MultiBank Group Confirms $MBG Token TGE Set for July 22, 2025
HONG KONG — MultiBank Group, the world's largest financial derivatives institution has officially announced that the Token Generation Event (TGE) for its highly anticipated $MBG Token will take place on July 22, 2025.
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'This TGE marks a historic moment for MultiBank Group and the entire crypto industry. The $MBG Token isn't just another project—it's a utility asset rooted in real economics, designed to bridge traditional finance and blockchain,' said Naser Taher.
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This milestone will mark the full activation of the $MBG Token on the blockchain, enabling holders to view and manage their balances across supported platforms. Following the token minting, users will be able to trade $MBG via MultiBank.io, the Group's regulated crypto exchange and Uniswap, the world's leading decentralized platform. The $MBG Token has garnered global attention for its rare combination of real-world utility, institutional backing, and strong deflationary mechanics. It is underpinned by $29 billion in assets across the group's 4 Pillars. and backed by $35 billion+ in daily trading volume, making it one of the most credible and substantial token launches in recent years.
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The token is built on the strength of MultiBank Group's four-pillar ecosystem:
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MultiBank TradFi: A CFD powerhouse that generated $362 million in revenue in 2024.
MEX Exchange: A $23.7 billion institutional trading platform targeting emerging markets.
MultiBank.io RWA: A new venture to tokenize $3 billion worth of ultra-luxury real estate.
MultiBank.io: Expanding into spot and derivatives crypto markets with full regulatory oversight.
These pillars support a $440 million buyback and burn program, designed to sustain token demand, drive scarcity, and increase long-term value for holders.
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'This TGE marks a historic moment for MultiBank Group and the entire crypto industry. The $MBG Token isn't just another project—it's a utility asset rooted in real economics, designed to bridge traditional finance and blockchain,' said Naser Taher, the Chairman of MultiBank Group.
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MultiBank Group is a global leader in financial derivatives. With over 2 million clients in 100+ countries and a daily trading volume exceeding $35 billion, it offers a broad range of brokerage and asset management services. Renowned for innovative trading solutions, robust regulatory compliance, and exceptional customer service, the Group is regulated by 17+ top-tier financial authorities across five continents. Its award-winning platforms provide up to 500:1 leverage across Forex, Metals, Shares, Commodities, Indices, and Cryptocurrencies. MultiBank Group has received over 80 international awards for trading excellence and regulatory compliance. For more information, visit MultiBank Group's website.
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Globe and Mail
32 minutes ago
- Globe and Mail
Metastatic Urothelial Carcinoma Pipeline Appears Robust With 40+ Key Pharma Companies Actively Working in the Therapeutics Segment
DelveInsight's, 'Metastatic Urothelial Carcinoma Pipeline Insight, 2025' report provides comprehensive insights about 40+ companies and 40+ pipeline drugs in Metastatic Urothelial Carcinoma pipeline landscape. It covers the Metastatic Urothelial Carcinoma pipeline drug profiles, including clinical and nonclinical stage products. It also covers the Metastatic Urothelial Carcinoma pipeline therapeutics assessment by product type, stage, route of administration, and molecule type. It further highlights the inactive pipeline products in this space. Explore our latest breakthroughs in Metastatic Urothelial Carcinoma Research. Learn more about our innovative pipeline today! @ Metastatic Urothelial Carcinoma Pipeline Outlook Key Takeaways from the Metastatic Urothelial Carcinoma Pipeline Report In July 2025, Inovio Pharmaceuticals announced a Phase I/IIA, open-label, multi-center trial to evaluate the safety, immunogenicity and preliminary clinical efficacy of INO-5401 + INO-9012 delivered by intramuscular (IM) injection followed by electroporation (EP), in combination with atezolizumab in