|By Business Wire||
|September 17, 2013 08:30 AM EDT||
Saba (OTCPink: SABA), a global leader in next-generation cloud solutions for talent management, today provided an update on its business momentum and its progress on the restatement of certain historical financial results.
While the Company is not yet in a position to report detailed financial results for fiscal year 2013, ended May 31, 2013, as a result of its pending restatement of certain historical financial results, the Company is providing the following selected financial metrics that are not expected to be impacted by the restatement:
- Cloud bookings (the annual contract value of cloud subscription arrangements) grew 25% in fiscal year 2013 over fiscal year 2012 with contribution across geographies
- Cloud renewal rates remained at historic highs in excess of 90% for fiscal year 2013
- 203 new customers were added in fiscal year 2013, increasing 44% over the 141 new customers added in fiscal year 2012, driven by growth in both the enterprise and mid-market segments
- Cloud subscribers increased to 11.1 million
- Positive cash flow from operations of $5 million in the fourth quarter of fiscal year 2013 and $3 million for fiscal year 2013 (excluding $4 million in the fourth quarter of fiscal year 2013 and $11 million in fiscal year 2013 associated with non-recurring matters arising out of the financial restatement, and specified acquisition and restructuring related items)
- Cash and cash equivalents were $22 million (after payment of non-recurring and specified items of $11 million in fiscal year 2013) and total debt was $35 million at May 31, 2013
- In the first quarter of fiscal year 2014, the Company secured an additional $25 million five-year credit facility to enhance its financial position
During fiscal year 2013, Saba released its next generation talent management platform, Saba Cloud, which puts the power of talent management in the hands of managers and employees. Key Saba Cloud innovations, centered around social, mobile, intelligence, learning, and end user engagement, include:
- Simplified course creation, ability to create and administer assessments on-the-fly, a consolidated messaging center, support for continuing education credits, enhanced analytics, and enhanced performance reviews with offline support
- Native mobile applications, with the ability to view a wide variety of content types (including community generated, SCORM, Tin Can, and video), attend virtual meetings, and enterprise class security (including SAML authentication, time to live, and download controls)
- Enhanced instructor controls and customized registration forms with social media links and branding options for virtual meetings
- User experience based on consumer design patterns and engagement models
In fiscal year 2013, Saba customers, including some of the largest organizations around the globe, continued to standardize on Saba’s cloud solutions, driving increased adoption and end user engagement. The superior flexibility, scalability and security of the Saba cloud platform is demonstrated by increased use among these customers, including:
- Approximately 200 million cumulative course completions as of May 31, 2013, up 100% from the end of the prior fiscal year
- Over 340,000 assessments administered in fiscal year 2013, up 20% from fiscal year 2012
- Over 640,000 subscribers supported in an organization, up from 400,000 subscribers previously reported
The Company has made significant progress on the restatement and has achieved several key milestones, including the determination of completion dates for significant consulting services arrangements. The Company is now evaluating potential relationships among services arrangements as well as between services arrangements and product bookings to determine which completion dates will drive the timing of revenue recognition. The Company continues to work diligently to complete the restatement and regain compliance with its reporting requirements as soon as practicable. Although the Company has set a revised objective to complete the restatement process in the coming months, there are some inherent uncertainties in the amount of time required to complete the work and there can be no assurance that the Company will be successful in meeting this timing objective.
In connection with becoming current in its SEC filing requirements, the Company intends to apply for prompt readmission to the NASDAQ Global Select Market so that it can trade on that market as early as possible after regaining compliance with the listing requirements.
Saba (OTCPink: SABA) is a global leader in next-generation cloud solutions for talent management. The company helps organizations transform the way they work by enabling the continuous learning, engagement and development of everyone in their people network, including employees, partners, and customers. Supporting the new world of work, Saba delivers learning, performance, succession, career development, workforce planning and compensation solutions that incorporate modern technologies such as social, collaboration, mobile and gamification. Saba solutions are based on the Saba Cloud Platform, a highly scalable architecture that exceeds industry scalability, performance, and security standards. The company currently supports over 31 million users from 2,200 customers across 195 countries and in 37 languages. For more information, please visit www.saba.com.
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, the Company’s current progress and timing objectives regarding completion of its accounting restatement and becoming current in its required filings with the SEC, the Company’s objective to obtain prompt readmission to the NASDAQ Global Select Market and to have its shares of common stock trade on that market following completion of the restatement and compliance with applicable listing requirements, the potential impact of the restatement on the Company’s financial performance and financial statements and the Company’s guidance concerning preliminary financial results and other financial and operating metrics for fiscal year 2013. The actual outcome of such matters could differ materially from those expressed in any forward-looking statements due to, among other things, the Company’s ability to complete the work required for the pending restatement of its financial statements in a timely manner, any additional required adjustments to the Company’s financial statements and/or other factors arising in the restatement process that are not currently known or identified or where the scope of work required or impact of the restatement may be greater than what is currently known or anticipated by the Company and the impact of the restatement on the Company’s sales, operations and financial performance. In addition, Saba faces risks and uncertainties that could affect timing of the completion of its restatement and becoming current with respect to its delayed filings with the SEC including material weaknesses that exist with respect to its internal controls over financial reporting or additional deficiencies in its internal controls over financial reporting that may be identified. Readers should refer to the section entitled “Risk Factors” in the Form 10-K for the fiscal year ended May 31, 2011, and similar disclosures in subsequent reports filed with the SEC. The forward-looking statements and risks stated in this press release are based on information available to Saba today. Saba assumes no obligation to update them.
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
Sep. 26, 2016 04:30 AM EDT Reads: 1,015
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 26, 2016 04:30 AM EDT Reads: 1,412
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Sep. 26, 2016 03:15 AM EDT Reads: 1,082
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Sep. 26, 2016 03:00 AM EDT Reads: 1,761
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Sep. 26, 2016 03:00 AM EDT Reads: 942
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 26, 2016 02:45 AM EDT Reads: 1,551
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Sep. 26, 2016 01:45 AM EDT Reads: 1,673
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Sep. 26, 2016 01:00 AM EDT Reads: 1,622
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Sep. 26, 2016 01:00 AM EDT Reads: 1,959
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Sep. 26, 2016 12:30 AM EDT Reads: 1,250
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Sep. 26, 2016 12:30 AM EDT Reads: 1,544
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Sep. 26, 2016 12:15 AM EDT Reads: 1,824
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 25, 2016 10:45 PM EDT Reads: 1,588
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Sep. 25, 2016 10:45 PM EDT Reads: 4,417
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Sep. 25, 2016 10:00 PM EDT Reads: 1,704