Wednesday, December 13, 2017
Artificial Intelligence Will Create More Jobs Than It Eliminates By 2020 While Eliminating 1.8 Million
The year 2020 will be a pivotal year in AI-related employment dynamics, according to Gartner, Inc., as artificial intelligence (AI) will become a positive job motivator. The number of jobs affected by AI will vary by industry; through 2019, healthcare, the public sector and education will see continuously growing job demand while manufacturing will be hit the hardest. Starting in 2020, AI-related job creation will cross into positive territory, reaching two million net-new jobs in 2025.
"Many significant innovations in the past have been associated with a transition period of temporary job loss, followed by recovery, then business transformation and AI will likely follow this route," said Svetlana Sicular, research vice president at Gartner. AI will improve the productivity of many jobs, eliminating millions of middle- and low-level positions, but also creating millions more new positions of highly skilled, management and even the entry-level and low-skilled variety.
"Unfortunately, most calamitous warnings of job losses confuse AI with automation — that overshadows the greatest AI benefit — AI augmentation — a combination of human and artificial intelligence, where both complement each other."
IT leaders should not only focus on the projected net increase of jobs. With each investment in AI-enabled technologies, they must take into consideration what jobs will be lost, what jobs will be created, and how it will transform how workers collaborate with others, make decisions and get work done.
"Now is the time to really impact your long-term AI direction," said Sicular. "For the greatest value, focus on augmenting people with AI. Enrich people's jobs, reimagine old tasks and create new industries. Transform your culture to make it rapidly adaptable to AI-related opportunities or threats."
Gartner identified additional predictions related to AI’s impact on the workplace:
By 2022, one in five workers engaged in mostly nonroutine tasks will rely on AI to do a job.
AI has already been applied to highly repeatable tasks where large quantities of observations and decisions can be analyzed for patterns. However, applying AI to less-routine work that is more varied due to lower repeatability will soon start yielding superior benefits. AI applied to nonroutine work is more likely to assist humans than replace them as combinations of humans and machines will perform more effectively than either human experts or AI-driven machines working alone will.
"Using AI to auto-generate a weekly status report or pick the top five emails in your inbox doesn't have the same wow factor as, say, curing a disease would, which is why these near-term, practical uses go unnoticed," said Craig Roth, research vice president at Gartner. "Companies are just beginning to seize the opportunity to improve nonroutine work through AI by applying it to general-purpose tools. Once knowledge workers incorporate AI into their work processes as a virtual secretary or intern, robo-employees will become a competitive necessity."
Through 2022, multichannel retailer efforts to replace sales associates through AI will prove unsuccessful, although cashier and operational jobs will be disrupted.
Leveraging technologies such as AI and robotics, retailers will use intelligent process automation to identify, optimize and automate labor-intensive and repetitive activities that are currently performed by humans, reducing labor costs through efficiency from headquarters to distribution centers and stores. Many retailers are already expanding technology use to improve the in-store check-out process.
However, research suggests that many consumers still prefer to interact with a knowledgeable sales associate when visiting a store, particularly in specialized areas such as home improvement, drugstores and cosmetics, where informed associates can make a significant impact on customer satisfaction. Though they will reduce labor used for check-out and other operational activities, retailers will find it difficult to eliminate traditional sales advisers.
"Retailers will be able to make labor savings by eliminating highly repetitive and transactional jobs, but will need to reinvest some of those savings into training associates who can enhance the customer experience," said Robert Hetu, research director at Gartner "As such most retailers will come to view AI as a way to augment customer experiences rather than just removing humans from every process."
In 2021, AI augmentation will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity.
While many industries will receive growing business value from AI, manufacturing is one that will receive a massive share of the business value opportunity. Automation will lead to cost savings, while the removal of friction in value chains will increase revenue further, for example, in the optimization of supply chains and go-to-market activities.
However, some industries, such as outsourcing, are seeing a fundamental change in their business models, whereby the cost reduction from AI and the resulting productivity improvement must be reinvested to allow reinvention and the perusal of new business model opportunities.
"AI can take on repetitive and mundane tasks, freeing up humans for other activities, but the symbiosis of humans with AI will be more nuanced and will require reinvestment and reinvention instead of simply automating existing practices," said Mike Rollings, research vice president at Gartner. "Rather than have a machine replicating the steps that a human performs to reach a particular judgment, the entire decision process can be refactored to use the relative strengths and weaknesses of both machine and human to maximize value generation and redistribute decision making to increase agility."
Atlas Copco, a world-leading provider of sustainable productivity solutions and manufacturer of portable air compressors, waterwell compressors and light towers, today launched new products — for the infrastructure and construction sectors.
