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Envestnet Reports Unaudited Fourth Quarter and Full Year 2012 Financial Results; Announces Engagement of New Audit Firm

Envestnet (NYSE: ENV), a leading provider of unified wealth management technology and services to investment advisors, today reported financial results for its fourth quarter and full year ended December 31, 2012.

Key Financial Metrics     Fourth Quarter     %         Full Year     %
(in millions except per share data)     2012     2011     Change         2012     2011     Change
       
Revenues from AUM/A $34.7 $24.6 41% $127.2 $99.2 28%
Total Revenues $44.4 $30.5 45% $157.3 $123.2 28%
Adjusted Revenues(1) $44.6 $30.5 46% $158.5 $123.2 29%
Adjusted EBITDA(1) $7.2 $6.5 11% $24.0 $27.4 -13%
Adjusted Net Income per Share(1) $ 0.10 $ 0.11 -9% $ 0.32 $ 0.42 -24%
 

Financial Results for the Fourth Quarter of 2012 Compared to the Fourth Quarter of 2011:

  • Revenues from assets under management (AUM) or assets under administration (AUA) increased 41% to $34.7 million for the fourth quarter of 2012 from $24.6 million for the fourth quarter of 2011; total revenues, which include licensing and professional services fees, increased 45% to $44.4 million for the fourth quarter of 2012 from $30.5 million for the fourth quarter of 2011.
  • Adjusted revenues, which exclude the effect of purchase accounting on the fair value of acquired deferred revenue, increased 46% to $44.6 million for the fourth quarter of 2012 from $30.5 million for the fourth quarter of 2011.
  • Net income was $0.8 million, or $0.02 per diluted share, for the fourth quarter of 2012 compared to $1.8 million, or $0.06 per diluted share, for the fourth quarter of 2011.
  • Adjusted EBITDA(1) was $7.2 million for the fourth quarter of 2012 compared to $6.5 million for the fourth quarter of 2011.
  • Adjusted Net Income(1) was $3.3 million, or $0.10 per diluted share, for the fourth quarter of 2012 compared to $3.5 million, or $0.11 per diluted share, for the fourth quarter of 2011.

Financial Results for Full Year 2012 Compared to Full Year 2011:

  • Revenues from AUM or AUA increased 28% to $127.2 million for 2012 from $99.2 million for 2011; total revenues, which include licensing and professional services fees, increased 28% to $157.3 million for 2012 from $123.2 million for 2011.
  • Adjusted revenues, which exclude the effect of purchase accounting on the fair value of acquired deferred revenue, increased 29% to $158.5 million for 2012 from $123.2 million for 2011.
  • Net income was $1.4 million, or $0.04 per diluted share, for 2012 compared to $7.6 million, or $0.23 per diluted share, for 2011.
  • Adjusted EBITDA(1) was $24.0 million for 2012 compared to $27.4 million for 2011. Adjusted EBITDA increased throughout 2012, having grown 42% from $5.1 million in the first quarter to $7.2 million in the fourth quarter, ending the year at a $28.9 million annual run rate.
  • Adjusted Net Income(1) was $10.6 million, or $0.32 per diluted share, for 2012 compared to $13.8 million, or $0.42 per diluted share, for 2011.

“During 2012, we successfully delivered on our organic growth and acquisition plans, growing adjusted revenue by 29 percent year over year,” said Jud Bergman, Chairman and CEO of Envestnet. “Our advisor base grew by 16 percent and accounts grew by 32 percent, demonstrating our ability to both add advisors to our platform, and more importantly deepen our relationship with them. This is strong evidence of Envestnet’s leadership role in empowering advisors to transform wealth management to a transparent, conflict-free and fully-aligned standard of care for investors.”

“We unify and simplify the wealth management process for advisors, empowering them to achieve higher standards in portfolio and practice management. As we empower advisors to deliver better results for their clients, we believe Envestnet is well-positioned to deliver substantial revenue growth and margin expansion in 2013,” concluded Mr. Bergman.

