UltraDNS Brings in New CEO, Lays-off 42
Page 1 of 1
San Mateo, Calif.-based UltraDNS Friday called in new executive management and laid-off 42 employees in a drive to move the balance sheet into cash-flow positive territory by November.
On the advice of departing Chief Executive Officer Steven Kalman, the company brought in Ben Petro, formerly the company's chief marketing officer, to fill the top executive role. Petro joined the company last year from a position as vice president of Marketing at Atlanta-based Edge Connections. He was previously director of Marketing for Logix Communications.
The layoffs leave the company with 25 employees, and, contrary to rumors, the company is not angling to sell itself.
"They're not in any type of sell mode," said company spokesperson Felicia Jacks. "They have $28.8 million in the bank and should be cash-flow positive in November of this year. There's no plans for additional layoffs."
Petro was brought in to streamline the organization and help it capitalize on the $25 million of Series B funding the company received in January.
"Our mission at UltraDNS is to lead the way in performance and reliability for directory infrastructure and managed DNS services," Petro said. "Our focus remains on building the most robust network of worldwide fail-over servers for directory services. In addition, a streamlined organization will enable UltraDNS to better meet the needs of customers in today's dynamic Internet and telecommunications market."