participants with locally advanced unresectable or metastatic/recurrent Urothelial Carcinoma (UCa). In July 2025, Merck Sharp & Dohme LLC conducted a substudy is part of an umbrella platform study which is designed to evaluate investigational agents with or without pembrolizumab in participants with urothelial carcinoma who are in need of new treatment options. Substudy 04A will enroll participants with locally advanced or mUC whose disease is resistant to treatment with programmed cell death-1/ligand 1 (PD-1/L1) inhibitors. The protocol infrastructure will enable the rolling assignment of investigational treatments. In July 2025, Seagen organized a study will enroll participants with urothelial cancer (UC). UC can include cancer of the bladder, kidney, or the tubes that carry pee through the body (ureter, urethra). This study will try to find out if the drugs disitamab vedotin with pembrolizumab works better than platinum-containing chemotherapy to treat patients with UC. This study will also test what side effects happen when participants take these drugs together. A side effect is anything a drug does to the body besides treating the disease. DelveInsight's Metastatic Urothelial Carcinoma pipeline report depicts a robust space with 40+ active players working to develop 40+ pipeline therapies for Metastatic Urothelial Carcinoma treatment. The leading Metastatic Urothelial Carcinoma Companies such as PharmaMar, Ectin Research AG, Exelixis, Eli Lilly and Company, Merck Sharp & Dohme LLC, Astellas Pharma Inc, Seagen Inc., Shanghai Miracogen Inc., Advaxis, Inc. and others. Promising Metastatic Urothelial Carcinoma Pipeline Therapies such as BT8009, Olaparib, Enfortumab vedotin, Nivolumab, Gemcitabine, Carboplatin, Sacituzumab Govitecan-hziy, Pembrolizumab, Cisplatin, Ipilimumab, Tremelimumab and others. Stay informed about the cutting-edge advancements in Metastatic Urothelial Carcinoma treatments. Download for updates and be a part of the revolution in oncology Care @ Metastatic Urothelial Carcinoma Clinical Trials Assessment Metastatic Urothelial Carcinoma Emerging Drugs Profile MFA 370: Ectin Research AG Urothelial bladder cancer is one of the world's most aggressive cancers, current treatments can be tough to tolerate. MFA-370 is planned to be a simple oral tablet developed to eliminate tumors safely, with few if any side effects. MFA-370 is a combination of a medication from that substance family, together with one other standard, well-established drug. Both are tried, tested and trusted treatments that have already undergone large-scale clinical trials. It already demonstrated efficacy in preclinical results and 'patient zero' case. In addition to MFA-370 showing positive preclinical results in metastatic urothelial bladder cancer, it has also eliminated prostate, breast and colorectal cancer cells in preclinical tests too. Currently, the drug is in Phase I/II stage of Clinical trial evaluation for the treatment of Metastatic Urothelial Carcinoma. XL 092: Exelixis XL092 is a next-generation oral TKI that builds on our extensive experience with cabozantinib. XL092 also targets VEGF receptors, MET, TAM kinases and other kinases implicated in cancer's growth and spread. In preclinical tumor models, XL092 showed excellent activity as a single agent and in combination with ICIs. XL092 also has an optimized pharmacokinetic profile aimed at facilitating adverse event management in the clinic. XL092 is the first new Exelixis-discovered compound to come out of the company's reinitiated drug discovery activities, which entered phase 1 clinical development in 2019. Currently, the drug is in Phase I stage of Clinical trial evaluation for the treatment of Metastatic Urothelial Carcinoma. Lurbinectedin: PharmaMar Lurbinectedin, also known as PM01183, or commercially where approved as Zepzelca® is an analogue of a similar natural compound ET-736 with characteristics that make it similar but different to its parent compounds. Lurbinectedin inhibits active transcription of protein-coding genes through binding to promoters and irreversibly stalling elongating RNA polymerase II on the DNA template, thereby leading to double-stranded DNA breaks and apoptosis. Currently, the drug is in Phase II stage of Clinical trial evaluation for the treatment of Metastatic Urothelial Carcinoma. The Metastatic Urothelial Carcinoma Pipeline Report provides insights into The report provides detailed insights about