This is the most exciting time in Silver Peak’s history. Our revenue growth and market leadership in virtualized networking software are rapidly changing the WAN optimization market and opening doors to new market opportunities. To take advantage of these new opportunities, I am stepping up as CEO of Silver Peak.
I replace Rick Tinsley, who I originally hired back in 2004 to build out the organization while I held the role of CTO. I want to thank Rick for his extraordinary dedication and commitment, which has been vital in bringing Silver Peak to where it is today. Rick has navigated our company through difficult waters that have stranded many of our competitors.
Today, our company is stronger than ever, well-positioned and committed to our vision. We are revolutionizing the WAN optimization market, and in the process, have transformed ourselves into a software-driven business. Customers prefer Silver Peak’s software because it radically reduces deployment complexity and lowers the total cost of ownership by more than 50% when compared to competitive hardware-based offerings.
Analyst firm Dell’Oro Group cites that most of the revenue growth in the WAN optimization market will be driven by virtual appliances. Their recent report notes that “virtual WANOP appliances provide greater flexibility in application optimization and data access in the cloud as well as between disparate data centers and branch offices.” 
Working closely with our exceptionally strong leadership team, we will focus on continuing to grow our WAN optimization business by leading the market transition to software. At the same time, we will look to foster the emergence of a next generation of opportunities around virtual network services.
According to IDC, “As virtualization and cloud continue to grow, enterprises will seek to leverage virtualized network and security services to align better with virtualized application workloads. In this context, enterprise IT departments will seek to tap the service velocity and flexibility of the virtual form factor.” 
It is clear that the market is coming to us. I’m confident in our trajectory and look forward to leading Silver Peak into its next phase of growth.