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Cornerstone OnDemand Announces Third Quarter 2012 Financial Results

Learning and talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its quarter ended September 30, 2012.

Revenue for the third quarter of 2012 was $30.8 million, representing a 54% increase compared to the same period in 2011. Revenue for the first nine months of 2012 was $81.5 million, an increase of 53% compared to gross revenue for the same period in 2011.2

Gross profit for the third quarter of 2012 was $21.6 million, representing a 48% year-over-year increase compared to the same period in 2011. Gross profit for the first nine months of 2012 was $57.6 million, an increase of 51% compared to the same period in 2011, based on gross revenue.2

Bookings, which Cornerstone defines as gross revenue plus the change in deferred revenue for the period, were $42.7 million for the third quarter of 2012, representing a 78% increase compared to the same period in 2011.1 Bookings for the first nine months of 2012 were $98.2 million, representing a 66% increase compared to the same period in 2011.1 Deferred revenue at September 30, 2012 was $72.6 million, which was 82% higher than the balance at September 30, 2011, and 20% higher than the balance at June 30, 2012.

Cornerstone ended the quarter with over 1,100 clients and approximately 10.3 million users, representing 57% and 44% year-over-year growth of Cornerstone’s client base and users, respectively.3

"The third quarter was another exceptional quarter for Cornerstone OnDemand, and a continuation of what has been an outstanding year of growth for the company," said Adam Miller, Cornerstone's President and CEO. "We believe our bookings performance demonstrates that the recent wave of consolidation in talent management has improved our competitive positioning. With our commitment to the ongoing innovation and expansion of our product suite, we believe we will continue to strengthen our position as a leading talent management partner to organizations of all sizes."

Cornerstone’s net loss for the third quarter of 2012 was $7.6 million, or a $0.15 net loss per share.

Due to purchase accounting rules applicable to the acquisition we completed during the second quarter of 2012, Cornerstone recorded an adjustment of $1.6 million to reduce to fair value the balance of deferred revenue attributable to contracts assumed from Sonar Limited. This fair value adjustment has the impact of reducing the amount of revenue attributable to contracts assumed from Sonar Limited by $0.4 million for the quarter ended September 30, 2012 and $1.1 million for the first nine months of 2012. Non-GAAP revenue for the quarter ended September 30, 2012, which excludes the $0.4 million reduction, was $31.2 million, representing a 56% increase compared to the same period in 2011.1 Non-GAAP revenue from the acquisition date through September 30, 2012, excluding the $1.1 million reduction, was $82.6 million, representing a 56% increase compared to the same period in 2011.1

Non-GAAP net loss for the third quarter of 2012 was $3.6 million, or a $0.07 net loss per share, and non-GAAP net loss for the first nine months of 2012 was $13.1 million, or $0.26 net loss per share. Non-GAAP net loss is based on non-GAAP revenue and excludes, for the periods in which they are present, stock-based compensation and employer-related payroll taxes, amortization of intangible assets, acquisition costs, amortization of debt discount and issuance costs, early debt retirement expense, change in the fair value of preferred stock warrant liabilities, adjustments to taxes related to acquisition adjustments, and accretion related to preferred stock.1

At September 30, 2012, Cornerstone’s total cash and cash equivalents were $64.5 million and accounts receivable were $45.2 million, yielding a total of $109.7 million.

     
1   Non-GAAP revenue, bookings, non-GAAP net cash used in operating activities, non-GAAP net loss, non-GAAP net loss per share, non-GAAP gross profit, and non-GAAP gross margin are non-GAAP financial measures. Please see the discussion in the section “Non-GAAP Financial Measures” and the reconciliations at the end of this release.
 
2 Gross revenue in the first nine months of 2011 excludes the impact of a non-cash reduction of revenue related to a common stock warrant issued to ADP of $2.5 million. Net revenue and net loss for the nine months of 2011 was impacted by this non-cash reduction of revenue.
 
