquids, powders, tablets and granulated products and are used in a range of sectors, including food, natural health, dietary supplements, oral care, cosmetics, hotels and cruises, and pharmaceuticals.
The packaging has excellent barrier properties and can be opened and closed, which means it can be used multiple times, and it won’t leak, spill or let oxygen in to affect product quality. There is also more room for printing and less product wastage when compared to plastic bottles.
The business started life back in 1967 when Gentile Packaging Machinery (GPM) was started by Aliseo Gentile. In 1987, he and his wife Cathy launched a new contract packaging company called Genpack USA and, in 1994, long before the current wave of anti-plastic sentiment, they decided to focus solely on this more sustainable, less wasteful kind of packaging and changed its name to Xela Pack.
GPM has built all the machines used by Xela Pack - and the machine that will be used by Xela Oceania in New Zealand. It uses specific materials that are provided by Xela Pack and these have been through rigorous compatibility tests to ensure they work at certain temperatures, pressures and times.
“This is high-quality engineering and they pride themselves on it,” says Jason Shaw, co-founder of Xela Oceania. “They’re beautiful machines and they’re built to last. The first machine it made is still operating.”
GPM decided to modernise the Xela Pack machines in 2018 and add connectivity, not just for its own benefit, but so that it could start selling them. “The idea was that we would be selling to companies that were producing their own products and potentially move into different countries,” says Anthony Gentile, the vice president of GPM, director of marketing at Xela Pack, and son of the founder.
But that order was reversed after meeting Shaw at a trade show in the US, where they discussed the potential of establishing an exclusive licensing agreement.
“We worked out the terms for them to be able to be the first to produce Xela Packs outside the US - and the first people outside our own family. It’s really exciting in that sense. We just really like Paul [Zaloum] and Jason. We found people who we thought had the motivation, intelligence and capability to do what it takes to start a company from the ground up.
"Our success is their success and our goal is for this to be profitable for Xela Oceania. We have all the confidence in the world in them. A huge step would be seeing a second machine heading over there.”
Xela Pack’s director of sales Carolynn O’Connor says there’s currently a lot of energy around more sustainable packaging and a lot of it comes from brands and product companies.
“We’ve done more innovation and R&D in the past year and a half than in the past 20 years. We’re getting requests from every direction.”
One recent request was from an airline looking to produce an additive in a Xela Pack that could be squeezed into a glass to make a cocktail. There has also been a lot of demand for larger sizes and Xela Pack USA is looking at developing 125ml, 250ml and 500ml packets.
Xela Pack is currently looking to remove all foil from its packets and investigating the complete removal of plastic or substituting them for bioplastics.
“The benefit we always saw with this model is they’re always working on R&D,” says Shaw. “We need to get more machines on the ground so they can invest in more R&D. Getting the income going here is a really good recipe for that.”
And while there have been understandable delays with on-site training and delivery due to Covid-19, being able to call on Xela Pack’s 30-plus years of experience gives the pair plenty of confidence.
Shaw, who has worked in the honey industry for ten years, and Zaloum, who studied production engineering and has worked in biosecurity and as a ship officer, are based in Albany and will initially focus on pushing Xela Pack in the honey sector, but they aim to extend into other high-value sectors that require more sustainable single or multi-dose packaging.
The pair believe this technology is hitting the New Zealand market at the perfect time and want to take a bite out of the $4 billion local packaging industry, reduce the impacts on the planet and eventually take Xela Pack to other markets like Australia and India.
“We want to be the Tetra Pak of small and multi-dose packaging,” says Shaw. “That’s our goal. We’re here for a long time and we’re here to do the job right.”
Visit www.xela.co.nz
Whip Around, an industry leader in fleet inspection and maintenance software, and one of New Zealand’s most admired tech start-ups, has closed a successful $21 million (US$14 million) Series B funding round.
The round tops off an impressive year for Whip Around which also took home Emerging Company of the Year at the New Zealand Hi-Tech Awards in May, having won the Start-Up Company of the Year two years prior.
Whip Around’s platform replaces the cumbersome paper-based fleet inspection process with a more efficient and information-rich digital alternative. The successful Series B capital raise is testament to Whip Around’s significant growth, primarily in the United States, where 97% of its customers are based. Its customers range from small independents to larger fleets working with globally-recognised brands.
