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VMware's customer base includes organizations of all sizes across numerous industries and includes 100% of the Fortune 100 and approximately 96% of the Fortune 1000.<ref name=annual>[http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDAxNTF8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1 VMware 10-K 2009]</ref> The company's solutions enable organizations to aggregate multiple servers, storage infrastructure, and networks together into shared pools of capacity that can be allocated dynamically, securely, and reliably to applications as needed, increasing hardware utilization and reducing spending. VMware is organized around providing solutions for three major IT predicaments: reducing costs and increasing operational efficiency in data centers, providing easy access to [[cloud computing]] capacity, and simplifying management and control of corporate client computing.<ref name=annual/> VMware's customer base includes organizations of all sizes across numerous industries and includes 100% of the Fortune 100 and approximately 96% of the Fortune 1000.<ref name=annual>[http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDAxNTF8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1 VMware 10-K 2009]</ref> The company's solutions enable organizations to aggregate multiple servers, storage infrastructure, and networks together into shared pools of capacity that can be allocated dynamically, securely, and reliably to applications as needed, increasing hardware utilization and reducing spending. VMware is organized around providing solutions for three major IT predicaments: reducing costs and increasing operational efficiency in data centers, providing easy access to [[cloud computing]] capacity, and simplifying management and control of corporate client computing.<ref name=annual/>
- 
-VMware Inc. provides products and services for [[virtualization]], a technology that separates a computer's software from its hardware in order to improve efficiency. Virtualization lets customers run multiple applications from one computer or server, which can reduce spending on additional, unnecessary capacity. Though the penetration of virtualization technology is still low, it should increase dramatically as IT professionals become more familiar with the concept. As of December 2006, VMware's software had already been installed on 24.6 million x86 servers and 489.7 million business client PCs for customers across various industries (including all of the ''Fortune 100'' and 840 of the ''Fortune 1,000'').  
The majority of VMware's sales are made indirectly through a system of more than 4,000 partners, including software distributors and resellers, hardware vendors who bundle the software with their products, and IT management services. VMware also regularly collaborates with tech giants [[Intel (INTC)]] and [[Cisco Systems (CSCO)]] to develop virtualization software optimized for use with these companies' hardware. These relationships are quite close; both Intel and Cisco hold VMware stock and a seat on its Board of Directors. By leveraging Intel's and Cisco's reputations in the computer hardware industry and VMware's leading position in virtualization software, the companies hope to develop a complete package of virtualization technology that addresses all of their customers' needs. The majority of VMware's sales are made indirectly through a system of more than 4,000 partners, including software distributors and resellers, hardware vendors who bundle the software with their products, and IT management services. VMware also regularly collaborates with tech giants [[Intel (INTC)]] and [[Cisco Systems (CSCO)]] to develop virtualization software optimized for use with these companies' hardware. These relationships are quite close; both Intel and Cisco hold VMware stock and a seat on its Board of Directors. By leveraging Intel's and Cisco's reputations in the computer hardware industry and VMware's leading position in virtualization software, the companies hope to develop a complete package of virtualization technology that addresses all of their customers' needs.
- 
-In April the company announced earnings with revenues for the first quarter coming in at $438 million representing a 69% increase over last year. The revenue was made up of both software licenses ($294 million) as well as subscription and professional service revenue which was $144 million. Over time, the strategy is to grow the number of installed licenses so that the service revenue becomes a virtual annuity as the company maintains the installed base. 
- 
-In addition to the $438 million in revenue, the company announced an increase of $88 million in their deferred revenue which is essentially revenue the company has received for service not yet performed. The total is now $641 million which should help to stabilize future revenue as the company can draw on this balance during future periods.  
{| class="wikitable" align="center" {| class="wikitable" align="center"
Line 22: Line 16:
!Width="85" align="center"|'''2005''' !Width="85" align="center"|'''2005'''
!Width="85" align="center"|'''2006''' !Width="85" align="center"|'''2006'''
-!Width="85" align="center"|'''2007''+!Width="85" align="center"|'''2007'''
 +!Width="85" align="center"|'''2008'''
!Width="85" align="center"|'''2008'' !Width="85" align="center"|'''2008''
-!Width="85" align="center"|'''2009'' 
|- |-
| colspan="2"| '''Licensing revenue''' || align = "center" |$178.9 || align = "center" |$287 || align = "center" |$491.9|| align="center"|$905.368|| align="center"|$1,178.142|| align="center"|$1,029.442 | colspan="2"| '''Licensing revenue''' || align = "center" |$178.9 || align = "center" |$287 || align = "center" |$491.9|| align="center"|$905.368|| align="center"|$1,178.142|| align="center"|$1,029.442
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|} |}
-===Software licenses===+===Software<ref name=annual/>===
-VMware makes most of its money by selling its software to corporate customers. Its main offerings include:+'''Data Center Products and Technology'''
-*'''VMware Player''' VMware Player is a free desktop application that lets you run a virtual machine on a Windows or Linux PC. VMware Player provides an intuitive user interface for running preconfigured virtual machines created with VMware Workstation, VMware Server, and ESX Server.+
