SOURCE: Selectica

Selectica

August 07, 2013 08:00 ET

Selectica Announces Changes in Executive Leadership

SAN MATEO, CA--(Marketwired - Aug 7, 2013) - Selectica, Inc. (NASDAQ: SLTC), provider of software that accelerates sales cycles and streamlines contract processes, today announced changes to the executive team.

The Board of Directors has appointed Board member Michael Brodsky as Chairman and Interim Chief Executive Officer to lead the Company's executive team, replacing Jason Stern, who was dismissed as President and Chief Executive Officer, and who resigned as a member of the Board of Directors of the Company. Alan Howe, previously Chairman of the Board, will transition to become the Company's Vice Chairman and Lead Independent Director.

"As we continue to build on our momentum in the market, attack new segments, and leverage our unique assets, we believe Michael is the right person and has the requisite experience to lead us through this period of growth," said Mr. Howe. "We thank Jason for his dedication to Selectica and for steering the company over the past two and a half years, and we wish him well in all of his future endeavors."

"Having been active on the Selectica Board for almost three years, I believe that the company is exceptionally well positioned and has great potential to grow our top-tier client base. Our goal is to continually improve the effectiveness of our customers' sales and contracting processes while simultaneously embracing a customer first philosophy," said Brodsky. "I eagerly anticipate the forthcoming challenges during this transition period, and I look forward to working with the entire Selectica team and the Board as we continue to focus on our mission of supplying our best in class sales effectiveness solutions to a growing number of industry-leading enterprises."

Mr. Brodsky joined Selectica as a director in October of 2010. Mr. Brodsky previously served as the Chairman of the Board and CEO as well as Executive Chairman of Youbet.com, Inc. (NASDAQ: UBET) While at Youbet.com he restructured and realigned the business around a metrics-driven business philosophy. Churchill Downs Incorporated acquired Youbet.com, in 2010 and Mr. Brodsky was elected to its Board of Directors of Churchill Downs (NASDAQ: CHDN), where he served on its Executive Committee. Prior to joining Youbet, Mr. Brodsky managed New World Opportunity Partners, the public investment arm of the Chicago-based Pritzker family, where he was the firm's Managing Partner. Prior to that, Mr. Brodsky served as the CFO of The Away Network, an online travel media company that owned and managed the sites, Away.com, OutsideOnline.com, and GORP.com.

In addition to serving on the Selectica Board of Directors, Mr. Brodsky serves on the Board of Genesis Land Development Corporation where he serves as its Chairman, (TSX: GDC)

About Selectica
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 the 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.

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Forward-looking statements
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 contribute 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 Commission.