Company Overview - Trace3 is a leading provider of digital transformation and IT solutions for commercial and enterprise clients, including many Fortune 500 companies [2] - Founded in 2002, Trace3 has established a strong market position with expertise in artificial intelligence, cloud, security, data and analytics, managed services, and emerging technology [2] - The company is well-positioned to benefit from the increasing demand for next-generation IT infrastructure and services as digital transformation and AI adoption accelerate [2] Strategic Investment - Apollo has agreed to acquire Trace3 from American Securities, with financial terms undisclosed; American Securities will retain a significant minority equity interest in Trace3 [1] - The partnership is expected to enhance Trace3's growth trajectory while maintaining its culture and commitment to innovation and client relationships [3] - Apollo aims to support Trace3 in meeting AI-related demand and expanding high-value service offerings, as well as pursuing strategic mergers and acquisitions to accelerate growth [3][4] Management and Expertise - Trace3's management team has successfully scaled the business and established it as a trusted partner in delivering advanced technology solutions [3] - Apollo has a strong track record in investing in the IT services and distribution sector, with prior investments in companies like Presidio and TD SYNNEX [4] Financial Context - American Securities has approximately $23 billion in assets under management and focuses on investing in North American companies with annual revenues between $200 million and $2 billion [9] - Apollo manages approximately $840 billion in assets as of June 30, 2025, and seeks to provide clients with innovative capital solutions [8]

Core Insights - Banqup Group SA has completed the sale of its UK print operations to the Managing Director of the UK business, aligning with its strategic priority to divest non-core traditional communication services and focus on core digital services [1][2][3] - A strategic partnership agreement has been established, allowing the UK print business to become an authorized reseller of Banqup products, ensuring continuity for employees and customers [2][3] - In 2024, the UK print business generated total revenue of €7.0 million with a gross margin of 39.1% and a positive EBITDA of €1.1 million, employing 18 full-time equivalents [2] Company Strategy - The divestment is part of Banqup's transformation into a pure-play SaaS provider, enhancing its focus on scaling core digital services in key European markets [3] - The new ownership structure is expected to maintain a presence in the UK market while allowing Banqup to concentrate resources on digital service growth [3] Leadership Comments - CEO Nicolas de Beco emphasized the importance of the divestment in progressing towards a SaaS model and thanked the UK team for their contributions [3] - Mark Hetem, the Managing Director of the UK print business, expressed enthusiasm for leading the business and highlighted the value of the partnership with Banqup in meeting the evolving needs of UK businesses [3]

Core Insights - Salesforce, Inc. (CRM) is experiencing significant underperformance, with a stock decline of 28% in 2025, compared to a 13.5% drop in the broader Zacks Computer and Technology sector [1][8] - The company's revenue growth has slowed considerably, with a 7.7% increase in Q1 of fiscal 2026, leading to cautious investor sentiment [5][8] - Salesforce's earnings per share (EPS) growth is projected to decline significantly, with a compound annual growth rate (CAGR) of 12.9% expected over the next five years, down from 27.8% in the previous five years [9] Sales Performance - Salesforce's revenue growth has decelerated, with Q1 fiscal 2026 revenues rising only 7.7% year-over-year, and non-GAAP EPS increasing by just 5.7% [5][8] - Analysts predict mid-to-high single-digit growth for fiscal years 2026 and 2027, indicating a continued trend of cautious enterprise spending [6] Financial Estimates - Current Zacks Consensus Estimates for Salesforce's upcoming quarters and years are as follows: - Current Quarter (7/2025): $10.13 billion - Next Quarter (10/2025): $10.29 billion - Current Year (1/2026): $41.15 billion - Next Year (1/2027): $44.94 billion - Year-over-year growth estimates are projected at 8.66% for the current quarter and 8.58% for the current year [7] Valuation Analysis - Salesforce's stock trades at a low forward P/E ratio of 20.08, significantly below the sector average of 28.16 [8][10] - Compared to peers, Salesforce's P/E is lower than SAP (38.32), Oracle (36.17), and Microsoft (33.42), suggesting a potential undervaluation [12] Strategic Implications - The current valuation may attract investors; however, the ongoing challenges related to slowing sales growth could indicate a value trap [13] - The company needs to adapt its strategy to remain competitive, as businesses are shifting towards smaller, lower-risk IT investments rather than large digital transformation projects [9] Conclusion - Salesforce is no longer viewed as a growth powerhouse, with limited upside potential due to slowing revenue and earnings growth [14] - The company currently holds a Zacks Rank 4 (Sell), suggesting that investors may want to consider other opportunities in the tech sector [14]

