Money will find its way to us, he maintains
UK mobile software specialist, AppSense has put on hold earlier plans to float, with its CEO – Scott Arnold suggesting that dealing with outside investors could prove too distracting as the firm aims to double growth. The Warrington-based company, founded in 1999, has ridden on the crest of the mobile wave as increasing numbers of workers opt to operate from home, bringing with it greater risks of corporate hacking. It already boast more than 3,000 customers and six million “endpoints”, or devices managed. Its main products include DesktopNow, Mobile Now – which stems from its purchase of RapSphere – and Data Now, allowing companies to use secure online storage so employees can access data from beyond the office firewall.
But AppSense has also been changing strategy in recent years, moving away away from its roots in traditional Windows desktop management and more towards the mobile corporate environment.
But that in turn has meant turning the board on its head, with the chief executive, finance, sales and marketing directors all reported to have been replaced in recent months.
Behind the changes is thought to have been pressure from venture capitalists who, having injected large sums into AppSense, want to see a quicker return on their money.
It includes Goldman Sachs, which invested $71 million for a 28 per cent stake in 2011, though chairman and founder Charles Sharland is still said to own more than half the business.
Meanwhile new CEO Scott Arnold, who is who is based in Silicon Valley, says that while the USA remains AppSense’s biggest market, it remains strong in Europe and is expanding fast into Asia.
The company’s accounts to end of June last year showed turnover rising from £16 million to £22 million and operating profit up from £2.6 million to £3 million.
But Arnold has played down talks of an imminent flotation, arguing that earnings calls by outside investors are “no holiday.”
He is reported as saying, “I have seen a lot of companies getting focused on an IPO. What we need to do is grow the value of the business. If we do the right things we will have lots of options to get money in lots of different ways.”