Sparxent Names A CFO
Back in August, a new IT services company called Sparxent was formed, with officials promising future growth through channel acquisitions in the U.S. and overseas. Sparxent has now broken its silence with the news it has hired Andrew Hyde as its CFO.
Hyde has deep experience in financial circles, having served as the first CFO of Salesforce.com, as well as 15 years in financial management at G.E. He has provided strategic and financial consulting services to a number of start-up companies, so he seems a good fit for Sparxent. He also has some chops in raising private equity funds for companies, a skill that could come in handy given the current smackdown in business lending and financing.
It's important to note if Spaxent's strategy of growth by acquiring VARs and software companies is to succeed in this environment, it is going to need new sources of financing. The company is pushing an interesting business proposition, but it's one that has become much harder to execute in the current business environment. Sparxent has a couple of acquisitions pending. but it will need more to succeed in its ambitious strategy.