Cyren Ltd. (NASDAQ:CYRN)

MCLEAN, Va., July 25, 2014 /PRNewswire/ -- CYREN (NASDAQ: CYRN) announced today the pricing of a registered direct offering of 4,771,796 shares and warrants to purchase 1,670,128 ordinary shares with certain institutional investors in combinations consisting of one ordinary share and one warrant to purchase 0.35 of an ordinary share at an offering price per fixed combination of $2.41.  CYREN will receive gross proceeds of $11.5 million before deducting placement agent fees and offering expenses.

MCLEAN, Va., March 19, 2014 /PRNewswire/ --  CYREN (NASDAQ: CYRN), a leading provider of cloud-based security solutions that deliver powerful protection through global data intelligence, today announced it signed a reseller agreement with eSafe Solutions LTD.

eSafe Solutions, a reseller serving thousands of SMB and enterprise-sized organizations throughout Cyprus and Greece, will now offer CYREN WebSecurity to its large customer base that includes the region's top academic, banking and government entities.  

The cloud-based Secure Web Gateway as a Service market represents an opportunity for CYREN partners such as eSafe Solutions to serve businesses currently exposed to potentially crippling Internet security risks. Delivering the low cost and high utility of cloud-based applications, CYREN WebSecurity is ideally suited to address explosive growth in the Security as a Service (SecSaaS) markets that are fueled by BYOD trends, an increasingly mobile workforce, and the management and accessibility of information assets beyond the boundaries of traditionally secured network perimeters.

"We're pleased to partner with CYREN to offer our customers a cloud-based service that provides an easy- to-use platform, industrial-strength security, and protection on any device," said Panicos Georgiou, Managing Director at eSafe Solutions. "We see CYREN WebSecurity as an opportunity to offer our customers unmatched SecSaaS technology – which can serve as a path to further growth for eSafe Solutions."

"The CYREN WebSecurity service continues to gain an ever-growing international presence through partnerships with respected resellers such as eSafe Solutions," said Lior Samuelson, CEO and Chairman of the Board at CYREN. "Their trust in CYREN and its leading data intelligence capabilities reinforces the unique opportunity that CYREN WebSecurity has to address the security challenges associated with a mobile workforce."

Fourth 2013 Quarter Results

• Revenues totaled $8.2 million for the fourth quarter of 2013 compared to $6.8 million in the fourth quarter of 2012.
• Non-GAAP loss per basic share for the fourth quarter 2013 was $0.07, compared to non-GAAP earnings per diluted share $0.01 in the fourth quarter of 2012.

"We delivered a solid fourth quarter performance driven by strong demand for our cloud-based detection services globally," said Lior Samuelson, chief executive officer at CYREN. "In addition, we completed a major step in our transformation to a complete cloud-based Security-as-a-Service provider with the official launch of our CYREN WebSecurity offering and announced our first distribution partner."

"Our core detection business remains very profitable and enables us to invest in new products to expand our market opportunity and enhance our top line growth rate," Mr. Samuelson added. "We plan to continue leveraging our core assets to further expand our cloud-based service offering over the next 18 to 24 months."

"We are pleased with our financial performance in the quarter, said Brian Briggs, chief financial officer at CYREN. Our continued streamlining efforts yielded another substantial improvement in the company's cost structure in the fourth quarter and we significantly lowered our cash burn.   These efforts have strengthened our financial position and will enable us to focus on executing on our strategy."

For information regarding the non-GAAP financial measures discussed in this release, please see "Use of Non-GAAP Financial Information" and "Reconciliation of Non-GAAP to GAAP Financial Information."

Business Outlook

Based on current expectations, the company is announcing its financial outlook for the full year 2014.  CYREN anticipates that its core detection business will remain steady, with low single digit revenue growth during 2014 and that its recently launched WebSecurity offering will be incremental to this growth. The company plans to continue to invest the cash flow from its core business into its new strategy.

Third Quarter 2013 Results

• Revenues in accordance with U.S. Generally Accepted Accounting Principles (US GAAP) totaled $8.0 million for the third quarter of 2013 compared to $8.1 million for the sequential second quarter of 2013 and $5.6 million in the third quarter of 2012.
• Non-GAAP earnings per diluted share for the third quarter 2013 were $0.01, compared to $0.00 for the sequential second quarter of 2013 and $0.03 in the third quarter of 2012.

"We are pleased with our third quarter performance and the continued demand for our cloud-based detection services globally," said Shlomi Yanai, chief executive officer at Commtouch. "Our cloud-based Web security solution is in lab trials with key customers and on track for commercial launch in the fourth quarter. In support of this launch, we made several key hires and expanded our sales and marketing organization globally."

