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.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking information
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.
About Pivotree
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.
