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Volume 29, Issue 4

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Jon Seals

  • Combines Norton, the #1 Consumer Security brand, and LifeLock, a leading Identity Protection provider
  • Combination will expand addressable market, broaden value proposition, and enable sustainable consumer segment revenue and profit growth
  • Company reaffirms fiscal year 2017 non-GAAP financial guidance
  • Company reaffirms fiscal year 2018 non-GAAP EPS guidance; acquisition expected to be accretive to FY2019 non-GAAP EPS
 

MOUNTAIN VIEW, Calif. – Symantec Corp. (NASDAQ:SYMC) and LifeLock, Inc. (NYSE:LOCK) today announced that they have entered into a definitive agreement for Symantec to acquire LifeLock for $24 per share or $2.3 billion in enterprise value. The deal, which was approved by the boards of directors of both companies, is expected to close in the first calendar quarter of 2017, subject to customary closing conditions including LifeLock stockholder approval.

“This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers.”

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In the last year, one third of American citizens and over 650 million people globally were the victims of cybercrime. Consequently, more and more consumers are concerned about digital safety, an estimated $10 billion market growing in the high single digits. In the United States alone, the estimated total addressable market is 80 million people.

“As we all know, consumer cybercrime has reached crisis levels. LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and growing. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers,” said Greg Clark, Symantec’s CEO. “This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers.”

Symantec’s acquisition of LifeLock brings together the #1 leader in consumer security with a leading provider of identity protection and remediation services. The combination will create the world’s largest consumer security business with over $2.3 billion in annual revenue based on last fiscal year revenues for both companies.

“People’s identity and data are prime targets of cybercrime. The security industry must step up and defend through innovation and vigilance,” said Dan Schulman, Symantec’s Chairman of the Board. “With the acquisition of LifeLock, Symantec adds a new dimension to its protection capabilities to address the expanding needs of the consumer marketplace.”

“After a thorough review of a broad range of alternatives, our board of directors unanimously concluded that Symantec is the ideal strategic partner for LifeLock and offers our shareholders a significant premium for their investment, at closing,” said Hilary Schneider, CEO of LifeLock. “Together with Symantec we can deploy enhanced technology and analytics to provide our customers with unparalleled information and identity protection services. We are very pleased to have reached an outcome that serves the best interests of all LifeLock stakeholders.”

By offering each of the company’s respective customer bases a broader digital safety solution, Symantec expects to achieve additional revenue upside through higher ASPs and improved retention rates.

Symantec expects to finance the transaction with cash on the balance sheet and $750 million of new debt. Symantec’s board of directors has also increased the company’s share repurchase authorization from approximately $800 million to $1.3 billion, with up to $500 million in repurchases targeted by the end of fiscal 2017.

Given the expected closing in the first calendar quarter of 2017, Symantec expects the transaction to have no impact to its quarter ending December 30, 2016. The transaction is also not expected to have a material impact to Symantec’s fiscal year 2017 financial results, and the company is reaffirming its prior fiscal year 2017 financial guidance at this time: non-GAAP revenue of $4,040 - $4,120 million; non-GAAP operating margin of 27-29%; and non-GAAP earnings per share of $1.12-$1.18. The company is also reaffirming its prior fiscal year 2018 non-GAAP earnings per share guidance of $1.70-$1.80. Symantec expects the transaction to be accretive to non-GAAP earnings per share in fiscal year 2019.

The transaction is subject to the satisfaction of customary closing conditions, including regulatory approval in the United States and LifeLock stockholder approval.

Citi and J.P. Morgan Securities, LLC are serving as co-lead financial advisors to Symantec’s Board of Directors (in alphabetical order). Bank of America, Barclays, Citi, J.P. Morgan, Merrill Lynch and Wells Fargo are acting as financial advisors and are providing debt financing commitments to Symantec (in alphabetical order). Fenwick & West LLP is acting as legal advisor to Symantec in connection with the acquisition, and Fenwick & West LLP and Simpson Thacher & Bartlett LLP are acting as legal advisors to Symantec in connection with the debt financing. Goldman, Sachs & Co. is acting as financial advisor to LifeLock. Wilson Sonsini Goodrich & Rosati and Skadden, Arps, Slate, Meagher & Flom LLP are acting as legal advisors to LifeLock.

