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Brocade Reports Fiscal Q1 2014 Results

SAN JOSE, CA -- (Marketwired) -- 02/13/14 -- Brocade® (NASDAQ: BRCD) today reported financial results for its first fiscal quarter ended January 25, 2014. Brocade reported first quarter revenue of $565 million, down 4% year-over-year and up 1% quarter-over-quarter. The company reported GAAP diluted earnings per share (EPS) of $0.18, up from a loss of $0.05 per share in Q1 2013. Non-GAAP diluted EPS was $0.24, up from $0.21 in Q1 2013.

"Brocade achieved solid results in Q1, exceeding our outlook for revenue and profitability," said Lloyd Carney, CEO of Brocade. "Our performance was driven by the strength of our Storage Area Networking (SAN) business as customers continue to adopt Gen 5 Fibre Channel networks for their highly virtualized data centers and high-performance storage environments, including Solid State Disks (SSDs). While the overall IP Networking business declined year-over-year, we achieved our outlook for the quarter. This is a transformational year for Brocade and we remain committed to our mission to be the network provider of choice to the world's data centers."

Summary of Q1 2014 results:

  • SAN business revenue, including products and services, was $412 million, down 1% year-over-year and up 8% sequentially. SAN business revenue grew sequentially across all product segments and performed better than the company's outlook for Q1 2014. Gen 5 Fibre Channel products represented approximately 71% of director and switch revenue in the quarter, higher than the 42% reported in Q1 2013 and 69% in Q4 2013.

  • IP Networking business revenue, including products and services, was $153 million, down 11% year-over-year and 15% quarter-over-quarter. The year-over-year and sequential decline was principally due to lower sales into the U.S. Federal government as well as lower non-Federal sales in the Americas region. During Q1 2014, an estimated 59% of our IP Networking product revenue came from data center customers, a favorable shift in the mix of our IP business from an estimated 48% in Q1 2013 and 53% in Q4 2013.

  • GAAP gross margin was 66.0%, compared with 63.5% in Q1 2013 and 64.9% in Q4 2013. Non-GAAP gross margin was 67.7%, compared with 66.0% in Q1 2013 and 67.2% in Q4 2013. The year-over-year improvement in gross margin was due to a favorable revenue mix shift to more SAN products, a favorable product and customer mix within the IP Networking business, and lower manufacturing and overhead costs. The sequential improvement in gross margin was due to a more favorable overall product mix shift to SAN product revenue.

  • GAAP operating margin was 21.5%, compared with 15.8% in Q1 2013 and 15.0% in Q4 2013. Non-GAAP operating margin was 27.9%, compared with 23.5% in Q1 2013 and 26.6% in Q4 2013. The year-over-year and sequential improvement in operating margin was due to higher gross margin and lower operating expenses. Non-GAAP operating expenses of $225 million were down 10% year-over-year and 1% quarter-over-quarter.

  • Operating cash flow was $109 million, up 85% year-over-year and down 36% quarter-over-quarter. The year-over-year increase in operating cash flow was primarily due to increased operating profits and the timing of payments for employee incentives. The quarter-over-quarter decrease in operating cash flow was due to the payment in Q1 2014 of employee incentive compensation earned during fiscal 2013, as well as an increase in the amount of the excess tax benefit from stock-based compensation.

  • GAAP diluted EPS was $0.18, up from a loss of $0.05 in Q1 2013 and up 29% from Q4 2013. The year-over-year increase in GAAP diluted EPS was primarily due to a $0.17 per share charge in Q1 2013 from the change in California tax law and the related reduction in the company's deferred tax assets as well as higher operating income. The quarter-over-quarter increase in GAAP EPS was primarily due to higher net income resulting from lower restructuring costs.

  • Non-GAAP diluted EPS of $0.24 was up 13% from Q1 2013 and unchanged from Q4 2013. The year-over-year increase was primarily due to decreased spending and reduced diluted shares outstanding.

  • Non-GAAP average diluted shares outstanding for Q1 2014 were 454 million shares, down 3% year-over-year and down 1% quarter-over-quarter. The company repurchased 16.7 million shares for $140 million at an average price of $8.42 during Q1 2014. Subsequent to the end of Q1 2014, the company has repurchased an additional 3.3 million shares for $31 million and has approximately $829 million remaining in the Board-authorized share repurchase program as of February 13, 2014.

Brocade management will host a conference call to discuss fiscal first quarter results and fiscal second quarter outlook today at 2:30 p.m. PT (5:30 p.m. ET). To access the webcast please go to www.brcd.com/events.cfm. A replay of the conference call, prepared comments and slides, as well as a written transcript, will be available at www.brcd.com.

