GroundWork Gets New CEO, CFO, and Cash Influx
It's been a busy couple of months for open source network and systems management software vendor GroundWork. A couple of weeks ago, the company rolled out a whole slew of updates in GroundWork Monitor 5.3, and today its announcing new company officers at the helm and a fresh round of funding from investors.
Peter Jackson has been named CEO of GroundWork, replacing company co-founder Dave Lilly who will stay on as Chief Operating Officer. Jackson is the former president of on-demand delivery solution vendor Intraware which, under his guidance, went public early this year*. Some speculate Jackson's presence at GroundWork suggests an Initial Public Offering (IPO) is in its future as well.
The Var Guy's Joe Panettieri speculates, "Even as some Wall Street indexes hit 15-year lows, GroundWork Open Source has apparently lined up more funding and seems to be plotting a long-term IPO (initial public offering) strategy with a CEO change...Jackson’s previous experience leading IPOs and selling-off companies provides GroundWork Open Source’s early investors with multiple potential exit strategies -- should the company need one."
GroundWork also announced Wendy Nieto, former executive vice president and chief financial officer (CFO) for Intraware, is taking over as CFO of GroundWork. Jackson says, "With Q408 revenues that exceeded target by 42 percent, GroundWork’s business is poised to expand in new directions. Wendy’s talents will be crucial to these efforts and I’m delighted that she has joined the GroundWork team."
GroundWork's "expansion in new directions" will be fueled by an undisclosed amount of Series D funding provided by JAFCO Ventures, SAP Ventures, Canaan Partners and Mayfield.
*CORRECTION: Intraware went public in the late 1990s and was sold in January, 2009.