Former Feenics Founder Acquires UK VMS Wavestore
Having successfully sold Feenics less than 2 years ago, Sam Shalaby is back, now acquiring UK VMS provider Wavestore but what is their company's plan now?
Joining Shalaby at Wavestore is former ACRE executive Kim Loy, now SVP at the VMS provider. We spoke with Loy about their plans for rapid growth at Wavestore and how they intend to compete and win business away from larger VMS providers.
Wavestore **********
************ ******* ** **** *** *** since **** ************* ** ********, **. It ******** **-******* *****. *** **** IPVM **** *** ******* *** ~** employees, ****** ******* ** *** **, and **** ********* *** ****** **** the *****, ***** ** *******:
********* *** ******* ******. ** ***** were ********* **** ****** ** **** the *****, **** * **** ******. There ****'* * ******* *****, ** was * ***** ** ****** **** had ********* ** *** *******.
*** **** **** ******** *******, ******** ******** ** *********, *** been ******* *********'* ********* ** *** UK *** *** **** ~* ***** and **** ******** *** ******** ***** the ***********.
****** *******,***** ********, *** ******** ** *** ******* since *** ************* *** *** * 20-year ****** ** *********, *** *** the ******* ** ******** ******** *** strategic ******** ********. ** ****** ** Wavestore's ******** *** *** **** * years ****** ******** **** ****.
Why ****** *********?
************** *** *** ******* *** * years ************* ** ** **** ******** **** than * ***** ***. ** *** *** ******** ***% of *** **-****-*** ** *** ********, and ********* ** ***, ** ** treating ** ** * "*******" ** North *******. *** ********* ***** ********* for ********* ********* ** ****:
*** **** ** *****, **** ****** it's ***** **********. ****'** *** **** nice ***** ** ** **** **. It *** * **** ******** ***** to ****** ** *** ***** ******** market, ***** ** * **-****-*** ******* that **'** ******** * *** **** a ******* **** ** ***** *******.
Revenue *********
** ******** *********'* ******* ** ** the ****** ***** ******** ***** ** their ***** ****** ** *********, ****** the ******* **** *** ******** **********, and ** ** ******, ** * small ********, **** ********* ******* ** regulations.
Valuation *********
** ******** **** *** ***** **** for ********* *** ******, ** *** range ** * ** ** *******, as ********* **** *** **** *** scale *** * ****** ****** **** that ***** ******* ****** * ******* price.
Growth ***** *** *********
*** ********* **** *** **** ***** to ****** ** ****** ******* ** the **** * ***** ***** ********* in ***** ******* *** *********** ********* this ******:
*'* **** ** *** **** ** want ** ****** ******* *** ********** growth ** **** ** ********.
*** ***** ******** ****** ** ****, and ** *****'* **** ****** ******** it ***. ***** *** * *** multinational ********* **** ********* ***. *****'* some ********** ******** ****. *****'* *********** with ***** ********* ** *** ** that **** ****** *** **** ************* here. *** ***, **'** ******** **** very **** **** ** *************** ****** of ******* *** ***** *** ******* as **** ********* ** ********.So ** ********** **** ** **** ** ****** ** **** ** ****** ** ****** **** ** *** **** *** ***** ****. We ****** ** ***** **** ***** * **** ** ****** ****. [Emphasis added]
*** *** *** ******** * ********** breakdown ** *********'* ******* *** ****** that ********* ** ** *** "******* phase" ** ***** ******* *** *** North ******* ******* ********** "** *** a *** ******":
* ***'* **** *** [**********] ******* breakout. ** ****'* **'** ******** *** North ******** ****** ** *** ******* phase *** ********* *** ******* **** off **** * *** ***** **** and ****** **** *** *** *** there *** **** **. ** ** not ****** *** ***, *** ** it * *** ****** ****'* ******** relevant ** **** *****.
*** ***** **** ********* **** *** target ******** ****** *********, *** *** product **** "**** ***** ** ****" in ***** *******:
* ***** *** ******* **** **** where ** **** ** *** ***** American ****** ** ** ***** ** our *******. **** * ******'* **** to ** ** *** **'** ***** to **** *** ** ***** ********* and **** **** *** * ****** the ***** ****, ******* ** ** new ** **** ******. ** *** product **** **** *** *** *** then *** **** **'** ***** *** remain ***** ** ** ****** *** where *** ***** ***** *** *** the ***** ******** ******.
