May 8, 2019 (Saskatoon, CANADA) – Vendasta is pleased to announce the appointment of Richard Cheung as Chief Financial Officer of the company.
Cheung is a seasoned C-level executive with broad financial and operational experience in a range of high-growth, venture-funded, and early stage companies through to NASDAQ listed public companies. He has previously held the role of CFO at Vancouver-based TIO Networks Corp. which was sold to PayPal, Inc. for $305 million in 2017, and also served as Vice President of Business Development for Fusemail, a subsidiary of j2 Global, Inc.
“It is important to be part of a company that serves a large market, and also has a great corporate culture and strong leadership team. That’s what I’m finding in Vendasta,” said Cheung. “We’re positioned for enormous growth and are now building a foundation that will allow the business to scale to more than a $100 million annual run rate, which will make us a significant player in the digital marketing space.”
“Our current growth trajectory requires the skills and experience that Richard brings,” said Vendasta CEO Brendan King. “As we grow through $100 million, we will benefit greatly from his experience and knowledge in fundraising, public markets, and acquisitions. We are ecstatic to have him on board.”
Small and medium businesses are shifting to software as a service (SaaS), creating a $72 billion market in North America by 2020, according to a joint report by Google and Accel Partners.
Vendasta enables anyone selling products and services to small and medium businesses to transform into a SaaS cloud broker, unlocking monthly recurring revenue opportunities. The Vendasta platform allows small businesses to easily purchase, access, and use SaaS products in an affordable, accessible way on any device at any time.
“The evolution of Vendasta’s Platform will lead to enormous benefit for our company, as well as our vendors, our partners, and the SMBs they serve,” said Cheung. “We’re helping build trust for our partners because their SMB clients know they can access, select, and purchase ‘best of breed’ solutions from a trusted source: their cloud broker. I’m looking forward to being part of this vision.”
Cheung begins his role as Vendasta CFO immediately.
Vendasta provides an end-to-end e-commerce platform used exclusively by companies who sell products and services to small and medium businesses – including agencies, broadcasters, publishers, banks, telecoms, and more. Through the Vendasta Platform and its wholesale Marketplace, the SMB-serving companies become cloud brokerages, generating recurring revenue through the sale of SaaS productivity and marketing technology solutions. They are able to instantly provision, market, sell, deliver, bill, and provide reporting for their SMB clients. In turn, SaaS vendors and developers of SMB products receive access to Vendasta’s 1.75 million SMBs through its 10,000 cloud broker partners. The company has been named one of the 50 fastest growing technology companies in Canada and one of the top 500 fastest growing companies in North America by Deloitte. It has also been listed on Canadian Business Magazine’s Growth 500 for three consecutive years. For more information, visit www.vendasta.com.
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