Irisity AB (publ) Announces planned streamlining of group operations ahead of Ultinous Zrt acquisition
Gothenburg, Sweden – March 27, 2024 – Irisity AB (publ), a provider of AI-driven video data management software has today announced plans for a strategic initiative in streamlining group operations ahead of Ultinous Zrt acquisition closing. This planned initiative’s objective would allow for the consolidation of the Ultinous Zrt operations in Q2, while also lowering the combined Irisity Group’s overall operating costs by 5-10% which amounts to an estimated MSEK 7 to 12 per year savings.
Irisity AB (publ) Announces planned streamlining of group operations ahead of Ultinous Zrt acquisition
Gothenburg, Sweden – March 27, 2024 – Irisity AB (publ), a provider of AI-driven video data management software has today announced plans for a strategic initiative in streamlining group operations ahead of Ultinous Zrt acquisition closing. This planned initiative’s objective would allow for the consolidation of the Ultinous Zrt operations in Q2, while also lowering the combined Irisity Group’s overall operating costs by 5-10% which amounts to an estimated MSEK 7 to 12 per year savings.
Key streamlining opportunities will be identified in all group operational areas. To achieve the expected cost savings, we plan on simplifying company operations, consolidating IT/financial systems, cross group resource sharing, and improving individual product line profitability.
The planned streamlining initiative of the group operations will improve resource management, increase development efficiency, lower service delivery costs and increase innovation speed. The combined impacts would accelerate our pursuit to achieving positive quarterly cash flow and EBITDA results.
This information is information that Irisity AB (publ) is obliged to make public according to the EU's market abuse regulation. The information was submitted for publication, through the above contact persons, at 09:00 CET on 27 March 2024.
For further information, please contact:
Raziel Bareket, COO
Phone: +45 51256210
Email: raziel.bareket@irisity.com
About Irisity AB
Irisity’s AI Open Platform enhances any camera and video management system by integrating a choice of advanced AI and video metadata management featuring hybrid architecture, built-in anonymization and flexible deployment (on-premises, cloud, or hybrid). Globally trusted in over 3000 locations, our platform delivers real-time, efficient and precise data, augmenting human decisions to improve safety, operational efficiency and organizational intelligence.
The Irisity AB (publ) share is listed on Nasdaq First North Growth Market, with the ticker IRIS, the Company’s Certified Adviser is Carnegie Investment Bank AB.
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