CLPS Incorporation provides IT consulting, customized technology solutions and digital-transformation services for clients in financial services and other industries. Company news commonly covers AI, cloud, big-data, robotic-process-automation and payment-technology initiatives, including banking modernization tools such as COBOL-to-Java migration, the Nibot AI agent and the CAKU credit-card issuance and management platform.
Updates also include financial results, changes in client mix and geographic expansion, partnerships involving Qinson Credit Card Services Limited, subsidiary leadership, and capital-allocation actions such as common-share repurchase programs.
CLPS Incorporation (Nasdaq: CLPS) has announced a strategic investment in Shanghai Shier Information Technology Co., Ltd. (SSIT), acquiring a 35% stake through its subsidiary. This investment aims to diversify CLPS's business model by entering the business-to-consumer (B2C) market. SSIT's e-commerce offerings include the 'Group Store' for enterprises and a mobile app, 'Duoshouji.' The partnership is expected to integrate financial products, enhancing user engagement among over 100,000 registered users. CLPS's COO expressed optimism about the potential for improved financials and competitive advantage.
CLPS Incorporation (Nasdaq: CLPS) released a letter to shareholders celebrating its 15th anniversary and reflecting on a challenging yet successful 2020. The company achieved a 37.7% revenue increase to $89.4 million and reported a net income of $2.9 million, a turnaround from the previous year's loss. Strong client base growth in financial services and IT, alongside strategic mergers, positioned CLPS for continued expansion. The company plans to invest in technology to meet rising demand for IT services in 2021.
CLPS Incorporation (Nasdaq: CLPS) has acquired the remaining 20% stake in Ridik Pte. Ltd., making it a wholly owned subsidiary. This follows a previous 80% acquisition in September 2019. The acquisition aims to enhance CLPS's growth in the Southeast Asian market, which reported a 191.8% revenue increase to $7.37 million for the year ending June 30, 2020. CLPS plans to establish Singapore as its Southeast Asia headquarters to facilitate market expansion and leverage Ridik's capabilities for better overseas financial performance.
CLPS Incorporation (Nasdaq: CLPS) announced a partnership with a leading Chinese state-owned automotive company to execute a big data project aimed at enhancing vehicle intelligent manufacturing and R&D systems. The project involves sharing competitive advantages and leveraging CLPS's expertise in big data technology, including IoT data collection and analytics. CLPS will implement a big data architecture to achieve the project’s goals. This collaboration underscores CLPS's commitment to innovation in sectors like new energy and intelligent vehicles.
CLPS Incorporation (Nasdaq: CLPS) has launched the Cooperative Education on Information Technology Program in collaboration with Hong Kong Multimedia Design Association. This initiative aims to cultivate future talent in the financial technology sector. Over 20% of the initial trainees have secured positions in local banks. The program aligns with CLPS's Talent Creation Program and addresses the IT talent shortage in Hong Kong's financial industry, reinforcing CLPS's competitive advantage and global expansion strategy.
CLPS Incorporation (Nasdaq: CLPS) announced its selection as the IT services provider for a prominent bank card processing company in China. The agreement, facilitated through its Shanghai subsidiary, involves collaboration in developing, maintaining, and testing the bank card issuance core system and related services. This milestone marks a significant advancement in CLPS's credit card services sector. With over ten years of experience providing comprehensive services to major financial institutions, CLPS’s expertise positions it favorably in this competitive landscape.
CLPS Incorporation (Nasdaq: CLPS) reported strong financial results for the six months and the full year ending June 30, 2020. Revenues increased by 37.2% to $46.8 million in the second half, and by 37.7% to $89.4 million for the full year. Gross profit rose 25.1% to $15.7 million in the second half and 31.0% to $31.1 million for the year. Net income for the second half was $0.6 million, reversing a loss of $1.8 million last year. Non-GAAP net income grew 200.9% to $3.5 million in the second half. The company expects a sales growth of 30% to 35% for fiscal 2021.
CLPS Incorporation (Nasdaq: CLPS) announced it will release its fiscal 2020 financial results on October 22, 2020. A conference call is scheduled for October 23, 2020, at 8:30 am ET to discuss the results. Investors can access the call via provided toll-free numbers, including +1-888-394-8218 for U.S. calls. The press release also highlights CLPS as a leading IT consulting provider for the banking and financial services sectors, operating several global delivery centers.
On August 26, 2020, CLPS Incorporation (Nasdaq: CLPS) announced a memorandum of understanding with the Technological and Higher Education Institute of Hong Kong (THEi) to enhance an IT degree program. This initiative focuses on practical training and internships, aiming to prepare students for careers in the IT sector. The collaboration is expected to cultivate local talent and support Hong Kong's digital transformation, positioning CLPS as a leader in IT consulting services. CEO Matthew Tang emphasized the importance of developing a skilled workforce to meet industry demands.
CLPS Incorporation (Nasdaq: CLPS) announced a strategic investment of RMB 1 million for a 10% ownership stake in Guangdong Huaqin Zhichuang Software Technology Co., Ltd. (HQZC). Established in July 2020, HQZC provides IT services across various sectors, including semiconductor and telecommunications. CLPS aims to enhance its business reach and diversification strategy through this investment, capitalizing on the growing demand for IT solutions. CEO Raymond Lin emphasized the company's focus on sectors where it can leverage its expertise.