Monday, 14 December 2020 09:51

8x8 appoints Dave Sipes as new CEO

Dave Sipes, CEO 8x8 Dave Sipes, CEO 8x8

Cloud communications platform provider 8x8 has appointed former RingCentral executive Dave Sipes as chief executive.

Sipes was most recently COO of RingCentral, where he led go-to-market, product, and engineering and was instrumental in the 12-year growth trajectory of the company from US $10m to over US $1b in revenue.

8x8 says former CEO Vik Verma - who has retired from the board of directors - will assist the transition of Sipes to CEO in an advisory role after leading the company for seven years—through both a product and business model transformation—and building an over US $500m SaaS business, adding more than US $1.5b in market capitalisation.

Jaswinder Pal Singh will become the company’s Chairman of the Board, replacing former chairman Bryan Martin, who will continue to serve on the 8x8 board.

“8x8 is participating in one of the biggest SaaS markets today, cloud communications. We believe Dave, with his operational expertise, strong industry background, and world-class go-to-market leadership, is the right leader at the right time to fully realise our potential,” stated Jaswinder Pal Singh, 8x8 Chairman of the Board.

“We're thrilled to have Dave take the helm at 8x8 and are excited about our future. I’d also like to thank Vik Verma, on behalf of the board of directors, our 1,700+ team members and thousands of dedicated resellers, and recognise the incredible contributions and leadership role he has played over the past seven years to get us to this point.”

“I am looking forward to leading 8x8. It’s one of a select SaaS businesses to reach half a billion dollars in revenue with a strong and expanding customer base,” said Dave Sipes.

“The cloud and work-from-home are transforming business communications for every employee and customer touchpoint, and have become a critical focal point for building competitive advantage for businesses today. 8x8 is well positioned with its Open Communications Platform, which provides a wide breadth of integrated communication tools to power businesses’ critical cloud communications needs. This company has the opportunity to be central to the transformation of work.”

8x8 reaffirmed its guidance for the third quarter of fiscal 2021 ending December 31, 2020 and the full-year fiscal 2021 ending March 31,2021, that was previously provided on October 28, 2020.

Q3 and F2021 Financial Outlook: (all figures in US Dollars); Third Quarter Fiscal 2021 Financial Outlook Ending December 31, 2020:

  • Total Revenue guidance in the range of $132.0 million to $133.0 million, representing approximately 11% to 12% year-over-year growth.
  • Service Revenue guidance in the range of $124.0 million to $125.0 million, representing approximately 12% to 13% year-over-year growth.
  • Non-GAAP Pre-Tax Loss guidance of approximately $3.0 million.
  • Full-Year Fiscal 2021 Financial Outlook Ending March 31, 2021:
  • Total Revenue guidance in the range of $519.0 million to $522.0 million, representing approximately 16% to 17% year-over-year growth.
  • Service Revenue guidance in the range of $489.0 million to $492.0 million, representing approximately 18% to 19% year-over-year growth.
  • Non-GAAP Pre-Tax Loss guidance of approximately $16.0 million.

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