Welcome!

Microsoft Cloud Authors: Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog, Liz McMillan

News Feed Item

Matrix Asset Management Inc. Reports Third Quarter Results, Including $0.8 Million Recurring EBITDA, $0.9 Million Free Cash Flow and Net Income of $0.4 million, and Declares Stock Dividend

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- Matrix Asset Management Inc. (the "Company" or "Matrix") (TSX:MTA) reported today its financial and operating results for the third quarter ended September 30, 2012 and announced that, subject to TSX approval, a stock dividend of $0.015 per share will be paid on December 20, 2012 to shareholders of record on December 5, 2012. The dividend will be paid through the allotment and issuance of additional Common shares in the capital of the Company (the "Dividend Shares"). The Board of Directors remains hopeful that a cash dividend will be reinstated in the future as initiatives aimed at growing assets under management ("AUM") are implemented and cost-cutting measures continue to reduce Matrix's expenses.

Dividend Shares will be issued at a price equal to the volume weighted average trading price of Matrix's Common shares over the ten trading days prior to the dividend payment date (the "Issue Price"). Each shareholder's dividend entitlement will be determined by multiplying the number of Common shares held by the shareholder as at the record date by $0.015, dividing the cash value by the Issue Price and rounding the resulting number of Common shares to the nearest whole Common share (with more than one-half of a share being rounded up).

Q3 2012 Highlights


--  The third quarter of 2012 saw AUM and corresponding fee-based revenues
    continue at levels comparable to the second quarter. At the end of the
    third quarter, total AUM was $1.1 billion, compared to $1.1 billion as
    at June 30, 2012 and $1.9 billion as at September 30, 2011. Fee-based
    revenues were $5.8 million for the third quarter compared to $6.0
    million for the second quarter. 
    
--  EBITDA for the third quarter was $0.8 million and $0.9 million year to
    date, compared to $(0.4) million and $(2.8) million during the same
    periods last year. 
    
--  Recurring EBITDA for the third quarter was $0.8 million compared to
    $(43) thousand during the second quarter and to $1.1 million during the
    same period last year, and was $1.3 million year to date, compared to
    $4.0 during to the same period last year. 
    
--  Free cash flow for the third quarter was $0.9 million compared to ($0.7)
    million during the same period last year, and $0.4 million year to date
    compared to $(3.2) million during the same period last year,
    representing a significant year to date increase of $3.6 million. 
    
--  Total expenses are down $8.7 million or 28% on a year to date basis
    compared to the prior year, and down $1.5 million or 18% relative to the
    second quarter of 2012. 
    
--  Recurring expenses decreased by approximately $2.3 million for the nine
    months ended September 30, 2012 as compared to the prior year, and down
    $1.2 million relative to the second quarter of 2012. 
    
--  During the third quarter, Matrix Funds announced the filing of the
    preliminary prospectus for the Matrix 2012 Enhanced Short Duration
    National and Quebec Flow Through LP. The first closing occurred on
    October 31, 2012, and gross proceeds raised were close to $20 million,
    representing the largest amount raised in over 4 years for the LP
    program. The Quebec units reached the maximum sales levels as set out in
    the prospectus, representing the first time the Matrix flow-through LP
    program announced a "Sold Out". Matrix Funds adopted a fee structure
    that aligns its interest with unitholders by charging its management fee
    on the final NAV of the LP when its assets are rolled over. 
    
--  Matrix Funds' gross redemptions continued to decline during the previous
    quarter, which had the lowest gross redemption amount in 9 years. Net
    sales were almost flat during the third quarter, compared to net
    redemptions of $9.1 million during the same period last year 

Prior and Subsequent Events:


--  GrowthWorks Canadian Fund Ltd. ("Canadian Fund") has closed Class A
    Share redemptions to preserve capital for follow-on investing and to pay
    liabilities and operating commitments. The Canadian Fund is focused on
    completing divestments from its venture portfolio. A number of the
    fund's venture positions are subject to signed letters of intent for
    exit transactions. A portion of the proceeds from these transactions
    would be used to reduce the accrued management fees owing to Matrix.
    While there can be no assurance that the transactions will complete as
    scheduled or at all, management believes there is a high probability
    that the transactions will be completed by the end of 2012. 
    
--  On November 2, 2012, Working Opportunity Fund (EVCC) Ltd. ("WOF")
    announced advanced negotiations towards a potential sale of one of the
    WOF's largest portfolio positions at a significant increase to the WOF
    Fund's carrying value. Management believes the potential gain on the
    sale of this portfolio company could result in an increase of greater
    than 20% in the WOF's Venture Series share values. A resulting increase
    in NAV may increase NAV-based fees paid to the manager of WOF. There can
    be no assurance that the transaction will complete as contemplated. 

