When it comes to communications, the internet is quite simply taking control. Individuals of all ages use it as a main mode of communicating and businesses rely upon it – both as an internal tool and a mean to work with customers - to an unparalleled level nowadays. Of course that is all relative to today. Industry experts anticipate an ongoing rise in usage as cloud computing continues to become mainstream and its capacity continues to expand the breadth of its domain. Although still far from maturity, person-to-person interaction through cloud technology has gained a strong foothold, but what is next, device-to-device communication, is just in its infancy and ready to fuel expansive growth. Point-in-case, Google apps has recently launched its OS X Lion and Apple is in late stage development with iCloud and changes in the App Store. Moreover, Microsoft’s latest creation in development, Windows 8, is centered around a consolidated ID for Windows Phone 7, Xbox and Skype. What this is going to do is shepherd-in the next generation of technological trend focused on connectivity between gadgets, PC’s and post-PC devices as well as individuals and businesses. This paradigm shift will emphasize and rely upon wireless communication, cloud-based database storage and shared interfaces. It also could be a bellwether for the reality of the concept of “logging-on to the web,” rather than individual sites in the future.The simple fact that the biggest names in the tech sector, including Microsoft, Google, Oracle, Hewlett-Packard and Amazon.com, are devoting extensive resources to try and take the lead in the burgeoning cloud computing market showcases the future of the industry. The high expectations of the industry have these companies scrambling to properly align themselves to take the biggest possible chunk of market share. And that market is healthy. Global sales for cloud services in 2010 leapt forward by about 20 percent over 2009; rising to roughly $70 billion (up from $58 billion). Research firm Gartner tags 2012 sales estimates at a whopping $102 billion.
Smaller, cloud-based companies are already being acquired by the larger counterparts looking to beef-up their cloud capabilities while it is still on the ground floor. No one is displaying initiatives for the future more than Hewlett-Packard. The company started demonstrating their belief in the value of cloud technologies in 2007 by snagging data center automation startup Ospware for $1.6 billion (16 times the total 2006 revenue of Ospware). In 2010, H-P gobbled-up network gear maker 3Com Corp. for $2.7 billion. That was followed by a cash acquisition of security software maker ArcSight, Inc. for $1.5 billion. Smart move as keeping your version of the cloud secure is mandatory. Further, H-P continued its quest by outbidding Dell last year to acquire data storage company 3Par for $2.4 billion. Safe to say that Hewlett-Packard is getting its ducks in a row and many other industry leaders will be following with acquisitions as it is far either to swallow another company than try and develop all of the technology internally.
A company that should benefit from the exponential growth that is on tap for cloud computing is Sterling, Virginia-based IceWEB, Inc. (OTCBB:IWEB) Headquartered just outside of Washington, D.C., IceWEB is quickly establishing itself as an industry leader as a manufacturer and marketer of Unified Data Storage and building blocks for cloud storage networks. As a company, IceWEB is not new; it was incorporated nearly two decades ago and established its name and reputation in the federal computing space with a focus on unstructured geospatial data, as well as managing and storing block data as an ASP in the enterprise and federal space. Branding itself and establishing a market footprint, IceWEB received many accolades including being twice named Inc. Magazine’s Inc. 500 Fastest Growing private US corporations and as a member of the Deloitte & Touche Technology Fast 500 North American public or private technology companies.
Expanding upon early successes, IceWEB management developed and expanded on the rich storage management features to bring to market a versatile, all-inclusive storage system aggressively priced for the commercial mid-market space. The executives behind this growth have a track record of highly relevant experience and accomplishments. CEO and Board Chairman John R. Signorello was the founder and man at the helm of STMS (Solutions That Make Sense), a private technology firm specialized in computer networks, systems integration and information technology, that was ranked as the 17th fastest growing technology company in America by The National Technology Council The Fast Five Hundred in 1996. In what is a common practice in the technology industry, SMTS was acquired by Steelcloud (Nasdaq:SCLD) in 1997. Equally important for a public company, Mr. Signorello has a background as a Director for a publicly traded Internet Venture Fund. Other executives and Board Members bring more than a century’s worth of top-level experience obtained in a wide array of industries and through large corporations, including SteelCloud.
IceWEB leverages its experience to partner with the largest names in the tech industry. Their list of technology partner list reads like a “Who’s Who in Tech Success” and includes such names as Microsoft, Intel, Sun Microsystems, Oracle, Citrix, Cisco Systems and Seagate Technologies, to name a few.
A look at recent contracts and announcements reveals a company that is gaining steam within the industry as news of new contracts flow in a steady stream. Showcasing their prowess and brand name within the government sector, their premier partner, VideoBank, received another Department of Defense contract as released in June. Per the agreement, VideoBank is slated integrate two 48 TB IceWEB Fibre Channel Arrays into their advanced Digital Asset Management system which will be deployed in flight cases to the Middle East for remote sensor data capture. This announcement came on the heels of an earlier order from a Department of Defense agency for a 576 terabyte IceWEB storage system.
IceWEB has recently partnered with Promark Technology as IceWEB launched its latest 3000HP (High Performance) Unified Storage Platform. This new partnership is reaping immediate rewards as Promark already has received a contract for the IceWEB unified storage platform to be deployed in a cloud computing environment.
Commenting on its industry position, CEO Signorello stated, "IceWEB's growth strategy is clearly targeted on cloud computing, virtualization and unified data storage. Not only do we have the right products at the right time, we have forged the right partnerships -- VMware, and Citrix -- to serve a giant market that is just starting to take off.” Aiming to capitalize on their synergies, Promark and IceWEB are presently moving forward with a merger which should instantly bolster IceWEB value.
Investors always look at numbers in their due diligence and IceWEB meets the mark in that category as well. IceWEB announced in late May that “its digital footprint is quickly approaching $10,000,000 and estimates that deferred maintenance revenue will be approximately 15% of revenue over the next 12 months to maintain, upgrade and support systems with expired warranties.” It is interesting to note that their progressing merger with Promark Technology, Inc., a private company that will contribute approximately $100 million to IWEB's annual revenues are still unaccounted for and four new contracts have already been released since those estimates were disclosed which should pad those totals.
Traders that implement a technical approach will like what IceWEB has to offer. The share value has been steadily uptrending for more than a year and is currently sitting on a trendline and right in the area of a technical support level. There will be some minor resistance at 20 cents, but not again until a more than 50 percent climb to 30 cents, which will serve as a breakout point with a clear view until near the 52-week high of 47 cents.
IceWEB is presently sporting a market capitalization of a paltry $27 million. Given the recent $10 million announcement and subsequent new orders, this can make an investor raise an eyebrow. If market cap is based upon potential for future earnings and typically registers a multiple of four or five times present earnings, IceWEB could certainly be perceived as undervalued. It is for these reasons that we have performed our due diligence on IceWEB, Inc. (OTCBB:IWEB) and encourage our members to do the same while immediately adding it to the watchlist.
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