Press Releases

Zenedge and Internet2 Team up for DDoS Mitigation; Benefits Extended to Thousands of Institutions Across the U.S. Research and Education Community

AVENTURA, Fla., July 11, 2017 /PRNewswire/ — Zenedge, a leading provider of cloud-based, artificial intelligence (AI) driven Web Application Firewall (WAF), malicious bot detection and DDoS cybersecurity solutions, and Internet2, a non-profit, member-driven advanced technology community, announced today an agreement that will provide a best-in-class DDoS mitigation solution and 24/7 managed security service across Internet2’s research and education network. Founded by thirty-five research universities, Internet2 provides a national technology infrastructure and advanced research network that serves as a collaboration environment for many of the nation’s researchers. Since its founding, it has served to connect researchers who work together to solve common technology challenges and to develop innovative solutions in support of their educational, research and community service missions. Today, over 300 universities from across the United States are members of this advanced technology consortium and are joined by over sixty businesses and government agencies.

“As the frequency and magnitude of DDoS attacks continue to rise, there is a pressing need to protect the networks of regional and educational institutions across the United States from the damage and network disruption these attacks may cause,” said Paul Howell, chief cyberinfrastructure security officer at Internet2. “Zenedge’s DDoS solution is now available to all Internet2 members – addressing this critical cybersecurity need across our entire community, while also delivering economies of scale and affordability for a fully managed, enterprise-grade service.”

Unlike traditional on-premise, application-based DDoS protection solutions that require hardware capex investment and dedicated staff to manage the hardware and monitor and mitigate attacks – the Zenedge DDoS solution is entirely cloud-based, allowing Internet2 members to be provisioned and ready to be protected within hours, while the monitoring and mitigation task is managed around-the-clock by Zenedge’s security operation centers.

“We are excited to have the opportunity to provide our best-in-class DDoS mitigation capabilities to the Internet2 community,” said Yuri Frayman, CEO at Zenedge. “These types of attacks are increasingly prevalent in higher education and can cause critical disruption and downtime – all universities must take necessary steps to protect their networks. This agreement is further validation of our unique IP and our deep cybersecurity expertise to provide effective solutions to meet the market’s needs.”

Zenedge DDoS is available immediately as a subscription service for all members of the Internet2 community at pre-negotiated, discounted rates.

About Internet2
Internet2® is a non-profit, member-driven advanced technology community founded by the nation’s leading higher education institutions in 1996. Internet2 serves 321 U.S. universities, 62 government agencies, 43 regional and state education networks and through them supports more than 94,000 community anchor institutions, over 900 InCommon participants, and 78 leading corporations working with our community, and 61 national research and education network partners that represent more than 100 countries.

Internet2 delivers a diverse portfolio of technology solutions that leverages, integrates, and amplifies the strengths of its members and helps support their educational, research and community service missions. Internet2’s core infrastructure components include the nation’s largest and fastest research and education network that was built to deliver advanced, customized services that are accessed and secured by the community-developed trust and identity framework.

Internet2 offices are located in Ann Arbor, Mich.; Denver, Colo.; Emeryville, Calif.; Washington, D.C.; and West Hartford, Conn. For more information, visit www.internet2.edu or follow @Internet2 on Twitter.

About Zenedge
Zenedge is a leading global provider of cloud-based, artificial-intelligence driven cybersecurity solutions, including Web Application Firewall (WAF), DDoS mitigation, bot management, API security and malware protection, bundled with a 24×7 managed security service.  Zenedge protects over 800,000 web applications and networks for organizations in eCommerce, Education, Energy, Entertainment, Financial Services, Gaming, Government, Healthcare, Media and Technology industries. Zenedge is headquartered in Aventura, Florida. For more information, visit www.zenedge.com.

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SOURCE Zenedge

Data is the fuel and analytics the engine of new economy: Oliver Schabenberger

Automation, machine learning and artificial intelligence are changing how firms use software analytics, says Oliver Schabenberger, CTO of SAS Institute

 

Wecast to Sell Interests in 3 Non-Core Assets for RMB100 Million (approx. $14.75 Million USD at current exchange rates) in Cash and Stock

NEW YORK, July 10, 2017 /PRNewswire/ — Wecast Network, Inc. (NASDAQ: WCST) (“Wecast” or “WCST or the “Company”) is pleased to announced that it has completed a definitive agreement to sell to BT Capital Global Limited (an affiliate of WCST’s Chairman Bruno Wu), the issued and outstanding stock that WCST holds in three separate non-core assets. In exchange for the issued and outstanding stock, WCST will receive consideration of RMB100 million (approximately $14.75 million USD at current exchange rates) in a combination of cash and publicly traded stock to be paid to WCST within one year of closing.  A minimum of 20% of the total consideration to WCST will be paid in cash (approximately $2.95 million USD).  If any portion of the consideration is in the form of publicly traded stock, the securities will represent a public company affiliated with BT Capital, in an industry related to WCST’s and with an average daily trading value of at least $146,000 USD.  A fairness opinion, or an independent opinion on the financial fairness of the proposed transaction, will be conducted by a third-party valuation firm before the consideration is delivered to WCST.

The assets being sold to BT Capital Global Limited include:

  • WCST’s 80% equity interest in Zhong Hai Shi Xun Media;
  • WCST’s 13% equity interest in Nanjing Tops Game;
  • A portion of WCST’s 40% total equity interest in the recently announced Pantaflix JV, which will leaves WCST with a remaining 15% stake post transaction.

The impetus behind the asset sales of Zhong Hai Shi Xun Media and Nanjing Tops Game is to streamline the future operations and auditing of the WCST company as a whole by eliminating and monetizing legacy non-core businesses.  The sale of a portion of WCST’s equity ownership in the Pantaflix JV and the resulting equity ownership percentage, allows WCST to realize gains and still benefit from the JV’s future potential upside.

