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SAMI-AEC Signs Cooperation Agreement with NUPCO

SAMI-AEC Signs Cooperation Agreement with NUPCO
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SAMI-AEC Signs Cooperation Agreement with NUPCO

SAMI-AEC Signs Cooperation Agreement with NUPCO

SAMI Advanced Electronics Company (SAMI-AEC), a wholly owned subsidiary of SAMI, said in a press release that it signed a cooperation agreement with the National Unified Purchasing Company (NUPCO), a PIF company, on May 27, 2024.
As per the agreement solutions will be provided for tracking medication, and IT infrastructure, and local content will increase through medical device manufacturing and maintenance, SPA reported.
The partnership, said the release, demonstrates SAMI-AEC’s unremitting efforts to build a harmonious healthcare system applicable in Saudi Arabia, based on digital technologies.
SAMI-AEC CEO Eng. Ziad Al-Musallam said: “We are pleased and honored to collaborate with NUPCO, as this agreement underscores the unwavering commitment of both entities to bolstering efforts aimed at enhancing the healthcare ecosystem in Saudi Arabia. At SAMI-AEC, we firmly believe in the significance of augmenting public health services through digital solutions and delivering e-health services. This involves integrating effective, fast technologies to empower the healthcare sector, in line with the objectives of Saudi Vision 2030."
NUPCO CEO Fahd Al-Shibl said the agreement will play an important role in strengthening the healthcare infrastructure and facilitating access to the integrated technology offered by SAMI-Advanced Electronics Company.

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Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
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Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights

Shares of Salesforce gained more than 5% on Thursday as investors cheered the customer relationship management software maker's upbeat quarterly results and its artificial intelligence push to drive growth.

The company has been heavily investing to integrate its AI technologies into existing products, such as its messaging platform Slack, to enhance their capabilities and attract more customers.

"We continue to see Salesforce as an under-appreciated AI winner as its differentiated data and early success in creating/deploying GenAI agents," Reuters quoted Goldman Sachs analyst Kash Rangan as saying.

Wall Street was concerned that tempered cloud spending would affect Salesforce in a tough economy, but the software-as-a-service (SaaS) firm reported better-than-expected revenue, profit and margins in the second quarter.

Salesforce also raised its profit forecast for the year ending January 2025, as margins continue to expand, thanks to its restructuring efforts last year.

The stock is trading at 24.49 times that of Wall Street's profit expectations, compared with 52.11 for SaaS peer ServiceNow and cloud contact center firm Five9's 13.30.

Salesforce is set to add $14 billion to its market capitalization if premarket gains hold. The company's valuation stood at $248 billion as of Wednesday's close.

"We think these results alone are not good enough to drive a sustainable rally from here. For that, we need more catalysts, which could come with the new AI solutions," which are set to be showcased at its event Dreamforce and launched in October, Barclays analyst Raimo Lenschow said.

Some analysts believe that sustained growth in the coming quarters can come through customer support platform Agentforce, which is not yet commercially available.