Vidsys CEO Out

By John Honovich, Published Jan 27, 2015, 12:00am EST

Three years ago, Vidsys, one of the last independent PSIMs, named a prestigious CEO.

Now he is out.

In this note, we look at the move and the future for Vidsys.

Michael P. Jackson

In 2012, Vidsys named Michael P. Jackson as their CEO. Jackson brought a prestigious background including terms as the Deputy Secretary of DHS (2005-2007), Deputy Secretary of the DoT (2001-2003) and Senior Vice President of AECOM. He was also an eloquent spokesperson for them (e.g., this interview). Considering PSIM's niche status, that was quite a notable hire.

Now, he is out. The CTO was promoted to CEO and Jackson was not mentioned anywhere in the new CEO press release. Vidsys' marketing VP told IPVM that Jackson "has moved on to other pursuits."

Jackson now lists himself as an independent consultant, via his Firebreak Partners firm.

The Move

This is a negative development for Vidsys, whether Jackson was forced out or quit. Given how Vidsys has handled the departure, it would appear to be on bad terms, as typically smooth transitions provide public accolades to the outgoing CEO and time to organize a replacement.

Vidsys Future

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The PSIM market has struggled as a whole. Even Vidsys' own estimate of the PSIM market size was just $200 million for 2014, with 20% future annual growth rates.

However, Vidsys did receive a relatively huge $15.6 million VC fund raising in 2013. Overall, the company has raised more than $30 million, including a $10 million raise in 2007.

On the plus side, the company still should have some funds available from the 2013 raise. The downside is that the market is tiny, especially compared to the amounts investors have put into the company.

Now to a lose a CEO who had deep understanding and connections to the US government will make it even more challenging for Vidsys.

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