U.S. Justice Department Takes On Google Search Monopoly in Landmark Trial

The U.S. government is launching a monumental legal challenge against Google in a bid to curb the technology giant’s dominance in internet search. A federal antitrust trial begins Tuesday in Washington D.C. where the Justice Department and a coalition of state attorneys general will argue that Google improperly wields monopoly power.

At the heart of the case are allegations that Google unlawfully maintains its position in the search market through exclusionary distribution agreements and other anticompetitive practices. Google pays billions annually to companies like Apple and Samsung to preset Google as the default search engine on smartphones and other devices. This boxes out rivals, according to prosecutors.

The government contends that Google’s actions have suffocated competition in the critical gateway to the internet, enabling the company to extend its grasp with impunity. Google counters that its search supremacy is earned by offering a superior product that consumers freely choose, not due to illegal activity.

But smaller search upstarts like DuckDuckGo allege that Google abuses its might to hinder their ability to gain users. At stake in the trial is nothing less than how the power of dominant tech platforms is regulated and how competition – or lack of it – shapes the internet as we know it.

The verdict could lead to sweeping changes for Google if found guilty of violating antitrust law. Potential sanctions range from imposed restrictions on its business conduct to structural reorganization of the company. Fines could also be on the table.

Google’s practices echo the behavior that got Microsoft into hot water in the 1990s. That landmark case saw the government successfully prove Microsoft leveraged its Windows monopoly to quash competition. Google is accused of similar monopolistic plays via its search engine dominance.

The Google antitrust trial is slated to last around three months. Testimony from Google CEO Sundar Pichai and executives of tech firms like Apple is anticipated. The federal judge overseeing the case will determine if Google’s undisputed leadership in search equates to unlawful monopoly status.

The verdict stands to fundamentally shape Google’s role in internet search and potentially alter business practices of other dominant technology companies. It represents the most significant legal challenge to Silicon Valley power in the 21st century.

Take a look at Information Services Group, a leading global technology research and advisory firm.

Instacart Aims for $9.3 Billion Valuation in Upcoming IPO

Online grocery delivery firm Instacart is gearing up to go public and has set the terms for its initial public offering (IPO). In a regulatory filing on Monday, Instacart outlined plans to raise around $616 million through the offering of 22 million shares priced between $26 and $28 each.

The IPO would give Instacart a fully diluted valuation of up to $9.3 billion. This is below earlier estimates of a $40 billion valuation, indicating moderating growth expectations. Nonetheless, the offering could still mark one of the largest public listings this year amid a freeze on IPOs over the past year due to market volatility.

Founded in 2012, San Francisco-based Instacart has established itself as a leading online grocery platform in the U.S. It partners with grocers and retailers to deliver items to customers’ doors in as little as an hour. Instacart competes in a crowded space against entrenched firms like Walmart and Amazon as well as delivery apps like DoorDash and GoPuff.

Take a moment to look at 1-800 Flowers.com, a leading e-commerce business platform that delivers gifts designed to help inspire customers to give more, connect more, and build more relationships.

Instacart plans to sell 14.1 million newly issued shares in the IPO, with the remainder offered by existing shareholders. Multiple prominent investors have committed to buying shares in the offering, including PepsiCo, which is investing $175 million, and Norges Bank Investment Management, Norway’s sovereign wealth fund.

Proceeds from the IPO will provide funding for Instacart to invest in areas like technology, fulfillment, and advertising as it aims to turn a profit. The company posted revenues of $1.8 billion in 2020 but has yet to become profitable.

The upcoming listing will test investor appetite for high-growth tech IPOs after a yearlong freeze. Instacart’s debut performance will depend on prevailing market sentiment closer to its trading date. But a successful IPO could boost Instacart’s brand and validate its status as a leading next-generation grocery platform.

ICE Completes $11.9B Acquisition of Mortgage Tech Provider Black Knight

Intercontinental Exchange (ICE), the financial markets data and infrastructure company, has finalized its $11.9 billion acquisition of Black Knight, a leading provider of mortgage software, data and analytics solutions.

The deal expands ICE’s growing footprint in mortgage technology services. Black Knight strengthens ICE’s capabilities spanning mortgage origination, servicing, and secondary market activities.

ICE, with a market valuation of $63 billion, has been actively acquiring assets to build out its mortgage tech segment. Previous deals include Ellie Mae, Simplifile and MERS.
Black Knight, currently valued at around $10 billion, offers software and data services used by mortgage lenders, servicers, and real estate industry participants.

The combination aims to improve automation and digitization across the mortgage process through ICE’s financial resources and Black Knight’s housing domain expertise.

Black Knight shareholders could elect to receive the deal consideration in cash or ICE stock, subject to proration procedures. Preliminary results indicate strong demand for the stock option.