The products come with unmatched features such as dual pressure, better fuel efficiency, faster and deeper drilling, versatility and lower carbon footprint along with the right ergonomics and inbuilt features to enhance performance. These forward thinking products ensure safer and more productive sites.
In the portable energy business, Atlas Copco launched its new XRX1350 and XRHS650 waterwell compressors. The XRX 1350 is a compact, dual pressure compressor with 365-425 psi, better fuel efficiency, and faster and deeper drilling. The XRHS 650 dual pressure compressor is the latest addition to the medium air range of waterwell compressors for shallow waterwell drilling.
Atlas Copco’s new HiLight V5+ Light Tower offers advanced LED solutions. It is also the safest and most efficient light tower for road construction, airports, hydropower projects, and mining and construction applications. The HiLight V5+ is the product of intensive research in cutting-edge lighting technology.
Atlas Copco has also introduced a total of seven electric compressor models with different pressure and flow combinations which offer 19% faster drilling with 11% less power consumption as compared with other compressors in its class.
Atlas Copco Managing Director Giovanni Valent said, “India is a very important market for Atlas Copco. Our new product launch is a testimony of our continued interest in the subcontinent and is in line with our focus on the government’s ‘Make in India’ initiative. Our latest portable air diesel compressors, waterwell compressors, electric compressors and light towers are invested with global technology that helps clients to enhance productivity, meet manufacturing targets, strengthen customer delivery, and achieve business objectives in India.”
Microsoft today said that 70 of the top 100 Bombay Stock Exchange listed companies are now using Microsoft cloud to drive their digital transformation.
Microsoft works with over 200,000 large, medium and small enterprises, 29 State Governments and over 5000 start-ups in the country. In the last 18 months, the company has seen many these customers start their digital transformation using the hybrid cloud. The only provider of all three clouds – private, public and hybrid – Microsoft has now launched Azure Stack for India.
Azure Stack is an extension of Microsoft’s Azure cloud platform, and brings the agility and fast-paced innovation of cloud computing to on-premises environments and enables entirely new hybrid cloud scenarios. All the major Azure Stack partners HP, Dell, EMC, Lenovo and Cisco, have started shipping Azure Stack to customers in India. A large Azure Stack ready partner ecosystem has been created with partners such as Netmagic, Embee and G7CR.
Microsoft has three of its 42 global datacenters regions located in India at Mumbai, Pune and Chennai. Operating since September 2015 (Microsoft was the first global public cloud provider to offer local cloud services in India), Microsoft was also the first public cloud service provider to be empaneled by Ministry of Information Technology (MeitY) in late 2016. It continues to be a certified cloud provider for Governments in India.
“We are fueling innovation and accelerating India’s digital transformation with our global and local cloud services. As many mobile-only and cloud-only collaboration and productivity scenarios emerge in the workplace, we are working with our customers and partners to accelerate movement to the intelligent cloud and intelligent edge in the next year, and to help build new engines of growth. Microsoft and our partners are helping customers who want to utilize the full power of our cloud platform and use Artificial Intelligence, Machine Learning, Cognitive Intelligence and Internet of Things (IoT),” said Anant Maheshwari, President, Microsoft India.
“As the pace of digital transformation picks up in 2018, we recognize that many customers prefer to evolve gradually by first moving to a hybrid cloud environment before fully embracing the public cloud. With Azure Stack, we will help our customers move forward in their preferred digital transformation path at a pace they prefer,” he added.
Sachin Saga Cricket Champions Bowls Mobile Gamers, Scores Over 1.00 Mn Downloads in Less than a Week of Launch
JetSynthesys’ Sachin Saga Cricket Champions today announced a successful milestone of achieving 1.00 Million downloads within a week of its launch. Within less than a week, the cricketing mobile game has become one of the top-most downloaded games on Google Play making it one of the most awaited and popular cricket based game in India.
Launched on December 7 by the Master Blaster himself, the game gives fans an opportunity to relive the legend’s career by stepping into his shoes. “Sachin Saga Cricket Champions” creates a larger than life virtual cricketing experience on a mobile device. Through the technology embedded in the game, the players for the first time can experience real-time shadows and motion captures in a mobile game without hampering the game’s performance.
The pre-registrations for this game opened on Google Play Store on October 1. The game was also featured as #1 by Google on pre-registration amongst top global titles.
In support of providing education with a meaning, Puravankara Limited and the Wockhardt Foundation joined hands to set up 3 edu-recreational centres in Ulsoor, dedicated to children from marginalized communities. This comes under the Corporate Social Responsibility program of the organization and is an extension of Puravankara’s ongoing initiatives to leverage its existing expertise to create viable impact in the communities they exist. .This unique programme ‘Khel Khel Main’, will engage with children in the age group of six to 12 years, throughout the year to augment daily school learning.
