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SAN FRANCISCO, Jan. 19, 2022 /PRNewswire/ — Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported results for the fourth quarter of 2021.

Net earnings per diluted share was $1.67 for the quarter and $3.94 for the year compared with $0.38 and $2.01 for the same periods in 2020. Core funds from operations (Core FFO)* per diluted share was $1.12 for the quarter and $4.15 for the year compared with $0.95 and $3.80 for the same periods in 2020. Core FFO for full-year 2021 and 2020 included net promote income per diluted share of $0.06 and $0.22, respectively.

“Demand for our 1 billion square foot global portfolio shows no signs of slowing and we are positioned ideally to meet our customers’ most critical real estate needs,” said Hamid R. Moghadam, co-founder and CEO, Prologis. “In tandem, we remain focused on key customer-centric initiatives around energy, technology, labor, data and other aspects of our growing Essentials business.”

OPERATING PERFORMANCE 

DEPLOYMENT ACTIVITY

BALANCE SHEET & LIQUIDITY
During the fourth quarter, Prologis and its co-investment ventures issued $2.9 billion of debt at a weighted average interest rate of 1.1 percent, and issued $11.5 billion of debt for the full year at a weighted average interest rate of 1.3 percent, including $906 million in green bonds. The company maintained its leading liquidity position with approximately $5.0 billion in cash and availability on its credit facilities at year-end.

As of December 31, 2021, debt as a percentage of total market capitalization was 13.5 percent and the company’s weighted average interest rate on its share of total debt was 1.7 percent with a weighted average term of 10.0 years. The combined investment capacity of Prologis and its open-ended ventures, at levels in line with their current ratings, is approximately $15.5 billion.

GLOBAL 100
Prologis is the #1 real estate investment trust (REIT) on the newly released 2022 Global 100 Most Sustainable Corporations in the World list. This is the company’s thirteenth appearance on the list, which is widely considered one of the most reputable sustainability rankings. Corporate Knights, a specialized media company and investment research firm, ranks publicly traded global companies on a broad scope of metrics related to environmental stewardship, social responsibility and governance (ESG).

2022 GUIDANCE
“While 2021 was a year of many records, most of the benefit from the current environment will be realized in the future,” said Thomas S. Olinger, chief financial officer, Prologis. “Our high-quality growth profile is driven by our lease mark-to-market, profitable Strategic Capital business, development build-out potential and leverage capacity, all of which provide a clear, tangible runway for sector-leading growth for many years to come.”

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company’s Core FFO* and net earnings guidance for 2022 relates predominantly to these items. Please refer to our fourth quarter Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC’s website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.

January 19, 2022, CALL DETAILS
The call will take place on Wednesday, January 19, 2022, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (888) 330-2502 (toll-free from the United States and Canada) or +1 (240) 789-2713 (from all other countries) and enter conference code 7126328. A live webcast can be accessed from the Investor Relations section of www.prologis.com.

A telephonic replay will be available January 19 – February 2 at +1 (800) 770-2030 (from the United States and Canada) or +1 (647) 362-9199 (from all other countries) using conference code 7126328. The webcast replay will be posted in the Investor Relations section of www.prologis.com under “Events & Presentations”.

ABOUT PROLOGIS
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2021, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.0 billion square feet (93 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,800 customers principally across two major categories: business-to-business and retail/online fulfillment.

FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management’s beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” and “estimates,” including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to the current coronavirus pandemic; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading “Risk Factors.” We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders (“Adjusted EBITDA”), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure to Adjusted EBITDA is net earnings.

We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of:  interest expense, income taxes, depreciation and amortization, impairment charges, gains or losses from the disposition of investments in real estate (excluding development properties and land), gains from the revaluation of equity investments upon acquisition of a controlling interest, gains or losses on early extinguishment of debt and derivative contracts (including cash charges), similar adjustments we make to our FFO measures (see definition below), and other items, such as, amortization of stock based compensation and unrealized gains or losses on foreign currency and derivatives. We also include a pro forma adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. The pro forma adjustment also includes economic ownership changes in our ventures to reflect the full quarter at the new ownership percentage.

We believe Adjusted EBITDA provides investors relevant and useful information because it permits investors to view our operating performance, analyze our ability to meet interest payment obligations and make quarterly preferred stock dividends on an unleveraged basis before the effects of income tax, depreciation and amortization expense, gains and losses on the disposition of non-development properties and other items (outlined above), that affect comparability. While all items are not infrequent or unusual in nature, these items may result from market fluctuations that can have inconsistent effects on our results of operations. The economics underlying these items reflect market and financing conditions in the short-term but can obscure our performance and the value of our long-term investment decisions and strategies.

We calculate our Adjusted EBITDA, based on our proportionate ownership share of both our unconsolidated and consolidated ventures.  We reflect our share of our Adjusted EBITDA measures for unconsolidated ventures by applying our average ownership percentage for the period to the applicable reconciling items on an entity by entity basis.  We reflect our share for consolidated ventures in which we do not own 100% of the equity by adjusting our Adjusted EBITDA measures to remove the noncontrolling interests share of the applicable reconciling items based on our average ownership percentage for the applicable periods.

While we believe Adjusted EBITDA is an important measure, it should not be used alone because it excludes significant components of net earnings, such as our historical cash expenditures or future cash requirements for working capital, capital expenditures, distribution requirements, contractual commitments or interest and principal payments on our outstanding debt and is therefore limited as an analytical tool.

Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders.

Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development.  The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business.  The amount of Core FFO allocated to the strategic capital line of business represents the third party share of asset management fees, Net Promotes and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group.  Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis’ respective businesses to other companies’ comparable businesses. Prologis’ computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures.

Calculation of Per Share Amounts

Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI and does not include any fees or promotes we may earn.

Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI.

Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows:

FFO, as modified by Prologis attributable to common stockholders/unitholders (“FFO, as modified by Prologis”); Core FFO attributable to common stockholders/unitholders (“Core FFO”); AFFO attributable to common stockholders/unitholders (“AFFO”); (collectively referred to as “FFO”).

FFO is a non-GAAP financial measure that is commonly used in the real estate industry. The most directly comparable GAAP measure to FFO is net earnings.

The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as earnings computed under GAAP to exclude historical cost depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We also exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. We exclude similar adjustments from our unconsolidated entities and the third parties’ share of our consolidated co-investment ventures.

Our FFO Measures

Our FFO measures begin with NAREIT’s definition and we make certain adjustments to reflect our business and the way that management plans and executes our business strategy.  While not infrequent or unusual, the additional items we adjust for in calculating FFO, as modified by Prologis, Core FFO and AFFO, as defined below, are subject to significant fluctuations from period to period. Although these items may have a material impact on our operations and are reflected in our financial statements, the removal of the effects of these items allows us to better understand the core operating performance of our properties over the long term.  These items have both positive and negative short-term effects on our results of operations in inconsistent and unpredictable directions that are not relevant to our long-term outlook.

We calculate our FFO measures, as defined below, based on our proportionate ownership share of both our unconsolidated and consolidated ventures.  We reflect our share of our FFO measures for unconsolidated ventures by applying our average ownership percentage for the period to the applicable reconciling items on an entity by entity basis.  We reflect our share for consolidated ventures in which we do not own 100% of the equity by adjusting our FFO measures to remove the noncontrolling interests share of the applicable reconciling items based on our average ownership percentage for the applicable periods.

These FFO measures are used by management as supplemental financial measures of operating performance and we believe that it is important that stockholders, potential investors and financial analysts understand the measures management uses. We do not use our FFO measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP, as indicators of our operating performance, as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.

We analyze our operating performance principally by the rental revenues of our real estate and the revenues from our strategic capital business, net of operating, administrative and financing expenses. This income stream is not directly impacted by fluctuations in the market value of our investments in real estate or debt securities. 

FFO, as modified by Prologis

To arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude the impact of foreign currency related items and deferred tax, specifically:

We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S.

Core FFO

In addition to FFO, as modified by Prologis, we also use Core FFO. To arrive at CoreFFO, we adjust FFO, as modified by Prologis, to exclude the following recurring and nonrecurring items that we recognize directly in FFO, as modified by Prologis:

We use Core FFO, including by segment and region, to: (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi) evaluate how a specific potential investment will impact our future results.

AFFO

To arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, and recurring capital expenditures and exclude the following items that we recognize directly in Core FFO:

We use AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; and (v) evaluate how a specific potential investment will impact our future results.

Limitations on the use of our FFO measures

While we believe our modified FFO measures are important supplemental measures, neither NAREIT’s nor our measures of FFO should be used alone because they exclude significant economic components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Accordingly, these are only a few of the many measures we use when analyzing our business.  Some of the limitations are:

• The current income tax expenses that are excluded from our modified FFO measures represent the taxes that are payable.
• Depreciation and amortization of real estate assets are economic costs that are excluded from FFO. FFO is limited, as it does not reflect the cash requirements that may be necessary for future replacements of the real estate assets. Furthermore, the amortization of capital expenditures and leasing costs necessary to maintain the operating performance of logistics facilities are not reflected in FFO.
• Gains or losses from property dispositions and impairment charges related to expected dispositions represent changes in value of the properties. By excluding these gains and losses, FFO does not capture realized changes in the value of disposed properties arising from changes in market conditions.
• The deferred income tax benefits and expenses that are excluded from our modified FFO measures result from the creation of a deferred income tax asset or liability that may have to be settled at some future point. Our modified FFO measures do not currently reflect any income or expense that may result from such settlement.
• The foreign currency exchange gains and losses that are excluded from our modified FFO measures are generally recognized based on movements in foreign currency exchange rates through a specific point in time. The ultimate settlement of our foreign currency-denominated net assets is indefinite as to timing and amount. Our FFO measures are limited in that they do not reflect the current period changes in these net assets that result from periodic foreign currency exchange rate movements.
• The gains and losses on extinguishment of debt or preferred stock that we exclude from our Core FFO, may provide a benefit or cost to us as we may be settling our obligation at less or more than our future obligation.
• The natural disaster expenses that we exclude from Core FFO are costs that we have incurred.

We compensate for these limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures to our net earnings computed under GAAP.

Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share:

Owned and Managed represents the consolidated properties and properties owned by our unconsolidated co-investment ventures, which we manage.

Prologis Share represents our proportionate economic ownership of each entity included in our total Owned and Managed portfolio whether consolidated or unconsolidated.

Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory (teaser rates) defined as 50% or less of the stabilized rate.

Rent Change (Net Effective) represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates in that same space. This measure excludes any short-term leases of less than one year and holdover payments.

Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring and in-place leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation.

Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a “same store” analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below.

We define our same store population for the three months ended December 31, 2021 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2020 and owned throughout the same three-month period in both 2020 and 2021. We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis’ ownership in the properties (“Prologis Share”). The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2020) and properties acquired or disposed of to third parties during the period. To derive an appropriate measure of period-to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar, for both periods.

As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses (“Property NOI”) (from our Consolidated Financial Statements prepared in accordance with U.S. GAAP) to our Same Store Property NOI measures, as follows:

Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs. 

Weighted Average Stabilized Capitalization (“Cap”) Rate is calculated as Stabilized NOI divided by the Acquisition Price. 

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SOURCE Prologis, Inc.

BOYNTON BEACH, Fla., Jan. 19, 2022 /PRNewswire/ — Exacta Systems and Everi Holdings Inc. (NYSE: EVRI), a premier provider of land-based and digital casino gaming content and products, financial technology, and player loyalty solutions, announced today that they have signed an agreement to bring Everi’s award-winning game content and cabinets onto Exacta’s historical horse racing (HHR) system.

Ross O’Hanley, Chief Revenue Officer at Exacta Systems, remarked, “Exacta is proud to partner with Everi for the historical horse racing market. Adding Everi’s high-performing game content and gaming cabinets to our Exacta CONNECT system creates a tremendous opportunity to increase player engagement at all of our customers’ locations.”

Dean Ehrlich, Executive Vice President and Games Business Leader at Everi, commented: “Collaborating with Exacta Systems is a significant opportunity to introduce our extensive library of proven mechanical reel and video gaming content into the growing HHR market. We are confident that our distinctive gaming cabinets and player-popular game content will resonate well with HHR patrons.”

About Exacta Systems:

Exacta Systems is a leader in the historical horse racing and central determinate technology markets. Its Exacta Connect product supports a “build once, deploy many” regulatory approved system that delivers engaging and entertaining games across different central determinate market segments. Exacta’s best-of-breed HHR library, combined with its open system platform that accommodates third party-manufacturer content, ensures that HHR customers enjoy a second-to-none entertainment experience. For more information about the company and the Exacta historic horse racing system, visit www.exactasystems.com.

About Everi Holdings Inc.:

Everi’s mission is to lead the gaming industry through the power of people, imagination, and technology. Focused on player engagement and assisting our casino customers to operate more efficiently, the Company develops entertaining game content and gaming machines, gaming systems, and services for land-based and iGaming operators. The Company is also the preeminent provider of trusted financial technology solutions that power the casino floor while improving operational efficiencies and fulfilling regulatory compliance requirements, including products and services that facilitate convenient and secure cash and cashless financial transactions, self-service player loyalty tools and applications, and regulatory and intelligence software. For more information, please visit www.everi.com, which is updated regularly with financial and other information about the Company.

Join Everi on Social Media
Twitter:  https://twitter.com/everi_inc 
LinkedIn:  https://www.linkedin.com/company/everi 
Facebook:  https://www.facebook.com/EveriHoldingsInc/ 
Instagram:  https://www.instagram.com/everi_inc

Contacts:

Everi Investor Relations

William Pfund

SVP, Investor Relations 
(702) 676-9513 or [email protected]

JCIR

Richard Land, James Leahy
(212) 835-8500 or [email protected]

Everi Media Relations

Dona Cassese

VP, Marketing
(702) 556-7133 or [email protected]

Mike Young

Corporate Communications Specialist
(702) 518-9179 or [email protected]

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SOURCE Everi Holdings Inc.

SAN JOSE, Calif., Jan. 19, 2022 /PRNewswire/ —

News Summary:

• A record-breaking 20,130 software vulnerabilities were reported in 2021 – 55 a day on average. However, only 4% of them pose a high risk to organizations.
• An organization can greatly reduce its chance of breach, or “exploitability score,” by up to 29 times by first fixing high-risk vulnerabilities with public exploit code and having a high remediation capacity.
• Using Twitter mentions to prioritize software fixes is twice as effective at reducing exploitation as the industry-standard Common Vulnerability Scoring System (CVSS).

New research has quantified the success of various strategies for vulnerability management and the exploitability of entire organizations, expanding the risk-based playbook for cybersecurity practices.

With an average of 55 new software vulnerabilities published every day in 2021, even the best staffed and resourced IT teams cannot fix all of the vulnerabilities across their infrastructures. Fortunately, there is a better solution.

The research conducted by Kenna Security, now part of Cisco and a market-leader in risk-based vulnerability management, and the Cyentia Institute, shows that properly prioritizing vulnerabilities to fix is more effective than increasing an organizations’ capacity to patch them, but having both can achieve a 29 times reduction in an organizations’ measured exploitability.

The findings are explained in Kenna’s latest report, Prioritization to Prediction, Volume 8: Measuring and Minimizing Exploitability.

“Exploitations in the wild used to be the best indicator for which vulnerabilities security teams should prioritize. Now we can show the likelihood of a particular organization being exploited, which is what we’ve always wanted to do,” said Ed Bellis, co-founder and chief technology officer of Kenna Security, now part of Cisco. “This gives organizations a much better chance at combating potential cyber threats effectively and the research shows that our customers are successfully managing their vulnerability risk every day.”

