Category: ITE

Rail Passenger Numbers Rise as Operators across the Globe Utilize Mobile Ticketing Options

Frost & Sullivan: Rail operators’ mobile presence develops easier ticket purchasing methods

MOUNTAIN VIEW, Calif., Aug. 26, 2014 /PRNewswire/ — Travel and purchasing patterns of rail users globally are extremely dynamic in nature. Even though rail systems in the same geography are subject to similar environments, they tend to show hugely different ridership patterns as several social, economic, political and technological factors determine patronage.

A new database from Frost & Sullivan, Strategic Dashboard of Global Rail Passenger Volumes, provides passenger volume metrics for 538 rail operators in 2013. Key figures such as passenger volumes, total passenger movement in passenger kilometer, revenues from rail tickets, and the minimum, maximum and average ticket price have been included in the database. In addition, detailed parametric modeling has been utilized to estimate the sales channel split based on social and economic factors as well as rail performance indicators.

For complimentary access to more information on this research, please visit: http://bit.ly/1vfVvT8

“Mobile ticketing is rail transport’s newest offering, which is quickly gaining presence and boosting passenger volumes,” said Frost & Sullivan Automotive & Transportation Research Analyst Shyam Raman. “With the growth of application stores and the use of personal computing devices such as tablets and smartphones, rail operators across the globe have been pushed to increase their mobile presence.”

However, mobile ticketing has not quite taken off with some customers, who prefer to use familiar ticket procurement methods even if they are less convenient or involve more effort. This, along with server crashes and the lack of Internet access is dampening the adoption of mobile ticketing.

“Rail operators will have to strategize to deal with resistant customers in order to popularize mobile ticketing,” advised Raman. “They must also address server-related issues to support this endeavor.”

Strategic Dashboard of Global Rail Passenger Volumes is part of the Transportation & Logistics (http://www.transportation.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Executive Analysis of the Global Rail Industry 2014, Opportunity Analysis of the Eastern European Rail Market: A 360-degree Perspective, and Strategic Analysis of Light Rail Transit in North America. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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Strategic Dashboard of Global Rail Passenger Volumes
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Jennifer Carson
Corporate Communications – North America
P: 210.247.2450
E: Jennifer.Carson@frost.com

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Frost & Sullivan Applauds T-Systems’ Success in the IT Services Industry Through Its Customer-Centric Approach to Product Development and Service Delivery

– Through continued focus on sustainable development across all areas of business and communities it serves, T-Systems can become a significant organisation in South Africa

CAPE TOWN, South Africa, Aug. 26, 2014 /PRNewswire/ — Based on its recent analysis of the IT services industry, Frost & Sullivan recognizes T-Systems with the 2014 South African Company of the Year Award. T-Systems in South Africa has gained a reputation for providing a superior set of ICT solutions, and is one of the leading outsourcing service providers locally. The company offers end-to-end solutions across ICT operations and systems integration, and is particularly strong in the data centre and enterprise resource planning markets. T-Systems in South Africa has an extensive portfolio of services, which it delivers to organisations across a variety of horizontal and vertical sectors including IT outsourcing and SAP services to South Africa’s leading enterprises across all industries and Public Services.

Being part of the German-based Deutsche Telekom Group, T-Systems has access to the parent company’s centralized market and competitive intelligence in South Africa. Therefore, it is well-placed to leverage the international best practices in application services, infrastructure services and IT, including cloud computing, managed services and SAP solutions, and adapt them to the local market. This advantage has allowed the company to rack up a number of firsts in practices and solutions. For example, T-Systems is considered the first service provider to offer a cloud-based service for SAP solutions in the local market.

“T-Systems uses innovation as a key differentiator to enable digital transformation. By leveraging novel solutions and internalising innovative thinking in the local context, T-Systems has been able to establish the T-Systems Innovation Factory in collaboration with the Innovation Hub and the Maxum Business Incubator,” said Frost & Sullivan Research Analyst Lehlohonolo Mokenela.

“With hot-desking solutions, boardrooms and a collaboration space, the Innovation Factory was designed to foster innovation and collaborations among the company, its customers and leading market experts.”

Emerging technologies such as cloud computing, big data, collaboration and mobility help customers achieve closer proximity to their customers and workforce, a concept T-Systems calls ‘Zero Distance’. Zero Distance is all about providing solutions that address consumer pain points, which will ensure operational efficiency and boost revenues.

T-Systems other notable efforts to innovate to zero distance include the Zero Outage quality initiative, which is aimed at ensuring that employees are prepared to handle occasional power failures and outages. This is supported by a training and certification program to reinforce a Zero Outage mindset, encouraging employees to conceptualise new ways to reduce the time to repair outages and improve processes to prevent recurrences.

Meanwhile, the Zero Outage Supplier Certification programme complements the Zero Outage initiative by confirming quality across the value chain. The Zero Deviation quality initiative ensures that projects run according to the agreed timelines, cost and quality levels contracted with the customers. Lastly, the Intensive Quality Care initiative facilitates the remediation of escalated environments in collaboration with customers to agreed service levels as rapidly as possible.

T-Systems has developed a standardised portfolio of data centre, collaboration and end-user services, and gradually migrates enterprises’ processes from legacy systems to dynamic high-performing ICT. As a result, by the time cloud and big data services become more mature and ready for use by enterprises, T-Systems would have set the stage to support the services. One of T-Systems’ key strengths is having shared platforms over which services are provided and then having a different journey with each customer based on their specific needs.

