Rumors abound that Open Text exec Sujeet Kini will take the Hootsuite’s CFO position. This comes before the company’s expected IPO in Canada. Kini previously worked for Open Text Corp, one of Canada’s largest public companies. Hootsuite was searching for a CFO for most of the past year, a crucial step to launch an IPO.
Hootsuite Sees Tremendous Growth From 2011-Present
Hootsuite is a social media management platform for small, medium, and as of 2015, enterprise sized businesses. The platform manages social networks, connects marketers with audiences, and measures ROI. The scalable platform is one of many emerging SaaS (Software as a service) start-up companies. The company reached its 2 million user milestone in 2011, and has continued to grow since. In 2013, the start-up saw over 300% revenue growth and ended the year surpassing 7 million users. To date, Hootsuite has more than 10 million users and has made 9 acquisitions, including Brightkit, uberVU, and TwitterBar. Hootsuite has raised more than $250 million in financing and works with some of the top Fortune 500 companies.
Hootsuite Will Follow in the Footsteps of Shopify
Hootsuite can be compared to a similar SaaS platform, Shopify, in both its origins and trajectory. Both companies are based in Canada (Hootsuite in Vancouver and Shopify in Ottawa) and are touted for strengthening the Canadian technology sector. In May of this year, Shopify successfully launched an IPO. Officials have been hoping Hootsuite will follow in Shopify’s footsteps and expect Hootsuite to launch an IPO sometime next year.
Hootsuite CEO Ryan Holmes confirms, stating that he wants to “get the company in a fantastic position to put out the offering. He claims the company is facing a “massive appetite” from investors. However, in order to launch an IPO, Holmes expressed the company’s desire to hire a “world class” CFO. The search for a tech-oriented CFO who could take the company public spanned most of 2015.
Hootsuite CEO Won’t Give a Solid Answer
Though Holmes declined to comment on whether or not they officially hired Sujeet Kini during an initial interview, the evidence speaks for him. Kini’s previous employer, Open Text, reports that Kini resigned from the company “in order to accept the position of chief financial officer of a private Canadian social media company.” Hootsuite’s need for a talented, tech-oriented CFO, and Kini’s coincidental resignation from Open Text, seems an obvious answer.
Update: Hootsuite has hired as their new CFO, Sujeet Kini in Oct. 2015.
This article has been updated. The original article incorrectly stated Hootsuite being based in Ottawa. Also, the article has been updated to reflect the hiring of the new CFO in Oct. 2015.