Exploitability was determined using the open Exploit Prediction Scoring System (EPSS); a cross-industry effort including Kenna Security and the Cyentia Institute that is maintained by FIRST.org.

The research confirms a recent Cybersecurity and Infrastructure Security Agency (CISA) directive that suggests it’s wiser to move away from prioritizing fixing of vulnerabilities based on CVSS scores and instead focus on high-risk vulnerabilities. Analysis shows that factors like exploit code and even Twitter mentions are better signals than CVSS scores.

“It’s clear that a shift to exploitability is going to make a huge difference based on the data and findings in this report. An analysis of CISA’s published vulnerabilities suggests that they may also be moving course away from CVSS scores as we were conducting this research,” said Wade Baker, partner and co-founder of Cyentia Institute. “We took it a step further to account for remediation velocity when making our calculations, which should better inform security teams.”

The research also suggests that:

• Nearly all (95%) IT assets have at least one highly exploitable vulnerability.
• Prioritizing vulnerabilities with exploit code is 11 times more effective than CVSS in minimizing exploitability.
• Most (87%) organizations have open vulnerabilities in at least a quarter of their active assets, and 41% of them show vulnerabilities in three of every four assets.
• A strong 62% majority of vulnerabilities have less than a 1% chance of exploitation. Only 5% of CVEs exceed 10% probability.

Additional Resources

• Read the full report, “Prioritization to Prediction, Volume 8: Measuring and Minimizing Exploitability,” the latest installment of Kenna Security’s series
• Read the blog
• Engage with Kenna on Twitter, Facebook, and LinkedIn.

About Cisco
Cisco (NASDAQ: CSCO) is the worldwide leader in technology that powers the Internet. Cisco inspires new possibilities by reimagining your applications, securing your data, transforming your infrastructure, and empowering your teams for a global and inclusive future. Discover more on The Network and follow us on Twitter.

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.

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SOURCE Cisco Systems, Inc.

GLEN MILLS, Pa., Jan. 19, 2022 /PRNewswire/ — Axalta Coating Systems (NYSE: AXTA), a leading global supplier of liquid and powder coatings, announced its Global Automotive Color of the Year 2022 – Royal Magenta.

The selection for the eighth edition of the exclusive Global Automotive Color of the Year, Royal Magenta, is a deep cherry color that brings a luxurious finish to the market. The robust design has a majestic dark finish engrained with merlot and garnet hues. The color appears berry red in sunlight yet reveals a dark, mysterious look in the midnight hours.

“Royal Magenta delivers a new luxury look that is optimized for future mobility,” said Hadi Awada, Senior Vice President, Global Mobility Coatings at Axalta. “With innovative mobility-sensing and environmentally-optimized waterborne technologies, we’re helping the mobility industry transition toward increasingly sustainable solutions, electric vehicles and autonomous driving.”

Royal Magenta is formulated for all vehicle types and enriches the mobility palette with alluring color. Royal Magenta is stylish and functional and is engineered to work with radar systems used on autonomous vehicles of all sizes. The sophistication of Royal Magenta is derived from Axalta’s track record of providing luxury finishes to the mobility market and ties into global color trends that convey elegance with an indulgent and festive color offering. Burgundy, violet and cherry-like hues are becoming more fashionable in the market. The premium color creates an opulent finish appearing lush with faceted jewel accents.

“This year, we have designed a complex-looking color that can be applied in a simplified manner,” said Nancy Lockhart, Global Product Manager of Color at Axalta. “The design process began by tinting waterborne paints with various layering systems to provide depth and color. With sustainability in mind, the end color was achieved with a conventional basecoat – clearcoat layering. It’s as easy on the eyes as it is to apply.”

As a leading color expert in paint and coatings, Axalta uses its innovative technology, advanced color formulations and proprietary insights into global and regional color preferences to drive future color trends. For more information about the Global Automotive Color of the Year 2022 and Axalta’s color capabilities, visit axalta.com/color.

About Axalta Coating Systems
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, our coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 130 countries better every day with the finest coatings, application systems and technology. For more information visit axalta.com and follow us @axalta on Twitter.

Contact:

Jessica Iben,
M +1.267.398.8163
[email protected]

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SOURCE Axalta Coating Systems Ltd.

BURLINGTON, Mass., Jan. 19, 2022 /PRNewswire/ — Nuance Communications, Inc. (NASDAQ: NUAN) today announced that it will release its first quarter fiscal 2022 results on Monday, February 7, 2022 after the market close.

Given the pending transaction with Microsoft, Nuance will not be hosting a conference call or issuing Prepared Remarks in conjunction with its first quarter 2022 earnings release. The acquisition has been approved by Nuance’s shareholders, and we expect it to close by the end of the first calendar quarter of 2022, subject to the satisfaction of certain regulatory approvals and other customary closing conditions.

About Nuance Communications, Inc.

Nuance Communications (NASDAQ: NUAN) is a technology pioneer with market leadership in conversational AI and ambient intelligence. A full-service partner trusted by 77 percent of U.S. hospitals and 85 percent of the Fortune 100 companies worldwide, Nuance creates intuitive solutions that amplify people’s ability to help others.

Trademark reference: Nuance and the Nuance logo are registered trademarks or trademarks of Nuance Communications, Inc. or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.

Contact Information

For Investors

Michael Maguire

Senior Director of Investor Relations
Nuance Communications, Inc.
Tel: 781-565-4855
Email: [email protected]

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SOURCE Nuance Communications, Inc.

