saba software inc (SABA) Key Developments
Saba Announces Launch of Compensation@Work
Oct 7 14
Saba Software, Inc. announced Compensation@Work(TM), a predictive solution for simplifying and personalizing the increasingly complex employee salary and incentive pay process. The solution is being demonstrated this week at the HR Technology Conference in Las Vegas at Saba's booth, 2157. The Saba solution, developed with a cross section of large and mid-size enterprise design partners, uses machine learning to surface many otherwise hidden indicators, or "signals" of the value, engagement and cost of team members. More than half of employers report difficulty retaining high-potential employees and top performers according to a Towers Watson 2014 Global Talent Management and Rewards Study. One huge disconnect is the inefficient and ineffective method by which businesses attempt to reward their most valuable people. Typically, by the time annual merit increases get meted out, many of the best people in pivotal positions -- like actuaries in insurance businesses and data scientists in tech companies -- are in jeopardy of leaving. Compensation@Work, built with patent-pending machine-learning algorithms is a next generation reward management system which is: -- Simple, Yet Sophisticated: A comp plan-building wizard makes the very complex plan creation process super straightforward for administers at various levels of expertise. Built-in "What if?" budget creation tools, analytics and best-practice worksheets inform budget strategies. -- Smart: Patent pending algorithms identify high risk/high value individuals and then provide concrete and personalized recommendations, comparing the real cost to retain vs. replace them. Having this data up front, makes it possible to be proactive and thoughtful about retention strategies. Salary and incentive recommendations can be compared at individual, departmental and company-wide cost levels. -- Flexible: User friendly worksheet configuration includes a built-in advanced rules and formulas builder. Access external data, rules and formula from multiple sources for big data-based audience segmentation and worksheet configurations.
Saba Announces Cash Flow Results for the First Quarter Ended August 31, 2014; Provides Cash Flow Guidance for the Second Half of Fiscal Year 2015
Sep 30 14
Saba announced cash flow results for the first quarter ended August 31, 2014. For the quarter, the company announced cash used in operations of $2 million (excluding approximately $5 million associated with the accounting review and restatement).
The company typically generates more cash from renewals in the second half of the fiscal year due to the seasonality of renewal bookings.
Saba Amends its Existing Credit Facilities with Wells Fargo Bank and Vector Capital
Sep 24 14
Saba announced that it has amended its existing credit facilities with Wells Fargo Bank, National Association and an affiliate controlled by Vector Capital to revise certain financial covenants and to obtain additional borrowings in the principal amount of $15 million under the Vector facility. In addition, the amended facilities accommodate an additional $5 million increase in the principal amount of debt, which the Company is currently considering. The additional funds will support general working capital needs as well as growth initiatives.
Saba Announces Resolution of SEC Investigation
Sep 24 14
Saba announced that it reached a settlement with the U.S. Securities and Exchange Commission regarding the previously disclosed SEC investigation. Under the terms of the settlement, the Company has consented to the terms of the SEC's order without admitting or denying the SEC's findings. Under the terms of the settlement, the Company has agreed to undertakings including to refrain from violating certain federal securities laws and regulations and to file its Annual Report on Form 10-K for the fiscal year ended May 31, 2014 as a comprehensive annual report under the Securities Exchange Act of 1934, as amended that will include (i) restated financials for the fiscal years ended May 31, 2010 and May 31, 2011 (unaudited) as well as the first two quarters of the fiscal year ended May 31, 2012; (ii) audited financial statements for each of the fiscal years ended May 31, 2012, May 31, 2013 and May 31, 2014; and (iii) opinions from Saba's independent registered public accounting firm regarding the last three years of audited financial statements as well as the Company's internal controls over financial reporting as of May 31, 2014. The Company has also agreed to pay a civil penalty of $1.75 million in three installments over a one-year period and may be required to make an additional payment of $0.1 million depending on the date on which it files its Comprehensive Annual Report. If Saba does not file its Comprehensive Annual Report by February 15, 2015, or the SEC determines that the filing is deficient and Saba is not able to cure the deficiency prior to March 9, 2015, then Saba's registration of its common stock pursuant to Section 12 of the Exchange Act is subject to revocation pursuant to Section 12(j) of the Exchange Act.
Saba Software, Inc. to Report Q1, 2015 Results on Sep 30, 2014
Sep 8 14
Saba Software, Inc. announced that they will report Q1, 2015 results After-Market on Sep 30, 2014