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StoredIQ Reinvents Itself in a Big Data Way

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Thursday, August 2, 2012

StoredIQ Reinvents Itself in a Big Data Way

Over the past five (5) years StoredIQ has had more than its fair share of ups and downs.  Founded in 2001, venture backed StoredIQ began to establish itself as a "next generation" player in the eDiscovery software market around 2005.  However, after being overlooked for a large consolidation move in 2009, StoredIQ seemed to loose its way and couldn't figure out if they were in the Information Governance market competing with Autonomy, IBM and Symantec or in the eDiscovery Early Case Assessment (ECA) market competing with Clearwell Systems.

2010 became a pivotal year as they brought on Phil Myers as the new CEO.  With 29 years of experience in the technology industry and having managed three successful start-up companies, Phil made adjustments in personal, mission and strategy and got StoredIQ back in the game.

In 2011, Phil hired Tom Bishop as The new Chief Technology Officer (CTO).  Bishop was the former chief technology officer of IBM Tivoli. After Tivoli, Bishop served as CTO of VIEO, Inc., where he was named “Chief Technology Officer of the Year” by InfoWorld magazine vice president and CTO at BMC Software where he was responsible for product vision and direction, including advancing Atrium, the company’s innovative open-architected foundation for Business Service Management solutions.  Tom was the right technology leader at the right time to figure out what the market wanted StoredIQ to be and how to get them there technically.

Throughout 2011, StoredIQ executives met with customers, prospects and other industry thought leaders to try and establish their corporate identity.  More importantly, they tried to figure out if they were going to build product to compete in the Information Governance or eDiscovery markets.  Where they ended up may surprise some of you.

Named by Gartner as a 2012 "Cool Vendor" in Risk Management, Privacy and Compliance, StoredIQ ended up in the middle of "Big Data" with its new mission to enable organizations to actively manage their vast and ever-increasing amounts of unstructured data.  So, with a slight twist on the approach and who they are now selling to, StoredIQ actually ended up in both Information Governance and eDiscovery.  You see, at the root of any Information Governance or eDiscovery project or process is the ability to identify, collect, index and analyze Big Data.  And, that's what StoredIQ is now doing.
I had the pleasure of spending an hour today with Phil Myers, StoredIQ's CEO and Amir Jaibaji, Vice President of Product Management for StoredIQ.  They walked me through their "new strategy" and gave me a quick demo of DataIQ, their recently announced data analytics module that provides users with an exceptionally unique visual overview and approach to analyze unstructured data.  It’s very visual, fast and provides an abundance of information that you probably didn’t even know that you had about your data.  Whether you are an analyst in the Information Technology (IT) department managing storage utilization, a risk manager looking for “open shares” in SharePoint or a General Counsel trying to forecast the cost of pending litigation, DataIQ is just what you have been hoping for. It was impressive to say the least and  if it is any indication of where Myers and Bishop have taken StoredIQ, they have not only reinvented themselves, they had established themselves as a formidable player in the Big Data analytics market.

Over the next couple of weeks, I plan  to spend more time with StoredIQ and will report on what I find.  My expectations are very high.

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