3 Includes contracted clients and active users of any combination of our four integrated cloud-based solutions, consisting of recruiting, learning, performance, and extended enterprise as of the end of the period. Our client and user counts exclude our Cornerstone Small Business Solution, or “CSB”.
 

Quarterly Conference Call

Cornerstone OnDemand will host a conference call to discuss its third quarter 2012 results at 2:00 p.m. PST (5:00 p.m. ET) today. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company’s Investor Relations Web site at http://investors.cornerstoneondemand.com/events.cfm. The live call can be accessed by dialing (888) 357-3694 (U.S.) or (973) 890-8276 (outside the U.S.) and referencing passcode: 65175817. A replay of the call will also be available at http://investors.cornerstoneondemand.com/events.cfm or via telephone until 11:59 p.m. PST on November 16, 2012 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 65175817.

About Cornerstone OnDemand

Cornerstone OnDemand is a leading global provider of comprehensive learning and talent management solutions. We enable organizations to meet the challenges they face in empowering their people and maximizing the productivity of their human capital. Our integrated software-as-a-service (SaaS) solution consists of the Cornerstone Recruiting Cloud, the Cornerstone Performance Cloud, the Cornerstone Learning Cloud and the Cornerstone Extended Enterprise Cloud. Our clients use our solution to source and recruit top talent, develop employees throughout their careers, engage employees effectively, improve business execution, cultivate future leaders, and integrate with their external networks of customers, vendors and distributors. We currently empower approximately 10.3 million users across 186 countries and in 38 languages. www.csod.com

Note: Cornerstone® and Cornerstone OnDemand® are registered trademarks of Cornerstone OnDemand Inc.

Forward-looking Statements

This release contains forward-looking statements, including statements regarding Cornerstone OnDemand’s future financial performance, market growth, the demand for and benefits from the use of Cornerstone OnDemand’s solutions, and general business conditions. Any forward-looking statements contained in this press release are based upon Cornerstone OnDemand’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Cornerstone OnDemand’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Cornerstone OnDemand disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from Cornerstone OnDemand’s current expectations. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, our ability to attract new clients; the extent to which clients renew their subscriptions for our solution; our ability to compete as the talent management provider for organizations of all sizes; changes in the proportion of our client base that is comprised of enterprise or mid-sized organizations; our ability to manage our growth, including additional headcount and entry into new geographies; the timing and success of solutions offered by our competitors; unpredictable macro-economic conditions; reductions in information technology spending; the success of our new product and service introductions; a disruption in our hosting network infrastructure; costs and reputational harm that could result from defects in our solution; the success of our strategic relationships with third parties; the loss of any of our key employees; increased demands on our infrastructure and costs associated with operating as a public company; failure to protect our intellectual property; acts of terrorism or other vandalism, war or natural disasters; changes in current tax or accounting rules; unanticipated costs or liabilities related to businesses that we acquire; and other risks and uncertainties. Further information on factors that could cause actual results to differ materially is included in Cornerstone OnDemand’s reports filed with the SEC, including its Form 10-K filed with the SEC on March 6, 2012, and subsequent reports filed with the SEC, including its Form 10-Q filed on August 14, 2012.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Cornerstone OnDemand has provided in this release certain measures that have not been prepared in accordance with GAAP. These non-GAAP financial measures include (i) non-GAAP revenue, which is defined as gross revenue plus revenue not recognized in the period due to the impact of purchase accounting rules on deferred revenue acquired through acquisitions, (ii) bookings, which are defined as gross revenue plus the change in deferred revenue for the period, (iii) non-GAAP net cash used in operating activities, which excludes acquisition and acquisition-related costs and employer-related taxes from stock-based compensation, (iv) non-GAAP net loss and non-GAAP net loss per share, which are based on non-GAAP revenue and exclude, for the periods in which they are present, stock-based compensation and employer-related payroll taxes, amortization of intangible assets, acquisition costs, adjustments to taxes related to acquisition adjustments, amortization of debt discount and issuance costs, early debt retirement expense, change in the fair value of preferred stock warrant liabilities, and accretion related to preferred stock, and (v) non-GAAP gross profit and non-GAAP gross margin, which are calculated based on non-GAAP revenue and exclude stock-based compensation and amortization of certain intangible assets reflected in cost of revenue.