Other Q1 2014 product, customer and partner announcements are available at http://newsroom.brocade.com/.

Brocade (www.brocade.com)
130 Holger Way, San Jose, CA 95134
T. 408.333.8000 F. 408.333.8101

Financial Highlights and Additional Financial Information

                                            Q1 2014     Q4 2013     Q1 2013
                                          ----------  ----------  ----------
Revenue                                   $    565 M  $    559 M  $    589 M
GAAP net income (loss)                    $     81 M  $     64 M  $    (21)M
Non-GAAP net income                       $    109 M  $    109 M  $     99 M
GAAP EPS -- diluted                       $     0.18  $     0.14  $   (0.05)
Non-GAAP EPS -- diluted                   $     0.24  $     0.24  $     0.21
GAAP gross margin                             66.0 %      64.9 %      63.5 %
Non-GAAP gross margin                         67.7 %      67.2 %      66.0 %
GAAP operating income                     $    121 M  $     84 M  $     93 M
Non-GAAP operating income                 $    158 M  $    148 M  $    138 M
GAAP operating margin                         21.5 %      15.0 %      15.8 %
Non-GAAP operating margin                     27.9 %      26.6 %      23.5 %
Adjusted EBITDA (1)                       $    184 M  $    149 M  $    162 M
Effective GAAP tax provision rate             27.1 %      14.2 %     131.7 %
Effective Non-GAAP tax provision rate         26.1 %      21.6 %      22.3 %
Cash provided by operations               $    109 M  $    170 M  $     59 M
Storage Area Networking (SAN) port
 shipments                                     1.2 M       1.1 M       1.2 M

Please see important note of explanation on non-GAAP financial measures below, including a detailed reconciliation between GAAP and non-GAAP information in the tables included herein.

1) Adjusted EBITDA is as defined in the Term Debt Credit Agreement.

Financial Highlights and Additional Financial Information (Continued)

                                           Q1 2014     Q4 2013     Q1 2013
                                          ---------   ---------   ---------
Routes to market as a % of total net
 revenues:
  OEM revenues                                   70%         65%         67%
  Channel/Direct revenues                        30%         35%         33%
  10% or greater customer revenues               57%         46%         46%
Geographic split as a % of total net
 revenues:
  Domestic revenues                              57%         62%         62%
  International revenues                         43%         38%         38%
Segment split as a % of total net
 revenues:
  SAN product revenues                           63%         58%         61%
  IP Networking product revenues                 21%         26%         24%
  Global Services revenues                       16%         16%         15%
  SAN business revenues (2)                      73%         68%         71%
  IP Networking business revenues (2)            27%         32%         29%
Estimates as a % of IP Networking
 business revenues:
  Data Center (3)                                59%         53%         48%
  Enterprise Campus                              34%         38%         39%
  Carrier Network (MAN/WAN)                       7%          9%         13%

Additional information:                       Q1 2014    Q4 2013    Q1 2013
                                             ---------  ---------  ---------
  Cash and cash equivalents                  $   999 M  $   987 M  $   684 M
  Restricted cash (4)                        $      --  $      --  $   312 M
  Deferred revenues                          $   298 M  $   303 M  $   296 M
  Capital expenditures                       $    13 M  $    10 M  $    18 M
  Total debt, net of discount (4)            $   599 M  $   599 M  $   900 M
  Cash, net of senior debt and capitalized
   leases                                    $   395 M  $   382 M  $    78 M
  Days sales outstanding                       35 days    41 days    34 days
  Employees at end of period (5)                 4,077      4,169      4,604

2) SAN and IP Networking business revenues include product, support and services revenues.

3) Data Center includes enterprise, service provider and government data center revenues.

4) Q1 2013 restricted cash was used to redeem $300M of 2018 notes on February 21, 2013.

5) Q4 2013 ending headcount excludes 224 employees that were notified of their termination during the quarter, but were still on Brocade payroll as of the end of the quarter.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures. In evaluating Brocade's performance, management uses certain non-GAAP financial measures to supplement consolidated financial statements prepared under GAAP.

Management believes that non-GAAP financial measures used in this press release allow management to gain a better understanding of Brocade's comparative operating performance both from period to period, and to its competitors' operating results. Management also believes these non-GAAP financial measures help indicate Brocade's baseline performance before gains, losses or charges that are considered by management to be outside ongoing operating results. Accordingly, management uses these non-GAAP financial measures for planning and forecasting of future periods and in making decisions regarding operations performance and the allocation of resources. Management believes these non-GAAP financial measures, when read in conjunction with Brocade's GAAP financials, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of Brocade's ongoing operating results;

  • the ability to make more meaningful comparisons of Brocade's operating performance against industry and competitor companies;

  • the ability to better identify trends in Brocade's underlying business and to perform related trend analysis;

  • a better understanding of how management plans and measures Brocade's underlying business; and

  • an easier way to compare Brocade's most recent results of operations against investor and analyst financial models.