companies that are developing therapies for the treatment of Metastatic Urothelial Carcinoma with aggregate therapies developed by each company for the same. It accesses the Different therapeutic candidates segmented into early-stage, mid-stage, and late-stage of development for Metastatic Urothelial Carcinoma Treatment. Metastatic Urothelial Carcinoma Companies are involved in targeted therapeutics development with respective active and inactive (dormant or discontinued) projects. Metastatic Urothelial Carcinoma Drugs under development based on the stage of development, route of administration, target receptor, monotherapy or combination therapy, a different mechanism of action, and molecular type. Detailed analysis of collaborations (company-company collaborations and company-academia collaborations), licensing agreement and financing details for future advancement of the Metastatic Urothelial Carcinoma market. Learn more about Metastatic Urothelial Carcinoma Drugs opportunities in our groundbreaking Metastatic Urothelial Carcinoma research and development projects @ Metastatic Urothelial Carcinoma Unmet Needs Metastatic Urothelial Carcinoma Companies PharmaMar, Ectin Research AG, Exelixis, Eli Lilly and Company, Merck Sharp & Dohme LLC, Astellas Pharma Inc, Seagen Inc., Shanghai Miracogen Inc., Advaxis, Inc. and others. Metastatic Urothelial Carcinoma pipeline report provides the therapeutic assessment of the pipeline drugs by the Route of Administration. Products have been categorized under various ROAs such as Intra-articular Intraocular Intrathecal Intravenous Ophthalmic Oral Parenteral Subcutaneous Topical Transdermal Metastatic Urothelial Carcinoma Products have been categorized under various Molecule types such as Oligonucleotide Peptide Small molecule Discover the latest advancements in Metastatic Urothelial Carcinoma treatment by visiting our website. Stay informed about how we're transforming the future of Oncology @ Metastatic Urothelial Carcinoma Market Drivers and Barriers, and Future Perspectives Scope of the Metastatic Urothelial Carcinoma Pipeline Report Coverage- Global Metastatic Urothelial Carcinoma Companies- PharmaMar, Ectin Research AG, Exelixis, Eli Lilly and Company, Merck Sharp & Dohme LLC, Astellas Pharma Inc, Seagen Inc., Shanghai Miracogen Inc., Advaxis, Inc. and others. Metastatic Urothelial Carcinoma Pipeline Therapies- BT8009, Olaparib, Enfortumab vedotin, Nivolumab, Gemcitabine, Carboplatin, Sacituzumab Govitecan-hziy, Pembrolizumab, Cisplatin, Ipilimumab, Tremelimumab and others. Metastatic Urothelial Carcinoma Therapeutic Assessment by Product Type: Mono, Combination, Mono/Combination Metastatic Urothelial Carcinoma Therapeutic Assessment by Clinical Stages: Discovery, Pre-clinical, Phase I, Phase II, Phase III For a detailed overview of our latest research findings and future plans, read the full details of Metastatic Urothelial Carcinoma Pipeline on our website @ Metastatic Urothelial Carcinoma Emerging Drugs and Companies Table of Contents Introduction Executive Summary Metastatic Urothelial Carcinoma: Overview Pipeline Therapeutics Therapeutic Assessment Metastatic Urothelial Carcinoma– DelveInsight's Analytical Perspective Late Stage Products (Phase III) Drug name : Company name Drug profiles in the detailed report….. Mid Stage Products (Phase II) Lurbinectedin: PharmaMar Drug profiles in the detailed report….. Early Stage Products (Phase I) XL 092: Exelixis Drug profiles in the detailed report….. Preclinical and Discovery Stage Products Drug name : Company name Inactive Products Metastatic Urothelial Carcinoma Key Companies Metastatic Urothelial Carcinoma Key Products Metastatic Urothelial Carcinoma- Unmet Needs Metastatic Urothelial Carcinoma- Market Drivers and Barriers Metastatic Urothelial Carcinoma- Future Perspectives and Conclusion Metastatic Urothelial Carcinoma Analyst Views Metastatic Urothelial Carcinoma Key Companies Appendix About Us DelveInsight is a leading healthcare-focused market research and consulting firm that provides clients with high-quality market intelligence and analysis to support informed business decisions. With a team of experienced industry experts and a deep understanding of the life sciences and healthcare sectors, we offer customized research solutions and insights to clients across the globe. Connect with us to get high-quality, accurate, and real-time intelligence to stay ahead of the growth curve.


