News
Allot Announces Fourth Quarter & Full Year 2022 Financial ResultsOn the 28th of February, Allot Ltd. announced its unaudited fourth quarter and full year 2022 financial results. Key metrics: Fourth quarter revenue peaked at $33.0 million and full year 2022 revenue was $122.7 million; SECaaS revenue reached a good $2.2 million for Q4 and $7.2 million for FY 2022, up 79% and 73% year-over-year respectively; December 2022 SECaaS ARR was $9.2 million; Q4 GAAP net loss was $6.7 million and non-GAAP net loss was $4.9 million; full year 2022 GAAP net loss was $32.0 million and non-GAAP net loss was $23.2 million; Additional recurring security deals to be executed, providing incremental MAR were reported at $191 million achieved in 2022. Erez Antebi, President & CEO of Allot, commented, “Despite a much more challenging economic environment in 2022, we are progressing with our ongoing strategy of transitioning our business to a recurring revenue model, which provides a more predictable and stable long-term revenue stream for our company. 2022 has shown continued growth in our customer roster and revenue for our security as a service product, demonstrating a viable and growing business. We are committed to being profitable in 2024 through ongoing growth of the SECaaS business, combined with tight expense control. We are confident that ultimately the shift of our business to a recurring SECaaS revenue model will deliver strong long-term value to our shareholders and drive sustainable profitable growth for years to come.” Backbase appointments Sam Boggs III as North American LeadFebruary 22, 2020. Backbase a global fintech leader providing Engagement Banking Platforms announces the appointment of Sam Boggs III as senior vice president and general manager for the North American mid-market segment. Working with the global executive team, Boggs will focus on enabling Backbase to deliver its engagement banking technology to North American credit unions and community banks, allowing them to adapt quickly to member and customer demands and innovate on their own schedule. A comment from Mr. Boggs: “This is an exciting time for credit unions and community banks, as technology now allows them to take back control of their innovation agenda. Having worked closely with community bank and credit union leaders to drive their growth strategies, I know firsthand the vital role they play in our lives here in the United States, and I know we can help them make a difference through our Engagement Banking Platform.” Avaya Takes a Chance at Financial Restructuring this YearOn the 14th of February, Avaya announced that it has entered into a Restructuring Support Agreement (the “Financial Restructuring”) with overwhelming support of more than 90% of the Company’s secured lenders (the “Investor Group”). Implementing the Financial Restructuring will accelerate Avaya’s ongoing business transformation, significantly enhance its ability to invest in its innovative cloud-based communications portfolio and position the Company for long-term success. Completing the Financial Restructuring will reduce the Company’s total debt by more than 75%, from approximately $3.4 billion today to approximately $800 million. Alan Masarek, Avaya’s Chief Executive Officer, said, “I joined Avaya to help unlock the power of its iconic brand, global customer footprint, massive partner ecosystem, large-scale communications deployments and outstanding team. Building on this tremendous foundation, we have made significant progress pioneering an ambitious business model transformation, establishing a competitive product strategy for our subscription and cloud-delivered services and implementing operational efficiencies to better serve the Avaya ecosystem. Strengthening Avaya’s capital structure is a critical step to fully realize our transformation, and we are excited to move ahead as a well-capitalized company with one of the strongest balance sheets in our industry that includes substantial cash to invest in our own success.” OpenText and IDC Release Survey Reports on B2B IntegrationOn the 24th of January, a new IDC white paper commissioned by OpenText has been released. The site paper states that one of the biggest gaps in supply chain efficiency is the adoption of modern, digital technologies. As the study suggests, those companies more progressed in their business-to-business (B2B) digital transformation journey outperform those less progressed in revenue, profit, customer satisfaction, and responsiveness rate. With the current levels of supply chain complexity, global reach and partner/supplier diversity, it has become clear that the ‘old’ ways of doing things do not work in today’s modern supply chain. This study demonstrates the resiliency of digital transformation in the supply chain, with over 78% of respondents reporting that B2B integration has improved the overall performance of their supply chains1. “B2B integration represents the backbone of a digital-first, resilient supply chain and should be a top priority for those companies that remain encumbered by manual paper-based processes.” said Simon Ellis, Program Vice President at IDC. Avaya Takes Leader Position in Inaugural Report from Aragon Research for Conversational AI (CAI)On the 23rd of January, Avaya announced it has been named as a Leader in the inaugural report: The Aragon Research Globe for Conversational AI in the Intelligent Contact Center (ICC) 2023 by Aragon Research, Inc. According to the report, authored by Craig Kennedy, Sr. Director of Research at Aragon Research, the Avaya solution offers a “fully integrated technology stack including Unified Communication (UC), Contact Center (CC), and Workstream Collaboration (WSC), all extensible through Avaya Communications APIs and application library.” The report also indicates Avaya’s conversational AI solution is designed as “omni-channel, supporting text, voice, and visual interfaces.” Avaya’s workflow automation is an available solution for conversational AI. Its capabilities enable the creation of new virtual agents that can integrate Google, Nuance, and other conversational AI offerings into custom or pre-built solution virtual agents. The conversational AI capabilities enabled by the Avaya Experience Platform differ from others by offering:
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