Microsoft Cloud Authors: Pat Romanski, Andreas Grabner, Nick Basinger, Kevin Benedict, Liz McMillan

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ARCADIS Improves Income at Slightly Lower Revenues

AMSTERDAM, August 5 /PRNewswire-FirstCall/ --

- Net Income From Operations Increases 5% in Second Quarter, in First Half Year by 3%

- Slight Decline in Gross Revenues in Second Quarter Despite Positive Currency Effect

- Organic Growth in Infrastructure Partially Offsets Decline in Environment and Buildings

- Margin Maintained at a Good Level; Cash Flow is High

- Merger With Malcolm Pirnie Creates a Top Position in the International Water Market

- Recession may lead to a Slight Decline in net Income From Operations for Full Year 2009

ARCADIS (EURONEXT: ARCAD), the international consulting, design, planning, engineering, and management services company in the second quarter of 2009 improved its net income from operations by 5% to EUR 17.1 million. This good result was achieved because of strong margin performance, despite slightly lower revenues. Gross revenues declined 3% to EUR 415 million, with a positive currency effect of 4% due to a stronger U.S. dollar.

In the first half year of 2009, gross revenues increased 1% to EUR 833 million, helped by a positive currency effect of 4%. The recession mainly impacted the business lines buildings and environment, where revenues declined organically. This was partially offset by organic growth in infrastructure of 10%. On balance, the organic decline in net revenues was limited to 3%. Net income from operations rose 3% to EUR 32.6 million, despite restructuring charges of more than EUR 5 million, which were taken to adjust the organization to the decline in demand. At 9.8%, the margin was almost at the same level as last year. As a result of solid working capital management, cash flow was high.

In early July, the merger with Malcolm Pirnie was closed, a leading U.S.-based consulting and engineering company in the water and environmental markets with more than 1700 employees and gross revenues of $392 million. This gives ARCADIS a leading position in the rapidly growing global water market while we enter the top 10 in our industry in the U.S. with a more balanced services and clients portfolio.

CEO Harrie Noy said: "We anticipated early on the increasingly difficult market conditions by adjusting our capacity, implementing strict cost controls and focusing on clients. As a result our margin was maintained at a good level and revenue decline was limited. The infrastructure market appears best poised against the recession due to government investments. The environmental market declined as industrial clients limit spending, but here we are expanding our market share. The buildings market is under strong pressure with challenging market conditions, particularly in England. The merger with Malcolm Pirnie is a major strategic step for ARCADIS from which we expect significant business and operational synergies."

    Key figures
    Amounts in EUR million, unless       Second Quarter     First Half Year
    otherwise noted
                                         2009  2009 Change  2009  2008 Change
    Gross revenue                         415   427   -3%    833   827     1%
    Net revenue                           287   289   -1%    577   566     2%
    EBITA                                28.5  29.5   -3%   56.3  57.0    -1%
    Net income                           16.6  17.0   -3%   36.8  28.6    29%
    Ditto, per share (in EUR)            0.27  0.28   -2%   0.61  0.47    29%
    Net income from operations (1)       17.1  16.3    5%   32.6  31.6     3%
    Ditto, per share (in EUR) (1)        0.28  0.27    5%   0.54  0.52     4%
    Av. number of outstanding
    shares (millions)                    60.2  60.6         60.2  60.6

    (1) Before amortization and non-operational items
    Second quarter

Gross revenues declined 3%, while net revenues (revenues from our own staff) were 1% lower. The contribution from acquisitions was zero. The currency effect was 4%. The organic development of gross revenues was minus 7%, net revenues declined organically by 5%. Developments were mostly in line with the trends in the first quarter. In most European countries organic growth weakened, while especially in England, RTKL and to a lesser extent in the U.S., the decline in activities was somewhat stronger than in the first quarter.

EBITA declined 3% to EUR 28.5 million. The currency effect was 6%, while acquisitions contributed 3% including an after payment on an earlier divestment. The 12% organic decline in part was caused by a considerably lower contribution from the sale of carbon credits. Excluding this effect the organic decline was 8%. This decline was driven by the buildings market in England, RTKL and a restructuring charge of EUR 2.7 million for further organizational adjustments in England and the U.S. Nevertheless, the margin (EBITA as a percentage of net revenues) at 9.9% was strong (2008: 10.2%). Excluding the impact from carbon credits the margin rose to 10.4%.

