|
CRM Vendor Selectica Loses Money, CEO
TMCnet Contributing Editor
Selectica, Inc., a vendor of sales execution and contract management products, has announced financial results for the first fiscal quarter ended June 30, 2006.
Revenue for the first quarter of fiscal 2007 was $5.2 million, which compares to revenue of $7.1 million for the same period in the previous year. Net loss for the quarter was $2.6 million, or ($0.08) per share, which compares with a net loss of $2.7 million, or ($0.08) per share, in the first quarter of fiscal 2006. Bookings in the first quarter of fiscal 2007 increased over the prior quarter.
Selectica has also just announced that the board of directors has named Stephen Bennion as the company's new Chairman and Chief Executive Officer.
Bennion has served as Chief Financial Officer of Selectica since September 1999. He replaces Vince Ostrosky, who has stepped down from the CEO position following "a mutual decision reached with the board of directors that the company would be better served by a more streamlined management structure," according to company officials.
Ostrosky will continue to serve on Selectica's board of directors, and Jamie Arnold, chairman of the nominating and audit committees of Selectica's board of directors said all the usual nice things about him.
Earlier this month Selectica announced the release of a study titled "Contract Management in the Mid-Market" by Aberdeen Group.
The report was developed, company officials say, to help mid-market companies (in their eyes, if you're doing between $50 million and $1 billion you're mid-market) gain insight into "effective and efficient contract management methodology for both the buy and sell-side agreements."
Selectica sells technology that automates business processes in the areas of sales execution and contract lifecycle management. Available on-demand or installed, the company's products link between CRM and ERP.
"Contract Management in the Mid-Market" is based on survey results of 140 respondents. Findings include the disturbing fact that more than 80 percent of companies on both the buy- and sell-side of contract management use entirely manual or only partially-automated processes and systems. Imagine.
David Sims is a contributing editor for TMCnet. For more articles please visit David Sims’ columnist page.
[ Back To TMCnet.com's Homepage ]
|
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 16-18, 2008. Los Angeles, California.
