Tim Cadogan, the CEO of OpenX, declined to rule out filing for an IPO, saying that “it could be a good step.”OpenX supplies platforms for web publishers to optimise ad revenue from networks, real-time bidding exchanges and premium sales. Three of his big publisher clients include Vox, SouthWest Airlines and Realtor.com (Business Insider has also been a client in the past).
Over a lunch with Business Insider, Cadogan confirmed that the company has continued to be profitable since he last gave outsiders a peek at his financials. In Q4 2011 he reported an annual revenue run rate of greater than $100 million, and that OpenX was profitable. That one-off note was interpreted by many as testing the water for an IPO, but Cadogan hasn’t added to it since.
Now, Cadogan says, “we’re well ahead of that today … and we’ve continued in that vein.”
Cadogan’s strategic problem is that he needs enough capital to expand in foreign markets and to acquire the businesses he needs to acquire. Selling shares to the public, obviously, would do that.
“That’s another step on the capital trail,” he says. “It’s tough. We don’t foresee needing that capital, but it could be a good step. … Come back to me next year!”
He ruled out being acquired by another company, saying he would prefer to continue getting “bigger and bigger.”
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