Pivot3 CEO Gone

By: Carlton Purvis, Published on Apr 30, 2013

When Pivot3 previewed their company plans for 2013, it did not include major changes in leadership. However, the company has confirmed today that Pivot3 CEO Rich Bravman, has stepped down and Chief Technology Officer and founder Bill Galloway is filling the role. Pivot3 says Bravman left for "personal reasons." [UPDATED below with interview with the new CEO.]

However, our understanding from industry sources is that the change at Pivot3 comes from pressure to meet aggressive revenue goals set by its investors, especially considering its raising of $23 million for expansion last year. Pivot3 previously reported nearly doubling its revenue in 2012.

A Pivot3 engineer we spoke to this afternoon says no official notices have been sent to employees about the changes.

Last month, in an interview with IPVM, Bravman bucked rumors of restructuring and said the company projected this year’s growth to be 50 percent over 2012. The company has 90 full-time employees and was hiring to fill new positions. 

We have an interview with the company's new CEO tomorrow morning. We will update as new information becomes available.

UPDATE:

This morning we talked to Interim CEO, Founder and Chief Technology Officer Bill Galloway, Executive Chairman Ron Nash and Chief Marketing Officer Olivier Thierry. Here's what we learned:

Moving Toward IPO

The change in leadership at Pivot3 should not have any impact on the direction of the company, says Pivot3 Executive Chairman Ron Nash. He reconfirmed that former CEO Rich Bravman left for personal reasons last week, but declined to elaborate.  The leadership page on Pivot3’s website has already been updated. He also said Bill Galloway will remain interim CEO while the company prepares for a stock market launch. The new CEO, once found, will lead the launch. 

“[The company] is getting to a size where we can think of an IPO type offering and we are still having discussions on what we would like for specifications for our next CEO. We need someone to take us to an IPO and we’ll recruit someone with that background,” Nash said in an interview this morning.

ScanSource Partnership

“We announced a partnership three weeks ago at ISC West and look for that to bear fruit in the very near term. That’s going to allow us a consistent go-to market with a lot of our current partners and allow us further distribution and opportunities,” Nash said.

Pivot3 says the partnership will allow them to supply products to integrators faster, increase integrator contacts, and give them the ability to do hands-on work with bigger customers. “It’s not just going to just be a distribution model.  Platinum Partners we’ll still work with one-on-one, but people will also be able to secure things through distribution,” the company says.

2013 Projection

Nash said, “We grew 80 percent last year and we’re thrilled at that. I don’t think we’re going to grow 80 percent this year ... but we do have a goal to grow this year.” Pivot3 says it’s VDI offering, vSTAC OS will help it move further into this market, however surveillance will stay its primary focus. Pivot3 says it has already been contacted by former Intransa customers as well.

Comments (6) : PRO Members only. Login. or Join.

Related Reports on Financial Updates

ASCMA / Monitronics Declares Chapter 11 Bankruptcy on May 22, 2019
Monitronics is entering into Chapter 11 bankruptcy. The company, also called Ascent Capital Group Inc., aka ASCMA, aka Brinks Home Security,...
Milestone Execs on Financials, China and Future on Apr 29, 2019
Milestone has released a 44-page annual report for 2018, an atypical and unrequired move for a subsidiary of a large company, however, Milestone...
ADT Stock Drops After Announcing Loss And Amazon Delay on Mar 12, 2019
ADT's stock price dropped significantly after reporting heavy losses and delays in its Amazon partnership, as seen in the screenshot below: In...
Hikvision 2018 Revenue Tops $7 Billion USD But Growth Slows To Low on Feb 15, 2019
Hikvision's annual revenue topped $7 billion for the first time in 2018, although growth slowed sharply. In this post, we analyze the latest...
Barnes Buchanan 2019: Despite 'Strange Narrative' Great Time To Be In Security on Feb 11, 2019
A "strange narrative" is being spun, said Michael Barnes at the 2019 Barnes Buchanan Conference. However, despite that narrative, it is a "great...
Hikvision Growth Declines Q3 2018 on Oct 22, 2018
Hikvision's growth continues to decline in 2018 going from: Q1 - 33% Q2 - 22% Q3 - 14.6% In this note, we examine Hikvision's newest Q3...
Axis Strong US Growth, Flat EMEA - Q3 2018 Financials on Oct 18, 2018
This spring, Axis had its best financials in many years (see Axis Strong Q2 2018 Results). However, over the summer, Axis had many products sold...
Axis Strong Q2 2018 Results on Aug 20, 2018
Axis reported strong Q2 2018 financial results and, for the first time in many years, Axis grew faster than Hikvision. However, the company's...
Hikvision Strong Domestically, International Business Struggles on Jul 25, 2018
Hikvision's H1 2018 results are out. Overall revenue growth has sharply dropped, with the company acknowledging their "facing geopolitical...
Arlo IPO Filing Reveals Key Financial and Competitive Details on Jul 09, 2018
Arlo is going to IPO at a projected valuation greater than Axis. Now, Arlo has released their 175-page Form S1 Registration Statement for its...

Most Recent Industry Reports

Dahua OEM Directory 2019 on Aug 16, 2019
US Government banned Dahua OEMs for dozens of companies. The following directory includes 40+ of those companies with a graphic and links to...
Installation Course - Register Now on Aug 15, 2019
Register Now for the September 2019 Video Surveillance Install Course. This is a unique installation course in a market where little practical...
Axis Suffers Outage, Provides Postmortem on Aug 15, 2019
This week, Axis suffered an outage impacting their website and cloud services. Inside this note, we examined what happened, what was impacted...
Hikvision Scrutinized In The Netherlands on Aug 15, 2019
Hikvision is facing unprecedented scrutiny in the Netherlands, at the same time the US government ban has taken effect. This week, a Dutch...
Axis 4K Camera Shootout 2019 on Aug 14, 2019
Axis' 4K Q3518-LVE claims the "best video quality possible", with Lightfinder super low light performance, Axis' high end Forensic WDR, and...
CheckMySystems Company Profile on Aug 14, 2019
CheckMySystems says that too many users respond, "I get an email when something is wrong" when talking about their video system maintenance plan,...
Hikvision OEM Directory on Aug 13, 2019
The Chinese government-owned and US-government banned Hikvision has become the world's largest video surveillance manufacturer and generally hidden...
Biometrics Usage Statistics 2019 on Aug 13, 2019
Biometrics are commonly used in phones, but how frequently are they used for access? 150+ integrators told us how often they use biometrics,...
US Government Ban of Dahua, Hikvision, Huawei Takes Effect Now on Aug 13, 2019
The 'prohibition on use or procurement' of Dahua, Hikvision and Huawei products and 'essential components' take effect today, August 13, 2019, one...

The world's leading video surveillance information source, IPVM provides the best reporting, testing and training for 10,000+ members globally. Dedicated to independent and objective information, we uniquely refuse any and all advertisements, sponsorship and consulting from manufacturers.

About | FAQ | Contact