Commerce, Data Management and Supply Chain take center stage as business units are given more responsibility and autonomy in managing growth initiatives
TORONTO, Oct. 13, 2022 /CNW/ – Pivotree Inc. (TSXV: PVT) (“Pivotree” or the “Company”), a leading provider of frictionless commerce solutions, announced today it is realigning some of its corporate functions to its existing Business Units (BUs) of Commerce, Data Management and Supply Chain, following three record revenue quarters largely driven by the BUs strong results. The digital solutions group has been consolidated into the core business units. The BUs will now have more control over product investment while expanding the direct oversight of their sales and project management functions. This realignment aims at expanding the BUs’ abilities to invest in joint key frictionless commerce initiatives and to continue to drive strong bookings momentum into 2023.
“The realignment of our business structure is a natural evolution in how our BUs will be streamlined to operate more efficiently, allowing us to be more agile and to allocate resources and capital where it’s most needed to drive the best returns,” said Bill Di Nardo, CEO, Pivotree. “With a focus on growth under a more profit-oriented posture, our BUs have delivered exceptional results with quality additions to the pipeline at a consistent pace. We have continued to see very strong momentum in the business and we remain on track, towards our previously stated target of generating positive Adjusted EBITDA performance as we exit 2022. These operational changes will further accelerate our path to positive cash flow and will scale through the 2023 calendar year”.
As a result of these actions, the Company will be incurring approximately CDN$1 million of one-time charges in Q3 2022 and expects to realize more than CDN$1 million in operating expense savings per quarter moving forward.
Pivotree has seen great momentum in the frictionless commerce market stemming from operational excellence in the company’s existing BUs as a response to customer demand. The Company’s BUs are now narrowing product development initiatives to focus on high margin products that have the greatest impact to best serve the market’s increasing needs for frictionless experiences for customers.
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This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to the Company’s future financial outlook and anticipated events or results and may include information regarding the Company’s financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “budgets”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projects”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. The forward-looking information contained herein includes, but is not limited to, information relating to expected financial results of the Company.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks and uncertainties associated with market conditions and the satisfaction of all applicable regulatory requirements, as well as risks and uncertainties associated with the Company’s business and finances in general.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in forward-looking information. The opinions, estimates or assumptions referred to above and the risk factors described in the “Risk Factors” section of the prospectus of the Company dated October 23, 2020 should be considered carefully.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes is not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. Forward-looking information contained in this press release represents the Company’s expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Pivotree, a leader in frictionless commerce, designs, builds and manages digital platforms in Commerce, Data Management, and Supply Chain for over 250 major retail and branded manufacturers globally. Pivotree’s portfolio of digital solutions, managed and professional services help provide retailers with true end-to-end solutions to manage complex digital commerce platforms, along with ongoing support from strategic planning through platform selection, deployment, and hosting, to data and supply chain management. Headquartered in Toronto, Canada with offices and customers in the Americas, EMEA, and APAC, Pivotree is widely recognized as a high-growth company and industry leader. For more information, visit www.pivotree.com.
SOURCE Pivotree Inc.
For further information, please contact:
Sarah Kirk-Douglas, Vice President of Marketing, Pivotree
Dennis Fong, Investor Relations, Pivotree