>> From the Silicon Angle Media Office in Boston, Massachusetts, it's The Cube. Now, here's your host Dave Vellante. >> Hi everybody. Welcome to this Cube Insights powered by ETR. In this breaking analysis we're going to look at recent spending data from the ETR Spending Intentions Survey. We believe tech spending is slowing down. Now, it's not falling off a cliff but it is reverting to pre-2018 spending levels. There's some concern in the bellwethers of specifically financial services and insurance accounts and large telcos. We're also seeing less redundancy. What we mean by that is in 2017 and 2018 you had a lot of experimentation going on. You had a lot of digital initiatives that were going into, not really production, but sort of proof of concept. And as a result you were seeing spending on both legacy infrastructure and emerging technologies. What we're seeing now is more replacements. In other words people saying, "Okay, we're now going into production. We've tried that. We're not going to go with A, we're going to double down on B." And we're seeing less experimentation with the emerging technology. So in other words people are pulling out, actually some of the legacy technologies. And they're not just spraying and praying across the entire emerging technology sector. So, as a result, spending is more focused. As they say, it's not a disaster, but it's definitely some cause for concern. So, what I'd like to do, Alex if you bring up the first slide. I want to give you some takeaways from the ETR, the Enterprise Technology Research Q4 Pulse Check Survey. ETR has a data platform of 4,500 practitioners that it surveys regularly. And the most recent spending intention survey will actually be made public on October 16th at the ETR Webcast. ETR is in its quiet period right now, but they've given me a little glimpse and allowed me to share with you, our Cube audience, some of the findings. So as I say, you know, overall tech spending is clearly slowing, but it's still healthy. There's a uniform slowdown, really, across the board. In virtually all sectors with very few exceptions, and I'll highlight some of the companies that are actually quite strong. Telco, large financial services, insurance. That's rippling through to AMIA, which is, as I've said, is over-weighted in banking. The Global 2000 is looking softer. And also the global public and private companies. GPP is what ETR calls it. They say this is one of the best indicators of spending intentions and is a harbinger for future growth or deceleration. So it's the largest public companies and the largest private companies. Think Mars, Deloitte, Cargo, Coke Industries. Big giant, private companies. We're also seeing a number of changes in responses from we're going to increase to more flat-ish. So, again, it's not a disaster. It's not falling off the cliff. And there are some clear winners and losers. So adoptions are really reverting back to 2018 levels. As I said, replacements are arising. You know, digital transformation is moving from test everything to okay, let's go, let's focus now and double-down on those technologies that we really think are winners. So this is hitting both legacy companies and the disrupters. One of the other key takeaways out of the ETR Survey is that Microsoft is getting very, very aggressive. It's extending and expanding its TAM further into cloud, into collaboration, into application performance management, into security. We saw the Surface announcement this past week. Microsoft is embracing Android. Windows is not the future of Microsoft. It's all these other markets that they're going after. They're essentially building out an API platform and focusing in on the user experience. And that's paying off because CIOs are clearly more comfortable with Microsoft. Okay, so now I'm going to take you through some themes. I'm going to make some specific vendor comments, particularly in Cloud, software, and infrastructure. And then we'll wrap. So here's some major themes that really we see going on. Investors still want growth. They're punishing misses on earnings and they're rewarding growth companies. And so you can see on this slide that it's really about growth metrics. What you're seeing is companies are focused on total revenue, total revenue growth, annual recurring revenue growth, billings growth. Companies that maybe aren't growing so fast, like Dell, are focused on share gains. Lately we've seen pullbacks in the software companies and their stock prices really due to higher valuations. So, there's some caution there. There's actually a somewhat surprising focus given the caution and all the discussion about, you know, slowing economy. There's some surprising lack of focus on key performance indicators like cash flow. A few years ago, Splunk actually stopped giving, for example, cash flow targets. You don't see as much focus on market capitalization or shareholders returns. You do see that from Oracle. You see that last week from the Dell Financial Analyst Meeting. I talked about that. But it's selective. You know these are the type of metrics that Oracle, Dell, VMware, IBM, HPE, you know generally HP Inc. as well will focus on. Another thing we see is the Global M&A across all industries is back to 2016 levels. It basically was down 16% in Q3. However, well and that's by the way due to trade wars and other uncertainties and other economic slowdowns and Brexit. But tech M&A has actually been pretty robust this year. I mean, you know take a look at some examples. I'll just name a few. Google with Looker, big acquisitions. Sales Force, huge acquisition. A $15 billion acquisition of Tableau. It also spent over a billion dollars on Click software. Facebook with