Rimage Changes Name to Qumu and Launches New Corporate Brand
New Identity Reinforces Company's Commitment to the Growing Enterprise Video Communications Market
MINNEAPOLIS, Sep 16, 2013 (BUSINESS WIRE) -- --Stock Trades Under QUMU, Effective Today
Qumu Corporation QUMU +3.33% , the leader in secure multimedia content management and delivery solutions, today announced that it has changed the name of the company from Rimage Corporation to Qumu Corporation to reflect its commitment to the rapidly growing enterprise video communications market. Effective today, the Company's stock will trade on NASDAQ under the symbol QUMU. The new CUSIP for Qumu's common stock is 749063 103.
As part of its name change, Qumu has officially launched a new corporate website, www.qumu.com, that illustrates its differentiated tools and services that allow businesses to create, manage, distribute, secure and measure the success of their videos. To clearly demonstrate Qumu's capabilities, the new website features rich video content focused on use cases, vertical markets and technology.
Sherman L. Black, president and CEO said, "Video continues to gain traction with businesses as a primary means of communication with employees, partners and customers. The ability of video to convey emotional impact and more easily explain visually complex subjects is driving increased interest across industry sectors and geographies. Qumu's offering, with its ability to integrate with most enterprise platforms, offer content rich applications and deliver on multiple viewer devices securely, is uniquely positioned in the industry."
"The Qumu software business has demonstrated strong momentum. In the first half of 2013, revenues grew 233% and we expect that Qumu's software revenue will grow in excess of 70% in 2013 compared with last year. Additionally, Qumu was named a leader in Forrester Research's 2013 Forrester Wave report for the Enterprise Video Platform market space. With our strong cash position - $46 million at the end of June - and the cash generation capabilities of our disc publishing operation, we believe we have the resources we need to aggressively pursue our growth strategies. Our new corporate identity and website are designed to help us capitalize on our success to date and drive further awareness of Qumu," concluded Mr. Black.
About Qumu Corporation Video is the new document. Qumu Corporation provides the tools businesses need to create, manage, secure, distribute and measure the success of their videos. Qumu's innovative solutions release the power in video to engage and empower employees, partners and clients. Qumu helps thousands of organizations around the world realize the greatest possible value from video and other rich content they create and publish. Whatever the audience size, viewer device or network configuration, Qumu solutions are how business does video. Additional information can be found at www.qumu.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130916005748/en/