Troubled flash storage vendor Violin Memory (s vmem) has a new president and CEO, just months after a lackluster IPO and an ensuing scandal that resulted in the termination of its previous CEO and the departure of multiple executives. The company’s new leader, Kevin DeNuccio, has led infrastructure companies before, mostly in the networking space. He was CEO of a privately held London-based company called Metaswitch Networks, and before that was president and CEO of Redback Networks when Ericsson acquired it in 2006.
Violin Memory Chief Operating Officer Dixon Doll, Jr., resigned just weeks after the resignation of CTO Jonathan Goldrick and termination of CEO Don Basile. The company hopes new leadership can get it back on track.
The VC arm of the enterprise software giant now has $1.4 billion under management. It claims both independence from its parent company — while also preserving tight ties to it.
Shares of Violin Memory stock closed their first day of public availabiity at $7.02, down 22 percent from the morning’s initial asking price of $9 per share. However, CEO Don Basile is confident the market will come around in time.
It might have priced in the lower range of its purported value, but enterprise tech stocks have done pretty well recently and Violin has been one the bigger companies in a red-hot flash market. More interesting in the long run might be how Violin’s IPO affects — or is affected — by planned IPOs for smaller flash vendors like Pure Storage and Nimble Storage. Expect an update on the Violin public offering on Friday.
Virident, a maker of server-side flash storage, like Stec before it, will become part of Western Digital’s HGST subsidiary.
Violin Memory has filed for a $173 million initial public offering, although it did so without much of the hype traditionally associated with Violin news. The company is on pace for $100 million in revenue this year, but it’s now part of a crowded flash market.
Storage heavyweights EMC and NetApp trailed behind relative newcomers last year in the market for solid-state drives, and Google is sourcing its flash supply independently, too.
Startup has also updated its core FlashArray product with always-on, data-at-rest encryption for the security-conscious accounts it hopes to entice.
The self-proclaimed VMware of server-side flash now has more money to build out enterprise-class sales and marketing staff and to add features to its software.