Welcome!

@ThingsExpo Authors: Scott Hirsch, Esmeralda Swartz, Carmen Gonzalez, Lori MacVittie, Roger Strukhoff

News Feed Item

China Information Technology, Inc. Announces First Half-year 2014 Results

SHENZHEN, China, Aug. 20, 2014 /PRNewswire/ -- China Information Technology, Inc. (the "Company") (Nasdaq: CNIT), a leading provider of internet-based platforms, products and services in China, today announced its financial results for the six month period ended June 30, 2014.

First Half-Year 2014 Financial Highlights

  • Revenue decreased 19.6% to $30.0 million compared to the first six months of 2013
  • Gross margin increased significantly to 39.3%, up from 20.6% a year ago
  • Net income attributable to the Company was $31,000, compared with a net loss of $50.5 million for the first six months of 2013
  • Excluding non-cash items, adjusted net income increased to $1.6 million, from an adjusted net loss of $5.2 million for the first six months of 2013
  • Fully diluted net income attributable to the Company per share was break-even, an increase from fully diluted net loss attributable to the Company per share of $1.87 for the six months ended June 30, 2013
  • Excluding non-cash items, adjusted net income per share was $0.06, compared to an adjusted net loss per share of $0.19 for the prior year's period

Mr. Jiang Huai Lin, Chairman and Chief Executive Officer of the Company, commented, "Our transition to a cloud-based business model driven by our proprietary Cloud-App-Terminal (CAT) technology is progressing well. We are already experiencing improved margins and the revenue from our internet-based software business which grew significantly during the period. Our Cloud Platform is comprised of robust sector-specific applications and we will continue to innovate and introduce new cloud-based applications to meet the growing market demand for mobile internet and Internet-of-Things."

"Our early-mover advantage in the vertically integrated CAT model has paved the way for us to penetrate many sectors. This cloud-based platform and its variety of applications enable end-users in education, healthcare, consumer goods, property management, and community services sectors to improve efficiencies and save costs with a one-stop online platform. Users can manage all of their services through a single interface with one log-in, centralized storage, one-click payment and a standardized e-Commerce shopping cart. Our goal is to create a cross-platform, cloud-based eco-system where users, products and services are fully integrated."

"As we move forward with our transition and continue to restructure our business units, we are focused on increasing market share, posting faster growth in new business segments, producing stronger margins and generating stronger cash-flow. We look forward to a further improved 2014."

First Half-Year 2014 Results

The Company reported financial and operating information in the following two segments:

(1)

Information Technology, or IT, segment — The IT segment includes revenues from products and services surrounding a variety of our software core competencies, primarily including Geographic Information Systems (GIS), Digital Public Security Technology (DPST) and Digital Hospital Information Systems (DHIS).  IT segment revenues are generated from the sales of software and system integration services, as well as hardware other than display products.



(2)

Internet-based Technology, or IBT, segment — The IBT segment includes revenues from products and services surrounding our internet-based cloud platform and applications primarily comprising of  Cloud-based Education Platform (CEP), Information Distribution Platform (IDP), Online Ad Exchange Platform (OAEP), and display terminals. IBT segment revenues are generated from sales of hardware and total solutions of hardware integrated with proprietary software and content, as well as services.

Revenue

A breakdown of revenue, percentage of revenue and percentage of gross margin by segment is as follow:


Six Months Ended June 30, 2014

   Six Months Ended June 30, 2013


Revenue


   % of
Revenue


Gross
Margin


Revenue


% of
Revenue


Gross
Margin

IT Business                      

$17,366,980


57.9%


44.6%


$12,205,206


32.7%


27.4%

Internet-based Business

$12,609,188


42.1%


32.0%


$25,077,866


67.3%


17.3%

Total

$29,976,168


100%


39.3%


$37,283,072


100%


20.6%

For the six months ended June 30, 2014, revenue was $30.0 million, compared with $37.3 million for the six months ended June 30, 2013, a decrease of $7.3 million, or 19.6%. The change in total revenue was primarily due to the effective optimization within the Company's internet-based business unit by shifting from hardware sales to cloud-based software and platform services, which resulted in significant revenue reduction but substantial gross margin expansion. The revenue from IT business also grew from $12.2 million a year ago to $17.4 million in the first six months of 2014, as a few large IT infrastructure projects completed and, subsequently, the related revenue was recognized in the period.