-*'''VMware Workstation''' IT professionals around the world use VMware Workstation to create and test multiple computing environments as virtual machines on a single PC. Software developers rely on VMware Workstation to streamline their efforts by using virtual machines to work with multiple development and testing environments on a single PC. Systems engineers and other technical sales professional love Workstation because it gives them the power to demonstrate complex multi-tier applications with ease.+
-*'''VMware Fusion''' lets [[Intel]]-based [[Apple (AAPL)|Macs]] run x86 operating systems like [[MSFT|Windows]], [[Linux]], etc.+
-*'''VMware Server''' lets users create and use "virtual machines", as well as access these machines from multiple physical locations. VMware offers this software for free as a way to upsell its more advanced systems.+
-*'''VMware ESX Server''' is the company's flagship enterprise-grade server virtualization software. ESX incorporates many of the features found in other VMware products, but it uses significantly less of a server's resources, freeing up capacity for other applications.+
-VMware also bundles and sells some of its software as all-inclusive virtualization suites.+VMware vSphere is the company's flagship data center platform. Users can choose to deploy the VMware ESX or VMware ESXi hypervisor when they purchase VMware vSphere. A “hypervisor” is a layer of software that resides between the operating system and system hardware to enable virtualization.
 +
 +VMware also offers free data center products such as VMware Server and a free version of VMware ESXi that encourage the trial, usage, and adoption of VMware virtualization in data centers of all sizes. VMware Server is a virtualization platform that runs on top of an operating system available for trial and download by customers so they can test virtualization.
-===Services===+'''Desktop Virtualization'''
-VMware also provides several types of services, including maintenance, upgrades, and training. Typically, the company's service contracts last from one to five years. These service plans, which offer various levels of product support, provide VMware with a steady stream of recurring revenue. From 2004 to 2006, the Services segment grew to account for 30% of revenues, up from around 18%. Services usually provide higher profit margins than licensing, which will help boost the company's performance if this trend continues.+Personal computing and personal computing devices are undergoing change as users increasingly use multiple devices including desktop personal computers, laptop computers, thin clients, and mobile internet devices to access data and applications. In addition, users are employing various desktop operating systems including Windows, Apple OS X, and Linux to access applications that may run locally on a computer, centrally on a server, or accessed through a web page. This heterogeneity is becoming increasingly common, making it difficult to manage and secure customers’ desktop environments.
 + 
 +VMware desktop virtualization technology decouples the entire desktop environment from its underlying device, enabling customers to create user-centric instead of device-centric desktop environments. There are two main approaches to desktop virtualization: Virtual Desktop Infrastructure (VDI), where the desktop virtual machine runs on a server and is accessed remotely using a display protocol, and client-hosted virtual desktops, where a desktop virtual machine runs locally on a computer and is able to use the local hardware and peripherals. We have products in both of these categories, as well as offerings that combine both approaches.
 + 
 +'''Desktop Products and Technologies'''
 + 
 +VMware's desktop products leverage its virtualization technology to deliver desktop virtualization to both enterprise users and personal users. VMware View is the enterprise desktop virtualization platform. VMware View incorporates and extends VMware vSphere into both a Virtual Desktop Infrastructure and a client-hosted virtualization solution that allows a desktop virtual machine to run centrally in the data center or locally.
 + 
 +VMware also sells a range of personal client-hosted desktop virtualization products including:
 +*Workstation enables technical professionals to create multiple secure virtual sandboxes on a single computer for running and testing multiple operating systems and applications. In October 2009, VMware introduced VMware Workstation 7.
 +*Fusion enables Apple users to seamlessly run Windows and Windows applications on an Intel processor-powered Apple OS X Macintosh computer.
 +*Other desktop products include VMware ACE, which provides a layer of management around client-hosted desktops, and VMware Player, a free client-hosted virtual desktop runtime that encourages trial of desktop virtualization.
 + 
 +'''Applications Middleware and Management'''
 + 
 +VMware entered the Applications Middleware and Management market with the acquisition of SpringSource Global, Inc. in the third quarter of 2009. SpringSource builds and supports solutions that help organizations build, run, and manage enterprise applications, particularly those written in the Java programming language.
 + 
 +===Services<ref name=annual/>===
 +'''VMware Global Support Services'''
 + 
 +VMware offers three support and subscription programs (Platinum, Gold, and Silver) on an annual or multi-year subscription basis, that include VMware support along with access to periodic updates, bug fixes, and enhancements to products.
 +
 +'''VMware Consulting Services'''
 + 
 +VMware Certified Professionals provide on-site assistance throughout the virtualization adoption lifecycle to accelerate the implementation of our virtualization solutions. VCPs conduct initial assessments and upgrade workshops and prepare detailed implementation project plans. Once customers are ready for standardization across their enterprise, VCPs help integrate virtual infrastructure into enterprise systems and processes.
 + 
 +'''VMware Education Services'''
 + 
 +VMware courses provide extensive hands-on labs, case study examples, and course materials. Customers work in teams of two on servers located offsite using a variety of remote access technologies.
==Trends and Forces== ==Trends and Forces==
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===The average x86 server only uses 10 to 15% of its capacity=== ===The average x86 server only uses 10 to 15% of its capacity===