Core Insights - Infosys has successfully implemented the nCino Platform for ABN AMRO Bank, aiming to transform the bank's loan origination and collateral management processes by consolidating multiple legacy systems into a unified platform [1][2] - The Go Live of the nCino Platform marks a significant milestone, showcasing new features and facilitating the migration of over 100,000 records from legacy systems over 11 months [2][3] - The nCino Platform enhances operational efficiency, customer onboarding, and regulatory compliance for ABN AMRO, providing a centralized solution for managing assets and collaterals [3][4] Company Collaboration - Infosys is a primary Application Development and Maintenance partner for ABN AMRO, demonstrating expertise in digital and cloud transformation capabilities [2][5] - The collaboration includes supporting integrations across ABN AMRO's IT systems and developing a robust data migration and reconciliation strategy [4][5] - Key stakeholders from both companies emphasize the platform's role in improving lending processes, operational efficiency, and customer experience [5][6] Platform Features - The nCino Platform is cloud-native and configurable, featuring out-of-the-box credit workflows with API-driven integrations and data quality capabilities [3][4] - The solution aims to optimize lending processes and enhance the digital experience for ABN AMRO's customers while ensuring compliance with regulatory requirements [5][6]

Company Overview - Fortinet, Inc. is a cybersecurity firm with a market capitalization of $58 billion, presenting a potential to double its stock price within the next four to five years due to consistent revenue growth and favorable market conditions [2][5] Revenue Growth Potential - Fortinet's revenue could potentially double in the next four to five years, implying a compound annual growth rate of around 14%, which is conservative compared to its 21% average annual revenue growth over the past three years [5][9] - The company's revenue guidance for the third quarter was slightly below expectations, leading to a 22% drop in stock price, which appears unjustified given the overall growth outlook [3][5] Valuation Insights - If Fortinet maintains a premium valuation of 30 times its free cash flow, its stock could exceed $150 per share, representing a 2x increase from current values [5][6] - Prior to the recent drop, FTNT stock was trading at over 34 times free cash flow, indicating a strong valuation position [5] Industry Trends - The cybersecurity sector is rapidly expanding due to digital transformation, cloud adoption, IoT devices, and hybrid working models, necessitating comprehensive security solutions [9] - Fortinet's "Security Fabric" platform offers an integrated, automated security solution, appealing to clients seeking to streamline security management [9] Competitive Position - Fortinet is a recognized leader in high-growth markets such as Secure Access Service Edge (SASE) and Software-Defined Wide Area Networking (SD-WAN), positioning the company to capture substantial market share as businesses modernize their networks [9] Financial Health - The company has demonstrated consistent revenue growth, expanding margins, and healthy free cash flow, reflecting operational and financial discipline [9] Competitive Landscape - The cybersecurity sector is highly competitive, with Fortinet facing strong competition from companies like Palo Alto Networks, CrowdStrike, and Zscaler, which could impact its market share and profit margins [9] Risks to Growth - The investment thesis is sensitive to valuation multiples, which could compress due to rising interest rates or shifts in market sentiment, potentially negating revenue growth benefits [9] - Macroeconomic challenges may lead organizations to cut IT and security expenditures, affecting Fortinet's growth objectives [9]