NEW YORK, Jan. 19, 2022 /PRNewswire/ — StoneX Group Inc. (Nasdaq: SNEX), today announced that its Global Payments Division (“StoneX Payments”) has launched its new digital payments initiative, aimed at expanding the range of payments solutions it provides to its global corporate and institutional clients. StoneX, currently a leader in global cross-border payouts to emerging markets, will leverage its deep, global client relationships, proven cross-border capabilities, and substantial in-country payments services to provide a fully integrated offering.

StoneX Payments also disclosed that it has hired Dean Chang as Global Head of Digital Payments to launch its new digital payment offering. Mr. Chang brings extensive experience in cross-border FX and building innovative digital payment solutions. Most recently Mr. Chang served as Chief Operating Officer of Island Pay, where he was responsible for growing Island Pay in the Caribbean region.

Carsten Hils, Global Head of StoneX Payments, commented, “We recognize that although we are providing world-class cross-border FX payout solutions, our clients have other payments needs that we plan to address with these new capabilities. We want to position ourselves to support their goals, leveraging our experience and knowledge in emerging markets. Dean brings a diverse skill set and experience that positions him well to lead our new digital payments initiative.”

StoneX Payment’s clients are faced with challenges when facilitating payments in emerging markets, and as a result the Company is launching this initiative to address these critical needs. StoneX Payments will be developing an innovative digital solution to make it easier and more convenient for global institutions and corporates to set themselves up to accept local payments. These new services will allow them to focus on growing their core business and drive customer engagement.

Mr. Chang concluded, “I am excited to join StoneX Payments and be part of a team that leads the way in global payments. This initiative represents an investment in the future, as we build our platform and broaden our reach with new, innovative payments solutions to help our clients grow in new markets around the world.”

StoneX Payments specializes in transferring funds to the developing world. It offers competitive and transparent pricing, along with guaranteed and secure delivery, in approximately 140 currencies across 180 countries.

About StoneX Group Inc.
StoneX Group Inc. through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. StoneX strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its over 3,200 employees serve more than 45,000 commercial and institutional clients, and more than 370,000 active retail accounts, from more than 40 offices spread across five continents.

To learn more about StoneX, please visit: www.stonex.com.

Media Contact

Jay A. Morakis

M Group Strategic Communications (for StoneX Group Inc.)
+1 646 859 5951  
[email protected]   

SNEX-G

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SOURCE StoneX Group Inc.

MONETT, Mo., Jan. 19, 2022 /PRNewswire/ — Jack Henry & Associates, Inc.^® (NASDAQ:JKHY) announced today that Neb.-based Siouxland Federal Credit Union and Minn.-based Fulda Area Credit Union both selected Symitar for a core solution to be hosted in a private cloud environment.

Siouxland FCU wanted to take a more holistic approach to its technology strategy. Unlike its previous provider, Jack Henry offered deeper integration between strategic technologies, such as digital and card solutions. Jack Henry’s open infrastructure will enable the credit union to create a more cohesive experience for members. The credit union will now offer a seamless digital experience through the Banno Digital Platform™, complete with new features and functionalities such as card management. The credit union believes this superior connectivity will make the speed of account opening and closing loans much faster.

Joel Steenhoven, president of the $250 million-asset credit union, said, “Jack Henry’s technology enables our credit union to have a single, inclusive and connected technology infrastructure. This provides the optionality to select the products and services of our choice, while still delivering a unified member experience. The increased functionality and level of service we can offer with Jack Henry will help keep our financial institution top of mind for our members’ financial needs.”

Fulda Area CU chose Jack Henry to increase operational efficiencies. The credit union is reallocating the time and resources once spent on hosting their core to focus on improving service. Fulda Area CU launched its Symitar core and the Banno Digital Platform™ in February and continues to add new members to the platform daily – they enjoy its speed, ease of use, and intuitiveness. The authenticated chat within the digital banking platform has helped reduce call volumes by up to 20 calls daily while offering members more options to communicate and interact with their credit union. And, Jack Henry’s advanced reporting is helping the credit union continue its technology transformation with more strategic decisions; it empowers them to deliver better service to their members and create relevant products and services.

Chad Merrihew, president and CEO of the $133 million-asset credit union, said, “Our relationship with Jack Henry has improved our member experience and increased our presence in their financial lives.  Since our launch, we’ve seen new accounts increase by 15% year-over-year and these numbers continue to grow. We look forward to our continued collaboration with Jack Henry to maintain a modern, digital presence that will help fuel our growth and expansion.”

Shanon McLachlan, vice president of Jack Henry and president of Symitar, added, “As a well-rounded financial technology company, we’re empowering credit unions to deliver better functionality and service to their members. Credit unions can leverage our technology or select fintechs of choice for an integrated experience that meets the needs of their business and members. Institutions like Siouxland FCU and Fulda Area CU understand the benefits of greater connectivity and increased efficiencies.”

About Jack Henry & Associates, Inc.

Jack Henry (NASDAQ:JKHY) is a leading SaaS provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 8,500 clients nationwide through three divisions: Jack Henry Banking^® provides innovative solutions to community and regional banks; Symitar^® provides industry-leading solutions to credit unions of all sizes; and ProfitStars^® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com. 