Beyond profit-driven objectives and maximizing investor value, T-Systems has demonstrated a willingness to embrace a more powerful ideal of bringing greater value to customers and the country. Aligned with the National Development Plan, T-Systems contributes through skills development, localisation and job creation. This is demonstrated in the company’s participation in South Africa’s transformation objectives. A long-standing investment in the ICT Academy and the T-Systems Learnership programme is proof of its commitment and passion for skills development within the ICT sector.

“The company has been able to maintain a local relevance in its understanding of the market, by employing a predominantly South African workforce that has better insights into the local market,” noted Mr Mokenela. “Despite Deutsche Telekom’s majority shareholding in T-Systems in South Africa, an estimated 97 percent of the company’s employees are South African.”

The company’s core values ensure that it adapts to its local environment, in terms of culture and enterprises. This also enables it to provide more tailored, non-generic solutions across industries and enterprises.

Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in terms of growth strategy and implementation. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration.

Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.

About T-Systems

Drawing on a global infrastructure of data centres and networks, T-Systems operates information and communication technology (ICT) systems for multinational corporations and public sector institutions. T-Systems provides integrated solutions for the networked future of business and society. Some 50,000 employees at T-Systems combine industry expertise and ICT innovations to add significant value to the digitization strategies and core business of customers all over the world. T-Systems generated revenue of around EUR 9,5 billion in the 2013 financial year.

Since the inception of T-Systems in South Africa in 1997, the company has cemented its position as one of the most successful T-Systems companies outside of Europe. A leading ICT outsourcing service provider locally, T-Systems offers end-to-end ICT solutions in both the ICT Operations and Systems Integration markets. Their extensive portfolio of services covers the vertical, horizontal, IT and TC space. T-Systems South Africa’s head office is located in Midrand with another major office in Cape Town, and 20 further representative offices in locations throughout southern Africa.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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T-Systems in South Africa press contact

Lebohang Thokoane
Head of Marketing & Communications
@: Lebohang.Thokoane@t-systems.co.za
T: +27(11)266-0266
M: +27(78)803-0634

Frost & Sullivan press contact

Samantha James
Corporate Communications Africa, Frost & Sullivan
@: samantha.james@frost.com
T: +27-21-680-3574

Macworld | iWorld Asia 2014 Opens

Bringing together cutting-edge technologies and innovations to promote the convergence of the mobile ecosystem
BEIJING, August 25, 2014 /PRNewswire/ — Macworld | iWorld Asia 2014, co-organized by the B…

Manufacturing Leadership Awards Open: New Categories Recognize Era of Connectivity, Big Data, and Mobility

MOUNTAIN VIEW, California, Aug. 21, 2014  /PRNewswire/ — Frost & Sullivan’s Manufacturing Leadership Council (MLC), announced today that the 2015 Manufacturing Leadership (ML) Awards nominations will open on Thursday, Aug. 21, 2014.

The ML Awards honor companies and individual leaders shaping the future of manufacturing.

The ML Awards honor companies and individual leaders shaping the future of manufacturing.

The ML Awards program has undergone significant enhancements including the addition of categories for manufacturers that are transforming their businesses through the use of emerging technologies, including big data and advanced analytics, mobility and the Internet of Things (IoT.)

In its eleventh year, the ML Awards is the premier program for honoring companies and individual leaders that are shaping the future of global manufacturing. In addition, the awards also honor technology providers that have assisted ML Awards winners in achieving transformational breakthroughs. They also celebrate the outstanding career achievements of manufacturing leaders who build best-in-class companies and help advance the manufacturing industry.

Recipients of the ML Awards receive global recognition as manufacturing industry leaders and are honored at the Manufacturing Leadership Summit, June 2-4, 2015, at the Omni La Costa Resort in Carlsbad, CA. Past ML Awards company honorees include 3M, Boeing Co., Coca-Cola, Eaton Corporation, Ford Motor Co., General Electric Co., General Motors Co., IBM, L’Oreal USA, Motorola, Nalco, and Raytheon.

“The addition of new categories for projects that leverage big data, mobility, and IoT is recognition that manufacturers around the world are entering a new era of hyper-connectivity in which everything from products in the field to machines on the shop floor will be generating vast streams of data,” said David Brousell, Global Vice President and Editorial Director of the Manufacturing Leadership Council. “Manufacturers that leverage that information to optimize their businesses and give customers what they want are tomorrow’s leaders.”

Also new in 2015, the ML Awards have added categories for manufacturers that are successfully attracting and developing next-generation leaders and creating breakthrough innovation practices. Manufacturers and their technology partners can submit ML Award nominations in the following categories:

2015 Project/Company Awards:

  • Big Data and Advanced Analytics Leadership
  • Customer Value Leadership
  • Engineering & Production Technology Leadership
  • Enterprise Technology Leadership
  • Internet of Things Leadership
  • Operational Excellence Leadership
  • Mobility Leadership
  • New Product Leadership
  • Innovation Process Leadership
  • Supply Chain Leadership
  • Sustainability Leadership
  • Next-Generation Leadership Award

2015 Individual Achievement Award:

  • Visionary Leadership Award
  • Lifetime Achievement Award

Full descriptions of these categories are available at: http://bit.ly/1kLyZxY.