David Levi, President and CEO of Matrix, commented: "The past quarters were challenging and returning to profitability is a priority for management. Important progress was achieved on reducing expenses and implementing organic growth initiatives. Cost saving measures initiated last year have started to take hold and we expect to realize additional expense reductions as we continue to implement cost-cutting measures. We are pleased with the results of Matrix Funds, which are showing organic growth following our recent initiatives. Also, during the quarter we raised short term capital towards financing the working capital deficit and we are continuing to pursue longer term capital raising initiatives to reduce the deficit."

Corporate Overview

Matrix is a diversified asset and wealth management company with offices across Canada. The Company manages approximately $1.1 billion in assets through three operating divisions:


--  Institutional asset management, operated through SEAMARK, which offers
    portfolio management to institutional and high net worth private
    clients, including through managed portfolio advisory ("WRAP") programs
    of leading Canadian investment dealers. 
    
--  Fund management, operated through Matrix Funds Management (a division of
    GrowthWorks Capital Ltd.), which manages the Matrix family of mutual
    funds and specialty funds (formerly Mavrix Funds and SEAMARK Mutual
    Funds) and distributed through investment dealers and financial planners
    across Canada. 
    
--  Venture capital, operated through GrowthWorks, which manages funds in
    the venture capital sector. 

This diversified set of operations delivers multiple sources of revenue across several asset and client groups. The Company's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. With five offices located in major and regional centres across Canada, Matrix has a true national investment presence.

Summary of Third Quarter Financial Results - Unaudited

Results of operations for Matrix for the third quarter consolidate the results of Matrix and its subsidiaries. Matrix reports its consolidated financial position, statement of income (loss), statement of comprehensive income (loss), statement of shareholders' equity and cash flows in accordance with International Financial Reporting Standards ("IFRS" or also referred to as generally accepted accounting principles, or "GAAP") in Canadian dollars.

The following table sets out selected consolidated financial information about Matrix for the three months and nine months ended September 30, 2012 compared with financial information for Matrix for the same periods in 2011.


                                   For the    For the    For the    For the 
                                     three      three       nine       nine 
                                    months     months     months     months 
                                     ended      ended      ended      ended 
                                 September  September  September  September 
                                  30, 2012   30, 2011   30, 2012   30, 2011 
                                     (in $      (in $      (in $      (in $ 
                                thousands) thousands) thousands) thousands) 
----------------------------------------------------------------------------
                                                                            
Revenue                                                                     
  Management and administration                                             
   fees                          $   5,205  $   6,503  $  16,557  $  20,685 
  Additional administration fees       296        352        952      1,076 
  Incentive participation                                                   
   dividends                           144        265      1,127      1,533 
  Interest income                      187          1        346         26 
  Other income                          99        185        293        723 
----------------------------------------------------------------------------
Total Revenue                        5,931      7,306     19,275     24,043 
                                                                            
Expenses                                                                    
  Selling, general and                                                      
   administrative                    4,563      5,630     16,186     19,733 
  Share-based compensation             133        154        412        382 
  Servicing commissions                578        631      1,780      2,048 
  Amortization - property and                                               
   equipment                            83         82        246        224 
  Amortization - deferred sales                                             
   commissions                         528        592      1,532      1,799 
  Amortization - asset                                                      
   management contracts                191        287        575        861 
  Interest                             436        192        892        624 
----------------------------------------------------------------------------
                                     6,512      7,568     21,623     25,671 
----------------------------------------------------------------------------
Loss before merger, acquisition                                             
 and other special project costs      (581)      (262)    (2,348)    (1,628)
----------------------------------------------------------------------------
Merger, acquisition and other                                               
 special project costs                   -      1,431        375      5,024 
----------------------------------------------------------------------------
Loss before taxes                     (581)    (1,693)    (2,723)    (6,652)
Income tax expense (recovery)         (974)    (1,631)    (1,050)    (5,532)
----------------------------------------------------------------------------
Net Income (Loss)                $     393  $     (62) $  (1,673) $  (1,120)
                                                                            
Basic loss per share (in $)           0.01          -      (0.03)     (0.03)
Diluted loss per share (in $)         0.01          -      (0.03)     (0.03)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
NON-GAAP MEASURES                                                           
--------------------------------                                            
                                                                            
EBITDA(1)                              790       (386)       934     (2,762)
Add non-recurring items, net(2)          -      1,529        375      6,772 
----------------------------------------------------------------------------
Recurring EBITDA(3)                    790      1,143      1,309      4,010 
                                                                            
Free Cash Flow(5)                      876       (685)       444     (3,185)
                                                                            
