MADISON, Wis. - June 24, 2009 - Sonic Foundry, Inc. (NASDAQ: SOFO), the recognized market leader for rich media webcasting and knowledge management, has strengthened that position with the announcement that, for the second year, Frost & Sullivan has presented the company with the World Market Leadership Award For Lecture Capture Solutions.
Market research and consulting firm Frost & Sullivan commended Sonic Foundry's consistent growth in defining, shaping and changing the face of lecture capture with Mediasite. With a customer network of more than 1,500 clients in both academic and corporate environments, Sonic Foundry contributes more than a third of the total revenues of this rapid-growth market, which is expected to triple in size in the next six years.
"Throughout the past five years, isolated classroom or departmental deployments have evolved to campus-wide webcasts, as higher education institutions embrace lecture capture as a valuable and critical piece of the learning process," said Aimee Roberts, research analyst at Frost & Sullivan. "Students have a greater degree of autonomy in their own learning process, reviewing content as frequently as necessary, in an easy-to-access, on-demand environment that boosts retention."
The report states that corporate and government clients have also successfully leveraged Mediasite to enrich training, executive briefings and customer-facing content, while reducing expenditures associated with meeting face-to-face. "As a result, Sonic Foundry not only reduces an organization's carbon footprint by minimizing corporate travel, but also improves flexibility and content congruence. Success is inevitable for Mediasite clients," added Roberts.
"Sonic Foundry is proud to be again recognized for its dedication to excellence in multimedia presentations," said Rimas Buinevicius, chairman and CEO of Sonic Foundry. "This award verifies the company's value in the rich media enterprise. We look forward to deepening our existing customer relationships and breaking ground with new partners to further Mediasite's influence on today's webcasting landscape."
The Frost & Sullivan Award for Market Leadership is given to the company that has exhibited market share leadership through the implementation of market strategy. "Sonic Foundry has displayed excellence in all areas of the market leadership process, including the identification of market challenges, drivers and restraints, as well as strategy development and methods of addressing these market dynamics," concluded Roberts. "Furthermore, Sonic Foundry has continually demonstrated solutions for monitoring market changes and for implementing superior market strategies. By utilizing these strategies for success, the company has established itself as the market share leader in lecture capture."
To choose the recipient of this award, Frost & Sullivan analysts track competitor revenue and market share within the industry. This is achieved through interviews with market participants and extensive secondary research of proprietary data sources. Competitors are compared and ranked for relative position. Frost & Sullivan then presents the Award to the company that received the number one industry rank. Sonic Foundry was recognized for excellence in advancing in market share, revenue growth rates, profitability and market and technology innovation.
About Frost & Sullivan
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