Tag: Regtech

26
Oct

Assent Clients Achieve Critical European Sustainability Milestone

Supply chain data management firm Assent Compliance first to complete successful automated data submission to the European Union SCIP database.

OTTAWA, ON, Oct. 26, 2020 – Assent Compliance is the first supply chain data management firm to successfully complete an automated data submission to the European Union (EU)’s new SCIP database on behalf of a customer.

The EU’s Waste Framework Directive, along with its new SCIP database reporting requirement, is part of Europe’s ongoing prioritization of environmental and economic sustainability.

“We at Assent are pleased to facilitate the transition to a more sustainable economy and help ensure waste is valued as a resource,” said Assent CEO Andrew Waitman. “Enabling our large customer base to meet the SCIP database’s requirements for a circular economy demonstrates that we are on the same journey as Europe’s sustainable future.”

However, making the transition to a sustainable economy comes at an immediate cost to industry. Companies across Europe, and globally, are wrestling with the financial, logistical, and enforcement implications imposed by the EU Waste Framework Directive’s SCIP database. Estimates suggest that companies in Europe could spend over €67 billion per year to meet these new reporting requirements, starting in January 2021.

The Assent Compliance Platform — Assent’s software — organizes, simplifies, and automates the highly complex SCIP process via a system-to-system connection. Without this solution, companies must manually input submissions one by one through the database’s interface.

Raj Takhar, Assent’s Senior Subject Matter Expert, Materials Compliance and Chemical Reporting (Europe), is part of an industry working group advising the European Chemicals Agency (ECHA) on the database.

“A manual approach to data submission is simply not feasible for most companies,” said Takhar. “Each part could require hundreds, if not thousands, of database submissions, and some products have thousands of parts. This is important information to share, but the scale of this can be overwhelming to manage without help.”

Assent’s automated solution will save companies thousands or millions of dollars and countless hours in manual data management, and reduce overall supply chain, operational, and financial risks.

“This is the most broad and detailed centralized database in the world for contributing to the European Union’s sustainability goals toward a toxic-free environment,” said Takhar. “It will enable stronger enforcement from regulatory agencies, while providing investors and non-governmental organizations with a direct lens to scrutinize corporate commitments to the elimination of hazardous substances from their products.”

Critically, Assent’s solution combines expertise and technology to provide a holistic approach to the SCIP database requirement, empowering companies to take meaningful action toward improving their environmental and economic sustainability without compromising their business.

 

AI STARTUP RUBIKLOUD TO BE ACQUIRED BY OTTAWA-BASED KINAXIS FOR $81.4 MILLION CAD

OTTAWA, ON, June 15, 2020 – Kinaxis® Inc. (TSX: KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

Globally-recognized retailers and CPG manufacturers in the health and beauty, household and grocery segments use Rubikloud’s AI-based products today. Their offerings include demand forecasting and automation to manage and optimize trade promotions, pricing and assortment to drive product demand and dramatically improve financial results. Kinaxis will enhance RapidResponse’s demand planning capabilities with the Rubikloud offerings, anticipating initial opportunities in the company’s rapidly-growing CPG customer base and over time for other industries such as life sciences. The acquisition also offers Kinaxis a springboard into the enterprise retail industry.

“Rubikloud has capabilities and value that we can offer our CPG customers today, leads us into the retail industry with some bellwether accounts, and adds a group of approximately 80 people to an already-impressive AI and machine learning (ML) team here at Kinaxis. Over time, this enhanced group will contribute to new and existing AI-powered capabilities across the full Kinaxis RapidResponse® platform and applications,” said John Sicard, President and CEO of Kinaxis. “This acquisition reflects the growing importance of AI and ML to power intelligent automation and augment human decision-making to better deliver on customer promises, remove waste and increase resiliency for effective risk management.”

Rubikloud’s SaaS-based ML offerings empower retail and CPG manufacturers to transform their core operations by improving and automating complex, profit-generating decisions. Rubikloud’s proven AI capabilities and intuitive tools enable users to leverage disparate data sources to improve forecast accuracy, site-level allocations, inventory availability and promotion plans by allowing users to run boundless simulations in real time.

“We founded Rubikloud with the belief that purpose-built AI could be used to solve some of the most complex industry problems and we have spent the last seven years building a fantastic product that receives validation from global customers every day,” said Kerry Liu, CEO, Rubikloud. “We’re excited at the prospect of joining Kinaxis, which helps us bring our innovations to a much broader customer base at a faster pace than on our own. Not only that, being two strong Canadian companies we see great cultural synergy and look forward to working on the complex problems we know RapidResponse and concurrent planning can solve for customers.”

Terms of Agreement
Kinaxis will acquire Rubikloud for US$60 million in an all-cash transaction that is expected to close within 60 days. Based on Rubikloud’s current revenue and expense profile, the company’s fiscal 2020 revenue and Adjusted EBITDA guidance, as reiterated in its May 6, 2020 news release, remains unchanged. The transaction is subject to customary closing conditions.

About Kinaxis Inc. 
Everyday volatility and uncertainty demand quick action. Kinaxis® delivers the agility to make fast, confident decisions across integrated business planning and the digital supply chain. People can plan better, live better and change the world. Trusted by innovative brands, we combine human intelligence with AI and concurrent planning to help companies plan for any future, monitor risks and opportunities and respond at the pace of change. Powered by an extensible, cloud-based platform, Kinaxis delivers industry-proven applications so everyone can know sooner, act faster and remove waste. For more Kinaxis news, follow us on LinkedIn or Twitter.