Rimage Appoints Peter Shutte as Vice President of Business Development for Qumu
Seasoned Executive Brings Significant Experience in Growing Enterprise Software Companies
MINNEAPOLIS--(BUSINESS WIRE)-- Rimage Corporation (NAS: RIMG) today announced that Peter Shutte has joined as Vice President of Business Development of Qumu, its enterprise video and digital publishing software business. He will report to Vern Hanzlik, Senior Vice President of Rimage and General Manager of Qumu.
Peter Shutte has over 20 years of sales and business development experience with enterprise software and Software as a Service (SaaS) companies. His most recent corporate position was General Manager of Cloud Services and Partnerships at Looxcie, a real-time streaming and recording device maker, where he was responsible for OEM relationships and helping bring Looxcie Live (real-time streaming capability) to market. Prior to that, he served as Vice President of Business Development and then Vice President of Sales at Sajan Inc., a cloud-based provider of global language services and translation management software. He joined Sajan from WebEx, which he joined in 1999 and where he ran the Enterprise Sales group. During his tenure, WebEx established itself as the premier web conferencing solution for the enterprise. Mr. Shutte cofounded Workgroup Technology, an enterprise PDM/PLM software company, in 1992. There he established both a channel and direct revenue model throughout the US and then Europe which helped enable the company's successful IPO in 1996. Mr. Shutte has been consulting and advising start-up organizations in the San Francisco Bay Area over the past year prior to joining Qumu.
"Peter is a tremendous addition to our management team at Qumu," said Vern Hanzlik, SVP and GM of Qumu. "His enterprise software application and collaboration expertise brings a valuable perspective to our business development and channel strategies. With his experience in growing several software companies and establishing them as leaders in their markets, Peter will be able to step in immediately to expand and build our channel strategy with companies like Microsoft, IBM and Oracle. These relationships will become invaluable, given the continued momentum that Qumu has demonstrated in the last two quarters with top-tier enterprises."
Mr. Shutte said, "Qumu has many of the elements required for success, including leading software technology, a blue chip customer base, and expanding market presence. I look forward to working with the Qumu team to build on the success of the last several quarters in driving our video solutions for the enterprise in the US and Europe."
The Company also announced that it will grant an inducement award to Peter Shutte in connection with his appointment as Vice President of Business Development of Qumu. Mr. Shutte will receive an "inducement award" as defined by NASDAQ Marketplace Rules, consisting of a nonqualified stock option to purchase 50,000 shares of Rimage's common stock. The option will be granted on January 7, 2013 and will have an exercise price equal to the fair market value of Rimage's common stock on the date of the grant. The shares will vest in four equal installments on each of the first four anniversaries of the date of grant and will have a term of seven years. The inducement award will be granted outside of the terms of the existing Rimage equity incentive plans, was approved by the Compensation Committee of Rimage's Board of Directors, and was granted pursuant to NASDAQ Listing Rule 5635(c)(4).
About Rimage Corporation
Founded in 1978, Rimage Corporation (NAS: RIMG) helps businesses deliver digital content directly and securely to their customers, employees, and partners. Rimage's Qumu business is well established in the rapidly growing enterprise video communications market. Rimage's Signal online publishing platform automatically pushes secure mobile content to nearly any mobile device or computer. Qumu and Signal, in combination with Rimage's CD, DVD and Blu-ray-Disc™ publishing solutions, enable businesses to securely deliver their videos, documents, audio files and images in today's multi-platform, multi-device world. Rimage supplies thousands of customers in North America, Europe and Asia with industry-leading solutions that increase engagement, collaboration and control. Additional information can be found at www.rimage.com.
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