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ShoreTel Reports Financial Results for Second Quarter Fiscal Year 2014

27 Percent Cloud Revenue Growth Year-Over-Year;

SUNNYVALE, Calif., Jan. 23, 2014 /PRNewswire/ -- ShoreTel® (NASDAQ: SHOR), the leading provider of brilliantly simple phone systems and unified communications solutions, today announced financial results for the second quarter of its fiscal year 2014, which ended December 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20131118/MM19469LOGO)

For the second quarter of fiscal 2014, total revenue was $84.5 million, an increase of 13 percent compared to the second quarter of fiscal 2013. Non-GAAP net income, which excludes stock-based compensation charges, amortization of acquisition-related intangibles, other charges and related tax adjustments, for the second quarter of fiscal year 2014, was $3.2 million, or $0.05 per share. This compares with a non-GAAP net loss of $2.6 million, or $0.04 per share, in the second quarter of fiscal 2013. GAAP net loss was $0.9 million, or $0.02 per share, in the second quarter of fiscal 2014, compared with a GAAP net loss of $10.4 million, or $0.18 per share, in the second quarter of fiscal 2013.

"The positive second quarter results validate the ongoing value of our business model which led to our revenue growth, non-GAAP profitability and significant cash flow from operations," said Don Joos, president and CEO of ShoreTel. "We have strategically positioned the company for the growth opportunities in our industry and we remain focused on executing key initiatives including our enhanced channel partner program, sales team integration and product launches."

Second Quarter of Fiscal 2014 Financial Highlights

Recurring revenue, which consists of cloud monthly recurring revenue and premise support revenues, reached an annualized value of $126 million; an increase of 20 percent compared to the second quarter of fiscal 2013, and represented 37 percent of total revenues in the second quarter of fiscal 2014.

Non-GAAP gross margin, which excludes stock-based compensation charges, amortization of acquisition-related intangibles and other charges, for the second quarter of fiscal year 2014, was 60.7 percent, compared with 61.8 percent in the year-ago period. GAAP gross margin for the second quarter of fiscal year 2014 was 59.0 percent, compared with 58.8 percent in the second quarter of fiscal year 2013.

In the second quarter of fiscal 2014 the company generated free cash flow of $7.3 million consisting of $13.5 million in cash flow from operations less $6.2 million of capital expenditures.  The company reduced its debt obligations down to $9 million and had $57.3 million in cash, cash equivalents and short-term investments as of December 31, 2013.

Line of Business Results

ShoreTel Sky

ShoreTel Sky hosted revenues of $21.7 million were up 27 percent year-over-year and 5 percent sequentially.  Non-GAAP gross margins on hosted revenue were 39.8 percent in the second quarter of fiscal 2014, compared with 43.3 percent in the second quarter of fiscal 2013. The total number of installed customer seats increased 40 percent over the second quarter of fiscal 2013 to approximately 136,000. Annualized revenue churn remained slightly below 4 percent.

Premise Business

Premise revenues of $62.8 million were up 9 percent year-over-year and down 1 percent sequentially. Product revenues growth accelerated to 6 percent year-over-year and Support and Services revenues grew 18 percent year-over-year. Non-GAAP gross margins in the premise business were 67.9 percent in the second quarter of fiscal 2014, compared with 67.3 percent in the second quarter of fiscal 2013.

Selected Operational Metrics








Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended


12/31/13

09/30/13

06/30/13

03/31/13

12/31/12







Annual recurring revenue run rate (in millions)

$             125.6

$             121.1

$             114.7

$             108.3

$             104.9







Cloud Monthly Average Revenue Per User (ARPU)

$                   45

$                   47

$                   49

$                   50

$                   53







Cloud Average # of Seats per Customer 

44

43

44

43

41







Cloud Average Monthly Recurring Revenue Per Customer

$             1,982

$             2,040

$             2,123

$             2,131

$             2,162







Cloud Monthly Revenue Churn Rate

0.3%

0.3%

0.3%

0.3%

0.3%







Total Company Headcount

925

932

965

957

965







Non-GAAP Gross Margin-Premise

67.9%

68.5%

67.8%

68.3%

67.3%







Non-GAAP Gross Margin-Hosted

39.8%

43.4%

39.1%

41.7%

43.3%

Business Highlights

ShoreTel Launches Enhancements to its Channel Partner Program

In January ShoreTel launched its enhancements to its channel partner program.  Under the program many of ShoreTel's existing channel partners and new cloud partners complete product education and sales training related to ShoreTel's Sky products to prepare them to identify opportunities and sell ShoreTel's cloud solutions.  Many partners also make commitments to achieve certain sales targets under agreed upon compensation plans. 

