A day after it filed documents with the Securities and Exchange Commission to introduce an IPO, Vonage Holdings Corp. on Thursday announced it has named a new CEO.
Vonage hired Michael Snyder, who comes to the company from ADT Security Services Inc., where he served as president from 1997 to 2006. He will begin work at Vonage on Feb. 27. Vonage said, in addition to his position as CEO, Snyder will sit on the board of directors.
Vonage founder and board chairman Jeffrey A. Citron will continue in that role, as well as become the Internet phone companys chief strategist, meaning he will oversee strategic technology matters, employee culture and public relations.
Now with Mike on board, I can get back to working on what I love: the go-to-market strategy for products, technical vision and core values of the company I founded over five years ago with four engineers and a folding table, Citron said in a news release.
That go-to-market strategy includes the IPO, for which Vonage hopes to get $250 million. Vonage yesterday owned up to a number of risk factors for investors eyeing the IPO. In its SEC filing, the company which recorded nearly $189.6 million in losses during the quarter ending Sept. 30, 2005, on $174 million in sales said risks stem from factors including its history of net operating losses and need for cash to finance growth; the competition it faces from companies with more money; uncertainty regarding the regulation of VoIP services; system disruptions or flaws in technology; and its ability to manage rapid growth.
Vonage Holdings Corp. www.vonage.com