The following table shows revenue, percentage of revenue and gross margin by category:


Six Months Ended June 30, 2014

Six Months Ended June 30, 2013


Revenue

% of
Revenue

Gross
Margin

Revenue

% of
Revenue

Gross
Margin

Products

$10,916,881

36.4%

21.5%

$25,210,925

67.6%

18.3%

Software

11,414,618

38.1%

65.5%

7,225,853

19.4%

27.7%

System integration

6,885,972

23.0%

29.2%

3,988,882

10.7%

24.8%

Others

758,697

2.5%

-6.4%

857,412

2.3%

10.0%

Total

$29,976,168

100%

39.3%

$37,283,072

100%

20.6%

The Company's product sales decreased by $14.3 million, or 56.7%, to $10.9 million for the six months ended June 30, 2014, compared with $25.2 million in the same period of 2013. Hardware product sales constituted 36.4% of total revenue during the six month period ended June 30, 2014, compared with 67.6% during the same period in 2013. The decrease in product sales was attributable to the Company's new strategy on shifting from hardware sales to cloud-based software and platform services, As a result of the transition, the overall gross margin also increased from 20.6% a year ago to 39.3% in the first six months of 2014.

Software sales increased by $4.2 million, or 58.0%, to $11.4 million for the six months ended June 30, 2014, from $7.2 million for the same period in 2013. Software sales increased to 38.1% of total revenue, from 19.4% during the same period in the prior year. The change was primarily due to the increased sales of new cloud-based platform products and information systems.

Sales of system integration services increased by $2.9 million, or 72.6%, to $6.9 million for the six months ended June 30, 2014, from $4.0 million for the same period in 2013. This increase was primarily due to the sales of new large system integration solutions engagements in connection with some large IT infrastructure projects. As a percentage of revenue, system integration sales increased from 10.7% during the six months ended June 30, 2013 to 23.0% during the six months ended June 30, 2014.

Other revenue decreased by $99,000, or 11.5%, from $0.9 million in the six months ended June 30, 2013 to $0.8 million in the same period of 2014. This decrease was mainly due to a decrease in maintenance services during the current period.

Cost of Revenue and Gross Profit

Cost of revenue decreased by $11.4 million, or 38.5%, to $18.2 million for the six months ended June 30, 2014, as compared with $29.6 million for the six months ended June 30, 2013. As a percentage of revenue, cost of revenue decreased to 60.7% during the six months ended June 30, 2014, from 79.4% in the same period of 2013. As a result, gross margin was 39.3% for the six months ended June 30, 2014, a significant increase from 20.6% in the same period of 2013.

The increase in the overall gross margin primarily resulted from the Company's strategic shift from a traditional IT business to an internet-based technology business, which commands higher margins.

Administrative Expenses

Administrative expenses decreased by $37.4 million, or 83.9%, to $7.2 million for the six months ended June 30, 2014, from $44.6 million for the same period of 2013. The significant decrease in administrative expenses was primarily due to a $34.7 million decrease in provision for doubtful accounts receivables.

Research and Development Expenses

Research and development expenses decreased by $0.5 million, or 33.2%, to $1.0 million for the six months ended June 30, 2014, from $1.5 million for the same period of 2013. As a percentage of revenue, research and development expenses accounted for approximately 3.2% of total revenue for the six months ended June 30, 2014, compared with 3.9% for the same period in 2013.

Selling Expenses

Selling expenses decreased by $61,000, or 1.5%, to $4.0 million for the six months ended June 30, 2014, from $4.1 million for the same period of 2013. As a percentage of revenue, selling expenses accounted for approximately 13.4% of total revenue for the six months ended June 30, 2014, compared with 11.0% for the same period in 2013. The increase in percentage of revenue was due to the decrease in revenue outpaced the decrease in selling expenses.