Whip Around’s Chief Executive Officer Noah Hickey says the investment will help turbocharge Whip Around’s development. “The market is in the early innings of a transition from paper based manual processes to the digital solution that Whip Around provides. There is a significant opportunity to help streamline the transport industry and grow the company. It is an exciting time,” he says.
With a team of 70 in Auckland, North Carolina and Texas the funding round will help expand its New Zealand based Product and Engineering team and broaden Whip Around’s reach in the United States. “We are committed to building the world’s best fleet inspection and maintenance platform, and continuing to deliver outstanding value and functionality to our customers,” says Hickey.
The funding round, led by New Zealand based Punakaiki Fund and US venture capital firm Amplo, signals great confidence from Whip Around’s existing and new investors. “Whip Around has an extraordinary team and culture, and is relentless and highly professional in its approach to delivering great results for its customers,” says Punakaiki Fund Manager Lance Wiggs.
Texas based venture capital firm Amplo, will provide in market support to continue the firm’s momentum in the United States. With investments in well known software businesses such as Intercom, Robinhood and Sharesies, Amplo brings a great network of advisors including their board partner former New Zealand Prime Minister Sir John Key.
Amplo Founder and Chief Executive Officer Sheel Tyle says “The combination of a clear customer value proposition and a large untapped market opportunity attracted us to Whip Around. Ultimately though, it is the quality of the team and the culture that Noah has built that give us real confidence that Whip Around has a bright future. We are excited to be involved”.
About Whip Around
Founded in 2016 by Tim Boyle and James Colley, Whip Around develops and builds solutions that tackle the paper-based compliance burden for a wide variety of transport companies in the United States and around the world. The company aims to reduce the amount of time paperwork costs fleet managers every day and improve efficiency through increased visibility, accountability, and preventative action. Whip Around has 70 staff based in Auckland, North Carolina and Texas and while most of its customers are based in the US, has customers around the world.
Whip Around is no stranger to success. Previous fundraising rounds have been oversubscribed and the company has won multiple awards including 2019 Startup of the Year and 2021 Emerging Company of the Year at the New Zealand Hi-Tech Awards. https://whiparound.com/
Rocket Lab to Acquire SolAero Holdings, Inc., a Global Leader in Space Solar Power Products
The strategic acquisition will see Rocket Lab add the world’s largest production line of high-performing space solar cells to the Company’s growing space systems business
Long Beach, California. December 13, 2021 – Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today announced it has signed a definitive agreement to acquire SolAero Holdings, Inc. (SolAero), a premier supplier of space solar power products and precision aerospace structures for the global aerospace market, for $80 million in cash. The acquisition is expected to close in the first quarter of 2022.
The acquisition aligns with Rocket Lab’s growth strategy of vertical integration to deliver a comprehensive space solution that spans spacecraft manufacture, satellite subsystems, flight software, ground operations, and launch. As one of only two companies producing high-efficiency, space-grade solar cells in the United States, SolAero’s space solar cells are among the highest performing in the world and support civil space exploration, science, defense and intelligence, and commercial markets. In combining with Rocket Lab, SolAero will tap into the Company’s resources and manufacturing capability to boost high-volume production, making high-performing space power technologies available at scale.
“SolAero is a highly complementary addition to Rocket Lab’s vertically integrated business model and strengthens our ability to streamline space for our customers by delivering complete space mission solutions,” said Rocket Lab founder and CEO, Peter Beck. “SolAero has established itself as a premier provider of solar technologies, enabling trailblazing missions that have expanded scientific horizons and advanced commercial space. By combining our innovative teams, industry-leading technologies, and strong resources, we can advance space exploration and enable our customers to push the boundaries of what’s possible in orbit. We are absolutely thrilled to welcome the SolAero team to the Rocket Lab family.”
“We are very excited to join the outstanding team at Rocket Lab and contribute to their track record of innovation and on-orbit success,” said SolAero President and CEO, Brad Clevenger. “As Rocket Lab builds on its capability to provide complete mission solutions, SolAero is a natural fit for Rocket Lab. We look forward to becoming an integral part of Rocket Lab’s Space Systems business while continuing to offer all of our customers premier capability and value.”
