Wayside Technology Group Rebrands Lifeboat Distribution Business to “Climb Channel Solutions”
Rhea-AI Summary
Wayside Technology Group (NASDAQ: WSTG) announced a rebranding of its core Lifeboat Distribution business to Climb Channel Solutions, effective May 18, 2020. CEO Dale Foster highlighted the company's evolution into a sales-focused organization and noted record financial performance due to improved operations and vendor recruitment. The rebrand aims to reflect the company's strategic direction and commitment to supporting vendor and reseller partners. Imperva commended the change as a recognition of Lifeboat's exceptional service as a distribution partner.
Positive
- Successful rebranding to Climb Channel Solutions aligns with strategic direction.
- Record financial performance reported over the past year.
- Enhanced operations, vendor recruitment, and sales strategy support business growth.
Negative
- Potential risks from COVID-19 pandemic affecting global economy and market conditions.
News Market Reaction – WSTG
On the day this news was published, WSTG gained 6.56%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
EATONTOWN, N.J., May 18, 2020 (GLOBE NEWSWIRE) -- Wayside Technology Group, Inc. (NASDAQ: WSTG) (“Wayside” or the “Company”), an IT channel company providing innovative sales and distribution solutions, is rebranding its core Lifeboat Distribution (Lifeboat) business to Climb Channel Solutions (Climb), effective May 18, 2020.
Wayside CEO Dale Foster commented: "In just the past two years, we have evolved considerably into a sales-focused organization that is uniquely positioned to support emerging technology vendors. The improvements we have made to our operations, vendor recruitment, and sales and marketing are all reflected in our record financial performance over the past year.
“In light of our refined strategic direction and financial momentum, we felt it was important to have a brand that better reflects our positioning in the market and commitment to supporting our vendor and reseller partners. When our partners succeed, we succeed, and we believe it is important for our brand to reflect that.”
Jim Ritchings, Vice President of global channels at Imperva, added: “Lifeboat has been a key distribution partner to Imperva since 2018. Their level of service and high-touch approach has exceeded all of our expectations since the outset of our partnership. We applaud and fully support their rebrand to better reflect their differentiated positioning.”
About Wayside Technology Group
Wayside Technology Group, Inc. (NASDAQ: WSTG) is an IT channel company and parent of Climb Channel Solutions, a specialty distributor for Emerging Technology Vendors with solutions for Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud and Software & ALM. Climb helps vendors recruit and build multinational solution provider networks, power their networks, and drive incremental sales revenues that complement existing sales channels. Climb services thousands of solution providers, VARs, systems integrators, corporate resellers, and consultants worldwide, helping them power a rich opportunity stream while building profitable businesses.
Additional information can be found by visiting www.waysidetechnology.com or www.ClimbCS.com.
Forward Looking Statements
The statements in this release concerning the Company’s future prospects are forward-looking statements that involve certain risks and uncertainties. These risk and uncertainties include, without limitation, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, contribution of key vendor relationships and support programs, as well as factors that affect the software industry in general and other factors. Currently, one of the most significant factors, however, is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the Company, the global economy and financial markets. The extent to which COVID-19 impacts the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, including the impact on our reseller partners and the end customer markets they serve, among others. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in our filings with the Securities and Exchange Commission.
Company Contact
Michael Vesey
Chief Financial Officer
1-732-389-0932
michael.vesey@waysidetechnology.com
Investor Relations Contact
Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
1-949-574-3860
WSTG@gatewayir.com
