SevOne names new CFO; May lead to heightened IPO speculation
Tom Paine
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SevOne, which the Boston media correctly identifies as Boston-based as Philly Tech News readers first found out, announced this morning that it had appointed a new CFO.
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| Rafe Brown |
Rafe Brown, who had previously served as CFO of Pegasystems, a publicly traded Cloud software company, was named to the position. Brown had an earlier stint as a senior vice president of finance for Salesforce.com. Over the course of his nine years at Salesforce.com, Mr. Brown led the treasury and tax functions, real estate, and collections teams. Presumably, his appointment might be seen as another step towards an IPO, or whatever kind of exit or capitalization event SevOne may eventually seek.
CEO Jack Sweeney said in an interview with the Boston Business Journal late last year that the network monitoring company expected to exceed $100 million in revenue for 2015, up from about $65 million in 2014.
The bulk of SevOne's engineering workforce employment remains located in Delaware and Pennsylvania, though top managerial and administrative staff is ensconced in Boston's Prudential Center. SevOne is backed by Bain Capital and other mostly Boston-based investors.
A September round may have valued SevOne at or very close to the $1 billion mark, although the company didn't confirm that.