-According to tech research firm IDC, a typical x86 server (the standard for business networks) utilizes only 10% to 15% of its capacity. The reason for this is that companies often run only one application per server to minimize the risk that a problem with one application will affect numerous others. While this is perhaps the safest method to ensure that one faulty program doesn't bring the whole system down, it is also rather expensive. Using VMware's virtualization technology, companies can safely run more than one application per physical machine. VMware estimates that one virtualized server can perform the same work as up to ten standard servers; this can save firms a ton of money by letting them use their existing capacity more efficiently. As companies in competitive industries like technology, pharmaceuticals, and telecommunications, look for ways to cut overhead, VMware's virtualization software will become increasingly more popular.+According to tech research firm IDC, a typical x86 server (the standard for business networks) utilizes only 10% to 15% of its capacity. The reason for this is that companies often run only one application per server to minimize the risk that a problem with one application will affect numerous others. While this is perhaps the safest method to ensure that one faulty program doesn't bring the whole system down, it is also rather expensive. Using VMware's virtualization technology, companies can safely run more than one application per physical machine. VMware estimates that one virtualized server can perform the same work as up to ten standard servers; this can save firms a ton of money by letting them use their existing capacity more efficiently. As companies in competitive industries like technology, pharmaceuticals, and telecommunications, look for ways to cut overhead, VMware's virtualization software will become increasingly popular.
 + 
 +===Competition from Microsoft===
-===Competition from Microsoft is looming===+VMware currently dominates the virtualization market, but competition from software giant [[Microsoft (MSFT)]] could cut into the company's lead. Microsoft is the primary competitor for VMware's data center virtualization solutions. In 2009, Microsoft released the second generation of its Hyper-V virtualization offering and continues to develop virtual management products.<ref name=annual/> Microsoft also continues to articulate a cloud-based computing initiative. Microsoft’s offerings are positioned to compete with VMware's virtual infrastructure, virtualization management, and some of its free data center product offerings. Microsoft’s cloud initiative may eventually compete with VMware's cloud offerings and with cloud service providers who standardize on VMware's solutions. VMware also competes with Citrix for desktop virtualization solutions and with companies whose virtualization products are based on emerging open-source technologies.
-VMware currently dominates the virtualization market, but competition from software giant [[Microsoft (MSFT)]] could cut into the company's lead. Microsoft's offerings in the virtualization market are currently limited to entry-level software that doesn't directly compete with most of VMware's products. It does intend, however, to include free, enterprise-class virtualization software with its Microsoft Server 2008 operating system, which would put it in more direct competition with VMware. While VMware's leading position in the virtualization industry and reputation for quality give it some protection against competitors, going up against Microsoft can be a daunting prospect for any company. Even though Microsoft hasn't released much in the way of virtualization software yet, it has already started paving the way for its future plunge into the industry. It recently implemented agreements with several server and software vendors to distribute certain versions of its operating systems that only support Microsoft-based virtualization software. A free virtualization program, especially one backed by Microsoft's heft, will certainly cut into VMware's market share.+While VMware's leading position in the virtualization industry and reputation for quality give it some protection against competitors, going up against Microsoft can be a daunting prospect for any company.
===Nearly half of VMware's sales come from outside the U.S.=== ===Nearly half of VMware's sales come from outside the U.S.===
-In 2006, VMware made about 44% of its revenue from customers outside the U.S. Management noted strength in Australia, Brazil, China and Russia. For the quarter, nearly half of the revenue came in from overseas. This has opened up currency issues as the company noted margin weakness due in part to the falling dollar.It would be very difficult and complicated to hedge foreign currency exposure As such, it receives payment in a wide range of currencies; its revenue, however, is reported in [[U.S. dollars]]. Any change in the [[exchange rates]] between the dollar and other currencies in which VMware conducts business could have a significant effect on reported revenues. If the value of the dollar declines against other currencies, VMware's revenues would be boosted, as every unit of foreign currency would translate to a larger number of U.S. dollars. The same applies in reverse, however; a rise in the value of the dollar would make international sales look relatively smaller. Recently, the dollar has been pretty weak in comparison to other major currencies; a continuation of this trend would be beneficial for VMware and other companies that do business outside of the country.+Revenues from customers outside the United States comprised approximately 49% of VMware's total revenues in 2009 and 48% of total revenues in 2008. This has opened up currency issues as the company noted margin weakness due in part to the falling dollar. It would be very difficult and complicated to hedge foreign currency exposure As such, it receives payment in a wide range of currencies; its revenue, however, is reported in [[U.S. dollars]]. Any change in the [[exchange rates]] between the dollar and other currencies in which VMware conducts business could have a significant effect on reported revenues. If the value of the dollar declines against other currencies, VMware's revenues would be boosted, as every unit of foreign currency would translate to a larger number of U.S. dollars. The same applies in reverse, however; a rise in the value of the dollar would make international sales look relatively smaller. Recently, the dollar has been weak in comparison to other major currencies; a continuation of this trend would be beneficial for VMware and other companies that do business outside of the country.
==Competition== ==Competition==

