- The $1.3 billion conversational support startup Intercom has hired former Sitecore chief financial officer Dan Griggs as its new CFO.
- Griggs will help lead Intercom towards an IPO, although it’s still “a few years out.”
- In May, Intercom laid off 39 employees, or 6% of its workforce, and many of its smaller customers were impacted by the coronavirus pandemic, but Griggs says the company has seen a rebound.
- Visit Dateway’s homepage for more stories.
The $1.3 billion conversational support startup Intercom is eyeing an IPO and just hired a chief financial officer to help it get there.
Intercom announced the appointment of Dan Griggs in August, though he actually began his role in April after spending nearly six years at customer experience company Sitecore. As chief financial officer of Intercome, he’s preparing the company to go public
“We have no specific timeline — I envision it a few years out,” Griggs told Dateway. “Nothing is set in stone: We’re really focused on realistic strategic growth objectives and building a long term sustainable business.”
Griggs says the company is “near profitability” this year, but is willing to invest in areas that will help it grow — like sales to mid-market and large enterprise customers — even if it pushes the timeline for profitability back. Ultimately, Griggs expects Intercom to become profitable within the next two years.
Griggs was drawn by the team and its ‘big ambitions’
Griggs worked at the adtech company Rocket Fuel as vice president of financial planning and analysis, prior to Sitecore, where he was working when he heard about the opportunity through a recruiter. At the time, he wasn’t looking for anything new, but Intercom caught his eye. He was further drawn in my his first interactions with founder and then-CEO Eoghan McCabe, as well as Karen Peacock, who was COO at the time but became CEO in July.
“[It] really felt like there was an opportunity to make a difference here,” Griggs said. “It’s a chance to build a really great team and really take the team to the next level and help build out our infrastructure to support the scale we’re looking for.”
Griggs has already had an eventful year as he’s been tasked with navigating Intercom through the coronavirus pandemic. In May, the company laid off 39 employees, representing about 6% of its workforce. Many of its smaller customers scaled back on their contracts as they took a hit during the crisis, Griggs said.
Read more: Intercom, a $1.3 billion messaging startup backed by Mark Zuckerberg and Jack Dorsey, laid off 39 employees and is relocating 47 roles to Dublin
Still, he says the company is seeing a rebound from the initial market reaction to the pandemic from March to May.
“I’m pretty optimistic about the business,” Griggs said. “We really have a great story to tell to both customers and to the market about what we’re doing and what problems we’re solving.”
Intercom competes with other customer support companies like Zendesk, but relies on more on conversational AI, where it’s trained chatbots to interact with customers.
As CFO, Griggs plans to invest in scaling the company’s sales, marketing, and business operations, and doesn’t expect Intercom to need to raise money again anytime soon. In total, it’s raised $240.5 million at a $1.3 billion valuation, via PitchBook.
“As I think about it, we have plenty of liquidity,” Griggs said. “We’re not struggling for cash. For me, it’s really about finding that balance between profitability and growth. We have really big ambitions and have every right to believe in continued growth to our company.”
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