Founded in 1998 and headquartered in Albuquerque, New Mexico, SolAero’s solar cells, solar panels, and composite structural products have supported more than 1,000 successful space missions with 100% reliability and mission success to date. Over the past two decades, SolAero’s products have played key roles in some of the industry’s most ambitious space missions, including supplying power to NASA’s Parker Solar Probe and Mars Insight Lander, the largest solar array ever deployed on the surface of Mars, and several Cygnus Cargo Resupply Missions to the International Space Station. SolAero also led the development and manufacturing of the solar panel on Ingenuity, the helicopter that successfully flew on Mars in April this year, marking the first ever powered, controlled flight on a planet other than Earth.
SolAero technology has also made commercial constellations possible, providing power to OneWeb’s broadband constellation. Most recently, SolAero has been selected to supply Solar Power Modules for the Power and Propulsion Element of NASA’s Gateway as part of NASA’s Artemis lunar exploration plans, which will enable future missions to Mars.
The addition of SolAero’s 425-strong team brings Rocket Lab’s total headcount to more than 1,100 employees across its space manufacturing complexes, test facilities, and launch sites in California, Virginia, Colorado, Maryland, Toronto, New Zealand and now Albuquerque, New Mexico. The SolAero team will continue to be led by President and CEO Brad Clevenger at SolAero’s 154,696 ft² (14,372 m²) production facilities in Albuquerque, New Mexico.
The SolAero merger is Rocket Lab’s third proposed acquisition announced this year, following the acquisition of space software company ASI Aerospace LLC in October 2021, and spacecraft separation systems company Planetary Systems Corporation, which was completed in December 2021.
Rocket Lab will host a conference call for investors at 2:00 p.m. PST (5:00 p.m. EST) today to discuss the agreement. The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events
https://www.rocketlabusa.com/
The new United States ambassador to Aotearoa New Zealand says some of his "proudest achievements" have been with his country's indigenous peoples and is "thrilled" to work here alongside Māori.
Tom Udall, who arrived in the country a little over 10 days ago with his wife Jill Cooper, recited a pepeha - traditional Māori introduction - as he spoke to reporters here for the first time.
"I love these greetings, I have heard them all my life.
"What we share, many of our tribes, is this love and attachment to the land... pass it on as good stewards to the next generation."
Udall, 73, also ambassador to Sāmoa, is one of the first appointments made under President Joe Biden's administration, and replaces Scott Brown, who was appointed by Donald Trump and left his post in December last year.
It comes as the United States globally looks to counter China's sphere of influence, particularly in the Pacific.
Udall, a Democrat, retired in 2021 after two terms in the US Senate representing New Mexico.
Udall has said some of his "proudest achievements" came through working working with Native American tribal leaders in his state, including progressing tribal self-governance, native language revitalisation and protecting sacred areas.
He was also instrumental in helping secure $8 billion in funding for tribal governments in their Covid-19 responses.
Upon stepping down from his post, Navajo Nation President Jonathan Nez said Udall had been an "advocate and champion for the Navajo people".
During a press conference today at his residence in Lower Hutt, Udall said he was very keen to learn as much as he could about Māori culture.
Asked what he'd learned during his work with tribes, he said the importance of sovereignty.
"The first thing is, is the indigenous people of New Mexico, the Native Americans really care about the fact that they are nations within the nation, and they care about their sovereignty."
Udall said his role here was to represent Biden, who he'd interned for in 1973 and who'd been a "good friend ever since".
His three main priorities here were climate change and the "existential crisis", working closely with allies in the Indo Pacific, and developing a "very good working relationship" particularly with the country's indigenous people.
"I think there's going to be a lot of interest in New Zealand, especially in the Indo Pacific region."
On the recent Australia, United Kingdom and United States security pact - AUKUS - Udall said New Zealand was "not sidelined", despite being left out.
On China's rise and increasing presence through the Pacific, Udall said it was "very complicated".
"You have an adversarial side and a competitive side."
There were the human rights issues, and then "challenges" in areas such as the South China Sea, he said. But there was increasing common ground in areas such as addressing climate change.
