Proginet has a variety of file transfer offerings. In July 2008, it launched Slingshot, which is a large file attachment management system for Microsoft Exchange. The company has now announced Slingshot Vault, a ready-to-install, appliance-based version.

Slingshot Vault Technology Summary

• Large file attachments, say beyond 5 or 10MB, create problems for email systems. For example, they are refused by receiving systems, they slow performance, and they consume WAN bandwidth.
• Does large file attachment transfer, plus provides de-duplication, an attachment archive, and search.
• It reduces the bandwidth and storage requirements.
• Users experience file transfer via normal Outlook interface.
• No file size limitations.
• Attachments transferred in parallel conduit to email.
• Web browser for system management, access to attachment archives.
• Archiving and search provided via OEM relationship with Intradyn.
• Works with Microsoft Exchange; Lotus Notes support planned.
• Sold in appliance form.

Target Customers, Sales Channels

• Cross-industry application.
• Direct sales to SMBs and F1000. Sold to smaller organizations via distributors and OEMs (who often white label the product).

Main Competition

• Accellion.

Strengths Compared to Accellion as Perceived by Proginet

• Much more scalable.
• Attachment archiving, archive search, de-duplication, and tape backup.

Company & Financials

• Founded 1986.
• 71 employees.
• Main business of the company is file transfer software. 30% of revenues come from new licenses; 70% from maintenance.
• Public company; trading on the OTCBB Securities Market under the symbol PRGF.
• Revenues YYE 7/31/08 revs--$8.5M, YYE 7/31/07 revs--about $9.5M, YYE 7/31/06 revs--$7.5M.
• Recent top management changes in order to stimulate revenues, with new president and CEO.
• Main growth has been through acquisition.
• Not profitable in FYE 7/31/08.
• No debt.

… David Ferris