At EUR 1.3 million financing charges were considerably below last year (2008: EUR 3.1 million, excluding the effect of derivatives), also resulting from an exchange rate gain on loans in Brazil. Net income from operations increased 5% to EUR 17.1 million. This outperforms EBITA development, due to lower financing charges and a lower minority interest caused by a reduced income contribution from Brazil.

First half year

Gross revenues increased 1%, while net revenues (revenues from our own staff) rose 2%. Revenues were positively impacted by a 4% currency effect from the stronger U.S. dollar. The contribution from acquisitions was 1% and mainly came from expansion of the environmental activities with LFR in the U.S. (end of January 2008) and SET in Italy (mid 2008). Organically, gross revenues declined 4%. Because under the current market conditions as much work as possible is performed by our own staff, the decline in net revenues was limited to 3%.

Most European countries saw organic growth with the strongest growth in the Netherlands and Poland. In England, the real estate market was hit by the crisis resulting in a strong revenue decline. In the United States, the recession also caused an organic activity decline, in RTKL as well as in the environmental market. Brazil and Chile contributed positively to growth, in part from investments in Brazilian energy projects, but in both countries growth is softening as a result of the worsening economy.

EBITA declined slightly by 1% to EUR 56.3 million. Acquisitions contributed 2%, currency effects 7%. The organic decline was 10%, also from a lower contribution from carbon credits. Excluding this effect the organic decline was 7%. Against good performance in most countries, especially the Netherlands and the United States, a decline in profitability was observed in England, in RTKL and in Brazil. In England and the United States the organization was adjusted resulting in a restructuring charge of EUR 5.3 million. Nevertheless, the margin (EBITA as a percentage of net revenues) at 9.8% remained strong (2008: 10.1%). Excluding the impact of carbon credits the margin was at 10.1%.

In early 2009 derivatives used for hedging interest and currency risks were unwound, resulting in a book profit of EUR 7.5 million. Excluding the effect of derivatives, financing charges declined to EUR 3.7 million (2008: EUR 6.8 million). This decline resulted from lower market interest rates, less working capital and an exchange rate gain of EUR 0.9 million on loans in Brazil. Net income from operations rose 3% to EUR 32.6 million and developed more favorably than EBITA. Against higher taxes stood lower financing charges and a reduced minority interest resulting from a lower profit contribution from Brazil.

A strong focus on cash management helped push working capital as a percentage of revenues down to 13.8% (end second quarter 2008: 16.0%). This resulted in a cash flow from operational activities of EUR 34.9 million compared to minus EUR 43.3 million in the first half of 2008. As a result, the net debt to EBITDA ratio (calculated according to the bank covenants) declined to 1.1 (year end 2008: 1.3). Including the consolidation of Malcolm Pirnie, this ratio on a pro forma basis at the end of the second quarter would be 1.5.

Developments per business line

Figures noted below concern gross revenues for the first half year of 2009 compared to the same period last year, unless otherwise noted.


Gross revenues rose 9%. The currency effect was minus 1%, the contribution from acquisitions on balance was zero. Organic growth in gross revenues was 10% and in net revenues 6%. The difference mainly came from Brazil with substantial subcontracting in energy projects. In Europe, especially the Netherlands and Poland contributed to growth, but also in most other countries activities increased. In the Netherlands the consortium in which ARCADIS takes part was selected for a tunneling project for the highway that runs through the city of Maastricht. In the United States, the water management activities are gradually expanding. Brazil and Chile also contributed to growth, but the worsened economy is slowing down private investments.


Gross revenues declined 2%. The currency effect was 8% and the contribution from acquisitions was 4% (LFR and SET). The organic decline was 14%, but in net revenues was limited to 6%. The difference with the development of gross revenues is caused by the completion of large projects in the United States with substantial subcontracting and the fact that as much work as possible is performed in house. The activity decline mainly came from the United States where many private sector customers are hit by the recession. For the same reason, gross revenues in Brazil declined. Because more work in Europe is performed for government clients, activities grew in that region. In Chile, mining clients were driving revenue growth.


Gross revenues were 6% lower with a currency effect of 4%. Gross revenues declined 10% organically, while net revenues were 12% lower. The difference comes from the growth in facility management in the Netherlands, with significant subcontracting. The strongest decline occurred in England, where the commercial real estate market has almost come to a complete stand still. Also RTKL saw a considerably activity decline, mainly resulting from the poor market for commercial projects in the United States and England. Services to industrial clients in Belgium also declined due to the recession. In the Netherlands two new clients were added in facility management: NS Poort and Essent.


