Click here to close now.

Welcome!

.NET Authors: Pat Romanski, Andreas Grabner, Trevor Parsons, Elizabeth White, Tad Anderson

News Feed Item

Marvell Technology Group Ltd. Reports Third Fiscal Quarter 2013 Financial Results

Revenue: $781 Million, a 4 percent sequential decrease

SANTA CLARA, Calif., Nov. 15, 2012 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a global leader in integrated silicon solutions, today reported financial results for the third quarter of fiscal 2013, ended October 27, 2012.

(Logo: http://photos.prnewswire.com/prnh/20100719/SF36559LOGO-b)

Revenue for the third quarter of fiscal 2013 was $781 million, a 4 percent sequential decrease from $816 million in the second quarter of fiscal 2013, ended July 28, 2012, and a decrease of 18 percent from $950 million in the third quarter of fiscal 2012, ended October 29, 2011.  

GAAP net income for the third quarter of fiscal 2013 was $69 million, or $0.12 per share (diluted), compared with GAAP net income of $93 million, or $0.16 per share (diluted), for the second quarter of fiscal 2013, and $195 million, or $0.32 per share (diluted), for the third quarter of fiscal 2012.   

Non-GAAP net income was $113 million, or $0.20 per share (diluted), for the third quarter of fiscal 2013, compared with non-GAAP net income of $142 million, or $0.24 per share (diluted), for the second quarter of fiscal 2013 and $244 million, or $0.40 per share (diluted), for the third quarter of fiscal 2012.

"Our results in the third quarter were affected primarily by the slowdown in PC demand. Despite the near-term softness in PCs, we are focused on growing our overall storage business through share gains in HDDs and growth in SSDs," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "We remain confident in our investments and multiple long-term growth opportunities. We also remain committed to returning cash to our shareholders through our share repurchase and dividend programs."

Marvell reports net income, basic and diluted net income per share, in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis as outlined below. Reconciliations of GAAP net income to non-GAAP net income for the three months ended October 27, 2012, July 28, 2012 and October 29, 2011 appear in the financial statements below. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation, amortization of acquired intangible assets, acquisition-related costs, restructuring costs, and certain one-time expenses and benefits. 

GAAP gross margin for the third quarter of fiscal 2013 was 52 percent, compared to 53.2 percent for the second quarter of fiscal 2013 and 56.6 percent for the third quarter of fiscal 2012. 

Non-GAAP gross margin for the third quarter of fiscal 2013 was 52.3 percent, compared to 53.6 percent for the second quarter of fiscal 2013 and 56.8 percent for the third quarter of fiscal 2012.

Shares used to compute GAAP net income per diluted share for the third quarter of fiscal 2013 were 559 million shares, compared with 570 million shares in the second quarter of fiscal 2013 and 613 million shares in the third quarter of fiscal 2012. Shares used to compute non-GAAP net income per diluted share for the third quarter of fiscal 2013 were 578 million shares, compared with 587 million shares for the second quarter of fiscal 2013 and 615 million shares for the third quarter of fiscal 2012.

Cash flow from operations for the third quarter of fiscal 2013 was $137 million, compared to the $189 million reported in the second quarter of fiscal 2013 and the $262 million reported in the third quarter of fiscal 2012. Free cash flow for the third quarter of fiscal 2013 was $113 million, compared to the $174 million reported in the second quarter of fiscal 2013 and the $239 million reported in the third quarter of fiscal 2012. Free cash flow as presented above is defined as cash flow from operations, less capital expenditures and purchases of IP licenses.  

Under the share repurchase program, Marvell repurchased approximately 23 million shares for a total of $203 million in the third quarter of fiscal 2013. Over the past nine quarters, Marvell has repurchased and retired approximately 150 million shares, or about 22 percent, of its outstanding shares.

Marvell also paid a quarterly dividend of $0.06 per share on October 4, 2012 to all shareholders of record as of September 13, 2012. Marvell intends to pay its next quarterly dividend of $0.06 per share on December 21, 2012 to all shareholders of record as of December 13, 2012.

Marvell intends to pay a regular quarterly cash dividend on its common shares subject to, among other things, the best interests of its shareholders, its results of operations, cash balances and future cash requirements, financial condition, statutory requirements of Bermuda law, and other factors that the board of directors may deem relevant.