Core Viewpoint - DXC Technology has officially opened a new office in Buenos Aires, Argentina, as part of its strategy to expand its presence in Latin America and enhance collaboration and innovation [1][2]. Company Expansion - The new office in Buenos Aires will serve as a strategic hub for DXC's Go-to-Market teams and leaders across various services including Business Process Services, Cloud, ITO, Applications, and Modern Workplace [2][5]. - This expansion follows recent office openings in Farnborough, UK, and Toronto, indicating a broader commitment to growth and customer success [5]. Commitment to Innovation - DXC's investment in Argentina reflects a long-term commitment to supporting customers and talent in the region, aligning with the country's role as an innovation hub in Latin America [4][5]. - The Buenos Aires office is designed to deepen partnerships with regional customers and accelerate project delivery, showcasing the company's focus on delivering excellence [2][5]. Market Context - According to IDC, Argentina's IT services market is expected to experience renewed momentum, highlighting the potential for digital transformation in the region [4].

Core Viewpoint - The Chinese liquor industry is undergoing significant changes, prompting the revision of two long-standing regulations from 2005 to better align with current market dynamics and technological advancements [1][4]. Group 1: Regulatory Changes - The China Alcoholic Drinks Association has released draft regulations for wholesale and retail liquor management, seeking public feedback on the updates [1]. - The revisions focus on e-commerce and new retail channels, reflecting the industry's shift towards digitalization and the need for updated standards [4][5]. Group 2: Industry Trends - The number of registered enterprises in China's liquor distribution industry has reached 9.4 million, highlighting the sector's vast scale and the urgent need for standardized regulations [4]. - Online sales of liquor surpassed 120 billion yuan in 2023, marking a 56.4% year-on-year increase, with white liquor contributing nearly 90 billion yuan and growing at 77.7% [6]. - Instant retail models are also experiencing significant growth, with a 41% month-on-month increase in sales for ice beverages in June 2025, indicating a shift in consumer purchasing behavior [6]. Group 3: Technological Integration - The new regulations emphasize the importance of digital transformation, including the adoption of smart supply chain management systems and secure electronic payment methods for e-commerce operators [5]. - Requirements for warehousing and logistics have been updated to ensure safety and efficiency in the storage and delivery of liquor products [5]. Group 4: Market Dynamics - Traditional liquor distribution models are being disrupted as online channels gain market share, leading to a strategic shift among offline retailers to clear inventory through online sales [6]. - The introduction of e-commerce subsidies is driving down prices, further incentivizing offline liquor merchants to increase their online supply [6].

Financial Data and Key Metrics Changes - Total revenue grew 26% year over year to $148 million, with subscription revenue increasing 30% year over year to $134 million [26] - Free cash flow for Q2 was $29 million, up 281% compared to the previous year [27] - Non-GAAP net income was $9 million in the quarter compared to a loss of $5 million in the prior year [29] Business Line Data and Key Metrics Changes - The core finance platform continues to drive the majority of revenue growth, with strong subscription revenue growth contributing significantly [7] - Professional services and other revenue increased by $500,000 compared to last year [27] - The early momentum of the recently launched CPM Express offering is enabling quicker access to the platform for customers [9][23] Market Data and Key Metrics Changes - International business revenue grew 34% year over year, contributing 33% to total revenue [27] - More than 60% of bookings came from new customers, indicating strong market demand [27] - The North American commercial business performed well, driven by the growth of the CPM Express product [22] Company Strategy and Development Direction - The company focuses on product and AI innovations to capitalize on market momentum and build long-term value [6] - The strategy includes a shift towards operational planning beyond the office of the CFO, leveraging advanced AI capabilities [38] - The introduction of the Genesys architecture aims to simplify customer experiences and drive revenue through new solutions [13][100] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the US Federal and public sector business despite near-term uncertainties [30][46] - The company has the largest pipeline ever at this point in the year, indicating strong future growth potential [30] - Management acknowledged the challenges in the federal government sector but remains confident in the long-term opportunities [48] Other Important Information - The company introduced several advanced AI innovations at the SPLASH conference, including Sensible AI Forecast and Sensible AI Studio [10][14] - The company is focused on providing predictable outcomes and building trust in AI solutions among CFOs [85] Q&A Session Summary Question: Expansion outside the Office of the CFO - Management discussed the strategy to drive expansion into operational planning and highlighted the upcoming ESG product as an example of targeted use cases [36][40] Question: Federal Government Contracts and Guidance - Management provided insights on the federal government’s modernization efforts and the potential migration to SaaS, balancing optimism with caution regarding Q3 guidance [43][46] Question: Macro Environment and Deal Delays - Management acknowledged the strong Q2 performance while recognizing some uncertainty in the macro environment but expressed confidence in executing the pipeline [52][55] Question: CPM Express and Sales Enablement - Management emphasized that CPM Express is part of the productization strategy aimed at delivering quicker value to customers and noted positive sales momentum [58][62] Question: AI Monetization and Pricing Strategy - Management outlined the hybrid pricing strategy for AI solutions and emphasized the importance of low friction processes for customer adoption [70][74] Question: Competitive Mode and AI Disruption - Management reassured that OneStream's sophisticated financial intelligence system is insulated from AI disruption, emphasizing the need for trust and transparency in financial applications [77][82] Question: Trust and Adoption of AI Solutions - Management highlighted the importance of productizing AI solutions to provide predictable outcomes and build trust among CFOs [84][86] Question: Federal Business Pipeline and Interest - Management confirmed that the pipeline for federal business continues to build, with indications of interest increasing despite current uncertainties [105]