"Our recent streamlining efforts have improved the company's cost structure and yielded measurable results with a significant sequential increase in both gross and operating margins," said Brian Briggs, chief financial officer at Commtouch. "Moreover, we completed the core portions of the integration of our Q4 2012 acquisitions during the third quarter."

For information regarding the non-GAAP financial measures discussed in this release, please see "Use of Non-GAAP Financial Information" and "Reconciliation of Non-GAAP to GAAP Financial Information."

Business Outlook

Based on current expectations, Commtouch is reaffirming its financial outlook for the full year 2013. The company continues to anticipate full year 2013 revenue between $32.0 million and $33.0 million, an increase of approximately 34% to 38% compared with full year 2012. Full year 2013 GAAP net loss is expected to be less than $2.0 million and non-GAAP net income is expected to be greater than $1.5 million.

MCLEAN, Va., Sept. 11, 2013 /PRNewswire/ -- Commtouch^® (NASDAQ: CTCH), a leading provider of Internet security technology and cloud-based services, today announced its partnership with Web.com (NASDAQ: WWWW), a leading provider of Internet services and online marketing solutions for small businesses.

After a rigorous and highly-competitive selection process, Web.com selected Commtouch for integration into its email infrastructure, which today serves millions of customers. A key selection criterion was that the solution achieves the highest possible detection performance while avoiding costly false positive detections. As a result, Web.com selected the following Commtouch services:

• Inbound Anti-Spam – based on Commtouch's patented Recurrent Pattern Detection™ (RPD™) technology, delivers real-time blocking of spam and phishing in any language or format with almost no false positives
• Outbound Spam Protection – blocks and identifies the sources of 99 percent of outgoing spam, avoiding the cost and inconvenience of IP addresses being blacklisted
• Virus Outbreak Detection – provides real-time protection for users from email-borne malware

All of the services are powered by the Commtouch GlobalView™ Cloud, which analyzes more than 12 billion transactions per day to derive unique intelligence regarding both existing and emerging security threats. This intelligence then automatically drives decisions regarding whether to block or allow a given email.

"At Web.com, we constantly look for ways to provide better services to our customers. With the addition of the Commtouch services, we can now better safeguard our customers from the nuisance of spam emails, without the risk of having their critical communications erroneously blocked," said Jane Landon, chief technology officer at Web.com. "By effectively eliminating spam outbreaks originating within our network, we can focus our efforts on serving our customers better rather than fighting the spammers."

"We welcome Web.com to our team of partners," said Brett Wilson, vice president of products at Commtouch. "We continue to see strong adoption for our services by the service provider and hosting communities. With spam attacks now lasting just a few minutes, our ability to block attacks within seconds versus others taking many minutes, is the difference between success and failure for our partners."

Second Quarter 2013 Results

• Non-GAAP revenues totaled $8.2 million for the second quarter of 2013 compared to $8.1 million for the sequential first quarter of 2013 and $5.7 million in the second quarter of 2012.
• Non-GAAP net income for the second quarter 2013 was $0.1 million compared to $0.1 million for the sequential first quarter of 2013 and $1.3 million in the second quarter of 2012.
• Non-GAAP earnings per diluted share for the second quarter 2013 were $0.00, compared to $0.00 for the sequential first quarter of 2013 and $0.05 in the second quarter of 2012.

"We delivered a solid quarter and saw strong demand for our cloud-based detection services globally," said Shlomi Yanai, chief executive officer at Commtouch. "In addition, we won key new customers for our recently launched Private Label Email Security-as-a-Service and Mobile Security for Android products."

"The demand we are seeing for our new cloud-based products is very encouraging and gives us confidence in our strategy to transition the company into a complete could-based Security-as-a-Service provider," Mr. Yanai added. "We continue to invest in our sales and marketing capabilities to support our upcoming product launches, however, it has taken us longer than anticipated to complete some key hires. As a result, we believe it is prudent to moderate our full year guidance to reflect the potential of a slower sales ramp."

"We are very pleased with our financial performance in the quarter, which was marked by enhanced profitability and strong cash flow generation. We made good progress on streamlining the organization and improving the company's cost structure during the quarter," said Brian Briggs, chief financial officer at Commtouch. "The integration of our Q4 2012 acquisitions continues to proceed well and we expect this process to be largely complete in the third quarter."

Business Outlook 

Based on current expectations, which include a slower ramp in the company's sales and marketing organization, Commtouch has moderated its financial outlook for the full year 2013. The company now anticipates full year 2013 revenue between $32.0 million and $33.0 million, an increase of approximately 34% to 38% compared with full year 2012. Full year 2013 GAAP net loss is expected to be less than $2.0 million and non-GAAP net income is expected to be greater than $1.5 million.

