Selectica Expands Senior Management Team
SAN MATEO, CA -- (Marketwired) -- 08/27/13 -- Selectica, Inc.
(NASDAQ: SLTC), provider of software that accelerates sales cycles
and streamlines contract processes, today announced the addition of
four new key executives to its management team.
Michael Brodsky, Chairman and Chief Executive Officer, announced
today that Jeffrey Grosman, Eric Faulkner, Rose Lee, and Amalia Rosen
will be joining the company's leadership team. "The addition of this
group of seasoned professionals will enable Selectica to accelerate
building our market momentum while ensuring we are delivering on our
customer-first strategy," said Mr. Brodsky. "Comprehensive new
leadership is an integral part of transitioning the current business.
This team has exceptional strength and experience in marketing,
technology delivery, process management, operations management and
customer service. I'm pleased to introduce the new executive team
members to our industry leading customers and prospects."
Jeffrey Grosman brings over two decades of experience in marketing,
management, branding and operations across a wide spectrum of
enterprise and consumer oriented businesses. Mr. Grosman has held
senior roles in marketing, product management and operations at
Network Solutions, MCI Telecommunications and Youbet.com, and will
join Selectica as Chief Operating Officer helping to lead the
company's operations, with a focus on customer experience, marketing,
business analytics and strategic planning.
Eric Faulkner, a seasoned technology and certified project management
executive with a wide range of experience from Accenture to Network
Solutions to Youbet.com, will join the company as CIO. Mr. Faulkner
will oversee four key technology and customer delivery teams,
including professional services, product management, process
management and quality assurance.
Rose Lee brings to Selectica over two decades of diversified
experience with Fortune 100 companies and small and medium sized
businesses. Ms. Lee's career has focused on defining and delivering
on customer needs in sales, service, and product management for a
broad range of companies, including Sprint/Nextel, MCI, Youbet.com
and Vistge International. Ms. Lee will join Selectica as its Senior
Vice President of Customer Experience, responsible for the three key
customer management touch points: customer service, customer success,
and customer marketing and communications.
Amalia Rosen is an accomplished expert in online marketing, search
engine optimization, and online sales. She has a successful history
of transforming and growing both B-to-B and B-to-C businesses. Ms.
Rosen has previously delivered significant acquisition results and
efficiencies for AOL, Network Solutions, Carat Interactive, ATG,
Churchill Downs Inc. and The Virgin Group. Ms. Rosen will be joining
Selectica as Vice President of Acquisition and Business Analytics,
leading Selectica's acquisition and lead generation teams and
managing business metrics and analytics across the company.
"I'm excited at the prospect of beginning this new phase of
Selectica's development with the addition of this strong group of
management professionals," said Mr. Brodsky. "The new team will be
crucial for us to successfully supply our best in class sales
effectiveness solutions to a growing number of industry leading
Concurrent with the addition of the four new executive team members,
Kamal Ahluwalia, the current CMO for the company, has decided that he
will pursue other opportunities. Mr. Grosman, Mr. Faulkner, Ms. Lee
and Ms. Rosen will absorb Mr. Ahluwalia's business responsibilities
as part of their new roles and responsibilities.
In addition to the key staffing augmentation announcements, on August
21, 2013, the company received a staff determination letter from The
Nasdaq Stock Market indicating that the company had not regained
compliance with the minimum stockholders' equity requirement for
continued listing under Nasdaq Listing Rule 5550(b)(1) and that in
accordance with Nasdaq Listing Rule 5101 to preserve and strengthen
the quality and integrity of The Nasdaq Stock Market, unless the
company requests an appeal of this determination, the Company's
common stock would be suspended. The company is appealing the staff
determination with a Nasdaq Hearings Panel and is working diligently
to regain compliance with the Listing Rule. The company had
anticipated that it had regained compliance with the stockholders'
equity requirement based on the sale of the shares of common stock
and Series C Convertible Preferred Stock in May 2013, but due to a
combination of a number of factors, including the accounting
treatment of the company's warrants as discussed in the company's
Form 10-Q filing for the fiscal quarter ended June 30, 2013, the
company's stockholders' equity as of June 30, 2013 was below the $2.5
million stockholders equity requirement set forth in Nasdaq Listing
Rule 5550(b)(1). The company's appeal allows its common stock to
remain listed on Nasdaq pending the issuance of a decision by the
Panel following the hearing.
Selectica (NASDAQ: SLTC) develops innovative
software that the world's most successful companies rely on to
improve the effectiveness of their sales and contracting processes.
Our guided selling, sales configuration, and contract lifecycle
management solutions support Global 2000 and growing mid-size firms
in closing billions of dollars' worth of business each year. Our
patented technology, delivered through the cloud, makes it easy for
customers in industries like high-tech, telecommunications,
manufacturing, healthcare, financial services, and government
contracting to overcome product and channel complexity, increase deal
value, and accelerate time to revenue.
For more information:
-- Visit the Selectica website to learn more about the company and its
products and customers (http://www.selectica.com)
-- Follow @Selectica_Inc on Twitter to stay up to date with industry news
and updates (http://twitter.com/Selectica_Inc)
-- Visit "Done Deal," the Selectica blog, to read articles, advice, and
commentary on how to optimize deal processes
-- Watch Selectica videos on YouTube to see what Selectica and its
products can do (http://www.youtube.com/user/SelecticaVideos)
-- Browse the Selectica resource center to find guides and resources on
how to improve sales and contracting processes
Certain statements in this release and
elsewhere by Selectica are forward-looking statements within the
meaning of the federal securities laws and the Private Securities
Litigation Reform Act of 1995. Such statements may include, without
limitation, statements regarding business outlook, assessment of
market conditions, anticipated financial and operating results,
strategies, future plans, contingencies and contemplated transactions
of the company. Such forward-looking statements are not guarantees of
future performance and are subject to known and unknown risks,
uncertainties and other factors which may cause or contribute to
actual results of company operations, or the performance or
achievements of the company or industry results, to differ materially
from those expressed, or implied by the forward-looking statements.
In addition to any such risks, uncertainties and other factors
discussed elsewhere herein, risks, uncertainties and other factors
that could cause or contr
ibute to actual results differing materially
from those expressed or implied for the forward-looking statements
include, but are not limited to the on-going global recession;
fluctuations in demand for Selectica's products and services;
government policies and regulations, including, but not limited to
those affecting the company's industry; and risks related to the
company's past stock granting policies and related restatement of
financial statements. Selectica undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise. Additional risk factors
concerning the company can be found in the company's most recent Form
10-K, filed by the company with the Securities and Exchange
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