K. Liu's Week in Review
We hope those perusing this week’s review are doing so from the beach or simply taking some time to decompress during the Labor Day weekend. Heading into the unofficial end to summer, Pitney Bowes (PBI) sold its Software Solutions business to privately-held data management solutions provider Syncsort for $700 million in cash, representing a TTM EV/Sales multiple of 2.2x and an EV/EBITDA multiple north of 17x. Syncsort expects the acquired location intelligence, data enrichment, customer information management and customer engagement solutions to complement its Trillium products, whereas Pitney Bowes intends to use the proceeds to pay down near-term debt maturities. The divestiture is expected to close by year-end and Pitney Bowes has revised its FY ’19 guidance to reflect constant currency growth of 1%-2% and non-GAAP EPS of $0.65-$0.75. PROS Holdings (PRO) bolstered its offerings for the airline industry with the $12 million acquisition of Travelaer SAS, which brings an Internet Booking Engine and New Distribution Capability platform to the company. Rounding out the M&A activity this week, SPS Commerce paid $11.5 million in cash for long-time partner MAPADOC, a provider of EDI System Automation solutions for the Sage and Acumatica markets. The purchase price represents FY ’20 EV/Sales and EV/EBITDA multiples of 5.8x and 11.5x, respectively.
Off-cycle earnings continued with nearly all of the reporting companies we tracked outperforming expectations, although not necessarily seeing an associated bump in their stock price. Nutanix (NTNX) boasted the biggest move to the upside this week as the company’s fiscal Q4 ’19 results outpaced expectations. Management highlighted progress in rebuilding the pipeline, improving sales enablement, simplifying the company’s messaging, and transitioning to a subscription model. For the first time, the company also provided annual guidance and shifted to providing expectations for software and support revenue and billings, which exceeded Street expectations albeit on greater than anticipated losses. American Software (AMSWA), a client of K. Liu & Company LLC, delivered headline results in line with consensus forecasts, but underlying growth in Cloud Services Annual Contract Value (ACV) accelerated to over 50% Y/Y, outpacing expectations and sending shares higher for the week. Management attributed the strong ACV bookings performance to the early closure of several deals that had slipped from prior periods and sustained momentum through the remainder of its fiscal Q1 as the company added 16 new logos and saw a marked improvement in close rates. Q2 is also off to a solid start and management expressed confidence in delivering growth in revenue, ACV, and profitability for the full year. Companies that beat and raised full year expectations this week included Anaplan (PLAN), Elastic (ESTC), Veeva Systems (VEEV), Workday (WDAY), and Zuora (ZUO). Box (BOX) also beat and raised the low-end of its revenue guidance for FY ’20. Of note, Veeva also announced that Tim Cabral, Chief Financial Officer, plans to retire in 2020 and a search for his successor is underway.
Autodesk (ADSK) was the lone company to lower its outlook for the year as management took a more cautious view of spending in certain regional markets, including the U.K. due to Brexit, Central Europe due to a slowdown in the manufacturing economy, and China due to rising trade tensions. However, shares of Yext (YEXT) fared worst amongst the group despite upside results and a slight increase in the company’s revenue outlook for FY ‘20. Net dollar retention dipped slightly from historical levels due to customers merging and a couple of partner-specific issues in Europe. Management’s guidance for Q3 was also short of Street expectations. Separately, Yext appointed Mary Fratto Rowe as Executive Vice President and Chief Customer Officer, a role in which she will lead the company’s customer success and professional services organization. She joins the company from Salesforce (CRM) where she held various customer success leadership roles over the course of 13 years. The following table depicts each reporting company’s share price performance for the week, quarterly results versus expectations, and subsequent consensus estimate revisions for the current fiscal quarter and year.
Executive moves this week also included ANSYS’ (ANSS) appointment of Julie Murphy as Vice President of Human Resources and Twilio’s (TWLO) naming of Yoshihiro Konno as Head of Japan. Ms. Murphy joins ANSYS from Tradesmen International where she served as Chief Human Resources Officer. Mr. Konno has spent the past ten years building, managing, and operating sales organizations in Japan for the likes of Workday, Amazon Web Services, and CA Technologies. He joins Twilio as the company seeks to expand its presence in Japan, opening its first office in Yotsuya and expanding its partner ecosystem to include NTT Communications, NTT Data Smart Sourcing, Pound4Technology, Serverworks, TerraSky, and UL Systems. Finally, Axon (AAXN) appointed Caitlin Kalinowski, Head of VR Hardware for Facebook’s Augmented Reality/Virtual Reality division, to its Board of Directors, while Dropbox (DBX) added Autodesk’s Chief Marketing Officer and Senior Vice President, Business Strategy and Marketing, Lisa Campbell, and Intercom’s Chief Operating Officer, Karen Peacock, to its Board of Directors.
