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Private Equity XIX: 2007 National Venture Forum. New York, New York, Juen 8, 2007. Overview of the mVerify plan to provide a comprehensive solution for mobile app testing.
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mVerify A Million Users in a Box ®
®
Investor Overview
Robert V. Binder, CEO [email protected]
312 881-7337 x1001 www.mverify.com
mVerify Corporation Confidential 2
The Mobile Testing Nightmare
Mobile is a hot sector
Mobile app configurations increasing exponentially
More testing necessary for competitive quality, reliability, performance
Billions in avoidable cost and lost revenue
mVerify Corporation Confidential 3
The mVerify Solution
MTS
A Million Users in a Box ®
Architecture = 10 yrs custom + 2 yrs ATP R&D
Platform-agnostic, uniquely versatile Edge: RFID, WiFi, GSM, CDMA, …
Core: Web Services, RDB, Beans, …
Value Proposition
With MTS, solve the mobile testing nightmare
With MTS, slash time to market
With MTS, competitive reliability and performance
mVerify Corporation Confidential 4
mVerify Customers
mVerify Corporation Confidential 5
Current Pipeline
Microsoft: Model-based Testing, phase II
Harbison pitching C-level contacts at Boeing, Lockheed, Raytheon, BAE, …
1.6, MTS/NET: VOIP, multi-host, …
Exclusive Reseller of Imbus TestBench
Intelligent Decisions, Govt Sales Plan
mVerify Corporation Confidential 6
MTS: Any App, Any Platform
Agent Host
Client Host Under Test
Agent HostConsole Host
MTS
Console
MTS Test
Agent/STE
MTS Test
Agent/STE
Host Under Test may be
TEST RUN
REPORTS
MTS Remote
Agent
Client
Under Test
Server Host Under Test
MTS Remote
Agent
Server
Under Test
ü Cell Phone, PDA
ü Desktop or Server
ü Embedded Processor
ü Comm Interface
ü Network Equipment
ü Access Point
ü Base Station
Client Host Under Test
MTS Remote
Agent
Client
Under Test
Server Host Under Test
MTS Remote
Agent
Server
Under Test
Plug In
Plug In
MTS Model
Editor MTS
Repository
Channel
Emulator
mVerify Corporation Confidential 7
SAAS Offering
Patent Pending
Disruptive benefits: Minutes, not Months
Near zero incremental cost
Opportunities iPhone
Google Android
RIM
Verizon
mVerify Certification Facility
MTS Client
MTS Client
MTS Client
MTS Client
Channel
Emulator
Account
Management
Test Model
Editor
Test Suite
Generation
Test Suite
Execution
Virtualized
Hand Helds
Robotic
Hand Held
Harness
mVerify Corporation Confidential 8
Intellectual Property
Automatic Test Generation Environment simulation 1000x over manual 100x over scripting Patent 7,339,891
Certification as a Service Test results in minutes, not
weeks Very low incremental cost World-wide enterprise
solution Platform/network agnostic,
adaptable framework Patent Pending
Automatic Model Generation Enterprise license for global
collaboration Create advanced tests from
simple lists Advanced reliability testing Patent Pending
Distributed Testing Platform High productivity, efficiency Platform/network agnostic,
adaptable framework Proven and stable
mVerify Corporation Confidential 9
Competitive Landscape
Platforms
Test Technology
Legacy
Mobile
10x 1000x 100x 1X
Legacy Advanced
TestQuest
Mobile Complete
$6B
$7B
Mercury, Segue …
mVerify
Agilent, Ixia …
mVerify Corporation Confidential 10
2008-09 Focus: Infrastructure
Total Market: Infrastructure 220 Manufacturers
128 Carriers
104 DoD Procurement Units
464 Mobile Service Providers
0
20
40
60
80
100
2008 2009 2010 2011
Addressable
Infrastructure
Market
MSPsDoDCarriersMfg
Accts
mVerify Corporation Confidential 11
2009-11 Focus: Applications
Total Market, Apps: 1,000+ Independent Software Vendors
13,000+ Enterprise IT (U.S.,1000+ employees)
~90% CAGR to $2B by 2010
0
500
1000
1500
2008 2009 2010 2011
Addressable
Applications
Market
ISV
EIT ROW
EIT NA
Accts
mVerify Corporation Confidential 12
MTS Road Map
Tester Edition Single user, 10 DUTs
1.6: GA Jun 08
1.7: GA Oct 08
MTS/NET (1.6)
VOIP Quality
Multi-host
Channel Emulator
MTS 2.0
1000X Model-based
Symbian, LIMO, OHA
Q1 2009*
Enterprise Edition
Site License
Vertical solution bundles
Q3 2008 *
Testing as a Service Single User
Carrier Certification
Logo Testing
Q1 2009 *
Team Edition
Work group
Q1 2009 *
* Assumes Jun 08 funding
mVerify Corporation Confidential 13
Core Team
Robert Binder, Founder and CEO 32 yrs software entrepreneur and technologist, internationally
recognized software test expert; MS, MBA
John Harbison, Acting Director A&D Sales 30 years exp., President Raytheon Commercial Ventures, Booz-
Allen Aerospace/Defense practice lead; MS, MBA, CPA
Tony Wasserman, Board of Directors CEO/Founder, Interactive Development Environments; VP of
Bluestone Software; Professor at Carnegie Mellon West; PhD
mVerify Corporation Confidential 14
How Will Funds be Used?
