LEUVEN, Belgium -- Option (EURONEXT Brussels: OPTI; OTC: OPNVY) today announced that during the first quarter of 2013 the Company generated revenue of EUR 2.2 million. As reported in previous trading updates, the revenue now reflects the expiration of the Huawei license agreement.
The ecosystem for CloudGate continues to build up in the United States. Agreements have been signed with additional Application Enablement Platform partners who provide middleware and hosted service platforms. Resellers have taken inventory of the CloudGate and are running marketing campaigns. Customer projects are in the piloting and deployment stages.
In Europe, the ecosystem is starting to build with the commercial launch of CloudGate in the second quarter.
CloudGate enables the Company to address the Machine to Machine (M2M) market which is expected to grow at an average CAGR of 33% to a market size of $ 85 Billion by 2017 according to Machina Research and Markets and Markets.
During the first quarter, EUR 9 million funding was raised via the issue of a convertible bond. The funding was subscribed by 5 partners: the Flemish investment company PMV, Athos Investments, Life Science Research Partners, Mondo and Jan Callewaert. As a cost-reduction measure, it was also decided to close the office in Paris (France) and to further reduce the facility in Cork (Ireland).
The combination of the new funding with further cost reductions and the projected sales of products should allow Option to build out a profitable business focused on B2B and M2M solutions.
Technology industry veteran Martin Lund joins Metaswitch Networks this week as the company's new CEO. In this interview, Lund discusses his new role and the industry's progress with Light Reading CEO Steve Saunders. Lund believes that the industry disruption caused by SDN and NFV is creating opportunities for companies like Metaswitch – network software providers ...
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Technology industry veteran Martin Lund joins Metaswitch Networks this week as the company's new CEO. In this interview, Lund discusses his new role and the industry's progress with Light Reading CEO Steve Saunders. Lund believes that the industry disruption caused by SDN and NFV is creating opportunities for companies like Metaswitch – network software providers with the agility to embrace new technologies quickly and the ability to deliver on substantial projects for global network operators.