Mergers and Acquisitions
Pitney Bowes Announces Sale of its Software Solutions Business to Syncsort for $700 million
Pitney Bowes (PBI) has agreed to sell its Software Solutions business to privately-held Syncsort, a provider of data management solutions, for $700 million in cash.
The Software Solutions business includes products for location intelligence, data enrichment, customer information management, and customer engagement, which are expected to complement Syncsort’s Trillium products.
Over the past 12 months, the Software Solutions business generated $318.4 million in revenue and $29.9 million in operating income (D&A was $9.5 million in 2018), implying a TTM EV/Sales multiple of 2.2x and an EV/EBITDA multiple of 17x-18x.
Proceeds from the sale are expected to be used to pay down near-term debt maturities, and Pitney Bowes plans to refinance the remainder of its debt.
Reflecting the sale, management revised its FY ’19 guidance to reflect revenue growth of 1%-2% (adjusted for constant currency and the recast of prior year revenue to exclude the Software Solutions business), adjusted EPS of $0.65-$0.75, and free cash flow of $175-$205 million.
Additional reductions in spend are anticipated, which combined with lower interest expenses following the pay down of debt should result in the divestiture being earnings neutral in the 12 months post-closing.
PROS Drives Digital Transformation Shift in Airline Industry with Acquisition of Travelaer SAS
PROS Holdings (PRO) has acquired Travelaer SAS, which offers an Internet Booking Engine and New Distribution Capability platform to the airline industry, for $12 million in cash.
The acquisition extends PROS’ portfolio of solutions for the airline industry and is expected to accelerate the company’s ability to offer airlines more flexible, configurable retail capabilities.
SPS Commerce (SPSC) acquired MAPADOC, which provides EDI System Automation solutions for the Sage and Acumatica markets, for $11.5 million in cash.
MAPADOC has been a strategic partner to SPS Commerce for 15 years and is expected to add approximately $2 million in revenue and $1 million in adjusted EBITDA in FY ’20; contribution in Q3 and FY ’19 is expected to be immaterial.
Earnings Releases
American Software Reports Preliminary First Quarter of Fiscal Year 2020 Results
American Software (AMSWA) reported Q1 ’20 results generally consistent with consensus.
Revenues of $27.4 million (-0.1% Y/Y) were generally in line with consensus of $27.5 million. Adjusted EBITDA of $3.5 million (12.7% margin) was slightly ahead of consensus of $3.2 million. Non-GAAP EPS of $0.06 were a penny below consensus.
Cloud Services Annual Contract Value (ACV) increased 54% Y/Y to $20.3 million, reflecting a net ACV increase of $3.0 million in Q1 compared to $0.6 million a year ago.
The strong bookings performance was driven by the closure of previously delayed deals early in the quarter, a marked improvement in close rates, and the addition of 16 new logos.
Service revenues were negatively impacted by a decrease in the IT consulting business, but strong supply chain management bookings resulted in a robust backlog heading into Q2.
Q2 is also off to a good start with a number of new contracts already signed, and management remains confident in the company’s ability to deliver growth in ACV, revenues and profitability in FY ’20 and beyond.
Anaplan Announces Second Quarter Fiscal Year 2020 Financial Results
Anaplan (PLAN) reported Q2 ’20 results ahead of expectations and raised guidance for FY ’20.
Total revenue was $84.5 million (+46.2% Y/Y), exceeding management’s guidance of $77.5-$78.5 million and consensus of $78.2 million. Non-GAAP operating income of $(16.6) million (-19.7% margin) was ahead of the Street’s $(20.4) million and guidance for a (26.5)%-(25.5)% non-GAAP operating margin. Non-GAAP EPS of $(0.12) beat consensus of $(0.16).
Key metrics: 299 customers (+40% Y/Y) with over $250,000 in annual recurring revenue; dollar-based net expansion rate of 121%; billings of $89.4 million (+46% Y/Y); remaining performance obligation of $516 million (+56% Y/Y).
