Feeds

Spare Backup CEO switch coming

Make money or else

High performance access to file storage

Lost Emails

This resulted in the main business becoming the Conga video-conferencing product. Then Cery Perle found all his emails had been lost due to some computer system error, and there was no backup. He asked his tech staff to develop an automated and very easy to use backup process to stop that ever happening again.

The result was Spare Backup, and it looked so promising that a subsidiary was set up to develop it. That looked so good that the subsidiary was merged back into  Newport, which changed it's name to Spare Backup. The service was launched in Match 2005 and the Conga product was discontinued. All this is a long, long way from real-estate.

Five years later Spare Backup has accumulated debts of a hundred million dollars or so and needs somehow to step on the gas and accelerate its revenues big time. Step forward Stephen Meyer. Cery Perle has recognized that a different skill set is needed for Spare Backup to progress.

Enter Stephen Meyer

The company is traded as a penny stock and is, it appears, greatly under-capitalized. It has an incredible geographic skew in its sales which shows that the service has legs that could run back home in the USA. That's the key, isn't it? Succeeding in the USA is important, which means sales channel development and more cost there.

It can't cut costs to get a profit out of current revenues because that would kill the business. For Spare Backup the choices are expansion in revenues or death. For the expansion to be possible requires funding and that requires investors, or an acquiring company, to believe in the Spare Backup proposition, service, roadmap and distribution channel.

Who is Stephen Meyer and why is Spare Backup trying to get him on board? He is a managing partner at TechFund Capital, managing investments in portfolio companies and helping them in early stage development. He's been engaged as a consultant to Spare Backup to help it deal with the current debt/revenue imbalance and the board liked what it heard so much it decided Meyer was the man to run the company.

While consulting he is focused on capital formation, strategy, product development and go-to-market initiatives. He says he's looking forward to  working with Cery Perle and the others at Spare Backup "to achieve break-even, then profitability and, ultimately success as the leader in the automated online backup sector and cloud services". Good luck Superman, and don't forget the Kryptonite. ®

High performance access to file storage

More from The Register

next story
European Court of Justice rips up Data Retention Directive
Rules 'interfering' measure to be 'invalid'
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Cisco reps flog Whiptail's Invicta arrays against EMC and Pure
Storage reseller report reveals who's selling what
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Bored with trading oil and gold? Why not flog some CLOUD servers?
Chicago Mercantile Exchange plans cloud spot exchange
Just what could be inside Dropbox's new 'Home For Life'?
Biz apps, messaging, photos, email, more storage – sorry, did you think there would be cake?
IT bods: How long does it take YOU to train up on new tech?
I'll leave my arrays to do the hard work, if you don't mind
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.