Archive: January 10, 2023

St. Louis-based Elite Cuisine and Kansas City’s Superior Vend-All Combine Forces

Companies merge to create Apex Restaurant and Market Solutions, the largest independently owned corporate food service company based in Missouri.

(St. Louis, Mo., Jan. 10, 2023) – Two long-time food service companies recently united with one goal in mind: to ultimately convert their merged businesses into a successful employee-owned and operated legacy.

Jim Schweppe, creator of St. Louis-based Elite Cuisine along with brothers Brian and Greg Porembski, founders of Kansas City’s Superior Vend-All, merged their companies into the newly branded Apex Restaurant and Market Solutions, Inc. The integrated company – which has more than 200 employees with plans to add approximately 20 more in the next year – will evolve into an employee stock ownership plan (ESOP) within the next 18 months.

“Our consolidation was intentionally designed to transition into an employee-owned organization, one where we can reward our dedicated team members for their hard work,” said Schweppe. “It’s an exciting time for all of us because our employees have the chance to own part of a company that now has even bigger growth potential.”

Founded in 2004, Elite Cuisine is a full-service provider that offers catering, micro markets, in-office cafes and coffee, and vending services for its corporate clients. Established in 1997 with offices in Kansas City and Sedalia, Superior Vend-All is Kansas City’s largest independent micro market and vending provider.

The merger makes Apex the largest independently owned corporate food service company based in Missouri. Apex will feature over 250 micro markets located in office and manufacturing facilities across Missouri. These convenient self-checkout markets offer employees a wide selection of healthy food and quality beverage options. Nearly 10% of Apex’s micro markets are hybrid facilities, which highlight a chef-prepared hot food component available for purchase.

Both Elite Cuisine and Superior Vend-All will maintain their offices at 314 Marshall Rd. in St. Louis, Mo., 3707 East 14th St. in Kansas City, Mo., and 2309 W. Main St. in Sedalia, Mo. The consolidated company plans to immediately expand by adding a Columbia, Mo. office to handle clients that include 3M and Good Day Farms. Current clients for Elite Cuisine include Burns & McDonnell, Enterprise Rent-A-Car, Maritz, and World Wide Technology. Superior Vend-All clients include Amazon, Smithfield Foods, Stanley Black & Decker, and Tyson Foods.

“This is a strategic, value-added merger between two strong companies that can now provide additional resources to our clients,” said Brian Porembski. “By creating this employee-owned company, which has ownership roots in both St. Louis and Kansas City, we believe we are ultimately offering our clients located throughout Missouri the very best food service value for their employees.”

All three owners will manage the combined company as co-CEOs with Jim focusing on finances and human resources, Brian on business development, and Greg handling daily operations. Financial details were not disclosed.

Pictured from left to right are Jim Schweppe, Brian Porembski and Greg Porembski.

For more information, call (866) 607-4400 and visit www.apexrefresh.com.

How to Transform Finance Teams into Forward-Thinking Profit Centers Using Smart Finance Tech

By Yan Lazarev, Co-Founder & CEO of Gaviti

Finance teams are seen as the last step in a potentially years-long sales process, ready to manage transactions by issuing, monitoring, and ultimately closing out invoices. This reality can lead to these teams being viewed as administrative team members, supporting other departments but not necessarily bringing in the business value of their own.

Underfunded and lagging behind on advanced tech, commonly doled out for the sake of automating sales and marketing tasks, finance departments often suffer from costly turnovers and are plagued by manual-task inefficiencies. Some of this has to do with a lack of market knowledge around finance automations, others have to do with a misunderstanding of how employees can be encouraged to maximize their impact on the company.

Unfortunately, it’s no surprise that people are becoming less interested in finance, with CPA examination candidates plummeting by 17% between 2020 and 2021 with equally alarming signs coming from undergrad and masters degree accounting student enrolments.

Long before trying to put a title on every skill that finance professionals bring, there were three general ideas- Accountants to manage the past, finance operators to manage the present, and financial planners to prepare for the future. In reality, while these titles may clearly define responsibilities, finance teams have been collaborating to complete these tasks on their own– manually.

Developing KPIs, regulatory documents, critical reports, and managing payroll manually have created a chaotic scene where each finance team member has their own process for completing their tasks. When processes are delayed, and deadlines are missed, companies must take out short-term loans to meet expenses before receivables can be cleared. In today’s current environment, that means manual tasks and inefficiencies are met with higher interest rates and greater expenses. For example, a 5% increase sounds small, but that translates into $500,000 your organization loses for every 10M you borrow.

