RE: SNS5 Sep 2012 08:28
[SNS] is the most widely used e-signature solution in the world, responsible for processing over 600 million documents annually. Silanis solutions have strengthened the business processes of thousands of organizations, including four of the top 10 North American banks, eight of the top 15 insurance companies and the entire US Army. Companies and government organizations around the globe depend on Silanis to accelerate business transactions, improve customer experience and reduce costs while improving compliance with legal and regulatory requirements. Silanis' on-premise, cloud and SaaS e-signature solutions eliminate manual, paper-based processing and enable e-commerce and e-government transactions to be electronically executed from start to finish.
The Company's sole investment is a 25% interest in the shares of Silanis. The following review and analysis reflect the underlying operations of Silanis, from which the value of the Company is derived. All figures are expressed in United States dollars unless noted otherwise. The financial statements for both companies are attached, and form an integral part of this release.
"Leveraging the growth and momentum of our strong 2011 results, Silanis is well positioned to realize its any-premise strategy. As the e-signature market continues to grow, our ability to deliver enterprise class solutions either as multitenant SaaS, on a private cloud, or on premise, is a unique differentiator that addresses the broadest possible market opportunities. According to a leading market analyst firm, by 2014, 50% of e-signature implementations will be delivered through SaaS, while the remainder will be delivered on-premise.
Revenues for the first half of 2012 are lower than the comparative period because of last year's extraordinary single-largest perpetual financial services license in our history. What is not reflected in these results are the very strong bookings that we have secured year to date whose revenues will be recognized in subsequent periods. We are very fortunate to be able to invest in transactional recurring revenue streams that, we believe, will significantly enhance Silanis' value." said Tommy Petrogiannis, founder and Chief Executive Officer of the Company and Silanis.
Silanis H1 2012 Financial Highlights
· Revenue of $3.3 million (H1 2011 - $7.3 million)
· Net loss of $3.6 million (H1 2011 - net earnings of $1.6 million)
· Cash and long-term investments of $9.3 million (Dec. 31, 2011 - $12.9 million)
Silanis H1 2012 Operating Highlights
· Successful launch of Silanis comprehensive "any-premise" product suite and market offering
· Silanis' e-SignLive™ added new named paying customers at a month over month growth rate greater than 25%
· Insurance carriers using Silanis private cloud offerings more than doubled their prospective commitments
· Service providers delivering Silanis solutions experienced material growth in their end-user transactions