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IntraLinks Announces Third Quarter 2012 Results

NEW YORK, Nov. 7, 2012 /PRNewswire/ -- IntraLinks Holdings, Inc. (NYSE: IL), a leading, global technology provider of inter-enterprise content management and collaboration solutions, today announced results for its third quarter of 2012.

"We delivered revenue and profitability above our guidance range, led by strength in our M&A business," said Ron Hovsepian, IntraLinks' president and CEO. "We continue to win share in the M&A market, and we are making  progress on the initiatives we have undertaken to bolster our strategic transactions business and capture the longer-term enterprise opportunity for beyond the firewall content sharing and collaboration."

Third Quarter 2012

Total revenue was $54.8 million, compared to $54.8 million for the corresponding quarter last year.

  • Enterprise revenue was $23.8 million, compared to $24.5 million for the corresponding quarter last year.
  • M&A revenue was $23.9 million, compared to $21.5 million for the corresponding quarter last year.
  • DCM revenue was $7.0 million, compared to $8.3 million for the corresponding quarter last year.

GAAP gross margin was 72.2%, compared to 73.7% for the corresponding quarter last year. Non-GAAP gross margin was 76.1%, compared to 79.9% for the corresponding quarter last year.

GAAP operating loss was ($1.8) million, compared to a GAAP operating income of $2.8 million for the corresponding quarter last year. Non-GAAP adjusted operating income was $5.8 million, compared to $12.8 million for the corresponding quarter last year.

GAAP net loss was ($1.3) million, compared to $0.8 million net income for the corresponding quarter last year. GAAP net loss per share for the third quarter was ($0.02) on the basis of 54.4 million shares outstanding. In the prior year comparable period, diluted GAAP net income per share was $0.01 on the basis of 54.6 million shares outstanding.

Non-GAAP adjusted net income was $3.2 million, compared to $6.0 million for the corresponding quarter last year. Non-GAAP adjusted net income per share was $0.06 on the basis of 54.9 million shares outstanding. In the corresponding quarter for the prior year, non-GAAP net income per share was $0.11 on the basis of 54.6 million shares outstanding.

Non-GAAP adjusted EBITDA was $10.6 million, compared to $18.0 million for the corresponding quarter last year.

Cash flow from operations was $2.5 million, compared to $13.6 million in the corresponding quarter last year.

Business Outlook:

Based on information available as of November 7, 2012, IntraLinks is providing guidance for the fourth quarter 2012 as follows:

Fourth Quarter 2012

Revenue: $50 million to $53 million
GAAP operating loss: ($3.0) million to ($5.0) million 
Non-GAAP adjusted operating income: $3.0 million to $5.0 million
Non-GAAP adjusted EBITDA: $7.5 million to $9.5 million
GAAP net loss per share: ($0.07) to ($0.09)
Non-GAAP net income per share: $0.02 to $0.04

Quarterly Conference Call

In conjunction with this announcement, IntraLinks will host a conference call on Wednesday, November 7, 2012, at 5:00 p.m. Eastern Standard Time (EST) to discuss the company's financial results and its business outlook. To access this call, dial 866-524-3160 (domestic) or 412-317-6760 (international). A passcode is not required. The call will also be webcast live on the investor relations section on the IntraLinks website at www.intralinks.com/ir.

Following the conference call, a replay will be available until November 14, 2012, at 877-870-5176 (domestic) or 858-384-5517 (international). The passcode for the replay is 10016183. An archived webcast of the call will also be available on the investor relations section on the IntraLinks website at www.intralinks.com/ir.

About IntraLinks

IntraLinks Holdings, Inc. (IL) is a leading, global technology provider of inter-enterprise content management and collaboration solutions. The innovative Software-as-a-Service solutions of IntraLinks enable the exchange, control, and management of information between organizations securely and compliantly when working through the firewall. More than 2 million professionals at 800 of the Fortune 1000 companies depend on IntraLinks' experience. With a track record of enabling high-stakes transactions and business collaborations valued at more than $19 trillion, IntraLinks is a trusted provider of easy-to-use, enterprise strength, cloud-based collaboration solutions. For more information, visit www.intralinks.com.

Non-GAAP Financial Measures

The press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP"), including non-GAAP gross profit and gross margin, non-GAAP adjusted operating income and margin, non-GAAP adjusted net income, non-GAAP adjusted net income per share, non-GAAP adjusted EBITDA and free cash flow. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.

