67 WALL STREET, New York - June 10, 2014 - The Wall Street Transcript has just published its Business and Application Software Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Cloud Computing Secular Trends - Application Software Consolidation Activity - Cloud Computing and SaaS Trends - Larger IT Systems Upgrades - B2B Recovery - Paradigm Shifts in Software - Software-Defined Data Centers - Business Services Capex Spending
Companies include: Falconstor Software Inc. (FALC) and many more.
In the following excerpt from the Business and Application Software Report, the President & CEO of FalconStor Software, Inc. (FALC) discusses company strategy and the outlook for this vital industry:
TWST: Can you give us a brief overview of FalconStor's business?
Mr. Quinn: We are in the data-management business. Customers who have large amounts of data - that is growing every day - need to ensure that the information is always available, can be recovered in a defined period of time or archived for future use. FalconStor, through its product offerings, enables its customers to be free from vendor lock-in, regulatory concerns and/or lost data. We give our customers peace of mind.
TWST: You recently discussed plans for a turnaround of the company. Can you give us some highlights of that plan and update us on how it's going?
Mr. Quinn: I took over the company in July of 2013 as the CEO. We determined very quickly that we needed to make some adjustments to our then-business model to improve our company's viability. We reviewed our product portfolio, our overall expense structures and our go-to-market strategies into different geographies around the world. We focused most of our efforts, if not all, on our core competency of large and medium-size enterprise customers, and better positioned ourselves for - what a lot of people hear about today - cloud service providers.
We changed our go-to-market model in some geographies to have more of a partner-led presence versus a direct FalconStor presence, where it made sense. We reviewed all of our expenditures and made adjustments by rebidding contracts, discontinuing or finding other ways to get more for less. We entered into a joint development agreement with an up-and-coming flash memory provider, which will modernize our products this year in 2014. We were able to obtain a capital injection to provide a backstop on our balance sheet.
So all of those initiatives took place between July and December of last year, and the joint development work is continuing on right now. Our restructured sales organization launched in January, and we're very excited about making a lot of progress in this fiscal year of 2014.
TWST: Could you give me a little more information about how the sales organization is changing?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.