To secure regulatory clearances, ICE agreed to divest Black Knight’s Optimal Blue and Empower mortgage origination system businesses to Constellation Software Inc.
“Our team is ready to apply our proven playbook to help improve the homeownership experience for millions of families,” said ICE CEO Jeffrey Sprecher.

The deal expands ICE’s information services and market infrastructure footprint into the massive U.S. housing market, while providing Black Knight greater scale and distribution capabilities.

Take a moment to learn about Information Services Group, a leading technology research and advisory firm that specializes in digital transformation services, including automation, cloud and data analytics, and market intelligence.

Click here for company information, including equity research from Noble Capital Markets.

iCoreConnect (ICCT) Trending Following Merger

iCoreConnect, Inc. (Nasdaq: ICCT) recently underwent a business merger with FG Merger Corp. (Nasdaq: FGMC) and has since exhibited stability in the stock market. A notable event was a temporary halt in trading on Nasdaq due to a technical issue with the conversion of shares. However, trading resumed on August 30, 2023, after the issue was addressed.  iCoreConnect is currently trending on various financial social media platforms and websites, reflecting heightened investor interest. Their stock price is up 206% since the start of the week as trading opened Friday.


iCoreConnect’s primary objective is to improve workflow productivity and practice profitability via its cloud-based software and technology solutions. Currently, the company has a portfolio of 16 SaaS enterprise solutions. Additionally, they’ve secured endorsements from over 100 state or regional healthcare associations in the U.S. Based on their recent statements, iCoreConnect has projected its revenue and annualized recurring revenue for 2023 and expressed interest in expanding into the ePrescription and insurance verification sectors.


To understand more about iCoreConnect’s activities, developments, and potential in the healthcare technology and enterprise solutions industry, a recent report from Noble Capital Markets Analyst Gergory Aurand provides a detailed analysis and overview.

Learn more about iCoreConnect and read Noble’s report here

Blackboxstocks (BLBX) – Reports Second Quarter Results


Tuesday, August 15, 2023

Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs “predictive technology” enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/video feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually. For more information, go to: www.blackboxstocks.com .

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q23. Revenue was $737,398, down from $1.4 million a year ago. Average monthly revenue per subscriber declined to $64.27 from $75.21 due to a higher level of promotional members during 2Q23. Blackboxstocks reported a net loss of $1.4 million for the quarter, or a loss of $0.45 per share, compared to a net loss of $1.3 million, or a loss of $0.40 per share in 2Q22. Adjusted EBITDA was a loss of $1.0 million, similar to the adjusted EBITDA loss in the year ago quarter.

Subscriber Counts. The average member count for the second quarter of 2023 was 3,937 compared to 5,482 for the second quarter of 2022 and 3,555 for the first quarter of 2023. The sequential stabilization of the member count reflects lower churn, while changes to marketing are expected to have a positive impact on the growth trajectory going forward.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

One Stop Systems (OSS) – A Step Back


Friday, August 11, 2023

One Stop Systems, Inc. (OSS) designs and manufactures innovative AI Transportable edge computing modules and systems, including ruggedized servers, compute accelerators, expansion systems, flash storage arrays, and Ion Accelerator™ SAN, NAS, and data recording software for AI workflows. These products are used for AI data set capture, training, and large-scale inference in the defense, oil and gas, mining, autonomous vehicles, and rugged entertainment applications. OSS utilizes the power of PCI Express, the latest GPU accelerators and NVMe storage to build award-winning systems, including many industry firsts, for industrial OEMs and government customers. The company enables AI on the Fly® by bringing AI datacenter performance to ‘the edge,’ especially on mobile platforms, and by addressing the entire AI workflow, from high-speed data acquisition to deep learning, training, and inference. OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q23 Results. Revenue of $17.2 million, slightly below guidance and down 6% y-o-y, reflecting the continued runoff of the Disguise business. Higher operating expenses, including some one-time items, drove a net loss of $2.4 million, or a loss of $0.12/sh in the quarter, compared to net income of $322,822, or EPS of $0.02/sh per share last year. We had forecast a net loss of $415,700, or a loss of $0.02/sh. Adjusted EPS was $0.01 compared to $0.04 last year.

Delays and Departures. The decline in Disguise (substantially complete), delays in defense and commercial program orders, and the exit of an autonomous trucking client, a top 10 client in 2022, have combined to stall the momentum of OSS’ business. Revenue guidance for 3Q23 is $13.5 million, a level last seen in the first quarter of 2021.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Information Services Group (III) – No Signs of Slowing Down


Monday, August 07, 2023

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Still Seeing Demand. ISG is continuing to experience increasing demand for its services, evidenced by the record second quarter revenue of $74.6 million. As noted in our previous report, recurring revenues now represents more than 40% of Company revenue and we anticipate the number to climb due to further demand from verticals such as consumer services, life sciences, and the public sector for the Company’s cost optimization services.