"There's been a big effort by our government already to work on climate change with China and I was very happy that John Kerry in his role met with his counterpart while COP26 was going on."
In New Zealand, he said he was looking forward to working with on renewable energy, including geothermal, hydro and expansions into wind and solar.
On a potential free trade agreement with the United States in the future, Udall said there was much common ground including around diversifying trade.
"We're a big free trader, we like to trade. So we should be interested in engaging there and discussing with them and see what we can do."
Udall and his wife completed a stint in managed isolation upon their arrival in the country. On Wednesday he presented his credentials as ambassador to Governor-General Dame Cindy Kiro.
Prior to becoming a senator, Udall spent five terms in the US House of Representatives and served as New Mexico's attorney general.
He comes from a family well known for public service: his father Stewart Udall served as Interior Secretary, his uncle Mo Udall was a congressman from Colorado and his cousin Mark Udall was a senator from Colorado.
Source: https://www.nzherald.co.nz/
Closed transaction marks the beginning of democratizing Weta Digital’s exclusive tools for millions of creators and artists
SAN FRANCISCO, December, 1 2021 -- Unity (NYSE: U), the world’s leading platform for creating and operating real-time 3D (RT3D) content, today announced it has completed the acquisition of Weta Digital’s tools, pipeline, technology, and engineering talent. This acquisition is designed to empower the growing number of game developers, artists, and potentially millions of consumer creators with highly sophisticated content creation tools used in some of the world’s most iconic movies and television shows, such as Avatar, Game of Thrones, Lord of the Rings, The Suicide Squad, and more.
In addition to acquiring dozens of industry-leading tools, a foundational data platform for interoperable 3D art creation, and a library of thousands of incredible assets that the WetaFX team will continue to evolve, Unity welcomes Weta Digital’s world-class engineering talent of 275 engineers that are known for architecting, building, and maintaining Weta Digital tools and core pipeline.
“We are thrilled to officially welcome Weta Digital’s highly talented engineering team to Unity and to begin the journey of integrating two powerhouse technologies,” said Marc Whitten, Senior Vice President and General Manager, Create Solutions at Unity. “By bringing this team and technology to Unity, we can enable more storytellers to reach their creative potential by giving them access to the diamonds of all diamonds of VFX tools, underpinned by the power of real-time 3D.”
Weta Digital’s Academy Award-Winning VFX teams will continue as a standalone entity known as WetaFX under majority ownership by Sir Peter Jackson and helmed by CEO Prem Akkaraju.
“I know Weta Digital’s journey with Unity has just begun and I’m more confident than ever that Unity is the company to take this technology to a broader market,” said Prem Akkaraju, CEO of WetaFX and now former CEO of Weta Digital. “The decision to make our tools accessible to the wider market was ultimately driven by our goal of inspiring other creators. WetaFX is Jimi Hendrix, and we know enabling more artists to play, we’ll see the world has many, many more Jimi Hendrixes.”
The transaction closed on December 1, 2021 and under the terms of the agreement, Unity acquired Weta Digital’s tools, pipeline, technology, and engineering talent for US$1.625B in a combination of cash and stock. Unity will not be relocating the new employees with this acquisition and remains supportive and committed to Wellington, New Zealand.
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding enabling millions of creators and artists around the world; the ability of Unity and Weta Digital to enable the next generation of RT3D creativity; Unity’s ability to democratize industry-leading tools and bring Weta Digital’s engineering talent to life for artists everywhere; the ability of Unity to enable an entirely new generation of creators to build, transform and distribute stunning 3D content; Unity’s ability to bring Weta Digital to a much broader audience; Unity’s ability to evolve its pipeline for content creators; and Unity and Weta Digital's ability to open new possibilities for creators. The words “will,” “allows,” “can,” “enable,” “objective” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions, such as Unity’s ability to successfully integrate Weta Digital's technology and business; costs related to the acquisition; whether potential benefits of the transaction extend to Unity and Weta Digital's customers and other potential creators; Unity’s and Weta Digital’s success developing new products or modifying existing products and the degree to which these gain market acceptance; and any unanticipated impact of accounting for the acquisition. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Further information on these and additional risks that could affect Unity’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q filed with the SEC on November 10, 2021, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Unity assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Unity (NYSE: U) is the world’s leading platform for creating and operating real-time 3D (RT3D) content. Creators, ranging from game developers to artists, architects, automotive designers, filmmakers, and others, use Unity to make their imaginations come to life. Unity’s platform provides a comprehensive set of software solutions to create, run and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. The company’s 1,800+ person research and development team keeps Unity at the forefront of development by working alongside partners to ensure optimized support for the latest releases and platforms. Apps developed by Unity creators were downloaded more than five billion times per month in 2020. For more information, please visit www.unity.com.