Management excludes certain gains or losses and benefits or costs in determining non-GAAP net income that are the result of infrequent events or arise outside the ordinary course of Brocade's continuing operations. Management believes that it is appropriate to evaluate Brocade's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include, but are not limited to: (i) legal provision or recovery associated with certain pre-acquisition litigation, (ii) call premium cost and write-off of original issue discount and debt issuance costs related to lenders that did not participate in refinancing, (iii) settlement gain associated with certain pre-acquisition-related litigation, (iv) restructuring and other related costs, net, (v) gain on sale of network adapter business and (vi) specific non-cash and non-recurring tax benefits or detriments.

Management also excludes the following non-cash charges in determining non-GAAP net income (i) stock-based compensation expense and (ii) amortization of purchased intangible assets. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, management believes that the exclusion of stock-based compensation allows for more accurate comparisons of our operating results to our peer companies. Management also believes that the exclusion of expense associated with the amortization of acquisition-related intangible assets is appropriate because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives and exclusion of the amortization expense allows comparisons of operating results that are consistent over time for Brocade's newly acquired and long-held businesses.

Finally, management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure of non-GAAP net income.

Limitations These non-GAAP financial measures have limitations, however, because they do not include all items of income and expense that impact the company. Management compensates for these limitations by also considering Brocade's GAAP results. The non-GAAP financial measures that Brocade uses are not prepared in accordance with, and should not be considered an alternative to measurements required by GAAP, such as operating income, net income and net income per-share, and should not be considered measurements of Brocade's liquidity. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. In addition, these non-GAAP financial measures may not be comparable to similar measurements reported by other companies.

Cautionary Statement

This press release contains statements that are forward-looking in nature, including statements regarding Brocade's strategy, business prospects, and organizational and business alignment. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, changes in IT spending levels in one or more of our target markets, Brocade's ability to execute on its sale strategy, and the effect of increasing market competition and changes in the industry. Certain of these and other risks are set forth in more detail in "Item 1A. Risk Factors" in Brocade's Annual Report on Form 10-K for the fiscal year ended October 26, 2013. Brocade does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

About Brocade

Brocade (NASDAQ: BRCD) networking solutions help the world's leading organizations transition smoothly to a world where applications and information reside anywhere. (www.brocade.com)

ADX, Brocade, Brocade Assurance, the B-wing symbol, DCX, Fabric OS, ICX, MLX, MyBrocade, OpenScript, VCS, VDX, and Vyatta are registered trademarks, and HyperEdge, The Effortless Network, and The On-Demand Data Center are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned may be trademarks of their respective owners.

© 2014 Brocade Communications Systems, Inc. All Rights Reserved.

                    BROCADE COMMUNICATIONS SYSTEMS, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                (Unaudited)

                                                    Three Months Ended
                                               ----------------------------
                                                January 25,    January 26,
                                                    2014           2013
                                               -------------  -------------
                                                (In thousands, except per-
                                                      share amounts)
Net revenues
  Product                                      $     475,205  $     502,247
  Service                                             89,330         86,482
                                               -------------  -------------
    Total net revenues                               564,535        588,729
                                               -------------  -------------
Cost of revenues
  Product                                            153,627        174,375
  Service                                             38,238         40,429
                                               -------------  -------------
    Total cost of revenues                           191,865        214,804
                                               -------------  -------------
Gross margin                                         372,670        373,925
Operating expenses:
  Research and development                            87,156         97,690
  Sales and marketing                                132,665        149,011
  General and administrative                          20,143         19,077
  Amortization of intangible assets                    9,883         14,856
  Restructuring and other costs                        6,217              -
  Gain on sale of network adapter business            (4,884)             -
                                               -------------  -------------
    Total operating expenses                         251,180        280,634
                                               -------------  -------------
Income from operations                               121,490         93,291
Interest expense                                      (9,196)       (26,368)
Interest and other income (loss), net                 (1,336)            66
                                               -------------  -------------
Income before income tax                             110,958         66,989
Income tax expense                                    30,074         88,244
                                               -------------  -------------
Net income (loss)                              $      80,884  $     (21,255)
                                               =============  =============
Net income (loss) per-share -- basic           $        0.18  $       (0.05)
                                               =============  =============
Net income (loss) per-share -- diluted         $        0.18  $       (0.05)
                                               =============  =============
Shares used in per-share calculation -- basic        440,573        454,843
                                               =============  =============
Shares used in per-share calculation --
 diluted                                             453,549        454,843
                                               =============  =============


