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Check Point Software Technologies' Management Presents At Citi Technology Conference (Transcript)

By the time we sold the product, part of the product revenue is deferred as a result of its relation to the software blade, annuity blade plus the deferred revenues are recognizing into the service, so that’s part of the phenomena of 2010, 2011.

At the end of 2011 which is last year, we launched a new product line which is end to end from the lower terms to the high end for the appliances where the philosophy was we are going to keep the same price level, tripling the throughput. The reason was that we wanted to increase the throughput in a way that allows the customer to get higher throughput and in the future adopt all the different annuity blades.

The reason is one of the biggest growth engines for Check Point for the future is the annuity blade; all the additional services that we sell on the clients, Antibot, the URL filtering, the DLP, all the services that are part of the client and then when we launch the new product that’s how we price it; when we came into the year which is when we started the sale, we noticed one thing, first we have a significant increasing the number of units that we sold already from the beginning of Q1 we saw more than 20% increasing the number of units that is very unexpected, (inaudible) is all in the mature business…

Walter Pritchard - Citigroup

Especially higher unit growth within the product line?

Tal Payne

Significantly higher in the number of units that we sell and that’s why we provided that data because it was even beyond our expectation. So the number of units increased significantly which means that the products are very competitive out there in the market that’s one indication that was out.

Second indication is that the acceptance was so fast that the move from the old product line to the new product line that we launched was so fast already in Q1 we were around 80% of the new client sales came from the new appliances continued also in Q2 to increase so over 80% of the clients in the new appliance so great acceptance.

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