Statements made in this news release that are not historical facts are forward-looking information.  Actual results may differ materially from those projected in any forward-looking information.  Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information.  Additional information on these and other factors, which could affect the Company’s financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements.  Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that may cause actual results to differ materially from any forward-looking information. 

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SOURCE Jack Henry & Associates, Inc.

NAPA, Calif., Jan. 19, 2022 /PRNewswire/ — Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, today released its 2022 State of the Wine Industry Report. The 21^st edition of the annual report assesses current conditions in the wine industry and provides a unique forecast for the year ahead based on proprietary research and economic and behavioral trends among consumers.

While premium wine companies led the industry with the best sales growth since 2007 – and nearly 30% of wineries described 2021 as their best year in history – the US wine industry as a whole experienced a decline in sales volume and failed to take advantage of the tailwind of businesses reopening as COVID restrictions loosened.

SVB will host a live videocast with SVB Wine Division founder Rob McMillan to discuss the annual report and state of the wine industry on January 19, 2021 at 9:00 a.m. PST with Amy Hoopes, Chief Strategy and Growth Officer, The Wine Group; Paul Mabray, CEO, Pix; and Danny Brager, Owner, Brager Beverage Alcohol Consulting. Register for the live event here. A replay of the discussion will be available after the event.

Highlights and predictions from the 2022 wine industry conditions survey and report:

• Premium wine sales were positively impacted by several one-time events during reopening in 2021, which will lead to another good year for premium wine in 2022, but at lower growth rates.
• Attracting younger, health-conscious, multi-cultural consumers to the wine industry will continue to be a challenge, especially as these consumers increasingly choose spirits, beer and spiked seltzers over wine, and as older core wine consumers age.
• In the West, the impact of drought will likely become a focal point of industry discussions and planning in 2022. With increasing climate impacts from drought, fire, low soil moisture and record low reservoir levels, there will be even more pressure to manage this shared and increasingly scarce resource.
• The restaurant industry will continue to decline as a sales channel for wine due to overpricing on the menu and consumers who value other alcoholic beverages over wine. Restaurants will find that wine is not in demand at the prices charged and that maintaining deep stocks of wine is not worth the cost.

Supply

• When 2021 totals are calculated, we forecast that California will have crushed 3.6 million tons, which would be a second small harvest in a row. Washington and Oregon also reported smaller-yielding vintages, but across the West, the quality of the harvest was reported as excellent. New York and Virginia began the season with perfect conditions, but Hurricane Ida impacted the eastern states.
• Supply in the West is largely balanced in early 2022, but low levels of demand suggest that some acres of vines will still need to be removed in California and Washington to sustain the balance, particularly if volume sold continues to dip.
• There was less bulk on the market at the end of 2021 compared to 2020, but buying behavior was sporadic. Grape and bulk prices have stabilized at lower levels than we’ve seen in the past five years for California.

Demand

• While baby boomers are still purchasing at higher price points, demand for wine will be slack as the median baby boomers hits normal retirement age in 2022 and younger consumers continue to prefer alcoholic beverages other than wine.
• Online sales will continue to grow as an important part of direct to consumer (DTC) efforts and expand past its current share of 9 percent of an average winery’s sales.
• Supply chain issues are expected to gradually ease through the year but will have an impact on individual wineries in their own production capacities.

Price

• Forty-two percent of survey respondents said they will make a small bottle-price increase in 2022. Given the higher costs of production in a modest inflationary environment, we should see wide instances of modest price increases. Napa and Northern Oregon will see more moderate price increases.
• Vineyards and land retained their values in 2021. As the Federal Reserve raises interest rates, we anticipate the heated demand for high-end vineyards and wineries will slow.
• Inflation will impact product delivery, transportation costs, labor and supplies well into 2022 and add pressure on wine sellers to increase prices.

Climate Impacts

• The cost to obtain insurance is a critical issue related to climate change. Given the billions lost to wildfires over the past several years in the West, insurance companies have been applying new risk mitigation measures and using technology to update wildfire risk maps. Over 70 percent of those surveyed this year said their insurance costs increased. Eight percent of respondents were unable to obtain insurance in 2021, and another 27 percent said they couldn’t obtain sufficient coverage.
• Water could become the most important discussion topic in the year ahead, depending on the amount of rain and snow the West receives in the winter and spring of 2022. Only 2 percent of survey respondents said they were confident they had abundant water sources, while 43 percent said they were very concerned about the potential for serious shortages.

“The wine industry overcame numerous hurdles to achieve a hard-earned, solid year of sales. That said, looking at the long-term trends, this year reveals issues with both consumer demand and the ongoing climate crisis that may impact business conditions for the industry in the years to come,” said Rob McMillan, founder of Silicon Valley Bank’s Wine Division and author of the report.

“The lesser interest in wine among younger consumers, coupled with the encroaching retirement and decreasing wine consumption of wine-loving baby boomers, poses a primary threat to the business. In addition, more frequent drought, fires and hurricanes – triggered by climate change – will have a trickle-down affect across the industry, impacting everything from harvest to insurance. The wine industry has to consider these issues seriously, as the negative consequences are increasingly evident.”