Key Operating Metrics as of and for the Quarter Ended December 31, 2012:

  • AUM/A of $98.3 billion, up 40% from December 31, 2011
  • Accounts (AUM/A only) of 449,478, up 32% from December 31, 2011
  • Advisors (AUM/A only) served totaled 16,085, up 16% from December 31, 2011
  • Gross sales of AUM/A of $9.7 billion, resulting in net flows of $4.2 billion

The following tables summarize the changes in AUM and AUA for the quarter and year ended December 31, 2012:

        Gross     Redemp-     Net     Market    
In Millions Except Account Data 9/30/12 Sales     tions     Flows

 Impact 

12/31/12
 
Assets under Management (AUM) $ 29,232 $ 3,319 $ (1,908 ) $ 1,411 $ 327 $ 30,970
Assets under Administration (AUA)   64,229   6,336       (3,565 )       2,771   368   67,368
Total AUM/A $ 93,461 $ 9,655     $ (5,473 )     $ 4,182 $ 695 $ 98,338
Fee-Based Accounts 427,112 43,532 (21,166 ) 22,366 449,478
 

During the fourth quarter, the Company added $1.5 billion of conversions included in the above AUM/A gross sales figures, and an additional $7.9 billion of conversions in Licensing.

        Gross     Redemp-         Market    
In Millions Except Account Data 12/31/11 Sales     tions     Net Flows

 Impact 

12/31/12
 
Assets under Management (AUM) $ 22,936 $ 12,487 $ (6,850 ) $ 5,637 $ 2,397 $ 30,970
Assets under Administration (AUA)   47,148   28,381       (12,520 )       15,861   4,359   67,368
Total AUM/A $ 70,084 $ 40,868     $ (19,370 )     $ 21,498 $ 6,756 $ 98,338
Fee-Based Accounts 340,674 191,551 (82,747 ) 108,804 449,478
 

During 2012, the Company added $10.4 billion of conversions included in the above AUM/A gross sales figures, and an additional $13.2 billion of conversions in Licensing.

Review of Fourth Quarter Financial Results

Adjusted revenues increased 46% to $44.6 million for the fourth quarter of 2012 from $30.5 million for the fourth quarter of 2011. The increase was primarily due to a 41% increase in revenues from AUM or AUA to $34.7 million from $24.6 million in the prior year period, as well as higher licensing and professional services revenues related to the acquisitions of Tamarac Inc. and Prima Capital Holding, Inc., both of which closed during the second quarter of 2012.

Total operating expenses in the fourth quarter of 2012 increased 52% to $42.7 million from $28.1 million in the prior year period. Cost of revenues increased 54% to $16.0 million in the fourth quarter of 2012 from $10.4 million in the fourth quarter of 2011 due to the increase in revenue from AUM or AUA and additional cost from acquired businesses. Compensation and benefits increased 59% to $15.2 million in the fourth quarter of 2012 from $9.6 million in the prior year period due to higher personnel cost from completed acquisitions, as well as higher stock-based compensation expense. General and administration expenses increased 34% to $8.1 million in the fourth quarter of 2012 from $6.0 million in the prior year period, primarily due to transaction costs related to the completed acquisitions, and ongoing expense from the acquired companies.

Income from operations was $1.7 million for the fourth quarter of 2012 compared to $2.4 million for the fourth quarter of 2011. Net income was $0.8 million, or $0.02 per diluted share, for the fourth quarter of 2012 compared to $1.8 million, or $0.06 per diluted share, for the fourth quarter of 2011. Adjusted EBITDA(1) in the fourth quarter of 2012 was $7.2 million, compared to $6.5 million in the prior year period. Adjusted Net Income(1) was $3.3 million, compared to $3.5 million in the fourth quarter of 2011. Adjusted Net Income Per Share(1) was $0.10 per diluted share, compared to $0.11 per diluted share in the fourth quarter of 2011.

Change in Independent Registered Public Accounting Firm

In a Form 8-K filed today with the Securities and Exchange Commission (“Commission”), the Company reported that its Audit Committee terminated McGladrey LLP (“McGladrey”) and appointed KPMG (“KPMG”) as its independent registered public accounting firm. The Audit Committee reached this decision after it was determined that certain non-audit tax services provided by McGladrey to Envestnet may be inconsistent with the Commission’s rules on auditor independence. As a result, KPMG will perform the Company’s 2012 audit, as well as a re-audit of the Company’s 2011 financial statements, to ensure independent audit opinions are provided on the Company’s financial statements.