Cornerstone OnDemand’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating Cornerstone OnDemand’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Cornerstone excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.

         
 

Cornerstone OnDemand, Inc.

 
CONSOLIDATED BALANCE SHEETS
 

(in thousands)

 

(unaudited)

 
September 30, 2012 December 31, 2011
Assets
Cash and cash equivalents $ 64,492 $ 85,409
Accounts receivable, net 45,157 34,110
Deferred commissions 4,223 3,537
Prepaid expenses and other current assets, net   7,132     3,789  
Total current assets 121,004 126,845
 
Capitalized software development, net 6,259 4,106
Property and equipment, net 6,171 3,663
Intangible assets, net 7,443 609
Goodwill 8,193 -
Other assets, net   207     139  
Total Assets $ 149,277   $ 135,362  
 
Liabilities and Stockholders' Equity
Liabilities
Accounts payable $ 6,465 $ 3,834
Accrued expenses 9,771 8,039
Deferred revenue, current portion 69,001 52,338
Capital lease obligations, current portion 1,438 1,617
Debt, current portion 630 265
Other liabilities   3,016     996  
Total current liabilities 90,321 67,089
 
Other liabilities, non-current 3,776 806
Deferred revenue, net of current portion 3,621 3,542

Capital lease obligations, net of current portion

1,279 1,056
Long-term debt, net of current portion   1,025     409  
Total liabilities 100,022 72,902
 
Stockholders' Equity
Common stock 5 5
Additional paid-in capital 237,953 226,916
Accumulated deficit (188,624 ) (164,651 )
Accumulated other comprehensive (loss) income   (79 )   190  
Total stockholders’ equity   49,255     62,460  
Total Liabilities and Stockholders' Equity $ 149,277   $ 135,362  
 
 

Cornerstone OnDemand, Inc.

 
CONSOLIDATED STATEMENTS OF OPERATIONS
 

(in thousands, except per share data)

 

(unaudited)

           

Three Months Ended
September 30,

Nine Months Ended
September 30,

  2012     2011     2012     2011  
 
Gross revenue $ 30,768 $ 20,019 $ 81,488 $ 53,136

Common stock warrant charge1

  -     -     -     (2,500 )
Net revenue 30,768 20,019 81,488 50,636

Cost of revenue2, 3

  9,135     5,371     23,869     14,903  
Gross profit 21,633 14,648 57,619 35,733
 
Operating expenses:

Sales and marketing2

18,624 11,531 52,283 32,244

Research and development2

4,101 2,670 10,625 7,608

General and administrative2

6,600 3,439 18,346 10,577
Amortization of certain acquired intangible assets   251     -     488     -  
Total operating expenses   29,576     17,640     81,742     50,429  
Loss from operations (7,943 ) (2,992 ) (24,123 ) (14,696 )
Other income (expense):
Interest expense (121 ) (35 ) (358 ) (782 )
Change in fair value of preferred stock warrant liabilities - - - (42,559 )
Withdrawn secondary offering expense - (555 ) - (555 )
Other, net   139     (643 )   (42 )   (220 )
Other income (expense), net   18     (1,233 )   (400 )   (44,116 )
Loss before income tax benefit (provision) for income taxes (7,925 ) (4,225 ) (24,523 ) (58,812 )
Income tax benefit (provision)   298     (52 )   550     (132 )
Net loss (7,627 ) (4,277 ) (23,973 ) (58,944 )
Accretion of redeemable preferred stock   -     -     -     (5,208 )
Net loss attributable to common stockholders $ (7,627 ) $ (4,277 ) $ (23,973 ) $ (64,152 )
Net loss per share attributable to common stockholders, basic and diluted $ (0.15 ) $ (0.09 ) $ (0.48 ) $ (1.74 )
Weighted-average common shares outstanding, basic and diluted   50,163     48,018     49,755     36,868  
 

1

During the second quarter of 2011, we recorded a $2.5 million reduction of revenue associated with a common stock warrant to ADP.
 