Management defines its non-GAAP financial measures as follows:

  • Non-GAAP gross margin represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense and (2) amortization of intangible assets.
  • Non-GAAP adjusted operating income represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense, (2) amortization of intangible assets, (3) impairment charges or asset write-offs, and (4) costs related to public stock offerings.
  • Non-GAAP adjusted net income represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense, (2) amortization of intangible assets, (3) impairment charges or asset write-offs, (4) costs related to debt repayments and (5) costs related to public stock offerings. Non-GAAP adjusted net income is calculated using an estimated long-term effective tax rate.
  • Non-GAAP net income per share represents non-GAAP adjusted net income defined above divided by dilutive shares outstanding.
  • Non-GAAP adjusted EBITDA represents net (loss) income adjusted to exclude (1) interest expense, (2) income tax provision (benefit), (3) depreciation and amortization, (4) amortization of intangible assets, (5) stock-based compensation expense, (6) amortization of debt issuance costs, (7) other expense (income), net, (8) impairment charges or asset write-offs, and (9) costs related to public stock offerings.
  • Free cash flow represents cash flows from operations less capital expenditures.

Management believes that these non-GAAP financial measures, when viewed with our results under U.S. GAAP and the accompanying reconciliations, provide useful information about our period-over-period growth and provide additional information that is useful for evaluating our operating performance and manage the cash needs of our business. Additionally, management believes that these non-GAAP financial measures provide a more meaningful comparison of our operating results against those of other companies in our industry, as well as on a period to-period basis, because these measures exclude items that are not representative of our operating performance, such as amortization of intangible assets, interest expense and fair value adjustments to the interest rate swap. Management believes that including these costs in our results of operations results in a lack of comparability between our operating results and those of our peers in the industry, the majority of which are not highly leveraged and do not have comparable amortization costs related to intangible assets. However, non-GAAP gross margin, non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income per share, non-GAAP adjusted EBITDA and free cash flow are not measures of financial performance under U.S. GAAP and, accordingly, should not be considered as alternatives to gross margin, operating income, net income (loss), and cash flows provided by operations as indicators of operating performance.

A reconciliation of GAAP to Non-GAAP financial measures has been provided in the financial statement tables included in the press release.

Forward Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  This press release contains express or implied forward-looking statements that are not based on historical information relating to, among other things, expectations and assumptions concerning management's forecast of financial performance, future business growth, and management's plans, objectives, and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things:  the uncertainty of our future profitability; our ability to sustain positive cash flow; periodic fluctuations in our operating results; risks related to our substantial debt balances; our ability to maintain the security and integrity of our systems; our ability to increase our penetration in our principal existing markets and expand into additional markets; our dependence on the volume of financial and strategic business transactions; our dependence on customer referrals; our ability to maintain and expand our direct sales capabilities; our ability to develop and maintain strategic relationships to sell and deliver our solutions; customer renewal rates; our ability to maintain the compatibility of our services with third-party applications; competition and our ability to maintain our average sales prices; our ability to adapt to changing technologies; interruptions or delays in our service; international risks; our ability to protect our intellectual property; costs of being a public company; and risks related to changes in laws, regulations or governmental policy including tax regulations. Further information on these and other factors that could affect our financial results is contained in our public filings with the Securities and Exchange Commission (the "SEC") from time to time, including our Annual Report on Form 10-K for the year-ended December 31, 2011 and subsequent reports.  Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

IntraLinks undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

IntraLinks and the IntraLinks logo are registered trademarks of IntraLinks Holdings, Inc. All rights reserved.

 

IntraLinks Holdings, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share and per Share Data)
(unaudited)

 



September 30, 2012


December 31, 2011

ASSETS





Current assets:





Cash and cash equivalents


$

31,076



$

46,694


Accounts receivable, net of allowances of $2,638 and $2,149, respectively


36,877



38,895


Investments


35,057



36,120


Deferred taxes


7,782



12,711


Prepaid expenses


7,394



4,238


Other current assets


4,072



4,567


Total current assets


122,258



143,225


Fixed assets, net


10,856



7,635


Capitalized software, net


27,007



30,287


Goodwill


215,478



215,478


Other intangibles, net


112,305



132,233


Other assets


1,389



1,483


Total assets


$

489,293



$

530,341


LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable


$

3,322



$

4,934


Accrued expenses and other current liabilities


21,023



19,846


Deferred revenue


40,719



40,309


Total current liabilities


65,064



65,089


Long term debt


75,482



91,164


Deferred taxes


22,918



39,384


Other long term liabilities


4,630



2,874


Total liabilities


168,094



198,511


Commitments and contingencies (Note 14)





Stockholders' equity:





Undesignated Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2012 and December 31, 2011





Common Stock, $0.001 par value; 300,000,000 shares authorized; 55,132,070 and 54,248,178 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively


55



54


Additional paid-in capital


417,207



411,781


Accumulated deficit


(95,928)



(80,056)


Accumulated other comprehensive (loss) income


(135)



51


Total stockholders' equity


321,199



331,830


Total liabilities and stockholders' equity


$

489,293



$

530,341


 