Envestnet’s Audit Committee and management believe that the financial statements contained in this press release and Envestnet’s previous SEC filings fairly present, in all material respects, the financial condition and results of operations of Envestnet as of and for the periods presented and may continue to be relied upon. Nevertheless, in light of the requirements of federal securities laws and regulations and because the purpose of the auditor independence rules is to provide investors with confidence that audits of public companies are carried out objectively and impartially by the independent accounting firms, it has been determined that Envestnet’s investors will receive a meaningful benefit from the reassurance that will be provided by having Envestnet’s financial statements for the year ended December 31, 2011 re-audited by a new independent accountant. Consequently, Envestnet’s Audit Committee has engaged KPMG, as Envestnet’s new independent registered public accountants, to re-audit Envestnet’s financial statements for the year ended December 31, 2011 and to re-review Envestnet’s quarterly financial information that will be contained in Envestnet’s Annual Report on Form 10-K for the year ended December 31, 2012 (the “2012 Form 10-K”). Envestnet is working with KPMG to complete the necessary audit work as quickly as reasonably practicable. It is unlikely, however, that the audit for the year ended December 31, 2012 and the re-audit for the year ended December 31, 2011 will be completed on or before March 18, 2013, the date by which the 2012 Form 10-K must be filed with the SEC.

The Company's financial results presented in this press release have not yet been reviewed or audited by KPMG. Consequently, the financial results contained in this press release are subject to any adjustments that may result from the completion of the audit process which may be material. Furthermore, there can be no assurance that KPMG will not reach conclusions regarding the application of accounting standards, management estimates or other factors affecting our financial statements that are different from the Company's management in connection with their audit process, or that these conclusions will not require adjustments to our prior financial results.

Conference Call

The Company will host a conference call to discuss fourth quarter 2012 financial results today at 5:00 p.m. ET. The live webcast can be accessed from the Company's investor relations website at http://ir.envestnet.com/. The conference call can also be accessed live over the phone by dialing (877) 681-3374, or (719) 325-4910 for international callers. A replay will be available beginning one hour after the call and can be accessed from the Company’s investor relations website, or by dialing (877) 870-5176, or (858) 384-5517 for international callers; the conference ID is 3797447. The dial-in replay will be available for one week and the webcast replay will be available for one month following the date of the conference call.

About Envestnet

Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and simplify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. Envestnet solutions enable the transformation of wealth management into a transparent, conflict-free and fully-aligned standard of care, and empower advisors to deliver better results.

Envestnet's Advisor Suite® software empowers financial advisors to better manage client outcomes and strengthen their practice. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC®. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software. For more information on Envestnet, please visit www.envestnet.com.

(1) Non-GAAP Financial Measures

“Adjusted revenues” exclude the effect of purchase accounting on the fair value of acquired deferred revenue. Under U.S. GAAP, we record at fair value the acquired deferred revenue for contracts in effect at the time the entities were acquired. Consequently, revenue related to acquired entities for periods subsequent to the acquisition does not reflect the full amount of revenue that would have been recorded by these entities had they remained stand-alone entities.

“Adjusted EBITDA” represents net income before deferred revenue fair value adjustment, interest income, interest expense, income tax provision, depreciation and amortization, non-cash stock-based compensation expense, gain on investments, other income, restructuring charges and transaction costs, severance, customer inducement costs, and litigation related expense.

“Adjusted net income” represents net income before deferred revenue fair value adjustment, non-cash stock-based compensation expense, restructuring expense and transaction costs, severance, amortization of acquired intangibles, customer inducement costs, imputed interest expense and litigation related expense. Reconciling items are tax effected using the income tax rates in effect on the applicable date.

“Adjusted net income per share” represents adjusted net income divided by the diluted number of weighted-average shares outstanding.

See reconciliation of Non-GAAP Financial Measures at the end of this press release. These measures should not be viewed as a substitute for revenues or net income determined in accordance with United States generally accepted accounting principles (GAAP).

Cautionary Statement Regarding Forward-Looking Statements

The forward-looking statements made in this press release and its attachments concerning, among other things, Envestnet, Inc.’s (the “Company”) expected financial performance and outlook, its strategic operational plans and growth strategy are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and the Company’s actual results could differ materially from the results expressed or implied by such forward-looking statements. Furthermore, reported results should not be considered as an indication of future performance. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, difficulty in sustaining rapid revenue growth, which may place significant demands on the Company’s administrative, operational and financial resources, fluctuations in the Company’s revenue, the concentration of nearly all of the Company’s revenues from the delivery of investment solutions and services to clients in the financial advisory industry, the Company’s reliance on a limited number of clients for a material portion of its revenue, the renegotiation of fee percentages or termination of the Company’s services by its clients, the Company’s ability to identify potential acquisition candidates, complete acquisitions and successfully integrate acquired companies, the impact of market and economic conditions on the Company’s revenues, compliance failures, regulatory actions against the Company, the failure to protect the Company’s intellectual property rights, the Company’s inability to successfully execute the conversion of its clients’ assets from their technology platform to the Company’s technology platform in a timely and accurate manner, general economic conditions, changes to the Company’s previously reported financial information as a result of audit or reaudit, political and regulatory conditions, as well as management’s response to these factors. More information regarding these and other risks, uncertainties and factors is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) which are available on the SEC’s website at www.sec.gov or the Company’s Investor Relations website at http://ir.envestnet.com/. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release and its attachments is as of February 14, 2013 and, unless required by law, the Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

