Acquia Inc. had hired a chief financial officer to begin discussions with banks for its proposed initial public offering (IPO).
According to Acquia CEO Tom Erickson, the IPO would come as soon as the second half of 2014. The company had hired Dennis Morgan to help arrange Acquia's IPO. Morgan was the Chief Financial Officer at Buddy Media Inc. who helped arranged a USD736 million sale to Salesforce.com Inc. the previous year. Dennis Morgan started his post at Acquia today.
Acquia generated a total of USD45 million in 2012 and had expected to increase by 50% this year. The prediction came from the CEO of Acquia. Erickson also said that the company had to release products and wait for its new CFO to be settled at the firm before selecting banks for the IPO.
Erickson said, "We've been doing a lot of circuits, going around to meet banks and public-company investors." "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," he added.
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