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In The Run Up To An IPO, New Relic Appoints Financial Whiz To Board

Jan 8 2014, 12:35pm CST | by , in News

In The Run Up To An IPO, New Relic Appoints Financial Whiz To Board
Photo Credit: Forbes
 
 

Maybe it’s just the cool-factor of a startup named by an anagram of its founders name but title="New Relic">New Relic, the high-aiming software monitoring company, just keeps gaining attention. Its founder and CEO (and said donator of the letters for the anagram-name), Lew Cirne, is a well respected executive and a refreshing voice on social media. He’s also an interesting mix of business and technology and still takes time out for intensive week-long coding retreats – it’s rare for a “grown up” startup CEO to be that hands-on in the code.

Anyway, New Relic has for some time been rumored to be eyeing up an IPO sometime this year. That predication looks even more likely as the company has just announced the appointment of Sarah Friar, current CFO and Head of Operations at Square, to join its board. Friar was previously head of finance and strategy at Salesforce.com and in an example of “it’s who you know as well as what you know” – at Salesforce she worked with Hilarie Koplow-McAdams who is the newly appointed Chief Revenue Office at New Relic.

Friar is the second independent board member at New Relic, a strong indication that an IPO is imminent but the ever-cool Cirne is downplaying the imminence or otherwise of a listing.

New Relic gained significant attention when it appeared in a progress report about problems and solutions to the US healthcare.gov website – a handy bit of attention for a company that is trying to redefine what software monitoring is all about. In doing so it seeks to displace incumbents such as BMC, CA Technologies, Hewlett Packard and IBM while at the same time watching for new players such as AppDynamics and ThousandEyes.

New Relic has raised $175 in funding and reports that is will hit $100M in revenue (the magic figure for a US IPO) this year. This year looks to be a big one for the company, which might just hamper Cirne coding retreat opportunities. A fair sacrifice to make for a successful IPO though I guess?

Source: Forbes

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