Conference Call

Management will discuss the details of this transaction on a conference call scheduled for Monday, November 21, 2016 at 5:30 AM PT/8:30 AM ET. Interested parties may access the conference call on the Internet at http://www.symantec.com/invest. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. For telephone access to the conference, call (877) 475-6198 within the United States or (970) 297-2372 from outside the United States. Please call 15 minutes early on November 21 and give the operator conference ID number 24263402. A replay and our prepared remarks will be available on the investor relations home page shortly after the call is completed.

About Symantec

Symantec Corporation (NASDAQ: SYMC), the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton suite of products for protection at home and across all of their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information, please visit www.symantec.com or connect with us on Facebook, Twitter, and LinkedIn.

Symantec and the Symantec Logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the U.S. and other countries. Other names may be trademarks of their respective owners.

About LifeLock

LifeLock, Inc. (NYSE: LOCK) is a leading provider of proactive identity theft protection services for consumers and consumer risk management services for enterprises. LifeLock’s threat detection, proactive identity alerts, and comprehensive remediation services help provide peace of mind for consumers amid the growing threat of identity theft. Leveraging unique data, science and patented technology from ID Analytics, LLC, a wholly owned subsidiary, LifeLock offers identity theft protection that goes significantly beyond credit monitoring. As part of its commitment to help fight identity theft, LifeLock works to train law enforcement and partners with a variety of non-profit organizations to help consumers establish positive habits to combat this threat.

Forward-Looking Statements

This press release contains statements which may be considered forward-looking within the meaning of the U.S. federal securities laws, including statements regarding Symantec’s financial guidance and the acquisition of LifeLock, Inc. and the time frame in which this will occur, Symantec’s financing of the acquisition and the expected benefits to Symantec, LifeLock, and their respective customers, stockholders and investors from completing the acquisition, including without limitation expected revenue and subscriber growth, improvements to total addressable market and value proposition, future product innovation, earnings accretion and cost savings, statements regarding cost reduction, integration and synergy efforts, and the potential benefits to be derived therefrom. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include those related to: obtaining required regulatory clearances and LifeLock stockholder approval and the satisfaction of other closing conditions, the potential impact on the businesses of LifeLock and Symantec due to uncertainties regarding the acquisition; the retention of employees of LifeLock and the ability of Symantec to successfully integrate LifeLock and to achieve expected benefits; general economic conditions; the ability of Symantec to successfully execute strategic plans; maintaining customer and partner relationships; anticipated growth of certain market segments; fluctuations in tax rates and currency exchange rates; the timing and market acceptance of new product releases and upgrades; and the successful development of new products and integration of acquired businesses, and the degree to which these products and businesses gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Neither Symantec nor LifeLock assume any obligation, and do not intend, to update these forward-looking statements or reasons why results might differ as a result of future events or developments. Additional information concerning these and other risk factors is contained in the Risk Factors section of Symantec’s Form 10-K for the year ended April 1, 2016 and the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 and in the Risk Factors section of LifeLock Form 10-K for the year ended December 31, 2015 and the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016.

Additional Information About the Merger

In connection with the proposed merger, LifeLock will file a proxy statement with the SEC. The definitive proxy statement will be mailed to LifeLock stockholders and will contain important information about the proposed merger and related matters. LIFELOCK STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED MERGER BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. LifeLock stockholders are advised that they may obtain free copies of the proxy statement filed by LifeLock with the SEC (when this document becomes available) on the SEC’s website at http://www.sec.gov. In addition, free copies of the proxy statement may be obtained (when this document becomes available) from LifeLock’s website at http://investor.LifeLock.com or from LifeLock by written request to Investor Relations, 60 East Rio Salado Parkway, Suite 400, Tempe, AZ 85281.