Source: Scoop Media
Data wrangling startup Segna is today announcing they’ve raised seed funding from US startup accelerator Y Combinator, following investment from Hillfarrance Venture Capital, Icehouse Ventures and Australian-based fund, CP Ventures.
Segna uses machine learning to aggregate and clean data from multiple sources in under a minute. Its software platform helps businesses of all sizes unlock value from their data faster and more easily by automating the time-consuming, administrative tasks of curating and organising it.
In January, Segna will begin Y Combinator’s three-month startup accelerator programme, which also provides $US125,000 seed investment, and culminates in a Demo Day where between US$1-5 million dollars is raised in the weeks following.
Segna is among 1.5% of startups selected from over 30,000 other applicants who apply to Y Combinator each year, and they now join a prestigious list of alumni, including Airbnb, Dropbox, Twitch, Stripe, Reddit, and CoinBase. Only three other New Zealand start-ups are understood to have previously completed the Y Combinator programme since it launched in March 2005.
This is the second startup for Segna co-founders Will Haringa and Aryan Lobie, who’ve raised $880,000 since launching the platform 16 months ago. Will also co-founded Zenno Astronautics, winners of the University of Auckland Velocity challenge in 2018, and Aryan developed the first scientific satellite that launched with RocketLab last November. He then went on to work as a data scientist at smart cow collar company Halter.
The new funds are being used to expand the team and further develop the Segna platform, which the co-founders say can unify and restructure data streams hundreds of times faster than legacy methods.
Will says businesses want simple, timely, actionable insights from their data but many are not equipped with the tools, expertise and resources to make it happen: “We are on a mission to democratise access to data, to break it away from being an arcane art for experts housed within large enterprise, to a being simple, intuitive and affordable for smaller businesses. And we can do this for businesses at warp speed.”
A beta version of Segna is being used by a wide range of small and medium-sized businesses, which include accounting and financial firms, an online retailer, and a number of local startups. Businesses will pay a monthly subscription fee when the product is officially launched next year.
The World Economic Forum predicts that 133 million new jobs will emerge in 2022 from the field of data and artificial intelligence, and Segna believes that a massive surge in demand for these roles can disadvantage smaller businesses, which might not be able to afford them.
It’s estimated 80% of a data analyst’s time is spent being a ‘data caretaker’ - cleaning it up and getting it into the right shape - leaving only 20% time to derive value through analysis.
Will says the use of machine learning not only expedites Segna’s data wrangling, but also continuously improves the way data is presented based on the users’ previous actions, helping them uncover new insights with unprecedented accuracy.
“More businesses - big and small - are realising that the true value of their enterprise is in the data they collect, not just the sales they generate,” says Rob Vickery, Managing Partner of Hillfarrance Venture Capital. “At Hillfarrance, an AI-focused early-stage venture capital fund, we believe that Aotearoa New Zealand entrepreneurs are creating the next wave of AI innovation, and Segna is one of the leaders of that charge!”
Icehouse Ventures CEO Robbie Paul says: “Many of the startups we back have been led by young founders with extraordinary ambition and intellectual firepower, such as Halter, Sharesies, Dawn Aerospace, Partly, and Astrix. Will and Aryan are equally exceptional and we are excited to back them alongside Y Combinator.”
After Covid delayed the opening of its new multi-million dollar Auckland factory, Shott Beverages is now battling logistics lags in order to make its long-awaited entry into the American market.
Its New Zealand-made coffee syrup products were scheduled to launch into foodservice in the US this month, according to chief executive David Shearer, but were “caught in the logistic woes” en-route to Los Angeles.
