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.”
On 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.