When employees leave a company and take sensitive data with them, intentionally or not, the repercussions can be massive. In February of this year, an employee leaving the FDIC exposed 44,000 FDIC customers’ personal information when she downloaded the data to her personal storage device. Later the same month, a former employee of UK regulator Ofcom offered his new employer as much as six years of sensitive data provided to the regulator by television companies.
A recent survey of 400 employees by Veriato, a provider of employee monitoring software, found that a third of respondents believe they own or share ownership of the corporate data they work on; more than half feel it's acceptable to take corporate data with them when they leave a job.
"The potential damage from even one employee taking confidential and proprietary customer data, software code or login credentials with them to a new job, especially with a competitor, is astronomical," Veriato COO Mike Tierney said at the time.
So what should companies do to prevent such potentially serious damage?
New platform investment in leading provider of data protection, high availability and cloud migration software
SANTA MONICA, Calif. – Clearlake Capital Group, L.P. together with its affiliates (“Clearlake”) today announced that it has completed the acquisition of Vision Solutions, Inc. (“Vision” or the “Company”), a global data protection, high availability and cloud migration software provider with a proven track record of technological innovation on the IBM Power Systems, Windows, and Linux platforms. Financial terms of the transaction were not disclosed.
Vision Solutions is a leading provider of software solutions designed to protect data, minimize downtime and maximize resources for the modern data center as enterprises migrate to the cloud and transform their operations. Vision’s software offerings facilitate near-zero downtime migration of data, applications and systems using real-time replication technology to significantly reduce time, cost, and risk.
“Our investment represents a substantial commitment to Vision’s global customer base and reflects our confidence in the company as a buy and build platform to grow organically and through acquisition,” said Behdad Eghbali and Prashant Mehrotra of Clearlake. “With the transaction now complete, Vision can leverage Clearlake’s substantial resources to propel its growth strategy and build on its lengthy track record as a leading enterprise software provider.”
“We are excited to enter a new chapter with Clearlake,” said Nicolaas Vlok, CEO of Vision Solutions. “Data protection software continues to be a high priority with growing demand from modern enterprise IT leaders. We look forward to leveraging Clearlake’s industry expertise to expand our footprint and serve the needs of our customers.”
UBS Investment Bank, Evercore, and Foros served as financial advisors to Clearlake. Jefferies LLC acted as exclusive financial advisor to Vision. Antares Capital provided a fully underwritten facility to help finance the transaction, and acted as administrative agent. Clearlake professionals Behdad Eghbali, Prashant Mehrotra and Paul Huber have joined Nicolaas Vlok on the Company’s Board of Directors. In addition, Clearlake operating advisor Keith Bradley and technology industry veteran Lonne Jaffe also joined Vision’s Board of Directors.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm with a sector-focused approach. The firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational and strategic expertise. The firm’s core target sectors include industrials, energy and power; technology, communications and business services; and consumer products and services. Clearlake currently has over $3.5 billion of assets under management. More information is available at www.clearlakecapital.com.
Vision Solutions is the premier provider of software solutions designed to protect data, minimize downtime and maximize resources for the modern data center. It is the only company to deliver migrations, high availability, disaster recovery and data sharing across multiple operating systems, on any storage platform and in any physical, virtual or cloud environment. Its solutions perform near-zero downtime migration of data, applications and servers. It utilizes real-time replication to prevent data loss. And its software enables different database platforms to seamlessly share and consolidate data in real-time. Vision Solutions has been serving enterprises and managed service providers for over 25 years through our portfolio of Double-Take®, MIMIX® and iTERA® product brands.
Syntel names automation, flexible technology systems among top requirements for innovations in insurance sector
TROY, Mich. – Syntel, Inc. (Nasdaq:SYNT), a global provider of digital modernization, information technology and knowledge process services, finds thatU.S. insurance companies are increasingly joining the digital revolution in response to a growing number of consumers who prefer to use mobile phones and other digital devices for their insurance needs.
Research from PwC has revealedthat 71% of consumers have used some form of digital research before buying an insurance policy. The report also foundthat approximately 25% of consumers currently purchase their plans online.This number is expected to grow, particularly among the millennial generation.