About Wecast Network, Inc. (http://corporate.wecastnetworkinc.com)

Wecast Network (NASDAQ: WCST) is aiming to be the leading provider of total B2B business solutions for today’s constantly evolving business landscape.  With a focus on ‘BASE’ technology and infrastructure (Blockchain, Artificial Intelligence, Supply Chain & Exchanges) to power our V PaaS (Virtual Platform as a Service), WCST is creating a closed trade ecosystem for buyers and sellers designed to eliminate supply chain and transactional middlemen and create a more direct and margin-expanding trading path for principals.  WCST is applying BASE + V PaaS to focus on 3 Core Cloud Areas: I. Brand, Content & Intellectual Property Cloud; II. Product Sales Cloud; III. Transactional Finance Product Cloud.  With the three clouds functioning both independently and interdependently, Wecast is creating a vertical, transactional and flexible platform for today’s global enterprises.

The Company’s mission and vision is to be the world’s leading cloud-based, total B2B enterprise solution & platform provider that empowers businesses to grow with Big Data technology.

Safe Harbor Statement

This press release contains certain statements that may include “forward looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONTACT:
Jason Finkelstein                               
Wecast Network, Inc.                                  
212-206-1216                                            

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SOURCE Wecast Network, Inc.

U.S. Businesses Restructuring Operations to Reap Future Financial Success, Says Intelenet Global Services

NEW YORK, July 10, 2017 /PRNewswire/ — Automation, cloud services and Big Data are rapidly transforming the business-critical function, allowing finance executives to feed in real-time updates to forward plan and steer the direction of a business.

Finance executives are increasingly using data analytics when it comes to accounting. The ability to convert data into compelling insights is needed for accurate reporting, forecasting and budgeting. These new technologies are putting much emphasis on forward planning, where data is being utilized as a way to predict trends, manage mistakes and provide smoother workflow processes to bridge the cash flow gap.

In the retail sector, these technologies are becoming increasingly important in today’s digital economy. Back-end technology directly affects front-end performance, driving retailers to partner with software solution providers to introduce new and connected sensor-based applications, in order to remain competitive and improve the customer experience.

Investing in IT infrastructure is imperative for financial success in retailing. For example, the utilization of data analytics is being used through artificial intelligence tools and sensors that track in-store customer behavior and activity.

These technologies allow teams to provide have more financial transparency across different business processers, such as tax filing and invoicing administration.

Retailers are introducing end-to-end smart sensor solutions for the Internet of Things (IoT) market, as a means of improving customer experience and profitability. With smart platforms, brick-and-mortar retail stores can transform inventory tracking, collect in-depth intelligence on customer behavior and preferences, and reduce losses from misplaced items and loss of inventory. Gartner estimates that the number of connected devices will triple by 2020, reaching a total number of 21 billion.

But according to Mckinsey & Co., U.S. retailers are using only 30 percent to 40 percent of the value possible from data analytics. However, those numbers are expected to grow as more retailers use Big Data to utilize store layout and design, creating insight that has not been previously possible.

Bhupender Singh, CEO of Intelenet® Global Services, comments: “When it comes to expanding the footprint of any retail company – whether that is online or in-store – the financial management process plays a crucial role in guiding the decision making of where investment should be directed.

Bhupender Singh continues: There is a great deal of emphasis on data being used to better understand customer behavior, preference and shopping behavior. But it is also important to recognize the role data plays in helping a business to model the financial implications, both in the short and longer term, of different market strategies.”

About Intelenet® Global Services:

Intelenet® is a large global Business Process Outsourcing player, committed to delivering its clients’ strategic goals and helping in enhancing, broadening, and deepening the relationship to add value.

Backed by The Blackstone Group, a leading Global Private Equity player, with a current portfolio of clients that includes several Fortune 500 companies, Intelenet® Global Services is a 55,000 people organization spread across 70 global delivery centers across America, UK, Europe, Middle East, Philippines and India; supporting 100+ clients in over 25 languages. Intelenet® provides innovative, cutting-edge solutions, supporting customers across Contact Center solutions, F&A, HRO, IT solutions and security & compliance across Banking and Financial Institutions, Healthcare, Travel and Hospitality, Telecom, Retail, Manufacturing, Logistics and Utilities & Energy verticals. Intelenet® Global Service’s range of integrated BPM services deliver transformational benefits to clients through reduced costs, ongoing productivity improvements, and process re-engineering.

For more information, please contact:

For more information, interviews or images please contact either Marc Weinstein or Romana Shah at 167083@email4pr.com or 0203 357 9740. You can also email intelenet@flamepr.com or call 0203 357 9740.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-businesses-restructuring-operations-to-reap-future-financial-success-says-intelenet-global-services-300484803.html

SOURCE Intelenet Global Services

Hexaware Unveils a Bold, Renewed Brand Identity

MUMBAI, India, July 10, 2017 /PRNewswire/ —

Hexaware Technologies Ltd, India’s fast growing automation-led, next-generation provider of IT, BPO and Consulting services is proud to unveil its new brand identity and logo today. The new logo reflects the vibrant personality and renewed purpose of the organization. 

To view the Multimedia News Release, please click:

https://www.multivu.com/players/uk/8133951-hexaware-unveils-new-brand-identity/

This new brand identity is an important milestone given Hexaware’s vision for the future which is: Fearlessly challenging traditional IT approaches, helping reimagine businesses, shrinking IT costs and embarking customers onto an optimistic digital future.

Along with this futuristic vision, the logo seeks to reinforce a youthful outlook, create a strong visual representation of a move towards digitization, while honouring the company’s iconic heritage. It also seeks to embody the high passion and progressive change that the company is embracing with automation, innovation and artificial intelligence.

Srikrishna, Chief Executive Officer and Executive Director, Hexaware Technologies: 

“Hexaware has been on a fantastic trajectory. Our new brand identity projects all that Hexaware, as a company has stood for in the past and the promise it holds for the future. We are on a mission to stay relevant today; make an impact and steer our customers in the right direction, in this rapidly changing technology dynamics.”

This bolstered global aspiration conveys Hexaware’s passion for disruption, its commitment to innovate further and serve customers better.

