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ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended June 30, 2014

ACI Worldwide (NASDAQ: ACIW), a leading global provider of electronic payment and banking solutions, today announced financial results for the period ended June 30, 2014. Management will host a conference call at 8:30 am ET to discuss these results as well as 2014 guidance. Interested persons may access a real-time audio broadcast of the teleconference at www.aciworldwide.com/investors or use the following numbers for dial-in participation: US/Canada: (866) 914-7436, International/Local: +1 (817) 385-9117. Please provide your name, the conference name ACI Worldwide, Inc. and conference code 72317567. There will be a replay available for two weeks on (855) 859-2056 for US/Canada Dial-In and +1 (404) 537- 3406 for International/Local Dial-In participants.

“ACI had a strong second quarter, driven by continued market interest in our Universal Payments solutions and solid execution company wide,” commented Phil Heasley, President and CEO, ACI Worldwide. “We expect the addition of Retail Decisions to continue this momentum and we remain optimistic regarding the remainder of 2014 and beyond.”

FINANCIAL SUMMARY

Financial Results for Q2

Non-GAAP revenue in Q2 was $255 million, an increase of $47 million, or 23%, above the prior year quarter. Excluding the Official Payments contribution of $39 million, organic revenue grew 4%.

New sales bookings, net of term extensions (SNET) increased 16% compared to the prior year quarter, or 14% excluding the contribution from Official Payments. Our 12-month backlog increased by $2 million from last quarter to $885 million, while our 60-month backlog increased by $14 million from last quarter to $3.92 billion.

Non-GAAP operating income was $31 million for the quarter, versus $17 million in the prior year quarter. Adjusted EBITDA of $56 million grew 46%, or $18 million above last year’s $38 million. Net EBITDA margin in Q2 2014 was 25% versus 19% margin last year, after adjusting for $34 million and $7 million of pass through interchange fees in Q2 2014 and Q2 2013, respectively.

Q2 GAAP net income was $11 million, or $0.10 per diluted share, versus net income of $2 million, or $0.02 per diluted share in Q2 2013. The variance was primarily driven by higher revenues and cost containment.

We ended the second quarter with $55 million in cash on hand. Operating free cash flow (OFCF) for the quarter was $28 million, up from $22 million in Q2 of last year. The quarter ended with a debt balance of $753 million, down from $779 million in Q1.

Reiterating Guidance

Excluding contribution from the pending acquisition of Retail Decisions (ReD), we continue to expect to generate non-GAAP revenue in a range of $1.06 to $1.08 billion for the full year. We expect non-GAAP revenue of $250 to $260 million in the third quarter. Adjusted EBITDA expectations remain in a range of $290 to $300 million. This guidance excludes approximately $15 million of significant integration-related expenses and includes $2 million for the deferred revenue adjustments. If closed in the middle of the third quarter, we expect the acquisition of ReD will generate approximately $18 million in revenue and $4 million in adjusted EBITDA for the remainder of 2014 and we will update our financial guidance upon closing. Lastly, our full year 2014 net new sales bookings growth is expected to be in the upper single digit range.

About ACI Worldwide

ACI Worldwide, the Universal Payments company, powers electronic payments and banking for more than 5,000 financial institutions, retailers, billers and processors around the world. ACI software processes $13 trillion in payments and securities transactions for more than 250 of the leading global retailers, and 21 of the world’s 25 largest banks. Through our comprehensive suite of software products and hosted services, we deliver a broad range of solutions for payment processing; card and merchant management; online banking; mobile, branch and voice banking; fraud detection; trade finance; and electronic bill presentment and payment. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.

To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries related to the acquisitions of S1 Corporation and Online Resources Corporation and significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization and share-based compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include:

  • Non-GAAP revenue: revenue plus deferred revenue that would have been recognized in the normal course of business by S1 and Online Resources if not for GAAP purchase accounting requirements. Non-GAAP revenue should be considered in addition to, rather than as a substitute for, revenue.
  • Non-GAAP operating income: operating income (loss) plus deferred revenue that would have been recognized in the normal course of business by S1 and Online Resources if not for GAAP purchase accounting requirements and significant transaction-related expenses. Non-GAAP operating income should be considered in addition to, rather than as a substitute for, operating income (loss).
  • Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and non-cash compensation, as well as deferred revenue that would have been recognized in the normal course of business by S1 and Online Resources if not for GAAP purchase accounting requirements and significant transaction related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, operating income (loss).

