And I think that as they start to figure out what are the applications and how can they really have an impact. There’s a lot of hype, there’s a big hype cycle around generative AI, but there is real meaningful opportunities to apply this technology and have an impact on their businesses. And I think we’re really well placed understanding their domain. So I think we’re going to start seeing more and more growth coming out of this year personally. I don’t have a crystal ball any more than you do. So I could be wrong here, but I do have a lot of experience. And I think that our products that we’re developing it are really going to position us and not just the products but our go-to-market approach. We’ve much more meaningfully organized towards specific verticals.
All that’s really coming together in a very nice way for us as well. A lot of work going on this year to sort of reorient the company and we’re just seeing the results of that, I think, is going to continue to grow the pipeline coming into next year, and it’s just a big opportunity.
Charles Shi: Thanks, Jim. Really looking forward to 2024. Thank you. That’s all my questions.
Jim Scapa: Thank you.
Operator: Our next question comes from the line of Blair Abernethy with Rosenblatt Securities.
Blair Abernethy: Thanks very much. Just Jim, I wonder if you can give us a sense of how SimSolid Cloud is doing. I know it just launched in April, but just want to get some color about how that’s doing in the market.
Jim Scapa: Okay. So it’s still very, very early days for SimSolid Cloud, but SimSolid is really going well, actually. And we just have a lot of companies that are beginning to really recognize the power of SimSolid. A lot of companies have done significant evaluation. We understand the concerns that they have, for example, around how we do adaptivity and we’ve been really tuning that for designers, so that there’s a lot more automation and setting parameters and all that. So we’re seeing this is one of the products that we’re excited about really continuing to take off, continuing to take us into a lot of places we haven’t been before. So SimSolid Cloud, it’s a good opportunity in the small, medium accounts. We’re trying to partner with some of the hyperscalers around that.
It’s also a great opportunity to sort of evaluate the software even for a large corporation. They want to run a couple of models quickly in the cloud. But for now, I think the bigger business opportunity for us is still, if you will, on-prem, quite frankly.
Blair Abernethy: Okay. Great. Thank you. And then just a question on the recent acquisition of OmniV announced last week. Just maybe just some rationale as to why you purchased this? And did they have much in the way of customers or revenue prior to the acquisition?
Jim Scapa: Sure. So I mean, all customers are starting to think more about systems level design and building out digital twins to model an entire system, and we’re in the thick of that in many, many accounts. So that’s just a really important piece of the business. We had a gap there, you guys often ask me, what are you trying to fill, and I never want to answer those questions for you. But this was a gap. We didn’t have a requirements management solution. And we have been working with several years now. And we do believe that this is a tool that’s quite differentiated now. Customers love it that have started to see it. It’s very, very easy to learn how to use and to implement. And it does the two main things that customers need.
It helps you set up the process and auto creation of your system models. And then it very, very nicely connects to simulation and test data for validation, which is exactly what you need to do with these tools. So you’re setting up upfront here are the requirements and then here’s how you’re going to validate these requirements. So it’s just a key element. I think the products that are out there in the market today are somewhat difficult for product engineers to really grasp I’m going to say. And I think this product is going to take off actually.
Blair Abernethy: That’s great. Thanks very much for the call.
Jim Scapa: Sure. Thank you.
Operator: Our next question comes from the line of Mark Schappel with Loop Capital Markets.
Mark Schappel: Hi, thank you for taking my question. Jim, it’s nice to see the growing success that you’re having with cross-selling your data analytics products into your simulation installed base. I was wondering if you could give us a sense of how much of this success you would attribute to, say, the changes you made to the sales teams at the beginning of the year and – or versus just customers becoming more comfortable with combining simulation with data analytics?
Jim Scapa: Yes, it’s a great question. It’s a combination of things. I mean any of these things require – you have to sell it within your own organization, then the teams have to actually learn what these tools do. Our technical teams have mostly been trained now with RapidMiner with Monarch with Panopticon. So even the simulation guys are all very well versed in using and applying these tools. The sales guys similarly need to understand the use cases and how to sell these products. And I think we’ve come a long way in the last 2.5 years where they can do that. We did do some crossing creating these vertical teams and crossing some of the leadership from the data teams into the different verticals. And I think that leadership is making a pretty big difference.