About Hexaware 

Hexaware is a fast growing IT, BPO and Consulting Company. Our focus is to help customers Shrink IT to eliminate costs and improve delivery of commodity IT using automation and technology. Transforming customer experience is at the heart of our Grow Digital strategy. We serve customers in Banking, Financial Services, Capital Markets, Healthcare, Insurance, Manufacturing, Retail, Education, Telecom, Travel, Transportation and Logistics. Learn more about Hexaware at http://www.hexaware.com.

Sreedatri Chatterjee
sreedatric@hexaware.com

 

     (Logo: http://mma.prnewswire.com/media/530945/Hexaware_Rebranding_Logo.jpg )

Video: 
     https://www.multivu.com/players/uk/8133951-hexaware-unveils-new-brand-identity/

SOURCE Hexaware Technologies Ltd

Motionloft has been selected as a 2017 Red Herring Top 100 North America Winner

SAN FRANCISCO, July 10, 2017 /PRNewswire/ — Motionloft has been awarded Red Herring Top 100 North America 2017. Recognized among North America’s most exciting and innovative private companies, Motionloft is changing the way cities, property owners, and retailers see the world. By delivering pedestrian and vehicle behavior via real-time reporting, Motionloft brings artificial intelligence technology to real world situations, helping commercial real estate owners operate properties more efficiently, allowing cities to develop safer traffic plans, and enabling retailers to optimize merchandising decisions.

Motionloft

Red Herring’s experts have been evaluating the world’s startups and tech companies for over two decades. Past winners include Alibaba, Google, Kakao, Skype, Spotify, Twitter, and YouTube.

“Motionloft has broken many conventional rules and is providing invaluable data to its users,” says Alex Vieux, publisher and chairman of Red Herring.  “The company is run by seasoned management and is building a substantive market footprint. Hence, it was one of those easier choices. Picking Motionloft and its team as a Red Herring North America 2017 Top 100 is a justified recognition for superior performance.”  

Motionloft – The Real World in Real Time

One example where Motionloft is represented in many use cases is the City of Las Vegas.  As a part of a Smart City technology infrastructure investment, the city of Las Vegas has partnered with Motionloft to enhance pedestrian safety in its Innovation District downtown. Motionloft services the retail industry there to ease congestion in an outdoor setting.  In one of the busiest quick service restaurants of a global brand and located in Las Vegas, Motionloft supplies real time information to optimize customer service and operational needs.

Las Vegas is a good example of why Motionloft was chosen as a winner and represents exactly what Motionloft is achieving in all our markets, serving cities, retailers and property owners for their personalized use cases, with the most sophisticated physical data analytics platform available,” says Joyce Reitman, CEO of Motionloft.  

About Motionloft
Motionloft is an investment of Mark Cuban Companies and is based in San Francisco, California. Motionloft provides data analytics serving pedestrian and vehicle real time counts to many of the largest retailers and property owners in the world plus smart cities.  

For more information on Motionloft visit www.motionloft.com  

Contact Joyce Reitman – CEO 
(415) 625-0162 
joyce.reitman@motionloft.com

View original content with multimedia:http://www.prnewswire.com/news-releases/motionloft-has-been-selected-as-a-2017-red-herring-top-100-north-america-winner-300484971.html

SOURCE Motionloft

Barracuda Reports First Quarter Fiscal 2018 Results

CAMPBELL, Calif., July 10, 2017 /PRNewswire/ — Barracuda Networks, Inc. (NYSE: CUDA), a leading provider of cloud-enabled security and data protection solutions, today announced results for its first quarter fiscal 2018 that ended May 31, 2017.

Barracuda Logo. (PRNewsFoto/Barracuda Networks, Inc.)

“We delivered a strong first quarter exceeding our guidance on both revenue and billings, driven by continued momentum with our email security, public cloud and MSP solutions, which led to 20% core product billings growth year-over-year. We also had strong customer renewals in the quarter that contributed to an annualized renewal rate of 93% and included expanding a multi-year public cloud engagement with a Fortune 500 customer,” said BJ Jenkins, president and CEO. “We are excited by the progress we are making in our core focus areas as a growing number of customers turn to Barracuda for our email security and management, network and application security and data protection solutions. We plan to continue to invest in the growth opportunities we see in the market and provide new easy-to-deploy and manage solutions that help customers navigate the evolving threat landscape safely and affordably.”

First Quarter Fiscal 2018 Financial Summary

  • Total revenue increased 9% to $94.2 million, compared with $86.7 million in the first quarter of fiscal 2017. Subscription revenue grew to $73.9 million, up 13% from $65.3 million in the first quarter of fiscal 2017, representing 78% of total revenue, and appliance revenue was $20.3 million, compared with $21.3 million in the first quarter of fiscal 2017.
  • Gross billings were $105.2 million, compared with $98.2 million in the first quarter of fiscal 2017. Billings for core products increased 20% to $67.1 million, compared with $55.9 million in the first quarter of fiscal 2017. The number of active subscribers grew approximately 17% to over 335,000 as of May 31, 2017. The renewal rate was 90% on a dollar-basis and in constant currency, and 93% on an annualized basis.
  • GAAP net income was $2.7 million, or $0.05 per share, based on a diluted share count of 54.3 million, compared to a GAAP net income of $2.8 million, or $0.05 per share, in the first quarter of fiscal 2017.
  • Non-GAAP net income was $10.0 million, or $0.18 per share, based on a diluted share count of 54.3 million. Non-GAAP net income excludes $7.4 million in stock-based compensation expense, $1.8 million in income tax benefits, $1.7 million in amortization of intangibles, $1.0 million in other income and $0.9 million in acquisition and other charges.

The reconciliation between non-GAAP and their most closely comparable GAAP equivalent is contained in the tables below.