CTRL-labs. NVIDIA, $7 billion acquisition of Mellanox. VMware just plunked down billion dollars for Carbon Black and its own, you know, sort of pivotal within the family. Splunk with a billion dollar plus acquisition of SignalFx. HP over a billion dollars with Cray. Amazon's been active. Uber's been active. Even nontraditional enterprise tech companies like McDonald's trying to automate some of the drive-through technology. Mastercard with Nets. And of course the stalwart M&A companies Apple, Intel, Microsoft have been pretty active as well as many others. You know but generally I think what's happening is valuations are high and companies are looking for exits. They've got some cool tech so they're putting it out there. That you know, hey now's the time to buy. They want to get out. That maybe IPO is not the best option. Maybe they don't feel like they've got, you know, a long-term, you know, plan that is going to really maximize shareholder value so they're, you know, putting forth themselves for M&A today. And so that's been pretty robust. And I would expect that's going to continue for a little bit here as there are, again, some good technology companies out there. Okay, now let's get into, Alex if you pull up the next slide of the Company Outlook. I want to start with Cloud. Cloud, as they say here, continues it's steady march. I'm going to focus on the Big 3. Microsoft, AWS, and Google. In the ETR Spending Surveys they're all very clearly strong. Microsoft is very strong. As I said it's expanding it's total available market. It's into collaboration now so it's going after Slack, Box, Dropbox, Atlassian. It's announced application performance management capabilities, so it's kind of going after new relic there. New SIM and security products. So IBM, Splunk, Elastic are some targets there. Microsoft is one of the companies that's gaining share overall. Let me talk about AWS. Microsoft is growing faster in Cloud than AWS, but AWS is much, much larger. And AWS's growth continues. So it's not as strong as 2018 but it's stronger, in fact, much stronger than its peers overall in the marketplace. AWS appears to be very well positioned according to the ETR Surveys in database and AI it continues to gain momentum there. The only sort of weak spot is the ECS, the container orchestration area. And that looks a little soft likely due to Kubernetes. Drop down to Google. Now Google, you know, there's some strength in Google's business but it's way behind in terms of market share, as you all know, Microsoft and AWS. You know, its AI and machine learning gains have stalled relative to Microsoft and AWS which continue to grow. Google's strength and strong suit has always been analytics. The ETR data shows that its holdings serve there. But there's deceleration in data warehousing, and even surprisingly in containers given, you know, its strength in contributing to the Kubernetes project. But the ETR 3 Year Outlook, when they do longer term outlook surveys, shows GCP, Google's Cloud platform, gaining. But there's really not a lot of evidence in the existing data, in the near-term data to show that. But the big three, you know, Cloud players, you know, continue to solidify their position. Particularly AWS and Microsoft. Now let's turn our attention to enterprise software. Just going to name a few. ETR will have an extensive at their webcast. We'll have an extensive review of these vendors, and I'll pick up on that. But I just want to pick out a few here. Some of the enterprise software winners. Workday continues to be very, very strong. Especially in healthcare and pharmaceutical. Salesforce, we're seeing a slight deceleration but it's pretty steady. Very strong in Fortune 100. And Einstein, its AI offering appears to be gaining as well. Some of the acquisitions Mulesoft and Tableu are also quite strong. Demandware is another acquisition that's also strong. The other one that's not so strong, ExactTarget is somewhat weakening. So Salesforce is a little bit mixed, but, you know, continues to be pretty steady. Splunk looks strong. Despite some anecdotal comments that point to pricing issues, and I know Splunk's been working on, you know, tweaking its pricing model. And maybe even some competition. There's no indication in the ETR data yet that Splunk's, you know, momentum is attenuating. Security as category generally is very, very strong. And it's lifting all ships. Splunk's analytics business is showing strength is particularly in healthcare and pharmaceuticals, as well as financial services. I like the healthcare and pharmaceuticals exposure because, you know, in a recession healthcare will, you know, continue to do pretty well. Financial services in general is down, so there's maybe some exposure there. UiPath, I did a segment on RPA a couple weeks ago. UiPath continues its rapid share expansion. The latest ETR Survey data shows that that momentum is continuing. And UiPath is distancing itself in the spending surveys from its broader competition as well. Another company we've been following and I did a segment on the analytics and enterprise data warehousing sector a couple weeks ago is Snowflake. Snowflake continues to expand its share. Its slightly slower than its previous highs, which were off the chart. We shared with you its Net Score. Snowflake and UiPath have some of the highest Net Scores in the ETR Survey data of 80+%. Net Score remembers. You take the we're adding the platform, we're spending more and you subtract we're leaving the platform or spending less and that gives you the Net Score. Snowflake and UiPath are two of the highest. So slightly slower than previous ties, but still very very strong. Especially in larger companies. So that's just some