While most insurance companies are focused on leveraging an eCommerce model to sell their traditional offline services in an online storefront, others are developing deeper, more personal and longer-lasting relationships by utilizing digital capabilities to improve their customers’ knowledge base.
According to Nitin Rakesh, CEO and President of Syntel, “It is very clear that, like other industries, insurance is subject to the need for digital modernization, brought on by the demands of digital native consumers. Digital natives expect an omni-channel experience with greater accessibility and anytime, anywhere services —something that may be difficult for traditional insurers to deliver.”
Rakesh also asserts that engaging customers through social media channels enables insurers to uncover business insights that help them understand consumer sentiment, preferences, and behavior,all of which are vital components to making good business decisions.
A recent report from IDC highlights the impact of emerging technologies on the highest levels in senior management decision-making. The report said that two-thirds of CEOs will be focused on digital transformation strategies throughout 2016. In the past, transformation has more traditionally been the dominion of CIOs, which underscores the increasing importance and business critical nature of these decisions.
“In a competitive market environment, speed and agility are vital for insurance companies to survive and grow,” said Rakesh. “Because CEOs are now being measured on their ability to quickly adapt to the changing digital landscape, it is vital to seek out a trusted service provider with the necessary expertise.”
Mr. Rakesh’s company, global IT and business solutions provider Syntel, offers a suite of digital modernization solutions that reduce the run the business cost and provide the efficiency and agility to increase speed to market, andenable businesses to funnel the savingsinto new innovations.
Rakesh states that it is crucial to embrace automation as part of this process.
“With many insurers stuck with business-critical legacy systems, thebiggest challenge is to keeppace with digital innovations while maintaining and automating business-critical legacy systems,” he said.“Automation allows for faster and more cost-efficient transformations to take place.”
According to a recent report by Vertafore, insurers that do not automate their services face a significant decrease in customer satisfaction when it comes to customer experience. The report also found that 67% of insurance consumers are open to the idea of bypassing traditional insurers to purchase plans, looking instead to digital leaders like Amazon and Google for services.
As more non-traditional players enter the marketplace, 66% of the insurers surveyed recognize the threat and attribute it to the proliferation of Big Data. Those companies adapting to the need to digitize are seeing positive results. Of those companies employing marketing automation as a strategy, 77% observed increased conversation rates, while 80% saw an increase in leads.
“Digital modernization is the final frontier for insurers,” added Rakesh. “Automating and modernizingoutdated systems frees up the resources required to forge ahead with new innovations andexciting products that meet the needs of the more demanding 21st century consumer.”
Syntel (Nasdaq:SYNT) is the global leader in digital modernization services, with a core suite of automation-driven IT and knowledge process services. Syntel helps global enterprises thrive in the Two-Speed World™ by building agile, efficient technology infrastructures that blend legacy business models with disruptive digital innovations. Syntel’s recursive automation platform, SyntBots®, enables clients to manage, migrate, and modernize their business and technology ecosystems. Syntel believes in a "Customer for Life" philosophy to build collaborative partnerships and creates long-term business value for its clients by investing in IP, solutions and industry-focused delivery teams with deep domain knowledge.
To learn more, visit us at www.syntelinc.com.
NEW YORK – Picasso Labs is honored to be selected as one of the top 50 marketing technology startups by the Unilever Foundry and Lions Innovations at this year's Foundry 50 in Cannes. Picasso Labs is an ex-Google, venture-backed company whose mission is to power art through science. Using image recognition technology, Picasso Labs provides data-driven recommendations on what visual and creative attributes enhance the performance of imagery, harnessing powerful visual data to help brands and agencies make smarter creative decisions.
As a Foundry 50 company, Picasso Labs is being recognized as being innovative, truly disruptive, and differentiated from other products in the market. Backed by Index Ventures, Harrison Metal, and leading technology executives, they have worked with leading brands and agencies, including Unilever, Farfetch, Mediacom, and M&C Saatchi, to answer the "why" behind image performance and help companies better visually engage with their audience.