Recent Company Highlights

  • Expanded Email Security Suite: Launched Barracuda Sentinel, a new AI solution that prevents spear phishing and cyber fraud in real time. Barracuda Sentinel combines powerful artificial intelligence technology, domain fraud protection using DMARC authentication, and fraud simulation training into a comprehensive solution that guards against spear phishing, impersonation attempts, business email compromise (BEC), and cyber fraud. Barracuda Sentinel is delivered as a cloud service, without any hardware or software to install or maintain. Barracuda Sentinel works alongside existing email security solutions, including native Microsoft Office 365, Barracuda Essentials, or others—and is available today for Microsoft Office 365 users worldwide. For additional information, visit https://www.barracudasentinel.com.
  • Continued Public Cloud Momentum: Expanded Cloud Ready program to offer organizations a free cloud license for Barracuda Web Application Firewall and Barracuda NextGen Firewall on Amazon Web Services and Microsoft Azure for 90 days. Barracuda’s cloud-enabled security suite allows customers to deploy their applications and workloads securely with the same powerful capabilities and intuitive user interfaces whether deployed on-premises or in the cloud. Barracuda offers a variety of flexible pricing options, including bring-your-own-license, pay-as-you-go, and metered billing.
  • Enhanced MSP Offerings: Introduced two new MSP professional services offerings to complement the MSP editions of the Barracuda NextGen Firewall and the Barracuda Backup Appliance. These new services offer 24/7/365 monitoring and management, enabling MSPs to offer security and data protection to customers, while freeing up and supplementing their MSP team.
  • Achieved Industry Recognition: Recognized with numerous awards and accolades for technology innovation, channel commitment, and customer service – 2017 Redmond Channel Partner Editor’s Choice Award for Best Security Product for Barracuda NextGen Firewall for Azure; SC Magazine 5-Star Review in the Ransomware Group Test for Barracuda Advanced Threat Protection; Channel Partner Program of the Year and Editor’s Choice Vendor Award in the 2017 Storage Awards; 2017 CRN 5-Star Partner Program Achievement for both channel/VAR and MSP partner programs; Best Customer Service in 2017 SC Awards Europe.

Conference Call Information

Barracuda will host a conference call and corresponding live webcast at 1:30 p.m. PT today. To access the conference call, dial 1-855-560-2573 for the U.S. or 1-412-542-4159 for international callers. The webcast will be available live on the investor relations section of the company’s website at investors.barracuda.com, and via replay beginning approximately one hour after the completion of the call for a period of one year. An audio replay of the call will be available to investors beginning at approximately 5:00 p.m. PT today through July 17, 2017 by dialing 1-877-344-7529 in the U.S. or 1-412-317-0088 for international callers, and entering conference ID 10108479. Additional supplemental financial information will also be accessible on the company’s website at investors.barracuda.com.

Forward-Looking Statements
This announcement contains forward-looking statements related to our strategy and core products, the adoption of our cloud and security and data protection products, potential benefits from newly launched and updated products to customers and partners, and potential results from new initiatives, channels and go-to-market strategies that involve risks and uncertainties, including statements regarding our expectations regarding financial performance, and the potential impact of our new and updated products. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: fluctuations in demand for our products and services; a highly competitive and evolving business environment for network security and storage solutions; the company’s effectiveness in controlling expenses and timing of infrastructure costs; the effects of significant developments in IT infrastructure deployments, particularly cloud computing; the impact of foreign currency fluctuations; the possibility that we might experience delays in the development of new technology and products; risks related to recent or future acquisitions; customer response to our new technology and products; risks related to pending or future litigation and regulatory matters; a dependency on third parties for certain components of our products and the impact of changes in our management team. The company undertakes no obligation to update the forward-looking information in this release. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including, without limitation, under the captions: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Risk Factors,” which are on file with the Securities and Exchange Commission.

Non-GAAP Financial Measures
Barracuda provides all financial information required in accordance with generally accepted accounting principles (GAAP). To supplement our consolidated financial statements presented in accordance with GAAP, we are also providing with this press release and on our conference call with non-GAAP net income, non-GAAP operating income, non-GAAP gross margins, non-GAAP operating expenses, adjusted EBITDA and free cash flow. In preparing our non-GAAP information, we have excluded certain amounts as set forth in the attached financial tables and footnotes. We believe that excluding these items provides both management and investors with additional insight into our current operations and the trends affecting the company. In particular, management finds it useful to exclude these items in order to more readily correlate the company’s operating activities with the company’s ability to generate cash from operations. Accordingly, management uses these non-GAAP measures, along with the comparable GAAP information, in evaluating our historical performance and in planning our future business activities. Please note that our non-GAAP measures may be different than those used by other companies. The additional non-GAAP financial information we present should be considered in conjunction with, and not as a substitute for, our financial information presented in accordance with GAAP. We have provided reconciliations of these non-GAAP measures to their comparable GAAP measures for the periods presented in this release, which exclude certain amounts as set forth in the attached financial tables and footnotes for these periods. These measures should only be used to evaluate the company’s results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the company’s ongoing performance as a business. Barracuda uses both GAAP and non-GAAP measures to evaluate and manage its operations.

Beginning in the third quarter of fiscal 2017, we modified our reporting practices and our historical presentation of adjusted EBITDA and free cash flow. We no longer adjust for changes in deferred revenue and associated deferred costs in our calculation of adjusted EBITDA, and for free cash flow we will not adjust for the cash payment impact of acquisition and other charges. Prior period information has been recast to conform to the adjusted calculations.

Forward-looking non-GAAP financial measures included in Barracuda’s guidance exclude amortization of intangible assets, stock-based compensation expense, acquisition and other charges, income tax effects related to such exclusions and other expense (income) adjustments. Barracuda does not provide reconciliations of its forward-looking non-GAAP financial measures to the corresponding GAAP measures due to the high variability of, and difficulty in making accurate forecasts and projections with respect to, the items excluded from these non-GAAP financial measures. In particular, stock-based compensation and related taxes are impacted by the company’s future hiring and retention needs, as well as the future fair market value of its common stock, all of which is difficult to predict and subject to constant change. Accordingly, reconciliations of its forward-looking non-GAAP financial measures to the corresponding GAAP measures are not available without unreasonable effort. The actual amounts of these excluded items will have a significant impact on the company’s GAAP operating income (loss) and net income (loss) per diluted share.

