- ATB Techsoft Launches Business Solutions
ATB Techsoft Solutions Limited, an information technology and software development company, has launched four of its enterprise software that cater for different verticals of businesses in the Nigerian economy.
The company, which has spent the last seven years developing several software systems through evaluation, design, planning, developing and testing, last week in Lagos, introduced four-flagship application suite to the market: FinUltimate, UltiSure, EduWare and UltiFlux.
Describing the solutions as unique and locally designed to meet various business needs ranging from small businesses to enlarged businesses like enterprise businesses, the Chief Executive Officer (CEO) of ATB Techsoft Solutions, Mr. Abiodun Atobatele, said the solutions would revolutionise the software market space in Nigeria, especially at this time of the Nigerian economy.
Speaking specifically on this laudable feat, he hailed his team saying “We are very proud of what we have achieved with these solutions we are releasing to the market, which stands its own amongst any currently in the market. These solutions are a result of seven years of dedication, hard work, research and investment which could not have been achieved without our software architects, whom can be ranked amongst the smartest people in the World.”
According to him, regarding the solutions, which addresses gaps in the insurance industry, education industry and enterprise resource planning for any organisation which is delivered as a cloud offering leveraging the Microsoft Azure Cloud Service, “what we have done is to offer software solutions of higher standard and functionality at a much lower cost to the market as against what most organisations are purchasing offshore. This means Nigerian organisations do not have to spend hundreds of thousands of dollars to procure software abroad.”
Making reference to a statement credited to the National Office for Technology Acquisition and Promotion (NOTAP) that organisations in Nigeria spend over $1billion annual to procure software, Atobatele said: “Our unique solutions are coming at a time to ease Nigerians business the demand for forex. The only way we can create thousands of technology jobs in Nigeria is when the government through enforcement of existing laws and regulations on local content that makes it compulsory for companies to buy software developed in Nigeria by Nigerians.”
Director, Small, Mid-market Solutions and Partners Group, Microsoft Nigeria, Oluwawemimo Adeniyi, said since the solutions are running on Microsoft Azure, which is powered by cloud technology, it would help organisations to save a lot of cost, coupled with the high security features they will enjoy, while using the solutions.
She commended ATB Techsoft Solutions for choosing the Microsoft Azure and assured Nigerian businesses of business continuity, agility and sustainability, with high returns on investment, since the solutions come pretty easy to deploy and use.
“Our unique approach to the cloud spans three areas that, when combined, give customers choice and flexibility with the cloud: enterprise capabilities, hyper-scale cloud infrastructure, and comprehensive hybrid solutions. Across these three areas, we bring the benefits of cloud speed, scale and economics. Whether providing customers the tools to solve business problems at cloud scale or helping customers maximise IT investments through hybrid solutions, we are committed to providing customers with the most complete, intelligent cloud to transform their business.” she said.
While giving insights on the benefits and value proposition of the software solutions, the Chief Software Architect, ATB Techsoft Solutions, Mr. Patrick Aniah said: “FinUltimate is an Enterprise Resource Planning (ERP) solution that offers comprehensive portfolio of applications designed for organisations of any size to improve operational effectiveness, profitability, product innovation, distribution and/or delivery channel growth, customer relationships and enterprise information management.”
Aniah described Ultisure as a suite of software solutions for insurance policy administration. With the flexibility and robustness that Ultisure ships with, customers are at liberty to create any insurance product irrespective of the complexity level and commence underwriting operations as quickly as possible. UltiSure handles core insurance processes and has additional features that compliment these processes and could be decoupled as independent systems.
The EduWare solution, according to him, is a school management system application that can be used by institution of any category from primary, secondary and tertiary. It is designed with the aim to give schools the best software to handle all their administrative and academic activities with ease and accuracy, whilst saving them lots of time and effort.
The UltiFlux is a software that reduces work complexity, improves data capture and increases control through workflow and process automation that helps address these challenges. Ultiflux helps customers drive down cost and control the risk of process delays.
Fintech Companies Raised $554 Million in Investment Last Week
Financial Technology Firms Raised $554 Million Investment Capital Last Week
Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week.
A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple.
Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million.
Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively.
Other noteable fintechs include Extend $40 million; FOSSA $30.55 million; +Simple $23.75 million; Finexio $23 million; and Sonrai Security $20 million.
On the other hand, Evolve Credit was the last among the 25 companies. It raised $0.025 million while Upside Saving raised the second least fund at $0.42 million. Also, they were the two firms that raised below $1 million in the week under review.