Current revision

VMware Inc. (NYSE: VWM) sells software integral to the operation of websites and other network computing resources. VMware's virtualization software can make multiple physical computers behave like a single, ultra-powerful "virtual" machine, or split apart a single physical machine and make it behave like multiple computers (for example, to host several different websites on the same server). With virtualization software, websites can be run more cheaply and reliably by allowing webmasters to deploy resources "virtually" on an as-needed basis, rather than forcing them to keep excess capacity up and running to handle occasional traffic spikes and crises. In addition to software sales, 30% of VMware's revenue comes from services such as maintenance and upgrades and training. These revenues are recurring and create steady, ongoing cash flows.

One of the main barriers to the penetration of virtualization technology is the perceived complexity of implementing a virtualized system. VMware is currently the leader in the virtualization market with an estimated market share of 80%.[1] The main risk to VMware's long-term success is impending competition from Microsoft, which also offers virtualization software. VWware is ready to move into Microsoft's customer base by offering more than virtualization as witnessed with its recent acquisition of Zimbra, a provider of open source email and collaboration software. VMWare is gearing up to tap into the Microsoft Exchange market by combining its virtualization technology with the Zimbra email platform.[1]

Company Overview

VMware's customer base includes organizations of all sizes across numerous industries and includes 100% of the Fortune 100 and approximately 96% of the Fortune 1000.[2] The company's solutions enable organizations to aggregate multiple servers, storage infrastructure, and networks together into shared pools of capacity that can be allocated dynamically, securely, and reliably to applications as needed, increasing hardware utilization and reducing spending. VMware is organized around providing solutions for three major IT predicaments: reducing costs and increasing operational efficiency in data centers, providing easy access to cloud computing capacity, and simplifying management and control of corporate client computing.[2]

