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May 17 2012

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New Aconex CFO

Melbourne, Australia-based SaaS construction collaboration technology provider Aconex has announced the appointment of a new chief financial officer, Steve Recht. The news release says Recht has 30 years’ operating and finance experience as a CEO, COO and CFO for venture-backed private and public companies. Aconex CEO Leigh Jasper comments:

“Aconex is approaching the end of a record financial year and is positioned for significant continued growth…. Steve has uncommon breadth of experience in software, e-commerce, hardware and manufacturing, extensive knowledge of M&A, and a track record in leading companies to success in public and private markets. All of this made him an ideal candidate to join us.”

Steve Recht, CFO, AconexOn Linkedin, the San Francisco-based American highlights his role as a “CFO for two IPOs and numerous venture and debt financings.” Recht (right) replaces Australian Matthew Walsh, who joined Aconex as CFO almost exactly three years ago (27 May 2009), and who I have interviewed a couple of times about the company’s financial performance.

Walsh managed a difficult period. Aconex had to weather the impact of the global financial crisis, which slowed the company’s previously stellar growth, with revenues broadly flat across each of the last three years (2009, 2010, 2011) and losses incurred as Aconex invested in expanding its north American presence.

As the focus of Aconex’s activities has become more international, and as more corporate fire-power is located in its San Francisco office, the appointment of another heavy-hitting American executive suggests the business is moving towards an initial public offering. The company was bullish in January about its prospects for the current financial year (ending 30 June 2012), and its performance this year will be closely scrutinised by existing investors and by future potential shareholders.

Permanent link to this article: http://extranetevolution.com/2012/05/new-aconex-cfo/

3 comments

1 ping

  1. aconex anon

    Hope he lasts longer than [name deleted at subject’s request] who was appointed just over six months ago, but she is already gone with very different stories floating around the business for the reasons for her departure. Lot of pressure inside Aconex to get revenues up to ready the business for IPO, but results still well short of targets and sales jobs becoming revolving doors in management’s search for quick fix solution to lack of sales growth.

  2. Aconexer

    [name deleted at subject’s request] was the real deal. Smart, experienced, energetic stop-at-nothing succeeder. She was from the big successful company world.

    Problem she hit was a very young and green Aconex CEO who saw her capability and drive as a threat – so he pushed her and her ideas out. If you’re not a sycophant to the CEO founder you’re at risk. [deleted] could have really taken Aconex forward after a few years of growth plateau.

  3. DV

    I worked with [name deleted at subject’s request]. It was to my amazement to hear she had gone to the tiny company and “opportunity” called Aconex, I guessed it must have real caught her attention.

    Then she decided to leave because Aconex was unable to appreciate her abilities and grow and stuck in its old ways. Doesn’t say much for Aconex because [deleted] was a superstar.

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    […] May 2012 – Steve Recht was appointed chief finance officer […]

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