Technology CFOs In High Demand; Intronis Raising Money?
Intronis is the latest MSP-centric software company to hire a CFO (chief financial officer) and raise new funding. Other MSP- and cloud-oriented companies to hire new CFOs in recent months include Autotask, Axcient and Kaseya. What’s the common thread here? Many privately held technology companies, including those in the MSP market, need seasoned CFOs to organize appropriately for their next stage of growth.
At Intronis, the cloud backup and recovery solution provider this week announced Jacquelyn Barry Hamilton (pictured) as CFO. Barry Hamilton previously was CFO of Monster Worldwide Technologies and Corporate Software. She’s got extensive M&A and equity capital experience. She was Corporate Software’s CFO when Level 3 Communications acquired the company. And at Level 3 Communications, she handled a division’s M&A activities.
It sounds like Intronis, which has been growing 50 percent annually, has also raised new debt. According to an SEC filing dated May 1, 2012, the company recently raised $2.9 million, though Intronis could be seeking another $1 million in funding. I’m checking in to see if OpenView Venture Partners, which has a longstanding relationship with Intronis, took part in this round of funding.
Noteworthy CFO Moves
Other MSP- and cloud-centric technology companies making CFO moves that caught our attention:
- Autotask in March 2011 announced Vince Zumbo as CFO. The SaaS-centric company raised $6 million in December 2011 for a global expansion and cloud localization effort. Autotask promotes cloud-based business automation and PSA (professional services automation) software for VARs and MSPs.
- Kaseya in December 2011 announced Anne Huemme as CFO. Kaseya CEO Gerald Blackie indicated that Huemme will fine-tune Kaseya’s business processes as the company seeks to further scale across the MSP, cloud and corporate IT automation markets.
- Axcient in April 2012 announced John Finegan as CFO. Axcient raised $15.5 million in Series C funding while growing revenues 400 percent last year. Axcient specializes in hybrid cloud backup and recovery solutions, with a growing emphasis on mid-market solutions and recovering entire business networks in the cloud.
What Does This All Mean?
Whenever a group of somewhat related companies make strategic CFO moves, it’s a sign that an industry is moving to its next stage. In some cases that means accelerated growth. In other cases that means raising more money, preparing for an IPO or seeking an exit strategy.
Follow the CFO trail, and you’ll gain clues about where the managed services and cloud services markets are heading next.