Globe and Mail
32 minutes ago
- Globe and Mail
Liver Cirrhosis Clinical Trials 2025: EMA, PDMA, FDA Approvals, Medication, Therapies, Treatment Market, Mechanism of Action, Route of Administration, and Companies by DelveInsight
"Liver Cirrhosis Clinical Trials" Liver cirrhosis companies such as Versantis AG, Mirum Pharmaceuticals, Sagimet Biosciences, TenNor Therapeutics, Prism Pharma, Vedanta Biosciences, Lipocine, Gwo Xi Stem Cell Applied Technology, Galectin Therapeutics, Resolution Therapeutics, Ipsen, AstraZeneca, and others. (Albany, USA) DelveInsight's 'Liver Cirrhosis Pipeline Insight 2025' report provides comprehensive global coverage of pipeline liver cirrhosis therapies in various stages of clinical development, major pharmaceutical companies are working to advance the pipeline space and future growth potential of the liver cirrhosis pipeline domain. The liver cirrhosis treatment market is poised for significant growth, driven by the rising global prevalence of liver diseases, particularly NAFLD, fueled by lifestyle factors like obesity, alcohol consumption, and metabolic syndrome. Technological advancements in antiviral therapies and regenerative medicine are enhancing treatment outcomes, while an aging population further increases demand. These factors collectively highlight a strong growth trajectory for the market. Key Takeaways from the Liver Cirrhosis Pipeline Report DelveInsight's liver cirrhosis pipeline report depicts a robust space with 30+ active players working to develop 30+ pipeline liver cirrhosis drugs. Key liver cirrhosis companies such as Versantis AG, Mirum Pharmaceuticals, Sagimet Biosciences, TenNor Therapeutics, Prism Pharma, Vedanta Biosciences, Lipocine, Gwo Xi Stem Cell Applied Technology, Galectin Therapeutics, Resolution Therapeutics, Ipsen, AstraZeneca, and others are evaluating new liver cirrhosis drugs to improve the treatment landscape. Promising pipeline liver cirrhosis therapies such as Volixibat, VS-01, TVB-2640, TNP-2092, PRI-724, VE303, LPCN 1148, GXHPC1, Belapectin, RTX001, Elafibranor, Zibotentan, and others are under different phases of liver cirrhosis clinical trials. In February 2025, Sagimet announced lipidomic data from the Phase IIb FASCINATE-2 trial, focusing on triglycerides and LDL cholesterol in advanced fibrosis, which will be presented at the MASH Pathogenesis and Therapeutic Approaches Keystone Symposium. The US FDA granted denifanstat Breakthrough Therapy (BTD) and Fast Track Designation (FTD) for non-cirrhotic MASH with moderate to advanced fibrosis. Madrigal Pharmaceuticals aims to roll out REZDIFFRA across Europe starting with Germany in the second half of 2025, pending EMA approval for REZDIFFRA, making it the first authorized therapy for MASH-related liver fibrosis in the region. Furthermore, updated two-year data from the MAESTRO-NAFLD-1 trial, released in February 2025, indicate possible benefits for patients with compensated MASH cirrhosis, suggesting an expanded scope of clinical effectiveness. In January 2025, Akero Therapeutics announced the completion of patient enrollment in the Phase III SYNCHRONY Real-World study for MASH or MASLD (F1-F4), with results expected in the first half of 2026. In January 2025, the company emphasized its strong position for the year, with ongoing Phase III trials in MASH. It expects to release topline data from its first Phase III trial in late 2025. The company is also conducting two Phase III trials—ENLIGHTEN-Fibrosis for non-cirrhotic MASH (F2-F3) patients and ENLIGHTEN-Cirrhosis for compensated cirrhotic MASH (F4) patients—both of which are actively enrolling global patients. In December 2024, Galectin Therapeutics announced results from its global clinical trial NAVIGATE evaluating belapectin in patients with Metabolic Dysfunction-Associated Steatohepatitis (MASH) cirrhosis and portal hypertension. In October 2024, PharmaIN Corporation announced the company will present interim results from its ongoing Phase I clinical trial of PHIN-214, the company's lead candidate, for the prevention and treatment of decompensated cirrhosis. In June 2024, Resolution Therapeutics Limited announced key data presentations of RTX001 with the University of Edinburgh at the EASL Congress 2024, held in Milan, Italy which demonstrate the significant potential of macrophage cell therapy as a treatment for advanced liver cirrhosis. In June 2024, Lipocine announced that Phase II results on LPCN 1148 in cirrhosis were featured in a late breaking oral presentation at the European Association for the Study of Liver (EASL) Congress in Milan, Italy. In April 2024, LyGenesis announced that the first patient had been dosed in their Phase IIa clinical trial evaluating their first-in-class allogenic regenerative cell therapy transplanted into patients' lymph nodes as a potential treatment for end-stage liver disease (ESLD). In March 2024, Lipocine announced positive topline results from a Phase II clinical study of LPCN 1148. LPCN 1148 is an oral candidate under development for the clinical management of liver cirrhosis. Liver Cirrhosis Overview Liver cirrhosis is a condition where the liver becomes scarred and permanently damaged, with healthy liver tissue replaced by scar tissue, impairing its normal function. It often results from long-term liver damage caused by conditions like alcohol-related liver disease, nonalcoholic fatty liver disease, chronic hepatitis C, and chronic hepatitis B. Symptoms may not be noticeable until significant liver damage occurs and can include fatigue, severe itching, and swelling in the legs and abdomen. Doctors diagnose cirrhosis through a combination of medical history, physical examination, and tests such as blood work, imaging, and liver biopsy. While there is no definitive cure, addressing the underlying causes can slow disease progression and reduce the risk of liver failure. Complications may include portal hypertension, infections, and liver cancer. Managing cirrhosis involves eating a healthy diet, avoiding alcohol and liver-damaging foods like raw shellfish, and, in severe cases, considering a liver transplant. The symptoms of liver cirrhosis can vary based on its severity. Early signs include fatigue, poor appetite, weight loss, nausea, abdominal pain, and spider-like red blood vessels on the skin. As the condition worsens, symptoms may include fluid buildup in the legs and abdomen, yellowing of the skin and eyes (jaundice), redness on the palms, easy bruising, abnormal bleeding, confusion or difficulty thinking, pale stools, and gastrointestinal bleeding. Diagnosing liver cirrhosis involves blood tests, imaging studies, and, sometimes, a liver biopsy. Blood tests can identify elevated liver enzymes, abnormal liver function, or signs of inflammation or infection. Imaging techniques such as ultrasound, CT scans, or MRIs can reveal liver abnormalities, while a biopsy can confirm the diagnosis and evaluate the extent of damage. Treatment focuses on slowing scar tissue formation, managing symptoms, and preventing complications. Lifestyle changes may include a healthy diet, stopping alcohol consumption, weight loss for obese individuals, regular exercise, and maintaining good hygiene to lower infection risks. Medications may include antivirals for hepatitis, diuretics to reduce fluid retention, beta-blockers to prevent bleeding from enlarged veins, and creams to relieve itching. Liver Cirrhosis Therapeutics Assessment The liver cirrhosis pipeline report proffers an integral view of the emerging liver cirrhosis therapies segmented by stage, product type, molecule type, route of administration, and mechanism of