Acquia Hires Finance Chief as IPO Talks Begin [Aug. 26, 2013]
Acquia Inc., which helps companies manage the software behind their websites, has hired a chief financial officer and has begun talking to banks ahead of an initial public offering.
An IPO could come as soon as the second half of 2014, Chief Executive Officer Tom Erickson said in an interview. To prepare, the company hired Dennis Morgan, who was CFO at Buddy Media Inc. and helped arrange its $736 million sale to Salesforce.com Inc. (CRM) last year. He starts today.
Acquia, which gives customers easier ways to use the open-source software language Drupal, had $45 million in 2012 revenue and expects to grow 50 percent this year, Erickson said. The company still has to release products and wait for its CFO to be settled in the role before picking banks to lead the offering, he said.
“We’ve been doing a lot of circuits, going around to meet banks and public-company investors,” Erickson said. “This company has long legs in terms of where it can go. I’ve never taken a company public so I think it’s something I’d like to do.”