Broadcast and connected television solutions providerMedia Labs has appointed Vijay NP as its Chief Financial Officer (CFO) as the company prepares for an initial public offering (IPO) in the near future.
Vijay will help steer Amagi's merger and acquisition activities, bring in operational excellence, as well as help it to scale to go public, the company said in a media release.
Before taking up this new role, Vijay served as the CFO of Amazon Web Services for the Indian and the ASEAN markets. He has over a decade's experience in finance, strategy, and operating roles in General Electric across businesses and geographies.
'œHaving raised $100 million from General Atlantic in our latest funding round, we feel the need to have an experienced leader at the helm of our finance function to help us develop a strategic roadmap for our IPO, said Baskar Subramanian, CEO and Co-founder, Amagi. "The breadth of Vijay's experience will be invaluable to us at this exciting stage of our growth.'
The media tech startup raised over $100 million Series F round in November 2022, including $80 million in primary capital. General Atlantic valued Amagi at $1.4 billion'”up from the billion-dollar valuation when it raised $95 million from Accel, Norwest Venture Partners, and Avataar Ventures in March last year. According to Crunchbase, Amagi has raised a total of $349.7 million in funding in over eight rounds.
The company, which was set up in 2008, exceeded $100 million in annual recurring revenue (ARR) in the July-September quarter last year. ARR is an important metric that software-as-a-service (SaaS) companies track to figure out how much revenue they can earn from the existing set of customers every year during the life of a subscription/contract.
'œI am grateful for the opportunity to lead the financial transformation for a trendsetter and industry leader like Amagi which is at an inflection point. I look forward to bringing more value to the company and playing a strategic part in shaping its future,' read the note quoting Vijay NP, CFO, Amagi.
The SaaS company provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming platforms. Amagi counts Discovery Networks, Fox Networks, NBCUniversal, Vice Media, and Warner Media as some of its clients.
(The story's headline was updated.)
Edited by Kanishk Singh