Nicely written Siddhartha. Even there is someone who has explained on alpha ideas twitter handle very nicely as to how the facts mentioned in his post are completely wrong. Shocking is the fact that his post got retweeted over 100 times by people without they even doing their own analysis on the same !
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Dear siddartha really apperciate yoor views on 8K miles ,it will help investors like me who are not skilled to invest in IT stocks. Kudos to your post.
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Source -
https://8kmiles.com/shape-your-clouds-with-8kmiles-event/?utm_source=LinkedIn
Look who are the partners - Microsoft, Amazon & Google. All from a company who uses buzzwords like Cloud.
Session details - Joint session with Microsoft, AWS, Google & Novartis.
Its not very hard to become a Microsoft CSP or a AWS APN Partner.
https://partner.microsoft.com/en-us/cloud-solution-provider/csp-enrollment
https://aws.amazon.com/partners/
Here is a small Indian company that I know of in this sector.
There are hundreds like these and these are extremely tech savvy people. Just my 2c.
As for the event - I am surprised a tech event such as this should happen in Lausanne of all places. Maybe thatâs where the geeks hang out these days. 
Another thing I noticed is the âby Microsoftâ, âby Googleâ and âby AWSâ bits in the session titles which make it look like they are also participating. I think it should be paraphrased as this
âGxP cloud services by AWSâ
âGoogle Genomics by Googleâ
âAzure ML by Microsoftâ
as in, these platforms are of the said companiesâ, while 8k miles will be hosting the event to discuss about these technologies with AI/ML geeks that do tech events in Switzerland.
To be honest, I couldnât suppress my grin while going through that event page.
How you are so sure they are not participating? The title itself says in partnership with Azure, Amazon & Google Clould.
This is business event, where the company is trying to sell its product not a hackathon where geeks assemble and develop new prototype and code.
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If I am expected to go all the way to Lausanne, the least I would expect is to know the keynote speakers. Here is how a typical tech conference of this sort looks like, for eg.
https://theaisummit.com/sanfrancisco/
If there were speakers - anybody who was somebody, from Google, Microsoft or Amazon, I know for a fact that 8kmiles would highlight their names. I have been continuously amazed by this company and I work in this field, so take my opinion with a pinch of salt.
Here is another smell test.
https://www.linkedin.com/company/cldcvr/
https://www.linkedin.com/company/8kmiles-software-services-ltd/?originalSubdomain=in
The first company is probably a fraction of the size of 8k milesâ claimed size. I will let you all be the judge.
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I think, the names would come up closer to the event date of 15th Oct.
We are a Cloud Startup and even we do not give names upfront when we participate in such events because anyone from CTO/VP/Engineering-Head might go depending on the commitments at that time.
They have mentioned some names which I assume are 8K employees/representatives.
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@phreakv6 agreed that itâs not hard to become a cloud migration partner. But, not everyone can implement a hippa compliant SaaS solution. I think the session is geared towards cloud migration in the context of compliance and regulation.
By hippa compliant, I think you mean HIPAA compliance. It doesnât seem to be half as imposing as PCI compliance to be honest. PCI compliance is something pretty much everyone who deals with cardholder data does so these are very much commoditised and not at all complicated.
Good analysis. I will share my observations on the company as well.
This looks like a sales meet targeted for the European audiance, and not a global summit. I dont think they expect anyone from India to fly down for an 8hr open sales pitch.
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@phreakv6 yes the solutions are commoditised for Hippa and PCI. Many companies have proprietary SaaS solutions, but the complexity is in data migration from legacy systems to cloud SaaS, the associated change management and operations support. Hospital CIOs dont look at economy commoditised products that one installs like msoffice; they look at migration partners and products that fit in their long term IT Strategy. Point being any Tom dick and Harry cannot implement a hippa compliance solution.
Also the fact that recurring revenues of 8k miles are steadily growing indicates that they are increasingly finding a permenant seat at the CIOs table.
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I observe there are some red flags related to the activities done by the promoter group. Though they are transparent to list some of those things in AR (because of Deloitte), i dont think it is best of the governance practice. As some boarders have suggested, we raise those points in the AGM and these red flags needs to be corrected. I dont think this management will try to screw up the company and run away after building a successful cloud business. I am from software background and work on some of the areas similar to 8k. I had started investing on the company some years back after detailed research about them and i am buying at dips. Some of my detailed analysis about 8K are
8K miles has won following competencies from Amazon Web Sevices:
Cloud Managed Services Competency - This is a 1-2 days rigourous 3rd party audit conducted by Cloud Audit company suggested by AWS. 8Kmiles has this competency maintained for last 3 years.
You need to show 10+ customers, 30+ Certified AWS PROFESSSIONAL LEVEL Architects, ITIL certifications, customer projects documents (under tri party NDA), employee count, etc. There are more than 100+ controls that will be verified by the auditor in those 1-2 days. You also need to have implemented advanced architecture, machine learning, deep cloud security practices, Advanced DevOps practices to clear this audit. Since AWS is customer obsessed company they ask for Customer satisfaction proofs and records as well. You can find the audit objectives on AWS site.
