Saba Software, Inc. (SABA)
Business Update Conference
April 05, 2013 9:00 am ET
Roy Lobo - Vice President of Investor Relations
Shawn Farshchi - Interim Chief Executive Officer
Michael Shahbazian - Interim Chief Financial Officer
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I would now like to turn the conference over to our host, Mr. Roy Lobo, Vice President of Investor Relations. Please go ahead.
Thank you, Mary. Good morning, everyone. Welcome, and thank you for joining us on today's conference call. With me on the call today are interim CEO and COO, Shawn Farshchi; and our interim CFO, Mike Shahbazian. If you have not received yesterday's press release, you may download a copy from our website at investor.saba.com.
Before I turn the call over to our executives, I would like to remind everyone that during the course of this conference call, we will be making forward-looking statements regarding our business outlook, future performance and expectations of future events. These statements are based solely on information available to us today and are subject to risk and uncertainties. For information concerning factors that could cause actual results to differ materially from those in the forward-looking statements, we encourage you to review our annual report on Form 10-K for the year ended May 31, 2011, and subsequent Saba periodic reports, which are made available through the Investor Relations section of our website or through the SEC's website at sec.gov. We assume no duty or obligation to publicly update or revise any forward-looking statement.
Please keep in mind, we are still in the midst of completing our restatement and are limited in our disclosure. For this reason, we will not be taking any calls after our prepared remarks. Our press release and the comments we make on today's call are very detailed and will be the extent to which we can elaborate regarding our business momentum and business metrics.
With that, I would now like to turn the call over to Shawn.
Thanks, Roy. Good morning. Let me start off by saying that while we have experienced a lot of positive momentum in our business, I am extremely disappointed that the restatement is not complete. Completing the restatement is my #1 priority. Mike will elaborate further on our progress and update you on our business.
Let me spend the rest of my time talking about what I'm pleased about. We have experienced a lot of positive momentum. And despite the adversity we faced over the last year, we have been able to continue to win business, both new and renewals, and deliver innovative solutions to the market. Because of the tireless efforts of our employees, our business momentum remains healthy. Our new customer signing continue to grow at a brisk pace. In our fiscal year 2012, we signed 141 new customers. In just the first 9 months of fiscal year 2013, we have signed 146 new logos, including Toyota Motors; BDO, one of the largest retail bank in the U.K.; Ross Stores; LogMeIn, a global leader in the medical technology field; TomTom International; and Thoratec Corporation.
Our pipeline remains strong as prospects realize that Saba's expertise in solving customers' challenges in the learning and talent management arena and meeting customers' complex requirements and need to scale is unmatched in the industry. At the high end of the market, we continue to experience our greatest success, although, in some instances, our pending restatement is lengthening the sales cycle.
We are also investing in SMB to mid-enterprise market that remains largely untapped and has tremendous growth opportunity. We have created a dedicated inside sales team to address these markets, and I'm pleased with their traction to date. A further testament that customers view Saba as their strategic supplier and talent management platform of choice is evidenced by our new renewal rate remaining above 90-plus percent on a quarterly and a year-to-date basis.
Before I turn the call to Mike, let me just quickly highlight our users conference and some product innovations we announced. A number of you attended our Saba -- our People 2013 Global Summit User Conference that we held in San Francisco in early March. It would have been difficult to walk away with a feeling other than exuberance. We, our customers, our prospects and our partners were all extremely energized coming from the summit, and we plan to leverage all the tremendous leads and feedback we received.
At summit, we had many exciting product announcements. We announced the latest update of Saba People Cloud, which is our next-generation people development platform and the focus of innovations moving forward. Saba People Cloud now delivers both formal and informal learning, next-generation performance management, mobile, e-commerce and collaboration capabilities that leapfrog our competition. A very important takeaway to appreciate is that Saba People Cloud was architected as a platform to deliver unified applications, mobile, social and extended enterprise solutions. We believe this modern platform will fundamentally change the way our customers and industry think about development -- people development.
We have -- we had early adopters of Saba People Cloud talk enthusiastically about their experience with the platform, and this is very exciting for us. So our customers take advantage of the Saba People Cloud, we announced the Saba Leap program, that is a quick-start turnkey program to rapidly move our customers to Saba People Cloud. Announcement of the Saba Leap program was well received and is generating immediate customer interest.