2

Includes stock-based compensation and employer-related taxes as follows:
 
Three Months Ended

September 30,

Nine Months Ended

September 30,

  2012     2011     2012     2011  
 
Cost of revenue $ 302 $ 75 $ 1,313 $ 176
Sales and marketing 1,124 355 2,301 825
Research and development 273 133 628 613
General and administrative   1,651     457     4,158     1,345  
Total $ 3,350   $ 1,020   $ 8,400   $ 2,959  
 

3

Cost of revenue includes amortization of intangible assets as follows:
 
Three Months Ended

September 30,

Nine Months Ended

September 30,

  2012     2011     2012     2011  
 
Cost of revenue $ 305 $ 32 $ 659 $ 96
 
 
Cornerstone OnDemand, Inc.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 

(in thousands)

 

(unaudited)

       
Three Months Ended Nine Months Ended
September 30, September 30,
  2012     2011     2012     2011  
 
Cash flows from operating activities:
Net loss $ (7,627 ) $ (4,277 ) $ (23,973 ) $ (58,944 )
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization 1,962 986 4,939 2,695
Non-cash interest expense 28 72 106 518
Change in fair value of preferred stock warrant liabilities - - - 42,559
Charges related to the issuance of common stock warrant - - - 2,500
Unrealized foreign exchange (gain) loss (212 ) 482 (37 ) 258
Stock-based compensation expense 3,316 1,020 8,297 2,959
Deferred income taxes (291 ) - (652 ) -
Withdrawn secondary offering expense - 555 - 555
Non-cash charitable contribution of common stock - - - 193
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable (12,090 ) (3,163 ) (10,058 ) (2,197 )
Deferred commissions (353 ) (283 ) (572 ) (546 )
Prepaid expenses and other assets (2,822 ) (1 ) (3,408 ) (1,532 )
Accounts payable 1,044 551 1,656 349
Accrued expenses 1,533 717 1,124 1,779
Deferred revenue 11,450 3,999 15,743 6,085
Other liabilities   2,629     (102 )   3,042     (271 )
Net cash (used in) provided by operating activities   (1,433 )   556     (3,793 )   (3,040 )
Cash flows from investing activities:
Purchases of property and equipment (159 ) (79 ) (347 ) (848 )
Capitalized software costs (1,200 ) (855 ) (3,662 ) (2,217 )
Purchase of available-for-sale securities - - - (34,079 )
Proceeds from maturities of available-for-sale securities - 17,000 - 17,000
Cash paid for acquisition, net of cash acquired   -     -     (12,428 )   -  
Net cash (used in) provided by investing activities   (1,359 )   16,066     (16,437 )   (20,144 )
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions - - - 90,539
Proceeds from issuance of preferred stock upon warrant exercises - - - 3,163
Proceeds for issuance of debt - - - 669
Payments of initial public offering costs - - - (3,436 )
Payments of withdrawn secondary offering costs - (555 ) - (555 )
Repayment of debt (254 ) (56 ) (1,250 ) (9,151 )
Principal payments under capital lease obligations (467 ) (387 ) (1,396 ) (1,159 )
Payments of withholding tax on net exercise of stock-based awards - - - (48 )
Proceeds from stock option and warrant exercises   942     238     1,983     615  
Net cash provided by (used in) financing activities   221     (760 )   (663 )   80,637  
Effect of exchange rate changes on cash and cash equivalents   95     (145 )   (24 )   (145 )
Net (decrease) increase in cash and cash equivalents (2,476 ) 15,717 (20,917 ) 57,308
Cash and cash equivalents at beginning of period   66,968     48,658     85,409     7,067  
Cash and cash equivalents at end of period $ 64,492   $ 64,375   $ 64,492   $ 64,375  
 
 
Cornerstone OnDemand, Inc.
 