Oliver Scott, a Finbold editor, who spoke on funding in the fintech sector, said “Notably, venture capital is still the primary source of funding for fintech startups. However, new trends indicate a high level of private equity and debt financing. Additionally, more funding activity is concentrated around later funding rounds. The sector is also witnessing a rise in IPOs and acquisitions. Such trends are pointing to a maturing market.”
Snapchat Adds 39 Million Daily Active Users YoY Representing 18% Growth
Snapchat Daily Users Increase by 39 Million YoY, a 18 Percent Increase
Data presented by Buy Shares indicates that Snapchat daily active users have grown by 39 million on a Year-Over- Year basis. The addition represents a growth of 18.57%.
Pandemic spurs Snapchat’s DAU growth
During Q3 2019 the daily active users stood at 210 million while the figure was 249 million as of Q3 2020. Between Q3 2018 and Q3 2020 Snapchat’s daily active users have grown by 33.87%.
After witnessing a rise in daily active users the numer slumped between Q1 2018 and Q4 2018 with a percentage drop of 2.61%.
The research also overviewed Snapchat’s number of daily active users based on regions. As of Q3 2020, North America recorded the highest number at 90 million, a growth of about 7% from a similar period last year.
Commenting on the recent surge in Snapchat’s daily active users, Buy Shares researcher Justinas Baltrusaitis said:
“After taking a dip in users around 2018 Snapchat began witnessing a steady rise from the end of last year. The platform’s 2020 numbers have been boosted by the coronavirus pandemic.During the health crisis, most people were confined to their homes and turned to social platforms like Snapchat for entertainment.”
Europe has 72 million active daily users as of Q3 2020, a growth of 10% from Q3 2019. Elsewhere during Q3, 2020 the rest of the world had 87 million daily active users.
UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined
UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined
The General Data Protection Regulation (GDPR) continues causing hefty fines and penalties for businesses and organizations across European countries even two years after coming into force.
According to data presented by Buy Shares, the United Kingdom tops the list of the most expensive data breach penalties with €132.7 million in total value of GDPR fines, more than German and Italy combined.
Cumulative Value of GDPR Fines Hit €344 Million, a €119 Million Increase in 2020
The primary reason for such a high cumulative value of GDPR fines in the United Kingdom is the data breach penalty imposed by the UK’s data protection authority, ICO, to Marriott International. In November 2018, the American multinational company was fined with €110.4 million after reporting a cyber incident that exposed nearly 340 million guest records.
Last week, the ICO fined British Airways €22 million for failing to protect the personal and financial details of more than 400,000 of its customers, the second-largest GDPR fine in the United Kingdom. The penalty is considerably smaller than the €204.6 million that the ICO initially said it intended to issue back in 2019 after the Magecart group used card skimming to collect the personal and payment information of British Airways` customers.
Far below the United Kingdom, Germany ranked as the second-leading country in Europe with €61.6 million in the cumulative value of GDPR fines, revealed the GDPR Enforcement Tracker data. On October 1st, 2020, H&M Hennes & Mauritz Online Shop was fined with €35.2 million for the insufficient legal basis for data processing, the severest GDPR penalty in the country.
Italian data protection authority (Garante) imposed €57.3 million worth of GDPR fines so far, ranking in third place among European countries. On January 15th, 2020, telecommunications operator TIM was fined €27.8 million for unlawful data processing, non-compliant aggressive marketing strategy, and invalid collection of consents, the steepest penalty in Italy.
France ranked fourth among the European countries with €51.3 million worth of GDPR fines. Austria, Sweden, and Spain follow, with, €18 million, €7million, and €3.9 million, respectively.
Statistics indicate the cumulative value of GDPR fines and penalties hit over €344 million in October, with almost €119 million worth of new fines imposed in 2020.
Top Five GDPR Penalties Account for 70% of Cumulative Fine Value
Behind Marriott’s €110.4 million worth GDPR fine, Google holds second place on the list of the highest data breach penalties. The US tech giant was fined €50 million by France’s data protection regulator, CNIL, for not providing enough information to users about its data consent policies and control in using their data.
H&M Hennes & Mauritz Online Shop ranked third on this list with €35.2 million worth GDPR fine. Italian telecommunications operator TIM and British Airways round the top five list with €27.8 million and €22 million, respectively.
Statistics show the five biggest data breach penalties cost more than €245 million, or 70% of cumulative GDPR fine value.
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