IPO-bound Hubspot, a marketing automation software maker, is losing two of its top people. David Cancel, chief product officer and Elias Torres, a VP of engineering — are leaving the company. Or as Hubspot prefers to say — they are graduating. The news was disclosed in a blog post by Hubspot CEO Brian Halligan on Tuesday.
Going forward, Eric Richard will run engineering and Hubspot veteran Brad Coffey will take on product direction, development, and packaging, according to Halligan (pictured above.)
Cancel and Torres joined Hubspot in June 2011, as part of Hubspot’s $20 million acquisition of Performable, which was building a marketing automation product. Hubspot insiders credit that acquisition — and Cancel and Torres’ work — with saving the company’s bacon.
But now, Cambridge, Mass.-based Hubspot is in a sticky situation again. In the spring of 2011, it took in a $32 million investment round including money from Salesforce.com. A year later, Salesforce.com turned around and bought ExactTarget, a Hubspot competitor, for $2.5 billion. In the past two years, many other marketing automation companies have been snapped up by Adobe Systems, IBM, and Oracle, which are all building out marketing automation suites of their own. Marketo went public last year and Hubspot is one of the last independents standing.
An IPO was anticipated this year, but it can’t be a ton of fun to tell potential investors on a road trip that two of your top tech people are hitting the road.