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RRsat Reports Third Quarter 2012 Results and Declares a Special Dividend

Sequential revenue improvement with gross, operating and EBITDA margins at their highest level in 9 quarters

AIRPORT CITY BUSINESS PARK, Israel, November 12, 2012 /PRNewswire/ --

2012 Third Quarter Highlights

  • Revenues totaled $28.5 million, representing sequential growth;
  • Gross margin at 24.5%, operating margin of 9.0% and adjusted EBITDA margin of 17.2%, at the highest level in the last 9 quarters;
  • Adjusted EBITDA of $4.9 million, representing sequential growth;
  • Operating cash flow, net of capital expenditures, of $4.1 million; ended the quarter with $36.9 million in cash and equivalents;
  • Backlog as of September 30, 2012 at $184 million;
  • Fourth quarter revenue guidance of $28.5- $29.5 million;
  • Board of Directors declared a cash dividend of $10 million or $0.58 per share.

RRsat Global Communications Network Ltd. (NASDAQ: RRST), a leading provider of comprehensive digital content management and global distribution services to the television and radio broadcasting industries, today announced its financial results for the quarter ended September  30, 2012.

Third Quarter 2012 Results

Revenues in the third quarter of 2012 totaled $28.5 million, compared with $28.6 million in the third quarter of 2011 and a sequential increase compared with $28.1 million in the previous quarter.  The strengthening of the US Dollar versus the Euro over the past year had a negative impact of approximately $1.4 million on third quarter revenues, compared with the revenues of the third quarter of 2011. The US Dollar-Euro volatility during the third quarter of 2012 had a negative impact of approximately $0.4 million on the Company's revenues compared with that of the prior quarter.

Gross profit in the third quarter of 2012 totaled $7.0 million, compared with $6.4 million in the third quarter of 2011 and $6.7 million in the previous quarter. Gross margin in the third quarter of 2012 was 24.5%, compared with 22.3% in the third quarter of 2011 and 23.8% in the previous quarter.  

Operating income for the third quarter of 2012 totaled $2.6 million, compared with $1.8 million in the third quarter of 2011 and $2.5 million in the previous quarter. Operating margin in the third quarter of 2012 was 9.0%, compared with 6.4% in the third quarter of 2011 and 8.8% in the previous quarter.

Net income on a GAAP basis for the third quarter of 2012 was $2.4 million, compared with a net loss on a GAAP basis of $180 thousand in the third quarter of 2011 and net income of $1.1 million in the previous quarter.  Net income per share on a fully diluted basis under GAAP for the third quarter of 2012 was $0.14, compared with a net loss per share of $0.01 in the third quarter of 2011 and net income per share of $0.07 in the previous quarter.

Adjusted net income totaled $2.1 million for the third quarter of 2012, compared with $0.8 million in the third quarter of 2011 and $1.5 million in the previous quarter.  Adjusted net income per share on a fully diluted basis totaled $0.12 in the third quarter of 2012, compared with $0.05 in the third quarter of 2011 and $0.08 in the previous quarter.

Adjusted EBITDA for the third quarter of 2012 totaled $4.9 million, compared with $4.0 million in the third quarter of 2011 and $4.8 million in the previous quarter.

Cash, cash equivalents and marketable securities as of September 30, 2012 totaled $36.9 million compared with $34.2 million as of June 30, 2012. The change in cash position during the quarter was mainly attributable to a positive operating cash flow of $5.4 million, partially offset by capital expenditure of $1.3 million and a dividend payment to shareholders of $1.7 million.

Backlog of signed agreements, as of September 30, 2012, totaled $184 million, compared with a backlog of $193 million at the end of the previous quarter, of which $24.6 million is expected to be recognized as revenues in the fourth quarter of 2012. The reduction in the backlog amount is mainly attributed to the decrease in the average length of service contracts received during the quarter.

Guidance

Guidance for the fourth quarter of 2012 expects continued sequential revenue growth, with revenues in the range of $28.5 - $29.5 million. Management expects gross and EBITDA margins in the fourth quarter to be at similar levels to the margins reported in the third quarter of 2012.

Dividend Distribution

On November 11, 2012, the Board of Directors declared a cash dividend in the amount of $0.58 per ordinary share, and in the aggregate amount of approximately $10 million. The dividend will be payable on December 13, 2012 to all of the Company's shareholders of record at the end of the trading day on the NASDAQ on November 22, 2012.