About Barracuda Networks, Inc. (NYSE: CUDA)
Barracuda (NYSE: CUDA) simplifies IT with cloud-enabled solutions that empower customers to protect their networks, applications and data, regardless of where they reside. These powerful, easy-to-use and affordable solutions are trusted by more than 150,000 organizations worldwide and are delivered in appliance, virtual appliance, cloud and hybrid deployment configurations. Barracuda’s customer-centric business model focuses on delivering high-value, subscription-based IT solutions that provide end-to-end network and data protection. For additional information, please visit barracuda.com.

Barracuda Networks, Barracuda, and the Barracuda Networks logo are registered trademarks of Barracuda Networks, Inc. in the US and other countries.

Contacts:
Investor Relations: Maria Riley; +1 415-217-7722; ir@barracuda.com
Corporate Communications: Mary Catherine Petermann; +1 404-307-6290; mc@barracuda.com

Barracuda Networks, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

As of 

As of 

May 31, 2017(1)

February 28, 2017

Assets

Current assets:

Cash and cash equivalents

$         126,676

$                   120,194

Marketable securities

80,660

79,915

Accounts receivable, net of allowance for doubtful accounts 

39,654

40,560

Inventories, net

6,443

5,847

Deferred costs

33,403

32,598

Other current assets

9,374

16,295

Total current assets

296,210

295,409

Property and equipment, net

32,060

29,979

Deferred costs, non-current

28,780

27,285

Deferred income taxes, non-current

1,275

1,554

Other non-current assets

10,166

8,607

Intangible assets, net

30,418

32,145

Goodwill

70,199

69,795

Total assets

$         469,108

$                   464,774

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$           12,524

$                     11,439

Accrued payroll and related benefits

12,943

13,593

Other accrued liabilities

12,314

12,942

Deferred revenue

241,464

239,796

Note payable

4,044

4,115

Total current liabilities

283,289

281,885

Long-term liabilities:

Deferred revenue, non-current

166,060

167,286

Deferred income taxes, non-current

2,938

2,803

Other long-term liabilities

6,425

6,377

Stockholders’ equity:

Common stock

53

53

Additional paid-in capital

375,679

370,745

Accumulated other comprehensive loss

(4,239)

(5,226)

Accumulated deficit

(361,097)

(359,149)

Total stockholders’ equity

10,396

6,423

Total liabilities and stockholders’ equity

$         469,108

$                   464,774

(1)

As of March 1, 2017, we adopted ASU 2016-09 which allowed for an accounting policy election to either estimate the number of share-based awards that are expected to vest or account for forfeitures when they occur. We elected to account for forfeitures when they occur and adopted this change on a modified retrospective basis. As a result, we recorded the cumulative effect of the change as a $0.4 million increase to the March 1, 2017 opening accumulated deficit balance on the condensed consolidated balance sheets.  

 

Barracuda Networks, Inc.

Condensed Consolidated Statements of Income

(in thousands, except per share information)

(Unaudited)

Three months ended May 31,

2017

2016

Revenue:

Appliance

$     20,265

$    21,333

Subscription

73,914

65,321

Total revenue

94,179

86,654

Cost of revenue

23,648

20,241

Gross profit

70,531

66,413

Operating expenses:

Research and development

19,356

19,207

Sales and marketing

36,220

31,330

General and administrative

10,944

10,772

Total operating expenses

66,520

61,309

Income from operations

4,011

5,104

Other income, net

1,184

990

Income before income taxes

5,195

6,094

Provision for income taxes

(2,523)

(3,310)

Net income

$        2,672

$       2,784

Net income per share:

Basic

$          0.05

$         0.05

Diluted

$          0.05

$         0.05

Weighted-average shares used to compute net income per share:

Basic

52,875

52,285

Diluted

54,329

52,854

 

Barracuda Networks, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

Three months ended May 31,

2017

2016 (2)

Operating activities

Net income

$        2,672

$        2,784

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and impairment expense

4,216

4,281

Stock-based compensation expense

7,383

7,937

Excess tax benefits from equity compensation plans (1)

(141)

Deferred income taxes

652

261

Other

(511)

(225)

Changes in operating assets and liabilities:

Accounts receivable, net

872

1,015

Inventories, net

(666)

(363)

Income taxes, net

9,356

1,452

Deferred costs

(1,424)

(26)

Other assets

(4,211)

(1,646)

Accounts payable 

1,320

(3,283)

Accrued payroll and related benefits

(1,262)

69

Other liabilities

351

(255)

Deferred revenue

1,461

277

Net cash provided by operating activities

20,209

12,137

Investing activities

Purchases of marketable securities

(10,809)

(11,572)

Proceeds from the sale of marketable securities

4,784

5,351

Proceeds from the maturity of marketable securities

5,257

3,831

Purchases of non-marketable investments

(636)

Purchases of property and equipment

(4,737)

(1,949)

Business combinations, net of cash acquired

(506)

(183)

Payments for the sale of net liabilities

(250)

Net cash used in investing activities

(6,261)

(5,158)

Financing activities

Proceeds from issuance of common stock

1,313

3,031

Taxes paid related to net share settlement of equity awards

(1,866)

(1,554)

Repurchases of common stock

(6,546)

(280)

Excess tax benefits from equity compensation plans (1)

141

Repayment of employee loans, net of loans extended

30

(34)

Repayment of note payable

(71)

(67)

Payments of acquisition-related liabilities

(742)

Net cash provided by (used in) financing activities

(7,882)

1,237

Effect of exchange rate changes

428

135

Net increase in cash, cash equivalents and restricted cash

6,494

8,351

Cash, cash equivalents and restricted cash at beginning of period

120,837

119,333

Cash, cash equivalents and restricted cash at end of period

$   127,331

$   127,684

(1)

As of March 1, 2017, we adopted ASU 2016-09 which required any excess tax benefits to be classified as an operating activity. Prior to the new standard, we were required to present excess tax benefits as a cash inflow from financing activities with a corresponding cash outflow from operating activities. We elected to apply the amendment related to the presentation of excess tax benefits on the statements of cash flows prospectively, while the prior period presented has not been adjusted.