Additionally, LifeLock and Symantec will file other relevant materials in connection with the proposed acquisition of LifeLock by Symantec pursuant to the terms of an Agreement and Plan of Merger by and among, Symantec, L1116 Merger Sub, Inc., a wholly owned subsidiary of Symantec, and LifeLock Symantec, LifeLock and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of LifeLock stockholders in connection with the proposed merger. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Symantec’s executive officers and directors in the solicitation by reading Symantec’s most recent Annual Report on Form 10-K, which was filed with the SEC on May 20, 2016 and the proxy statement and other relevant materials filed with the SEC when they become available. Information concerning the interests of LifeLock’s participants in the solicitation, which may, in some cases, be different than those of LifeLock’s stockholders generally, will be set forth in the proxy statement relating to the merger when it becomes available.

The Business Continuity Institute - Nov 21, 2016 16:35 GMT

Two thirds of organizations aren’t prepared to recover from a cyber attack, according to a new study by the Ponemon Institute on behalf of Resilient (an IBM Company), and only a third of organizations feel they have a high level of cyber resilience.

The Cyber Resilient Organization Study found that 75% of respondents admit they do not have a formal cyber security incident response plan (CSIRP) that is applied consistently across the organization. Of those with a CSIRP in place, 52% have either not reviewed or updated the plan since it was put in place, or have no set plan for doing so. Additionally, 41% say the time to resolve a cyber incident has increased in the past 12 months, compared to only 31% who say it has decreased.

"This year’s cyber resilience study shows that organizations globally are still not prepared to manage and mitigate a cyber attack," said John Bruce, CEO and co-founder of Resilient. “Security leaders can drive significant improvement by making incident response a top priority – focusing on planning, preparation, and intelligence.

The study also uncovered common barriers to cyber resilience. The majority – 66% – say “insufficient planning and preparedness” is the top barrier to cyber resilience. Respondents also indicate that the complexity of IT and business processes is increasing faster than their ability to prevent, detect, and respond to cyber attacks – leaving businesses vulnerable. This year, 46% of respondents say the “complexity of IT processes” is a significant barrier to achieving a high level of cyber resilience, up from 36% in 2015. 52% say “complexity of business processes” is a significant barrier, up from 47% in 2015.

It is perhaps this lack of preparedness that contributes to cyber attacks and data breaches featuring as the top two concerns for organizations according to the Business Continuity Institute's latest Horizon Scan Report. This report revealed that 85% and 80%, respectively, of respondents to a global survey expressed concern about the prospect of these two threats materialising.

The Cyber Resilience Report, also published by the BCI, revealed that two thirds of organizations experienced a cyber security incident during the previous year and 15% experienced at least 10. This shows that the cyber threat is very real and organizations must take it seriously and prepare themselves to combat against it more effectively.

While companies are seeing the value of deploying an incident response plan, there is still a lag in having the appropriate people, processes, and technologies in place,” said Dr. Larry Ponemon. “We are encouraged that this is becoming a more important part of an overall IT security strategy.

The FEMA Hazard Mitigation Assistance (HMA) team is excited to announce the launch of the External Stakeholder Working Group (ESWG) and is seeking applications from local or county jurisdictions for membership. The purpose of the ESWG is to provide a venue for increased communication between FEMA staff and external stakeholders. The ESWG will offer non-federal mitigation stakeholders an opportunity to share their perspectives on HMA priorities, issues, and program resources, and help inform communication strategies on the HMA programs. If you are interested in serving on the ESWG, please complete the application and submit it by email to FEMA-HMA-GRANTS-POLICY@fema.dhs.gov. Applications are due by Tuesday, November 29, 2016.

