When a startup co-founder steps back and appoints another to serve in his place as CEO, it’s often a signal that the startup is planning to scale — and scale big.
This could be the case with Vidyo (Hackensack), a provider of cloud-based video-conferencing software. In February, Vidyo cofounder Ofer Shapiro took that step back and the Vidyo board appointed the company’s former chief revenue officer, Eran Westman, to be president, CEO, and a member of the board. Shapiro is now vice chairman of the company he helped found.
Vidyo is a venture-backed company. According to CrunchBase, the company has raised a total of $136.4 million in 11 rounds from 14 investors.
David Maldow, of the website Let’s Do Video, wrote, “In terms of business, Vidyo has matured from a technology company in a product based market, to a leading platform provider in a service based market.”
Many industry analysts have criticized Vidyo over the years for being a round peg of technology, trying to fit into the square hole of VC [Video Conferencing] sales,” Maldow continued. “Vidyo is no longer the odd duck of the VC industry, they are now a perfect fit, with a top of the line video platform with name recognition and reputation, as service providers are looking to add video to their offerings.”