highlights in the software sector. The last sector I want to focus on is enterprise infrastructure. So Alex if you'd bring that up. I did a segment at the end of Q2, post Q2 looking at earning statements and also some ETR data on the storage spending segment. So I'll start with Pure Storage. They continue to have elevative spending intentions. Especially in that giant public and private, that leading indicator. There are some storage market headwinds. The storage market generally is still absorbing that all flash injection. I've talked about this before. There's still some competition from Cloud. When Pure came out with its earnings last quarter, the stock dropped. But then when everybody else announced, you know, negative growth or, in Dell's case, Dell's the leader, they were flat. Pure Storage bounced back because on a relative basis they're doing very well. The other indication is Pure storage is very strong in net app accounts. Net apps mix, they don't call them out here but we'll do some further analysis down the road of net apps. So I would expect Pure to continue to gain share and relative to the others in that space. But there are some headwinds overall in the market. VMware, let's talk about VMware. VMware's spending profile, according to ETR, looks like 2018. It's still very strong in Fortune 1000, or 100 rather, but weaker in Fortune 500 and the GPP, the global public and private companies. That's a bit of a concern because GPP is one of the leading indicators. VMware on Cloud on AWS looks very strong, so that continues. That's a strategic area for them. Pivotal looks weak. Carbon Black is not pacing with CrowdStrike. So clearly VMware has some work to do with some of its recent acquisitions. It hasn't completed them yet. But just like the AirWatch acquisition, where AirWatch wasn't the leader in that space, really Citrix was the leader. VMware brought that in, cleaned it up, really got focused. So that's what they're going to have to do with Carbon Black and Security, which is going to be a tougher road to hoe I would say than end user computing and Pivotal. So we'll see how that goes. Let's talk about Dell, Dell EMC, Dell Technologies. The client side of the business is holding strong. As I've said many times server and storage are decelerating. We're seeing market headwinds. People are spending less on server and storage relative to some of the overall initiatives. And so, that's got to bounce back at some point. People are going to still need compute, they're still going to need storage, as I say. Both are suffering from, you know, the Cloud overhang. As well, storage there was such a huge injection of flash it gave so much headroom in the marketplace that it somewhat tempered storage demand overall. Customers said, "Hey, I'm good for a while. Cause now I have performance headroom." Whereas before people would buy spinning discs, they buy the overprovision just to get more capacity. So, you know, that was kind of a funky value proposition. The other thing is VxRail is not as robust as previous years and that's something that Dell EMC talks about as, you know, one of the market share leaders. But it's showing a little bit of softness. So we'll keep an eye on that. Let's talk about Cisco. Networking spend is below a year ago. The overall networking market has been, you know, somewhat decelerating. Security is a bright spot for Cisco. Their security business has grown in double digits for the last couple of quarters. They've got work to do in multi-Cloud. Some bright spots Meraki and Duo are both showing strength. HP, talk about HPE it's mixed. Server and storage markets are soft, as I've said. But HPE remains strong in Fortune 500 and that critical GPP leading indicator. You know Nimble is growing, but maybe not as fast as it used to be and Simplivity is really not as strong as last year. So we'd like to see a little bit of an improvement there. On the bright side, Aruba is showing momentum. Particularly in Fortune 500. I'll make some comments about IBM, even though it's really, you know, this IBM enterprise infrastructure. It's really services, software, and yes some infrastructure. The Red Hat acquisition puts it firmly in infrastructure. But IBM is also mixed. It's bouncing back. IBM Classic, the core IBM is bouncing back in Fortune 100 and Fortune 500 and in that critical GPP indicator. It's showing strength, IBM, in Cloud and it's also showing strength in services. Which is over half of its business. So that's real positive. Its analytics and EDW software business are a little bit soft right now. So that's a bit of a concern that we're watching. The other concern we have is Red Hat has been significantly since the announcement of the merger and acquisition. Now what we don't know, is IBM able to inject Red Hat into its large service and outsourcing business? That might be hidden in some of the spending intention surveys. So we're going to have to look at income statement. And the public statements post earnings season to really dig into that. But we'll keep an eye on that. The last comment is Cloudera. Cloudera once was the high-flying darling. They are hitting all-time lows. They made the acquisition of Hortonworks, which created some consolidation. Our hope was that would allow them to focus and pick up. CEO left. Cloudera, again, hitting all-time lows. In particular, AWS and Snowflake are hurting Cloudera's business. They're particularly strong in Cloudera's shops. Okay, so let me wrap. Let's give some final thoughts. So buyers are planning for a slowdown in tech spending. That is clear, but the sky is not falling. Look we're in the tenth year of a major tech investment cycle, so slowdown, in my opinion, is healthy. Digital