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CA Technologies (CA - Analyst Report) in collaboration with Mycroft Inc. recently announced the launch of XSpectra, which combines CA CloudMinder, an Identity and Access Management (IAM) solution, and Mycroft’s security operations expertise.

It has become necessary for small and mid-sized enterprises to secure access to critical data. However, implementing the traditional identity and access management systems can significantly increase costs. XSpectra takes care of all these issues and provides the same IAM functionality at lower costs.

Mycroft XSpectra services provide single sign-on, identity management & risk-based authentication for cloud-based or on-premise applications. It also offers three support level packages to meet the budgets and needs of customers.

Prior to this, CA acquired Layer 7, which provides leading security and management technology to the API marketplace. This is likely to help CA expand in a new market and increase its customer base.

CA reported revenues of $1.13 billion in 1Q14, down 1.5% from $1.15 billion in the year-ago quarter. When adjusted for currency, revenues declined 1.0% year over year. The company’s Mainframe revenues and Enterprise Solutions revenues declined 1.4% and 11.0%, respectively. However, Services revenues grew 7.7%.

CA Inc’s increased cloud exposure and its restructuring initiatives remain on track. Decent renewal rate, modest cash position and share repurchase also appear encouraging. This apart, bookings growth remains robust, supported by both North American and International bookings. The company is also witnessing an increase in license wins.

However, increasing competition from companies like Hewlett-Packard Company (HPQ - Analyst Report) and exposure to Europe remain concerns.

CA currently has a Zacks Rank #3 (Hold). Investors can also consider other stocks in the technology industry that are currently performing well such as SanDisk Corp (SNDK - Analyst Report) and Vocus Inc. . While SanDisk Corp holds a Zacks Rank #1 (Strong Buy), Vocus Inc. has a Zacks Rank #2 (Buy).

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