In addition 8K miles has DevOps Competency, Security Competency, Big Data Competency, Healthcare and Life sciences competency. These competencies are audited 1 day by 3rd party + AWS team audit. You need to have demonstrated and implemented the competency for 5+ customers to even qualify.
Amazon Cloud has 40K partners world wide and there are only 15-20 companies worldwide which has all these competencies and 8K miles is one of them. One can verify the above information on searching in AWS website and presentations and joint PR releases.
8K miles is a microsoft azure gold partner. They have successfully retained this partnership last 2 years. Based on my interactions with some of 8K azure folks they have lupin, lifecell etc in the healthcare field as their customers. They have Microsoft Azure MVP (only 250+ talent globally available) in their payroll who constantly conduct meetups and webinars in chennai and bangalore.
I have attended their cloud transformation webinars and cloud meetups in their chennai office and online. I have also interacted with some of their architecture team members during these meetups and found they are doing cloud transformation projects with customers like Novartis, Roche, GE, Trimble, Panasonic etc. I found this as the best way to gather deep insights of what they do directly from the people who do. They are doing work on cloud transformation, Cloud Managed Services, Big Data, Cloudez plaftform, devops and machine learning to these companies. From my understanding, They are not a pure play product company, i would say they are a cloud solutions company. They use a combination of their platforms, 8K SaaS solutions, Patents, in house built accelerators, automation, consulting and managed services skills together and deliver a project or service.
There are engineering teams which develops in-house platforms and accelerators in 8K chennai and USA office. There is big solutions implementation and consulting team which sits in USA, Europe and India offices and at customer locations. This implementation team consults, customizes and implements the platforms and accelerators for the enterprise customers. They also hire H1B candidates who form a part of the solution implementation team and sit on customer locations in USA. Since most of their customers are in regulated industry and there are strict concerns regarding Cloud security and data privacy, it makes sense that lot of their employees are in USA in customer locations. This is very common practice and strategy which large software companies adopt to deliver solutions to their regulated enterprise customers. usually enterprise customers also prefer such agreements with vendors of the size like 8K miles. If you are from software industry you will understand this clearly.
In order to grow and compete against top IT vendors, just cloud, big data tech etc alone is not enough. From some of the earlier 8K CEO youtube videos i understood they are trying to tap into specific industry domains like pharma, lifesciences and and healthcare. They are providing cloud/identity/security solutions in pharma , lifsciences and healthcare cutting across compliance, Gxp,HIPAA, governance automation etc. They are customizing their cloud ez platform for this i guess. Their acquisitions also falls in line according to the strategy their CEO has spoken multiple times earlier. Fugen on Identity and security. SERJ and cornerstone are in healthcare. Nexage and mindprint are in lifesciences. Cintel is one acquisitions which looks like a professional services company to me. They would have probably done this to augment other skills which usually enterprises start asking once you become their vendor.
Fugen holds patents and platforms on identity and security space. From the webinars , pr releases and interactions with 8k members during meetups i find they are implementing/using their patented product and solutions for companies like CA, Oracle and Amazon itself. I also found they are doing projects for google in the areas of NLP and machine learning. This is a very good validation because it takes a level of skill to deliver work on identity , machine learning etc to these global companies.
One can easily find 8K miles has tremendous respect with cloud providers community for the execution capability. You can check this by talking to AWS or Microsoft cloud teams directly in india and USA.
As mentioned earlier , iam invested in 8K miles.
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Much needed insights, most important is, now forum has someone with some work/interaction experience with the company.
@ragha1982s thanks for the write-up.
Most important points from @ragha1982s write-up, as I picked them
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Amazon Cloud has 40K partners world wide and there are only 15-20 companies worldwide which has all these competencies and 8K miles is one of them.
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They have Microsoft Azure MVP (only 250+ talent globally available) in their payroll who constantly conduct meetups and webinars in Chennai and Bangalore.
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They are doing work on cloud transformation, Cloud Managed Services, Big Data, Cloudez plaftform, devops and machine learning to these companies.
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Customers -
Lupin
Lifecell
Novartis
Roche
GE
Trimble
Panasonic
CA
Oracle
Amazon
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Could someone who is attending the AGM raise the issue of activity of the CFO from May 2017 till date that leads to negative sentiment about the company? The fall of the price of this business due to his activity or related to financial activity. Kindly request them to correct such activity for the sake of investors and to grow the faith in such good business.
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Iâm attending the AGM on 29th. If anyone else is attending, can you PM me so that we can coordinate.
Also, if anyone has questions that need to be raised at the AGM, please post here. Iâll try to ask.
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Qâs for AGM:
Why such bizarre related party transactions: loaning money to media group and borrowing money from CFO?
When are you expanding the scope of work of Deloitte to include all subsidiaries?
When will the company start generating free cash flows?
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Why 106 crore loan is given to 8K Miles Media & when is the company getting this loan back?
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I believe itâs on the MCA website. Probably legit.