News Byte: RadiumOne Hires Westly as IPO Looms
RadiumOne today announced that ex-controller of the state of California Steve Westly would be joining its board of directors. An original executive at eBay and a former director at Netcom, Westly is an influential player in tech industry circles whose arrival at the online ad company signals its rumored IPO may be close at hand.
“Steve is one of the biggest power players in the valley,” says RadiumOne founder and CEO Gurbaskh Chahal. “He can get us in front of the who's who of Silicon Valley.”
The company, which provides marketers with analytics tools that generate data for targeting ads, is said to have shown a profit in the neighborhood of $100 million this year, making it unusual among recent tech startups that go public while mired in red ink. Chahal wouldn't confirm the number, but did say the company, founded in 2009, showed a profit in Q3.
“I think too many tech companies go for too much funding and then it's hard for them to reach profitability,” says Chahal. “The average funding is in the $75-$100 million range. We raised only $33.5 million.”