Impairment of property, plant and equipment

Impairment of property, plant and equipment was $9.1 million for the six months ended June 30, 2013 as compared with nil for the six months ended June 30, 2014, reflecting the declining market value of certain purchased GIS-related software in light of the protracted challenging environment in the software contracting segment for Chinese government projects.

Net Income and Adjusted Net Income

Net income was $31,000 for the six months ended June 30, 2014, compared to a net loss of $50.5 million for the same period in 2013. Fully diluted net income per share was break-even, compared with a fully diluted net loss per share of $1.87, in the six months ended June 30, 2013. Excluding non-cash items mainly in the categories of provision for losses on accounts receivables, impairment of property, plant, equipment, and stock-based compensation, adjusted net income for the period was $1.6 million, compared with an adjusted net loss of $5.2 million in the first six months of 2013. Adjusted net income per share was $0.06 for the six months ended June 30, 2014, compared with adjusted net loss per share of $0.19 for the six months ended June 30, 2013.

Cash and Cash Equivalents

As of June 30, 2014, the Company had $5.4 million in cash and cash equivalents and $11.0 million in restricted cash. For the six month period ended June 30, 2014, net cash used in operating activities was $4.7 million, as compared with net cash used in operating activities of $13.5 million in the same period of last year.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures for earnings that exclude non-cash charges. The Company believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, as these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of the Company. Accordingly, management excludes the expense arising from certain non-cash charges when making operational decisions. The Company also believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand the Company's financial performance in comparison to historical periods. In addition, it allows investors to evaluate the Company's performance using the same methodology and information as that used by the Company's management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measure. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded.

The following table presents the non-GAAP financial measures contained in this press release and the most directly comparable GAAP measures and provides a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures.

Six Months Ended June 30, 2014 Reconciliation of Net Income Attributable to the Company and EPS
to Exclude Amortization of Intangible Assets,
Stock-based Expenses, Provision for Losses on Accounts Receivable and Other Asset Write-downs (unaudited)



 Six Months


 Six Months



 Ended


 Ended



 June, 30 2014


 June, 30 2013

Net Income (Loss) Attributable to the Company

$

30,649

$

(50,516,426)

Amortization of intangible assets


466,220


489,228

Provision for losses on accounts receivable

1,014,262


35,680,106

Impairment of property, plant, equipment and other long lived assets


37,615


9,122,945

Stock-based expenses


98,782


-

Adjusted Net Income (Loss)

$

1,647,528

$

(5,224,147)






Weighted Average Number of Shares Outstanding





Basic


27,865,021


27,007,608

Diluted


27,865,021


27,007,608






Adjusted Earnings (Loss) per share





Basic

$

0.06

$

(0.19)

Diluted

$

0.06

$

(0.19)

About China Information Technology, Inc.

Headquartered in Shenzhen, China, China Information Technology, Inc., through its subsidiaries and other consolidated entities, provides the CNIT Cloud Platform based on its proprietary Cloud-App-Terminal (CAT) model.  The Company's cloud-based products include Cloud-based Education Platform (CEP), Information Distribution Platform (IDP), Online Ad Exchange Platform (OAEP), etc. The Company's integrated hardware, software, and cloud-based services serve a variety of customers in the fields of government, education, healthcare, financial, commercial, communication and individual consumers. To learn more about the Company, please visit its corporate website at http://www.chinacnit.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

China Information Technology, Inc. 
Tiffany Pan
Tel: +86 755 8370 4767
Email: [email protected]
http://www.chinacnit.com

Grayling
Investor Relations
Tel: +1.646.284.9474
Email: [email protected]

CHINA INFORMATION TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2014 (UNAUDITED) AND DECEMBER 31, 2013
Expressed in U.S. dollars (Except for share amounts)





June 30



December 31





2014



2013





(unaudited)





ASSETS
















CURRENT ASSETS








Cash and cash equivalents


$

5,406,699


$

11,083,592


Restricted cash



11,047,912



10,345,825


Accounts receivable, net of allowance for doubtful 
accounts of $60,673,000 and $60,699,000, respectively