action. Elafibranor: Ipsen Volixibat: Mirum Pharmaceuticals GXHPC1: Gwo Xi Stem Cell Applied Technology RTX-001: Resolution Therapeutics PHIN-214: PharmaIN Scope of the Liver Cirrhosis Pipeline Report Coverage: Global Therapeutic Assessment By Product Type: Mono, Combination, Mono/Combination Therapeutic Assessment By Clinical Stages: Discovery, Pre-clinical, Phase I, Phase II, Phase III Therapeutics Assessment By Route of Administration: Intra-articular, Intraocular, Intrathecal, Intravenous, Oral, Parenteral, Subcutaneous, Topical, Transdermal Therapeutics Assessment By Molecule Type: Oligonucleotide, Peptide, Small molecule Therapeutics Assessment By Mechanism of Action: Sodium-bile acid cotransporter inhibitors, Regulatory T-lymphocyte stimulants, Ammonia scavengers, DNA gyrase inhibitors, DNA topoisomerase inhibitors, DNA-directed RNA polymerase inhibitors, Beta-catenin inhibitors, CREB-binding protein inhibitors, Wnt signalling pathway inhibitors, Bacteria replacements, Microbiome modulators Key Liver Cirrhosis Companies: Versantis AG, Mirum Pharmaceuticals, Sagimet Biosciences, TenNor Therapeutics, Prism Pharma, Vedanta Biosciences, Intercept Pharmaceuticals, Boehringer Ingelheim, Ohara Pharmaceutical, Ocelot Bio, Calliditas Therapeutics, Galecto Biotech, Pharmicell, and others. Key Liver Cirrhosis Pipeline Therapies: Volixibat, VS-01, TVB-2640, TNP-2092, PRI-724, VE303, Obeticholic Acid (OCA), BI 685509, OP-724, OCE-205, GKT137831, GB1211, Cellgram-LC, and others. Dive deep into rich insights for new liver cirrhosis treatments, visit @ Liver Cirrhosis Drugs and Therapies Table of Contents 1. Liver Cirrhosis Pipeline Report Introduction 2. Liver Cirrhosis Pipeline Report Executive Summary 3. Liver Cirrhosis Pipeline: Overview 4. Analytical Perspective In-depth Commercial Assessment 5. Liver Cirrhosis Clinical Trial Therapeutics 6. Liver Cirrhosis Pipeline: Late-Stage Products (Pre-registration) 7. Liver Cirrhosis Pipeline: Late-Stage Products (Phase III) 8. Liver Cirrhosis Pipeline: Mid-Stage Products (Phase II) 9. Liver Cirrhosis Pipeline: Early-Stage Products (Phase I) 10. Liver Cirrhosis Pipeline Therapeutics Assessment 11. Inactive Products in the Liver Cirrhosis Pipeline 12. Company-University Collaborations (Licensing/Partnering) Analysis 13. Key Companies 14. Key Products in the Liver Cirrhosis Pipeline 15. Unmet Needs 16. Market Drivers and Barriers 17. Future Perspectives and Conclusion 18. Analyst Views 19. Appendix About DelveInsight DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance. Media Contact Company Name: DelveInsight Business Research LLP Contact Person: Ankit Nigam Email: Send Email Phone: +14699457679 Address: 304 S. Jones Blvd #2432 City: Albany State: New York Country: United States Website:


Globe and Mail
32 minutes ago
- Globe and Mail
Asia Pacific's Demand for IT and Business Services Slows in Q2, ISG Index™ Shows
Asia Pacific's spending on IT and business services slowed in the second quarter as enterprises remained cautious in the face of uncertain macro conditions, according to the latest state-of-the-industry report from Information Services Group ( ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm. The Asia Pacific ISG Index™, which measures commercial outsourcing contracts with annual contract value (ACV) of US $5 million or more, shows second-quarter ACV for the combined market (both cloud-based XaaS and managed services) was down slightly (0.3 percent) versus the prior year, to US $4.7 billion. Sequentially, the market fell 12 percent compared with the first quarter. It was the first time the Asia Pacific market pulled back since the second quarter last year. Fueled by interest in AI, demand for cloud-based services remained robust, up 16 percent year on year, to US $3.9 billion, even as demand slowed 15 percent from the