Rimage Announces Key Milestone for Qumu

Rimage Corporation RIMG today announced that Qumu has partnered with one of its key managed service providers to close a multi-year, multi-million dollar contract with a Fortune 50 corporation. This is the largest single transaction in Qumu's history. “The successful closing of this transaction represents a major milestone in the Company's transformation and is a significant accomplishment for Qumu,” said Sherman Black, president and CEO of Rimage. “This key win was enabled by the ease of integration of Qumu's enterprise video solution into the customer's complex environment and the customer's confidence that our solution will scale secure delivery of video content to PCs and tablets over varying bandwidth networks simultaneously.” Second quarter Qumu contracted commitments are now expected to be more than $6 million, an increase of more than $4 million from first quarter 2012 levels. The Company defines contracted commitments as the dollar value of signed customer purchase commitments. The Qumu transaction does not affect the Company's financial guidance for the second quarter of 2012.