Bengaluru-headquartered mobile ad-tech firm InMobi has appointed investment banker Marc Steifman as its chief financial officer (CFO), nearly two years after the post fell vacant.
In a statement, InMobi said Steifman will be part of the executive leadership team and report to founder and chief executive officer Naveen Tewari. Steifman will work out of InMobi’s office in San Francisco.
“The depth and breadth of his [Steifman’s] expertise will bring in the financial efficacy that InMobi currently needs, while we continue to scale up at exceptional speed,” Tewari said.
Steifman was most recently the managing director and co-head of Piper Jaffray’s Technology Investment Banking Group.
“Finance and business growth have a symbiotic relationship, and I’m thrilled to architect the current inorganic expansion plans that are underway here,” Steifman said.
Before Piper Jaffray, Steifman was managing director at Jefferies and Co. and Bear Stearns. He also served as vice-president at Prudential Securities.
Steifman’s appointment comes three months after InMobi had appointed former Flipkart executive Ravi Krishnaswamy as its new chief technology officer.
InMobi, the first Indian startup to be valued at $1 billion, has witnessed a series of top-level exits of late. Two co-founders left the company, with Amit Gupta stepping down last November to start his own venture. Co-founder Mohit Saxena, who was chief technology officer at InMobi, had resigned in June.
And in October, VCCircle reported that the company had lost its chief marketing officer Arun Pattabhiraman.
Steifman’s predecessor, Manish Dugar, had resigned as CFO n May 2016 to join healthcare services provider Practo.
Founded as mKhoj a decade ago, InMobi primarily earns from targeted advertisements on mobile apps of partner publishers. It gets revenue each time an end-consumer clicks an ad or downloads the subsequent offering.
VCCircle had recently taken at an in-depth look at InMobi’s financials.
The revenue of InMobi Pte. Ltd – the holding company registered in Singapore – dropped to $280 million in the financial year 2016-17 from the $283 million it reported in the previous fiscal, according to ACRA, Singapore. It recorded a $12.7 million loss in 2016-17.
The company claims that it has been earnings before interest, taxation, depreciation and amorization (EBITDA) profitable since June 2016.
Last week, InMobi acquired Los Angeles-based AerServ, which deals with inventory and audience monetisation technology for mobile publishers, for $90 million (around Rs 574 crore) in cash and stock.
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