"Marketers have never had to be more data-driven to succeed but the one aspect of marketing that remains devoid of data is the creative," said Anastasia Leng, CEO and Founder of Picasso Labs. "Picasso Labs measures how users respond differently to every creative you post or promote across any digital channel and provides detailed visual analytics to help you understand which creative aspects are cutting through with your audience."
The Foundry 50, a collaboration between Unilever Foundry and Lions Innovation, is a search for 50 of the top innovative and disruptive marketing technology startups in five categories: Future of Retail, Brand & Content Innovation, Social Impact, Engaging Millennials, and Data, Insights & Personalization. Picasso Labs will be represented in the Data, Insights, & Personalization category.
The panel who selected the Foundry 50 include Lastminute.com co-founder, Brent Hoberman; Head of Lions, Innovation Rob Dembitz; Karmarama Creative Director, Jo Jenkins; Head of Unilever Ventures, Olivier Garel; and Senior VP of Global Marketing at Unilever, Aline Santos.
Join Picasso Labs at Cannes or request a demo at www.picassolabs.com to see how you can unearth creative insights about your visual marketing.
BOXBOROUGH, Mass. – Egenera, a leading provider of wholesale cloud services and cloud management software to the channel, today announced that its wholesale managed cloud service, Xterity Cloud Services, will be distributed in Canada by Canadian distributor CloudRivo.
CloudRivo will offer Egenera's wholesale managed cloud service, Xterity™ Cloud Services, to service providers in Canada. Xterity delivers a full range of brandable dedicated, managed, private and public cloud services, including Infrastructure as a Service (IaaS), Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), and CloudMigrate exclusively through the channel. Xterity's business continuity services deliver on-premise server-to-cloud or cloud-to-cloud backup and disaster recovery.
"At CloudRivo, we are fully committed to marketing Egenera's Xterity Cloud Services in Canada and look forward to working with MSPs who are seeking to offer intuitive, robust and profitable cloud services, " said Nizam Uddin, CEO, CloudRivo.
"Our partnership with CloudRivo marks our entry into the fast growing Canadian market," said Pete Manca, CEO, Egenera. "CloudRivo is ideally positioned to deliver cloud services in Canada and we're excited to bring another distributor on board to fuel our international expansion."
With Xterity, resellers can quickly enter the cloud services market with no up-front capital or ongoing maintenance costs. Unlike reselling cloud services from large, commodity cloud vendors, Xterity delivers the margins resellers need to develop a profitable cloud services business. Xterity is HIPAA compliant and is hosted in Tier 3 and Tier 3+ datacenters worldwide.
Information about Xterity Cloud Services can be found at http://www.egenera.com/xterity-cloud-services/.
Egenera is a leading provider of wholesale cloud services to the channel and data center infrastructure management software. Xterity, the company's white label cloud service, offers revenue generating Infrastructure-as-a-Service (IaaS), Backup as a Service (BaaS) and Disaster Recovery as a Service (DRaaS) to managed service providers (MSPs) and independent software vendors (ISVs) seeking to deliver cloud services with no upfront costs and with higher margins than competing solutions. Headquartered in Boxborough, Mass., Egenera has thousands of production installations globally, including premier enterprise data centers, service providers and government agencies. For more information on the company, please visit egenera.com. Follow Egenera on Twitter, LinkedIn and Facebook.
CloudRivo is the Canadian distributor of Xterity Cloud Services. CloudRivo offers Canadian managed service providers (MSPs), value-added resellers (VARs) and ISVs the opportunity to deliver high margin Infrastructure-as-a-Service (IaaS), Backup-as-a-Service (BaaS), Disaster Recovery-as-a-Service (DRaaS), and CloudMigrate migration services to customers with no upfront costs or commitments on a pay-as-you-go basis. CloudRivo, a business unit of GlobalIT / ERP Solutions, was established earlier in 2016 specifically to distribute Egenera's Xterity Cloud Services in Canada.
For more information on CloudRivo visit http://www.cloudrivo.com/why-xterity/.