Jump to content
Search In
  • More options...
Find results that contain...
Find results in...
Welcome Guest!

Join us now to get access to all our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, and so, so much more. It's also quick and totally free, so what are you waiting for?

BLACK LIVES MATTER! ×
BLACK LIVES MATTER!
Sign in to follow this  
NelsonG

Intercom hires a CFO as it ramps towards an IPO

Recommended Posts

Today Intercom announced that it has hired a chief financial officer (CFO) as it ramps towards an IPO. The unicorn also promoted its COO to the CEO role earlier this year.

The company’s recent CEO, Karen Peacock, told TechCrunch that her new CFO Dan Griggs was a strong candidate thanks to his experience helping take Rocket Fuel public, and for helping execute a “whole business transformation” at Sitecore, where he worked immediately before coming to Intercom.

Intercom is a software startup that sells customer-chat software that works with support and marketing teams. Different tiers of its service allow for automated “conversational” campaigns, and custom bots. The company has raised a hair over $290 million, according to Crunchbase data.

Griggs told TechCrunch that he was not in the market for a new role, but conversations with Peacock drew him in.

Peacock took over the CEO role after around three years as the company’s COO, during which time it became known that the preceding CEO had made “unwanted advances” on employees. Intercom company also underwent layoffs before Peacock took over the helm. According to reporting, the firm cut around 6% of its staff in May, a time when many tech companies were trimming personnel due to market uncertainties surrounding COVID-19 and its economic disruptions.

Now Intercom has a refreshed c-suite, and is at IPO scale.

According to TechCrunch reporting at the time when Peacock took over as CEO, Intercom had around $150 million in annual recurring revenue (ARR). The company clarified to TechCrunch that the ARR milestone was reached at the end of its last fiscal year, or the conclusion of January of 2020.

dan-griggs-cfo.jpg?w=300

Dan Griggs, via the company.

Intercom, Griggs said, is near profitability and is growing in the “strong” double digits. We read that as meaning between 50% and 99% growth, implying the company could close its current fiscal year (January 2021) with $225 million to $298.5 million in ARR, with a bias — thanks to the laws of large numbers — towards the smaller figure.

With a CFO with IPO experience on hand, a new CEO, a material revenue base and good growth, when is the IPO? Not soon, sadly. The CFO said his company doesn’t need to raise new capital, and that it has enough liquidity today to invest. That’s financial-speak for “no rush.”

The CEO is on the same page, saying during the same call that Intercom is not in a hurry to go public, and wants to build out some internal infrastructure before executing the transaction. There won’t be an IPO for at least twelve months, she estimated.1

Intercom hit some market chop in 2020 and had to spend parts of the last year or so cleaning up internal issues. Now, in theory, it has sorted house, and is operating in a market that has greatly rewarded software startups in recent quarters, especially those helping other companies operate digitally.

Let’s see how fast Intercom can grow. We’ll get the full retrospective with its eventual S-1.

  1. Alas.
Techcrunch?d=2mJPEYqXBVI Techcrunch?d=7Q72WNTAKBA Techcrunch?d=yIl2AUoC8zA Techcrunch?i=qjiVLmxc0CA:xyYcDRQ1CQA:-BT Techcrunch?i=qjiVLmxc0CA:xyYcDRQ1CQA:D7D Techcrunch?d=qj6IDK7rITs
qjiVLmxc0CA

View the full article

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Our picks

    • Wait, Burning Man is going online-only? What does that even look like?
      You could have been forgiven for missing the announcement that actual physical Burning Man has been canceled for this year, if not next. Firstly, the nonprofit Burning Man organization, known affectionately to insiders as the Borg, posted it after 5 p.m. PT Friday. That, even in the COVID-19 era, is the traditional time to push out news when you don't want much media attention. 
      But secondly, you may have missed its cancellation because the Borg is being careful not to use the C-word. The announcement was neutrally titled "The Burning Man Multiverse in 2020." Even as it offers refunds to early ticket buyers, considers layoffs and other belt-tightening measures, and can't even commit to a physical event in 2021, the Borg is making lemonade by focusing on an online-only version of Black Rock City this coming August.    Read more...
      More about Burning Man, Tech, Web Culture, and Live EventsView the full article
      • 0 replies
    • Post in What Are You Listening To?
      Post in What Are You Listening To?
    • Post in What Are You Listening To?
      Post in What Are You Listening To?
    • Post in What Are You Listening To?
      Post in What Are You Listening To?
    • Post in What Are You Listening To?
      Post in What Are You Listening To?
×
×
  • Create New...