Contribution from the partner ecosystem remains strong with the number of transactions increasing each quarter and deal sizes also expanding; Deloitte plans to double the number of consultants delivering Anaplan solutions next year and Ernst & Young is now an alliance partner focused on the financial services, healthcare, life sciences, and consumer products verticals.
Unit economics remain healthy with LTV to CAC of 5x, contribution margins at 60% after year two, and payback periods less than 24 months.
Anaplan also announced that the company has acquired Mintigo, which offers an AI-powered customer engagement platform providing predictive analytics for marketing and sales.
Guidance for Q3 includes revenue of $85.5-$86.5 million and a non-GAAP operating margin of (20.0)%-(19.0)%, which implies non-GAAP operating income of $(17.3)-$(16.2) million, exceeding consensus expectations for $83.5 million in revenue and $(18.5) million in non-GAAP operating income.
Management raised its FY ’20 revenue and non-GAAP operating margin guidance from $326.0-$331.0 million and (23.5)%-(22.5)%, respectively, to $339.0-$343.0 million and (20.5)%-(19.5)%.
Autodesk, Inc. Announces Fiscal 2020 Second Quarter Results
Autodesk (ADSK) reported Q2 ’20 results above expectations but lowered guidance for FY ’20.
Total revenue was $796.8 million (+30.3% Y/Y), exceeding management’s guidance of $782.0-$792.0 million and consensus of $787.0 million. Non-GAAP operating income was $186.5 million (23.4% margin). Non-GAAP EPS of $0.65 beat management’s guidance of $0.59-$0.63 and consensus of $0.61.
Overall end demand was solid in Q2 with growth driven by both volume and pricing as the company saw strong uptake of products by new users and an increase in usage by existing customers.
Key metrics: total ARR of $3.07 billion (+31% Y/Y), including Core ARR of $2.86 billion (+26% Y/Y) and Cloud ARR of $207 million (+175% Y/Y); total billings of $893 million (+48% Y/Y); remaining performance obligations of $2.81 billion (+28% Y/Y).
The maintenance-to-subscription conversion rate was in the high-30% range in Q2, above historical levels due to a 20% increase in maintenance renewal prices, and the net revenue retention rate remained between 110%-120%.
Management is taking a cautious view of the spending environment in the UK due to Brexit, in Central Europe due to a manufacturing industry slowdown, and in China due to trade tensions due to signs of softness towards the end of July.
Guidance for Q3 includes revenue of $820.0-$830.0 million and non-GAAP EPS of $0.70-$0.74, both of which were below consensus expectations for $838.4 million in revenue and $0.78 in non-GAAP EPS.
Management reduced its FY ’20 guidance ranges for total ARR, billings, revenue, and non-GAAP EPS from $3.50-$3.55 billion, $4.05-$4.15 billion, $3.25-$3.30 billion, and $2.71-$2.90, respectively, to $3.425-$3.485 billion, $4.02-$4.08 billion, $3.24-$3.27 billion, and $2.69-$2.81.
Box Reports Revenue of $172.5 Million for Fiscal Second Quarter 2020, Up 16 Percent Year-Over-Year
Box (BOX) reported Q2 ’20 results above expectations and raised the low-end of its FY ’20 revenue outlook.
Revenue was $172.5 million (+16.4% Y/Y), above management’s guidance of $169.0-$170.0 million and consensus of $169.5 million. Non-GAAP operating income was $0.5 million (0.3% margin), above consensus of $(1.9) million. Non-GAAP EPS of $0.00 beat guidance of $(0.02)-$(0.01) and consensus of $(0.02).
Key metrics: closed 68 deals (versus 50 last year) over $100,000, including 3 deals (versus 11 last year) over $500,000 and 2 deals (flat Y/Y) over $1 million; net retention rate of 106%; billings of $172.9 million (+6% Y/Y); remaining performance obligations of $640.5 million (+9% Y/Y).
Billings were impacted by deal pacing and a headwind from the enhanced developer fee, but should track more closely with revenue growth in 2H ’20.
Released the new Box Relay, which automates critical workflows, in June, and introduced Box Shield, which prevents data leakage, detects potential access and misuse issues, and identifies external threats, last week.
Go-to-market efforts continue to evolve with the introduction of Box suites and the hiring of Mark Wayland as Chief Revenue Officer, and the company is intent on driving the repeatability of deals over $100,000.