ACI is also presenting operating free cash flow, which is defined as net cash provided by operating activities, plus net after-tax payments associated with employee-related actions and facility closures, net after-tax payments associated with significant transaction-related costs, net after-tax payments associated with IBM IT outsourcing transition and termination, and less capital expenditures. Operating free cash flow is considered a non-GAAP financial measure as defined by SEC Regulation G. We utilize this non-GAAP financial measure, and believe it is useful to investors, as an indicator of cash flow available for debt repayment and other investing activities, such as capital investments and acquisitions. We utilize operating free cash flow as a further indicator of operating performance and for planning investing activities. Operating free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities. A limitation of operating free cash flow is that it does not represent the total increase or decrease in the cash balance for the period. This measure also does not exclude mandatory debt service obligations and, therefore, does not represent the residual cash flow available for discretionary expenditures. We believe that operating free cash flow is useful to investors to provide disclosures of our operating results on the same basis as that used by our management.

ACI also includes backlog estimates, which include all software license fees, maintenance fees and services specified in executed contracts, as well as revenues from assumed contract renewals to the extent that we believe recognition of the related revenue will occur within the corresponding backlog period. We have historically included assumed renewals in backlog estimates based upon automatic renewal provisions in the executed contract and our historic experience with customer renewal rates.

Backlog is considered a non-GAAP financial measure as defined by SEC Regulation G. Our 60-month backlog estimate represents expected revenues from existing customers using the following key assumptions:

  • Maintenance fees are assumed to exist for the duration of the license term for those contracts in which the committed maintenance term is less than the committed license term.
  • License, facilities management, and software hosting arrangements are assumed to renew at the end of their committed term at a rate consistent with our historical experiences.
  • Non-recurring license arrangements are assumed to renew as recurring revenue streams.
  • Foreign currency exchange rates are assumed to remain constant over the 60-month backlog period for those contracts stated in currencies other than the U.S. dollar.
  • Our pricing policies and practices are assumed to remain constant over the 60-month backlog period.

Estimates of future financial results are inherently unreliable. Our backlog estimates require substantial judgment and are based on a number of assumptions as described above. These assumptions may turn out to be inaccurate or wrong, including for reasons outside of management’s control. For example, our customers may attempt to renegotiate or terminate their contracts for a number of reasons, including mergers, changes in their financial condition, or general changes in economic conditions in the customer’s industry or geographic location, or we may experience delays in the development or delivery of products or services specified in customer contracts which may cause the actual renewal rates and amounts to differ from historical experiences. Changes in foreign currency exchange rates may also impact the amount of revenue actually recognized in future periods. Accordingly, there can be no assurance that contracts included in backlog estimates will actually generate the specified revenues or that the actual revenues will be generated within the corresponding 60-month period.

Backlog should be considered in addition to, rather than as a substitute for, reported revenue and deferred revenue.

Forward-Looking Statements

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as “believes,” “will,” “expects,” “anticipates,” “intends,” and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements in this press release include, but are not limited to, statements regarding: (i) interest in our Universal Payments solutions; (ii) expectations regarding the acquisition of Retail Decisions; (iii) optimism regarding the remainder of 2014 and beyond; (iv) expectations regarding revenue, adjusted EBITDA, and sales, net of term guidance in 2014; (v) expectations regarding Q3 2014 revenue; and (vi) expectations relating to the timing of the close of Retail Decisions and the revenue and EBITDA contributions during the remainder of 2014.