RECONCILIATION OF REVENUE TO NON-GAAP REVENUE AND GROSS MARGIN TO NON-GAAP GROSS MARGIN
 

(dollars in thousands)

 

(unaudited)

         
Three Months Ended

September 30,

Nine Months Ended

September 30,

  2012     2011     2012     2011  
 
 
Gross revenue $ 30,768 $ 20,019 $ 81,488 $ 53,136

Common stock warrant charge1

  -     -     -     (2,500 )
Net revenue 30,768 20,019 81,488 50,636
Cost of revenue   9,135     5,371     23,869     14,903  
Gross profit $ 21,633   $ 14,648   $ 57,619   $ 35,733  
Gross margin 70 % 73 % 71 % 71 %
 
Reconciliation between gross margin and non-GAAP gross margin
Net revenue $ 30,768 $ 20,019 $ 81,488 $ 50,636
Adjustments to net revenue

Common stock warrant charge1

- - - 2,500

Adjustments to revenue2

  428     -     1,147     -  
Total adjustments to net revenue   428     -     1,147     2,500  
Non-GAAP revenue $ 31,196   $ 20,019   $ 82,635   $ 53,136  
 
Cost of revenue $ 9,135 $ 5,371 $ 23,869 $ 14,903
Adjustments to costs of revenue
Amortization of intangible assets (305 ) (32 ) (659 ) (96 )
Stock based compensation and employer-related taxes   (302 )   (75 )   (1,313 )   (176 )
Total adjustments to cost of revenue   (607 )   (107 )   (1,972 )   (272 )
Adjusted costs of revenue   8,528     5,264     21,897     14,631  
Non-GAAP gross profit $ 22,668   $ 14,755   $ 60,738   $ 38,505  
Non-GAAP gross margin 73 % 74 % 74 % 72 %
 

1

During the second quarter of 2011, we recorded a $2.5 million reduction of revenue associated with a common stock warrant to ADP.
 

2

Due to purchase accounting rules, upon acquisition, Cornerstone recorded an adjustment of $1.6 million to reduce the balance of deferred revenue related to the assumed client contracts acquired from Sonar Limited. As a result of this adjustment, $0.4 million and $1.1 million of revenue was not recognized during the three and nine months ended September 30, 2012, respectively. Therefore, revenue is adjusted by an increase of $0.4 million and $1.1 million to arrive at non-GAAP revenue for the three and nine months ended September 30, 2012, respectively.
 
 
Cornerstone OnDemand, Inc.
 
RECONCILIATIONS OF NET LOSS TO NON-GAAP NET LOSS AND NON-GAAP NET LOSS PER SHARE
 

(in thousands, except per share amounts)

 

(unaudited)

         
Three Months Ended

September 30,

Nine Months Ended

September 30,

  2012       2011     2012       2011  
 
 
Net loss $ (7,627 ) $ (4,277 ) $ (23,973 ) $ (58,944 )
Adjustments to net loss
Common stock warrant charge - - - 2,500
Stock-based compensation and employer-related payroll taxes 3,350 1,020 8,400 2,959
Acquisition related:

Adjustments to revenue1

428 - 1,147 -
Amortization of intangible assets 489 - 954 -
Acquisition costs - - 747 -