*** **** *** ****'* ********* *** relatively ******, ** ***** ******** ** larger *******-********** *****:
**'** *** ****** ** ** ****** than ********* *** **'** ****** ** gain ****** *****.
** ********,*********'* **** ******* *** **** $*** million.
** ******** ****** ******** ** ***** America, *** ********* *** **** ** grow ********* ** *** ****** ***** being ******-*********, ****** **** *** ******* has ***** * *********** *** ***** America:
** **** ***** * ****** ***** and ********* ************. *'** ******* ***** 2 *********** *** ***** *******.
** **** ** **** ** ***** one **** *** ** *** ****** States ** ***** *** **** *****, and **** ** **** **** *** how **** ** *** ***** ******** and **** *** ****** ** ******* deems ***********.
**** **'** *** ***** ** ** is **** ** ***********, *** ***** the ******* **** ** **** ** minus ****. ** **** *** *********** as ** ******** ******* *** ** get *** ******** ***** *** *** do * ****** ****** **** *** North *******.
** ***** ** *** ** ****, Loy ******** ** ** ***** ******* between ******** ******** ************* *** ***** people **** "** *************** ******":
** **** * **** *********** ** seasoned ****** *** **** *** ******** well, *** *** *** * *** both **** **** ******* ** ******** some ***** ****** **** **** ************.
** ***'* **** * *** ** baggage **** ******** ************* **** ****'** worked **, *** ** **** ****** people, **** **** ** *************** ******, which ** **** *********.
***********, *** **** ** ******* ***** seasoned ************* ***** *** ** * good *** **** **** ****** * prepared ***** ******* ******* ** ***** able ** **** ***** ***:
** *** *** *** **** ******** who *** ****** *** [******* *** provider] ** *** ********** *** ****, many *****, **** ***'* *********** **** that ***** ** **** *************** ******. They **** ** *** **** ******, well, *** *** ***** ***** ***** to ** ******** ** ** **** pretty ****** *******, *****? *** *** just **** **** ** **** *** they ** ** ***** ***** ***** right *** *** ****** ** *** hiring **** ** **** ***** ****.
*** **** ***** ***** *********'* ******** in ***** ********** ******* *** *** expansion *****:
** ** ******** ** *** ***. We've *** * *********** ****'* ***** in *****. **** ****** ** *** UK ******* ****'* ***** ****'** **** based *** ****'* ***** **** ***** their ********* **'** ******** *** ***** team *** ** ******* * ****** in *** ** *** * ******** in *** ***********. *** ** **'** building ** *** ***** ***** ** expand **** ********** *****.
Why ********* ** ***** ********** *****
*** **** ********* ********* ****** *** enterprise ***** *** **** *** ***-**-********** level *********.*** ******** ************ ********, *******, *********, **********, ********* & **********, *** ****. *** **** IPVM **** *** ** *** ********** of ******** ********* ** **** ** provides ****** ******** ******** ** *********** who **** ******** ** ***** *************:
***** * ******* ******* ** **** have * **** ***** ** ******** support ** ***** ******* ***** * lot ** *** *********** **** **** been ****** ** ********, *** ****** of *** *****, **** **** *** pain **** **** ****'** *** ******* in ***** **** ***** ************ ********** and ***'* *** *** **** ***** of ******* ** **** **** **** to **** *** ********* **** ***** companies ********.
*** ****** **** ********* ******* ** against **********-***** *********** ** ********:
** *** **** **** ** ** feature *** * ******* ** * matrix *****, ** *** ********** **** our *********** ******** **** ** ** doesn't **** *** *** **** ** features.
**** *** *** ** **** *********'* product, ** ** ****** ******* ** the *********** ** *********.
** **** ******, *** **** * pitch ** *********** ********* **** ********* can ******* ****** ******* **** *** competitors (********* *** *******) *** **** its ******* ** ** **** ** theirs:
** **** *** **** ***** ** feature *** ** *********, *******, ** any ** *** *** ******* ** the ***********, *** *** ****** *** customers **** [****'**] *** ** ******** level ** ******* **** ********* **** is ********* ********, **** *** ***** support *** **** ******* ** *** UK, ******, *** ** **** **** shared ****** ***** ** **** **** Beach, *** ** **** ****** ***** in *******.
*** ***** ** ***** *** * lot ** ********* *** ***** **** we've ****** ** **** *** ********* from ***** ******* ***** ******** ***** bought ** ** * **** ***** company, *** **** *** * **** reduction ** *******.
Improving *********
*** **** ***** **** ** ** and **** ***** ******* ** *********'* product ***** ** ** ***** **** see "********* **** *************" ****** *********:
*********** *** **. **** **** ***** sense *** * ********.
*** ** *** ******* **** **'** excited ***** *** ******* ** ******* we *** *** ********* **** **** minor ************* ** *** **** ***** and *** ** *** ***** ******.
Cloud ************ ******
*** ******* ********** ** *********, ********** in ******** ** *******'* ******** ******* Feenics, ** *** **** ** * cloud ********.