All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include but are not limited to, increased competition, the performance of our strategic product, UP BASE24-eps, demand for our products, restrictions and other financial covenants in our credit facility, consolidations and failures in the financial services industry, customer reluctance to switch to a new vendor, the accuracy of management’s backlog estimates, the maturity of certain products, our strategy to migrate customers to our next generation products, ratable or deferred recognition of certain revenue associated with customer migrations and the maturity of certain of our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, volatility and disruption of the capital and credit markets and adverse changes in the global economy, our existing levels of debt, impairment of our goodwill or intangible assets, litigation, future acquisitions, strategic partnerships and investments, risks related to the expected benefits to be achieved in the transaction with Online Resources and Official Payments, the complexity of our products and services and the risk that they may contain hidden defects or be subjected to security breaches or viruses, compliance of our products with applicable legislation, governmental regulations and industry standards, our compliance with privacy regulations, the protection of our intellectual property in intellectual property litigation, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, business interruptions or failure of our information technology and communication systems, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, exposure to unknown tax liabilities, and volatility in our stock price. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, Registration Statement on Form S-4, and subsequent reports on Forms 10-Q and 8-K.

       

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except share and per share amounts)

 
June 30, December 31,
  2014     2013  
ASSETS
Current assets
Cash and cash equivalents $ 54,982 $ 95,059
Receivables, net of allowances of $4,722 and $4,459, respectively 206,901 203,575
Deferred income taxes, net 74,247 47,593
Recoverable income taxes 3,009 2,258
Prepaid expenses 21,580 22,549
Other current assets   29,884     65,328  
Total current assets   390,603     436,362  
 
Property and equipment, net 54,731 57,347
Software, net 191,465 191,468
Goodwill 668,566 669,217
Intangible assets, net 224,505 237,693
Deferred income taxes, net 41,740 48,852
Other noncurrent assets   42,594     40,912  
TOTAL ASSETS $ 1,614,204   $ 1,681,851  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 41,235 $ 43,658
Employee compensation 36,665 35,623
Current portion of long-term debt 59,141 47,313
Deferred revenue 141,388 122,045
Income taxes payable 2,625 1,192
Deferred income taxes, net 691 753
Other current liabilities   55,639     95,016  
Total current liabilities   337,384     345,600  
 
Noncurrent liabilities
Deferred revenue 48,229 45,656
Long-term debt 693,500 708,070
Deferred income taxes, net 10,078 11,000
Other noncurrent liabilities   22,347     27,831  
Total liabilities   1,111,538     1,138,157  
 
Commitments and contingencies
 
Stockholders' equity
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued
and outstanding at June 30, 2014 and December 31, 2013 - -
Common stock; $0.005 par value; 280,000,000 shares authorized; 139,820,388
shares issued at June 30, 2014 and December 31, 2013 698 698
Additional paid-in capital 547,201 542,697
Retained earnings 269,317 263,855
Treasury stock, at cost, 25,736,694 and 23,255,421 shares at June 30, 2014 and December 31, 2013, respectively (300,454 ) (240,241 )
Accumulated other comprehensive loss   (14,096 )   (23,315 )
Total stockholders' equity   502,666     543,694  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,614,204   $ 1,681,851  
 

 

Note: All references to share amounts have been retroactively adjusted to reflect the July 10, 2014 three-for-one stock split for all periods presented.

 

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

                   

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

  2014     2013     2014     2013  
 
Revenues
License $ 61,377 $ 53,714 $ 97,079 $ 95,070
Maintenance 62,309 57,830 124,808 116,464
Services 24,991 26,964 47,579 50,893
Hosting   106,131     67,322     206,815     105,400  
Total revenues   254,808     205,830     476,281     367,827  
 
Operating expenses
Cost of license (1) 6,897 6,169 12,633 12,087
Cost of maintenance, services and hosting (1) 112,595 82,573 220,482 144,444
Research and development 38,876 38,391 76,332 75,540
Selling and marketing 28,007 27,538 55,916 52,612
General and administrative 24,682 26,147 49,798 51,184
Depreciation and amortization   17,010     13,490     34,088     24,447  
Total operating expenses   228,067     194,308     449,249     360,314  
 
Operating income   26,741     11,522     27,032     7,513  
 
Other income (expense)
Interest expense (9,329 ) (6,053 ) (18,504 ) (9,950 )
Interest income 135 211 334 342
Other, net   (3,901 )   (1,519 )   (4,958 )   1,646  
Total other income (expense)   (13,095 )   (7,361 )   (23,128 )   (7,962 )
 
Income (loss) before income taxes 13,646 4,161 3,904 (449 )
Income tax expense (benefit)   2,409     2,280     (1,558 )   (164 )
Net income (loss) $ 11,237   $ 1,881   $ 5,462   $ (285 )
 
Income (loss) per common share
Basic $ 0.10 $ 0.02 $ 0.05 $ (0.00 )
Diluted $ 0.10 $ 0.02 $ 0.05 $ (0.00 )
 
Weighted average common shares outstanding
Basic 113,907 119,505 114,663 118,781
Diluted 115,977 121,502 116,812 118,781
 

 

 

 

(1) The cost of software license fees excludes charges for depreciation but includes amortization of purchased and developed software for resale. The cost of maintenance, services and hosting fees excludes charges for depreciation.