In accordance with Israeli tax law, the Company will withhold 25% of the dividend amount payable to each shareholder at source, subject to applicable exemptions. The Company's dividend policy is described in detail in its most recent Annual Report on Form 20-F for the year ended December 31, 2011.

Management Comment

Avi Cohen, CEO of RRsat commented, "The third quarter results demonstrate that we are on track with continued improvement across all our financial and operational parameters. We met our top line targets despite continued negative currency effects, growing our revenues sequentially. Most importantly, our gross, operating and EBITDA margins reached their highest levels in over two years. Given our strong backlog, we maintain relatively good visibility into the next few quarters. Looking ahead to the fourth quarter, we believe we will continue our sequential revenue growth."

Continued Mr. Cohen, "We continue to see solid interest and new customer wins for our digital media broadcasting services. In addition, over the past two years, we have strengthened our ability to provide customers with an end-to-end content delivery service for sports and special events on an occasional use (OU) basis. Based on our enhanced abilities in this area, we were recently selected by the European Broadcasting Union (EBU), as their main partner for Asia-Europe digital media distribution, covering major European events, including live sports and news events. We see the occasional use segment of our market as a strong growth engine for RRsat over the coming years."

Conference Call Information

Conference call scheduled later today, November 12, 2012 at 9:00 am ET (4:00 pm Israel time).  On the call, Avi Cohen, CEO and Itzhak Zion, CFO, will review and discuss the results and will be available to answer investor questions.

To participate, please call one of the following teleconferencing numbers.  Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Number: 1-888-668-9141
UK Dial-in Number: 0-800-917-5108
Israel Dial-in Number: 03-918-0609
International Dial-in Number: +972-3-918-0609
at:
9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 pm Israel Time

Replay

A replay of the call will be available from the day after the call. A link to the replay will be accessible from RRsat's website at: http://www.rrsat.com. In addition, a telephone replay will be available for two days following the call. To access the telephone replay dial one of the following numbers:

1-888-326-9310 (US) and +972-3-925-5901 (International).

Use of Non-GAAP Financial Measures

In addition to the GAAP results included in this press release, RRsat has also included non-GAAP measurements of results. RRsat uses three financial measures, adjusted net income, adjusted net income per share and adjusted EBITDA, which are non-GAAP financial measures. RRsat believes that these non-GAAP financial measures are principal indicators of the operating and financial performance of its business. We have provided these non-GAAP measurements to help investors better understand our core operating performance and enhance comparisons of core operating performance from period to period.

Adjusted net income is calculated based on the net income in our financial statements excluding non-cash equity-based compensation charges recorded in accordance with FASB ASC Topic 718, non-cash expense resulting from amortization of acquired intangible assets, non-cash income (loss) reflecting changes in the fair value of embedded currency conversion derivatives resulting from the application of FASB ASC Topic 815 and the resulting income tax (increase) decrease of the above items.  

Adjusted EBITDA is calculated by adding to operating income, non-cash equity-based compensation charge, depreciation and amortization.

The company has excluded intangible assets amortization expense from its non-GAAP net income and EBITDA measurements, primarily because it represents a significant non-cash expense and because the company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the company's acquisitions. Investors should note that the use of intangible assets contributed to the Company's revenues earned during the periods presented and will contribute to the Company's future period revenues as well. Intangible assets amortization expense will recur in future periods.

Management uses these non-GAAP financial measures to assess its operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain non-cash expenses that are not directly attributable to its core operating results.  

The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for, or as superior to, measurements of financial performance prepared in accordance with GAAP.

The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described above, and the Company expects to continue to incur expenses similar to the non-cash, non-GAAP adjustments described above. Accordingly, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Moreover, because not all companies use identical measures and calculations, the presentation of adjusted net income, adjusted net income per share and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. These limitations are compensated for by using adjusted net income and adjusted EBITDA in conjunction with traditional GAAP financial measures.  

Reconciliations of the non-GAAP measures (adjusted net income and adjusted EBITDA) to the most comparable GAAP measures (net income and operating income respectively), are provided in the schedules attached to this release.