Finance professionals as income generators

Now, let’s imagine we can remove the manual tasks from finance teams and move them over to an automated platform, which can stay on top of reports and even execute a smart dunning strategy. What would your experienced finance team, who knows the systems of your organization and perhaps others, be able to accomplish when not bogged down with repetitive manual tasks? How can they help CFOs who are in the trenches to better strategize financial plans for the organization?

Consider the mindset of these employees. When a good financial professional encounters an idea that doesn’t look feasible, they don’t just toss it. Instead, they determine precisely what makes it too risky. From there, they can assess the level of risk and introduce potential ways to mitigate it.

For example, a good FP&A might not say, “Hey, it would be a terrible business idea.” Instead, they might recommend finding cheaper raw materials and making price adjustments to the final product or service. Additional options include optimizing processes and investing in new tools.

These steps can significantly reduce costs and improve profitability. After all, a dollar saved is a dollar earned. If you reduce your expenses, your net profit automatically increases. These profits are then distributed to shareholders or pumped back into the business.

Consequently, these types of strategic financial professionals are the ones that directly impact the bottom line by generating income.

Putting automation into play

While automation sounds like a great way to optimize any team, it’s important to find a tool that has what you need. No two companies are alike- that also goes for accounting automation platforms.

Talk with your team to understand their needs. Which recurring tasks can be automated? How successful are their dunning emails? How much time would be freed if an automation platform sends out invoices, automates conversations, calculates KPIs, and can conduct cash forecasting for different scenarios?

By understanding what they offer and what can be achieved, stress loads can be lowered, reducing churn and maximizing efficiency. Ultimately, this can lead to a more reliable cash flow and significantly lower operating costs. Now, once you reimagine how your finance team works, you can begin to reimagine the benefits they will bring to your organization.

Indegene expands Europe presence with new center in Germany to enable life sciences companies be future ready

Frankfurt, Germany / Princeton, United States / Bangalore, India, January 10, 2023: Indegene, a digital-first, life sciences commercialization company, today announced the launch of a new center in Germany, expanding its client-focused consulting and management team in the region.

With this center, Indegene is further strengthening its presence in Europe to help life sciences companies fast-track digital transformation across the commercialization value chain. Indegene’s local expert teams will work closely with clients in Germany and across Europe to provide consulting services and healthcare solutions.

“Germany is a key market for life sciences companies in Europe. The scale and pace of innovation as well as the quality of talent we see here is incredible”, said Manish Gupta, Chairman and CEO, Indegene. “Our investment in Germany reiterates our continued commitment to the region. With this new center, we will co-innovate and collaborate with clients more effectively and help accelerate their digital journey.”

Indegene already has a significant presence in Europe, with centers in the UK, Ireland, and Switzerland. In 2019, Indegene acquired DT Associates, a consulting services company in the UK, supporting clients in the healthcare and life sciences space. Indegene supports many leading life sciences clients in the region in a variety of ways across the commercialization value chain.

“Over the last 3 years, Indegene has helped us transform our go-to-market operations and enable better physician and patient engagement via more agile, data-driven, omnichannel ways. Their life sciences domain expertise and digital-first approach are helping us improve time to market and achieve better consistency in messaging across the globe”, said Dr. Michael Kurr, Global Head of Go-to-Market Services, Boehringer Ingelheim. “With Indegene’s new center in Germany, we can partner better locally and achieve more synergies.”

Medicine spending in Germany is expected to rise from $64.6 billion in 2021 to $76-96 billion at a CAGR of 4.5-7.5% (2022-2026)[1].

With six operation hubs and 16 offices located across North America, Europe, and Asia, Indegene’s client base includes 19 of the 20 largest biopharmaceutical companies2, many emerging biotech companies, and medical device companies. Indegene has been named a Leader in the Everest Group’s Life Sciences Commercial Services Specialists PEAK Matrix Assessment®2022.

Airtel 5G Plus now live in Bhubaneswar, Cuttack and Rourkela

Bhubaneswar: Bharti Airtel (“Airtel”), India’s leading telecommunications services provider today announced the launch of its cutting-edge 5G services in Bhubaneswar, Cuttack, and Rourkela. The company has also deployed the ultrafast 5G services at the Kalinga & Birsa Munda stadiums in Bhubaneswar and Rourkela respectively which are hosting the forthcoming Men’s Hockey World Cup. Airtel 5G Plus services will be available to customers in a phased manner as the company continues to construct its network and complete the rollout. Customers with 5G-enabled devices will enjoy a high-speed Airtel 5G Plus network at no extra cost until the rollout is more widespread.