Note: All references to share and per share amounts have been retroactively adjusted to reflect the July 10, 2014 three-for-one stock split for all periods presented.

             

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

For the Three Months Ended
June 30,

  2014     2013  
Cash flows from operating activities:
Net income $ 11,237 $ 1,881
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation 5,234 4,200
Amortization 15,309 12,720
Amortization of deferred debt issuance costs 1,332 1,556
Deferred income taxes (857 ) (680 )
Stock-based compensation expense 4,416 3,774
Excess tax benefit of stock options exercised (312 ) (373 )
Other 734 3,992
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables (6,156 ) (8,643 )
Accounts payable (1,723 ) (1,516 )
Accrued employee compensation 4,239 4,269
Current income taxes (1,438 ) (498 )
Deferred revenue (6,559 ) 5,799
Other current and noncurrent assets and liabilities   7,610     (3,777 )
Net cash flows from operating activities   33,066     22,704  
 
Cash flows from investing activities:
Purchases of property and equipment (4,091 ) (2,809 )
Purchases of software and distribution rights (3,411 ) (1,814 )
Other   (1,500 )   -  
Net cash flows from investing activities   (9,002 )   (4,623 )
 
Cash flows from financing activities:
Proceeds from issuance of common stock 686 463
Proceeds from exercises of stock options 1,230 1,719
Excess tax benefit of stock options exercised 312 373
Repurchases of common stock - (12,068 )
Repurchase of restricted stock and performance shares for tax withholdings (30 ) (54 )
Proceeds from revolving credit facility 10,000 -
Repayment of revolving credit facility (27,000 ) -
Repayment of term portion of credit agreement (8,871 ) (9,375 )
Payments on other debt and capital leases (6,305 ) (3,379 )
Payment for debt issuance costs - (264 )
Distribution to noncontrolling interest   (1,391 )   -  
Net cash flows from financing activities   (31,369 )   (22,585 )
 
Effect of exchange rate fluctuations on cash   3,351     (239 )
Net decrease in cash and cash equivalents (3,954 ) (4,743 )
Cash and cash equivalents, beginning of period   58,936     112,484  
Cash and cash equivalents, end of period $ 54,982   $ 107,741  
       

 

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

For the Six Months Ended
June 30,

  2014     2013  
Cash flows from operating activities:
Net income (loss) $ 5,462 $ (285 )
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation 10,558 7,964
Amortization 30,591 23,142
Amortization of deferred debt issuance costs 2,680 2,516
Deferred income taxes (12,134 ) (6,776 )
Stock-based compensation expense 9,188 7,724
Excess tax benefit of stock options exercised (4,382 ) (1,681 )
Other 671 2,035
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables (9,279 ) 22,028
Accounts payable (3,203 ) (10,731 )
Accrued employee compensation 659 (8,012 )
Current income taxes 4,728 3,780
Deferred revenue 20,337 21,737
Other current and noncurrent assets and liabilities   (7,553 )   (5,810 )
Net cash flows from operating activities   48,323     57,631  
 
Cash flows from investing activities:
Purchases of property and equipment (8,319 ) (9,050 )
Purchases of software and distribution rights (6,991 ) (4,578 )
Acquisition of businesses, net of cash acquired - (264,202 )
Other   (1,500 )   -  
Net cash flows from investing activities   (16,810 )   (277,830 )
 