Membership on the ESWG will include participation in four meetings each year, one meeting each quarter. Two of these meetings will be held in person with travel costs provided by FEMA Headquarters. The remaining two meetings will be held virtually. The first meeting will be held virtually in early December. Once representatives are selected, FEMA Headquarters staff be in contact to determine an exact date for the first meeting.

Applications must be submitted by November 29, 2016. Requests for further information or questions on applying to the ESWG can also be submitted to FEMA-HMA-GRANTS-POLICY@fema.dhs.gov. FEMA staff monitor this inbox daily and will reply to any questions as quickly as possible.

 

Subdivision Design and Flood Hazard Areas Webinar

Please join us for the next Planning Information Exchange, "Subdivision Design and Flood Hazard Areas", scheduled for December 2, 2016, at 1pm Eastern Time.

This webinar will highlight the NEW Subdivision Design and Flood Hazard Areas (PAS 584), available in the FEMA Library at https://www.fema.gov/media-library/assets/documents/126942. FEMA's Risk Management Directorate (RMD) funded a joint effort with the American Planning Association (APA) and the Association of State Floodplain Managers (ASFPM) to help communities improve their resiliency and provides how-to guidance on the design for new development and growth with a forward-looking mindset that reduces or eliminates the risk of flooding.

The Subdivision Design and Flood Hazard Areas report lays the foundation for mitigation through subdivision design and provides case studies, design standards and implementing guidance around managing development in flood hazard areas. In addition, Subdivision Design and Flood Hazard Areas builds off of the 2010 FEMA-APA report Hazard Mitigation: Integrating Best Practices (PAS 560), and promotes integration of various planning tools and processes to create a more comprehensive approach to flood risk management through subdivision design.

This webinar is free, but registration is required. To register as well as for more information on this and past webinars, visit: https://www.planning.org/nationalcenters/hazards/planninginformationexchange/.

The Business Continuity Institute - Nov 21, 2016 09:49 GMT

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That unmistakable feeling that the world just got unstable is becoming a way of life in NZ, but you never get used to the nightmare that is an earthquake. It seems almost comical to chuck a Senior Business Continuity Consultant into an earthquake, then be evacuated due to a tsunami risk - exactly what we preach daily!

The one that hit our two-story house at Waikuku Beach just after midnight on Monday 14th November, felt like it was never going to stop. As a Crisis Management Consultant, I frequently talk about my experiences in the Christchurch 2010/11 earthquake and the stress that each aftershock brings, because you never really know how long it's going to last. This was no aftershock, this was the real deal and it just wouldn’t stop, 40 seconds of the ground turning to jelly then, 2-3 minutes of it trying to settle into its new bed beneath our feet. Remember in the 80's when those water beds came out and destroyed everyone's backs? Well, it felt like my home had been placed on one of those and we were told to brace.

Survival mode kicks in, following the standard drill; drop, cover, hold. A quick inspection for damage, a couple of broken ornaments but no rushing water, no cracks in the walls. Initial impact assessment complete. Time to get the incident team together, me and the wife! Sorry old habits die hard, processes just kick in and stuff gets done, yes I'm an incident nerd!

Things are not good, but are we in a crisis yet? If we are then this definitely has the characteristics of a sudden crisis:

  • Unpredictable, unexpected: Fast asleep in dreamland this was certainly unexpected.
  • High degree of instability: we were certainly all over the place for the first five minutes, is this really happening again after the five years of torment already?
  • The immediate potential for extreme negative results: Things seem OK in our world but we had no idea that most of NZ were feeling this one. My flight to wellington later in the day was looking doubtful.
  • Immediate management attention, time and energy: With the realisation of a real threat of tsunami, my attention was now focusing on our escape plan.
  • Often brings about organisation change: Living at the beach is losing its charm, my wife is looking for higher ground!

Being in the business and being an earthquake veteran the 'grab bag' is always ready to go. The basics in tow - torch, gas cooker, first aid kit, water, tins of beans, battery charger, sleeping bag etc, and of course, dog food! So when the tsunami alert was given we were ready to go. We had a plan and we were just about to put it into effect.

