Oslo ,3 May 2024 :Itera reports flat organic growth in the first quarter, impacted by fewer working days due to Easter holiday.Itera has launched a new AI platform named Sapience. The company continuous its business optimization measures to mitigate what is believed to be a temporary softer market resulting from macroeconomic factors that are set to start improving towards the end of the year. - We remain optimistic about creating opportunities for our people, customers, and company. The fundamental importance of digital technology remains strong. Industries and markets have been affected differently, but all strategies continue to lead to cloud-based technology, data and AI to stay competitive, optimize operations and drive growth, saysArne Mjøs , CEO ofItera .Itera reports revenue ofNOK 228.5 million (NOK 230.3 million ) for the first quarter of 2024. This is close to the record strong first quarter of last year, despite fewer working days due to Easter. - There is a lot of excitement around Generative AI and the potential of these technologies. During the last two quarters,Itera has developed our own AI-platform named 'Sapience' that provides every employee with Generative AI in a safe, secure and efficient way. As a platform, the bounds of what value we can create are only limited by our collective imagination, says Mjøs.Itera's headcount at the end of the first quarter of 2024 was 736 as compared to 731 at the end of the first quarter of 2023. - We continue to invest in developing our people and our business for the next waves of growth. We are leveraging automation and managed services through ourDigital Factory at Scale, which allows us to do more with less and optimize operations. This approach enables us to manage growth without a proportional increase in headcount, saysArne Mjøs . The revenue fromItera's 30 largest customers accounted for 83% of its operating revenue, which is 1 percentage point lower than in the first quarter of 2023. New customers, defined as customers won during the last 12 months, accounted for 6.1% (NOK 12.2 million ) of revenue. Returning cash to shareholders is an ongoing objective, and the company's track record of high cash conversion rate and dividend payout twice a year reflects its commitment to providing value to shareholders. The Board of Directors confirmed its previous resolution to propose to the Annual General Meeting on22 May 2024 the distribution of an ordinary dividend for 2023 ofNOK 0.40 per share and for the Board to be authorized to approve a possible supplementary dividend later in the year. For more information:Arne Mjøs , CEO | arne.mjos@itera.com | +47 905 23 172Bent Hammer , CFO | bent.hammer@itera.com | +47 982 15 497 AboutItera - specialist in sustainable digital transformationItera is a leading international tech company that helps businesses and organisations to accelerate their sustainable digital transformation. We have a holistic ability to bring digital to the core of their business because of our full range of services in digital strategy and consulting, customer experience, technology, and cloud operations. Our integrated services and multi-disciplined teams meet customer needs rapidly and at scale through our world-class distributed delivery model across borders and ourDigital Factory at Scale, doing more for less. Working from our 14 offices in the Nordics and Central andEastern Europe , we serve customers in 20 countries worldwide.Itera is a listed company on theOslo Stock Exchange under the tickerITERA .
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