ML Awards nominations will remain open until Nov. 1, 2014 and can be submitted online by describing achievements using a downloadable form. Nominees are entered into specific categories and evaluated by a panel of expert judges.

For more information on the MLC and the new 2015 Manufacturing Leadership Awards, including past ML Awards recipients, examples of completed nomination forms, and to download and submit nomination forms, visit: mlawards.gilcommunity.com.

About the Manufacturing Leadership Council

The Manufacturing Leadership Council, part of Frost & Sullivan, offers an integrated portfolio of leadership networking, information and professional development products, programs, and services for industrial executives worldwide. MLC’s mission is to help senior executives define and shape a better future for themselves, their organizations and the industry at large. MLC’s portfolio consists of the Manufacturing Leadership Council website, an online global business network; the Manufacturing Leadership Council, an invitation-only executive organization; the annual Manufacturing Leadership Summit conference; the Manufacturing Leadership Awards program; and the Manufacturing Leadership Journal. For more information, visit us at http://www.gilcommunity.com/groups/manufacturingleadership/.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation, including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion

Join Us: Join our community

Subscribe: Newsletter on “the next big thing”

Register: Gain access to visionary innovation

Contact:
Jeffrey Moad
Manufacturing Leadership Council
P: +1.510.531.3456
F: +1.510.531.3456
E: jeffrey.moad@frost.com

Facebook: FrostandSullivan

http://www.frost.com

58.com Reports Second Quarter 2014 Unaudited Financial Results

BEIJING, August 21, 2014 /PRNewswire/ — 58.com Inc. (NYSE: WUBA) (“58.com” or the “Company”), China’s largest online marketplace serving local merchants and consumers, today reported its unaudited financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Financial Highlights

  • Total revenues were US$64.6 million, an 83.9% increase from the same period last year; exceeding guidance of US$61 million to US$63 million.
  • Gross margin was 94.7%, compared with 93.9% during the same quarter of 2013.
  • Net income was US$11.2 million, a 125.6% increase from the same period last year.
  • Basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.14 and US$0.13, respectively, compared to basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.03 in the same quarter of 2013. One ADS represents two Class A ordinary shares.
  • Non-GAAP net income[1] was US$12.4 million, compared with non-GAAP net income of US$5.5 million in the same quarter of 2013.
  • Non-GAAP basic and diluted earnings per ADS[2] attributable to ordinary shareholders were US$0.15 compared to non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.06 in the same quarter of 2013.

[1] Non-GAAP net income is defined as net income excluding share-based compensation expenses. For more information on these non-GAAP financial measures, please see the section captioned “Non-GAAP Financial Measures” and the tables captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this release.

[2] Non-GAAP basic and diluted earnings per ADS is defined as non-GAAP net income divided by weighted average number of basic and diluted ADS.

First Half 2014 Financial Highlights

  • Total revenues were US$112.8 million, a 91.7% increase from the same period last year.
  • Gross margin was 94.8%, compared with 93.0% in the same period of 2013.
  • Net income increased significantly to US$13.5 million from US$0.3 million in the same period of 2013.
  • Basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.17 and US$0.16, respectively, compared to basic and diluted loss per ADS attributable to ordinary shareholders of US$0.23 in the same period of 2013.
  • Non-GAAP net income was US$15.8 million, compared with non-GAAP net income of US$1.4 million in the same period of 2013.
  • Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.20 and US$0.19, respectively, compared to non-GAAP basic and diluted loss per ADS attributable to ordinary shareholders of US$0.18 in the same period of 2013.

Shares Outstanding Post Tencent Investment and Share Repurchase

On June 30, 2014, Tencent Holdings Limited, a leading provider of comprehensive Internet services in China purchased 36,805,000 ordinary shares from the Company at a purchase price of US$40 per ADS, or a total cash consideration of US$736.1 million. The Company used part of the proceeds from this transaction to repurchase an aggregate of 27,603,750 ordinary shares from existing pre-IPO shareholders. After this transaction, the Company had a total of 175,207,179 ordinary shares issued and outstanding as of June 30, 2014. The Company used weighted average ADSs or ordinary shares to calculate earnings per ADS and earnings per share.

Management Comments

“I am pleased to report another record setting quarter as our business continues to gain strong momentum,” commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. “Our overall traffic increased to record high levels. Mobile traffic continued to grow at a much faster pace than PC traffic, with 54% of traffic coming from our mobile platforms demonstrating the traction we are gaining. While we continue to be the leading player in China’s multi-category local services market, we need to invest aggressively now to strengthen our competitive advantages in order to extend our lead and ensure future sustainable growth.”

Mr. Hao Zhou, Chief Financial Officer of 58.com added, “Our revenues exceeded the high end of our guidance for the third consecutive quarter since our IPO. The number of subscription-based paying merchant members during the second quarter of 2014 exceeded 500,000 for the first time. However, it is still less than 10% of the merchants that use our platform and is an even smaller fraction of the SME merchants population in China. Our profitability and cash position give us more power to re-invest in growing our business, including M&A activities to further expand market share.”

Second Quarter 2014 Financial Results

Revenues

Total revenues were US$64.6 million, representing an increase of 83.9% from US$35.1 million in the same quarter of 2013.