The majority of VMware's sales are made indirectly through a system of more than 4,000 partners, including software distributors and resellers, hardware vendors who bundle the software with their products, and IT management services. VMware also regularly collaborates with tech giants Intel (INTC) and Cisco Systems (CSCO) to develop virtualization software optimized for use with these companies' hardware. These relationships are quite close; both Intel and Cisco hold VMware stock and a seat on its Board of Directors. By leveraging Intel's and Cisco's reputations in the computer hardware industry and VMware's leading position in virtualization software, the companies hope to develop a complete package of virtualization technology that addresses all of their customers' needs.

Financial data, in millions [2] 2004 2005 2006 2007 2008 '2008
Licensing revenue $178.9 $287 $491.9$905.368$1,178.142$1,029.442
Service revenue $39.9 $100.1 $212$420.443$702.885$994.495
Total revenue$218.8 $387.1 $703.9$1,325.811$1,881.027$2,023.937
Operating income $35.2 $93.6$120.6$235.341$312.525$219.295
Net income $16.8 $66.8$85.9$218.137$290.133$197.098

Software[2]

Data Center Products and Technology

VMware vSphere is the company's flagship data center platform. Users can choose to deploy the VMware ESX or VMware ESXi hypervisor when they purchase VMware vSphere. A “hypervisor” is a layer of software that resides between the operating system and system hardware to enable virtualization.

VMware also offers free data center products such as VMware Server and a free version of VMware ESXi that encourage the trial, usage, and adoption of VMware virtualization in data centers of all sizes. VMware Server is a virtualization platform that runs on top of an operating system available for trial and download by customers so they can test virtualization.

Desktop Virtualization

Personal computing and personal computing devices are undergoing change as users increasingly use multiple devices including desktop personal computers, laptop computers, thin clients, and mobile internet devices to access data and applications. In addition, users are employing various desktop operating systems including Windows, Apple OS X, and Linux to access applications that may run locally on a computer, centrally on a server, or accessed through a web page. This heterogeneity is becoming increasingly common, making it difficult to manage and secure customers’ desktop environments.

VMware desktop virtualization technology decouples the entire desktop environment from its underlying device, enabling customers to create user-centric instead of device-centric desktop environments. There are two main approaches to desktop virtualization: Virtual Desktop Infrastructure (VDI), where the desktop virtual machine runs on a server and is accessed remotely using a display protocol, and client-hosted virtual desktops, where a desktop virtual machine runs locally on a computer and is able to use the local hardware and peripherals. We have products in both of these categories, as well as offerings that combine both approaches.

Desktop Products and Technologies

VMware's desktop products leverage its virtualization technology to deliver desktop virtualization to both enterprise users and personal users. VMware View is the enterprise desktop virtualization platform. VMware View incorporates and extends VMware vSphere into both a Virtual Desktop Infrastructure and a client-hosted virtualization solution that allows a desktop virtual machine to run centrally in the data center or locally.

VMware also sells a range of personal client-hosted desktop virtualization products including:

  • Workstation enables technical professionals to create multiple secure virtual sandboxes on a single computer for running and testing multiple operating systems and applications. In October 2009, VMware introduced VMware Workstation 7.
  • Fusion enables Apple users to seamlessly run Windows and Windows applications on an Intel processor-powered Apple OS X Macintosh computer.
  • Other desktop products include VMware ACE, which provides a layer of management around client-hosted desktops, and VMware Player, a free client-hosted virtual desktop runtime that encourages trial of desktop virtualization.

Applications Middleware and Management

VMware entered the Applications Middleware and Management market with the acquisition of SpringSource Global, Inc. in the third quarter of 2009. SpringSource builds and supports solutions that help organizations build, run, and manage enterprise applications, particularly those written in the Java programming language.

Services[2]

VMware Global Support Services

VMware offers three support and subscription programs (Platinum, Gold, and Silver) on an annual or multi-year subscription basis, that include VMware support along with access to periodic updates, bug fixes, and enhancements to products.

