Undertone CEO Michael Cassidy will become chairman of the premium ad network’s board and COO Corey Ferengul will succeed him as CEO, the company said. Undertone’s employees — about 300 of them worldwide — were told the news at midday today.
The move is not a total shock: Cassidy has been at the helm of the company since 2001. But it is interesting because Undertone is rumoured to be preparing itself for an IPO. With estimated revenues of $US200 million, Undertone was No.10 on Business Insider’s ranking of hottest adtech startups. The company also says it is profitable. It has taken a total of $US40 million in funding since its founding. The most recent round came in 2008 and it has not taken new funding since then — which is a clue that suggests the company has been running on its own revenues for a long time.
Ferengul joined the company in 2013. Formerly he was EVP/product management and strategy at Rovi Corp., a digital entertainment audience analytics and interactive guide menu company. If you want to read the tea leaves here, Rovi is a public company and Undertone now has a new CEO with experience inside a public company — which increases the speculation that Undertone may be girding for a big exit. (The company said nothing about that idea today, however several months ago Cassidy did suggest that 2014 could be the year for an Undertone IPO.)
Here is the press release:
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