Membership revenues were US$35.1 million, an increase of 70.6% from US$20.6 million in the same quarter of 2013. The increase was primarily driven by the increase in the number of paying merchant members. The number of paying merchant members during the second quarter of 2014 was approximately 510,000, an increase of 71.1% from 298,000 in the same quarter of 2013. Paying merchant members are defined as the quarterly average number of paying merchant members over a given period.

Online marketing services revenues were US$29.3 million, an increase of 107.7% from US$14.1 million in the same quarter of 2013. The increase in online marketing services revenues was primarily attributable to an increase in user traffic and the effectiveness of the Company’s online marketing services, particularly growth in the Company’s bidding services.

Cost of Revenues

Cost of revenues was US$3.4 million, an increase of 58.4% from US$2.1 million during the same quarter of 2013. The year-over-year increase in cost of revenues was primarily driven by the increase in short message service (SMS) costs and bandwidth fees.

Gross Profit and Gross Margin

Gross profit was US$61.2 million, an increase of 85.5% from US$33.0 million during the same quarter of 2013.

Gross margin was 94.7%, compared with 93.9% during the same quarter of 2013.

Operating Expenses

Operating expenses were US$53.9 million, representing an increase of 89.2% from US$28.5 million in the same quarter of 2013.

Sales and marketing expenses in the second quarter of 2014 were US$40.3 million, an increase of 106.6% from US$19.5 million during the same quarter in 2013. Within sales and marketing expenses, advertising expenses accounted for US$16.5 million and US$4.5 million during the second quarter of 2014 and 2013, respectively. The increase in advertising expenses was primarily due to expenses associated with the marketing of the Company’s mobile platforms. Brand and online marketing expenses also increased, but to a lesser degree. The increase in other sales and marketing expenses was primarily driven by increased commissions, salaries and benefits for the Company’s sales and customer service teams.

Research and development expenses during the second quarter of 2014 were US$9.5 million, an increase of 56.9% year-over-year from US$6.1 million in the same quarter of 2013. The increase was primarily due to increased personnel costs as a result of hiring additional research and development personnel for the development of new features and services as well as share-based compensation and increased rental expenses.

General and administrative expenses in the second quarter of 2014 were US$4.1 million, an increase of 39.5% from US$2.9 million in the same quarter of 2013. The increase was primarily driven by increased share-based compensation expenses, professional fees and other administrative related expenses. The increase in professional fees was mainly due to costs associated with being a public company.

Income from Operations

Income from operations was US$7.3 million in the second quarter of 2014 compared with an income from operations of US$4.5 million in the same quarter of 2013. Operating margin was 11.3% in the second quarter of 2014, compared with 12.8% in the same quarter of 2013.

Non-GAAP income from operations[3] was US$8.5 million in the second quarter of 2014 compared with non-GAAP income from operations of US$5.1 million in the same quarter of 2013. Non-GAAP operating margin was 13.2% in the second quarter of 2014 compared with non-GAAP operating margin of 14.4% in the same quarter of 2013.

[3] Non-GAAP income from operations is defined as income from operations excluding share-based compensation expenses.

Other Income

Other income in the second quarter of 2014 was US$5.6 million, a significant increase from US$0.5 million in the same quarter of 2013. The increase was primarily due to an increase of US$1.9 million in interest income, US$1.2 million in investment income and US$1.8 million in government grants compared with the second quarter of 2013.

Income Tax Expenses

Income tax expenses were US$1.7 million in the second quarter of 2014, which were calculated using the annual effective tax rate of 13% for 2014 estimated by the Company. The difference between the statutory tax rate of 25% in China and the Company’s annual effective tax rate is mainly attributable to the preferential tax rate of 15% enjoyed by subsidiaries qualified as “high and new technology enterprises,” research and development tax credits and net losses carried forward from prior years.

Net Income

Net income was US$11.2 million in the second quarter of 2014, compared with a net income of US$5.0 million in the same quarter of 2013. Net margin was 17.3% in the second quarter of 2014, compared with 14.1% in the same quarter of 2013.

Non-GAAP net income was US$12.4 million in the second quarter of 2014, compared with non-GAAP net income of US$5.5 million in the same quarter of 2013. Non-GAAP net margin was 19.2% in the second quarter of 2014, compared with non-GAAP net margin of 15.7% in the same quarter of 2013.

Basic and Diluted Earnings per ADS

Basic and diluted earnings per ADS attributable to ordinary shareholders in the second quarter of 2014 were US$0.14 and US$0.13, respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.03 during the same quarter of 2013.

Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders in the second quarter of 2014 were US$0.15, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.06 during the same quarter of 2013.

Cash, Cash Equivalents, Term Deposits and Short-term Investments

As of June 30, 2014, the Company had cash, cash equivalents, term deposits and short-term investments of US$414.3 million.

Cash Flow

Net cash provided by operating activities was US$22.2 million in the second quarter of 2014, compared with US$13.5 million in the same quarter of 2013.

First Half 2014 Financial Results

Revenues

Total revenues were US$112.8 million in the first half of 2014, representing an increase of 91.7% from US$58.8 million in the same period of 2013.

Membership revenues were US$62.6 million in the first half of 2014, an increase of 76.6% from US$35.5 million in the same period of 2013. The increase was primarily driven by the increase in the number of paying merchant members. The number of average quarterly paying merchant members during the first half of 2014 was approximately 476,000, an increase of 74.4% from 273,000 in the same period of 2013.