Guidance for Q3 calls for $174.0-$175.0 million in revenue and $(0.01)-$0.00 in non-GAAP EPS, in line with Street expectations for $174.5 million in revenue and $(0.01) in non-GAAP EPS.
Management raised the low-end of its FY ’20 revenue guidance, which now sits at $690.0-$692.0 million, and maintained its non-GAAP EPS guidance of $0.00-$0.02.
Elastic N.V. Reports Strong First Quarter Fiscal 2020 Financial Results
Elastic (ESTC) delivered Q1 ’20 results above expectations and raised guidance for the full year.
Revenue of $89.7 million (+58.4% Y/Y) exceeded guidance of $82.0-$84.0 million and consensus of $83.5 million. Non-GAAP operating income was $(24.3) million (-27.1% margin), ahead of the Street’s $(27.2) million and guidance for a (34.0)%-(32.0)% non-GAAP operating margin. Non-GAAP EPS of $(0.32) beat guidance of $(0.44)-$(0.42) and consensus of $(0.42).
Key metrics: 475 customers with ACV over $100,000; over 8,800 subscription customers at quarter-end; net expansion rate was greater than 130%; billings totaled $89.4 million (+51% Y/Y).
In the observability space, in which logging, metrics, APM, and monitoring are converging, Elastic is providing users and customers a simple unified pricing model that appears to be resonating with the user base.
Guidance for Q2 calls for revenue of $95.0-$97.0 million, non-GAAP operating margin of (23.5)%-(21.5)%, and non-GAAP EPS of $(0.32)-$(0.30), all of which compared favorably with consensus expectations for $93.9 million in revenue, $(24.3) million in non-GAAP operating income, and $(0.34) in non-GAAP EPS.
Management raised its FY ’20 guidance from $397.0-$403.0 million in revenue, a (25.0)%-(23.0)% non-GAAP operating margin, and $(1.49)-$(1.33) in non-GAAP EPS to $406.0-$412.0 million in revenue, a (24.5)%-(22.5)% non-GAAP operating margin, and $(1.40)-$(1.24) in non-GAAP EPS.
Nutanix Reports Fourth Quarter and Fiscal 2019 Financial Results
Nutanix (NTNX) reported Q4 ’19 results above expectations and guided FY ’20 software and support revenue and billings ahead of consensus.
Revenue of $299.9 million (-1.3% Y/Y) was within management’s guidance of $280.0-$310.0 million and ahead of the Street’s $293.9 million. Non-GAAP operating income was $(104.6) million (-34.9% margin), above consensus of $(117.4) million. Non-GAAP EPS of $(0.57) beat guidance of $(0.65) and consensus of $(0.64).
Key metrics: added 990 new customers and exited Q4 with 14,180 total customers; 58 deals in excess of $1 million, including 3 over $5 million; 71% of billings from subscriptions, reflecting a faster than anticipated transition to a subscription model.
Management is encouraged by progress made in rebuilding the pipeline, sales enablement, simpler messaging on the platform, and transition to a hybrid cloud model.
Management estimated that total revenue and total billings, as well as software and support revenue and billings, was compressed by $20-$25 million due to the subscription transition.
Billings of $371.7 million (-5.9% Y/Y), which included $358.7 million (-0.2% Y/Y) in software and support billings, were within guidance of $350.0-$380.0 million and above consensus of $362.2 million.
Operating expenses are expected to ramp in Q1 due to headcount increases in sales and engineering, costs associated with the company’s annual global sales training and enablement meeting, and growth in demand generation spending.
Guidance for Q1 calls for software and support revenue of $290.0-$300.0 million (+3%-7% Y/Y), software and support billings of $360.0-$370.0 million (+3%-5% Y/Y), and non-GAAP EPS of $(0.75) versus consensus of $(0.58).
For the first time, management also provided annual guidance, which calls for $1.65-$1.75 billion in software and support billings and $1.3-$1.4 billion in software and support revenue, both of which compared favorably versus consensus, as well as cash usage in the low to mid-$200 million range, which was a higher burn rate than anticipated.
Veeva Announces Fiscal 2020 Second Quarter Results
Veeva Systems (VEEV) reported Q2 ’20 results ahead of expectations and raised guidance for FY ’20.
Total revenues of $266.9 million (+27.3% Y/Y) exceeded management’s guidance of $259.0-$260.0 million and consensus of $259.4 million. Non-GAAP operating income of $103.7 million (+38.9% Y/Y) also surpassed guidance of $94.0-$95.0 million and consensus of $94.7 million. Non-GAAP EPS of $0.55 beat guidance of $0.48-$0.49 and consensus of $0.49.