(2)

We early adopted ASU 2016-18 which requires that a statement of cash flows explain the change during the period for the total of cash, cash equivalents and restricted cash. Therefore, restricted cash has been included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented and has been applied retrospectively to the prior period presented. Net cash flows for the three months ended May 31, 2016 did not significantly change as a result.

 

Barracuda Networks, Inc.

Reconciliation of Selected GAAP to Non-GAAP Financial Measures

(in thousands)

(Unaudited)

Three months ended May 31,

2017

2016

GAAP cost of revenue

$  23,648

$  20,241

Amortization of intangible assets (1)

1,221

1,276

Depreciation expense (2)

1,681

1,612

Stock-based compensation expense (3)

426

298

Non-GAAP cost of revenue

$  20,320

$  17,055

GAAP sales and marketing expense

$  36,220

$  31,330

Amortization of intangible assets (1)

506

600

Depreciation expense (2)

72

53

Stock-based compensation expense (3)

2,134

1,848

Non-GAAP sales and marketing expense

$  33,508

$  28,829

GAAP research and development expense

$  19,356

$  19,207

Depreciation expense (2)

165

153

Stock-based compensation expense (3)

2,687

2,464

Acquisition and other charges (4)

(160)

217

Non-GAAP research and development expense

$  16,664

$  16,373

GAAP general and administrative expense

$  10,944

$  10,772

Depreciation expense (2)

571

587

Stock-based compensation expense (3)

2,136

3,327

Acquisition and other charges (4)

1,079

175

Non-GAAP general and administrative expense

$    7,158

$    6,683

GAAP total expense

$  90,168

$  81,550

Amortization of intangible assets (1)

1,727

1,876

Depreciation expense (2)

2,489

2,405

Stock-based compensation expense (3)

7,383

7,937

Acquisition and other charges (4)

919

392

Non-GAAP total expense

$  77,650

$  68,940

Depreciation expense (2)

2,489

2,405

Non-GAAP total expense including depreciation

$  80,139

$  71,345

Barracuda Networks, Inc.

Reconciliation of Selected GAAP to Non-GAAP Financial Measures

(in thousands, except per share information)

(Unaudited)

Three months ended May 31,

2017

2016

GAAP operating income

$    4,011

$    5,104

Amortization of intangible assets (1)

1,727

1,876

Stock-based compensation expense (3)

7,383

7,937

Acquisition and other charges (4)

919

392

Non-GAAP operating income

$  14,040

$  15,309

GAAP net income

$    2,672

$    2,784

Amortization of intangible assets (1)

1,727

1,876

Stock-based compensation expense (3)

7,383

7,937

Acquisition and other charges (4)

919

392

Income tax effect on non-GAAP exclusions (5)

(1,754)

(1,287)

Other income adjustments (6)

(966)

(977)

Non-GAAP net income

$    9,981

$  10,725

Non-GAAP diluted earnings per share (7)

$      0.18

$      0.20

Weighted-average shares used to compute diluted earnings per share

54,329

52,854

(1)

Amortization of Intangible Assets. We provide non-GAAP information which excludes expenses for the amortization of intangible assets, as well as certain losses on disposal and impairment of such assets that primarily relate to purchased intangible assets associated with our acquisitions. We believe that eliminating this expense from our non-GAAP measures is useful to investors because the amortization of intangible assets can be inconsistent in amount and frequency and is significantly impacted by the timing and magnitude of our acquisition transactions, which also vary in frequency from period to period. Accordingly, we analyze the performance of our operations in each period without regard to such expenses.

(2)

Depreciation Expense. We provide non-GAAP information which excludes depreciation expense related to the amortization of property and equipment, as well as certain losses from disposal of such assets. We believe that eliminating this expense from our non-GAAP measures is useful to investors because the acquisition of property and equipment, and the corresponding depreciation expense, can be inconsistent in amount and can vary from period to period.

(3)

Stock-Based Compensation Expense. We provide non-GAAP information which excludes expenses for stock-based compensation. We believe the exclusion of stock-based compensation expense allows for financial results that are more indicative of our continuing operations. We also believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types.

(4)

Acquisition and Other Charges. We exclude certain expense items resulting from acquisitions and other charges, which we believe are non-recurring, infrequent, and/or unusual in nature, can vary significantly in amount and frequency, and are unrelated to our ongoing operating performance. We believe that adjusting for these charges allows us to better compare results from period to period in order to assess the ongoing operating results of our business. The charges include: (i) acquisition-related expenses for legal, accounting, and other professional fees, integration costs, fair value remeasurements of contingent consideration obligations and contingent consideration payments made under the terms of acquisition agreements, and (ii) other costs and gains that are non-recurring, infrequent, and/or unusual in nature, such as expenses incurred in connection with litigation, export compliance, intellectual property settlement, indirect tax costs, and other matters, as well as a gain resulting from the disposition of net liabilities related to our CudaCam product offerings.

(5)

Income Tax Effect of Non-GAAP Exclusions. We believe providing financial information with and without the income tax effect of excluding items related to our non-GAAP financial measures provide our management and users of the financial statements with better clarity regarding the ongoing performance and future liquidity of our business. Excluded items include, but are not limited to: (i) amortization expense of intangible assets, (ii) stock-based compensation expense, (iii) acquisition and other charges, and (iv) quarterly changes to the valuation allowance previously established.

(6)

Other Income Adjustments. We provide non-GAAP information that excludes the effect of certain other income and losses. These adjustments may consist of realized gains and losses from the sale of marketable securities, foreign currency remeasurement gains and losses and impairment charges related to non-marketable investments. For all non-functional currency account balances, the remeasurement of such balances to the functional currency will result in either a foreign exchange gain or a loss which is recorded in other income, net. We believe that eliminating these items from our non-GAAP measures is useful to investors, because these items can be inconsistent in amount and can vary from period to period.

(7)

Non-GAAP Diluted Earnings Per Share. We provide non-GAAP diluted earnings per share. Non-GAAP diluted earnings per share is calculated based on our non-GAAP net income divided by the weighted-average diluted shares outstanding for the period.