Economic conditions are still poor, while it is uncertain when and to what extent recovery will occur. The degree to which this will further impact our activities remains uncertain and differs for each of the markets in which we are active.

The infrastructure market is dominated by governments which continue their investment programs unabatedly. This is further strengthened by economic stimulus programs, especially in the United States, which are expected to have an effect starting late 2009 and in 2010. The attention for climate change drives demand for water management both in Europe and the United States. In the Netherlands considerable investments are made in improvements of rail and expansion of roadway capacity, while in Central Europe infrastructure is being extensively upgraded, supported by European financing. In South America the strong growth of recent years is softening somewhat due to reduced investments in energy and mining.

In the environmental market regulation and sustainability provide a healthy basis. Even though the economic crisis is negatively impacting demand from private clients for environmental services, we see signs of stabilization in the market in the United States. Energy efficiency and reduction in carbon dioxide emissions are new themes that generate work. By focussing on market segments with continued strong demand, on cost effective solutions based on advanced technology, on vendor reduction and outsourcing of environmental work by companies, we can increase market share. Interest in GRiP(R) is on the rise, with the U.S. Department of Defense, but also with industrial clients, with several large projects in the pipeline.

The buildings market was hit hardest by the crisis. RTKL and the project management services in England are affected most by this development. Although the bottom in the English market appears to have been reached, a recovery is not foreseen in the short term. RTKL has partly offset the decline in the U.S. and U. K. commercial market with projects in Asia (mainly China) and some parts of the Middle East. This policy is continued. For all of our services, our focus remains on non-commercial segments, such as schools, hospitals and government buildings, which will benefit from stimulus funding. Facility management appears to be a growth market, as it fills a demand for cost savings.

CEO Harrie Noy concludes: "By timely adjustments, so far we have managed to deal with the recession reasonably well. This is also due in part to our strong market positions with a good spread in geography, clients and market segments. Our backlog is stable compared to the end of 2008 thanks to a good order intake across the board, partially offset by contract cancellations in buildings. In all three business lines, we will benefit from government stimuli packages. Because we have adjusted our capacity we expect the revenue decline to continue in the coming quarters. Maintaining margins has priority, by absorbing price pressure with cost reductions and a strong client focused approach. Malcolm Pirnie has a solid backlog and will contribute to revenue and profit as of the third quarter. This is offset by the lack of a contribution from energy projects, which last year generated EUR 2.2 million in net income. On balance, we expect that the recession may result in a slight decline of 0% - 5% of net income from operations. This is barring unforeseen circumstances and surrounded with more uncertainty than usual."

For a full overview of the half year results including notes and risk paragraph, please refer to the Interim Financial Statements, published on our website: http://www.arcadis-global.com.

About us:

ARCADIS is an international company providing consultancy, design, engineering, and management services in the fields of infrastructure, environment, and buildings. We aim to enhance mobility, sustainability, and quality of life by creating balance in the built and natural environment. ARCADIS develops, designs, implements, maintains and operates projects for companies and governments. With 15,000 employees and EUR 2 billion in revenues, the company has an extensive international network that is supported by strong local market positions. Visit us on the internet at: http://www.arcadis-global.com



    Amounts in EUR millions,          Second quarter        First half year
    unless otherwise stated
                                       2009    2008         2009        2008

    Gross revenue                     414.7   427.4        832.7       827.3
    Materials, services of third
    parties and subcontractors       (128.0) (138.5)      (255.5)     (261.5)
    Net revenue                       286.7   288.9        577.2       565.8
    Operational cost                 (252.9) (253.9)      (510.0)     (497.9)
    Depreciation                       (5.7)   (5.8)       (11.6)      (11.4)
    Other income                        0.4     0.3          0.7         0.5
    EBITA                              28.5    29.5         56.3        57.0
    Amortization identifiable
    intangible assets                  (0.9)   (3.5)        (2.0)       (5.6)
    Operating income                   27.6    26.0         54.3        51.4
    Net finance expense                (1.3)    1.0          3.8        (5.5)
    Income from associates             (0.1)   (0.1)           -         0.1
    Profit before taxes                26.2    26.9         58.1        46.0
    Income taxes                       (9.4)   (8.7)       (20.9)      (15.4)
    Profit for the period              16.8    18.2         37.2        30.6

