Anaplan Files for IPO Just Days After Hiring ex-Tesla Executive

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Sep 14, 2018
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A week ago Wccftech.com Finance column readers will remember that we reported Tesla’s chief accounting officer had decided to depart from Tesla, the same week Elon Musk (now famously) decided to take a puff of weed on a podcast. That ex-Tesla executive, Dave Morton, has now popped up as a CFO of Anaplan, a cloud-based business planning software company, just days ahead of a planned IPO.

Dave Morton’s resignation came amid rumors that Musk “didn’t listen to his advice”.

Anaplan may not quite be a household name like competitor DocuSign, but they are growing quickly with some major customers such as Adobe, Dish, Sonos, United Airlines, and Del Monte, among others. Revenue jumped 40 percent in 2018 to over $168 million, with a net loss of $47.6 million. Anaplan has its work cut out for it with some major incumbent competitors like SAP, Oracle, and IBM, along with Workday.

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The company feels that the timing is right for an initial public offering and a company’s CFO is absolutely a critical piece to such a move, which makes it surprising that Morton ended up in the role. Imagine overseeing a public offering just seven days into the job!

While we will never know the true story unless Elon Musk decides to spill the beans, rumors swirled after Morton left Tesla that Elon, along with other Tesla executives, didn’t head his advice to not attempt to take the company private.

Dave Morton, CFO Anaplan

And the guy seems to be taking care of himself! Morton’s compensation, according to the Anaplan’s filing, is a base salary of $350,000 with a bonus as high as $245,000, along with some stock-based compensation.

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Anaplan currently has 1,102 employees and was founded in 2006. The IPO is sized currently at $100 million but that is expected to change as the number is merely a placeholder. “PLAN” is the expected symbol the company will be traded under.

 

 

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