Selectica selects some new board members, releases results

Representatives of Selectica, Inc., a vendor of sales execution and contract management products, has announced financial results for the first quarter of fiscal year 2007. While the results for the term ending June 30 were in no regard stellar, they were positively dark for some high-ranking employees there. Revenue for the quarter was US $5.2 million, as compared to revenue of US $7.1 million for the same period in the previous year.

Net loss for the quarter was US $2.6 million, or US $0.08 per share. Selectica showed the nearly the same loss in first quarter of fiscal year 2006: a net loss of US $2.7 million or $0.08 per share. And so things were shaken up at Selectica in order to staunch the bleeding in this second quarter of fiscal year 2007. Stephen Bennion has been named chairman and chief executive officer, effective immediately. Bennion had served as Selectica chief financial officer since September 1999 and actually sat as interim chief executive officer from September 2003 to October 2004.

Bennion also functioned as Selectica’s executive vice president of worldwide professional services from October 2002 to May 2004. During the past year, Bennion has been responsible for sales operations in Europe. Prior to Selectica, Bennion was employed in Silicon Valley firms such as ROLM, MIPS Computer Systems, CooperVision, Inc., Molecular Dynamics and Worldtalk. In what press material called a “mutual decision,” former CEO Vince Ostrosky was called upon to step down so as to “better [serve] by a more streamlined management structure.” Ostrosky will stay on as a member of the Selectica board of directors.

On naming Bennion to the position, a board spokesman stated that “The board is confident that Selectica can continue its positive momentum under his leadership.” Meanwhile, as no new chief financial officer has been installed at Selectica, Bennion will serve double-duty in the position. Simultaneously, Selectica shuffled the board a bit more, with Robert Jurkowski also named a director. Jurkowski comes to Selectica from a post as CEO at Intacct Corporation, where his emphasis was on expanding the Intacct software as a service and on-demand markets.

Jurkowski also did time with companies including RightWorks Corporation, Dun & Bradstreet Software, ADP and Oracle. Selectica’s board of directors is now made up of seven members, five of which are called independent. Founded in 1996, San Jose, Calif.-headquartered Selectica specializes in automating complex business processes in the areas of sales execution and contract lifecycle management in linking CRM and ERP systems.

Among Selectica clientele are ABB, Alcoa, Applied Bio Systems, Bell Canada, Cisco, Dell, General Electric, Fireman’s Fund Insurance Company, Hitachi, International Paper, Juniper Networks, Rockwell Automation, Seton Hospital, Tellabs, Time Warner, Triad Hospitals and 7-Eleven.