    Attributable to:
    Net income (Equity holders of
    the Company)                       16.6    17.0         36.8        28.6
    Minority interest                   0.2     1.2          0.4         2.0

    Net income                         16.6    17.0         36.8        28.6
    Amortization identifiable
    intangible assets after taxes       0.5     2.4          1.3         3.8
    Option costs UK share save
    scheme                                -     0.1          0.1         0.2
    Net effects of financial
    instruments                           -    (3.2)        (5.6)       (1.0)
    Net income from operations         17.1    16.3         32.6        31.6

    Net income per share (in
    euros)                             0.27    0.28         0.61        0.47
    Net income from operations
    per share (in euros)               0.28    0.27         0.54        0.52
    Weighted average number of
    shares (in thousands)            60,231  60,636       60,204      60,614


    Amounts in EUR millions                   June 30, 2009 December 31, 2008

    Non-current assets
    Intangible assets                                 251.1             249.3
    Property, plant & equipment                        70.8              66.5
    Investments in associates                          18.2              15.7
    Other investments                                   0.4               0.2
    Other non-current assets                           15.6              14.8
    Derivatives                                         2.6               3.8
    Deferred tax assets                                14.7              12.2
    Total non-current assets                          373.4             362.5
    Current assets
    Inventories                                         0.6               0.8
    Derivatives                                         0.5               0.2
    (Un)billed receivables                            506.6             538.5
    Other current assets                               40.4              32.0
    Corporate tax assets                                7.2               6.5
    Cash and cash equivalents                         112.5             117.9
    Total current assets                              667.8             695.9
    Total assets                                    1,041.2           1,058.4

    Equity and Liabilities
    Shareholders' equity                              234.2             207.6
    Minority interest                                  14.7              12.3
    Total equity                                      248.9             219.9
    Non-current liabilities
    Provisions                                         28.9              26.7
    Deferred tax liabilities                            9.6               6.0
    Loans and borrowings                              265.2             266.8
    Derivatives                                           -              16.9
    Total non-current liabilities                     303.7             316.4
    Current liabilities
    Billing in excess of cost                         163.1             182.7
    Corporate tax liabilities                          11.7              18.7
    Current portion of loans and
    borrowings                                          6.0               4.9
    Current portion of provisions                       4.3               4.4
    Derivatives                                           -               0.1
    Accounts payable                                  106.4             133.2
    Accrued expenses                                   15.9              12.3
    Bankoverdrafts                                     13.7               6.2
    Short term borrowings                               6.5               3.6
    Other current liabilities                         161.0             156.0
    Total current liabilities                         488.6             522.1
    Total equity and liabilities                    1,041.2           1,058.4



                                        Share    Share Hedging  Cumulative
                                      capital  premium Reserve Translation
    Amounts in EUR millions                                        reserve

    Balance at December 31 2007           1.0     36.4              (29.8)
    Exchange rate differences                                       (16.8)
    Taxes related to share-based
    Other comprehensive income                                      (16.8)
    Profit for the period
    Total comprehensive income for
    the period                                                      (16.8)
    Dividends to shareholders
    Stock split                           0.2     (0.2)
    Share-based compensation
    Options exercised
    Expansion ownership
    Balance at June 30 2008               1.2     36.2              (46.6)

    Balance at December 31 2008           1.2     36.2              (40.2)
    Exchange rate differences                                        11.5
    Effective portion of changes in
    fair value of cash flow hedges                         1.0
    Taxes related to share-based
    Other comprehensive income                             1.0       11.5
    Profit for the period
    Total comprehensive income for
    the period                                             1.0       11.5
    Dividends to shareholders
    Share-based compensation
    Options exercised
    Balance at June 30 2009               1.2     36.2     1.0      (28.7)

                                   Retained       Total Minority Total equity
                                   earnings      Share- interest
    Amounts in EUR millions                      equity

    Balance at December 31 2007       180.1       187.7     11.5       199.2
    Exchange rate differences                     (16.8)     0.4      (16.4)
    Taxes related to share-based
    compensation                        1.1         1.1                  1.1
    Other comprehensive income          1.1       (15.7)     0.4       (15.3)
    Profit for the period              28.6        28.6      2.0        30.6
    Total comprehensive income for
    the period                         29.7        12.9      2.4        15.3
    Dividends to shareholders         (24.8)      (24.8)    (1.2)      (26.0)
    Stock split                                       -                    -
    Share-based compensation            2.9         2.9                  2.9
    Options exercised                   0.8         0.8                  0.8
    Expansion ownership                                     (0.8)       (0.8)
    Balance at June 30 2008           188.7       179.5     11.9       191.4