Envestnet, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share information)
(Unaudited)
       
December 31, December 31,
2012 2011
Assets
Current assets:
Cash and cash equivalents $ 29,983 $ 64,909
Fees receivable 9,000 9,644
Deferred tax assets, net 682 192
Prepaid expenses and other current assets   2,502     4,040  
Total current assets   42,167     78,785  
 
Property and equipment, net 11,791 11,091
Internally developed software, net 4,324 3,524
Intangible assets, net 27,150 12,225
Goodwill 66,152 22,223
Deferred tax assets, net 7,218 6,692
Other non-current assets   3,535     3,162  
Total assets $ 162,337   $ 137,702  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accrued expenses $ 20,507 $ 14,919
Accounts payable 3,156 1,974
Note payable - 171
Deferred revenue   5,768     79  
Total current liabilities   29,431     17,143  
 
Deferred rent liability 2,195 1,414
Lease incentive liability 3,886 2,933
Other non-current liabilities   753     573  
Total liabilities 36,265 22,063
 
Stockholders' equity   126,072     115,639  
Total liabilities and stockholders' equity $ 162,337   $ 137,702  
 
Envestnet, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share information)
(Unaudited)
       
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
 
Revenues:
Assets under management or administration $ 34,715 $ 24,567 $ 127,213 $ 99,236
Licensing and professional services   9,664     5,975     30,053     23,942  
Total revenues   44,379     30,542     157,266     123,178  
 
Operating expenses:
Cost of revenues 15,956 10,357 56,119 42,831
Compensation and benefits 15,247 9,612 55,278 40,305
General and administration 8,075 6,047 30,617 21,856
Depreciation and amortization 3,384 1,700 12,400 6,376
Restructuring charges   -     381     115     434  
Total operating expenses   42,662     28,097     154,529     111,802  
 
Income from operations   1,717     2,445     2,737     11,376  
 
Other income (expense):
Interest income 3 12 29 77
Interest expense - (165 ) (3 ) (786 )
Other income - - - 1,100
Other expense - (1,183 ) - (1,183 )
Loss on investments   -     -     -     (4 )
Total other income (expense)   3     (1,336 )   26     (796 )
 
Income before income tax provision (benefit)   1,720     1,109     2,763     10,580  
 
Income tax provision (benefit)   943     (720 )   1,363     2,975  
 
Net income $ 777   $ 1,829   $ 1,400   $ 7,605  
 
 
Net income per share:
Basic $ 0.02   $ 0.06   $ 0.04   $ 0.24  
 
Diluted $ 0.02   $ 0.06   $ 0.04   $ 0.23  
 
Weighted average common shares outstanding:
Basic   32,338,488     31,803,862     32,162,672     31,643,390  
 
Diluted   33,843,464     32,539,215     33,386,161     32,863,834  
 
Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
           
Twelve Months Ended
December 31,
2012 2011
 
OPERATING ACTIVITIES:
Net income $ 1,400 $ 7,605
Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation and amortization 12,400 6,376
Amortization of customer inducements - 4,568
Deferred rent and lease incentive 1,389 332
Loss on investments - 4
Write-off of customer inducemenet asset - 174
Contract settlement charges - 1,183
Deferred income taxes (664 ) 2,162
Stock-based compensation 4,342 3,062
Interest expense 3 786
Changes in operating assets and liabilities:
Fees receivable 1,205 1,940
Prepaid expenses and other current assets 3,518 (1,988 )
Customer inducements, net - (1,000 )
Other non-current assets (188 ) (1,006 )
Accrued expenses 3,406 802
Accounts payable 1,182 267
Deferred revenue 1,028 (507 )
Other non-current liabilities   180     (39 )
Net cash provided by operating activities   29,201     24,721  
 
INVESTING ACTIVITIES:
Purchase of property and equipment (4,838 ) (4,798 )
Capitalization of internally developed software (2,350 ) (1,482 )
Repayment of notes payable (174 ) (162 )
Proceeds from investments 7 28
Goodwill - working capital settlement 889 -
Acquisition of businesses, net   (62,352 )   (23,719 )
Net cash used in investing activities   (68,818 )   (30,133 )
 