32,919,812



22,716,298


Bills receivable



406,638



1,097,025


Advances to suppliers



6,546,553



8,331,149


Amounts due from related parties



488,391



508,355


Inventories



14,543,458



15,655,723


Other receivables and prepaid expenses



14,927,587



10,975,335


Deferred tax assets



542,842



498,459


TOTAL CURRENT ASSETS



86,829,892



81,211,761


















Deposit for purchase of land use rights



18,141,482



18,237,303


Long-term investments



2,641,875



2,661,385


Property, plant and equipment, net



30,415,128



31,531,027


Land use rights, net



12,969,987



13,222,442


Intangible assets, net



14,491,762



14,307,939


Goodwill



27,487,936



27,719,869


Deferred tax assets



1,077,608



347,264


TOTAL ASSETS


$

194,055,670


$

189,238,990










LIABILITIES AND EQUITY
















CURRENT LIABILITIES








Short-term bank loans


$

56,737,622


$

58,948,332


Accounts payable



18,418,513



17,857,866


Bills payable



33,278,899



26,549,982


Advances from customers



2,745,035



4,623,283


Accrued payroll and benefits



2,325,728



2,845,977


Amounts due to related parties



862,643



900,350


Other payables and accrued expenses



12,955,955



12,544,571


Income tax payable



3,837,694



3,720,807


TOTAL CURRENT LIABILITIES



131,162,089



127,991,168










Long-term bank loans



264,106



312,547


Amounts due to related parties, long-term portion



-



13,129


Deferred tax liabilities



578,178



742,696


TOTAL LIABILITIES


$

132,004,373


$

129,059,540










COMMITMENTS AND CONTINGENCIES








Common stock, par $0.01; shares issued and outstanding: 725,000 shares


$

2,175,000


$

2,175,000


EQUITY








Common stock, par $0.01; authorized capital 100,000,000 shares; shares issued and outstanding, 2014:29,975,420 shares; 2013:28,641,528 shares


$

317,336


$

309,076


Treasury stock,2014: 717,448;2013: 1,225,311 shares



(4,290,000)



(4,814,775)


Additional paid-in capital



120,377,948



115,668,644


Reserve



14,629,369



14,629,369


Accumulated deficit Retained



(113,521,900)



(113,513,766)


Accumulated other comprehensive income



24,750,115



25,070,226


Total equity of the Company



42,262,868



37,348,774


Non-controlling interest



17,613,429



20,655,676


Total equity



59,876,297



58,004,450










TOTAL LIABILITIES AND EQUITY


$

194,055,670


$

189,238,990
















 

CHINA INFORMATION TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013
Expressed in U.S. dollars (Except for share amounts)
(Unaudited)




 

Six Months

Ended June 30,

 



 

Six Months

Ended June 30,

 





2014



2013










Revenue – Products


$

10,916,881


$

25,210,925


Revenue – Software



11,414,618



7,225,853


Revenue - System integration



6,885,972



3,988,882


Revenue – Others



758,697



857,412


TOTAL REVENUE



29,976,168



37,283,072










Cost - Products sold



8,575,669



20,604,248


Cost - Software sold



3,941,523



5,222,113


Cost - System integration



4,872,634



2,999,223


Cost – Others



806,930



771,986


TOTAL COST



18,196,756



29,597,570










GROSS PROFIT



11,779,412



7,685,502










Administrative expenses



7,209,614



44,647,394


Research and development expenses



973,596



1,458,136


Selling expenses



4,031,732



4,092,764


Impairment of property, plant and equipment



-



9,122,945


 LOSS FROM OPERATIONS



(435,530)



(51,635,737)










Subsidy income



1,281,608



866,798


Other income, net



435,817



657,381


Interest income



245,994



173,037


Interest expense



(2,536,690)



(2,642,502)


LOSS BEFORE INCOME TAXES



(1,008,801)



(52,581,023)


















Income tax benefit (expense)



511,208



(411,550)










NET LOSS



(497,593)



(52,992,573)


Less: Net loss attributable to the non-controlling interest



528,242



2,476,147


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY


$

30,649


$

(50,516,426)










WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING








Basic



27,865,021



27,007,608


Diluted



27,865,021



27,007,608










EARNINGS (LOSS) PER SHARE-BASIC AND DILUTED








Basic


$

*


$

(1.87)


Diluted


$

*


$

(1.87)


* Amount is less than $0.01 per share

CHINA INFORMATION TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013
Expressed in U.S. dollars
(Unaudited)

 






Six Months Ended



Six Months Ended







June 30,



June 30,







2014



2013












Net loss




$

(497,593)


$

(52,992,573)


Other comprehensive income:










Foreign currency translation (loss) gain





(403,224)



2,794,303


Comprehensive loss





(900,817)



(50,198,270)


Comprehensive loss attributable to the non-controlling interest





611,355



2,269,106


Comprehensive loss attributable to the Company




$

(289,462)


$

(47,929,164)


 

CHINA INFORMATION TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2014 AND 2013
Expressed in U.S. dollars
(Unaudited)



Six Months



Six Months




Ended



Ended




June 30, 2014



June 30, 2013


OPERATING ACTIVITIES







Net loss

$

(497,593)


$

(52,992,573)


Adjustments to reconcile net loss to net cash used in operating activities:







Impairment of intangible assets


37,615



-


Provision for losses on accounts receivable


1,014,262



35,680,106


Depreciation


1,141,391



4,929,656


Amortization of intangible assets and land use rights


1,020,474



1,211,730


Stock-based expenses


98,782



-


Gain on disposal of property and equipment, net


(20,401)



-


Impairment of property, plant and equipment, net


-



9,122,945


Provision (recovery) for inventory allowance


12,794



(1,433,684)


Change in deferred income tax


(942,313)



351,802


Changes in operating assets and liabilities







Increase in restricted cash


(1,290,868)



(6,325,755)


(Increase)decrease in accounts receivable


(10,293,759)



377,404


Decrease in advances to suppliers


1,773,433



724,276


Increase in other receivables and prepaid expenses


(4,346,491)



(2,774,225)


Decrease(increase) in inventories


984,636



(1,514,168)


Increase (decrease) in accounts payable and bills payable


7,633,826



(6,559,336)


(Decrease)increase in advances from customers


(1,848,899)



1,122,859


(Decrease)increase in amounts due to/from related parties


(72,954)



841,430


Increase in accrued expenses and other liabilities


800,104



4,061,813


Increase (decrease) in income tax payable


143,794



(342,935)


Net cash used in operating activities


(4,652,167)



(13,518,655)









INVESTING ACTIVITIES







Proceeds from sales of property and equipment


20,411



16,992


Purchases of property, plant and equipment


(285,572)



(138,228)


Capitalized and purchased software development costs


(1,187,378)



(1,355,726)


Deposit refunded for land-use-rights


-



1,458,730


Investment in Zhongtian and GEO


(698,152)



-


Net cash used in investing activities


(2,150,691)



(18,232)









FINANCING ACTIVITIES







Borrowings under short-term loans


53,370,861



67,900,348


Repayment of short-term loans


(55,160,129)



(55,817,665)


Repayment of long-term loans


(46,670)



(17,788)


Purchase of treasury stock


(1,290,000)



-


Decrease (increase)in restricted cash in relation to bank borrowings


511,026



(1,261,026)


Common stock issued for cash


3,683,028





Net cash provided by financing activities


1,068,116



10,803,869









Effect of exchange rate changes on cash and cash equivalents


57,849



42,406


NET DECREASE IN CASH AND CASH EQUIVALENTS


(5,676,893)



(2,690,612)


CASH AND CASH EQUIVALENTS, BEGINNING


11,083,592



10,747,998


CASH AND CASH EQUIVALENTS, ENDING

$

5,406,699


$

8,057,386














Supplemental disclosure of significant non-cash transactions:

In 2014, the Company issued 439,503 shares of its common stock with a market value of $1,784,382 to minority shareholders of Zhongtian and Geo in exchange for 4.53% and 16.27%, respectively, of Zhongtian and Geo.

SOURCE China Information Technology, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...