The program is leveraging ShoreTel's experience with its mature channel partner network to attract customers that are larger and have more complex unified communications needs.     

ShoreTel Integrates its Cloud and Premise Sales Teams

In January ShoreTel integrated its cloud and premise sales teams.  In addition, certain members of the sales team now carry a cloud sales quota which is incremental to their premise quota. The increased coordination of the sales team and ShoreTel's channel partners further improves ShoreTel's ability to solve the unified communications needs of the company's total addressable market.

ShoreTel Appoints Mark Roberts as Chief Marketing Officer

In December, ShoreTel appointed Mark Roberts to be its new chief marketing officer.  Roberts has more than 20 years of technology marketing experience and brings strong technology, channel and unified communications expertise to ShoreTel. As such, Roberts' background is complementary to ShoreTel's strategic direction and growth initiatives, and he will play an instrumental role in executing the company's plans.  As ShoreTel's CMO, Roberts will lead the overall marketing strategy, product marketing, demand generation, branding and external communications.

ShoreTel Continues to Demonstrate its Industry Leadership and World Class Customer Service

ShoreTel's focus on its customers' primary needs was recognized by Frost & Sullivan, which named ShoreTel as North America's "Company of the Year for Unified Communications and Collaboration".  The report cites ShoreTel's ability to help its customers improve productivity and accelerate business processes as catalysts for long-term and sustainable growth.

ShoreTel's analytic research indicates that our customers who have received the best customer experience spend at twice the level as other customers. For the six months ending December 31, 2013, ShoreTel once again earned a Net Promoter Score above the world class threshold. 

Business Outlook

ShoreTel is providing the following outlook for its fiscal third quarter of 2014 ending March 31, 2014:

  • Revenue is expected to be in the range of $80 million to $85 million.
  • GAAP gross margin is expected to be in the range of 59 percent to 60 percent.  Non-GAAP gross margin, which excludes approximately $1.4 million in stock-based compensation charges, amortization of acquisition-related intangibles and other charges, is expected to be in the range of 61 percent to 62 percent.
  • GAAP operating expenses are expected to be in the range of $50.5 million to $51.5 million. Non-GAAP operating expenses, which excludes approximately $2.5 million in stock-based compensation charges, amortization of acquisition-related intangibles and other charges are expected to be in the range of $48 million to $49 million.

Conference Call Information

The Company will host a corresponding conference call and live webcast at 2:00 p.m. Pacific Time on Thursday, January 23, 2014. To access the conference call, dial +1-877-317-6789 for callers in the U.S. or + 1-412-317-6789 for international callers and provide the operator with the conference identification number of 10039017.

A live webcast will be available in the Investor Relations section of the Company's corporate website at http://ir.shoretel.com/ and an archived recording will be available beginning approximately two hours after the completion of the call.  An audio telephonic replay of the conference call will also be available beginning approximately one hour after the completion of the call until January 31, 2014 by dialing +1-877-344-7529 for callers in the U.S. or +1-412-317-0088 for callers outside the U.S. and providing the conference identification number of 10039017.

Use of Non-GAAP Financial Measures

ShoreTel reports all required financial information in accordance with generally accepted accounting principles in the United States ("GAAP"), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Many investors have requested that ShoreTel disclose this non-GAAP information because it is useful in understanding the company's performance as it excludes non-cash charges, other non-recurring adjustments and related tax adjustments, that many investors feel may obscure the company's true operating performance. Likewise, management uses these non-GAAP measures to manage and assess the profitability of its business and does not consider stock-based compensation charges and amortization charges related to acquisition-related intangible assets and the related tax adjustments, which are non-cash charges, or other non-recurring items in managing its core operations. ShoreTel has provided a reconciliation of non-GAAP financial measures following the text of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure.

