Envivio announced today that it has shaken up its management team, bringing in a new CFO and COO to help lead the company, while also raising an additional $15 million in new financing.
Envivio, which provides encoding and transcoding technology for media companies and large service providers, said it closed $15 million in new financing from existing venture capital investors and banking sources. The mezzanine investment is a mix of $7.5 million in venture financing and a $7.5 million line of credit.
In addition to the financing, Envivio says its Chairman of the Board, Gianluca Rattazzi, will take a closer role in the management structure, taking on the title of executive chairman and helping to lead corporate and business development. The company has also hired new senior management members, bringing in finance veteran Erik Miller as its new CFO and Kevin O’Keefe as its new COO. They replace former CFO John McAdoo and COO Rich Stanfield, who were brought on board less than two years ago when Envivio last raised capital.
The company’s last financing round came in September 2008, when it raised $25 million in a funding round led by Harbourvest, Atlantic Bridge and Samsung Ventures. Crédit Agricole Private Equity, Crescendo Ventures, Innovacom (France Telecom), Harbinger Venture Management, Intel Capital, NTT Finance, Saints Capital, Sigma Designs and Solidarity Fund QFL have also invested in the company. Altogether Envivio has raised approximately $72 million since being founded in 2000.
Despite the management shakeup, Envivio appears to be doing well; it says sales have grown more than 100 percent year-over-year, driven by increased need for multi-bit rate encoding solutions. It says it’s involved in new service offerings and trials with the five top cable providers in North America, while also expanding its business with channel partners such as Ericsson in North America and Europe, Huawei in Asia and the Middle East, and SeaChange in the U.S. and other international markets.
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