initiatives are really moving into higher gear. And that's causing some replacement on legacy technologies and some focus on bets. So we're not just going to bet on every new, emerging technology, were going to focus on those that we believe are going to drive business value. So we're moving from a try-everything mode to a more focused management style. At least for a period of time. We're going to absorb the spend, in my view, of the last two years and then double-down on the winners. So not withstanding the external factors, the trade wars, Brexit, other geopolitical concerns, I would expect that we're going to have a period of absorption. Obviously it's October, so the Stock Market is always nervous in October. You know, we'll see if we get Santa Claus rally going into the end of the year. But we'll keep an eye on that. This is Dave Vellante for Cube Insights powered by ETR. Thank you for watching this breaking analysis. We'll see you next time. (upbeat tech music)

>> live from Orlando, Florida It's the que covering accelerate nineteen. By important, >> Welcome back to the cubes. Continuing coverage of Fortinet Accelerate twenty nineteen. Live from Orlando, Florida Lisa Martin with Peter Births and we're pleased to welcome back to the Cube. One of our alumni. John Madison, the executive vice president of Products and Solutions from Fortinet. John, It's great to have you back on The Cube >> is great to be here again. >> Lots of momentum. That fourteen that is coming into twenty nineteen with I can't believe we're in April. Already, lots of growth in revenue product revenue was up. You guys talked about the expansion of the partner network with some of your fabric ready partners on already today. You talked about this third generation and security. How fortunate is uniquely delivering that for our viewers who you weren't didn't have the opportunity to attend. Your keynote kind of talked to us about that in this hybrid world. How is supporting that delivering this third generation? What makes you guys difference? >> Yeah, so we talk about the third generation now. Everyone has different generations. That's fine. We call it the security driven networking, and it's really the Genesis ofthe forty nine for a long time in bringing together networking and security into one place. I think these days or in the past, people have built out the networks, the network layer. Then they try and connect users and applications. And they go, Wait a minute, this person security over here in a bit, over here and over there in our mind, start with both. Start with a security driven networking concept. Make sure it works end to end, and that will be the most sophisticated, most secure application and network you can have. >> And what enable supporting that to deliver this unique. Because a number of times today and Ken's key nodes, I think Patrice as well. I can't recall if yours competition came up where the audience was shown the strength in numbers that fourteen that has what makes us unique and what you're delivering. One of >> the key differentiators from the start is being making sure we can run a routing stacks. Sometimes today he referred to as ehs tea. When Stax or so security stacks in a very small footprint, and to do that, you need to spend a lot of money on what we call security processes which go inside our appliances, but to make sure that runs very fast. But having said that, I definitely think customer is going to be in a hybrid world forever for a very long time, at least anyway, where not only appliances but also virtual machines and FBI security. We also talk about this fabric concept that ables to cover the incomplete digital attack surface. So there's a very important point, and we find a lot of customers now agreed that they want to consolidate. They want to make it simpler. They need to move faster to this digital world, and anyway, you have to do that is through a consolidated >> approach. So let's build on this. They want to consolidate. They want to make it simpler, more common, and how the policies and management now along comes. Yet what's the dynamic there? >> But what's happening is that all the people referred to the perimeter disappearing. Okay, that's happening to a certain extent because data's moving into cloud. You've got different one implementations, but what's happening when you do that is to creating New Edge is a really good example, a zesty wherein which used to be very closed off. The one used to be something that connects branch offices back to the data center, but nobody got involved in that. Well, now you're opening up that when two different types of transport mechanism you're creating an edge I always refer to these edges is being created by different trust levels. There is a maybe a secure trust level here, less trust here. It creates an edge, and you absolutely need to protect all those edges. >> Would give us an example that So, for example, when you say differentiated trust levels, my edge might be at a customer location. Is that kind of what versus my edge might be in a branch office? Is that what you mean by different trust level? Push that concept for >> you know, It's more, for example, if I got a branch office and I've got one connective ity going back to my data center that's encrypted and secure. But I've also opened up connected to the Internet, the trust level between that encrypted link on my connection to the to the Internet's very different Internets open. Anyone can see they're so that trust level between those two is very different. and that's what creates the edge. >> And so, therefore, that becomes a key feature in how we design different edge implementations. It >> is. It's also a key requirement on