Balance Sheet. ISG reported a cash balance of $19.6 million as of June 30, 2023 compared to $23.7 million at March 31, 2023. The Company’s debt outstanding was at $79.2 million, unchanged from the first quarter, with the Company’s debt-to-EBITDA ratio remaining at 1.8x. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Information Services Group (III) – 2Q23: Another Record Revenue Quarter


Friday, August 04, 2023

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Record 2Q23 Top Line. Record 2Q revenue of $74.6 million, up 5.5% y-o-y. Currency translation negatively impacted reported revenue by $0.1 million. By geography, Americas revenue rose 7% to $42.3 million, Europe was up 5% on a reported basis to $24.4 million, and Asia-Pacific revenue of $8 million was flat to the prior year. We were at $75 million.

Increasing Recurring Revenues.  Strong demand for research and platform services in the second quarter led to 21% growth in recurring revenues, which now represent more than 40% of Company revenue. ISG’s mix of portfolio solutions and services around cost optimization and digital transformation continues to resonate with clients.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Comtech Telecommunications (CMTL) – New Contract Awarded


Friday, July 14, 2023

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Troposcatter Contract. Yesterday, Comtech announced that the Company was awarded a contract from Fairwinds Technologies, LLC. The contract is for $30 million in which Comtech will provide the Company’s next-generation Troposcatter Family of Systems (FOS) in support of U.S. Army tactical communications. Under the contract, Comtech will be providing leading software-defined Troposcatter FOS to enhance U.S. Army Beyond-Line-of-Site communications across all domains. No timetable was given for the completion of the contract. The new contract complements the existing award from the U.S. Marines, in our view.

Fairwinds Technologies Overview. Fairwinds Technologies is a systems integrator and engineering services firm that designs and integrates communications, networking and information technology solutions to serve defense and civilian agencies around the world. Recent customers for the company include the U.S. Army and Defense Information Systems Agency.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Will Defining Current Laws to Fit AI, Artificially Stifle its Growth

The Legal Problems AI Now Creates Should Pave the Way to a Robust Industry

Is artificial intelligence, or more specifically OpenAI a risk to public safety? Can ChatGPT be ruining reputations with false statements? The Federal Trade Commission (FTC) sent a 20-page demand for records this week to OpenAI to answer questions and address risks related to its AI models. The agency is investigating whether the company engaged in unfair or deceptive practices that resulted in “reputational harm” to consumers. The results could set the stage defining the place artificial intelligence will occupy in the US.

Background

The FTC investigation into OpenAI began on March 2023. It resulted from a complaint from the Center for AI and Digital Policy (CAIDP). The complaint alleged that OpenAI’s ChatGPT-4 product violated Section 5 of the FTC Act. Section 5 prohibits unfair and deceptive trade practices. More specifically, CAIDP argues that ChatGPT-4 is biased, deceptive, and a risk to public safety.

The complaint cited a number of concerns about ChatGPT-4, including:

  • The model’s potential to generate harmful or offensive content.
  • The model’s tendency to make up facts that are not true.
  • The model’s lack of transparency and accountability.

The CAIDP also argued that OpenAI had not done enough to mitigate these risks. The complaint called on the FTC to investigate OpenAI and to take action to ensure that ChatGPT-4 is not used in a harmful way. The FTC has not yet made any public statements about the investigation. OpenAI has not commented publicly on the investigation.

It is not clear what action, if any, the FTC can or will take.

Negligence?

With few exceptions, companies are responsible for the harm done by their products when used correctly. One of the questions the FTC asked has to do with steps OpenAI has taken to address the potential for its products to “generate statements about real individuals that are false, misleading, or disparaging.” The outcome of this investigation, including any regulation could set the tone and define where responsibility lies regarding artificial intelligence.

As the race to develop more powerful AI services accelerates, regulatory scrutiny of the technology that could upend the way societies and businesses operate is growing. What is difficult is computer use generally isn’t isolated to a country, the internet extends far beyond borders. Global regulators are aiming to apply existing rules covering subjects from copyright and data privacy to the issues of data fed into models and the content they produce.

Legal Minefield

In a related story out this week, Comedian Sarah Silverman and two authors are suing Meta and OpenAI, alleging the companies’ AI language models were trained on copyrighted materials from their books without their knowledge or consent.

The copyright lawsuits against the ChatGPT parent and the Facebook parent were filed in a San Francisco federal court on Friday. Both suits are seeking class action status. Silverman, the author of “The Bedwetter,” is joined in her legal filing by authors Christopher Golden and Richard Kadrey.