Safe Harbor Statement

This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding (i) guidance for revenue and margins for the fourth quarter of 2012 or any future periods; (ii) our expectations to decrease capital expenditures in 2012, and the corresponding effect on free cash flow; (iii) our planned expectations of our direct sales to North America, Africa and Asia; (iv) our goal of offering superior services to a larger group of customers, including major television networks; (v) our expectation to expand our client base and sell additional services to our existing client base; (vi) our ability to report future successes; and (vii) our intention to distribute dividends in the future and the size of any dividends declared. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry as of the date of this press release. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements, including the risks indicated in our filings with the Securities and Exchange Commission (SEC). For more details, please refer to our SEC filings and the amendments thereto, including our Annual Report on Form 20-F for the year ended December 31, 2011 and our Current Reports on Form 6-K.

About RRsat Global Communications Network Ltd.

RRsat Global Communications Network Ltd. (NASDAQ: RRST) provides global, end-to-end, content management and distribution services to the rapidly expanding television and radio broadcasting industries, covering more than 150 countries. Through its RRsat Global Network, composed of satellite and terrestrial fiber optic capacity and the public Internet, RRsat provides high-quality and flexible global distribution services 24/7 to more than 630 channels reaching multiplatform operators, Internet TV and direct-to-home viewers worldwide and also offers occasional use services for sports, news and events with a fleet of flyaways and over 10 transportable satellite news gathering services (SNG) units.  More than 130 television and radio channels use RRsat's advanced production and playout centers comprising comprehensive media asset management services. Visit the company's website http://www.rrsat.com

FINANCIAL TABLES FOLLOW

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Operations

    In thousands, except share data
 
                                              Nine months ended       Three months ended
                                            ----------------------  ----------------------
                                            September    September  September    September
                                                   30           30         30           30
                                                 2012         2011       2012         2011
                                            ---------   ----------  ---------   ----------
    Revenues                                 $ 84,035     $ 84,094   $ 28,508     $ 28,646
    Cost of revenues                           64,250       64,964     21,524       22,272
                                            ---------   ----------  ---------   ----------
    Gross profit                               19,785       19,130      6,984        6,374
                                            ---------   ----------  ---------   ----------
    Operating expenses
    Sales and marketing                         5,269        5,332      1,922        1,878
    General and administrative                  7,519        7,463      2,494        2,658
                                            ---------   ----------  ---------   ----------
    Total operating expenses                   12,788       12,795      4,416        4,536
                                            ---------   ----------  ---------   ----------
    Operating income                            6,997        6,335      2,568        1,838
 
    Interest and marketable
    securities income                             432          319        131           97
    Currency fluctuation and
    other financing income (expenses), net      (153)        (367)         80        (649)
    Changes in fair value of
    embedded currency
    conversion derivatives                        923      (2,359)        611      (1,168)
    Other expenses, net                             -          (6)          -          (6)
                                            ---------   ----------  ---------   ----------
    Income before taxes on
    income                                      8,199        3,922      3,390          112

    Income taxes                              (2,337)      (1,153)      (946)        (292)
                                            ---------   ----------  ---------   ----------
    Net income (loss)                         $ 5,862      $ 2,769    $ 2,444      $ (180)
                                            =========   ==========  =========   ==========


 

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Operations (cont'd)

    In thousands, except share data
 
                                       Nine months ended          Three months ended
                                   -----------------------   ---------------------------
                                   September     September   September         September
                                          30            30          30                30
                                        2012          2011        2012              2011
                                   ---------    ----------   ---------        ----------
    Income (loss) per ordinary share
 
    Basic income (loss) per ordinary
    share                              $0.34         $0.16       $0.14           $(0.01)
                                   =========    ==========   =========        ==========
    Diluted income (loss) per
    ordinary share                     $0.34         $0.16       $0.14           $(0.01)
                                   =========    ==========   =========        ==========
    Weighted average number
    of ordinary shares used to
    compute basic income per
    ordinary share                17,346,561    17,346,561  17,346,561        17,346,561
                                   =========    ==========   =========        ==========
    Weighted average number
    of ordinary shares used to
    compute diluted income
    per ordinary share            17,346,561    17,346,561  17,346,561        17,346,561
                                   =========    ==========   =========        ==========



