It’s been in the air for a while, but it looks like now its set in stone. Open source document management vendor Alfresco is going for an IPO in the US and has appointed a new CEO -- former SuccessFactors boss Doug Dennerline to replace Alfresco founder and current CEO, John Powell, who will help the new CEO transition the company and then take a seat on the board in some kind of operational capacity.
John Powell, IPO
Just before making the announcement, John Powell sat down with CMSWire to explain what exactly is happening.
The first thing to note is that there is no definite date for the IPO, but according to Powell it could happen any time after a six month period once the company officially announces its intention to go that route.
The announcement that Powell is moving over -- rather than stepping down -- may be a little surprising. But taking the overall state of the information management market into account and the fact that all roads still lead to Silicon Valley, it did make sense when he explained it, even if it must be difficult to hand over the reins of a company that you have helped found.
It seems that even from the early days, he and co-founder John Newton, who remains as CTO, always considered the possibility of floating the company, so this part of it is not unexpected:
We had always thought that we would float the company at the right time on the US market… the company is still at an early stage of development and for a different type of investor is just the start of the journey…
We have been able to build a global company even though a lot of the executives haven’t been in the US… in the last five years the valley has become increasingly more clustered and not being there, I think, has been a significant disadvantage,” he said.
There you have it. It seems that to float as an IT company now, a company still has to be seen to be working out of the Valley.