As we move into 2022, SVB is committed to help identify solutions to mitigate the headwinds facing the industry and is pleased to announce the formation of the Wine Research and Marketing Project (WineRAMP). WineRAMP is an industry group supported by wineries, distributors, importers, vendors and SVB to build and enhance the image of wine in the US marketplace and promote the positive attributes of wine to current and new legal-age consumers. The group will invest in and work directly with other wine organizations on research and joint marketing campaigns and is already working to secure USDA approval for a National Research & Promotions Order. Learn more about WineRAMP at https://wineramp.org/. 

Read the full 2022 State of the Wine Industry report here: www.svb.com/trends-insights/reports/wine-report

Silicon Valley Bank’s Wine Division
Founded in 1994, SVB’s Wine Division offers financial services and strategic advice to premium vineyards and wineries. With one of the largest banking teams in the country dedicated to the wine industry, SVB’s Wine Division has offices in Napa, Sonoma and Portland, and primarily serves clients in the fine wine producing regions along the West Coast of the United States. Learn more at https://www.svb.com/industry-solutions/premium-wine-banking. 

About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com. [SIVB-C]

This material, including without limitation to the statistical information herein, is provided for informational purposes only, and has been derived from information excerpted from the 2022 State of the Wine Industry report.

Silicon Valley Bank is not selling or distributing wine or wine-related products. Silicon Valley Bank provides banking and financial services, along with industry insights to Vineyards and Wineries. Silicon Valley Bank is not responsible for (or a participant in) the sales of any wineries’ products in any fashion or manner and makes no representations that any promotion or sales of alcoholic beverages will or will not be conducted in a lawful manner. Further, Silicon Valley Bank disclaims any responsibility or warranty for any products sold by wineries or other wine industry service providers. All wineries, and non-SVB named companies listed are independent third parties and are not affiliated with SVB Financial Group.

© 2022 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.

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SOURCE Silicon Valley Bank

AUSTIN, Texas
, Jan. 19, 2022 /PRNewswire/ — Colleges and universities continue to face a wave of change, from the adoption of remote learning and working to more distributed academic research models. To be able to quickly adapt in the face of adversity, leading higher education institutions are looking to Oracle Cloud. With Oracle Cloud for Higher Education, including Oracle Cloud Infrastructure (OCI), Oracle Fusion Cloud Applications, and Oracle Student Cloud, schools including Bowie State University, Butler Community College, Coppin State University, Skidmore College, and University of Pittsburgh are simplifying business processes, maximizing resources, and better supporting their students and staff.

“Over the past year, higher education institutions have had to find new, creative ways to offer their services while staying focused on what matters most: the academic success and safety of students and faculty,” said Vivian Wong, group vice president of Higher Education Development, Oracle. “With Oracle, colleges of all sizes and disciplines can easily take advantage of the latest innovations in the cloud to drive efficiencies and make well-informed decisions.”

Bowie State University

 
Founded in 1865, Bowie State University in Bowie, Maryland supports more than 6,000 students. Ninety-percent of Bowie’s first-year undergraduates receive financial aid, so it’s crucial that the process is as smooth as possible. When the university’s financial aid processes started to hinder the student experience and divert staff’s time, Bowie State decided to modernize the process with Oracle. With Oracle Student Financial Planning (SFP), part of Oracle Student Cloud, they will be able to eliminate inefficiencies for staff and empower students to secure available resources to ensure their success.

“We are dedicated to removing financial barriers that too often prevent students from pursuing or completing a degree, but our financial aid system wasn’t adequately contributing to that vision,” said Maurice Tyler, Vice President for Information Technology and CIO, Bowie State University. “Oracle Student Financial Planning will enable staff to focus on higher value work and spend more time engaging directly to promote access to aid and student success.”

Butler Community College

With eight campuses across South Central Kansas, Butler Community College serves 7,000 students. The college will move their Ellucian Banner system and other third-party applications to OCI to consolidate hardware, save time and money currently spent patching systems, and take advantage of enhanced security features.

Coppin State University
 
Since its inception in 1900, Baltimore-based Coppin State University (CSU) has had a clear mantra: students first. Today, the university serves thousands of students from diverse ethnic, religious, and socio-economic backgrounds. With Oracle Student Financial Planning, the university will be able to make the financial aid process easier and less uncertain for students.

“Our focus at Coppin is to transform our students’ experience,” said Ahmed El-Haggan, CIO and VP of Information Technology, Coppin State University. “With Oracle Student Financial Planning, we can offer our students an easier digital experience and increased visibility into their college financial planning. This will support them in making better informed decisions with improved outcomes, helping ensure they reach their educational goals.”

Skidmore College



Skidmore College, located in Saratoga Springs, New York, is among the top 50 liberal arts colleges in the U.S. The college implemented Oracle Cloud ERP and Oracle Cloud HCM to create an automated and unified back-office experience. With the applications, Skidmore College will be able to eliminate manual processes, reduce costs associated with maintaining legacy systems, and improve the productivity and performance of its finance and HR functions.

“The past year has magnified the need to be agile to support changing business models and initiatives,” said Dwane Sterling, chief technology officer, Skidmore College. “With Oracle, we’re creating a genuinely automated back-office experience that connects the dots between departments, enabling us to become more responsive, and financially and operationally efficient.”

University of Pittsburgh

 
The University of Pittsburgh, one of the nation’s top public institutions for higher education and research, has implemented Oracle Cloud HCM to provide a better experience for staff and faculty. With Oracle Cloud HCM, University of Pittsburgh employees can complete HR tasks more efficiently and with greater accuracy. For example, the university’s administrative users can log in to the online HR portal, see the status of a request and where it is in the approval cycle to identify delays and quickly address issues. The university can also benefit from improved employee visibility with enhanced workforce analytics.