But planning and doing are two different things, again something I've spent many years trying to teach. The realisation when we drove out of our drive joining the rest of the fleeing villagers, that we might not see our house again, can't be simulated in an exercise. Not that I have made my wife practice our evacuation procedures, I'm not that much of a nerd! But I was working hard to recall my training on the human impact of a crisis. Magnified by the fact that our animal family was one short, the cat was nowhere to be seen! Despite trying to follow what you've been taught and what we know as professionals, emotions start to sink in. Driving away in the pitch black with our lovely, peaceful house fading into the background in my rear view mirror, not knowing whether it would handle the night ahead.

Impact assessment complete, the team assembled, communications complete to my son in Wellington and our recovery strategy initiated, we relocate to an alternate location. Classic 5 initial steps to managing your crisis.

Of course, these actions relate to recovering your business, but why not relate them to your own preservation too? Having a plan, any plan is always a good idea. In a night of unknowns and real stress, it certainly helped to focus my mind. After seven hours of sitting in our truck on a hill with the dogs, not knowing if the five-meter wave predicted was coming, it was a relief when we got the all clear to head home.

Time now to put my business continuity for my business into action. My clients in New Zealand (Wellington, Christchurch, Nelson and Tauranga) were dealing with their own issues, so our meetings were put on hold. But my Australian clients would still need attention. My Maximum Allowable Outage (MAO) 24 hours, for my critical process Respond to client enquiries and issues, was not under threat.

Lessons learned:

Every incident is different, this was real - not a test, but we can still learn from it. We can always do things better. My fuel tank on the truck had dropped below half full. Always keep it above half.

Don’t panic, it really doesn’t help. Your employees or your wife won't appreciate it, people need to be led by a strong confident leader.

Make a decision. The tsunami alarm didn’t work, some people stayed. The radio said leave because that was the advice from Civil Defense. Better to get ahead of the game, you can always come back if it’s a false alarm.

Have a good plan for the pets, they have to come and they don’t always want to. The cat needs a cat box, he will run off the first chance he gets.

Have your grab bag ready to go. Check it frequently, stuff can go out of date.

Have a plan, any plan. Remember the 7 Ps. Prior preparation and planning, prevents piss poor performance!

The gas cooker was on full noise on the tailgate of the Hilux 4x4 for the first brew of the day and I have internet connectivity, we are literally 'cooking on gas'. Normal business has resumed, even if I am standing in a paddock of cows overlooking the Canterbury Plains!

Until next time, Plan, do, check, act… (I should know!)

Brad Law MBCI is a Senior Business Continuity Consultant working for Risk Logic.

Lessons to learn from the Three Mobile data breach

Three Mobile officials have confirmed that an employee’s log-in credentials were used to access the data of almost six million customers. The data hacked included customers’ names, dates of birth, addresses and phone numbers. Three Mobile were only alerted of the problem when customers complained of scam calls attempting to get their bank details.

The crux of this problem lies on the fact that Three Mobile did not treat the data with the importance it deserved, and as such was not prepared or protected against the risk associated with digital content. Because of this oversight, customer data can be sold on the Dark Web and Three Mobile is at risk of losing customers and of damaging its reputation.

The Legal Risk Management Handbook: An international guide to protect your business from legal loss addresses this type of risk and discusses in-depth how to anticipate and deal with risk while also staying compliant with regulations. Written by two leading experts in law and risk management, this book is invaluable for in-house lawyers and risk managers looking to make better, more informed decisions to protect business from legal loss.

Simon Nasta, General Counsel for FBN UK, provided advance praise for the book, calling it a ‘must-read for in-house lawyers and new general counsels. I particularly like the simple and practical guides to implement what are quite advanced legal risk management techniques’.

About the authors: Matthew Whalley has a unique blend of practical experience and strategic insight into legal risk management and law department operations. He created the UK's first and only Legal Risk Consultancy in 2012, and has helped FTSE 100 and Fortune 500 clients take their first steps to develop a structured approach to legal risk. He was short-listed for the Laurie Young Memorial Global Thought Leadership award in 2014 for his papers on legal risk management.