*** **** **** **** *********, ***** are ** ***** ** ***** ********* for *********, *** **** ** * modernization *** *** **** **** ** working **:
*** ***** ***** ***, **'* ******** on-prem. *** ** *** ************* *** currently **-****. ****'* **** ** *** modernization. **'** **** ** **** ** that *********.
**** ****** ***** ** *** ********* Wavestore ** ******* ******, *** ******* does *** **** ******** ********** ** mind *** *********** **** **** *-* years ** *********** ****** ********* *** new ********/********, *** ****:
** ***'* **** *** *** ********** mapped *** ***. *** ****'* **** of *** ****** **** **'** *****. It's ***** **** ***** ****.
* ***'* **** *** ********** ****** out *** **'* *** ***** ** take ** * **** ** ***. We **** ** ********** **** ** much ** ********.
***** *** *** **** *** **** operational ************, *** ******-**** ****** ** Wavestore *** *********** *** ***** **** be ******** ******* ** ***** ********* of *** *****.
No **** *****
*** **** **** **** *** **** has ** **** ***** ** *** moment *** ***** ** ***** *** business "**** * ****** ** *****":
**'** *** **** ******* ** *** exit ***. ****'* ********* ** ** talked ***** ***** ** *** ***** we *** ** **** ****.
** *****'* *** * ******* **** that. *** [*******] *** * *** looking ******* **building **** ******** **** * ****** ** ***** and there is no sort of horizon at the end where we're like, Okay, we have to be successful in three to five years. And then we're out. We're not looking at it in that same light. [Emphasis added]
Management ****
** ***** ** **********, *** **** Shalaby **** ****** "********," *** *** team *** ** ******** **** ** in ****** ** *********'* ***-**-*** ********:
** [*******] **** ****** * **** of *** ******** *** ** **** building * **** **** **** **** will **** **** ** **** ** the ***-**-***.
*** *********'* ** ****, *** **** its ********** **** ****** *** **** under ******** ******** **** *******'* ****:
*** ** **** ** ********* ******. We've *** ********** ***** **'** *** sales ****. ** *** *** *********** the ** ****. *** ****** **** came **** *** *********** **** ******.
*********-****, *** **** **** ******* *** herself ****** ** *******, *** *** sole ***** ** *********.
Sales ********
********* *** **** *** **** ** selling ********* ******** ******* ******* ******** in ***** *******, *** **** ****.
*** **** ****** **** ********* **** utilize ******* ********' ********* ** *********** multiple *********:
** ** **** ** ******* ********, the ******* **** **** *** *** and ** **** *****, ******* ******* partners **** ******** ************* ** ******* verticals **** ******.
*** *********** **** * ****** *********** role **** * ******** ****** *********** where **** ******* **** ** *** where ** ****.
Camera *****
******* *** **** *** ********,********* ***** *** *******. *** ********* ** **** **** the ******* **** ******** ****** *** cameras **** * ****** ********. ***** this *** ***** *********** *******, ** it **** *** ***** ***** *** pursue ****, **** ******** ******* *********** differentiation.
*******
** ******* ********* *** ******* ** its ****** ***** ***** ** ** starting **** * *** ****, *** a *********** ******** *********** ** *** US, *** *** *** *** ****** executives ** ***** ********.
**** ** **** ** **** *********, long-term, *** ********* ** *** ********* expands **** **-**** *** ** * cloud ***** ********. ** *** **** side, ******* *** ******* ** ***** this ** *** ****** ******* **** and ******** *** ********** ** ****** to *** *****. ** *** ******** side, ****** ** *** ***** *** proven *********** *** *********** *** **** VMS *********.
***** ********* *** ***** *****-**** ******* by ********* **********, *****, *** *********, if ********* ** ** ******** *** potential, ** ****, **** *** ******, have ** ***** ** *** ********** to *** *****.
**** ******** ** ***** ****** ******* only .
***** * **** ************ **** ******* manufacturers **** ** ******* *** ***** etc .
***** ** * ****** **** *** user ******** ********* *** *** ********** with ***** ** ****** **** ******** have **** ***** ********.
**. ******* ******* ** * ******** integrator, **** ** ********** *** **** leaped **** *** **** ****** ******* business. * ***** ****** * ****** play ** ****** **** * **** offering.
* ***** **** ** *** *********** VMS ********* **** *** ***** **** already **** ******** *** ***** ****, like *********, ****** **** ** **** some ****, ** *** ****** ** shifting.
*** ****** ********** *** *********, **** looks ** ** **** * ***** move (**** **** **** ***** ** do ************* ******* *** *********, ***.?)
*********, *** ***** ********* ** *******, still *********** *** * ******* ******** security ******** ******* ** **** *****. I ***'* ***** **** **** ** find ** ****, ***** *** ***** they **** ****** *** **** ***'* seem ** ** ******* *** *** either.