Unlike the FTC complaint, the authors’ copyright suits may set a precedent on intelligence aggregation. The sudden birth of AI tools that have the ability to generate written work in response to user prompts was “taught” using real life work. The large language models at work behind the scenes of these tools are trained on immense quantities of online data. The training practice has raised accusations that these models may be pulling from copyrighted works without permission – most worrisome, these works could ultimately be served to train tools that upend the livelihoods of creatives.

Take Away

Investing in a promising new technology often means exposing oneself to a not yet settled legal framework. As the technology progresses, the early birds investing in relatively young and small companies may find they hold the next mega-cap company. Or, regulation may limit, to the point of stifling, the kind of growth experienced by Amazon and Apple a few short decades ago.

If AI follows the path of other technologies, well-defined boundaries, and regulations will give companies the confidence they need to invest capital in the technology’s future, and investors will be more confident in providing that capital.

The playing field is being created while the game is being played. Perhaps if the FTC has a list of 20 questions for OpenAI in ten years, it will just type them into ChatGPT and get a response in 20 seconds.

Paul Hoffman

Managing Editor, Channelchek

https://www.ftc.gov/news-events/news/press-releases/2022/06/ftc-report-warns-about-using-artificial-intelligence-combat-online-problems

https://www.reuters.com/technology/us-ftc-opens-investigation-into-openai-washington-post-2023-07-13/

Comtech Telecommunications (CMTL) – Investor Day


Monday, June 26, 2023

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Investor Day. We attended Comtech’s Investor Day at the new Chandler, AZ facility. We came away impressed not only with Ken Peterman’s vision, but also the management team he has assembled and the vast potential for Comtech as Mr. Peterman’s vision is implemented.

Highlights. While we previously have written about the key takeaways of the Investor Day, we reiterate the points here: the Company’s transformation into One Comtech is ahead of schedule, implementation of lean operating and growth initiatives has begun, EVOKE partnerships open up whole new opportunities, and the transition into a higher margin, faster growing software, solutions, services, and insights business is forthcoming.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Information Services Group (III) – CFO to Retire


Thursday, June 22, 2023

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

August. Information Services Group announced yesterday that the Company’s Executive Vice President and CFO Bert Alfonso will be retiring in August to devote more time to family matters. Michael A. Sherrick will be succeeding him effective August 7th. Mr. Sherrick will report to chairman and CEO Michael Connors and join the ISG Executive Board.

Michael Sherrick’s Background. Mr. Sherrick provides ISG with over 25 years of financial and operating experience, as his most recent position was from Cognizant Software & Platform Engineering as senior vice president and chief operating officer. Cognizant Technology Solutions Corporation is a global provider of information technology, consulting and business process services, similar to ISG. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – ISG CFO Bert Alfonso to Retire in August; Michael Sherrick Named His Successor as Executive Vice President and CFO

Research News and Market Data on III

6/21/2023

Sherrick brings significant tech industry, operational and financial expertise to role

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced that Humberto “Bert” Alfonso, executive vice president and chief financial officer, will retire in August to devote more time to family matters and that Michael A. Sherrick has been named to succeed him, effective August 7.

“I want to express my deepest gratitude to Bert for his valued service to ISG,” said Michael P. Connors, chairman and CEO. “I have known Bert for many years and will miss his wise counsel and contributions to the firm. Everyone here at ISG extends our best wishes to Bert and his family.”

Sherrick joins ISG from Cognizant Technology Solutions Corporation, a $19 billion global provider of information technology, consulting and business process services. He currently serves as senior vice president and chief operating officer of Cognizant Software & Platform Engineering.

At ISG, Sherrick will have global responsibility for finance, investor relations, legal, and mergers and acquisitions. He will report to Connors and join the internal ISG Executive Board.

“I am delighted Michael is joining ISG,” said Connors. “With his unique combination of technology industry knowledge, experience in operations, strategy and finance, and background in investment banking and financial services, Michael will quickly become a key contributor in advancing our ISG NEXT operating model and helping us drive growth and value in the years ahead.”

Sherrick brings more than 25 years of financial and operating experience to ISG. He joined Cognizant in 2016 where he was appointed to a series of roles, including COO of Cognizant Digital Systems and Technology and COO of Cognizant Americas, before assuming his current position.

Prior to joining Cognizant, in 2013 Sherrick co-founded Scoria Capital Partners, where, as a portfolio manager, he managed the firm’s investments in the technology, business services and consumer sectors. Earlier in his career, he held positions with S.A.C. Capital, Morgan Stanley and PwC, among others. Sherrick holds a B.A. degree in economics from Bucknell University and is both a licensed certified public accountant (CPA) and a chartered financial analyst (CFA).

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Source: Information Services Group, Inc.

View all news