Last Week in NJ Tech: Company News Roundup
- Vidyo (Hackensack) has announced its collaboration with Royal Philips Electronics (Amsterdam) to use Vidyo’s products in medical technologies solutions across enterprises. Philips enterprise telehealth solutions will incorporate remote physiologic monitoring, advanced clinical decision support and Vidyo’s Adaptive Video Layering Technology into a clinical platform for communications and collaboration. Philips said it is determined to expand telehealth solutions beyond the ICU and externally to remote clinics, physicians’ offices and homes. Next, AMD Global Telemedicine (Chelmsford, Mass.), a supplier of medical technology for clinical telemedicine, announced a partnership to integrate Vidyo’s software-based solution with AMD’s telemedicine platform. In an unrelated announcement, Vidyo said it had grown substantially in 2011, increasing billings for Vidyo-branded products by 82 percent in FY 2011.
- TechLaunch, the tech accelerator NJTechWeekly.com wrote about in February that is funded in part by the New Jersey Economic Development Authority (EDA), has begun accepting applications for its first class of startups. They will be provided $18,000 to $20,000 of seed funding and a 12-week, mentor-driven business development program that will take place on Montclair State University’s campus. Founder and general partner Mario Casabona said, “We’re looking to attract top-tier talent who would otherwise leave the state because the support infrastructure simply wasn’t there.” The application deadline is June 8 and the startups selected will be announced July 9.
- Wayside Technology Group (Shrewsbury) has reported excellent first-quarter results, with revenue up to $66.9 million, up 30 percent year-over-year and income from operations up to $1.6 million, a 22 percent increase year-over-year. However, the company has come under increased pricing pressure. “Our competition lowered their prices significantly in the first quarter of this year, and we responded immediately,” Simon Nynens, chairman and CEO, said. “As a result, product gross margins, and rebates and discounts that are elements of overall profitability for the company, were negatively impacted this quarter.”
- A message from Mark Meller, chairman, president and CEO of SilverSun Technologies (Livingston), chronicled the company’s turnaround since 2010, when it was losing money and drowning in toxic convertible debt held by a hedge fund. SilverSun, which had a depressed stock price and an unwieldy stock structure, was “not financeable,” he said.
In 2011 the firm achieved record annual revenues, which rose 40 percent, eliminated all its debt, including the toxic convertible debenture, and restructured its stock. “We no longer have a ‘going concern’ qualification from our auditor,” Meller said. The company has also secured a revolving line of credit from a bank. In an unrelated announcement, SilverSun said it was introducing cloud-based solutions for the craft beer industry.
- Alcatel-Lucent, whose North American headquarters are in Murray Hill, has registered a first-quarter profit but warned that its “underlying earnings were disappointing and market uncertainties high,” Wireless Week reported. The company has sold its Genesys conference-calling business to European private equity firm Permira Advisers (New York), which helped its profits, but said that gross margin “is not at the level we would have liked,” according to the press release.