Legal Notice Regarding Forward-Looking Statements

ShoreTel assumes no obligation to update the forward-looking statements included in this release. This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including, without limitation, statements by Don Joos, statements regarding future growth and statements in the "Business Outlook" section regarding ShoreTel's anticipated future revenues, gross margins, operating expenses and other financial information. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The risks and uncertainties include the intense competition in our industry, our reliance on third parties to sell and support our products, our ability to continue to grow our ShoreTel Sky business, market acceptance of cloud-based products, our ability to maintain our premise business in a profitable manner, supply and manufacturing risks, our ability to control costs as we expand our business, our ability to attract, retain and ramp new sales personnel, potentially longer sales cycles, uncertainties inherent in the product development cycle, uncertainty as to market acceptance of new products and services, the potential for litigation in our industry, the uncertain impact of global economic conditions, including impact on customers' purchasing decisions, and other risk factors set forth in ShoreTel's Form 10-K for the year ended June 30, 2013, and in its Form 10-Q for the quarter ended September 30, 2013.

Related Links & Conversation

About ShoreTel

ShoreTel, Inc. (NASDAQ: SHOR) is a leading provider of brilliantly simple IP phone systems and unified communications solutions. Its award-winning on-premises IP-PBX solution and cloud-based hosted phone system eliminate complexity and improve productivity. Recognized for its industry-leading customer experience and support, ShoreTel's innovative business phones, application integration, collaboration tools, mobility, and contact center applications enable users to communicate and collaborate no matter the time, place or device, with minimal demand on IT resources. ShoreTel is headquartered in Sunnyvale, Calif., and has regional offices and partners worldwide. For more information, visit www.shoretel.com.

ShoreTel, ShoreTel Sky and the ShoreTel logo are trademarks or registered trademarks of ShoreTel, Inc. in the United States and/or other countries.  All other trademarks, trade names and service marks herein are the property of their respective owners.

(Tables follow)


SHORETEL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)






As of


As of






December 31,


June 30,






2013


2013









ASSETS




Current assets:






Cash and cash equivalents

$          52,226


$    43,775


Short-term investments

5,080


7,501


Accounts receivable - net 

30,838


37,118


Inventories


19,282


18,891


Indemnification asset

6,151


6,277


Prepaid expenses and other current assets

5,897


6,417




Total current assets

119,474


119,979









Property and equipment - net 

19,333


15,625

Goodwill



122,750


122,750

Intangible assets


33,069


38,138

Other assets


3,088


3,295




Total assets

$        297,714


$  299,787

















LIABILITIES AND STOCKHOLDERS' EQUITY












Current liabilities:






Accounts payable 

$          14,337


$      9,790


Accrued liabilities and other

15,161


17,766


Accrued employee compensation

15,321


13,159


Accrued taxes and surcharges

11,100


11,312


Purchase consideration

3,684


3,577


Deferred revenue

43,889


39,692




Total current liabilities

103,492


95,296










Line of credit - net

9,048


29,004


Long-term deferred revenue

16,790


15,294


Other long-term liabilities

3,693


4,053




Total liabilities

133,023


143,647









Stockholders' equity:













Common stock

332,784


322,258


Accumulated deficit

(168,093)


(166,118)




Total stockholders' equity

164,691


156,140












Total liabilities and stockholders' equity 

$        297,714


$  299,787

 


SHORETEL, INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(Amounts in thousands, except per share amounts)


(Unaudited)














Three Months Ended


Six Months Ended




December 31,


December 31,




2013


2012


2013


2012











Revenue:









Product  

$46,557


$  43,769


$94,239


$  89,603


Hosted and related services

21,719


17,087


42,458


32,749


Support and services  

16,209


13,780


32,075


27,268



Total revenue  

84,485


74,636


168,772


149,620

Cost of revenue:









Product

16,341


15,069


32,637


30,856


Hosted and related services

14,078


11,400


26,611


20,542


Support and services

4,207


4,279


8,489


8,468



Total cost of revenue  

34,626


30,748


67,737


59,866

Gross profit

49,859


43,888


101,035


89,754


Gross profit %

59.0%


58.8%


59.9%


60.0%











Operating expenses:









Research and development

12,281


12,195


25,561


26,148


Sales and marketing

27,355


31,739


55,021


62,495


General and administrative

10,398


9,292


21,027


17,887



Total operating expenses  

50,034


53,226


101,609


106,530

Loss from operations

(175)


(9,338)


(574)


(16,776)

Other income (expense), net

(539)


(926)


(966)


(1,328)

Loss before provision for income tax

(714)


(10,264)


(1,540)


(18,104)

Provision for income tax

226


90


435


287

Net loss  

$    (940)


$(10,354)


$ (1,975)


$(18,391)

Net loss per share:









Basic and diluted

$   (0.02)


$    (0.18)


$   (0.03)


$    (0.32)











Shares used in computing net loss per share:









Basic and diluted

60,809


58,566


60,177


58,376

 

SHORETEL, INC.

GAAP TO NON-GAAP RECONCILIATION

(Amounts in thousands, except per share amounts)

(Unaudited)






















Three Months Ended


Six Months Ended




December 31, 


December 31, 




2013


2012


2013


2012

GAAP Premise gross profit

$ 42,218




$  38,201




$   85,188




$  77,547




Share-based compensation expense

142


 (a) 


273


 (a) 


418


 (a) 

530


 (a) 


Amortization of acquisition-related intangibles

268


 (b)  

260


 (b)  

537


 (b)  

520


 (b)  


Severance and other

-


 (c) 


-


 (c) 


-


 (c) 

2


 (c) 

Non-GAAP Premise gross profit

$ 42,628




$  38,734




$   86,143




$  78,599



Non-GAAP Premise gross margin

67.9%




67.3%




68.2%




67.3%





















GAAP Hosted gross profit

$   7,641




$    5,687




$   15,847




$  12,207




Share-based compensation expense

183


 (a) 


40


 (a) 


232


 (a) 

78


 (a) 


Amortization of acquisition-related intangibles

817


 (b)  

749


 (b)  

1,566


 (b)  

1,498


 (b)  


Severance and other

-


 (c) 


-


 (c) 


-


 (c) 

8


 (c) 


Prior quarter charge for change in estimate of sales, use and telecommunications tax

-


 (g) 


927


 (g) 


-


 (g) 


927


 (g) 

Non-GAAP Hosted gross profit

$   8,641




$    7,403




$   17,645




$  14,718



Non-GAAP Hosted gross margin

39.8%




43.3%




41.6%




44.9%





















GAAP total gross profit

$ 49,859




$  43,888




$ 101,035




$  89,754




Share-based compensation expense

325


 (a) 


313


 (a) 


650


 (a) 

608


 (a) 


Amortization of acquisition-related intangibles

1,085


 (b)  

1,009


 (b)  

2,103


 (b)  

2,018


 (b)  


Severance and other

-


 (c) 


-


 (c) 


-


 (c) 

10


 (c) 


Prior quarter charge for change in estimate of sales, use and telecommunications tax

-


 (g) 


927


 (g) 


-


 (g) 


927


 (g) 

Non-GAAP total gross profit

$ 51,269




$  46,137




$ 103,788




$  93,317



Non-GAAP total gross margin

60.7%




61.8%




61.5%




62.4%





















GAAP loss from operations

$    (175)




$   (9,338)




$      (574)




$ (16,776)




Share-based compensation expense

2,083


 (a) 


3,499


 (a) 


4,197


 (a) 

6,852


 (a) 


Amortization of acquisition-related intangibles

1,974


 (b)  

1,898


 (b)  

3,881


 (b)  

3,796


 (b)  


Severance and Other

-


 (c) 


-


 (c) 


1,019


 (c) 

382


 (c) 


Prior quarter charge for change in estimate of sales, use and telecommunications tax

-


 (g) 


1,875


 (g) 


-


 (g) 


1,875


 (g) 

Non-GAAP income (loss) from operations

$   3,882




$   (2,066)




$     8,523




$   (3,871)





















GAAP net loss

$    (940)