 

IntraLinks Holdings, Inc.
Consolidated Statements of Operations
(In Thousands, Except Share and per Share Data)
(unaudited)

 



Three Months

Ended

September 30,


Three Months

Ended

September 30,


Nine Months

Ended

September 30,


Nine Months

Ended

September 30,



2012


2011


2012


2011

Revenue


$

54,753



$

54,319



$

159,303



$

159,955


Other Revenue




507





614


Total Revenue


54,753



54,826



159,303



160,569


Cost of revenue


15,209



14,439



46,935



42,192


Gross profit


39,544



40,387



112,368



118,377


Operating expenses:









Product development


5,359



3,587



15,073



14,692


Sales and marketing


23,526



23,734



70,659



67,461


General and administrative


12,453



10,292



38,812



29,735


Impairment of capitalized software






8,377




Total operating expenses


41,338



37,613



132,921



111,888


(Loss) income from operations


(1,794)



2,774



(20,553)



6,489


Interest expense


1,171



2,552



5,245



8,146


Amortization of debt issuance costs


177



214



591



1,155


Other (income) expense, net


(689)



515



(1,478)



(2,547)


Net (loss) before income tax


(2,453)



(507)



(24,911)



(265)


Income tax (benefit)


(1,194)



(1,271)



(9,039)



(1,519)


Net (loss) income


$

(1,259)



$

764



$

(15,872)



$

1,254


Net (loss) income per common share









Basic


$

(0.02)



$

0.01



$

(0.29)



$

0.02


Diluted


$

(0.02)



$

0.01



$

(0.29)



$

0.02


Weighted average number of shares

used in calculating net (loss) income

per share









Basic


54,391,089



53,912,637



54,291,683



53,140,869


Diluted


54,391,089



54,645,578



54,291,683



54,396,333


 

IntraLinks Holdings, Inc.
Consolidated Statements of Cash Flows
(In Thousands)
(unaudited)

 



Nine Months Ended

September 30,


Nine Months Ended

September 30,



2012


2011

Net (loss) income


$

(15,872)



$

1,254


Adjustments to reconcile net (loss) income to net cash provided by operating activities:





Depreciation and amortization


13,502



15,401


Stock-based compensation expense


4,831



6,765


Amortization of intangible assets


19,928



21,472


Amortization of deferred costs


1,335



1,155


Provision for bad debts and customer credits


1,443



642


Loss (gain) on disposal of fixed assets


16



227


Impairment of capitalized software


8,377




Change in deferred taxes


(11,537)



(1,518)


Gain on interest rate swap


(1,455)



(3,098)


Currency remeasurement loss (gain)


465



357


Changes in operating assets and liabilities:





Accounts receivable


330



(5,826)


Prepaid expenses and other current assets


(2,682)



(2,894)


Other assets


(680)



813


Accounts payable


(1,612)



(1,274)


Accrued expenses and other liabilities


4,307



(1,962)


Deferred revenue


486



3,601


Net cash provided by operating activities


21,182



35,115


Cash flows from investing activities:





Capital expenditures


(5,462)



(4,519)


Leasehold improvements reimbursed by landlord


(1,420)




Capitalized software development costs


(14,676)



(14,414)


Purchase of short-term investments


(31,346)



(20,459)


Maturity of short-term investments


31,820




Net cash used in investing activities


(21,084)



(39,392)


Cash flows from financing activities:





Proceeds from exercise of stock options


29



1,347


Proceeds from issuance of common stock


447



1,091


Offering costs paid in connection with initial public

offering and follow-on offerings




(516)


Proceeds from follow-on offering, net of underwriting

discounts and commissions




35,003


Repayments of outstanding financing arrangements


(300)




Repayments of outstanding principal on long-term debt


(15,656)



(35,412)


Net cash (used in) provided by financing activities


(15,480)



1,513


Effect of foreign exchange rate changes on cash and cash equivalents


(236)



(56)


Net (decrease) increase in cash and cash equivalents


(15,618)



(2,820)


Cash and cash equivalents at beginning of period


46,694



50,467


Cash and cash equivalents at end of period


$

31,076



$

47,647


 

 

IntraLinks Holdings, Inc.
Reconciliation of Non-GAAP to GAAP Financial Measures
(In Thousands, Except Share and per Share Data)
(unaudited)

 



Three Months Ended
September 30,


Nine Months Ended
September 30,



2012


2011


2012


2011

Gross profit


$

39,544



$

40,387



$

112,368



$

118,377


Gross margin


72.2

%


73.7

%


70.5

%


73.7

%

Cost of revenue – stock-based compensation expense


121



110



321



218


Cost of revenue – amortization of intangible assets


1,986



3,309



8,383



9,927


Non-GAAP Gross profit


$

41,651



$

43,806



$

121,072



$

128,522


Non-GAAP Gross margin


76.1

%


79.9

%


76.0

%


80.0

%










(Loss ) Income from operations


$

(1,794)