Khel Khel Mein (KKM) is a unique initiative of the Wockhardt Foundation, comprising of Edu-Recreational Centres for underprivileged children. It ensures quality and focussed education inculcating good human values and habits through fun and play.
Puravankara has successfully partnered with Wockhardt in the past and helped infants with congenital heart diseases get life-saving surgeries. The success of which has promoted Puravankara to continue the relationship, thru Wockhardt’s unique offering of Khel Khel Mein Working for the upliftment of children from the marginalised societies has always been a focal point in Puravankara’s CSR program. Associating with Khel Khel Mein allows Puravankara to make strides in the right direction moving closer towards the larger goal.
Dr. Huz (Dr. Huzaifa Khorakiwala), CEO & Trustee, Wockhardt Foundation, Amanda Puravankara, Director, Puravankara Limited and Samyukta Horanad, popular award winning Kannada film actress grace the occasion to inaugurate one of the centres in Ulsoor, Bengaluru.
Speaking on the collaboration, Ashish R. Puravankara, M.D., Puravankara Limited said, “Our children are the nation’s leaders of tomorrow and we as a society are responsible to mould them to become good and responsible citizens. Education is the first step, and through this initiative we plan to provide to these children a fun platform to learn and inculcate good values and habits from an early age. . The commitment and passion demonstrated by Workhardt foundation to empower children by gifting them a healthier and happier future is quite commendable and I am proud to be part of this change. We at Puravankara will continue to play our part in supporting the rights of children from marginalized communities.
Post the inauguration ceremony, actress Samyukta Horanad spent a few moments interacting with the children at the centre. She said, “It makes me so happy to be a part of a noble initiative like Khel Khel Mein which gives an opportunity to these children who otherwise may never have had the chance to experience this unique learning methodology. I am so grateful to Puravankara and Wockhardt for allowing me be a part of this necessary and important endeavour. ”
Adding further to this was Dr. Huz (Dr. Huzaifa Khorakiwala), CEO, Trustee, Wockhardt Foundation who said, “Every child in this country has the basic right to education. For me, there is nothing more satisfying than being the hands behind shaping the future of a child. The Wockhardt Foundation has long believed and supported the cause of education for the underprivileged.”
Mphasis, a leading IT solutions provider specializing in cloud and cognitive services, today announced it is strengthening its digital footprint in Western Europe by expanding its operations outside Mphasis Wyde in France. The announcement was made at Mphasis Wyde’s 20th year anniversary celebrations in France.
Mphasis’ expanded presence in Europe is a step ahead from its existing business from the Policy Administration Solutions (PAS) operations from Mphasis Wyde. The expansion will enable Mphasis’ clients to leverage the cloud and cognitive capabilities available in the region and help Mphasis build its digital businesses and acquire new customers across industry verticals. By leveraging its X2C2 TM framework and front-to-back (F2B) transformation approach, Mphasis is able to build on future proofing their clients through its enhanced digital capabilities.
“Mphasis’ expansion into France is a strategic decision. Our commitment has always been customer-centric and we look forward to digitally transforming our clients businesses in France,” said Dinesh Venugopal, President – Mphasis Direct and Digital. We are positive that our innovative digital roadmap will fuel growth for Mphasis in the region by firing up all engines - including acquiring new clients and enhancing our footprint with existing ones.”
“Technology has been at the forefront of creating seamless customer experiences and driving innovation in the market. Digital transformation shifted the way PAS vendors address the evolving landscape; major investments have been made, improving integration methods, ease of use and upgrading features and functions,” said Nicolas Michellod, Senior analyst, Celent. “Mphasis Wyde continues to progress and expand its customer base in Europe and we expect it to carry on its growth path in the near future,” he added.s
Mphasis Wyde celebrated its 20th anniversary on December 8, 2017 at the Wyde User Conference held in France .
Caterpillar, the global heavy machinery equipment maker, announced the launch of four new products for the Indian market today at Excon 2017. With the launch of these new products, Caterpillar aims to deepen its presence in infrastructure, mining and energy sector in India with innovative and cutting-edge technology.
The new range of products include an advanced series of backhoe loaders (426F2and 424B2), Hindustan wheel loader (2021D2) and Cat excavators(336D2 and 349D2), which were displayed alongside Caterpillar’s existing range of products at the prestigious EXCON 2017 that kicked off in Bengaluru today. Other products showcased at the exhibition include 125 kVA FG Wilson generator set;SEM branded motor graders, wheel loader and dozer;500 KVA generator set;and product support capabilities such as Cat 360°ADVANTAGE, Cat Connect Technology, Product Support (Service Van display), Cat Finance, and Rental & Used Equipment.
