DOVER, Del. and BLUE BELL, Pa. - The Los Angeles Department of Building and Safety (LADBS) has chosen Clariti's enterprise community development software to overhaul its current system, aiming to enhance the customer experience and streamline department operations. This change is expected to reduce costs and save staff time by bringing together all LADBS development services into a single, integrated platform.
The new system will replace the department's legacy system with Clariti's all-in-one permitting platform, facilitating a fully digital process from application to completion. In the previous year, LADBS managed over 167,000 permits, conducted more than 1 million inspections, and approved over 83,000 plans, indicating a significant scale of operations that could benefit from modernization.
Unisys (NYSE:UIS), a global technology solutions provider, will spearhead the implementation of the new system. Their collaboration with the City of Los Angeles aims to create an innovative city-wide system that simplifies and accelerates permitting and licensing processes.
For Los Angeles residents and businesses, the system promises a single online access point for city dealings, a central dashboard for application management, and enhanced security features. City staff will gain from increased self-service options for customers, time-saving tools for reviews and approvals, and improved reporting and data analysis capabilities.
Jim MacLaggan, Executive Vice President of Sales at Clariti, expressed excitement about partnering with Los Angeles on this project, emphasizing its scale and Clariti's role in delivering digital government services. Similarly, Manju Naglapur, Senior Vice President and General Manager at Unisys, highlighted the company's commitment to enhancing user experience and leveraging their public sector expertise.
Clariti is recognized for its configurable community development solutions used by various governments across North America, while Unisys has a longstanding history of providing technology solutions to leading organizations.
This initiative is based on a press release statement and represents a move by the LADBS to adopt a more efficient, customer-friendly approach to city planning and development processes.
In other recent news, Unisys Corporation reported a 7% increase in its third-quarter revenue, totaling $497 million, with a significant contribution from its License and Support (L&S) revenue, which saw a 57% surge. The company has raised its full-year non-GAAP operating margin guidance and improved its free cash flow outlook, citing strong performance in new business signings and advancements in its AI project initiatives.
The Total (EPA:TTEF) Contract Value (TCV) for new business grew 50%, and the company initiated over 120 active AI projects. Unisys also announced new contracts, including partnerships with a major U.S. city and a large U.S. hospital system. Despite a GAAP net loss, the company expects full-year Ex-L&S revenue growth at the low end of 1.5% to 5%.
Unisys has maintained its 2024 financial guidance, with total revenue growth expected to be between negative 1.5% and positive 1.5% in constant currency. The company anticipates around $20 million in restructuring charges in Q4, and the full-year free cash flow expectation increased from $10 million to approximately $30 million. These are the latest developments in the company's performance and outlook.
InvestingPro Insights
As Unisys Corporation (UIS) takes on this significant project with the Los Angeles Department of Building and Safety, investors might be interested in the company's current financial position and market performance. According to InvestingPro data, Unisys has a market capitalization of $582.65 million, reflecting its position in the technology solutions sector.
The company's stock has shown impressive momentum recently, with InvestingPro Tips highlighting a strong return over the last month and a substantial 89.67% price return over the past three months. This positive trend aligns with the company's involvement in high-profile projects like the LADBS system overhaul, which could potentially boost investor confidence.
However, it's important to note that Unisys has not been profitable over the last twelve months, with a negative P/E ratio of -1.5. Despite this, InvestingPro Tips indicate that analysts predict the company will be profitable this year, which could be influenced by projects such as the one with LADBS.
The company's revenue for the last twelve months stands at $2.02 billion, with a slight growth of 0.29%. While this growth is modest, the LADBS project and similar initiatives could contribute to future revenue expansion.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for Unisys Corporation, providing a deeper understanding of the company's financial health and market position.
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