what type of deployment Mody use have appliances have virtual machines. We have clouds, containers. AP eyes going forward. I'm finding that customers are still very reluctant to put software implementations of firewalls against the Internet. Appliances are hardened. They run faster. Having said that, inside the cloud, obviously, and inside software defined data centers virtual fine. >> Where some of those customer concerns that you're hearing >> well, I think what happens is, you know, if you putting a piece of software against the Internet, it's open to all sorts of attack. It's the same as giving I P addresses to anything. It's like a factory that creates an edge as well, and you need to harm that age against that. >> And how can Estevez When How Why is this such a crucial component of digital transformation? >> You know, sometimes markets are over hyped. I remember the Casby marketplace a few years ago. It just was a feature. To be honest, I think sd one extremely important. The reason is important is the SD one controller. That controller eventually tells users and devices how to get to the applications. And so I tell customers that investment for you is extremely important. You need to own it. You need to make sure it's flexible. Need to make sure it's secure. And so I think the SD, where marketplace or one edge is the kind of larger term for it is extremely important investment for customers. Do >> you anticipate that? I mean, you guys invested. You guys put forward a lot of products, made a number of different announcements again, going back to that notion of simplicity, that notion of consolidation. What is the breaking point for your typical group in terms of the complexity of that they can accommodate and absorbed? When we start adding additional function within the overall network, especially from a security standpoint, >> well, I think it's a bit broken already. They're really struggling to keep up from our perspective. No, today we announced our forty or sixty twos are major operating system, and what we try and do is consolidate functionality as much as possible. Inside our fabric through a single console, there was single operations capability, so it's easier for the operations people. For this critique people to implement things and find information. Ross implementing order made in mechanisms like security ratings. We should do a background run off best practices, for example, that make it again easier for those those teams to run a full analysis. What's going on? >> So was it about three hundred features roughly roughly >> accountable individually? >> Okay, good. We'LL do a recount of that, but a tremendous amount of feature addition to forty OS announced today. What are some of the things business outcomes? Peter and I were talking about outcomes with several of our guests earlier. Business outcomes, New revenue streams New product's going to market faster, the also being able to become less reactive, maybe more proactive in terms of security codes. Can you walk us through some of the outcomes that fourteen customers can expect to achieve from some of the O. S announcement in the handsome? It's already >> talked about one, which was the consolidation, which means they can do multiple things with single platform us, an important one for them. Also, some of the some of the cost savings around that's on the operational cost savings. I think also for our partners. For example, they like the fact that we're keeping that we keep adding services on top of that fabric. They can take those services, then apply them to their customers and make sure they can add value inside as well. So there's two angles to it. The one is making sure our customers are better protected. They can consolidate, save money, invest better training and then to our partners so that they can provide more value to their customers. >> So one of the things we're talking about is the fact that you have invested in a six it's and security processing units and content processing units, etcetera, that are capable of accelerating the rate at which these crucial security algorithms run. That opens up That creates additional capacity to add more function both for you as well as your partners. Are you starting to see some of your ecosystem grow faster as they better exploit that inherent power and performance that you have within your appliances and devices? >> Definitely. I think we're seeing new partners come from new areas. It also fragments of it, and that's why we announced this new partner initiative going forward, which is a bit more customizable, but but I, you know, I do think that going forward, both our customers and our partners are looking for more of an architecture approach again. If you go back five years, here's a box and off you go and install it, and we're good on again When you saw the security threats. Yes, we produce a point solution to fix the normal way. Keep moving on. They're now looking at architectures over the next five years, known only just cybersecurity architectures but Network Inc architectures, storage architectures and all coming together. So we definitely need to train our partners. I think here we had over fifty of are what we call Network's network security expert. Eight. It's the highest level of architecture and half of the partners, But going forward, we see much more partner involvement in architecture approach on. Our customers want that because they don't want to have a point solution that's out of date in a year's time or a new threat comes along and makes it redundant. >> So how are you? You mentioned you mentioned network security and storage. What other things are starting to inform that architectural approach that you're