Chris Guzelian is an Associate Professor at Thomas Jefferson Law School in San Diego, California where he teaches business, criminal and American constitutional law courses. Previously, he was a state prosecutor, a civilian officer with the U.S. Department of Defense, and a lawyer with the U.S. bankruptcy courts. Chris advises a number of corporate, non-profit, and government authorities on risk-related matters.


About Kogan Page: Kogan Page is the leading independent global publisher of specialist professional books and content with over 900 titles in print. Its authors come from some of the world’s most prestigious academic institutions, international commercial organisations or professional associations in Logistics, Leadership, Management, Marketing, Branding, Human Resources, Coaching, Entrepreneurship and Careers. Follow @KPLogistics for information about new books and business insights from author experts.

Friday, 18 November 2016 00:00

BCI: Political risks are on the rise

The Business Continuity Institute - Nov 18, 2016 16:36 GMT

There has been a dramatic increase in political risks according to a new study carried out by Sword Active Risk, and this has largely been attributed to the outcome of the UK Brexit vote and the US Presidential election.

In the UK, 44% of organizations cited the political situation, and subsequent implications, as the biggest potential challenge or unknown to their business, in stark contrast to last year when supply chain and cyber security were the most significant risks being faced by companies. In the US, this year a third of companies saw the domestic political situation and supply chain as the biggest risk, when last year it was geopolitical, and physical/construction risks that were seen as more important.

Keith Ricketts, Vice President of Marketing at Sword Active Risk commented; “While both of these events were on the horizon last year, no one predicted that they would turn out quite as they have done, with the UK voting to leave the EU, and Donald Trump becoming US President. After the financial challenges of 2008 and the global recession, there was a feeling that many markets were getting back to a more even keel. This is a stark reminder that unexpected events beyond the control of companies can come out of the blue and have a dramatic impact.

Political change featured as an emerging trend in the latest edition of the Business Continuity Institute's Horizon Scan Report, with 42% of respondents to a global survey identifying it as something for business continuity professionals to watch out for. However, this report was published prior to either of these events occurring so it will be interesting to see where it features in the 2017 report, the survey for which is currently live.

GREENWICH, Conn. – W. R. Berkley Corporation (NYSE:WRB) today announced the formation of Berkley Cyber Risk Solutions, a W. R. Berkley Company®, to focus on insurance and risk management products that respond to the changing cyber security vulnerabilities of organizations around the world. Berkley Cyber Risk Solutions will offer specialty commercial insurance coverages on a worldwide basis to clients of all sizes on behalf of W. R. Berkley Insurance Group member insurance companies rated A+ (Superior) by A. M. Best.

Tracey Vispoli has been named president of the operating unit. Ms. Vispoli has over 25 years of experience in the property casualty insurance industry and most recently served as senior vice president and global segment leader of a major property casualty insurance company. She holds a B.S. in accounting from Fairleigh Dickinson University.

W. Robert Berkley, Jr., president and chief executive officer of W. R. Berkley Corporation, commented, “We are excited to add this important capability to our group of operating units. Tracey is a pioneer in the cyber insurance space with a wealth of expertise in cyber security related issues. This will enable us to be on the forefront of providing effective solutions for this continually evolving risk. Demand for such solutions is increasing rapidly in every corner of the market, and the coverages offered by this new unit will enhance the suite of products available to our clients.”

For more information about the products and services offered by Berkley Cyber Risk Solutions, please visit www.berkleycyberrisk.com .

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance.

This is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2016 and beyond, are based upon the Company's historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to, the success of our new ventures or acquisitions and the availability of other opportunities, our ability to attract and retain key personnel and qualified employees, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2016 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Company's revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.