“It’s only shipping up there now as we speak. It was supposed to be a 1 November launch but there’s a three-week waiting line at the port of Los Angeles before it even gets trucked to where it needs to go,” said Shearer.
He expected the stock to be available for sale in American cafes and restaurants by January 2022, with two new sales and marketing hires at the company’s newly-opened US office expected to hit the ground running with distributors as soon as the product was on the ground.
Shott Beverages opened a multi-million dollar factory in Auckland in August, which was originally scheduled for May 2020 but came 14 months later after crucial equipment built in China and Germany was caught up in factory and then shipping delays.
The opening of its second factory, alongside its original Wellington base, boosted production capacity by 300% unlocking the volumes that were required for its entry into the US market.
“We’ve had a lot of interest [from America] over the years, but we’ve turned it down literally because we haven’t had the capacity,” said Shearer, a 4.9% company shareholder.
“We’ve heard horror stories of businesses going to America, winning a contract and not being able to supply them. We wanted to ensure we had ample capacity before entering that particular market.”
The company first sent stock abroad in 2014 into South Korea, “a coffee-drinkers market”, where it found success when global cafe chain Starbucks started using its syrups for speciality drinks in its premium Starbucks Reserve cafes.
Exports now delivered around 70% of the group’s revenue, and South Korea was still its top export market, followed by the United Kingdom and Australia.
“An export-motivated brand”, Shearer hoped to expand its global distribution beyond its current distribution into around 20 countries across Asia Pacific, Europe, the UK and now the US.
“Our job is to make sure we have enough manufacturing capacity in New Zealand to keep up with what those four offices are doing.”
While the Auckland plant pumped out export products, its eight-year-old Wellington factory continued to manufacture its retail brand, QuarterPast, for at-home coffee drinkers.
By channel, foodservice was 60% of Shott’s group revenue, with the balance coming from retail largely under its QuarterPast brand, which has been a boon for business during lockdown.
“It’s been one of the things that offset how hard the poor old foodservice channel has been doing. A lot of coffee consumption went to home consumption,” said Shearer.
“[Australian sales saw] double-digit growth last year, even though one of the quarters we were down over 50% we still managed to get double digit growth by the end of the year.
“Our Australian business is growing at three figures, 100s of percent growth at the moment.”
Shott’s domestic business made up around 30% of annual revenue, the “backbone of the business still”, but Shearer said an export push over the next five years – particularly in North America – could see the percentage of New Zealand revenue come in at closer to 10%.
Shearer added that unlike many of its competitors, the company does not heat-treat its products which allowed them to market the fruit syrups as free of artificial flavours, colours and sweeteners. This hybrid of fruit juice and jam manufacturing without the heat, was the company’s “point of difference”.
“We believe we pioneered a new way of manufacturing these syrups and the category’s open for disruption and that’s what we’re working towards,” he said.
“That means high growth for a number of years if we play our cards right and hopefully that will stimulate more jobs in this country and create what we hope will be another successful New Zealand brand.”
Source: https://www.foodticker.co.nz/
The following is attributable to Spokesperson Ned Price:
Secretary of State Antony J. Blinken welcomed New Zealand Foreign Minister Nanaia Mahuta to Washington, D.C. today and congratulated the Foreign Minister on New Zealand’s successful APEC Chairmanship in 2021. The Secretary and Foreign Minister reiterated our shared values and commitment to a free and open Indo-Pacific. The Secretary and the Foreign Minister discussed the global importance of acting on the climate crisis and underscored our close scientific cooperation in Antarctica. Secretary Blinken and Foreign Minister Mahuta also discussed New Zealand’s new Pacific Resilience approach to the region and coordinated efforts to support Pacific partners during the COVID-19 pandemic.
Source: https://www.state.gov/
Minister Mahuta comments on Twitter - A warm kōrero with @SecBlinken today. Our two countries enjoy a deep, long-lasting friendship that is based on shared democratic values. We discussed a number of significant issues, including Pacific resilience, the Indo-Pacific regional agenda and our shared concerns to ensure greater stability in the region.
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Source: https://www.keanewzealand.com/
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