 

Barracuda Networks, Inc.

Reconciliation of GAAP Net Income to Adjusted EBITDA

(in thousands)

(Unaudited)

Three months ended May 31,

2017

2016

GAAP net income

$    2,672

$    2,784

Other income, net

(1,184)

(990)

Provision for income taxes

2,523

3,310

Acquisition and other charges

919

392

Stock-based compensation expense

7,383

7,937

Amortization of intangible assets

1,727

1,876

Depreciation expense

2,489

2,405

Adjusted EBITDA (1)

$  16,529

$  17,714

(1)

Adjusted EBITDA. Beginning in the third quarter of fiscal 2017, we modified our reporting practices and our historical presentation of adjusted EBITDA by no longer adjusting for changes in deferred revenue and associated deferred costs. These changes do not impact our current and historical presentation of GAAP results. Prior period information has been recast to conform to the adjusted calculation. We define adjusted EBITDA as net income plus non-cash and non-operating charges which include: (i) other income, net, (ii) provision for income taxes, (iii) acquisition and other charges, (iv) stock-based compensation expense, (v) amortization of intangible assets, including certain losses on disposal and impairment of intangible assets, and (vi) depreciation expense, including certain losses on disposal of fixed assets. We believe adjusted EBITDA provides an indication of profitability from our operations, and provides a consistent measure of our performance from period to period.

 

Barracuda Networks, Inc.

Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow

(in thousands)

(Unaudited)

Three months ended May 31,

2017

2016

GAAP cash flows from operating activities

$     20,209

$   12,137

Purchases of property and equipment

(4,737)

(1,949)

Free cash flow (1)

$     15,472

$   10,188

(1)

Free Cash Flow. Beginning in the third quarter of fiscal 2017, we modified our reporting practices and our historical presentation of adjusted free cash flow by no longer adjusting free cash flow for the cash payment impact of acquisition and other charges. These changes do not impact our current and historical presentation of GAAP results. Prior period information has been recast to conform to the adjusted calculation. We define free cash flow as cash flows from operating activities less the purchases of property and equipment. We believe free cash flow is an important liquidity measure that reflects the cash generated by the business after the purchase of property and equipment that can then be used for, among other things, strategic acquisitions, investments in the business, and funding ongoing operations.

 

Barracuda Networks, Inc.

Reconciliation of GAAP Revenue to Gross Billings

(in thousands)

(Unaudited)

Three months ended May 31,

2017

2016

GAAP Revenue

$    94,179

$   86,654

Total deferred revenue, end of period

407,524

393,072

Less:  total deferred revenue, beginning of period

(407,082)

(392,774)

Deferred revenue adjustments

10,603

11,249

Total change in deferred revenue and adjustments

11,045

11,547

Gross billings (1)(2)

$  105,224

$   98,201

(1)   

Gross Billings. We define gross billings as total revenue plus the change in deferred revenue and other adjustments, which primarily consist of returns and reserves with respect to the 30-day right of return we provide to customers, as well as rebates for certain channel partner activities. We believe that gross billings provide insight into the sales of our solutions and performance of our business.

(2)   

In order to determine how our business performed exclusive of the effect of foreign currency fluctuations, we compare the percentage change in our gross billings from one period to another using a constant currency. To present this gross billings information, the current and comparative prior period results for entities that operate in other than U.S. dollars are converted into U.S. dollars at constant exchange rates. For example, the rates in effect at May 31, 2016, which was the last day of our prior fiscal year’s comparable quarter, were used to convert current and comparable prior period gross billings rather than the actual exchange rates in effect during the respective period.

 

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SOURCE Barracuda Networks, Inc.

DXY Solutions, LLC Names New Interim CEO

CLEVELAND, July 10, 2017 /PRNewswire/ — DXY Solutions, LLC is pleased to announce that Doug Hardman has taken over the role of Interim CEO, replacing Daniel Young after 11 years running the agency.

Mr. Hardman brings more than 20 years of solid technology experience to DXY. Most notably, Mr. Hardman founded one of the largest gift and loyalty processors in the world. Under his leadership, the company serviced more than 120 of the top 200 credit card processors in North America, some of the largest banks in the U.S., and the largest e-commerce platform in the world. Most recently, Mr. Hardman has served as Chief Technology Officer of a payment processing company that services small to medium-sized businesses. He is passionate about technology and the processes necessary to execute the development of world-class software.

Daniel Young, the founder and majority owner of DXY, remains involved with DXY as he manages the development of DXY’s Bluetooth asset monitoring sensors and the supporting data analytics and machine learning platform.

Mr. Young commented that, “This is an exciting time for DXY. Doug and I have a shared vision for how technology, especially one machine learning, artificial intelligence, and blockchain will shape our futures. His addition to our team elevates DXY leadership within the tech community of Northeast Ohio.”

“Joining DXY provided me with a unique opportunity to build upon the success of the company and what Dan has built over the past eleven years. I’m extremely excited about the challenges and opportunities that lie ahead for DXY and our clients,” said Mr. Hardman.

DXY Solutions, LLC (https://dxydoes.com) is a creative technology agency based in Cleveland. The company designs and develops custom software, mobile applications, and Internet of Things (“IoT”) devices. Its clients include Goodyear, Johnson & Johnson, the Cleveland Clinic and American Greetings. DXY is renowned for being a visionary for technology with its apps being featured by Apple and named to Case Western Reserve University’s Weatherhead 100 list four years in a row.

For more information, please contact Daniel Young at daniel.young@dxydoes.com or +1.216.373.6630 x10.

Related Images

image1.jpg

image2.jpg

Related Links

Change in Leadership

DXY’s Website

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SOURCE DXY Solutions, LLC

ICS Solutions: Artificial Intelligence Set to Replace Traditional Software Interfaces

BASINGSTOKE, England, July 10, 2017 /PRNewswire/ —

Game changing Artificial Intelligence solutions launched at Microsoft Inspire 

Digital Transformation will not succeed if users become bewildered by ever more software. Office 365 has over 500 user features and large organisations will typically have hundreds of business applications. Now for the first time, this user adoption roadblock can be addressed, through a combination of Artificial Intelligence (AI) and automation.