                    BROCADE COMMUNICATIONS SYSTEMS, INC.
      CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                                (Unaudited)

                                                      Three Months Ended
                                                   ------------------------
                                                   January 25,  January 26,
                                                       2014         2013
                                                   -----------  -----------
                                                        (In thousands)
Net income (loss)                                  $    80,884  $   (21,255)
Other comprehensive income and loss, net of tax:
  Unrealized gains (losses) on cash flow hedges:
    Change in unrealized gains and losses                 (924)         (76)
    Net gains and losses reclassified into
     earnings                                              (31)        (179)
                                                   -----------  -----------
  Net unrealized gains (losses) on cash flow
   hedges                                                 (955)        (255)
  Foreign currency translation adjustments                (823)        (380)
                                                   -----------  -----------
Total other comprehensive loss                          (1,778)        (635)
                                                   -----------  -----------
Total comprehensive income (loss)                  $    79,106  $   (21,890)
                                                   ===========  ===========


                    BROCADE COMMUNICATIONS SYSTEMS, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                                (Unaudited)

                                                    January 25, October 26,
                                                        2014        2013
                                                    ----------- -----------
                                                     (In thousands, except
                                                           par value)
ASSETS
Current assets:
  Cash and cash equivalents                         $   998,687 $   986,997
  Accounts receivable, net of allowances for
   doubtful accounts of $590 and $575 at January 25,
   2014, and October 26, 2013, respectively             218,260     249,598
  Inventories                                            43,247      45,344
  Deferred tax assets                                   114,772      98,018
  Prepaid expenses and other current assets              41,166      42,846
                                                    ----------- -----------
    Total current assets                              1,416,132   1,422,803
Property and equipment, net                             459,367     472,940
Goodwill                                              1,640,629   1,645,437
Intangible assets, net                                   23,913      40,258
Non-current deferred tax assets                             771       1,585
Other assets                                             37,025      38,368
                                                    ----------- -----------
    Total assets                                    $ 3,577,837 $ 3,621,391
                                                    =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                  $    78,638 $    88,218
  Accrued employee compensation                         112,377     145,996
  Deferred revenue                                      223,344     226,696
  Current restructuring liabilities                       5,768      16,418
  Current portion of long-term debt                       3,039       2,996
  Other accrued liabilities                              67,575      80,339
                                                    ----------- -----------
    Total current liabilities                           490,741     560,663
Long-term debt, net of current portion                  595,694     596,208
Non-current restructuring liabilities                     4,719       1,008
Non-current deferred revenue                             74,329      76,426
Non-current income tax liability                         42,850      38,680
Non-current deferred tax liabilities                     23,607           -
Other non-current liabilities                             1,568       1,593
                                                    ----------- -----------
    Total liabilities                                 1,233,508   1,274,578
                                                    ----------- -----------
Commitments and contingencies
Stockholders' equity:
  Preferred stock, $0.001 par value, 5,000 shares
   authorized, no shares issued and outstanding               -           -
  Common stock, $0.001 par value, 800,000 shares
   authorized:
    Issued and outstanding: 436,955 and 445,285
     shares at January 25, 2014, and October 26,
     2013, respectively                                     437         445
  Additional paid-in capital                          1,833,570   1,915,152
  Accumulated other comprehensive loss                  (15,222)    (13,444)
  Retained earnings                                     525,544     444,660
                                                    ----------- -----------
    Total stockholders' equity                        2,344,329   2,346,813
                                                    ----------- -----------
    Total liabilities and stockholders' equity      $ 3,577,837 $ 3,621,391
                                                    =========== ===========


                    BROCADE COMMUNICATIONS SYSTEMS, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)

