Perfecto Mobile isn't exactly a household name in the Boston tech industry. But to Jim Moran, the Burlington-based company's new executive chairman, that's not a problem — "that’s the opportunity we’re going to exploit."
Founded in Israel in 2006, Perfecto provides a cloud-based mobile and web app testing platform for over 3,000 enterprise customers, including about 300 in the Fortune 1000. That's roughly triple the number of customers the company reported in February 2014, when its CEO Eran Yaniv told Boston Business Journal that the company was expecting to reach $100 million in revenue by 2016 and floated the possibility of going public.
More than three years after that statement, it's clear that the company is looking to start making noise again and potentially file an initial public offering, among other options.
"There’s so much organic growth that we’re doing to focus investing our dollars to innovate and add to our platform and drive more sales."
On Thursday, the company announced the appointment of Moran, who was most recently managing director at North Bridge Venture & Growth Equity Partners and previously held executive roles at Boston-area companies that were either acquired (Convergence Networks, edocs) or went public (Virtusa, CheckFree Corporation).
The announcement of Moran's full-time position comes shortly after the company hired Michael Carus, another seasoned executive with IPO and M&A experience, as its new CFO.
In an interview with BostInno, Moran declined to provide an update on revenue but said that the company's annual revenue had grown 35-50 percent for the last three years.
Among Perfecto's enterprise customers are Bank of America and Wells Fargo, Moran said. It also supports a number of large companies working in insurance, retail, medical and pharmaceutical industries. Using Perfecto's platform, Moran said these companies are able to integrate quality assurance and testing into the software development environment, which helps them provide apps with swifter releases and enhanced functionality.
"My No. 1 objective is to create shareholder value," Moran said. He plans to do that by tapping into his network to help the company land more deals, recruit new talent and forge new partnerships with tech companies that can resell its platform.
One thing Moran said he wouldn't be focusing on is acquisitions — a strategy some large tech companies pursue in order to launch new products and expand into new regions faster.
"There’s so much organic growth that we’re doing to focus investing our dollars to innovate and add to our platform and drive more sales," he said.
As for a potential exit, Moran echoed what Roi Carmel, Perfecto's chief marketing and corporate strategy officer, told BBJ in August and said that an IPO, M&A or raising an additional round of capital are all on the table. He said Perfecto turned profitable in the second quarter.
"If you're a company at the scale we’re at today with very solid gross margins and running profitably with a big totally address market, you’re going to have a whole variety of options available to you," Moran said.
Perfecto has raised $91 million in capital, and its investors include FTV Capital, TCV and Boston-based Globespan Capital Partners. Moran said he first learned about the company through Globespan, a VC firm Moran has invested in.