RRsat Global Communications Network Ltd. and its subsidiaries

Reconciliation of Adjusted Net Income and Adjusted EBITDA

    In thousands except share data
                                          Nine months ended          Three months ended
                                    --------------------------  --------------------------
                                    September        September  September        September
                                           30               30         30               30
                                         2012             2011       2012             2011
                                    ---------        ---------  ---------        ---------
    Reconciliation of Net 
     Income to Adjusted Net
    Income:
    Net income (loss) - 
     as reported                      $ 5,862          $ 2,769    $ 2,444          $ (180)
    Non-cash equity-based
     compensation charge                  189               73        101               45
    Intangible assets 
     amortization expense                 138              179         41               58
    Changes in fair value
      of embedded currency
    conversion derivatives              (923)            2,359      (611)            1,168
    Change in deferred tax 
      on embedded derivatives             231            (560)        152            (280)
                                    ---------        ---------  ---------        ---------
    Adjusted net income               $ 5,497          $ 4,820    $ 2,127            $ 811
                                    =========        =========  =========        =========
    Adjusted net income per 
     diluted ordinary share            $ 0.32           $ 0.28     $ 0.12           $ 0.05
 
    Reconciliation of Net 
     Income to Adjusted EBITDA:
    Operating income                  $ 6,997          $ 6,335    $ 2,568          $ 1,838
    Non-cash equity-based 
     compensation charge                  189               73        101               45
    Depreciation and amortization       6,677            6,089      2,241            2,102
                                    ---------        ---------  ---------        ---------
    Adjusted EBITDA                   $13,863          $12,497     $4,910           $3,985
                                    =========        =========  =========        =========



RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Balance Sheets

    In thousands except share data
 
                                                                      September  December
                                                                             30        31
                                                                           2012      2011
                                                                      ---------  --------
    Current assets
    Cash and cash equivalents                                          $ 21,620  $ 14,443
    Marketable securities                                                15,265    18,764
    Accounts receivable:
    Trade (net of provision for doubtful accounts of $8,112
    and $6,892 as of September 30, 2012 
      and December 31, 2011, respectively)                               19,325    19,402
    Other                                                                   475       686
    Fair value of embedded currency conversion derivatives                  241       206
    Deferred taxes                                                        2,389     2,449
    Prepaid expenses                                                      2,845     2,223
                                                                      ---------  --------
    Total current assets                                                 62,160    58,173
 
    Fair value of embedded currency conversion
    derivatives                                                             668       591
 
    Long-term prepaid expenses                                            1,930     2,043
 
    Long- term land lease prepaid expenses                                7,586     7,642
 
    Assets held for employee severance payments                           1,783     1,757
 
    Fixed assets, at cost, less accumulated
     depreciation and amortization                                       42,688    45,495
 
    Goodwill                                                              3,734     3,734
 
    Intangible Assets, at cost, less accumulated depreciation
    and amortization                                                        402       586
                                                                      ---------  --------                       
    Total assets                                                      $ 120,951 $ 120,021
                                                                      =========  ========



RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Balance Sheets (cont'd)

    In thousands except share data
                                                                      September   December
                                                                             30         31
                                                                           2012       2011
                                                                      ---------  ---------
    Liabilities and shareholders' equity
 
    Current liabilities
    Accounts payable:
    Trade                                                              $ 11,562   $ 11,547
    Other                                                                 3,305      2,335
    Fair value of embedded currency
    conversion derivatives                                                  635        990
    Deferred income                                                       6,895      8,787
                                                                      ---------  ---------
    Total current liabilities                                            22,397     23,659
                                                                      ---------  ---------
    Long - term liabilities
    Deferred income                                                       8,799      7,192
    Fair value of embedded currency
    conversion derivatives                                                  524        980
    Liability in respect of employee severance payments                   1,919      1,819
    Deferred taxes                                                        1,971      1,664
                                                                      ---------  ---------
    Total long - term liabilities                                        13,213     11,655
                                                                      ---------  ---------
    Total liabilities                                                    35,610     35,314
                                                                      ---------  ---------
    Commitments, contingent liabilities and liens
 
    Shareholders' equity
    Share capital:
    Ordinary share NIS 0.01 par value each (20,000,000 shares
    authorized as of September 30, 2012 and December 31, 2011;
    17,346,561 shares issued and fully paid as of September 30,
    2012 and December 31, 2011)                                              40         40
    Additional paid in capital                                           53,199     53,010
    Retained earnings                                                    31,864     31,727
    Accumulated other comprehensive gain (loss)                             238       (70)
                                                                      ---------  ---------
    Total shareholders' equity                                         $ 85,341   $ 84,707
                                                                      ---------  ---------
    Total liabilities and shareholders' equity                        $ 120,951  $ 120,021
                                                                      =========  =========



RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Cash Flows

    In thousands
                                        Nine months ended            Three months ended
                                  ---------------------------   --------------------------
                                  September 30   September 30   September 30  September 30
                                          2012           2011           2012          2011
                                  ------------   ------------   ------------  ------------
    Cash flows from operating activities
    Net income (loss)                  $ 5,862        $ 2,769        $ 2,444       $ (180)
    Adjustments required to reconcile
    net income to net cash provided by
    operating activities
 
    Depreciation and amortization        6,677          6,089          2,241         2,102
    Provision for doubtful account       2,278          1,645            733           544
    Deferred taxes                         264           (55)            120         (176)
    Discount accretion and
     premium amortization
     of available- for- 
     sale securities, net                (317)          (338)           (94)         (115)
    Changes in liability for employee
    severance payments, net                 74              9              2            48
    Stock- based compensation              189             73            101            45
    Changes in fair value of embedded
    currency conversion derivatives      (923)          2,359          (611)         1,168
    Loss (Profit) from trading
     securities, net                      (64)            138            (9)           157
 
    Capital gains on sale
     of fixed assets, net                    -              6              -             6
 
    Changes in assets and liabilities:
    Increase in account
     receivable - trade                (2,202)        (2,536)        (1,251)       (1,280)
    Decrease in account
      receivable - other                   213            871            161           112
    Decrease (increase)
      in prepaid expenses                (622)          (183)             66            91
 
    Decrease (increase) in 
     long- term prepaid expenses           113            181           (75)          (37)
    Increase (decrease) 
     in account payables                 1,847            587          2,184       (1,069)
    Increase (decrease)
     in deferred income                  (285)        (1,575)          (573)           685
                                  ------------   ------------   ------------  ------------
    Net cash provided by
     operating activities             $ 13,104       $ 10,040        $ 5,439       $ 2,101
                                  ------------   ------------   ------------  ------------



RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Cash Flows (cont'd)

In thousands

                                            Nine months ended          Three months ended
                                       September      September     September     September
                                              30             30            30            30
                                            2012           2011          2012          2011
    Cash flows from investing activities

    Investment in fixed assets          $(4,485)      $(12,853)     $ (1,308)     $ (2,083)
    Investment in long term
      prepaid expenses                      (15)           (22)           (1)           (9)
    Investments in securities
      available- for- sale               (3,513)        (4,781)         (205)         (641)
    Decrease (increae) in 
      trading securities, net              1,512           (21)             -          (20)
    Proceeds from securities 
      available- for- sale                 6,291          7,944         1,578         2,105
    Proceeds from sale of fixed assets         8             24             -            24
                                      ----------     ----------    ----------    ----------
    Net cash used in
     investing activities                $ (202)      $ (9,709)          $ 64       $ (624)
                                      ----------     ----------    ----------    ----------
    Cash flows from financing activities
    Dividend paid                      $ (5,725)      $ (4,163)     $ (1,735)     $ (1,561)
                                      ----------     ----------    ----------    ----------
    Net cash used in 
     financing activities              $ (5,725)      $ (4,163)     $ (1,735)     $ (1,561)
                                      ----------     ----------    ----------    ----------
    Increase (decrease) in cash
      and cash equivalents               $ 7,177      $ (3,832)       $ 3,768        $ (84)
 
    Balance of cash and cash equivalents
    at beginning of period                14,443         13,091        17,852         9,343
                                      ----------     ----------    ----------    ----------
    Balance of cash and cash equivalents at
    end of period                       $ 21,620        $ 9,259      $ 21,620       $ 9,259
                                      ==========     ==========    ==========    ==========
    A. Non-cash transactions
    Investment in fixed assets             $ 431          $ 724         $ 431         $ 724
                                      ==========     ==========    ==========    ==========
    B. Supplementary cash flow information
    Income taxes paid, net                 $ 798        $ 1,104         $ 939         $ 402
                                      ==========     ==========    ==========    ==========


Company Contact Information:
Itzhak Zion, CFO
Tel: +972-3-928-0777
Email:  [email protected]  


Investor Relations Contacts:
Ehud Helft & Kenny Green at CCG Israel
Tel: +1-646-201-9246
[email protected]

SOURCE RRSat Global Communications Network Ltd

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Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.