Company: Unify Corporation, Sacramento, California Entry Submitted By: Barrett Marketing Company Description: Unify is a global provider of SOA enablement, application modernization and application enhancement solutions. The company delivers enterprise software and services for modernizing and maximizing applications and data. Unify’s market leading solutions help organizations drive business optimization, improve collaboration, increase customer service and reduce costs. Nomination Category: Management Categories Nomination Sub Category: Best Turnaround Executive
Nomination Title: Todd Wille, President and CEO of Unify Corporation
- Tell the story about what this nominee achieved since January 1 2007 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Todd Wille’s, vision, drive and perseverance have enabled Unify Corporation (OTC: UFYC) to return to profitability in 2007 after narrowly avoiding bankruptcy and having the company’s former CEO indicted for securities fraud and former CFO confess to similar charges five years ago. In the last year, Unify’s stock price has increased 432 percent, rising from a 52 week low of $1.25 to a recent high of $6.65. In the two most recent quarters (Q2 & Q3 2008) the Company has achieved its highest revenue in seven years. In its most recent quarter, Unify reported 76 percent growth in total revenue over the same quarter last year and an impressive 93 percent growth in software license revenues year-over-year. Due to Unify’s strong financial results and a conversion of debt, Wille was recently able to file an application to have the Company relisted with NASDAQ.
Details of the turnaround:
Unify Corporation is a provider of application modernization solutions. From 1995-1998 Todd Wille served as Unify's controller and CFO and in 1998 he left Unify to work for a private firm in Colorado. In early 2001 and after Wille's departure, Unify's CEO, Reza Mikailli, began committing securities fraud. Mikailli and the CFO created a scheme whereby Unify's corporate funds were loaned to customers who, in turn, used the money to purchase products from Unify. Mikailli exaggerated corporate earnings for several quarters and sold stock without notifying the SEC. Ultimately Mikailli was charged with 10 counts of securities fraud and is currently serving a 51-month prison sentence.
When the accounting irregularities were discovered, Unify's Board of Directors asked Wille to rejoin the company as COO and save it from bankruptcy. On his first day as COO, Wille was greeted by 19 lawyers and investigators from the Department of Justice, FBI and SEC; 39 class action law suits were filed against Unify; and customers were ready to cancel contracts with the company.
In six months, Wille was able to save the company. Because he was once the company's CFO, Wille was able to reconstruct all transactions during the period in question and the company restated financial statements six months after Wille's arrival. Wille lowered operating expenses; reassigned the head of customer support to lead sales and repair relationships with customers; and met with customers to refund money, rework contracts and ask for their support. A member of executive team even offered to leave the company if their salary could be used to save three engineering jobs.
Subsequently, Wille led the company through some key acquisitions (Gupta Technologies), the release of the new Composer product line for emerging markets, and recent partnerships with tier one partners such as Microsoft and EMC. These initiatives have all positively impacted Unify and will have positive effects on company revenue for the foreseeable future.
Despite tremendous challenges, Todd Wille is responsible for leading Unify back to the growing, profitable business that it is today. He is a respected member of the Sacramento business community and a leader with the vision, integrity and perseverance to succeed.
- List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:
News Stories: Chief Executive, “Trial by Fire,” March, 2008 http://www.chiefexecutive.net/ME2/dirmod.asp? sid=&nm=&type=Publishing&mod=Publications%3A% 3AArticle&mid=8F3A7027421841978F18BE895F87F791 &tier=4&id=96D9BCC06E4F4B3C9339997791E22789
BusinessWeek, “Saving a Company from Bankruptcy,” Sept. 17, 2007 http://www.businessweek.com/smallbiz/content/sep2007/sb20070917_038993.htm? chan=search
Sacramento Bee, “CEO of Sacramento-based Unify explains long comeback,” March 9, 2008 http://www.sacbee.com/103/story/769544.html
Software CEO, “How to avoid an accounting scandal – or clean up one you inherit,” Dec. 11, 2007 http://www.softwareceo.com/attachments/unify/com121107.php
Sacramento Bee, “Software firm Unify is back in the black,” Nov. 30, 2007 http://www.sacbee.com/103/story/531691.html
Sacramento Business Journal, “Unify stock climbs on record profit,” Nov. 30, 2007 http://sacramento.bizjournals.com/sacramento/stories/2007/11/26/daily46.html
Sacramento Bee, “Unify hails ‘comeback,’ posts a strong revenue gain,” Sept. 7, 2007 http://www.sacbee.com/103/story/364837.html
Press releases: Unify Reports Fiscal 2008 Third Quarter Results, March 4, 2008 http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=124711
Unify Announces Reduction in Debt, March 4, 2008 http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=124709
Unify Reports Record Revenue and Profitability for Fiscal 208 Second Quarter, Nov. 29, 2007 http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=117941
Unify Reports Strong Fiscal 2008 First Quarter Results, Sept. 6, 2007 http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=110553
Unify Reports Fourth Quarter 2007 Revenue Growth, June 26, 2007 http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=105969
Unify Announces One-for-Five Reverse Stock Split, June 22, 2007 http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=105725
Unify Reports Third Quarter Fiscal 2007 Revenue Growth, March 13, 2007 http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=98495
Unify Unveils “Enable SOA” Vision http://www.unify.com/News-Events/pressReleases.aspx?ReleaseID=97757
- Provide a brief (up to 100 words) biography about the nominee:
Wille has served as the President and CEO of Unify since rejoining the Company in 2000. He is a seasoned business and financial executive with more than 20 years experience. Prior to rejoining Unify, Wille served as SVP of Operations and CFO for FRx Software where he led corporate marketing, client services, operations, finance and administration. From 1995 to 1998, Wille served as Unify’s CFO, where he led worldwide finance, investor relations, accounting, human resources and co-management of European and Japanese operations. Wille is a CPA and received a bachelor’s degree in Business Administration from Wartburg College in Waverly, Iowa.
|