Hardware Manufacturer Partners with Cloud Supply Chain Leader to Reduce Excess Inventory, Save Costs, and Improve Service Levels
 

MOUNTAIN VIEW, Calif. – Elementum, the cloud-based supply chain platform, today announced that Lenovo will be harnessing the world’s only Product Graph™ to drive visibility and velocity across procurement, logistics, manufacturing, and inventory operations in its Data Center business. A global company with operations in over 60 countries, Lenovo designs, develops, and manufactures a broad range of data center, commercial, and consumer technology products.

“The technology landscape in our industry is changing rapidly and we must continually transform our supply chain to improve the speed, agility, and resiliency of our operations”

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Real-time insights from Elementum’s Product Graph will help Lenovo make better decisions faster, driving concrete results. The manufacturing firm’s specific goals include accelerating the timely delivery of high-quality products, reducing inventory while maintaining serviceability, and minimizing expedite and Errors and Omissions fees. Today, Lenovo is efficient and reliable in its product delivery, but recognizes the opportunity to run even better by upgrading its supply chain communication and strengthening its competitive edge. Specific goals identified by the company include:

  • Reducing the reactive and manual intervention required to resolve delivery issues
  • Improving alignment of stock measurements
  • Cutting Excess & Overage and expedite fees associated with inbound shipments

“The technology landscape in our industry is changing rapidly and we must continually transform our supply chain to improve the speed, agility, and resiliency of our operations,” explained Tim Carroll, vice president, Global Supply Chain, Lenovo Data Center Group. “Elementum’s Product Graph will automate critical processes associated with supplier management and manufacturing, and give us a clear window into parts supply shipments and trends that will help us anticipate and address disruptive events.”

Lenovo decided to deploy Elementum’s Product Graph software because it delivers industry leading cloud-based collaboration capabilities, as well as end-to-end visibility and real-time insights. The Product Graph will enable Lenovo to coordinate and align with its supply chain partners without the hassle of expensive integrations.

The Elementum product suite has an app for each segment of the supply chain: Source, Transport, Manufacture, and Inventory. With real-time data, including alerts for internal/external impacts, industry news, logistics tracking, and performance, both at rest and in-transit inventory visibility, Lenovo will optimize and streamline cross-team collaboration. In particular, Elementum’s issue management capabilities allow employees to easily notify colleagues of incipient problems, assign tasks, and then make data-driven, collaborative decisions to solve those problems in real time. Elementum's Situation Room will serve as Lenovo’s “Mission Control” for its supply chain, providing the ability to proactively manage based on actionable data aggregated from across the complete platform.

With Elementum, Lenovo is entering a new era of improved delivery serviceability, reduced days of inventory and minimized E&O losses.

“We’re thrilled that Lenovo has joined other Global 1000 companies on Elementum’s Product Graph,” commented Nader Mikhail, CEO and founder of Elementum. “This partnership validates not only Elementum’s vision to eliminate friction in the global product economy, but also Lenovo’s never-ending commitment to being a world-class product company.”

About Elementum

It's time to upgrade your supply chain. How? With real-time apps to help companies streamline procurement, logistics, manufacturing, and inventory operations. Powered by the world's Product Graph™, Elementum provides a full picture of the global product economy for smarter, more proactive supply chains. Customers get actionable insights and early warning signals to assign, collaborate on, and resolve issues—wherever, whenever. Elementum's customers span the automotive, healthcare, food & beverage, industrial, consumer, and technology sectors. For more information, visit www.elementum.com.

Integration of Best-of-Breed Products Provides Comprehensive Lifecycle Management, Automation and Orchestration of Cloud and Virtualized Environments
 

OTTAWA – Embotics, the cloud automation company, today announced new capabilities for bi-directional integration between Embotics vCommander and the ServiceNow IT Service Management (ITSM) platform. The new integrations provide customers with an end-to-end solution for extending the ServiceNow platform with multi-cloud automation capabilities. This enables users to have visibility and management to all Virtual Machines (VMs) in their environment regardless of whether they were created inside or outside of an ITSM process.