Online marketing services revenues were US$49.8 million in the first half of 2014, an increase of 122.2% from US$22.4 million in the same period of 2013.

Cost of Revenues

Cost of revenues was US$5.8 million in the first half of 2014, an increase of 42.5% from US$4.1 million during the same period of 2013.

Gross Profit and Gross Margin

Gross profit was US$107.0 million in the first half of 2014, an increase of 95.4% from US$54.7 million during the same period of 2013.

Gross margin was 94.8% in the first half of 2014, compared with 93.0% during the same period of 2013.

Operating Expenses

Operating expenses were US$98.0 million in the first half of 2014, representing an increase of 76.9% from US$55.4 million in the same period of 2013.

Sales and marketing expenses in the first half of 2014 were US$72.4 million, an increase of 90.1% from US$38.1 million during the same period in 2013. Within sales and marketing expenses, advertising expenses accounted for US$29.1 million and US$10.3 million during the first half of 2014 and 2013, respectively.

Research and development expenses during the first half of 2014 were US$17.3 million, an increase of 45.6% year-over-year from US$11.9 million in the first half of 2013.

General and administrative expenses in the first half of 2014 were US$8.3 million, an increase of 52.8% from US$5.5 million in the first half of 2013.

Income from Operations

Income from operations was US$9.0 million in the first half of 2014, compared with a loss from operations of US$0.7 million in the same period of 2013. Operating margin was 7.9% in the first half of 2014, compared with negative 1.1% in the same period of 2013.

Non-GAAP income from operations was US$11.3 million in the first half of 2014 compared with non-GAAP income from operations of US$0.5 million in the first half of 2013. Non-GAAP operating margin was 9.9% in the first half of 2014 compared with non-GAAP operating margin of 0.8% in the same period of 2013.

Other Income

Other income in the first half of 2014 was US$6.5 million, an increase of 597.7% from US$0.9 million in the first half of 2013. The increase was primarily due to the increase in interest income, investment income and government grants, partly offset by foreign currency exchange loss in the first half of 2014.

Income Tax Expenses

Income tax expenses were US$2.0 million in the first half of 2014, which were calculated using the annual effective tax rate of 13% for 2014 estimated by the Company.

Net Income

Net income was US$13.5 million in the first half of 2014, compared with a net income of US$0.3 million in the same period of 2013. Net margin was 12.0% in the first half of 2014, compared with 0.5% in the same period of 2013.

Non-GAAP net income was US$15.8 million in the first half of 2014, compared with non-GAAP net income of US$1.4 million in the same period of 2013. Non-GAAP net margin was 14.0% in the first half of 2014, compared with non-GAAP net margin of 2.4% in the same period of 2013.

Basic and Diluted Earnings per ADS

Basic and diluted earnings per ADS attributable to ordinary shareholders in the first half of 2014 were US$0.17 and US$0.16, respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of US$0.23 during the same period of 2013.

Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders in the first half of 2014 were US$0.20 and US$0.19, respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of US$0.18 during the same period of 2013.

Cash Flow

Net cash provided by operating activities was US$40.2 million in the first half of 2014, compared with US$17.9 million in the same period of 2013.

Business Outlook

Based on the Company’s current operations, total revenues for the third quarter of 2014 are expected to be between US$66 million and US$68 million, representing a year-over-year increase of 59% to 63%. These estimates reflect the Company’s current and preliminary view, which is subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per share and per ADS by excluding share-based compensation expenses from income from operations and net income attributable to the Company’s shareholders, respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company’s performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call

58.com’s management will host an earnings conference call on Thursday, August 21, 2014 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

International:

+1-412-317-0790

U.S. Toll Free:

+1-877-870-4263

Hong Kong:

800-905945

China:

4001-201203

Passcode:

WUBA

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available after the conclusion of the conference call through 8:00 a.m. U.S. Eastern Daylight Time, August 28, 2014. The dial-in details for the replay are as follows:

International:

+1-412-317-0088

U.S. Toll Free:

+1-877-344-7529

Passcode:

10051011

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of 58.com’s website at http://www.58.com.

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China’s largest online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local merchants and consumers to connect, share information and conduct business. 58.com’s broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com’s strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.

Safe Harbor Statements

This press release contains forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. 58.com may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about 58.com’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: 58.com’s goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user base and network of local merchants for its online marketplace; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users’ information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:
58.com Inc.
ir@58.com

Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

58.com Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, unless otherwise noted)

As of

December 31,

2013

June 30,

2014

ASSETS

Current assets:

Cash and cash equivalents

60,494

13,201

Restricted cash

————

16,308

Term deposits

152,190

235,329

Short-term investments

98,411

165,778

Accounts receivable, net

4,292

5,675

Amounts due from related parties

127

736,144

Prepayments and other current assets

8,983

16,218

Total current assets

324,497

1,188,653

Non-current assets:

Property and equipment, net

6,427

9,873

Intangible asset, net

65

58

Long-term prepayments

2,352

3,954

Total non-current assets

8,844

13,885

Total assets

333,341

1,202,538

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

8,309

8,343

Deferred revenues

55,099

75,685

Customer advances and deposits

21,369

27,748

Taxes payable

2,264

9,995

Salary and welfare payable

17,962

18,479

Amounts due to related parties

6

552,081

Accrued expenses and other current liabilities

8,049

16,962

Total current liabilities

113,058

709,293

Total liabilities

113,058

709,293

Commitments and contingencies

Shareholders’ equity:

Ordinary shares

2

2

Additional paid-in capital

359,276

618,868

Accumulated deficit

(138,419)

(124,924)

Accumulated other comprehensive loss

(576)

(701)

Total shareholders’ equity

220,283

493,245

Total liabilities and shareholders’ equity

333,341

1,202,538

58.com Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(U.S. dollars in thousands, except share, per share and per ADS data, unless otherwise noted)

For the Three Months Ended

For the Six Months Ended

June 30,

2013

March 31,

2014

June 30,

2014

June 30,

2013

June 30,

2014

Revenues:

Membership

20,570

27,548

35,092

35,461

62,640

Online marketing services

14,117

20,519

29,322

22,430

49,841

Other services

427

173

145

952

318

Total revenues

35,114

48,240

64,559

58,843

112,799

Cost of revenues(1)

2,141

2,440

3,392

4,094

5,832

Gross profit

32,973

45,800

61,167

54,749

106,967

Operating expenses(1):

Sales and marketing expenses

19,514

32,076

40,324

38,088

72,400

Research and development expenses

6,068

7,733

9,523

11,852

17,256

General and administrative expenses

2,903

4,293

4,051

5,462

8,344

Total operating expenses

28,485

44,102

53,898

55,402

98,000

Income/(Loss) from operations

4,488

1,698

7,269

(653)

8,967

Other income/(expenses):

Interest income

27

1,451

1,877

46

3,328

Investment and other income, net

254

1,356

1,436

649

2,792

Foreign currency exchange income/(loss), net

128

(3,531)

390

158

(3,141)

Others, net

59

1,688

1,877

85

3,565

Income before tax

4,956

2,662

12,849

285

15,511

Income tax expenses

————

(346)

(1,670)

————

(2,016)

Net income

4,956

2,316

11,179

285

13,495

Accretions to preference shares redemption values

(2,733)

————

————

(5,381)

————

Income attributable to preference shareholders

(1,476)

————

————

————

————

Net income/(loss) attributable to ordinary shareholders

747

2,316

11,179

(5,096)

13,495

Net income

4,956

2,316

11,179

285

13,495

Foreign currency translation adjustment, net of nil tax

(434)

(227)

102

(511)

(125)

Comprehensive income/(loss)

4,522

2,089

11,281

(226)

13,370

Net income/(loss) per ordinary share attributable to ordinary shareholders a?? basic

0.02

0.01

0.07

(0.12)

0.08

Net income/(loss) per ordinary share attributable to ordinary shareholders a?? diluted

0.02

0.01

0.07

(0.12)

0.08

Net income/(loss) per ADS a?? basic

0.03

0.03

0.14

(0.23)

0.17

Net income/(loss) per ADS a?? diluted

0.03

0.03

0.13

(0.23)

0.16

Weighted average number of ordinary shares used in computing basic earnings per share

44,245,388

158,876,693

163,845,229

44,245,388

161,374,686

Weighted average number of ordinary shares used in computing diluted earnings per share

47,389,071

168,140,508

170,328,272

44,245,388

167,847,603

Note:

(1) Sharea??based compensation expenses were allocated in cost of revenues and operating expenses as follows:

Cost of revenues

12

5

6

24

11

Sales and marketing expenses

109

156

177

218

333

Research and development expenses

214

372

495

426

867

General and administrative expenses

233

498

580

464

1,078

58.com Inc.

Reconciliation of GAAP and Non-GAAP Results

(U.S. dollars in thousands, except share, per share and per ADS data, unless otherwise noted)

For the Three Months Ended

For the Six Months Ended

June 30,

2013

March 31,

2014

June 30,

2014

June 30,

2013

June 30,

2014

GAAP income/(loss) from operations

4,488

1,698

7,269

(653)

8,967

Share-based compensation expenses

568

1,031

1,258

1,132

2,289

Non-GAAP income from operations

5,056

2,729

8,527

479

11,256

GAAP net income

4,956

2,316

11,179

285

13,495

Share-based compensation expenses

568

1,031

1,258

1,132

2,289

Non-GAAP net income

5,524

3,347

12,437

1,417

15,784

GAAP operating margin

12.8%

3.5%

11.3%

(1.1)%

7.9%

Share-based compensation expenses

1.6%

2.1%

1.9%

1.9%

2.0%

Non-GAAP operating margin

14.4%

5.6%

13.2%

0.8%

9.9%

GAAP net margin

14.1%

4.8%

17.3%

0.5%

12.0%

Share-based compensation expenses

1.6%

2.1%

1.9%

1.9%

2.0%

Non-GAAP net margin

15.7%

6.9%

19.2%

2.4%

14.0%

Weighted average number of ordinary shares used in computing non-GAAP basic earnings per share

44,245,388

158,876,693

163,845,229

44,245,388

161,374,686

Weighted average number of ordinary shares used in computing non-GAAP diluted earnings per share

47,389,071

168,140,508

170,328,272

44,245,388

167,847,603

Weighted average number of ADS used in computing non-GAAP basic earnings per ADS

22,122,694

79,438,347

81,922,615

22,122,694

80,687,343

Weighted average number of ADS used in computing non-GAAP diluted earnings per ADS

23,694,536

84,070,254

85,164,136

22,122,694

83,923,802

Non-GAAP net income/(loss) per ordinary share a?? basic

0.03

0.02

0.08

(0.09)

0.10

Non-GAAP net income/(loss) per ordinary share a?? diluted

0.03

0.02

0.07

(0.09)

0.09

Non-GAAP net income/(loss) per ADS a?? basic

0.06

0.04

0.15

(0.18)

0.20

Non-GAAP net income/(loss) per ADS a?? diluted

0.06

0.04

0.15

(0.18)

0.19

Entertainment Direct Asia Secures New Funding to Accelerate Digital Content Expansion in China

Entertainment Direct Asia Ltd. finalizes over US$1,200,000 round of financing from Dream Incubator and other investors to expand its digital video distribution capabilities.