VMware Consulting Services

VMware Certified Professionals provide on-site assistance throughout the virtualization adoption lifecycle to accelerate the implementation of our virtualization solutions. VCPs conduct initial assessments and upgrade workshops and prepare detailed implementation project plans. Once customers are ready for standardization across their enterprise, VCPs help integrate virtual infrastructure into enterprise systems and processes.

VMware Education Services

VMware courses provide extensive hands-on labs, case study examples, and course materials. Customers work in teams of two on servers located offsite using a variety of remote access technologies.

Trends and Forces

The average x86 server only uses 10 to 15% of its capacity

According to tech research firm IDC, a typical x86 server (the standard for business networks) utilizes only 10% to 15% of its capacity. The reason for this is that companies often run only one application per server to minimize the risk that a problem with one application will affect numerous others. While this is perhaps the safest method to ensure that one faulty program doesn't bring the whole system down, it is also rather expensive. Using VMware's virtualization technology, companies can safely run more than one application per physical machine. VMware estimates that one virtualized server can perform the same work as up to ten standard servers; this can save firms a ton of money by letting them use their existing capacity more efficiently. As companies in competitive industries like technology, pharmaceuticals, and telecommunications, look for ways to cut overhead, VMware's virtualization software will become increasingly popular.

Competition from Microsoft

VMware currently dominates the virtualization market, but competition from software giant Microsoft (MSFT) could cut into the company's lead. Microsoft is the primary competitor for VMware's data center virtualization solutions. In 2009, Microsoft released the second generation of its Hyper-V virtualization offering and continues to develop virtual management products.[2] Microsoft also continues to articulate a cloud-based computing initiative. Microsoft’s offerings are positioned to compete with VMware's virtual infrastructure, virtualization management, and some of its free data center product offerings. Microsoft’s cloud initiative may eventually compete with VMware's cloud offerings and with cloud service providers who standardize on VMware's solutions. VMware also competes with Citrix for desktop virtualization solutions and with companies whose virtualization products are based on emerging open-source technologies.

While VMware's leading position in the virtualization industry and reputation for quality give it some protection against competitors, going up against Microsoft can be a daunting prospect for any company.

Nearly half of VMware's sales come from outside the U.S.

Revenues from customers outside the United States comprised approximately 49% of VMware's total revenues in 2009 and 48% of total revenues in 2008. This has opened up currency issues as the company noted margin weakness due in part to the falling dollar. It would be very difficult and complicated to hedge foreign currency exposure As such, it receives payment in a wide range of currencies; its revenue, however, is reported in U.S. dollars. Any change in the exchange rates between the dollar and other currencies in which VMware conducts business could have a significant effect on reported revenues. If the value of the dollar declines against other currencies, VMware's revenues would be boosted, as every unit of foreign currency would translate to a larger number of U.S. dollars. The same applies in reverse, however; a rise in the value of the dollar would make international sales look relatively smaller. Recently, the dollar has been weak in comparison to other major currencies; a continuation of this trend would be beneficial for VMware and other companies that do business outside of the country.

Competition

Currently, VMware leads the server virtualization industry by a substantial margin. The next largest competitor is Microsoft (MSFT), which looks poised to make a strong push into the market over the next year or two. Apple (AAPL) has released software called Boot Camp (which allows Intel-based Macs to run Windows operating systems in addition to OS X), though this is aimed primarily at consumers and (unlike VMware Fusion) does not allow the use of both OSes simultaneously. Other, smaller competitors include Novell (NOVL), XenSource (recently acquired by Citrix Systems (CTXS)), and Red Hat (RHT), though none of these companies holds more than a 2-3% share of the virtualization market. The still-growing market has plenty of growth potential for all, however; there are so many untapped customer bases that it'll be a while before the firms really start fighting over business.

One distinguishing characteristic of VMware is that it's dedicated to the virtualization industry, whereas all of its major competitors have extensive operations in other areas of the technology industry. This puts VMware in a more leveraged position; if virtualization takes off, it stands to benefit more than say, Microsoft, whose bottom line would look about the same either way. On the other hand, if virtualization were to fail for some reason, VMware wouldn't have any revenue sources.




References

  1. 1.0 1.1 ReadWriteWeb: The Virtualization Wars: Microsoft and Citrix v. VMware. March 20, 2010
  2. 2.0 2.1 2.2 2.3 2.4 2.5 VMware 10-K 2009
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