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Sonic Foundry Appoints Mike Snavely to Lead Groundbreaking Vidable™ Platform
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Sonic Foundry, Inc. (NASDAQ: SOFO) announced the appointment of Mike Snavely as General Manager of its new Vidable™ business unit, responsible for sales and operations. Vidable™ offers AI-driven solutions for video transformation at an enterprise scale. Joe Mozden Jr, CEO, noted Snavely's expertise in launching successful products as crucial for growth. Vidable™ aims to empower users to monetize video content efficiently. The platform is currently available to Sonic Foundry customers with broad access expected in early 2023.
Positive
Appointment of Mike Snavely is expected to drive growth in the Vidable™ unit.
Vidable™ platform delivers comprehensive AI solutions for video transformation.
Existing customers can access Vidable™ now, with broader industry access expected soon.
Negative
Concerns about market competition and the need for differentiation in AI video solutions.
Dependence on the successful adoption of the new platform to achieve revenue growth.
MADISON, Wis.--(BUSINESS WIRE)--
Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader in video capture, management and streaming solutions as well as virtual and hybrid events, today has announced the appointment of Mike Snavelyas General Manager of Vidable™. In this new role, Snavely assumes overall responsibility for Sonic Foundry’s new Vidable™ business unit, including go-to-market strategy, sales, and operations.
Vidable™ is Sonic Foundry’s groundbreaking platform that provides users with the most complete collection of Artificial Intelligence (AI) for video that will deliver instant, comprehensive, and automated video transformation at global enterprise scale.
“As Sonic Foundry moves into new markets, we are keeping pace by hiring talent with deep expertise who will help us move quickly into our next phase of growth,” said Joe Mozden Jr., CEO of Sonic Foundry. “As the new GM of Vidable™, Mike brings a solid track record of launching disruptive products that result in high revenue growth and we are very excited to have him on board.”
Snavely has served in several technology leadership roles over the past twenty years, building and scaling SaaS and services businesses. Prior to joining Sonic Foundry, he worked on mergers and acquisitions and helped a number of Austin, Texas-area companies scale their operations.
Snavely commented, “Sonic Foundry has a global footprint and thousands of loyal customers. The Vidable™ Platform will help our customers as well as companies using competing enterprise video platforms to access the best AI toolsets on the market. Our users can now monetize vast libraries of video content in ways that today are too costly or time-consuming to transform and distribute without the AI power of Vidable™.”
Vidable™ services are available to existing Sonic Foundry customers now with industry-wide access coming in early 2023.
About Sonic Foundry
Sonic Foundry (NASDAQ: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by thousands of educational institutions, corporations, health organizations and government entities in over 65 countries, Sonic Foundry’s solutions, including Mediasite®, Vidable™ and Global Learning Exchange™ help its customers capitalize on the power of technology and artificial intelligence to transform, distribute, and monetize video content. Learn more at www.sonicfoundry.com.
This news release contains forward-looking statements about the products and services of Sonic Foundry within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements about our products and services, our customer base, strategic investments, new partnerships, our future operating results, and any statements we make about the company’s future. These types of statements address matters that are subject to many risks and uncertainties. Actual results could differ materially from the forward-looking guidance we provide. Any forward-looking statements should be considered in context of the risk factors disclosed in our periodic forms 10Q, 10K and other filings with the SEC. These filings can be accessed on-line at www.sec.gov and other websites or can be obtained from the company’s investor relations department. All of the information and disclosures we make in this news release regarding our business, including any forward-looking guidance, are as of the date given and we assume no obligation to update or change this information, regardless of subsequent events.