Seeking $6M+, first institutional round
Allocation of Proceeds
45% Sales and Marketing
40% Production
15% Operations
Detailed monthly line-item budget
Forecast cash-flow neutral in 24-30 months
mVerify Corporation Confidential 15
Forecast
2007
Actual
2008 2009 2010 2011
Customers 8 55 539 1,313 3,698
Revenue 80 1,023 3,135 10,340 29,809
Expense 664 1,822 4,627 7,635 17,253
EBITDA (471) (1,134) (2,394) 710 8,204
$ 000 omitted – Assumes 2009 Q1 Funding
mVerify Corporation Confidential 16
Exits from Comparables
Market cap, all app test firms, ~$10B
Recent comparable exits
Dec 2002: IBM+ Rational= $2.1B (~$420M testing)
Feb 2006: Borland + Segue = $100M
June 2006: HP + Mercury Interactive = $4.5B
June 2007: IBM + Telelogic = $745M
All were start-ups
Possible acquirers
Agilent, IBM, HP, JDS Uniphase, Ixia, Spirent, …
mVerify Corporation Confidential 17
Why Invest in mVerify?
Unique solution for mobile testing nightmare
IP for rapid growth, competitive advantage
Amazing achievements while bootstrapping
Proven traction
Disruptive value proposition in space growing 90% to $2B
Comparable exit multiple: 3.8
mVerify Corporation Confidential 18
Q & A
mVerify Corporation Confidential 19
Back Up
mVerify Corporation Confidential 20
Strategy for Market Dominance
Continuous Disruption
Set the marketplace agenda
Tactical IP Initiatives
Limit competition, protect our position
Agile Marketing
Word of Mouth, Web 2.0 campaign
Compelling Innovations
High value, excitement, brand leadership
Optimal Development
Sustainable codebase, low cost, managed, agile
mVerify Corporation Confidential 21
Sales Plan, Large Manufacturer
~15-20 big projects
~150 opportunities
Assumptions 5% initial penetration
60% saturation
15% Tester Ed @ $30K
35% Team Ed @ $80K
10% Enterprise Ed @ $250 K
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
Y1 Y2 Y3 Y4
AnnualEnterpriseTeamTester
Sales Plan, Large Manufacturer
mVerify Corporation Confidential 22
mVerify Background
RBSC
1994-2001: develop custom test automation for mission-critical apps National Security Agency, Naval Air Warfare Center,
JMPS Compatibility Lab, McDonnell-Douglas, NASA/JPL, Ford DAI, Lucent, Motorola Iridium, Nokia, Fannie Mae, Caremark, Exxon Production Research, Union Pacific, The Options Clearing Corp
Chicago Board Options Exchange
1999: Binder publishes definitive Testing Object-Oriented Systems: Models, Patterns, and Tools 1,098 pages
Translated to Chinese, Polish
10,000+ copies world wide
mVerify Corporation Confidential 23
mVerify Background
March 2001: mVerify founded to productize approach for mobile systems
January 2002: Patent app: “Method and System for Evaluating Wireless Applications“
May 2003: $1.9M NIST/ATP award
May 2005: AMATE demo, ICSE 25
June 2005: MTS 1.1
May 2006: MTS 1.2
Oct 2006: MTS 1.3
July 2007: MTS 1.5
March 2008: US Patent 7,339,891
Mobile Systems
A Million Users in a Box™
Verification
mVerify Corporation Confidential 24
Simulation, Testing, Monitoring
Synthetic
Output
SOI
Behavior
Model
Synthetic
InputResponse
AnalysisPredictions
Discrete
Event Input
Generation
SOI
Model
System
Under Test
Test
Pass/FailOutputsInputs
System
Under Test
Test
Pass/FailOutputsInputs
Input
Script
Check
Script
System
Under TestOutputs
Condition
CheckingAlarmsInputs
Real
World
InputsReal
WorldSystem Of
InterestOutputs
Simulation
Manual Testing
Monitoring
Scripted Testing
mVerify Corporation Confidential 25
MTS Advanced Test Generation
InputsReal
WorldSystem Of
InterestOutputs
System
Under Test
Test
