SOURCE: Verecloud

Verecloud

May 12, 2011 06:00 ET

Verecloud Announces New Cloud Management Platform Launching Through Spiceworks Community

Platform to Deliver Complete, Community-Influenced Cloud Solution for Users of Spiceworks' Extensive IT Professional Network

DENVER, CO--(Marketwire - May 12, 2011) - Verecloud, Inc. (OTCBB: VCLD), innovators in the emerging cloud computing services business, today announced the launch of its cloud services management platform for the Spiceworks Community, the world's largest and fastest growing social business network for IT professionals.

More than 1.4 million SMB IT professionals, representing companies that spend an average of $132,000 each on IT annually, rely on Spiceworks to manage their IT infrastructure and services. Verecloud will utilize Spiceworks Vendor Pages and other social marketing programs to distribute services through the Spiceworks Community.

Cloud adoption has accelerated faster than even the most aggressive forecasts. The worldwide market for cloud spending is expected to grow to more than $150 billion, up from just $59 billion in 2009. According to the recently released State of SMB IT technology survey from the Spiceworks Voice of IT® Market Research Program:

  • Overall IT budgets are seeing their largest growth in more than 18 months
  • Twice as many small and medium business (SMB) IT professionals are using cloud solutions today compared to the second half of 2010
  • Twenty-six percent of IT budgets are earmarked for hosted and cloud services, up from 19% this time last year, a 37% increase
  • Software (34%) and hosted IT/cloud services (26%) make up 60% of total IT budgets

SMBs with less than 500 employees represent an underserved market for cloud services, and the cost of integration further impedes new service adoption. Plus, SMBs are finding it increasingly difficult to make sense of the rapidly growing universe of cloud services. Verecloud's enabling platform cuts through all these difficulties and provides SMBs with capabilities that traditionally were available only to large enterprises.

"We are going to market in this exciting community with the first version of our platform that makes it easier for SMBs (small to medium businesses) to shop for, select, purchase, manage and monitor the performance of their cloud services and related spending through a single portal and pay for these services from a single bill," said Brad Hoffman, vice president of strategic partnerships at Verecloud.

"Our goal is to serve as 'Everything IT' for small businesses worldwide," said Jay Hallberg, co-founder and vice president of Marketing at Spiceworks. "Working together with Verecloud, we're getting Spiceworks IT professionals involved in the research & development cycle to ensure new products are designed with their specific needs in mind -- a winning scenario for both IT vendors and their customers."

About Verecloud
Based in Denver, Colorado, Verecloud®, Inc. is an innovative technology company that developed and operates Nimbus CSB, a cloud service brokerage platform that integrates cloud service suppliers and connects to SMBs through multiple distribution channels. Nimbus CSB is targeted at organizations that need innovative, high-margin cloud services to drive growth including SMBs, communications service providers (CSPs), managed service providers (MSPs), and innovative cloud computing solution suppliers who want access to the evolving distribution channels. For more information on Verecloud visit: http://www.verecloud.com

About Spiceworks
Founded in 2006, Spiceworks™ is the world's largest and fastest growing social business network for IT. By combining free IT management software with a social media community, Spiceworks helps over 1.4 million IT professionals to discover, buy and manage $236 billion worth of technology products and services each year. Spiceworks is headquartered in Austin, Texas and is backed by Institutional Venture Partners (IVP), Austin Ventures and Shasta Ventures. For more information on Spiceworks visit: http://www.spiceworks.com

Forward-Looking Statement

This release may contain projections and other forward-looking statements that involve risks and uncertainties. Forward-looking statements are projections reflecting management's judgment and assumptions based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Future performance cannot be assured. Readers are referred to the documents filed by Verecloud with the Securities and Exchange Commission (SEC), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Recent documents filed with the SEC can be found in the Investor Relations section of our website (www.verecloud.com). Verecloud believes the forward-looking statements in this release are reasonable; however, you should not place undue reliance on forward-looking statements, which are based on current expectations and speak only as of the date of this release. Verecloud is not obligated to publicly release any revisions to forward-looking statements to reflect events after the date of this release.

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