First Quarter 2013 Results

• Revenues totaled $7.9 million for the first quarter of 2013, up 34% compared to $5.9 million in the first quarter of 2012.
• Non-GAAP EPS for the first quarter 2013 were $0.00, compared to $0.06 in the first quarter of 2012.

"We achieved a major milestone in the evolution of the company with the launch of our first new cloud-based offering in the quarter," said Shlomi Yanai, chief executive officer at Commtouch. "The introduction of our private label Email Security-as-a-Service solution marks the first step in the long-term strategic plan we outlined 12 months ago. Moreover, we initiated a major effort to integrate the two acquisitions we closed in the fourth quarter and completed two key elements of this process with the creation of one global sales and marketing organization and one world-wide engineering team. Through this initiative we eliminated redundancies and achieved a 15 percent headcount reduction since December 31, 2012. These actions put us on track to meet the profitability targets we outlined at the beginning of this year."

"I am delighted by the traction that our new products have garnered in the market among new and existing customers," Mr. Yanai added. "Our broadened product portfolio is enabling Commtouch to increase our footprint within existing customers as well as expand our reach to new customers, including resellers, distributors, hosting providers and mobile application developers. Our global sales and marketing organization has developed a channel initiative to focus on these opportunities."

"The integration of our Q4 2012 acquisitions is proceeding smoothly and we expect this process to be largely complete in the third quarter," said Brian Briggs, chief financial officer at Commtouch. "While we continue to invest in our global sales capability, we have turned our focus to streamlining the organization and improving our cost structure. As a result of these efforts, we remain on track to generate cost synergies and a return to profitability in the second half of 2013. In addition, we bolstered our balance sheet with the addition of a line of credit with two large Israeli banks after the close of the first quarter."

Business Outlook

Based on current expectations, the company is reiterating its financial outlook for the full year 2013. The company continues to anticipate full year 2013 revenue between $34.0 million and $35.0 million, an increase of approximately 42% to 46% compared with full year 2012. GAAP and non-GAAP net income guidance includes a higher level of sales and marketing expense versus 2012 to support a strengthened global sales platform. Full year 2013 GAAP net income is expected to be greater than $2.0 million and non-GAAP net income is expected to be greater than $3.5 million.

During the second quarter of 2013, the company expects to recognize additional expenses related to its previously announced acquisitions, as well as related integration, severance and streamlining expenses. The impact of these charges is reflected in the aforementioned full year 2013 GAAP net income guidance. The company expects the impact of these integration and streamlining activities to positively impact the financial performance of the business during the second half of 2013.

The company plans to continue to strategically invest in the build-out of its global sales and marketing efforts. The impact of these investments is reflected in the full year 2013 GAAP net income guidance.

5/7/2013

Commtouch^® (NASDAQ: CTCH), a leading provider of Internet security technology and cloud-based services, today announced that NETGEAR®, Inc. (NASDAQGM: NTGR) (http://www.NETGEAR.com), a global networking company that delivers innovative products to consumers, businesses and service providers, has integrated Commtouch Antivirus into its network-attached storage (NAS) products for small and medium businesses as well as enterprises. With this latest upgrade of the popular ReadyNAS®, NETGEAR offers companies an advanced and easy-to use solution for centralizing, securing and controlling access to their digital assets.

Out of the box, the Commtouch Antivirus solution - which includes a high-performance AV engine and cloud-based detection services - met the requirements for minimal resource consumption and maximum detection of viruses within an embedded operating system. Thanks to its heuristics capabilities, Commtouch Antivirus is able to detect all threats, and specifically zero day viruses with a very small footprint. NETGEAR allows its customers to safely share, backup and recover files using its NAS solution.

"As a leader in the NAS industry, NETGEAR wanted to offer a solution beyond your typical AV subscription. Every ReadyNAS ships with Anti-Viruses embedded in the device, free of charge for our users," said Davin Oishi , senior product line manager for NETGEAR Storage. "Security is a key factor in offering efficient NAS solutions. With Commtouch Antivirus, we can provide our customers with state-of-the art protection from both known and new viruses, Trojans and other malware threats."

"Network-attached storage is playing an increasingly important role in the network infrastructure of SMBs and enterprises alike," said Shlomi Yanai , CEO at Commtouch. "Our Antivirus solution is designed to combine high detection levels with low resource requirements. NETGEAR's selection of Commtouch as the provider of antivirus technology for their NAS solutions shows that our solutions are a perfect fit for this fast-growing market."

Fourth Quarter 2012 Results

• Non-GAAP revenues totaled $7.0 million for the fourth quarter compared to $5.6 million for the sequential third quarter of 2012 and $6.0 million in the fourth quarter of 2011.
  
• Non-GAAP earnings per diluted share for the fourth quarter were $0.01, compared to $0.03 for the sequential third quarter of 2012 and $0.07 in the fourth quarter of 2011.