“As a leading research university, it’s crucial for us to constantly innovate and stay ahead in the industry. Our people are the essential link in ensuring that happens,” said Michelle Fullem, acting assistant vice chancellor, HR operations, University of Pittsburgh. “Our previous on-premises HR systems weren’t built to keep pace with the speed of change we’re seeing today. Adopting Oracle Cloud HCM allows us to take immediate advantage of the latest tech enhancements to continually improve efficiencies in our HR processes while providing a great experience to our staff.”

To learn more about how Oracle Cloud is helping higher education institutions, tune into Oracle’s Virtual Summit: Charting the Future of Higher Education.

Oracle Cloud Applications for Education
Oracle Fusion Cloud Applications Suite offers a fully integrated suite of cloud applications to run every part of a university including Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Enterprise Performance Management (EPM), Oracle Fusion Cloud Supply Chain Management & Manufacturing (SCM), Oracle Fusion Cloud Human Capital Management (HCM), and Oracle Fusion Cloud Advertising & Customer Experience (CX). Oracle Student Cloud also provides universities comprehensive tools to manage the entire student relationship, from recruiting and financial aid, to engagement and support. To learn more visit: https://www.oracle.com/industries/higher-education/

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.

Trademarks
Oracle, Java, and MySQL are registered trademarks of Oracle Corporation.

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SOURCE Oracle

OSLO, Norway
, Jan. 19, 2022 /PRNewswire/ — Opera, [NASDAQ:OPRA] the company behind the popular, eponymous multi-platform web browser, today unveils its “Crypto Browser Project,” offering users direct, frictionless access to Web3 services with beta versions immediately available for Windows, Mac and Android.

The new beta offering caters to the crypto-native and the crypto-curious, placing Web3 front and center in the browsing experience. With its crypto browser project, Opera intends to make it easier than ever to browse decentralized apps (dapps), games, and metaverse platforms for a more seamless cross-platform experience. The browser comes equipped with a news and data aggregator, dubbed “Crypto Corner” — a dedicated space with key information including crypto news, crypto asset prices and gas fees, in addition to  crypto events, airdrops and even podcasts.

The Opera browser is already one of the most secure privacy browsers in the world, thanks to its no-login VPN, and native ad & tracker blocker. The crypto browser integrates these same industry-leading standards and services with a new set of novel features that make using the new blockchain-based web as simple as accessing Web2.

Jorgen Arnesen, EVP Mobile at Opera, says: “The interest in Web3 continues to grow but none of the existing web browsing experiences offered today are built to create a seamless and secure user experience in the decentralized web. Opera’s Crypto Browser Project promises a simpler, faster, more private Web3 experience for users. It simplifies a Web3 user experience that is often bewildering for mainstream users. Opera believes Web3 has to be easy to use for the decentralized web to reach its full potential.”

“We are releasing our beta to the world to get feedback from the crypto community and to build it together moving forward,” added Arnesen.

These include direct access to  decentralized exchanges, Web3-based NFTs, and gaming Dapps as well as integrated Telegram and Twitter support — accessed directly from the browser’s sidebar. A built-in non-custodial wallet will initially support Ethereum in beta but will soon extend interoperability across the major networks and naming systems through partnerships with Polygon, Solana, Nervos, Celo, Unstoppable Domains, Handshake, ENS, and many more to be announced.

The wallet supports both fungible ERC-20 standards as well as non-fungible standards including ERC-721 tokens with ERC-1155 coming in Q1 2022. It also allows users to purchase crypto via a built-in fiat-to-crypto on-ramp, as well as facilitate direct crypto-to-crypto swaps. Users can also check their crypto balance and gas prices, and even access a built-in NFT gallery.

Partnerships with Ethereum Layer 2 solutions, such as Polygon, will enable Opera’s Crypto Browser Project to address one of the most crucial issues associated with blockchain technologies — the environmental costs of carrying out each transaction.

To illustrate, the Polygon network consumes just 0.00079 terawatts (TWh) of electricity per year — several orders of magnitude below the energy consumption by the major Proof-of-Work (PoW) blockchain networks which average between 35 to 140 (TWh) per year.

Opera’s Crypto Browser meets the growing consumer need for greater Web3 access, simplicity and an overall better user experience as more and more of our daily activities shift online. The size of the market opportunity is significant: PWC estimates the expansion of the Web3 and the metaverse will add $1.5 trillion to the economy by 2030. Despite this extraordinary growth, current rates of adoption are lagging as access technologies are unnecessarily complex. Opera’s Crypto Browser represents an important step toward simplifying and streamlining user access to this newest iteration of the internet.

About Opera
Opera is a global web innovator with an engaged and growing base of hundreds of millions of monthly active users who seek a better internet experience. Building on over 25 years of innovation that started with browser products, Opera is now leveraging its brand and highly engaged user base in order to expand its business into new segments. Today, Opera offers users around the world a range of products and services that include PC and mobile browsers, the newsreader Opera News, and apps dedicated to gaming, crypto, e-commerce and classifieds. In 2018, Opera introduced the first browser with a built-in crypto wallet and web3 support. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock exchange (OPRA).

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SOURCE Opera Limited