Companies progress forward by maintaining stability yet occasionally instituting dynamic change in leadership. Kabam, a major player in the social gaming space, announced Steve Klei will be assuming the role of Chief Financial Officer. At a time when social innovation is gripping tightly on the gaming industry, Kabam is making big plays in their growth as a company. More after the jump.
Steve Klei held his last position at Jigsaw where he presided over its acquisition by giant social enterprise Salesforce.com for $175 million. To put it bluntly, Klei is a man who understands the finance game. We covered Kabam’s inheritance of $85 million from Google’s venture arm. After managing the Jigsaw acquisition, Klei will be managing the $85 million to oversee growth. Other than the hiring of new talent and possibility of future acquisitions, a large chunk of the funds will most likely be allocated towards Kabam’s expansion into Asia.
“Steve Klei is a world class CFO, and adding his fiscal leadership will strengthen our executive team as we move our business to the next level,” said Kabam CEO and co-founder Kevin Chou. “Steve’s proven expertise leading corporate financial operations and scaling large, high growth companies from startup through IPO makes him the perfect fit for Kabam as we build and expand our operations.”
With 25 years of professional financial and executive experience, Klei has spent the last 15 years as CFO for several different SaaS companies. Jigsaw, for example, tripled its revenue, one of the largest revenue multiples in the SaaS industry. With a data-center being built in Las Vegas to support heavily increased bandwidth, Kabam is situating itself for large market share capture.
Klei comes to Kabam at an interesting point in time as the mid core gaming giant has signed a deal with Paramount Digital Entertainment recently to bring The Godfather: Five Families (movie franchise) into the world of synchronous social gaming, placing a bet on branded IP games.
Some reported facts about Kabam courtesy of Appdata:
• MAU of 8,777,052
• Over last 7 days, MAU has risen by 101,847
• DAU of 1,066,384
• Over last 7 days, DAU has risen by 36,631
• Dragons of Atlantis is Kabam’s top ranked app with an MAU of 3,974,642
• Kingdoms of Camelot (IGN’s best voted Facebook game of 2010) is currenly
ranked 3rd with an MAU of 1,269,256
I’m going to be paying close attention to Kabam and its future endeavors. To appoint a man such as Steve Klei as CFO, it is expected that the company will be managing a significant sum of resources to produce exciting innovations. For more information, check out Kabam.