Business
HeartCore Reports Third Quarter 2022 Financial Results
NEW YORK and TOKYO, Nov. 14, 2022 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (“HeartCore” or “the Company”), a leading software development company,
About this update from Heartcore Enterprises, Inc.
[{"type":"text","content":"NEW YORK and TOKYO, Nov. 14, 2022 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (“HeartCore” or “the Company”), a leading software development company, today reported financial results for the third quarter ended September 30, 2022. Third Quarter 2022 and Recent Operational Highlights Grew total number of global enterprise customers to 889 as of September 30, 2022.HeartCore’s Content Management System (“CMS”) led Japan in CMS market share for the seventh straight year according to ITR Corporation, an independent IT consulting and research firm.Signed fourth Go IPO consulting service agreement within a six-month period by engaging Metros Development.Entered into a licensing agreement with Transcosmos Digital Technology Inc. to license its advanced process mining tool, Apromore.Hosted HeartCoreDAY2022, a special event focused on solutions that promote digital transformation through two business lines within HeartCore’s CMS product offering, which help businesses create, manage, and modify web content and Digital Transformation.Executed a deal with GMO MAKESHOP Co. Ltd., to offer its CMS and help augment GMO MAKESHOP’s digital transformation efforts prior to the launch of its Cloud E-Commerce Plan.Signed a definitive agreement to acquire a 51% majority stake in privately held Sigmaways, Inc. (“Sigmaways”), a software engineering service provider delivering IT solutions. Management Commentary“Even with a softer financial quarter, we are very encouraged by the qualitative progress that is being made across each front of our business, as the advancements being made today are setting us up for success going forward,” said CEO Sumitaka Yamamoto. “As the CMS leader in Japan by market share, we are confident in our ability to further augment our footprint into the U.S. by utilizing Sigmaways’ network, which we expect will add significant revenue in calendar year 2023. By acquiring Sigmaways, we will be able to develop software in-house at a lower cost instead of using outsourcing partners. Furthermore, we plan to cross-sell and upsell HeartCore solutions to our 800+ existing clients by utilizing Sigmaways' development capabilities, whereas before we would rely on our partners to do the development work for us. We have already hit the ground running in jointly conducting business and look forward to completing the acquisition and further...