FINANCING ACTIVITIES:
Proceeds from exercise of stock options 2,069 2,747
Issuance of restricted stock 2,759 -
Purchase of treasury stock   (137 )   (94 )
Net cash provided by financing activities   4,691     2,653  
 
DECREASE IN CASH AND CASH EQUIVALENTS   (34,926 )   (2,759 )
 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 64,909 67,668
   
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 29,983   $ 64,909  
 
Envestnet, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, except share and per share information, unaudited)
         
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
 
Revenue $ 44,379 $ 30,542 $ 157,266 $ 123,178
Deferred revenue fair value adjustment   230     -     1,248     -  
Adjusted revenues $ 44,609   $ 30,542   $ 158,514   $ 123,178  
 
 
Net income $ 777 $ 1,829 $ 1,400 $ 7,605
Deferred revenue fair value adjustment 230 - 1,248 -
Interest income (3 ) (12 ) (29 ) (77 )
Interest expense - 165 3 786
Income tax provision (benefit) 943 (720 ) 1,363 2,975
Depreciation and amortization 3,384 1,700 12,400 6,376
Stock-based compensation expense 1,217 703 4,342 3,062
Restructuring charges and transaction costs 506 689 2,718 1,054
Severance 49 25 278 698
Litigation related expense 115 13 265 128
Loss on investments - - - 4
Impairment of customer inducement asset - - - 174
Contract settlement charges - 1,183 - 1,183
Other income - - - (1,100 )
Customer inducement costs   -     948     -     4,568  
Adjusted EBITDA $ 7,218   $ 6,523   $ 23,988   $ 27,436  
 
 
Net income $ 777 $ 1,829 $ 1,400 $ 7,605
Deferred revenue fair value adjustment 137 - 746 -
Stock-based compensation expense 729 420 2,597 1,831
Restructuring charges and transaction costs 486 412 1,810 630
Severance 29 15 166 417
Amortization of acquired intangibles 1,053 176 3,687 559
Litigation related expense 69 8 158 77
Customer inducement costs - 567 - 2,732
Contract settlement charges - 1,183 - 1,183
Contract settlement - reversal of deferred taxes - (1,187 ) - (1,187 )
Impairment of customer inducement asset - - - 104
Other income - - - (658 )
Imputed interest expense   -     97     -     461  
Adjusted net income $ 3,280   $ 3,520   $ 10,564   $ 13,754  
 
Diluted number of weighted-average shares outstanding   33,843,464     32,539,215     33,386,161     32,863,834  
 
Adjusted net income per share $ 0.10   $ 0.11   $ 0.32   $ 0.42  
 

Note: Adjustments to net income, excluding $459 of non-deductible transaction costs in 2012, are tax-effected using an income tax rate of 40.2% for 2012 and 2011, respectively.

Envestnet, Inc.
Historical Assets, Accounts and Advisors
(in millions, except account and advisor data; unaudited)
                   
As of
December 31,

  March 31,  

   June 30,   

September 30, December 31,
2011     2012     2012     2012     2012
 
Platform Assets
Assets Under Management (AUM) $ 22,936 $ 26,084 $ 26,758 $ 29,232 $ 30,970
Assets Under Administration (AUA)   47,148       54,336       60,511       64,229       67,368
Subtotal AUM/A 70,084 80,420 87,269 93,461 98,338
Licensing   69,514       76,235       229,268       254,256       269,729
Total Platform Assets $ 139,598     $ 156,655     $ 316,537     $ 347,717     $ 368,067
 
Platform Accounts
AUM 124,636 134,294 141,695 148,920 156,327
AUA   216,038       229,942       274,322       278,192       293,151
Subtotal AUM/A 340,674 364,236 416,017 427,112 449,478
Licensing   588,038       588,936       1,138,233       1,170,978       1,228,016
Total Platform Accounts   928,712       953,172       1,554,250       1,598,090       1,677,494
 
Advisors
AUM/A 13,887 14,386 15,045 15,735 16,085
Licensing   5,709       5,351       6,758       6,878       6,941
Total Advisors   19,596       19,737       21,803       22,613       23,026
 

Note: Licensing metrics include Envestnet | Tamarac, which added approximately $149 billion in assets, 550,000 accounts and 1,700 advisors as of May 1, 2012.

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Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...