$ (10,354)




$   (1,975)




$ (18,391)




Share-based compensation expense

2,083


 (a) 


3,499


 (a) 


4,197


 (a) 

6,852


 (a) 


Amortization of acquisition-related intangibles

1,974


 (b)  

1,898


 (b)  

3,881


 (b)  

3,796


 (b)  


Severance and Other

-


 (c) 


-


 (c) 


1,019


 (c) 

382


 (c) 


Interest charge from change in fair value of purchase consideration

54


(d)


465


(d)


107


 (d) 

653


(d)


Deferred tax benefit (provision) arising from tax impact of above items

55


 (e) 


2


 (e) 


16


 (e) 


145


 (e) 


Prior quarter charge for change in estimate of sales, use and telecommunications tax

-


 (g) 


1,875


 (g) 


-


 (g) 


1,875


 (g) 

Non-GAAP net income (loss)

$   3,226




$   (2,615)




$     7,245




$   (4,688)





















Non-GAAP net income (loss) per share:

















Basic

$     0.05




$     (0.04)




$       0.12




$     (0.08)




Diluted (f)

$     0.05




$     (0.04)




$       0.12




$     (0.08)





















Shares used in computing net income (loss) per share: 
















Basic

60,809




58,566




60,177




58,376




Diluted (f)

62,999




58,566




61,651




58,376



 

SHORETEL, INC.

GAAP TO NON-GAAP RECONCILIATION FOOTNOTES

(Amounts in thousands)

(Unaudited)
































Three Months Ended


Six Months Ended




December 31, 


December 31, 




2013


2012


2013


2012

(a)

Stock-based compensation included in:














Cost of product revenue

$              16



$              34



$              45



$              84




Cost of hosted and related services revenue

183



40



232



78




Cost of support and services revenue

126



239



373



446




Research and development

402



919



966



1,978




Sales and marketing

510



1,073



1,054



1,935




General and administrative

846



1,194



1,527



2,331





$         2,083



$         3,499



$         4,197



$         6,852
















(b) 

Amortization of acquisition-related intangibles included in:














Cost of product revenue

$            268



$            260



$            537



$            520




Cost of hosted and related services

817



749



1,566



1,498




Sales and marketing

851



851



1,703



1,702




General and administrative

38



38



75



76





$         1,974



$         1,898



$         3,881



$         3,796
















(c)

Severance and other expense included in: 














Cost of hosted and related services

$               -



$               -



$               -



$                8




Cost of support and services revenue

-



-



-



2




Research and development

-



-



674



99




Sales and marketing

-



-



172



235




General and administrative

-



-



173



38





$               -



$               -



$         1,019



$            382






























(d)

Interest charge from change in fair value of purchase consideration included in Other Expense

$              54



$            465



$            107



$            653
















(e)

The deferred tax benefit (provision) arising from acquisition and tax impact of the items which are excluded in (a) to (d) above. 




















(f)

Potentially dilutive securities were not included in the calculation of diluted net loss per share for the periods which had a net loss because to do so would have been anti-dilutive.




















(g)

Prior quarter charge for change in estimate of sales, use and telecommunications tax recognized in the current quarter:









Cost of hosted and related services

$               -



$            927



$               -



$            927



General and administrative

-



948



-



948





$               -



$         1,875



$               -



$         1,875


 

SHORETEL, INC.

RECONCILIATION OF GAAP TO NON-GAAP FOR Q3 PROJECTIONS

(Amounts in thousands)

(Unaudited)












Three Months Ending





March 31, 2014












High


Low

GAAP gross profit %



60.0%


59.0%

Adjustments for stock-based compensation and acquisition-related intangible asset amortization



2.0%


2.0%

Non-GAAP gross profit %



62.0%


61.0%








Total GAAP operating expenses



$51,500


$50,500

Adjustments for stock-based compensation and acquisition-related intangible asset amortization



(2,500)


(2,500)

Total non-GAAP operating expenses



$49,000


$48,000

   Investor Contact:
Barry Hutton
Director, Investor Relations
408-962-2573
[email protected]

SOURCE ShoreTel

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Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
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 ...
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, 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. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that MangoApps 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., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...