Conference Call
Marvell will be conducting a conference call on November 15, 2012 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal 2013. Interested parties may join the conference call by dialing 1- 866-578-5771 or 1-617-213-8055, pass-code 32388248. The call will be webcast by Thomson Reuters and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until December 14, 2012. 

Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition-related costs, restructuring costs, and certain one-time expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core operating performance. Non-GAAP net income per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares outstanding (diluted). For purposes of calculating non-GAAP net income per share, the GAAP weighted average shares outstanding (diluted) is adjusted to exclude the potential benefits of stock-based compensation expected to be incurred in future periods but not yet recognized in the financial statements. The expected compensation costs are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method and also include the dilutive/anti-dilutive effects of common stock options and restricted stock units. 

Marvell believes that the presentation of non-GAAP financial measures provide important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. For further information regarding why Marvell believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to Marvell's Current Report on Form 8-K filed today with the SEC. The Form 8-K is available on the SEC's website at www.sec.gov as well as on the Marvell website in the Investor Relations section at www.marvell.com.

About Marvell 
Marvell is a global leader in the development of storage, communications and consumer silicon solutions. Marvell's diverse product portfolio includes switching, transceiver, communications controller, wireless and storage solutions that power the entire communications infrastructure, including enterprise, metro, home and storage networking. As used in this release, the term "Marvell" refers to Marvell Technology Group Ltd. and its subsidiaries. For more information please visit www.marvell.com.   

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Marvell's investments and long-term growth opportunities; share repurchase and dividend programs; relating to the declaration of, timing of, funding of and quarterly amount of dividends; and statements concerning Marvell's use of non-GAAP net income and net income per share as important supplemental information. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties, including, among others, Marvell's reliance on a few customers for a significant portion of its revenue; any costs relating to current and future litigation; Marvell's ability to develop and introduce new and enhanced products in a timely and cost effective manner; uncertainty in the worldwide economic conditions; seasonality in sales of consumer devices in which our products are incorporated; Marvell's ability to compete in products and prices in an intensely competitive industry; Marvell's ability to recruit and retain skilled personnel; ability to generate cash flows; and other risks detailed in Marvell's SEC filings from time to time. When Marvell files its Form 10-Q for the quarter ended October 27, 2012, the financial statements may differ from the results disclosed in this press release because judgments and estimates that management used in preparing the financial results reported in this press release may need to be updated to the date of the filing. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in the Marvell's latest Quarterly Report on Form 10-Q for the quarter ended July 28, 2012 as filed with the SEC, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

For further information, contact:


Sukhi Nagesh

Daniel Yoo

Investor Relations

Media Relations

408-222-8373

408-222-2187

[email protected]

[email protected]

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)
















Three Months Ended


Nine Months Ended




October 27,


July 28,


October 29,


October 27,


October 29,




2012


2012


2011


2012


2011













Net revenue

$     780,881


$ 816,104


$     950,417


$  2,393,336


$  2,650,339

Cost of goods sold

374,503


381,839


412,100


1,122,664


1,124,692

Gross profit

406,378


434,265


538,317


1,270,672


1,525,647

Operating expenses:











Research and development

263,615


264,175


266,255


783,760


758,396


Selling and marketing

38,398


41,034


40,500


119,498


119,042


General and administrative

24,514


25,718


29,021


75,937


77,436


Amortization of acquired intangible assets

13,054


13,023


11,155


40,432


36,634



Total operating expenses

339,581


343,950


346,931


1,019,627


991,508

Operating income

66,797


90,315


191,386


251,045


534,139

Interest and other income, net

2,387


5,864


7,729


9,308


9,575

Income before income taxes

69,184


96,179


199,115


260,353


543,714

Provision for income taxes

368


3,105


3,994


3,920


9,340

Net income

$       68,816


$   93,074


$     195,121


$     256,433


$     534,374













Basic net income per share

$           0.12


$       0.17


$           0.32


$           0.45


$           0.87

Diluted net income per share

$           0.12


$       0.16


$           0.32


$           0.45


$           0.85













Shares used in computing basic earnings per share

553,049


562,362


600,504


565,145


615,987

Shares used in computing diluted earnings per share

559,348


570,325


613,499


574,804


631,257

 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP

(Unaudited)

(In thousands, except per share amounts)














