Pivot3 CEO GoneBy: 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 [link no longer available], has stepped down and Chief Technology Officer and founder Bill Galloway [link no longer available] 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.
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 [link no longer available]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.
“We announced a partnership [link no longer available] 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.
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.