     (Photo: http://mma.prnewswire.com/media/531413/ICS_Solutions_Artificial_Intelligence.jpg )

ICS Solutions, a Microsoft Gold Partner, announced a world first at the Microsoft Inspire event today, the launch of two Microsoft Azure Cognitive Services solutions – FLEX Intelligent Digital Workplace and FLEX Cognitive Automation. The two new additions to the FLEX product portfolio recognises the importance that AI will soon play within UK workplaces.

Martin Neale, CEO at ICS Solutions explains; “Digital transformation has evolved in recent years, but what is ahead is likely to revolutionise industries, drive productivity and change lives forever – all in record time. However, little of this can happen if no one can use the digital tools.”

Martin continues, “FLEX’s Office 365 Intelligent Digital Workplace combines ground breaking Microsoft AI technology to provide organisations with a meaningful level of digital transformation. Through the simplicity of a conversation, employees are able to leverage the power of their own personal AI driven digital assistants, who have been trained in what is available to them and then embedded automation is able to execute it on the users’ behalf. This fundamentally overrides the previous status quo where users have to know what to look for and then how to do it. This ability to make technology human will ultimately enable organisations to transform user adoption and drive significant productivity improvements.”

ICS’ second product release, FLEX Cognitive Automation, is powered by Microsoft’s Azure Cognitive Services, arguably the most powerful AI tool on the market and according to Satya Nadella, set to be the first AI supercomputer.

FLEX Cognitive Automation is an AI starter kit to help businesses build, deploy, manage and control Enterprise class AI assistants. These expert digital assistants ensure that an organisation’s users no longer need to learn or understand new systems, processes or software – all they need to do is have a conversation, and FLEX will do the rest.

Martin Neale explains, “At the heart of FLEX Cognitive Automation is the FLEX Concierge Bot and five pre-built foundation Assistants. The Concierge Bot controls and manages all the other AI Assistants. It understands what each of the AI Assistants can do and directs users’ questions to the relevant Assistant. It can even work with third party bots. This is significant, because if an organisation has already begun implementing bots, they will soon have a sprawling estate of bots unable to connect with one another. This raises the age old user adoption problem of having too many systems and user interfaces to learn. With the Concierge Bot and automation framework this is no longer an issue, organisations will have one consistent user experience across their entire bot estate.”

Martin concludes, “We’ve been working with a number of leading organisations on a pilot basis and the response received so far has been phenomenal. The week ahead at Microsoft Inspire is focused on connecting with UK and overseas partners regarding reselling both FLEX Intelligent Digital Workplace and FLEX Cognitive Automation.”

Martin is available for press interviews, direct from Inspire. To arrange a call please contact Joy Brown, Marketing Manager, joy.brown@ics.net

Anyone interested in learning more about either of FLEX Intelligent Digital Workplace or FLEX Cognitive Automation can find out by visiting http://www.flexautomation.net or contacting 01256 403800.

NOTES TO EDITORS 

About ICS Solutions 

Founded in 1994, ICS has been a UK Microsoft Gold Partner for over 20 years and is recognised as one of Microsoft’s most highly regarded Gold Partners.

In September 2014, ICS launched the first edition of the FLEX product range and have currently sold over 70,000 licences.

For more information, visit: http://www.flexautomation.net

Contact: Joy Brown
44 01256 403800
joy.brown@ics.net

SOURCE ICS Solutions

EagleForce Health Appoints Director of Risk Management for Pharmaceutical Manufacturers, PBM & Pharmacy Services

HERNDON, Va., July 10, 2017 /PRNewswire/ — EagleForce Health, LLC, a leading provider of big data interoperability and advanced analytics, announced today that Ms. Aisling Fallon has joined the firm to lead its Risk Management Practice.  This practice is designed to extend the understandings and impact of Anti-Kickback Act violations to corporate Boards of Directors, C- Suite Executives and Legal-Regulatory compliance officers.  Ms. Fallon comes to EagleForce with a wealth of experience in risk modeling and compliance from Goldman Sachs where she provided essential risk management and controls to Securities and Credit Derivatives.

Additionally, her responsibilities at Goldman Sachs included preserving and enhancing the firm’s assets and reputation.  This experience will serve to enhance the governance and accountability within the Pharmaceutical marketplace. “Ms. Fallon’s expertise will help to significantly enhance the clarity, transparency and accountability within the publicly traded Pharmaceutical Manufacturers, PBM & Pharmacy Service corporations,” says Tom O’Grady, a senior corporate transaction attorney. 

Ms. Fallon will employ advanced AI tools of EagleForce to model the financial risk within the industry, while also serving to convey this overarching risk to the individual corporation on a Brand Medication by Brand Medication basis.  “The senior leadership within the Pharmaceutical Manufacturing sector will gain greater insights on the risk and impact of these regulatory directives from the prospective of Investors and Financial Regulators,” said EagleForce Chief Executive Officer, Stanley Campbell.  “Ms. Fallon’s work will affect business units, divisions and other firm-wide stakeholders while serving to optimize compliance within the nation’s regulatory framework.”

Ms. Fallon’s expertise in risk modeling and forecasting will continue to extend EagleForce Health’s success in providing advanced analytics and business services to many of the top medical and pharmaceutical companies in the United States. Ms. Fallon comments: “I am excited to start this new challenge within EagleForce Health and am fortunate to be joining such a respected company that prides itself on quality service to the health community which is designed to affect all Americans.”

About EagleForce Health, LLC

EagleForce Health is an Advanced Analytics Company that established its pedigree in the Defense and Intelligence sector of the government solving some of the country’s biggest challenges. The Company has many patents in the area of eligibility and predictive analytics which it employs in solving some of healthcare’s most difficult problems with respect to disparate data interoperability by utilizing artificial intelligence, neural computing and enhanced data modeling. For more information, please contact us or visit our website:

www.TheEagleForce.net

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SOURCE EagleForce Health, LLC