The company believes it is uniquely positioned to partner in India’s growth story - especially the “Make in India” initiative - with its wide range of equipment, which is manufactured in India for India and also for the world, state-of-the-art technological solutions, and above, all its unrivalled global experience in project implementation.
Customers can expect increased productivity with an improved operator environment, better fuel efficiency and more reliability from the new range of backhoe loaders. 426 F2 and 424 B2.Pump flow in a superior hydraulic system delivers excellent hydraulic performance at the operator’s fingertips.
“At EXCON 2017, we are launching products to expand our presence in the Indian market. Our decision to launch new products to add to our existing segments demonstrates our resolve to contribute to the India growth story,” said Vivek Vanmeeganathan, Country Head and Managing Director, Caterpillar India.
New Cat products including excavators, backhoe loaders along with existing products are well positioned to meet the demands of the Indian market, overcoming challenges pertaining to unfriendly topography, weather conditions, tough terrain and high altitude.
He further added, “For over 35 years, from A Series to the new F2 Series, we have produced backhoe loaders that are designed with the operator in mind, providing reliability, power and a quality operator environment. The Cat 426F2 backhoe loader continues this tradition, providing a machine to help the growth of business. A large number of infrastructure projects, especially highways, energy and rail projects, are currently underway in several parts of the country. Initiatives such as Smart Cities, Clean Ganga and Swachh Bharat offer huge potential for us to deepen our presence with cutting-edge technology and solutions.”
Commenting on Caterpillar's participation at EXCON 2017, Amit Bansal, Sales Director, Building Construction Products, Caterpillar India said, "“The 426F2 features the Cat C4.4 engine. The engine is a four cylinder, four stroke direct injection turbocharged, inter-cooled and equipped with standard glow plug starting for optimal cold weather performance. This provides reliable starting performance down to –26°C,” he said.
The 9th edition of EXCON 2017, South Asia’s largest construction equipment and construction technology trade fair, is being organised in Bengaluru from December 12-16, 2017.
Besides the advanced loaders, Caterpillar is also showcasing its new excavator Cat 336D2 and 349D2. Other machines that will be on display at the trade fair would include excavators, motor graders and track type tractors.
Cat excavators are equipped with unique features that enable them to undertake complex tasks in tough terrains. These excavators are best in class in performance and safety features. The machines will be instrumental in working on construction and road building projects across India.
With 3210 kg payload, new Hindustan series wheel loaders 2021D2 also come with improved operator environment and a highly reliable and fuel efficient engine. The 2021D2 wheel loaders provide higher productivity with improved lift height and the lowest operational cost.
KOBELCO CONSTRUCTION EQUIPMENT INDIA PVT. LTD.,
Kobelco Construction Equipment India Pvt. Ltd (KCEI) is one of the Main Sponsors of this year’s EXCON being held at Bengaluru, India from the Dec 12 to 16, 2017. They are strategically located at Outdoor Stall # 45 in the Orange Lot with a 1,290 Sq. M. area.
The main theme for the event will be POWER meets EFFICIENCY, which happens to be the tag line for the Generation 10 Series. This year also marks the completion of 10 great years for the KOBELCO Brand in India. The Company has been able to establish itself as a reliable player with a strong support network of Dealers having over 120 touchpoints across the country.
(KCEI) is a subsidiaryof Kobelco Construction Machinery Co. Limited, Japan (KCMJ). It supplies a wide
range of Hydraulic Excavators ranging from 14T to 85T. KCEI commenced its operations in India in February 2007 with its latest offering of “Series 8” Hydraulic Excavators. These are equipped with the latest Tier III Engines, which are most Fuel efficient and Environment friendly. Kobelco Hydraulic Excavators were developed after exhaustive field studies and analysis of applications and onsite working condition. Kobelco products have a proud history of excellent service and innovative technology. KOBELCO offers technologies that make effective use of unutilized natural resources.
KCMJ. Specializes in hydraulic excavators. It is dedicated to developing unique products with a focus on high fuel efficiency and low-noise features to meet diverse customer needs. KCMJ is focusing on fast-growing markets such as China, Southeast Asia, and India bolstering its global presence.
KCEI constructed a new excavator plant at Sri City in Andhra Pradesh which started operations in 2011. It is another step in the long-term commitment of Kobelco to the Indian Market and its belief in establishing a leadership position in India. The company is committed to comprehensively fulfill customer needs and expectations.