SHANGHAI, Aug. 20, 2014 /PRNewswire/ — Entertainment Direct Asia Ltd. (EDA) is poised to dramatically accelerate and expand its digital content distribution in the China market after securing over US$1,200,000 of financing.

Tokyo-based strategic consulting and business development firm Dream Incubator Inc. was the lead investor in the round, joined by angel investors from Shanghai and the U.K.

EDA forecasts massive potential in China as the country goes through a major shake-up in which dramatically improved legal protection is given to content rights owners. EDA’s strategic plan is to tap into this radical transformation and act as a major facilitator for rights owners across the globe who are entering the China market.

Digital media venture studio Designed for Revolution Ltd. (DFR Asia) originally conceived and launched EDA, and will play an ongoing management role.

EDA cofounder Rick Myers, who is also a director of DFR Asia, said, “We are in the midst of an online video revolution in China. The video market is growing rapidly and represents a phenomenal opportunity. We are delighted to be in a position to help the world’s leading content owners better distribute, manage, and monetize their content in this market. This new round of funding will help us accelerate our progress in strengthening our service offerings to rights owners.”

EDA’s core team consists of seasoned professionals from media and entertainment companies such as Sony, WPP, Apple, PPS, and Sina. Alex Wang, who recently joined EDA as General Manager, heads the strategy and operational side of the business.

Mr. Wang said, “EDA’s commitment is second-to-none and the company continues to expand so that it can fully capitalize on the incredible opportunity that now exists. The timing is absolutely perfect.”

EDA is perfectly positioned to service the exploding online video market in China, where YouTube is blocked and as many as eight alternative video service providers split the almost 450 million viewers who devour 5.7 billion hours of content every month. 76% of people surveyed in China already say they would rather watch online videos than TV.

Under one roof, EDA offers three key elements for online success in China’s fragmented digital content landscape: consumer engagement, content management, and monetization————all powered by essential optimization tools, analytics, and a robust purpose-built platform.

About Entertainment Direct Asia Ltd. (EDA)

Entertainment Direct Asia Ltd. is a technology company that helps content rights owners get more value out of China. The company is at the forefront of enabling rights owners to better distribute, manage and monetize their content in China. EDA was conceived and launched by digital media venture studio Designed for Revolution (DFR). For more information please visit: www.edirect.asia.

About Dream Incubator, Inc. (DI)

Dream Incubator is a strategic consulting and business development firm primarily for Japanese corporate clients and governmental institutions. DI provides both capital and professional services to next-generation companies to support their growth and expansion, while also operating their own businesses. Established in 2000, DI was listed on the Tokyo Stock Exchange 1st section in 2005 and is currently expanding from Tokyo to Vietnam, Shanghai, and Singapore. For more information please visit: www.dreamincubator.co.jp/entop.

About DFR Asia

Designed for Revolution (DFR Asia) is the first startup venture studio in Asia. Founded in 2008 by Asia media and technology veterans John Possman and Rick Myers, DFR, under its venture studio model, conceives, sets up, funds, and scales new startup ventures from inception. The company’s ventures in Japan and China are leading the transformation now taking place in digital media, mobile, and entertainment in Asia with a sharp focus on fulfilling the rapidly growing demand for online video. For more information please visit: www.dfra.com.

Contact: Alex Wang
Telephone: +86 (21) 63866290
Email: alex@edirect.asia

Frost & Sullivan Applauds Musoni for Extending Microfinancing to Kenya’s Previously Unbanked Population Using Mobile Money Technology

— Musoni’s mobile approach has proved efficient, reliable and secure

CAPE TOWN, South Africa, Aug. 20, 2014 /PRNewswire/ — Based on its recent analysis of the microfinance industry (MFI), Frost & Sullivan recognises Musoni with the 2014 Kenyan Frost & Sullivan Award for Technology Leadership. The company is the first 100 percent mobile microfinance institution in the world. By using a mobile platform as a channel to deliver its products and services to customers, Musoni has positioned itself to bring the benefits of microfinance to parts of the Kenyan population left behind by traditional microfinance institutions.

Musoni has consistently delivered its products to clients within 72 hours, which is significantly faster than the usual turnaround time of 7 to 14 days for loans in the microfinance sector in Kenya.

Continuous investment in research and development (R&D) has enabled the company to maintain its high standard of product and service delivery. A recent example of prototyping is the successful enhancement of the organisation’s management information system (MIS) to accommodate a new savings product that will be released to customers as soon as Musoni is registered with the Central Bank of Kenya as a deposit-taking institution.