taking. >> It's everything now. So we know the factories now a completely automated all that. If utilities of I P addresses are running almost all the way down to the end point, just everything has more flexibility and more open eso. Definitely All that information's bouncing around inside I ot devices inside the wire inside data centers on all that data needs protecting. That's the key of protecting the data. And to do that again, we keep saying you need tohave. An integrated approach to networking and security >> Has the customer work with forty Net and your partner ecosystem to achieve that integrated approach. Assuming that there is a, you know, an enterprise out there that's got a spectrum of hybrid multiplied environment with the spectrum of Security point Solutions pointed it in a different components of an infrastructure. How do you help them on that journey of taking the many disparate security solutions and leveraging the power of fourteen and your partners to get that integrated, truly integrated, consolidate consolidated view? It's a couple >> of steps, maybe, maybe many steps. The first one is, oh, customers don't want to throw everything else straightaway. So what they want to do is build to integrating Connect. So we have some of our partners. Here, for example, are fabric ready partners way have connectors. We build into their platforms and orchestration systems, and that's their first step. Once they get there, they start looking across to see what they can to consolidate. So can they take a specific solution from this and I'm bringing inside? And then eventually they start to look at the long term architecture if they're moving APS to the cloud or they want to open up their wear or the one who provide kind of SD functionality inside their branch, So it's definitely a phase approached. I don't see many customers. Some customers would take an application and created from scratch inside the cloud. They can't do that with their infrastructure, the kind just completely wipe it clean. Start again. It's definitely more of a phase approach. >> So if you think about the face approach on you, talk way heard from, uh, we heard from the sales of sport side the notion that the S P s the service providers want greater customization. The enterprise wants a different level of access to the core technologies, so that they could do not customization. Not exactly remember Jack with the term was what What degree will customers retain control over how that architecture gets implemented versus what degree is going to get baked into the stack itself? A >> bit of >> both, I think, you know, for most customers, they're running towards a digital platform on. They need to own the digital powerful. If they give up complete control, how do they control that destiny going forward? So they want to own the digital platform, but they haven't got the resources to do everything. So that allows saw some to service providers and carriers. Some of the partners, for example. But I'm going to keep coming back to this. They want to get to a point in five years time, but they've got a digital footprint, is very flexible, but they also want to make sure it's very secure because as you open up that digital footprint, you opening up all these different edges. Inside the network, >> it's coherent, which is the are contested approach. Yes, because if they don't have a coherent approach to doing it, they don't know what interfaces are or are not competent, and that includes interfaces with partners. >> Yeah, they have to look forward and say I'm gonna implement X amount in the cloud. Arnot gonna have some edge compute going on here. I want to shake. Make sure my branches have the best quality of service for these certain applications that go back to this. So they would look at all those parameters and an architect, something from there. >> So we know that security network, security app, security info, security cloud security is our imperatives for every industry. But I didn't notice that the breakouts today feature. I think there's a couple of vertical features healthcare, financial services, retail. I was just curious. Are theirs just great use cases that show the potential power of forty nets technologies? Or are those industries that are either early adopters or maybe more leading edge? Because they have such a tremendous amount of data that needs to be secured as their ecosystem does this? >> Yeah. So the industry verticals, I think I think for the very large ones, they're very similar. All of them have I ot this expanding order and wanna have a flexible land system. Almost got something. Some computer power in the cloud and the edge going forward. So I know there's differences and industries. For the very large enterprises, it's the problem. Seems the same. This huge organizations, and they have all of these things going on in the right corner at you. Calm down, Toa mid enterprise. I think there's more reason to consolidate. But you seymour differences in the way the approach, things like health care that really, really focused on that healthcare kind of security of devices inside hospitals, et cetera. Education. Oh, they need to connect in these big data banks. Transfer the research information. So big organizations, I say pretty much the same problem. Midsize organizations become more relevant to the specific industry. >> Well, John, thank you so much for carving out some time to speak with Peter and need Today. We appreciate that. And it's exciting to see and feel the mo mentum the forty Niners bringing into twenty nineteen. >> Well, thanks for inviting me. >> Our pleasure. We want to thank you for your time is well for Peter. Boris. I'm Lisa Martin. You're watching the Cube