Presently, the Product Range of Hydraulic Excavators in India includes
ØSK 220XDLC & SK220XD
KCEI has kept a major focus on Customer satisfaction and supports its products with Warranty & Post Warranty Services. It has a wide Dealer Network of nearly 100 Service & Parts Outlets across the Country to extend genuine Service & Spare Parts supported by 28 Offices located across India.
Continuing with its efforts to revolutionize eyewear globally, Lenskart partners with Israel based start-up 6over6. The revolutionary technology of 6over6 will enable users to determine power of their eyes as well as lenses fitted in their eyeglasses through a smartphone application. Lenskart has invested 1 million USD to introduce this revolutionary technology which is one-of-its-kind and is exclusive to Lenskart in India.
Lenskart will partner with 6over6 to co-develop and test the product in its domain before taking it to the market.
Commenting on the announcement, Peyush Bansal, Founder and CEO, Lenskart.com said“Technology stays to be at the heart of Lenskart.com as we are the largest tech focused eyewear company globally. 6over6 is a groundbreaking technology that acts as an auto refractor and lensometer to retrieve the prescription of your eyes and current spectacles using nothing but your smartphone. This partnership will further enhance Lenskart’s online engagement with consumers. We are pretty confident that by joining hands with 6over6, we will be able to make eyewear experience fun.”
Sharing his thoughts, Ofer Limon, Ph.D, CEO & Co-Founder, 6over6 said, "We are excited to join forces with Lenskart, a world class leader in the online eyewear space, to enable each and every person, in India and beyond, to gain perfect vision. We are determined that the collaboration between the innovative platform and exceptional execution of Lenskart and the disruptive technology of 6over6 Vision would give genuine access for vision-care for everyone everywhere."
Greenfield, Brownfield Substation Projects Reap Design, Collaboration, and Construction Benefits from BIM and Reality Modeling
Whether designing greenfield substation projects from the ground up or performing brownfield design associated with existing substation infrastructure, intelligent 3D substation design employing BIM processes and reality modeling demonstrates cost and time saving benefits.
In a greenfield project in Cambodia, PESTECH undertook a project for Diamond Power Limited for the conceptual design through commissioning of the 230-kilovolt Kratie and Kampong Cham Substation and Transmission System. The project will support the growing population and tourism industry. The Kratie 230/22-kilovolt substation will connect with the Sesan hydropower plant, which is under construction in the upper Mekong area, and also serve as a major collection center of power from several mini hydropower plants, connecting to the national power grid of Cambodia.
Visualization of the 3D substation design was essential to prepare and plan work before and during construction. The site was located far from the town within forest and hilly roads and visualization of the design with accurate dimensions was a significant challenge, which was successfully overcome using Bentley Substation and Bentley Navigator. ProjectWise was used for collaboration across departments on-site and offsite including procurement, management, engineering, and construction. The project is expected to be completed in November 2017 and PESTECH will also be responsible for operating the power transmission system for a concession period of 25 years.
The design of past projects was done manually, via hand-drawn and manual calculation of components and third-party CAD software. This approach was prone to human error, time consuming, and resulted in inconsistent quality. PESTECH’s engineering team reported many benefits of Bentley Substation from the unified design environment facilitating cross-discipline collaboration, automated design drawing and reports, enforcement of engineering standards, and more. These included cost savings in procurement, reduction in errors, and substantial time savings. A detailed analysis comparing the use of Bentley applications with previous methods estimated time savings of up to 70 percent were achieved.
In contrast, approximately 95 percent of Pacific Gas & Electric’s (PG&E) annual USD 1 billion substation budget is spent on existing brownfield substations. Since 2016, PG&E has been pioneering the use of a combination of aerial equipment such as man lifts, unmanned aerial vehicles (UAVs), and on-ground photo equipment to capture images of existing substations. Bentley’s ContextCapture is used to process these images and produce accurate 3D reality meshes, which can be referenced into Bentley Substation to complete the entire substation design in 3D. ContextCapture models allow effective collaboration between the Transmission Line, Land Planning and Zoning, and the Electrical and Civil Substation Engineering departments. ProjectWise is used to manage the models and facilitate collaboration. With up-to-date 3D models, all stakeholders can clearly see the impact of each department on the project, avoiding costly conflicts in the field and allowing for more streamlined, effective, and sustainable long-term planning.
For community and government relations, this method can be used to capture and retain historical infrastructure in 3D before new construction takes place. In areas where thick ballistic walls for security are required by the Federal Energy Regulatory Commission’s (FERC), realistic renderings of the existing substation and new security walls in 3D helps to gain community acceptance. 3D models generated by ContextCapture can also be utilized as a mesh to generate quick and low-cost digital terrain models and enables PG&E to identify and categorize existing substation assets for condition-based maintenance substation asset inventories.