“Musoni is currently offering micro-credit, and hopes to expand its services to include micro-savings and micro-insurance products,” said Frost & Sullivan Senior Economic Consultant, Craig Parker. “The delivery of savings and insurance using the mobile money platform will increase customer uptake, which is currently less than three percent for micro-insurance products in Kenya. The mobilisation of micro-savings will raise customer profiles and help them qualify for micro-insurance.”

Musoni works closely with international partners such as the Grameen Foundation, KfW and USAID, which enables it to gauge the challenges that the industry is facing. These best practices in process design have had a significant impact on Musoni’s growth. Since 2011, Musoni’s loan book has doubled annually; the company is also rolling out a digitised registration process that will allow it to expand its customer base.

Operational efficiency is pivotal to Musoni’s business, and by basing its operations entirely on the mobile technology platform, Musoni has eliminated the need for paper-based, back-office operations that are typical to commercial banks and conventional MFIs. The technology platform itself is the back office and all processes have been digitised, requiring no human intervention. For example, loan applications are converted to loan facilities and then registered to a loan account. The money is then transferred to the customer’s mobile wallet.

Musoni uses Safaricom’s M-PESA platform to offer micro-loans and accept repayments through mobile phones. More than 80% of the Kenyan population is registered with M-PESA, most of whom have no other access to financial services.

Furthermore, Musoni has built its own middleware as an improvement upon the M-PESA software to facilitate the money transfer process and authenticate loan repayments. The middleware has also enhanced the speed of information upload. For example, when field agents register customers for micro-loans using a mobile tablet, the loan applications are converted into loan facilities and then registered to a loan account. Once this registration is complete, the money is immediately disbursed to the customer’s mobile wallet.

The technological sophistication of the Musoni platform also encourages internal transparency, communication, and efficiency. The company is well ahead of its competitors in terms of technological sophistication because it has eliminated the need for physical branches. The automation of processes further diminishes the need for excess labour capacity on business premises.

“Within a short span of three years, the company has grown rapidly, widening its customer base well above the industry average of 15,000,” noted Mr Parker. “Musoni’s commitment to innovation and development of best practices in providing purely cashless and paperless mobile banking services in microfinance has set it up for continued growth in future.”

Each year, Frost & Sullivan presents this award to a company that has developed a pioneering technology that not only enhances current products but also enables the development of newer products and applications. The award recognizes the high market acceptance potential of the recipient’s technology. Recipients of this award represent the top ten percent of their industry.

Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.

About Musoni

Musoni Kenya Ltd was formed in September 2009 and started operations in April 2010 as a credit only microfinance institution but with a full intention of becoming a deposit taking microfinance institution.

The original sponsor of the Musoni brand is Musoni BV, a company based in Amsterdam Holland, which had gained considerable experience working in the field of mobile banking and microfinance in East Africa.

Working with existing MFIs, the Musoni BV team was successful in rolling out the first partnerships between mobile money transfer services (MMT) and MFIs in both Kenya (2008) and Tanzania (2009). These early pilot programmes demonstrated the potential in introducing innovative new technologies to the microfinance industry, and were the inspiration behind setting up an MFI that would be completely cash-free, utilizing mobile money for all loan repayments and disbursements as well as the depositing and withdrawing of savings. As a result, Musoni Kenya is a world-wide leader in the MMT sector and hence was selected as the first country of operations, with more countries to follow.

Musoni stands for Mobile ‘Usoni’, a Swahili word for future, so Musoni means ‘Mobile Future’. Leveraging on technology, Musoni aims at offering the best value, most flexible and most customer-orientated financial services in the market. Their mission is to grow, build and maximize the potential of the businesses of the poor and unbanked of Kenya through the provision of affordable, flexible and customer-orientated financial services. Musoni currently serves more than 15,000 entrepreneurs with loans ranging from 5,000 to 500,000 KES (USD 60 to USD 5,800) totalling to an outstanding portfolio of 357 Million Kenya Shillings (USD 4.1 million) with a PAR > 30 of less than 3%. Musoni Kenya has four shareholders: Musoni BV, KfW, Grameen Foundation, and Access Africa Fund managed by MicroVest.

Musoni MFI is similar in several ways to the traditional microfinance model using the group methodology and character-based credit decisions. Musoni is technology focused, taking advantage of new technologies in order to improve the quality of service to its clients. Musoni is the first MFI to go 100% mobile thus being cash-free, enabling clients to repay their loans (and deposit their savings in the near future) using existing mobile money transfer products, such as M-PESA, (and potentially Airtel money, Orange money and others). This has numerous advantages for Musoni and its clientele base, especially in rural areas where other MFIs and banks are struggling to expand their reach.

Musoni has further leveraged its technology to create a paperless loan service process, integrating a tablet application called “The Musoni App” in the client registration and underwriting process. The use of the Musoni App has improved the loan turnaround time from 72 hours to less than 24 hours for an existing Musoni client. Musoni Kenya continues to innovate and is in the process of integrating automated credit scoring in its underwriting cycle.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

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For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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Contact:

James Onyutta
Chief Executive Officer
Musoni Kenya Ltd.
Tel: +254 (0) 20260935
E: jamesonyutta@musoni.eu
www.musoni.co.ke

Samantha James
Corporate Communications Africa
Frost & Sullivan
Tel: +27-21-680-3574
E: samantha.james@frost.com