tim_riitters_pure_storage

Pure Storage

Enterprise


Pure Storage, the fast-growing data storage startup that seems to attract investment money like a magnet, now has a new CFO to keep track of it all.

The company announced today that it has named Tim Riitters, a former finance exec at Google, as its new CFO, effective Aug. 26.

At Google, Riitters was ran the annual financial planning and budgeting processes and led the finance team on predicting revenue. Before that he ran Google’s European finance operations from its office in Dublin. Before that he worked at Siebel Systems and Deloitte.

Pure, which specializes in storage arrays based on flash memory chips instead of traditional hard disks, has been growing like crazy; its sales have consistently grown by 50 percent or more a quarter every quarter, CEO Scott Dietzen says.

So when’s the IPO? Hiring a CFO is usually a key step on the path to that process. Here’s what Dietzen has to say about that in a statement to Re/code (it’s pretty much what he’s said all along): “While an initial public offering may occur in our future and long-term independence is certainly our plan, we are already striving to run Pure like a public company today, with quarterly reporting to our public market shareholders. No doubt there is more work to be done, but rest assured we are not in a rush — frankly, there are advantages to continuing to recruit as a private company.”

In May, it raised $225 million in a Series F led by T. Rowe Price and the private equity firms Tiger Global and Wellington Management at an implied valuation of more than $3 billion. Other investors include Greylock Partners, Index Ventures, Redpoint Ventures and Sutter Hill Ventures. The round boosted its total capital raised to a whopping $470 million.



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