LEUVEN, Belgium – April 24, 2014 – Option (EURONEXT Brussels: OPTI; OTC: OPNVY) is of the opinion that in executing the new business model of connecting Things to the Cloud with M2M sales cycles that take from 8 to 18 months, quarterly revenue updates are less meaningful. A half year and full year financial and business update is better suited to evaluate the performance of the company.
Q1 HIGHLIGHTS
- In Latin America and South Europe, the competitive pricing and the software & hardware flexibility of CloudGate have resulted in the first design wins and subsequent orders;
- In Japan, Unidux – a subsidiary of Avnet – was appointed as CloudGate distributor. Unidux is well positioned to go after the important M2M business opportunities in that region;
- In Europe, Sphinx – one of the biggest pan-European distributors for data communication – further strengthens the sales channels for CloudGate;
- New installs are being deployed into a plurality of applications ranging from bus ticketing, asset monitoring in the utilities sector to mobile access points. As an example: the solution developed via Aeris for Simply Home demonstrates that CloudGate is well positioned to tap into the potential of in-home healthcare, forecasted to be one the fastest growing segments in the M2M space. Click for the full story;
- Through the partnership with Autonet Mobile, the company continues to increase its presence into the automotive M2M space. Option’s wireless modules are combined with the Autonet Mobile TCU and managed network into an intelligent communication and control device designed to create a mobile automotive ecosystem;
- The company strengthened its sales team with the appointments of Siegfried Trinker as Chief Sales Officer (CSO) and Bram Bourgeois as VP Sales North America.
- After the closing of Q1, EUR 12 million funding was successfully raised via the issue of a convertible loan. The combination of the funding, further cost reductions and sales in line with budget, will allow Option to fully realize the potential of Internet of Things (IoT) and M2M and to establish growth at market pace.