Currently operational at NandanVihar, PrashantiVihar, KIIT, Kalarahanga, Chandaka Industrial Estate,Infocity, KananViharPh I &Ph II, SailashreeVihar, NiladriVihar, Gadakana, Shree Vihar, Chandrasekharpur, BDA Colony, East Coast Railway Colony, XIMB, Fortune Tower, MaitreeVihar, JaydevVihar, EkamraKanan Park, JagannathVihar, IRC Village, Kalinga Stadium, Beherasahi, Shastri Nagar, CRPF Square, Sum Hospital Area, Bharatpur, Khandagiri, Aiginia, Kalinga Nagar, Kalinga Vihar, Jagamara, Dumduma, AIMS Hospital, Patrapada, Acharya Vihar, Chakeisiani, Rasulgarh, Sahid Nagar, Satya Nagar, Kharavela Nagar, Master Canteen, Rajmahal, Bapuji Nagar, Forest Park, Ganganagar, Kalpana, BJB Nagar, Lewis Road, Ravi Talkies, Samantarapur, Bargada BRIT Colony, Laxmisagar, Chintamaniswar, Palasuniin Bhubaneswar & Balikuda, Gopalpur, Kalyaninagar, Balisahi, Rajendra Nagar, Nuasahi, Nayabazar, Mahanadi Vihar, Chauliaganj, OMP, Railway Station, Malgodown, Shankarpur, Badambadi, Dolamundai, Choudhury Bazar, Balubazar, Darghabazar, Machhuabazar, Beparisahi, Barabati Stadium, Chandimandir, Kanika Chhak, CDA Sector – 6, CDA Sector – 7, CDA Sector – 10, CDA Sector – 11in Cuttack and Basanti Colony, Chhend, Birsa Munda Stadium, Jagada, Daily Market, Bandhamunda, Udit Nagar, Civil Township, Railway Station, Kalunga Industrial Area in Rourkela. Airtel will augment its network making its services available across the state in due course of time.

Commenting on the launch, Soumendra Sahu, COO – Odisha, Bharti Airtel said, “We are thrilled to power the two stadiums hosting the men’s hockey world cup. While at the stadium, customers can experience a superfast network that will allow them High Definition video streaming, multiple chatting, instant uploading of photos & videos and more. We are also launching our 5G services in the twin city of Bhubaneswar & Cuttack and Rourkela. Customers can now experience ultrafast networks and enjoy speeds up to 20-30 times faster than the current 4G speeds. We are in the process of lighting up the entire state which will allow customers to enjoy superfast access to High-definition video streaming, gaming, multiple chatting, instant uploading of photos, and more.”

Airtel 5G Plus will bolster the entire portfolio of services that Airtel offers. In addition, it will allow superfast access to High Definition video streaming, gaming, multiple chatting, instant uploading of photos and more. With this launch, India will get a fillip to economic growth as Airtel 5G Plus revolutionizes education, healthcare, manufacturing, agriculture, mobility and logistics. In the last one year, Airtel has demonstrated the power of 5G with a host of powerful use cases that will change the way we lead our lives and do business. From India’s first live 5G network in Hyderabad to India’s first 5G powered hologram to India’s first recreation of a game-changing world cup match played at a time when there was no TV coverage to India’s first 5G connected ambulance to India’s first private 5G network with Bosch for boosting manufacturing productivity, Airtel has been at the forefront of 5G innovation.

SentBe Brings Cross-border Money Transfer Service to the United States

Seoul, South Korea, 10 January 2023 – SentBe, Korea’s leading fintech company, today announced the official launch of its international money transfer service in the U.S., a significant move in the company’s global expansion. Customers, including migrant workers in the U.S., can now send U.S. dollars to more than 50 countries with greater ease and at a lower rate than existing remittance options.

Established in 2015, SentBe specializes in foreign exchange services, and its personal remittance service of the same name SentBe was launched in 2016. Traditionally, the global money transfer process is complex, expensive, and slow. However, using the SentBe service via the mobile app or website, users can transfer money in real time or up to one day to 50 countries at a tenth of the cost of traditional methods. While traditional remittance methods through banks can only take place between other banks, SentBe provides various receipt methods depending on user’s preferable options.