                                                      Three Months Ended
                                                   ------------------------
                                                   January 25,  January 26,
                                                       2014         2013
                                                   -----------  -----------
                                                        (In thousands)
Cash flows from operating activities:
  Net income (loss)                                $    80,884  $   (21,255)
  Adjustments to reconcile net income (loss) to
   net cash provided by operating activities:
    Excess tax benefits from stock-based
     compensation                                      (14,335)      (2,192)
    Non-cash tax charges                                     -       78,206
    Depreciation and amortization                       38,754       49,394
    Loss on disposal of property and equipment           2,348        1,989
    Gain on sale of network adapter business            (4,884)           -
    Amortization of debt issuance costs and
     original issue discount                               281          397
    Call premium cost and write-off of original
     issue discount and debt issuance costs
     related to lenders that did not participate
     in refinancing                                          -       15,299
    Provision for doubtful accounts receivable and
     sales allowances                                    1,567        2,354
    Non-cash compensation expense                       18,588       19,150
  Changes in assets and liabilities:
    Restricted cash                                          -      (11,926)
    Accounts receivable                                 29,771       14,250
    Inventories                                          2,097        9,625
    Prepaid expenses and other assets                    3,486       (1,952)
    Deferred tax assets                                     95          165
    Accounts payable                                    (8,077)     (14,960)
    Accrued employee compensation                      (39,208)     (72,570)
    Deferred revenue                                    (5,414)       1,519
    Other accrued liabilities                           10,455       (8,062)
    Restructuring liabilities                           (6,939)        (191)
                                                   -----------  -----------
      Net cash provided by operating activities        109,469       59,240
                                                   -----------  -----------
Cash flows from investing activities:
  Purchases of property and equipment                  (12,966)     (18,486)
  Net cash paid in connection with acquisition               -      (44,629)
  Proceeds from collection of note receivable              250          250
  Proceeds from sale of network adapter business         9,995            -
                                                   -----------  -----------
      Net cash used in investing activities             (2,721)     (62,865)
                                                   -----------  -----------
Cash flows from financing activities:
  Proceeds from senior unsecured notes                       -      296,250
  Payment of principal related to capital leases          (608)        (484)
  Common stock repurchases                            (140,380)     (47,530)
  Proceeds from issuance of common stock                32,410       23,812
  Excess tax benefits from stock-based
   compensation                                         14,335        2,192
  Increase in restricted cash                                -     (300,000)
                                                   -----------  -----------
      Net cash used in financing activities            (94,243)     (25,760)
                                                   -----------  -----------
Effect of exchange rate fluctuations on cash and
 cash equivalents                                         (815)        (225)
                                                   -----------  -----------
Net increase (decrease) in cash and cash
 equivalents                                            11,690      (29,610)
Cash and cash equivalents, beginning of period         986,997      713,226
                                                   -----------  -----------
Cash and cash equivalents, end of period           $   998,687  $   683,616
                                                   ===========  ===========


                    BROCADE COMMUNICATIONS SYSTEMS, INC.
            RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME
                                (Unaudited)

                                                      Three Months Ended
                                                   ------------------------
                                                   January 25,  January 26,
                                                       2014         2013
                                                   -----------  -----------
                                                     (In thousands, except
                                                      per-share amounts)
Net income (loss) on a GAAP basis                  $    80,884  $   (21,255)
Adjustments:
  Stock-based compensation expense included in
   cost of revenues                                      3,142        3,946
  Amortization of intangible assets expense
   included in cost of revenues                          6,462       10,780
                                                   -----------  -----------
    Total gross margin adjustments                       9,604       14,726
                                                   -----------  -----------
  Stock-based compensation expense included in
   research and development                              4,336        4,685
  Stock-based compensation expense included in
   sales and marketing                                   6,765        8,145
  Stock-based compensation expense included in
   general and administrative                            4,345        2,374
  Amortization of intangible assets expense
   included in operating expenses                        9,883       14,856
  Restructuring and other related costs, net             6,217            -
  Gain on sale of network adapter business              (4,884)           -
                                                   -----------  -----------
    Total operating expense adjustments                 26,662       30,060
                                                   -----------  -----------
      Total operating income adjustments                36,266       44,786
  Call premium cost and write-off of original
   issue discount and debt issuance costs related
   to lenders that did not participate in
   refinancing                                               -       15,299
  Tax provision impact from passage of California
   Proposition 39 - Single Sales Factor
   apportionment                                             -       78,206
  Income tax effect of non-tax adjustments              (8,366)     (18,287)
                                                   -----------  -----------
Non-GAAP net income                                $   108,784  $    98,749
                                                   ===========  ===========
Non-GAAP net income per-share -- basic             $      0.25  $      0.22
                                                   ===========  ===========
Non-GAAP net income per-share -- diluted           $      0.24  $      0.21
                                                   ===========  ===========
Shares used in non-GAAP per-share calculation --
 basic                                                 440,573      454,843
                                                   ===========  ===========
Shares used in non-GAAP per-share calculation --
 diluted                                               453,549      466,321
                                                   ===========  ===========

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BROCADE CONTACTS
Public Relations
John Noh
Tel: 408-333-5108
[email protected]

Investor Relations
Ben Jones
Tel: 408-333-6601
[email protected]

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Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.