Three Months Ended


Nine Months Ended



October 27,


July 28,


October 29,


October 27,


October 29,



2012


2012


2011


2012


2011












GAAP net income

$      68,816


$   93,074


$      195,121


$     256,433


$     534,374

Stock-based compensation

30,374


33,228


30,611


90,794


88,446

Amortization of acquired intangible assets

13,054


13,023


11,155


40,432


36,634

Acquisition-related costs (a)

523


1,577


-


4,556


-

Restructuring

129


859


105


1,103


1,291

Legal/Tax related matters

-


250


7,459


250


7,459

Non-GAAP net income

$    112,896


$ 142,011


$      244,451


$     393,568


$     668,204












GAAP weighted average shares - diluted

559,348


570,325


613,499


574,804


631,257


Non-GAAP adjustment

18,452


16,302


1,558


15,190


2,983

Non-GAAP weighted average shares diluted (b)

577,800


586,627


615,057


589,994


634,240












GAAP diluted net income per share

$          0.12


$       0.16


$            0.32


$           0.45


$           0.85

Non-GAAP diluted net income per share 

$          0.20


$       0.24


$            0.40


$           0.67


$           1.05












GAAP gross profit:

$    406,378


$ 434,265


$      538,317


$  1,270,672


$  1,525,647


Stock-based compensation

1,944


1,775


1,940


5,842


5,551


Acquisition-related costs (a)

-


1,054


-


2,983


-

Non-GAAP gross profit

$    408,322


$ 437,094


$      540,257


$  1,279,497


$  1,531,198












GAAP gross margin

52.0%


53.2%


56.6%


53.1%


57.6%


Stock-based compensation

0.3%


0.2%


0.2%


0.2%


0.2%


Acquisition-related costs (a)

-


0.2%


-


0.2%


-

Non-GAAP gross margin

52.3%


53.6%


56.8%


53.5%


57.8%












GAAP research and development:

$    263,615


$ 264,175


$      266,255


$     783,760


$     758,396


Stock-based compensation

(22,565)


(22,413)


(21,905)


(62,152)


(63,626)


Acquisition-related costs (a)

(458)


(466)




(1,366)


-


Restructuring

(2)


(42)


(1)


(46)


(308)


Legal/Tax related matters

-


-


(3,137)


-


(3,137)

Non-GAAP research and development

$    240,590


$ 241,254


$      241,212


$     720,196


$     691,325












GAAP selling and marketing:

$      38,398


$   41,034


$        40,500


$     119,498


$     119,042


Stock-based compensation

(3,101)


(3,458)


(3,402)


(9,595)


(9,263)


Acquisition-related costs (a)

(57)


(50)


-


(153)


-


Restructuring

3


(7)


-


3


-

Non-GAAP selling and marketing

$      35,243


$   37,519


$        37,098


$     109,753


$     109,779












GAAP general and administrative:

$      24,514


$   25,718


$        29,021


$       75,937


$       77,436


Stock-based compensation

(2,764)


(5,582)


(3,364)


(13,205)


(10,006)


Acquisition-related costs (a)

(8)


(7)


-


(54)


-


Restructuring

(130)


(810)


(104)


(1,060)


(983)


Legal/Tax related matters

-


(250)


(4,322)


(250)


(4,322)

Non-GAAP general and administrative

$      21,612


$   19,069


$        21,231


$       61,368


$       62,125












(a) 

Acquisition-related costs include the step-up in fair value of acquired inventory that was sold during the period, and the amortization of retention bonuses required by the terms of the acquisition. Restructuring costs related to recently completed acquisitions are included within "Restructuring" in the table above.












(b) 

For purposes of calculating non-GAAP diluted net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the potential benefits of stock-based compensation costs expected to be incurred in future periods but not yet recognized in the financial statements.

 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)






















October 27,


January 28,

Assets

2012


2012

Current assets:





Cash, cash equivalents, and short-term investments

$  2,016,799


$  2,246,498


Accounts receivable, net

374,770


407,263


Inventories

323,997


354,119


Prepaid expenses and other current assets

62,264


71,081



Total current assets

2,777,830


3,078,961

Property and equipment, net

376,437


383,801

Long-term investments

18,103


23,215

Goodwill and acquired intangible assets, net

2,134,061


2,173,496

Other non-current assets

119,523


108,146



Total assets

$  5,425,954


$  5,767,619







Liabilities and Shareholders' Equity




Current liabilities:





Accounts payable

$     291,366


$     304,695


Accrued liabilities

249,645


224,900


Deferred income

59,458


59,959



Total current liabilities

600,469


589,554

Other long-term liabilities

149,191


164,047



Total liabilities

749,660


753,601







Shareholders' equity:





Common stock

1,073


1,167


Additional paid-in capital

3,153,463


3,683,112


Accumulated other comprehensive income

3,375


776


Retained earnings

1,518,383


1,328,963



Total shareholders' equity

4,676,294


5,014,018



Total liabilities and shareholders' equity

$  5,425,954


$  5,767,619

 

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)
















Three Months Ended


Nine Months Ended





October 27,


October 29,


October 27,


October 29,





2012


2011


2012


2011

Cash flows from operating activities:








Net income

$       68,816


$     195,121


$     256,433


$     534,374

Adjustments to reconcile net income to net cash provided








  by operating activities:









Depreciation and amortization

22,317


20,179


64,801


66,653


Stock-based compensation

30,374


30,611


90,794


88,446


Amortization of acquired intangible assets

13,054


11,155


40,432


36,634


Other expense, net

1,260


4,266


6,435


11,411


Excess tax benefits from stock-based compensation

(5)


(85)


(49)


(99)


Changes in assets and liabilities:









   Accounts receivable

16,002


(45,351)


32,493


8,298


   Inventories

21,601


12,037


29,634


(63,967)


   Prepaid expenses and
   other assets

358


16,791


15,993


34,229


   Accounts payable

(54,674)


(2,806)


(27,137)


4,193


   Accrued liabilities and
   other

(3,653)


(17,939)


10,286


(18,030)


   Accrued employee
   compensation

29,509


36,191


4,828


6,924


   Deferred income

(8,382)


1,417


(501)


(6,917)


      Net cash provided by
      operating activities

136,577


261,587


524,442


702,149

Cash flows from investing activities:









Purchases of marketable securities

(558,457)


(443,008)


(1,205,364)


(1,582,892)


Purchases of strategic investments


(1,250)


(5,750)


(3,503)


Sales and maturities of investments

436,435


402,145


1,317,744


1,083,214


Cash paid for acquisitions, net

(1,000)


(2,000)


(1,000)


(18,760)


Purchases of technology licenses

(4,235)


(2,978)


(10,687)


(9,593)


Purchases of property and equipment

(19,356)


(20,085)


(49,090)


(62,330)


      Net cash provided by
      (used in) investing
      activities

(146,613)


(67,176)


45,853


(593,864)

Cash flows from financing activities:




















Repurchase of common stock

(202,987)


(215,155)


(676,471)


(1,154,396)


Proceeds from employee stock plans

8,915


8,942


66,244


55,565


Minimum tax withholding paid on behalf of employees 









 for net share settlement

(345)


(304)


(9,822)


(5,172)


Dividend payment to shareholders


(33,476)



(67,013)



Principal payments on capital lease obligations




(511)


Excess tax benefits from stock-based compensation

5


85


49


99


      Net cash used in
      financing activities

(227,888)


(206,432)


(687,013)


(1,104,415)

Net decrease in cash and cash equivalents

(237,924)


(12,021)


(116,718)


(996,130)

Cash and cash equivalents at beginning of period

906,108


862,965


784,902


1,847,074

Cash and cash equivalents at end of period

$     668,184


$     850,944


$     668,184


$     850,944

 

 

 

SOURCE Marvell Technology Group Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Every innovation or invention was originally a daydream. You like to imagine a “what-if” scenario. And with all the attention being paid to the so-called Internet of Things (IoT) you don’t have to stretch the imagination too much to see how this may impact commercial and homeowners insurance. We’re beyond the point of accepting this as a leap of faith. The groundwork is laid. Now it’s just a matter of time. We can thank the inventors of smart thermostats for developing a practical business application that everyone can relate to. Gone are the salad days of smart home apps, the early chalkb...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
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 ...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
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...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
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.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
CommVault has announced that top industry technology visionaries have joined its leadership team. The addition of leaders from companies such as Oracle, SAP, Microsoft, Cisco, PwC and EMC signals the continuation of CommVault Next, the company's business transformation for sales, go-to-market strategies, pricing and packaging and technology innovation. The company also announced that it had realigned its structure to create business units to more directly match how customers evaluate, deploy, operate, and purchase technology.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
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...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along with a steady stream of well-publicized data breaches, only add to the uncertainty
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...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...