Loss before taxes                     (581)    (1,693)    (2,723)    (6,652)
Add non-recurring items, net(2)          -      1,529        375      6,772 
----------------------------------------------------------------------------
Recurring (loss) income before                                              
 taxes(4)                             (581)      (164)    (2,348)       120 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends declared and paid            717        716      2,120      2,140 
                                                                            
                                                                            
                                 As at              As at              As at
                    September 30, 2012 September 30, 2011  December 31, 2011
                      (in $ thousands)   (in $ thousands)   (in $ thousands)
----------------------------------------------------------------------------
                                                                            
Cash, cash                                                                  
 equivalents and                                                            
 investments                     $ 368            $ 2,047            $ 1,767
Total assets                    28,390             35,036             28,133
Total long-term                                                             
 liabilities                    10,325              8,236             11,799
Total assets under                                                          
 management(6)               1,100,000          1,900,000          1,600,000


                                                                            
Notes:                                                                      
                                                                            
(1) EBITDA (defined by Matrix as earnings before interest, taxes,           
depreciation and amortization and other non-cash items) is a measure used by
many investors to compare issuers on the basis of their ability to generate 
cash from operations. Management believes EBITDA is a useful supplemental   
measure of operating performance as it provides an indication as to cash    
available for working capital needs, capital expenditures and dividends.    
(2) Non-recurring items are described in Matrix's Management's Discussion & 
Analysis posted on SEDAR.                                                   
(3) Management believes "recurring EBITDA" is a useful supplemental measure 
of operating performance because it provides readers with greater insight   
into what the core or run-rate EBITDA generating capacity of the business   
may be by adjusting EBITDA for various non-recurring items. Without         
presentation of this measure, there can be a lack of transparency of the    
effect of non-recurring revenues or expenses on EBITDA.                     
(4) Management believes "recurring income (loss) before taxes" is a useful  
supplemental measure of operating performance because it provides readers   
with greater insight into what the core or run-rate income before taxes     
generating capacity of the business may be by adjusting income before taxes 
for various non-recurring items. Without presentation of this measure, there
can be a lack of transparency of the effect of non-recurring revenues or    
expenses on income before taxes.                                            
(5) Management believes "Free Cash Flow" (defined by Matrix as EBITDA less  
interest paid, commissions paid and net taxes (payable/refundable as filed))
is a useful supplemental measure of available cash generated from the       
business' operations for working capital needs, capital expenditures and    
dividends.                                                                  
(6) Assets under management or "AUM" means the fair value of the net assets 
of the funds and accounts managed by Matrix and its subsidiaries in respect 
of which fees are earned.                                                   

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with the International Accounting Standard 34 - Interim Financial Reporting as issued by the International Accounting Standards Board and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements. Matrix Asset Management's auditor will perform an audit of the December 31, 2012 Consolidated Financial Statements.

Liquidity and Capital Resources

As at September 30, 2012, Matrix had a working capital deficit of $4.1 million, which is slightly improved from the working capital deficit at the end of the second quarter of $4.5 million. Total current liabilities of $13.5 million are scheduled for repayment over the next 10 months, including a payment on account of a subordinated debenture of $1.2 million in July 2013.

The more significant changes in the Company's financial position reported during the year to date result primarily from a $4.0 million third party loan financing to Matrix, the proceeds of which were used to fund a loan in the same amount to Canadian Fund ("the Canadian Fund Loan") to support Canadian Fund's liquidity. The repayment, interest and other terms of these two loans are the same.

Current liabilities have increased to $4.0 million as at September 30, 2012. The primary factors contributing to the increase are $2.0 million payable on account of the Canadian Fund Loan ($1.0 million plus accrued interest on each of January 31, 2013 and July 31, 2013) and $1.2 million payable in July 2013 under a subordinated debenture. The Canadian Fund Loan is secured by a charge over the present and after-acquired assets of a Matrix subsidiary and a guarantee from Matrix. Similarly, the subordinated debenture is secured by the assets of the Matrix subsidiary that originally borrowed the funds and by guarantees from two other Matrix subsidiaries. Matrix is working with the Canadian Fund to reduce and over time eliminate levels of accrued management fees owed by the fund, which will ease liquidity pressures on Matrix.

Additional capital resources will be required to meet Matrix's financial needs for the next 12 months, which includes funds required to service and re-pay debt, and to fund operations. The continuation of Matrix as going concern is dependent on increased revenues and raising, from external sources, sufficient working capital to maintain operations and pay current liabilities as they come due.

