DigitalOcean Names Matt Steinfort Chief Financial Officer
November 17 2022 - 4:05PM
Business Wire
DigitalOcean Holdings, Inc. (NYSE:DOCN), the cloud for
developers, startups and SMBs, today announced the appointment of
Matt Steinfort as Chief Financial Officer (CFO) beginning in early
January 2023.
“We are excited to have Matt join DigitalOcean’s executive team
as CFO,” said Yancey Spruill, CEO of DigitalOcean. “His expertise
in scaling and leading early-stage, as well as multi-billion dollar
revenue businesses, is exactly the right fit for DigitalOcean as we
scale towards $1+ billion revenue and 20%+ free cash margin targets
in the coming years. Matt’s leadership, combined with his strategic
planning and capital markets’ experience, and his shared passion
for joining our values-based organization will make him a
tremendous partner to me, our leadership team, our board, and our
investors on the journey ahead.”
Steinfort comes to DigitalOcean from Zayo, a global
communications infrastructure platform with $2.6 billion in revenue
in 2019, their last year as a public company. There he held the
role of Chief Financial Officer and oversaw all financial
operations, strategy and M&A beginning in 2017. Before joining
Zayo, Steinfort founded Envysion, a video intelligence SaaS
company, where he also served as President and CEO. He has also
held leadership roles at ICG Communications, Level 3
Communications, Bain & Company, and Cambridge Technology
Partners.
“I am honored to join the DigitalOcean team,” said Steinfort.
“DigitalOcean has a tremendous market opportunity in front of it
and already has an incredible reputation both for its technology
and platform, and for its strong revenue growth and free cash flow
performance. I look forward to working closely with Yancey, Bill,
and the rest of the executive team as we continue to serve global
small businesses and march toward the goal of $1B in revenue by
2024.”
Current CFO, Bill Sorenson, announced his retirement in August.
Sorenson, who joined the company with CEO, Yancey Spruill, in 2019
and led the company through its successful IPO in March of 2021,
will remain part of the DigitalOcean team as an executive advisor
through the summer of 2023 to ensure a smooth and seamless
transition.
“It’s been a true privilege to work alongside the incredible
people at DigitalOcean,” said Sorenson. “Leading the company to
becoming cash flow positive and through a very successful IPO with
Yancey and the rest of the executive team has been the highlight of
my career. I am grateful to have had this opportunity and for my
finance team, who played a key role in our accomplishments. I have
no doubt that the company is in great hands with Matt, and I look
forward to working with him to help ensure the company’s continued
growth and success.”
About DigitalOcean DigitalOcean simplifies cloud
computing so builders can spend more time creating software that
changes the world. With its mission-critical infrastructure and
fully managed offerings, DigitalOcean helps developers, startups
and small and medium-sized businesses (SMBs) rapidly build, deploy
and scale applications to accelerate innovation and increase
productivity and agility. DigitalOcean combines the power of
simplicity, community, open source and customer support so
customers can spend less time managing their infrastructure and
more time building innovative applications that drive business
growth. For more information, visit digitalocean.com or follow
@digitalocean on Twitter.
Forward-Looking Statements This press release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements may be identified by their use of terms and phrases such
as “anticipate,” “enable,” “expect,” “will,” “believe,” “continue”
and other similar terms and phrases. The outcome of the events
described in these forward-looking statements is subject to known
and unknown risks, uncertainties and other factors that could cause
actual results to differ materially from the results anticipated by
these forward-looking statements, including those factors contained
in the “Risk Factors” section of our SEC filings. It is not
possible for us to predict all risks and uncertainties that could
have an impact on the forward-looking statements contained in this
release. The results, events and circumstances reflected in the
forward-looking statements may not be achieved or occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20221117005376/en/
Media Contact Spencer Anopol press@digitalocean.com
Investor Contact Rob Bradley
investors@digitalocean.com
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