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PointCast names CFO, weighs IPO

PointCast, a pioneering push technology company, names an executive experienced in initial public offerings as chief financial officer.

Tech Industry
PointCast, a pioneering push technology company, today named an executive experienced in initial public offerings to its newly created position of chief financial officer.

Phil Koen, who joined the company today, previously served as CFO at Etec Systems (ETEC), where he helped lead that company's IPO and two subsequent offerings.

Chris Hassett, PointCast's chief executive and president, has previously said the company may consider tapping into the public market given the right conditions.

"Koen's strong combination of financial and technology experience will be an important asset to PointCast," Hassett said in a statement. "He has an excellent track record in financial management and operations, and I expect him to play a critical role at PointCast."

Koen will oversee PointCast's financial operations and its legal and human resources departments, as well as a variety of other general business functions.

"I have a fairly diverse background and bring a variety of skill sets, one of which is having dealt with public offerings," Koen said. "But that is just one of the skill sets...When you look to hire someone, I would think you look for a blend of talents, not just one."

He added that an IPO is just one of several options that PointCast could consider in the future.

Etec's former chairman, chief executive, and president, Steve Cooper, noted Koen was instrumental in the company's IPO and secondary offerings, as well as in restructuring its financial operations.

PointCast board member Kevin Harvey, who is also a general partner with PointCast investor Benchmark Capital, said in a previous interview that the push technology firm may find the market conditions favorable for an IPO in the next 12 to 18 months. The company has financed its growth with $48 million in private investments.

The market for technology IPOs, which has loosened since it practically disappeared last July, has improved since October. The market also got a recent boost from the successful offering of Amazon.com (AMZN) and Rambus (RMBS), which soared more than 60 percent on the first trade from its initial price. Amazon.com, though, is trading near its initial offering price; Rambus is still trading more than double its IPO price.

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