Core Insights - Atos has been recognized as a Leader in ISG's Provider Lens™ Mainframes – Services and Solutions for the fourth consecutive year, highlighting its expertise and operational excellence in the market [1][2] Group 1: Market Position and Recognition - Atos has been named a Leader in four quadrants: Mainframe Optimization Services, Application Modernization Services, Mainframe as a Service (MFaaS), and Mainframe Operations, reinforcing its strong market presence [1][2] - ISG elevated Atos from a Product Challenger to a Leader in the Mainframe Optimization Services quadrant, emphasizing its decades of mainframe experience and innovative AI modernization capabilities [3] Group 2: Service Offerings - In the Application Modernization Services quadrant, Atos is recognized for its risk-averse modernization approach and secure migration framework, integrating GenAI into its modernization efforts [4] - Atos stands out in the MFaaS quadrant for its tailored migration strategies and hybrid environment support, leveraging decades of IBM expertise [5] - In the Mainframe Operations quadrant, Atos is noted for its comprehensive operations services, focusing on automation and cost efficiency [6] Group 3: Company Overview - Atos Group operates globally with approximately 70,000 employees and annual revenue of around €10 billion, positioning itself as a leader in digital transformation [8] - The company is committed to a secure and decarbonized future, providing AI-powered, end-to-end solutions across various industries [9]

Core Insights - Atos has been recognized as a Leader in ISG's Provider Lens™ Mainframes – Services and Solutions in Europe for the fourth consecutive year, reinforcing its strong market position and expertise in mainframe services [1][2] Group 1: Market Position and Recognition - Atos has been named a Leader in four quadrants: Mainframe Optimization Services, Application Modernization Services, Mainframe as a Service (MFaaS), and Mainframe Operations, showcasing its comprehensive service offerings [1][2] - ISG has elevated Atos from a Product Challenger to a Leader in the Mainframe Optimization Services quadrant, highlighting its decades of mainframe experience and innovative AI modernization capabilities [3] Group 2: Service Offerings - In the Application Modernization Services quadrant, Atos is recognized for its risk-averse modernization approach and secure migration framework, integrating GenAI into its modernization efforts [4] - Atos stands out in the MFaaS quadrant for its tailored migration strategies and hybrid environment support, combining IBM expertise with cloud-aligned scalability [5] - The Mainframe Operations quadrant assessment emphasizes Atos' focus on automation, cost efficiency, and hybrid IT integration in its operations services [6] Group 3: Company Background - Atos Group operates globally with approximately 70,000 employees and annual revenue of around €10 billion, positioning itself as a leader in digital transformation and cybersecurity [8][9] - The company is committed to a secure and decarbonized future, providing AI-powered, end-to-end solutions across various industries [9][10]