Adjustments to benefit (provision) for income taxes2

(302 ) - (662 ) -
Change in fair value of preferred stock warrant liabilities - - - 42,559
Withdrawn secondary offering expense - 555 - 555
Other amortization costs and other expenses   93     70     294     678  
Total adjustments to net loss   4,058     1,645     10,880     49,251  
Non-GAAP net loss $ (3,569 ) $ (2,632 ) $ (13,093 ) $ (9,693 )
Weighted-average common shares outstanding, basic and diluted   50,163     48,018     49,755     36,868  
Non-GAAP net loss per share $ (0.07 ) $ (0.05 ) $ (0.26 ) $ (0.26 )
 
 

1

As of September 30, 2012, approximately $0.4 million and $1.1 million in estimated revenues were not recognized during the three and nine months ended September 30, 2012, respectively, due to purchase accounting rules.
 

2

Income tax effects related to acquisition related adjustments.
 
 
Cornerstone OnDemand, Inc.
 
CALCULATION OF BOOKINGS (DEFINED AS GROSS REVENUE PLUS CHANGE IN DEFERRED REVENUE)
 

(dollars in thousands)

 

(unaudited)

   

Deferred Revenue
Balance

Three Months Ended
September 30, 2012

 
Gross revenue $ 30,768
 
Deferred revenue at June 30, 2012 $ 60,653

 

Deferred revenue at September 30, 2012   72,622
Change in deferred revenue 11,969   11,969  
 
Bookings $ 42,737  
 
 

Deferred Revenue
Balance

Three Months Ended
September 30, 2011

 
Gross revenue $ 20,019
 
Deferred revenue at June 30, 2011 $ 35,904
Deferred revenue at September 30, 2011   39,875
Change in deferred revenue 3,971   3,971  
 
Bookings $ 23,990  
 

Percentage period-over-period increase in bookings for the three months ended September 30, 2012

78 %
 
 

Deferred Revenue
Balance

Nine Months Ended
September 30, 2012

 
Gross revenue $ 81,488
 
Deferred revenue at December 31, 2011 $ 55,880
Deferred revenue at September 30, 2012   72,622
Change in deferred revenue 16,742   16,742  
 
Bookings $ 98,230  
 
 

Deferred Revenue
Balance

Nine Months Ended
September 30, 2011

 
Gross revenue $ 53,136
 
Deferred revenue at December 31, 2010 $ 33,818
Deferred revenue at September 30, 2011   39,875
Change in deferred revenue 6,057   6,057  
 
Bookings $ 59,193  
 

Percentage period-over-period increase in bookings for the nine months ended September 30, 2012

66 %
 
 
Cornerstone OnDemand, Inc.
 
RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO NON-GAAP NET CASH USED IN OPERATING ACTIVITIES
 

(in thousands)

 

(unaudited)

         

Three Months Ended
September 30,

Nine Months Ended
September 30,

  2012     2011     2012     2011  
 
Net cash (used in) provided by operating activities $ (1,433 ) $ 556 $ (3,793 ) $ (3,040 )
Payment of acquisition related costs 555 - 747 -
Payment of employer related taxes from stock-based compensation   34     -     103     -  
Non-GAAP net cash (used in) provided by operating activities $ (844 ) $ 556   $ (2,943 ) $ (3,040 )
 

Net cash (used in) provided by investing activities1

$ (1,359 ) $ 16,066 $ (16,437 ) $ (20,144 )
Net cash provided by (used in) financing activities $ 221 $ (760 ) $ (663 ) $ 80,637
 
 

1

Includes purchases of property and equipment and capitalized software development costs.

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When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
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 industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - is now accepting submissions to demo smart cars on the Expo Floor. Smart car sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem.
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from ...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The IoT market is projected to be $1.9 trillion tidal wave that’s bigger than the combined market for smartphones, tablets and PCs. While IoT is widely discussed, what not being talked about are the monetization opportunities that are created from ubiquitous connectivity and the ensuing avalanche of data. While we cannot foresee every service that the IoT will enable, we should future-proof operations by preparing to monetize them with extremely agile systems.
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. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and other machines.