Pass/FailOutputsInputs MTS
MTS Expected Output
MTS/STE
Environment
Simulator
Environment
Model
System under test not simulated or emulated
1000x better productivity
1000x better effectiveness
mVerify Corporation Confidential 26
MTS Tester Edition Features
Distributed Test Harness Edge to Core Object-Oriented Scalable
Test Objects Best practice One-click repeat Composable, Reusable,
Data-driven Open Source (Tcl)
Test Run Reports Generated in real time Browser XML test log Summary, detail, exceptions
Performance Monitoring Collect real-time metrics Plug-in + XML-schema Function & Performance test Trend graphics, data detail
Stochastic Test Engine Automatic test generation Accurate reliability analysis Simulation-based generation Millions of tests in minutes
Adapters (1.5) Win CE family Web Services, DBMS, *nix Bar Code Image, GPIB Framework – any GUI or API
mVerify Corporation Confidential 27
MTS Tester Edition
mVerify Corporation Confidential 28
MTS Tester Edition Capabilities
Simultaneously test up to ten handhelds per desktop
Record any user scenario for verbatim replay
Fully automatic analog or data comparators
Any Windows CE device or emulator
One-Click Repeat™, run unattended tests over 24+ hours.
Open Standard Tcl (Tool Command Language)
Advanced object-oriented testing framework
Automatic test object generation
Reuse or customize any test object in any test suite
APIs for web services, C#, C++, Java, XML, SOAP, databases, …
Monitor testing anywhere with instant email notification
XML test logging
Detailed test run reports viewed in any web browser
mVerify Corporation Confidential 29
Applications and Benefits
Benefits
Up to 80:1 reduction over manual test time
Reliability metrics for release, accept/reject, compliance
Consistent and repeatable
Scalable to system of systems
Applications
Testing: functional, stress, load, stability, reliability, regression
Debug, tuning, calibration (retest after change)
Security evaluation – abuse case generation
End-to-end, Edge-to-core, mobile, wireless, multi-tier
Any embedded API, Server
mVerify Corporation Confidential 30
MTS/NET Lab Configuration
IUT IUTRA IUTIUT
POWERFAULT DATA ALARM
Wired TCP/IP
USB
IPCWiFi
VOIP End Point
VOIP End Point
VOIP End Point
Channel
Emulator
VOIP End Point
RARA RA RA RARA
MTS Console
MTS Test Agent
MTS Test Agent
MTS Test Agent
MTS Component
CE Controller
VOIP End Point
mVerify Corporation Confidential 31
MTS/NET Field Deployment
Cabin
Access
Point
Satellite
Data Link
Ground
Station
IUT
Wired TCP/IP
USB
IPCWiFi
VOIP
End PointVOIP
End PointVOIP
End Point
VOIP End Point
MTS Test Agent
MTS Test Agent
MTS Test Agent
MTS Console
MTS Test Agent
RARA RA RA RA
MTS Component
RA
mVerify Corporation Confidential 32
MTS/RCT: Certification as a Service
The Pain: Logo and Certification Testing Manual, bottleneck, superficial Dev community resistance
Rapid Certification Testing: MTS/RCT Solution Test results in minutes, not weeks
Supports world-wide enterprise solution Platform/network agnostic, adaptable framework Patent pending
Straightforward extension Re-configure client and server deployment Add Account Management
Cooperation sought Business: Carrier designation Technical: Manufacturer stack support
mVerify Corporation Confidential 33
MTS/RCT Overview
mVerify Certification Facility
MTS Client
MTS Client
MTS Client
MTS Client
Channel
Emulator
Account
Management
Test Model
Editor
Test Suite
Generation
Test Suite
Execution
Virtualized
Hand Helds
Robotic
Hand Held
Harness