PG&E expects to reduce cost spent on recreating existing substation equipment in 3D by 50 percent, a reduction from 120 hours to less than 60 hours on average. Improving captured 3D model’s accuracy to within inches will eliminate field measurements on cleared and energized equipment. PG&E also expects a 50 percent reduction of substation personnel travels to and from substation facilities.
Ralph Hansen, construction supervisor, PG&E, said, “Having a complete 3D model at the time of constructability review allows us to measure electrical and physical clearance in real time, which helps eliminate costly conflicts during the construction phases. With today’s increasing substation complexity and decreasing substation footprint, having a 3D model is a must.”
The South Street 115/11.5/23-kilovolt Indoor Substation project executed by TRC for National Grid involved rebuilding South Street Substation in Providence, Rhode Island, converting the existing three 115-kilovolt overhead line supply circuits to underground cable circuits, and re-routing the existing 23- and 11.5-kilovolt underground feeder getaway facilities. To complete the project on time and on budget required TRC to integrate existing conditions to the new construction while the substation remained in operation. This project was also in a highly visible and congested area, which caused concern over the aesthetics of the site and building.
The project had a very complicated building design and required incorporating a large number of subcontractor files in third-party formats to a single master design model for cross-discipline checking. These files were placed in ProjectWise and provided an indisputable record of what was received from subcontractors. Bentley Substation was used to integrate these different formats into the Bentley Substation models by TRC staff in design centers across the country. As a result, TRC identified issues before construction or fabrication that would have led to delays at the site and cost overruns. Bentley Substation was used to do full 3D client walkthroughs for interior and exterior design reviews and the 3D models were also used in the renderings for the planning board and for public comment.
Jason Poissonnier, TRC ProjectWise administrator, said, “Bentley Substation along with ProjectWise was instrumental in successfully completing the South Street project, which was in a congested, highly visible area. TRC utilized resources from several offices who collaborated on over 2,000 CAD files as well as Excel, Word, PowerPoint, Outlook, PDF, TIFF, and other files. The ability to incorporate different types of design files from subcontractors into the 3D model made the design reviews truly all-encompassing and resulted in identifying many areas that needed redesign, thereby avoiding costly changes later during construction.”
With a firm commitment towards capacity building of the nation, Rajya Sabha MP, Subhash Chandra had launched the Subhash Chandra Foundation to commemorate 90 years of Essel Group and had pledged Rs. 5000 crore of his family wealth towards philanthropic initiatives of the Foundation. Today, the Subhash Chandra Foundation announced the launch of its first-of-its kind initiative - the ‘Esselerator’ program to identify and mentor entrepreneurs. The program has been launched in association with the Essel Group, one of India’s largest diversified business conglomerates, and will be powered by TiE Mumbai, a non-profit global community.
The program has been launched to identify and mentor entrepreneurs across start-ups in the fields of Media & Entertainment, MediaTech and EduTech. Driven by a desire of #LetsFuelIdeas, the program aims to co-develop and nurture ‘early & growth stage start-ups’ that have the potential to grow into successful companies in the future.
Commenting on the launch, Subhash Chandra, Rajya Sabha MP and Chairman of Essel Group said, “Essel Group’s journey of 90 years has been marked by a series of milestones, which have been driven by a pioneering vision and an undying entrepreneurial spirit. As we move ahead in this journey, our aim is to carry forward the entrepreneurial legacy of the Group and with this objective in mind, we had launched the Subhash Chandra Foundation earlier this year to help budding entrepreneurs and educationists, by not just providing them with funds but by creating a chain model.
Under the aegis of the Subhash Chandra Foundation and in partnership with TiE Mumbai, we are proud to launch our initiative - the ‘Esselerator’ program which promises to identify and groom the next generation of thinkers and innovators, who through their unique business models will play a significant role in building the capacity of the nation.”
Amit Goenka, CEO – International Broadcast Business, ZEEL said, “The ‘Esselerator’ program has been launched keeping in mind, Shri Chandra’s vision to nurture and grow entrepreneurs and create capacity for the nation through business models that will bring about change, increase effectiveness and provide growth opportunities. The focus of the ‘Esselerator’ on media, entertainment and education is at the heart of Essel’s business and leadership in these sectors.”
Anand Desai, President - TiE Mumbai & Managing Partner, DSK Legal, said “The Media & Entertainment space is highly fragmented and entrepreneurs face a number of challenges. This is a positive step towards nurturing the start-up eco-system by getting corporates involved. The Subhash Chandra Foundation along with Essel Group's focus on MediaTech & EduTech is the need of the hour. Through this partnership with TiE, the Esselerator program will allow us to create a more mature ecosystem."