Outperformance in the quarter was driven by strong momentum in Commercial Cloud.
Outside of life sciences, Veeva is making progress within its three focus industries: CPG, chemicals and cosmetics, securing major go-lives at a top 20 CPG company, a top 20 cosmetics company, and two in chemicals.
Billings of $234 million exceeded expectations due to strong bookings, outperformance in service revenue, and better than anticipated billing duration for new business closed in Q2; management guided to billings of $185 million and $1.135 billion in Q3 and FY ’20, respectively.
Guidance for Q3 calls for revenue of $274.0-$275.0 million, non-GAAP operating income of $103.0-$104.0 million, and non-GAAP EPS of $0.54-$0.55, all of which were above consensus expectations for $268.3 million in revenue, $98.7 million in non-GAAP operating income, and $0.51 in non-GAAP EPS.
Management raised its FY ’20 guidance from $1,045.0-$1,050.0 million in revenue, $385.0-$390.0 million in non-GAAP operating income, and $2.01-$2.03 in non-GAAP EPS to $1,062.0-$1,065 million in revenue, $401.0-$404.0 million in non-GAAP operating income, and $2.11-$2.13 in non-GAAP EPS.
Veeva also announced that CFO Tim Cabral plans to retire in 2020 and a search for his successor is underway.
Workday Announces Fiscal 2020 Second Quarter Financial Results
Workday (WDAY) reported Q2 ’20 results above expectations and increased guidance for FY ’20.
Total revenue of $887.8 million (+32.2% Y/Y) exceeded management’s $870.0-$872.0 million guidance and consensus of $872.3 million. Non-GAAP operating income was $117.5 million (13.2% margin), well above consensus of $90.3 million and guidance for a 10.0% non-GAAP operating margin. Non-GAAP EPS were $0.44, beating consensus of $0.35.
Key metrics: net retention was over 100%; subscription revenue backlog of $7.03 billion (+27% Y/Y).
Cloud Financial Management delivered growth of approximately 50% in the quarter.
Adaptive Insight added over 200 new planning-first customers and over 45 new platform and upsell deals to new and existing Workday customers.
Guidance for Q3 calls for subscription revenue of $783.0-$785.0 million, professional services revenue of $135.0 million, and a non-GAAP operating margin of 10.5% (implies $96.4-$96.6 million in non-GAAP operating income), which was mixed versus consensus expectations for $911.8 million in revenue and $107.2 million in non-GAAP operating income.
Management raised its FY ’20 subscription revenue guidance from $3.045-$3.060 billion to $3.060-$3.070 billion, increased its professional services revenue outlook from $500.0 million to $520.0 million, and maintained its non-GAAP operating margin guidance of 12.3%.
Yext, Inc. Announces Second Quarter Fiscal 2020 Results
Yext (YEXT) reported Q2 ’20 results above expectations and raised its FY ’20 revenue guidance.
Revenue of $72.4 million (+31.8% Y/Y) was above management’s $70.8-$71.8 million guidance and consensus of $71.9 million. Non-GAAP operating income was $(13.7) million (-18.9% margin), also above consensus of $(15.5) million. Non-GAAP EPS of $(0.11) were ahead of management’s $(0.14)-$(0.12) guidance and the Street’s $(0.12).
International performed well in the quarter and despite being in early access, Yext sold eight Answers-led deals in Q2.
Key metrics: closed over 90 deals with at least $100,000 in contract value, including 10 deals in excess of $1 million; net retention rate of 108% dropped below the traditional 110% due to mergers and partner performance in Europe; remaining performance obligation of $259.0 million.
The number of structured facts, which provides an indication of customer engagement and usage, increased 60% Y/Y.
Total quota-carrying reps increased 35% Y/Y to 203.
Guidance for Q3 includes revenue of $75.5-$76.5 million and non-GAAP EPS of $(0.19)-$(0.18), below consensus of $76.6 million in revenue and $(0.13) in non-GAAP EPS.
Management raised its FY ’20 revenue guidance slightly from $297.0-$300.0 million to $299.0-$301.0 million and narrowed its non-GAAP EPS expectations from $(0.44)-$(0.41) to $(0.43)-$(0.41).