“By combining best-in-class capabilities for managing service requests and automated provisioning, Embotics is enabling the next generation of highly automated, multi-cloud IT operations and infrastructure.”

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The integration of ServiceNow and Embotics provides streamlined automation of key processes and maintenance of accurate data within the Configuration Management Database (CMDB).

Benefits include:

  • Increase the Velocity of IT Service Response: Enterprises and service providers can establish an IT portal for one-click self-service provisioning across multiple cloud environments.
  • Orchestrate and Automate Provisioning Across Multiple Clouds: Users can execute automated provisioning or trigger custom workflows to create and manage VMs directly from a service request. In addition, vCommander self-service portal users can automatically create or update a service record to track changes in ServiceNow.
  • Maintain the Integrity and Precision of CMDB Data: For the first time, enterprises will have a complete view of their virtual infrastructure giving them better cost information, better compliance data, and even greater ease of use for the virtualized and cloud data centers.

“Our customers include some of the most progressive and innovative IT organizations in the world. They are continually seeking ways to increase their agility, reduce costs and deliver value back to the business,” said Michael L. Torto, CEO of Embotics. “This new integration introduces the ability for our customers to easily extend their ServiceNow deployments to automate provisioning of any workload, to any cloud, right now.”

“Automating the delivery of IT services while maintaining governance, control and tracking is a common objective of the projects we are involved in,” said David Angradi, senior director of business development at Coda Global. “By combining best-in-class capabilities for managing service requests and automated provisioning, Embotics is enabling the next generation of highly automated, multi-cloud IT operations and infrastructure.”

For more information, please visit www.embotics.com.

About Embotics
Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fastest and easiest way to automate provisioning across private/public/hybrid cloud infrastructures. Its flagship product, Embotics vCommander, is used by organizations including Nordstrom, NASA, Fanatics, Informatica and Charter Communications. For more information, visit http://www.embotics.com, and follow Embotics on Twitter and LinkedIn.

HERNDON, Va. – XO Communications (XO) is demonstrating how emerging technology can enhance how customers monitor and manage their networks while they access important cloud services at AWS re:Invent 2016. XO is an Amazon Web Services (AWS) Direct Connect Partner and a sponsor for AWS re:Invent 2016, which is a learning conference for the global cloud computing community. The conference takes place in Las Vegas from November 28, 2016, to December 2, 2016. The XO technology demonstration will be available in booth 2836 during exhibit hours.

@XOComm to demo how emerging technology can enhance #AWS Direct Connect experience.

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Businesses are rapidly adopting cloud services to maximize productivity and corporate performance. IT managers face challenges with the ability to monitor and manage public cloud services simultaneously on their networks. The XO demonstration, supported with Blue Planet® software provided by Ciena®, will show how emerging technology, such as software defined networking and network functions virtualization, can help provide an end-to-end view of network status and performance while using AWS Direct Connect services.

“The economic advantages of leveraging public cloud services such as AWS are enormous,” said John Grady, senior manager of solutions marketing at XO Communications. “To that end, IT managers need an easy way to monitor and manage simultaneously all the cloud services they use. Our demonstration will show how emerging technology can help deliver higher levels of accountability and productivity as cloud adoption trends continue to rise.”

“Ciena’s Blue Planet division is leading the industry into a new era of truly open, software-defined networks,” said Kevin Wade, senior director and product marketing team leader, Ciena Blue Planet division. “This demonstration with XO shows how our Blue Planet software can provide its customers with end-to-end visibility across the network to facilitate differentiated service offerings, and meet the specific needs of each customer.”

About XO Communications

XO Communications provides the technology that helps business and wholesale customers compete in a hyper-connected economy. In the U.S., XO owns and operates one of the largest IP and Ethernet networks that customers rely on for private data networking, cloud connectivity, unified communications and voice, Internet access, and managed services. To learn more about XO Communications, visit www.xo.com or blog.xo.com. XO Communications is also on Twitter and LinkedIn.