With the expertise of the Essel Group and the vision of the Subhash Chandra Foundation, the program aims to give the founding teams access to Essel resources, networks and platforms to test and grow their start-ups into viable businesses. The selected teams will be mentored by the eminent leadership of Essel Group including Subhash Chandra, the Chief Mentor, Punit Goenka, MD & CEO, ZEEL and Amit Goenka, CEO – International Broadcast Business, ZEEL, and senior management of Essel Group, along with Industry experts from different fields.
The shortlisted teams will benefit from comprehensive knowledge and guidance from the best minds in the industry, and training across technology, consumer insights, fund raising and social media tools. Along with TiE Mumbai’s strong mentorship and global network, start-ups passing through the Esselerator program will benefit tremendously.
The program will allow Early and Growth Stage start-ups to apply into the program and go through a selection process through a panel of experts. Start-ups involved in IoT, Artificial Intelligence (AI) and Machine Learning (ML), Cognitive Computing, Virtual/ Augmented Reality, Blockchain, etc. and willing to look at business opportunities in the media & entertainment or education space, can also apply.
The first round of applicants will be shortlisted through their online applications. The second round will include interviews with the accepted applicants which will be jointly conducted by Esselerator & TiE Mumbai.
Atos, a global leader in digital transformation, announces that it has made a formal proposal to acquire Gemalto [Euronext Amsterdam: GTO] by way of a public offer for all of Gemalto issued and outstanding shares. Atos invited Gemalto’s Board of Directors to engage discussions and review collaboratively this potential transaction. On November 28, 2017, Atos has delivered an offer to the Board of Directors of Gemalto which is friendly, compelling, and which addresses the interests of all stakeholders. Since then, Atos has reiterated its friendly intentions. Considering increased risk that could impact Gemalto’s shares, and for the purposes of market information, the Atos’ Board of Directors has decided to make its proposal public while affirming its willingness to engage into discussions with the objective to come to a transaction recommended by the Gemalto’s Board of Directors.
Key terms of the Atos proposal:
Intended all-cash offer of €46.0 per Gemalto share (cum dividend), representing a total consideration of approximately €4.3bn.
A premium of c. 42% to Gemalto’s last unaffected closing price as of December 8, 2017, and c. 42% and c. 34% premium to Gemalto’s 1-month and 3-month volume weighted average trading prices, respectively.
The proposed transaction will strengthen Gemalto’s businesses and will create a leading Group in cybersecurity technologies and digital services to the benefit of all stakeholders going forward.
The acquisition of Gemalto shares will be entirely financed with Atos’ existing cash resources and fully committed external debt.
Thierry Breton, Chairman and CEO of Atos said: “Atos has been following closely, and with a lot of interest, the evolution of Gemalto as a leading player in digital cyber security, IoT and payment and has long admired its global presence and strong customer and technology portfolios. We believe that a combination of Atos and Gemalto would result in enhanced global leadership in cybersecurity, digital technologies and services and in the strengthening of our positioning as a leading European payment services provider. Atos has carefully considered the interest of the stakeholders of the two groups, shareholders, employees, and customers which will all benefit from the proposed friendly transaction. In addition, Atos comes forward with a long track-record of successfully integrating management teams, employees and businesses”
A powerful industrial combination in three high-growth markets
Strategically, the combination of Atos and Gemalto will lead to enhanced global leadership in cybersecurity and digital technologies and services, with highly complementary offerings, technologies, and commercial footprint:
Reinforced capabilities in digital cyber technologies and services and homeland security: the combination will lead to the creation of a worldwide leader with total revenue amounting to c. €1.5bn. Gemalto’s offerings in identity and access management, data encryption and crypto management strongly complement Atos’ capabilities in Artificial Intelligence (AI), Big Data, High Performance Computers, and cloud orchestration.
Enhanced capabilities in IoT/M2M by leveraging Atos’ Codex data analytics and AI, deep industry knowledge and long-standing customer relationships, with c. €1bn in combined revenue.
Consolidation of the Group position as a leading end-to-end European payment services provider: as a global leader with approximately €1bn in revenues in 2016, Gemalto has gained unique and deep expertise in payment solutions. The synergies between Worldline, Gemalto, and Atos businesses will benefit from end-to-end capabilities across the value chain and many substantial geographic, technology and services complementarities.
The combination will reinforce the two groups in Europe as well as in the United States of America, first market for the two companies and where the new group will be a key player in term of investments and jobs creation.
