We are very disappointed with our software sales results. In spite of our best efforts to work closely with the investment community to set reasonable and attainable expectations for the quarter, the softness of the market had a significant impact on our results. Once again, we had several large deals that did not come in at the end of the quarter.

Quarterly revenues were lower than expected due to a shortfall in software license sales. We are not satisfied with these results. However, our emphasis will continue to be on selling our more than 70 distributed products, which tend to be smaller transactions.

In turn, a larger installed base of hardware should lead to higher sales of video game software. In particular, we believe that these price points will appeal to a more mass-market audience.

Looking forward, our overall pipeline is healthy and we expect stronger software sales in the second and third quarters,

Demand for tech talent in Waterloo Region is intensifying. From software developers to seasoned sales professionals, firms here are on the grow and aggressively engaged in talent acquisition.

To sell successfully into the financial services marketplace, technology software or services sales teams must master three critical competencies. They must understand the links between financial services institution business drivers and trends, and specific IT investments. It is critical to then understand how their own solutions are aligned with these drivers, trends and investments, as well as how their solutions are best deployed to solve tangible business problems. Finally, sales teams must be able to engage both IT and business executives within institutions in meaningful, bottom-line oriented dialogues.