    Balance at December 31 2008       210.4       207.6     12.3       219.9
    Exchange rate differences                      11.5      2.1        13.6
    Effective portion of changes in
    fair value of cash flow hedges                  1.0                  1.0
    Taxes related to share-based
    compensation                        1.0         1.0                  1.0
    Other comprehensive income          1.0        13.5      2.1        15.6
    Profit for the period              36.8        36.8      0.4        37.2
    Total comprehensive income for
    the period                         37.8        50.3      2.5        52.8
    Dividends to shareholders         (27.1)      (27.1)    (0.1)      (27.2)
    Share-based compensation            2.8         2.8                  2.8
    Options exercised                   0.6         0.6                  0.6
    Balance at June 30 2009           224.5       234.2     14.7       248.9


    Amounts in EUR millions                                 First half
                                                           2009    2008
    Cash flow from operating activities
    Profit for the period                                  37.2    30.6
    Adjustments for:
    Depreciation and amortization                          13.6    17.0
    Taxes on income                                        20.9    15.4
    Net finance expense                                    (3.8)    5.5
    Income from associates                                    -    (0.1)
                                                           67.9    68.4
    Share-based compensation                                2.8     3.1
    Sale of activities and assets, net of cost             (0.4)
    Dividend received                                       0.1     0.2
    Interest received                                       2.7     3.6
    Interest paid                                          (7.8)  (10.6)
    Corporate tax paid                                    (29.6)  (16.9)
    Change in working capital                              (3.6)  (93.9)
    Change in deferred taxes and provisions                 2.8     2.7
    Net cash from operating activities                     34.9   (43.4)

    Cash flow from investing activities
    Net change in (in)tangible fixed assets               (13.5)  (13.5)
    Acquisitions/divestments                               (0.7)  (34.5)
    Net change in associates and other investments         (0.1)   (2.1)
    Net change in other non-current assets                 (1.2)   (0.3)
    Net cash used in investing activities                 (15.5)  (50.4)

    Cash flow from financing activities
    Options exercised                                       0.6     0.8
    Change in borrowings                                   (4.8)   97.8
    Dividends paid                                        (27.2)  (24.8)
    Net cash from financing activities                    (31.4)   73.8

    Net change in cash and cash equivalents less bank
    overdrafts                                            (12.0)  (20.0)
    Exchange rate differences                              (0.9)   (2.9)
    Cash and cash equivalents less bank overdrafts at
    January 1                                             111.7    71.7
    Cash and cash equivalents less bank overdrafts at
    June 30                                                98.8    48.8


                                 Gross Revenue external  Total Gross Revenue
                                           First half           First half
                                        2009        2008      2009       2008

    The Netherlands                    204.7       195.1     205.4      196.1
    Europe, excluding the
    Netherlands                        159.4       175.8     160.5      177.1
    United States                      394.5       389.2     394.7      389.3
    Rest of World                       74.1        67.2      74.2       67.3
    Total Segments                     832.7       827.3     834.8      829.8
    Inter segment revenue                                    (2.1)      (2.5)
    Total Consolidated                 832.7       827.3     832.7      827.3

                                      EBITA          Total Assets
                                     First half       First half
                                    2009    2008     2009     2008

    The Netherlands                 14.8    12.7    218.1    200.4
    Europe, excluding the
    Netherlands                      5.0    10.9    258.7    273.4
    United States                   32.5    29.4    445.6    455.3
    Rest of World                    4.3     6.6     82.8     79.5
    Total Segments                  56.6    59.6  1,005.2  1,008.6
    Corporate and unallocated       (0.3)   (2.6)    36.0     29.4
    Total Consolidated              56.3    57.0  1,041.2  1,038.0

    Geographical information only differs from the segment information above
as a result of the activities in RTKL and APS, which geographically also are
represented in Europe and Rest of World. The geographical information is as

                                  Gross Revenue by origin
                                        2009        2008

    The Netherlands                    204.7       195.1
    Europe, excluding the
    Netherlands                        162.3       183.9
    United States                      387.1       377.3
    Rest of World                       78.6        71.0
    Total Consolidated                 832.7       827.3


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