Strong fit in the interest of both Atos and Gemalto stakeholders
Atos and Gemalto have long shared a common DNA, which is expected to serve as a strong foundation for bringing the two companies together. Both groups have a long-standing heritage of technological and scientific excellence. Both are client-centric organizations, relentlessly focusing on customer needs and satisfaction. Atos and Gemalto both put enormous emphasis on attracting, developing and retaining the very best talent, in an increasingly competitive and global environment. Finally, Atos and Gemalto share a long-standing experience in cybersecurity for its clients in both private and public sectors.
Atos has demonstrated in the past its integration capabilities, in particular with the successful integration of the 33,000 employees of the Siemens Information Systems, the 9,300 employees of Bull and the 9,600 employees of Xerox ITO, transactions which have been beneficial to all stakeholders involved. The integration methodology of Atos will notably entail – with due respect to the social dialogue framework of both companies – to:
Immediately and fully mobilize the employee base of the two groups in order to sustain the continuity of operations and develop a shared strategic vision in key markets that Gemalto is operating in;
Welcome Gemalto’s employees as soon as the proposed transaction is completed and foster a joint culture of technological and scientific excellence, teamwork, and shared pride in being part of a strengthened global group ideally positioned to face future market challenges;
Open up new opportunities for Gemalto’s employees by allowing them to participate fully in the various programs of the Atos Group.
It is key for Atos to retain Gemalto’s talents within the combined group. With the cooperation of Gemalto’s management, Atos is very confident in its ability to implement a smooth and successful integration of Gemalto’s employees. By way of background, Atos hires more than 10,000 engineers annually, and has obtained multiple awards as a great place to work across countries. Atos will obviously respect all the existing employment terms of the employees of Gemalto.
Regarding Gemalto’s clients, Atos believes the combination will greatly enhance the breadth and depth of existing commercial relationships. Clients will obviously benefit from continued and relentless focus on their needs, but also from a broader set of capabilities contributed by Atos (e.g. holistic approach in digital security, deep industry expertise in IoT/M2M, positioning across the full payments value chain, new technology expertise in AI, Big Data, High Performance Computing, cloud orchestration) but also from the increased scale and stability of the combined group.
Significant value for Gemalto’s shareholders
Atos believes this proposal presents an opportunity for Gemalto’s shareholders to realize extraordinary value for their shares in Gemalto. It provides them with a premium valuation and the opportunity to receive substantial and immediate cash consideration. The proposed offer price represents a premium of c. 42% to Gemalto’s last unaffected closing price as of December 8, 2017, and c. 42% and c. 34% premium to Gemalto’s 1-month and 3-month volume weighted average trading prices, respectively.
Strong financial capability
Atos has strong financial capabilities and intends to finance the all-cash offer using existing cash resources and fully committed external debt. For this purpose, Atos has secured financing for the transaction with two major international banks which have agreed to underwrite the full amount of the offer. The financing package including the credit agreement is all agreed in final form and actionable. Moreover, the leverage contemplated after completion of the proposed transaction will preserve financial firepower for the combined group to expand further and participate in future steps of industry consolidation.
Commitments to R&D effort and Gemalto’s brand
Preservation of Gemalto’s strong R&D capabilities and skills is also key to Atos, consistent with its culture of technological and scientific excellence. By joining forces, the two groups will benefit from increased scale and relevance and create a formidable innovation powerhouse, notably by capitalizing on the adjacencies between digital security, payments, machine learning and quantum computing.
Atos will also expect the combined group to capitalize on Gemalto’s recognized brand, viewed as a strong asset.
Atos appreciates the achievements of Gemalto’s management team, in particular in transitioning its business model. Atos expects key executives to remain involved and help drive the combined group’s strong ambition, in the same way Atos successfully included Siemens’, Bull’s and Xerox ITO’s key people in its development.
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Atos, in conjunction with its financial and legal advisors, has devoted significant time and resources to analyzing a potential combination with Gemalto and is confident in its ability to execute and complete the proposed transaction and to swiftly obtain all necessary regulatory approvals, in particular for anti-trust regulation which has already been deeply assessed.
Atos has submitted a friendly proposal to Gemalto to combine their respective businesses by way of an allcash public offer for all issued and outstanding ordinary shares of Gemalto. The proposed offer will be subject to pre-offer and offer conditions customary for transactions of this nature, including but not limited to a minimum acceptance level and required regulatory clearances. Atos will determine and confirm the conditions to the offer in accordance with applicable laws in the Netherlands and in France.
Atos will file its offer with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and wishes to move swiftly with the negotiation of a merger agreement, with a view to come to a recommended transaction. Atos expects such merger agreement to be customary for transactions of this nature, including in particular with respect to non-financial covenants relating to employees, integration and strategy.