Cash flows from financing activities:
Proceeds from issuance of common stock 1,338 938
Proceeds from exercises of stock options 4,117 5,583
Excess tax benefit of stock options exercised 4,382 1,681
Repurchases of common stock (70,000 ) (12,068 )
Repurchase of restricted stock and performance shares for tax withholdings (4,533 ) (5,574 )
Proceeds from term portion of credit agreement - 300,000
Proceeds from revolving credit facility 50,000 -
Repayment of revolving credit facility (35,000 ) -
Repayment of term portion of credit agreement (17,742 ) (13,125 )
Payments on other debt and capital leases (6,687 ) (11,717 )
Payment for debt issuance costs (163 ) (9,536 )
Distribution to noncontrolling interest   (1,391 )   -  
Net cash flows from financing activities   (75,679 )   256,182  
 
Effect of exchange rate fluctuations on cash   4,089     (4,571 )
Net increase (decrease) in cash and cash equivalents (40,077 ) 31,412
Cash and cash equivalents, beginning of period   95,059     76,329  
Cash and cash equivalents, end of period $ 54,982   $ 107,741  
                               
ACI Worldwide, Inc.
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1)
(unaudited and in thousands, except per share data)
 
FOR THE THREE MONTHS ENDED June 30,
2014 2014 2013 2013
Selected Non-GAAP Financial Data GAAP     Adj     Non-GAAP     GAAP     Adj     Non-GAAP     $ Diff     % Diff
 
Total revenues (2) $ 254,808 $ 459 $ 255,267 $ 205,830 $ 2,001 $ 207,831 $ 47,436 23 %
Total expenses (3) 228,067 (3,502 ) 224,565 194,308 (3,922 ) 190,386 34,179 18 %
Operating income (loss) 26,741 3,961 30,702 11,522 5,923 17,445 13,257 76 %
Income (Loss) before income taxes 13,646 3,961 17,607 4,161 5,923 10,084 7,523 75 %
Income tax expense (benefit) (4)   2,409       1,386         3,795       2,280       2,073         4,353       (558 )     -13 %
Net income (loss) $ 11,237     $ 2,575       $ 13,812     $ 1,881     $ 3,850       $ 5,731     $ 8,081       141 %
 
Depreciation 5,234 - 5,234 4,200 - 4,200 1,034 25 %
Amortization - acquisition related intangibles 5,803 - 5,803 4,803 - 4,803 1,000 21 %
Amortization - acquisition related software 5,125 - 5,125 4,507 - 4,507 618 14 %
Amortization - other 4,381 - 4,381 3,410 - 3,410 971 29 %
Stock-based compensation (5) 4,416 - 4,416 3,774 - 3,774 642 17 %
                                           
Adjusted EBITDA $ 51,700     $ 3,961       $ 55,661     $ 32,216     $ 5,923       $ 38,139     $ 17,522       46 %
 
Earnings per share information
Weighted average shares outstanding
Basic (5) 113,907 113,907 113,907 119,505 119,505 119,505
Diluted (5) 115,977 115,977 115,977 121,502 121,502 121,502
 
Earnings per share
Basic (5) $ 0.10 $ 0.02 $ 0.12 $ 0.02 $ 0.03 $ 0.05 $ 0.07 153 %
Diluted (5) $ 0.10 $ 0.02 $ 0.12 $ 0.02 $ 0.03 $ 0.05 $ 0.07 152 %

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

(2) Adjustment for ORCC deferred revenue that would have been recognized in the normal course of business but was not recognized due to GAAP purchase accounting requirements.

(3) Expense for significant transaction related transactions, including, $1.4 million for employee related actions, $0.6 million for data center moves and $1.5 million for professional and other fees in 2014 and $2.4 million for employee related actions and $1.5 million for other professional fees in 2013.

(4) Adjustments tax effected at 35%.

(5) All references to share and per share amounts have been retroactively adjusted to reflect the July 10, 2014 three-for-one stock split for all periods presented.

       

Quarter Ended
June 30,

Reconciliation of Operating Free Cash Flow (millions)   2014     2013  
 
Net cash provided by operating activities $ 33.1 $ 22.7
Payments associated with acquired opening balance sheet liabilities 0.3 -
Net after-tax payments associated with employee-related actions (4) 0.9 2.1
Net after-tax payments associated with lease terminations (4) 0.2 0.2
Net after-tax payments associated with significant transaction related expenses (4) 1.2 1.4
Less capital expenditures   (7.5 )   (4.6 )
Operating Free Cash Flow $ 28.2   $ 21.8  

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SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
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WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
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As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...