first quarter. Managed services, meanwhile, slumped 40 percent, to US $823 million, but rose 6 percent against the first quarter. Within the XaaS segment, infrastructure-as-a-service (IaaS) ACV advanced 17 percent, at US $3.4 billion, while software-as-a-service (SaaS) ACV grew 13 percent, to US $500 million. In managed services, IT outsourcing (ITO) ACV fell 46 percent, to US $539 billion, with even the largest and fastest-growing service area, application development and management (ADM), down more than 30 percent. Business process outsourcing (BPO) also had a weak quarter, down 34 percent, to US $133 million, with only customer engagement and facilities management services showing growth. Engineering, research and development (ER&D) services didn't fare much better, down 15 percent, to US $152 million. During the quarter, 69 managed services contracts were awarded, down 18 percent year on year. Among industries, the region's largest industry for sourcing—banking, financial services and insurance (BFSI)—was up 1.4 percent. Travel, transportation and leisure and retail both generated double-digit growth off smaller bases. All other sectors were down by double digits. Geographically, South Korea was the only market that grew, albeit off a small base. Australia-New Zealand was down 33 percent, India was down 16 percent and Japan was down 35 percent. 'Macroeconomic and geopolitical uncertainty is really taking a toll on the Asia Pacific market at the moment. The only bright spot right now is AI, which has companies investing in cloud services to take advantage of the massive computing power needed to run AI at scale,' said Michael Gale, partner and regional leader, ISG Asia Pacific. 'Given the quarter-over-quarter improvement we saw in managed services, we hope to see a turnaround in the overall market during the second half.' First-Half Results Asia Pacific's combined market ACV in the first half rose 4.3 percent versus the prior year, to US $10.1 billion. All the growth can be attributed to the XaaS segment, which rose 17 percent, to US $8.5 billion. Within XaaS, IaaS was up 17 percent, to US $7.4 billion, while SaaS rose 16 percent, to US $1.0 billion. Managed services, meanwhile, declined 34 percent, to US $1.6 billion. All its component pieces were down double digits, including ITO, down 31 percent, to US $1.1 billion; BPO, down 33 percent, to US $288 million, and ER&D down 51 percent, to US $175 million. The 126 managed services contracts awarded in the first half were down 16 percent from the prior year. Among industries, the largest sector for outsourcing, BFSI, was down 16 percent, while the second largest, manufacturing, was off 19 percent. Among geographic markets, only India managed growth in the first half, up 2.4 percent. 2025 Global Forecast For the full year, ISG is maintaining its forecast of 1.3 percent revenue growth for managed services, reflecting a stabilizing tariff environment but also continued weakness in discretionary spending. At the same time, ISG is raising its previous growth forecast for cloud-based XaaS by 300 basis points, to 21 percent, based on continuing strong demand for AI-driven transformation. About the ISG Index™ The ISG Index™ is recognized as the authoritative source for marketplace intelligence on the global technology and business services industry. For 91 consecutive quarters, it has detailed the latest industry data and trends for financial analysts, enterprise buyers, software and service providers, law firms, universities and the media. The 2Q25 Global ISG Index results were presented during a webcast on July 10. To view a replay of the webcast and download presentation slides, visit this webpage. About ISG ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world's top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.