With its customer-centric approach in cross-border remittance services, SentBe was able to quickly grow its presence in Southeast Asia. In 2020, SentBe became the first Korean fintech company to launch personal remittance app services in Indonesia and Singapore, further consolidating its position as one of the leading remittance service providers in APAC. Now with SentBe’s service available in the U.S., customers in the region can remit money to 50 countries including China, India, the Philippines, Vietnam, Canada, the U.K., France, and Korea.

According to the World Bank, the U.S. is the largest outbound remittance market in the world with $72,669 million transferred by individuals a year in 2021. The U.S. is the fourth country where SentBe’s cross-border remittance services have been introduced, following Korea, Indonesia, and Singapore.

“SentBe has been widely used by migrant workers across Asia, and the success in the region is based on our emphasis on removing cross-border barriers and bringing convenience to customers,” said SentBe CEO, Alex Seong-Ouk Choi. “We are bringing the same experience to the U.S., one of the largest financial markets in the world, and we will continue to expand our services to other markets including Canada, Australia and countries in Europe.”

To launch U.S. market services, SentBe formed a task force and has laid the foundation for international money transfer business by collaborating with certification agencies, government ministries, traditional financial institutions and fintech partners in the U.S. In addition, the company conducted a thorough technical verification process to create a smooth remittance experience for users in the US.

In 2019, SentBe was the first Korean company to acquire a cross-border money transfer service license from the Monetary Authority of Singapore (MAS). In December 2021, SentBe also received approval for the Singapore Payment Gateway (PG) license, which enables the company to offer B2B PG service that sends remittances from Singapore to other countries. SentBe’s licenses in Singapore, a prominent hub of financial and foreign exchange markets in the region, signify its effort to expand its business in the global market.

SentBe also owns a proprietary technology called Automated FX Hedging System (AHS). AHS minimizes foreign exchange risks through currency hedging, allowing remittance services to be used at lower fees. SentBe is the only Korean fintech company to feature its own L&C (Legal & Compliance) team of domestic and international lawyers that manage foreign exchange risks as well.

SentBe has recently been recognized for its position as a leading fintech company in the global market. In November 2022, CEO Alex Seong-Ouk Choi was named one of the Top 10 FinTech Leaders at the SFF Global FinTech Awards 2022, a key event of the Singapore FinTech Festival (SFF). In October 2022, SentBe was included in the fourth cohort of Inclusive Fintech 50 (IF50), a global competition powered by the CFI, a think tank based in the U.S. The IF50 is a global innovation competition that aims to identify and elevate cutting-edge emerging inclusive fintech companies that have the potential to drive financial inclusion.

Sayaji Indore Hosts Lebanese Food Festival

The most awaited Lebanese Food Festival kicked off in Mediterra at Sayaji Indore in January. This 10-day food fest is an amazing culinary treat with authentic Lebanese delights such as Veg/Non-Veg Shwarma, Hummus with Pita Bread, DajajShawarma, Baklava, Falafel, Lamb Kefta to mention a few.

Mr. Prasad Rao, Director of Operations commented “Winter is the perfect time to devour Lebanese food. Enjoy fresh, authentic, flavorsome delicacies, appetizers, and delectable desserts with cool breeze and stunning city views from rooftop.

Mediterra by Sayaji Indore is a chill and happening rooftop restaurant curated specially for Mediterranean cuisine lovers. The restaurant offers a wide range of Mediterranean dishes from 35 countries and has a dish suitable to everyone’s personal choice!

Budget Expectations Quote on behalf of Kapiva, a homegrown D2C brand empowering Indian consumers with modern, accessible, and everyday Ayurveda

Ameve Sharma, Co-Founder, Kapiva, said, “We are glad that in the Union Budget of 22-23, a significant portion (Rs 3,050 crore) was allocated to the Ministry of Ayush to promote preventative healthcare. We are expecting this budget to increase further, in line with the uptick in consumer acceptance for preventive, traditional medicines in the post-covid era. The industry would appreciate an even greater increase in the budget earmarked for research grants in the field of Ayurveda, to foster innovation through government & industry collaborations, as the millennial consumer looks for proof of clinical efficacy. As a leading homegrown brand in the sector, we are hopeful that this Union Budget will contribute immensely to India’s Ayurvedic growth story.”