$

2,774



$

(20,553)



$

6,489


Stock-based compensation expense


1,795



2,894



4,831



6,765


Amortization of intangible assets


5,834



7,157



19,928



21,472


Impairment on capitalized software






8,377




Costs related to public stock offerings








57


Non-GAAP adjusted Operating income


$

5,835



$

12,825



$

12,583



$

34,783











Net (loss ) income before income tax


$

(2,453)



$

(507)



$

(24,911)



$

(265)


Stock-based compensation expense


1,795



2,894



4,831



6,765


Amortization of intangible assets


5,834



7,157



19,928



21,472


Impairment on capitalized software






8,377




Costs related to public stock offerings








57


Costs related to debt repayments






47




Non-GAAP adjusted Net Income before tax


5,176



9,544



8,272



28,029


Non-GAAP Income tax provision


1,967



3,560



3,143



10,231


Non-GAAP adjusted Net income


$

3,209



$

5,984



$

5,129



$

17,798











Net (loss ) income


$

(1,259)



$

764



$

(15,872)



$

1,254


Interest expense


1,171



2,552



5,245



8,146


Income tax benefit


(1,194)



(1,271)



(9,039)



(1,519)


Depreciation and amortization


4,732



5,197



13,502



15,401


Amortization of intangible assets


5,834



7,157



19,928



21,472


Stock-based compensation expense


1,795



2,894



4,831



6,765


Impairment on capitalized software






8,377




Amortization of debt issuance costs


177



214



591



1,155


Other expense (income), net


(689)



515



(1,478)



(2,547)


Costs related to public stock offerings








57


Non-GAAP adjusted EBITDA


$

10,567



$

18,022



$

26,085



$

50,184


Non-GAAP adjusted EBITDA margin


19.3

%


32.9

%


16.4

%


31.3

%










Cash flow provided by operations


2,457



13,643



21,182



35,115


Capital expenditures


(5,287)



(6,927)



(21,558)



(18,933)


Free cash flow


$

(2,830)



$

6,716



$

(376)



$

16,182


 

 

IntraLinks Holdings, Inc.
Reconciliation of Non-GAAP to GAAP Financial Measures - Guidance
(In Thousands)
(unaudited)

 



Three Months Ending

December 31,

2012


Year Ending

December 31,

2012

Gross profit


$

36,383



$

148,751


Gross margin


70.6

%


70.6

%

Cost of revenue - stock-based compensation expense


121



442


Cost of revenue - amortization of intangible assets


1,986



10,368


Non-GAAP gross profit


$

38,490



$

159,561


Non-GAAP gross margin


74.7

%


75.7

%






Loss from operations


(3,900)



(24,456)


Stock-based compensation expense


2,066



6,898


Amortization of intangible assets


5,834



25,762


Impairment of capitalized software




8,377


Non-GAAP adjusted operating income


$

4,000



$

16,581







Net loss before income tax


$

(5,186)



$

(30,097)


Stock-based compensation expense


2,066



6,898


Amortization of intangible assets


5,834



25,762


Impairment of capitalized software




8,377


Costs related to debt repayments




47


Non-GAAP adjusted net income before tax


2,714



10,987


Non-GAAP income tax provision


1,031



4,175


Non-GAAP adjusted net income


$

1,683



$

6,812







Net loss


$

(4,470)



$

(20,342)


Interest expense


1,181



6,425


Income tax benefit


(716)



(9,755)


Depreciation and amortization


4,500



18,002


Amortization of intangible assets


5,834



25,762


Stock-based compensation expense


2,066



6,898


Amortization of debt issuance costs


149



740


Other income, net


(44)



(1,524)


Impairment of capitalized software




8,377


Non-GAAP adjusted EBITDA


$

8,500



$

34,583


Non-GAAP adjusted EBITDA margin


16.5

%


16.4

%

Note: All forward-looking figures presented in this table are stated at the mid-point of the estimated range.

 

SOURCE IntraLinks Holdings, Inc.

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Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a new breed of unified communication that is easily accessible to the general consumer. With over a de...
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
Grow your business with enterprise wearable apps using SAP Platforms and Google Glass. SAP and Google just launched the SAP and Google Glass Challenge, an opportunity for you to innovate and develop the best Enterprise Wearable App using SAP Platforms and Google Glass and gain valuable market exposure. In his session at @ThingsExpo, Brian McPhail, Senior Director of Business Development, ISVs & Digital Commerce at SAP, outlined the timeline of the SAP Google Glass Challenge and the opportunity for developers, start-ups, and companies of all sizes to engage with SAP today.
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...