Zuora Reports Second Quarter Fiscal 2020 Results
Zuora (ZUO) reported Q2 ’20 results ahead of expectations and raised guidance for FY ’20.
Total revenue was $69.7 million (+20.5% Y/Y), above management’s $66.0-$68.0 million guidance and consensus of $66.9 million. Non-GAAP operating income was $(10.1) million (-14.4% margin). Non-GAAP EPS were $(0.09), beating guidance of $(0.15)-$(0.13) and consensus of $(0.14).
Key metrics: added 49 logos in Q2; 566 customers (+19% Y/Y) with ACV of at least $100,000; dollar-based retention rate was 107%; $10.1 billion (+35% Y/Y) in transaction value processed; Growth Efficiency Index (GEI), calculated as TTM non-GAAP sales and marketing expense divided by the increase in TTM subscription revenue remained flat Q/Q at 2.1.
Dollar-based retention ticked down due to limited cross-selling opportunities as Zuora addressed product integration challenges and a slight increase in churn as some customers renewed at lower transaction volumes in the quarter.
To address sales execution challenges that surfaced last quarter, Zuora has reorganized the sales team, updated its sales formula, overhauled its entire sales enablement and training process, and focused more on key system integration partners.
The integration of RevPro with Billing is now complete and previously paused implementations have been restarted.
Q3 revenue and non-GAAP EPS guidance of $69.0-$71.0 million and $(0.10)-$(0.09), respectively, were in line with consensus expectations for $70.0 million and $(0.10), while guidance for non-GAAP operating income of $(10.5)-$(9.5) million was better than the Street’s $(10.7) million.
Management raised guidance for FY ’20 from $268.0-$278.0 million in revenue, $(49.0)-$(45.0) million in non-GAAP operating income, and $(0.44)-$(0.40) in non-GAAP EPS to $273.5-$278.0 million, $(44.0)-$(42.0) million, and $(0.40)-$(0.38), in revenue, non-GAAP operating income, and non-GAAP EPS, respectively.
Notable News
ANSYS Names Julie Murphy as Vice President of Human Resources
ANSYS (ANSS) has named Julie Murphy as its Vice President of Human Resources.
Ms. Murphy has over 30 years of experience in human resources, operations and business consulting and previously served as Chief Human Resources Officer at Tradesmen International, a construction labor support company.
Axon Appoints Facebook’s Head of VR Hardware Caitlin Kalinowski to Board of Directors
Axon (AAXN) has added Caitlin Kalinowski, Head of VR Hardware for Facebook’s Augmented Reality/Virtual Reality division, to its Board of Directors.
Ms. Kalinowski is currently responsible for the product design and engineering of Oculus’ VR devices, including Oculus Quest and Oculus Rift S and has previously led technical teams at Apple.
Lisa Campbell and Karen Peacock Join the Dropbox Board of Directors
Dropbox (DBX) announced the appointments of Lisa Campbell and Karen Peacock to the company’s Board of Directors.
Ms. Campbell currently serves as Chief Marketing Officer and Senior Vice President, Business Strategy and Marketing at Autodesk (ADSK).
Ms. Peacock is Chief Operating Officer of Intercom, a business messaging platform with over 30,000 customers managing 500 million customer conversations each month.
Mary Fratto Rowe Joins Yext as Chief Customer Officer
Yext (YEXT) has appointed Mary Fratto Rowe as Executive Vice President and Chief Customer Officer, a role in which she will lead the company’s customer success and professional services organization.
Ms. Rowe joins the company from Salesforce (CRM) where she held various customer success leadership roles, including Senior Vice President of Customer Success, over the course of 13 years.
Twilio Expands Japanese Market Presence, Names Yoshihiro Konno as Head of Japan
In a push to expand its presence in Japan, Twilio (TWLO) has established Twilio Japan G.K., opened its first Japanese office in Yotsuya, and named Yoshihiro Konno as Head of Japan.
Mr. Konno has been responsible for building, managing, and operating sales and partner organizations in Japan for Workday, Amazon Web Services, and CA Technologies over the past ten years.
Twilio also announced an expansion of its partner ecosystem beyond its initial relationship with KDDI Web Communications, adding NTT Communications, NTT Data Smart Sourcing, Pound4Technology, Serverworks Co., TerraSky, and UL Systems.
Disclosure(s):
K. Liu & Company LLC has received compensation from American Software (AMSWA) for non-investment banking services within the past 12 months.