As organic growth initiatives and cost alignment measures typically require several quarters to impact AUM and operating results, Matrix is seeking medium term working capital financing to provide further time for these initiatives and measures to take hold. To that end, on August 7, 2012, the Board of Directors approved Matrix raising up to $2.0 million in debt through term loan arrangements of which approximately $0.6 million was raised during the third quarter under term loans advanced by both the CEO of Matrix and a (31%) shareholder of Matrix. Matrix may also seek financing from external sources to pursue growth opportunities.

The financial statements and MD&A for the third quarter were prepared assuming Matrix would continue as a going concern, realize on its assets and discharge its obligations in the ordinary course of business. The continuation of the Company as a going concern is dependent on restoring positive net income, working capital, cash flows, and obtaining additional financing, while continuing to make timely interest payments and meet its debt covenants under existing financing arrangements.

Returning to profitability is a priority for management. There are two key elements to management's plan for doing so. First, to grow fee-generating AUM with existing internal resources, including sales and marketing initiatives and positive portfolio performance. Secondly, to pursue larger growth opportunities through acquisitions after obtaining necessary external financing in the form of equity or debt or both.

Matrix's third quarter 2012 financial statements and MD&A and year end 2011 financial statements and MD&A are available on the SEDAR website at www.sedar.com.

About Matrix (www.matrixasset.ca)

Matrix (TSX:MTA) is a diversified asset and wealth management company with approximately $1.1 billion in assets under management and offices across Canada. The Company's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. The Company delivers its services through three main operating subsidiaries serving institutional, high net worth, and retail investors.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements, including statements regarding the operations, business, financial condition, expected financial results and profitability, expense reductions, future dividends and dividend policies, proposed financings, performance, potential acquisitions, material divestments from managed venture capital portfolios, levels of management fee accruals owed to Matrix by managed venture capital funds, prospects, opportunities, new products, priorities, goals, strategies, accounting policies and estimates and outlook of Matrix for the current fiscal year and subsequent periods. Forward-looking statements are predictive in nature and are not based upon historical fact. Forward-looking statements are based upon beliefs and assumptions, including with respect to levels of Matrix's AUM and expenses and related assumptions as to levels of portfolio returns and managed fund sales and redemptions, beliefs and assumptions concerning prevailing and future economic and market conditions and the impact of such conditions and other factors on Matrix's AUM, the continuation of portfolio and fund management and advisory engagements, the extent and effectiveness of cost-saving measures and the impact of such measures and other factors on earnings, the ability of managed venture capital funds to complete divestments and pay management fees, tax rates and laws, performance of managed venture capital investments relative to performance fee return thresholds, the collection of trade receivables and the absence of extraordinary or one-time expenses not currently known to management.

While management considers these beliefs and assumptions to be reasonable based on information currently available to it, these statements are subject to numerous risks and uncertainties and no assurance can be given that such beliefs and assumptions will prove to be correct. Accordingly, actual results may differ significantly from those expressed or implied by forward-looking statements due to many factors including, but not limited to, risks associated with institutional, mutual fund and venture capital fund management sectors generally, market, economic, political and other risks affecting portfolio performance, interest and foreign exchange rates, managed fund sales and redemptions and in turn Matrix's AUM, other risks affecting revenues and earnings, regulatory and other risks associated with completing proposed financings, divestments by managed venture capital funds, potential acquisitions and other strategic transactions and introducing new products, integration and continuity risks affecting completed acquisitions, changes in consumer demand for financial products and the ability of Matrix to respond to such changes and other risks and uncertainties listed under "Risk Factors" in the MD&A for the quarter ended September 30, 2012 and in Matrix's Annual Information Form dated March 30, 2012, which are available on SEDAR. Many of these risks are beyond the control of Matrix.

Readers are cautioned to consider these and other risks, uncertainties and potential events carefully and not place undue reliance on forward-looking statements. Other than as specifically required by law, Matrix undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or other factors.

Non-IFRS Measures

"EBITDA", "recurring EBITDA", "Free Cash Flow" and "recurring income (loss) before taxes" are not measures recognized under International Financial Reporting Standards ("IFRS"). However, management of Matrix believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. These non-IFRS measures do not have any standard meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that these non-IFRS measures are not alternatives to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flows or profitability or measures of liquidity. These non-IFRS measures should be read in conjunction with the financial statements of Matrix posted on SEDAR. For additional information regarding Matrix's use of non-IFRS measures, including reconciliations of these measures to the nearest IFRS measures, please refer to the "Non-IFRS Financial Measures" and "Non-Recurring Items, EBITDA & Free Cash Flow" sections of its MD&A available on the SEDAR website at www.sedar.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st 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 and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
SYS-CON Events announced today that EnterpriseTech has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. EnterpriseTech is a professional resource for news and intelligence covering the migration of high-end technologies into the enterprise and business-IT industry, with a special focus on high-tech solutions in new product development, workload management, increased effic...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...