Parker | July 20, 2022
Parker Hannifin Corporation (NYSE:PH) today welcomes the announcement from the UK’s Secretary of State for Business, Energy and Industrial Strategy that, following public consultation, he accepts the competition and national security undertakings provided by Parker in relation to the Meggitt acquisition and the transaction is therefore cleared to proceed by the UK Government. As previously announced on August 2, 2021, the boards of Meggitt and Parker reached agreement on the terms and conditions of a recommended all cash acquisition by Parker of the entire issued, and to be issued, ordinary share capital of Meggitt PLC (the “Acquisition”).
Parker also confirms that it has signed legally binding economic commitments with the UK Government. These commitments include maintaining the following, for five years after the closing of the Acquisition (“Undertaking Period”):
Meggitt’s headquarters and its aerospace and advanced materials center of excellence in Ansty Park, in Coventry, UK;
Meggitt’s key areas of existing operational capability in the UK;
R&D (including product engineering) and manufacturing labor headcount in the UK;
Meggitt’s sustainability targets of reducing net carbon emissions by 50 per cent, by 2025; and achieving net zero greenhouse gas emissions by 2050; and
Contractual obligations regarding supply of goods and services to HM Government.
Finally, as innovation is a key driving factor of success for both Meggitt and Parker, Parker has agreed to increase Meggitt’s R&D expenditure in the UK by at least 40 per cent, by the end of the Undertaking Period, and its UK apprenticeship opportunities by 20 per cent.
“We are pleased to have reached this important clearance milestone from the UK Secretary of State, We have also agreed to substantial legally binding commitments, which underscore our deep commitment to the UK. As we move closer to the completion of the acquisition and the combination of these two strong businesses, we look forward to welcoming the Meggitt team to Parker.”
-Tom Williams, Chairman and Chief Executive Officer, Parker.
The Acquisition remains subject to satisfaction or, where applicable, waiver of the conditions set out in the scheme circular published on August 16, 2021, including regulatory clearance and the sanction of the scheme of arrangement by the High Court of Justice in England and Wales pursuant to the UK Companies Act 2006. Parker continues to expect the Acquisition to close in Q3 2022.
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 66 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.
AICIL | July 18, 2022
Agriculture Insurance Company of India Limited (AICIL), a nationalised insurance company under the Ministry of Finance, Government of India, has signed a three-year agreement with Wingsure, an insurtech company that leverages artificial intelligence and deep technology to protect farmers worldwide.
As part of the agreement, Wingsure will use its advanced technology capabilities to significantly strengthen the accessibility of insurance products and services to farmers in India; curate and promote AICIL's comprehensive portfolio of agriculture insurance products and enable its channels, including groups and partner brokers, to distribute on its mobile app.
Agriculture and the allied sectors are the largest sources of livelihood in India, with most rural households dependent primarily on agriculture and 86% percent of holdings being small and marginal. However, farmers are vulnerable to the impact of climate change and other livelihood risks and have sub-optimal access to risk awareness programs and modern resources. Launched to support economic empowerment with transparency and promote sustainability through modern agricultural practices, Wingsure's application leverages advanced computer vision, augmented reality, and voice capabilities to provide intelligence and facilitate the underwriting and insurance claims processes for small holder farmers. The partnership will have access to more than 40 million farmers in India and focus on transforming how farmers mitigate and adapt to climate change and other livelihood related risks.
"We firmly believe that technology implementation is key to providing insurance and thereby protecting the underserved. Through our association, we will utilise the Wingsure technology platform to support our vision of how farmers can leverage insurance to mitigate risk."
-Malay Poddar, Chairman and Managing Director, AICIL
Avi Basu, Founder, and CEO of Wingsure, said, Wingsure's deep-tech platform revolutionizes how small holder farmers leverage insurance and financial products to protect their livelihood. It is designed to provide optimal access to risk awareness programs, climate smart practices & other modern resources as well as government backed schemes. The application uses AI and machine learning (ML) to rapidly process insurance underwriting and claims. We are excited to partner with AICIL in their vision to use technology for strengthening farmers' resilience in India.
About Agriculture Insurance Company of India Limited-
AICIL, controlled by the Government of India, has been implementing the crop insurance schemes of the Government of India since 2003-04. Currently, AICIL is implementing, inter alia, Pradhan Mantri Fasal Bima Yojana (PMFBY), Bangla Shasya Bima Scheme (BSBS), and Restructured Weather-based Crop Insurance Scheme (RWBCIS) and many of it proprietary agriculture insurance products.
Wingsure leverages artificial intelligence and deep technology to protect farmers worldwide. The company operates in developing nations, as well as advanced countries, focusing on growers who are locked out of traditional financial services. Wingsure is dedicated to providing farmers with competitive levels of technology and security to maintain the dignity and sustainability of individuals worldwide.
3M | September 09, 2022
The 3M Health Information Systems (3M HIS) division has achieved fully authorized Federal Risk and Authorization Management Program (FedRAMP) status for its 3M RevCycle health services platform (RHSP). 3M HIS is the company's first division with a FedRAMP-approved product. With this designation, 3M RHSP is published on the FedRAMP marketplace, allowing federal entities to more easily contract and work with the company.
3M RHSP hosts and supports key operations offered by 3M HIS, including natural language processing (NLP) support for medical coding, clinical documentation integrity, clinician input and medical coding edits, self-service reporting, and evaluation and management. 3M RHSP utilizes robust statistical methodologies to create a comprehensive NLP platform that suggests medical codes, assists with medical terminology, and eases the provider front-end workflow.
"We duplicated our commercial Health Services Platform to operate through Amazon GovCloud to achieve a fully authorized FedRAMP status, I am extremely proud of our federal markets team for achieving a FedRAMP ATO (authority to operate), which provides our platform with enhanced visibility, opens the door for us to secure cloud-hosted contracts with federal organizations, and makes it easier for us to add more products and solutions that are cybersecure and government approved."
-Kim Aiello, director of federal market solutions, 3M HIS.
The federal government is one of the largest buyers of cloud technology, according to FedRAMP. Cloud service providers (CSPs) offer innovative products that can help federal agencies save time and resources while meeting their critical mission needs.
FedRAMP is a government-wide program that promotes the adoption of secure cloud services across the federal government by providing a standardized approach to security and risk assessment for cloud technologies and federal agencies.
For CSPs, FedRAMP provides a standardized security framework for all cloud products and services that is recognized by all executive branch federal agencies. CSPs only need to complete the FedRAMP Authorization process once for each cloud service offering and perform continuous monitoring, with all agencies reviewing the same continuous monitoring deliverables, creating efficiencies across the government.
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