Verecloud Finds Friends, Lacks Funds
The company, which has positioned itself in the hot cloud services market with its aggregation platform, Nimbus Marketplace, is participating in the TM Forum's Service Model Catalyst, and will be talking up its new partnerships. (See Verecloud Names Partners and Verecloud Pitches to CSPs.)
But the Service Provider Information Technology (SPIT) specialist is facing a cash crisis, as we pointed out last month. (See SPIT Watch: CA, NEC Bulk Up.)
The company has little in the way of revenues and has all but run out of cash. In a recent Securities and Exchange Commission (SEC) filing, the company noted that it needs about $10 million to get through the next 12 months, including $4 million for the development of the Nimbus platform, and a further $10 million to get through 2011. If it can achieve that funding, the company believes it can generate revenues and be cashflow positive in early 2012.
The Verecloud team notes it has met with "several investment firms and strategic partners in the software and telecommunications industries who have expressed interest in our strategy and could be potential investors," but it hasn't yet secured any backing.
Maybe the vendor's CEO, John McCawley, will have better news in Nice, where we'll be looking to get an update on the fund-finding process.
For all the SPIT news leading up to the event -- plus reports from the show floor, updates from the conference halls, and gossip from the coolest bars on the Côte d'Azur -- keep an eye on our special Management World 2010 Show Site.
— Ray Le Maistre, International Managing Editor, Light Reading