A week ago Dave Morton left Tesla, where he spent just one month, to become chief financial officer of Anaplan. Now he’s preparing for an IPO.
Anaplan, which makes cloud-based business planning software, filed its prospectus with the SEC on Friday. It joins a crop of enterprise software companies to hit the public markets this year, following the debuts of DocuSign, Avalara, Zuora and Domo. Elastic and SurveyMonkey are both on file.
The company’s revenue in 2018 jumped 40 percent to $168.4 million, and it reported a net loss of $47.6 million.
Considering how central a CFO is to a company’s IPO process, Morton has a huge job in front of him, and is just seven days into his new role. After his short stint as Tesla’s chief accounting officer, Morton left because executives there, including CEO Elon Musk, were not carefully considering or listening to his advice, CNBC previously reported. In its risk factors, Anaplan said, “our senior management team, including members of our financial and accounting staff, has worked at the company for a limited time.”
Anaplan’s filing says Morton has been CFO since September 2018. The company is paying him a base salary of $350,000 with a bonus as high as $245,000. He has the option to purchase 200,000 shares and was awarded 950,000 restricted stock units that are subject to vesting periods.
Anaplan says it competes with IBM, Oracle and SAP, along with Adaptive Insights, which was recently acquired by Workday. Investors include Coatue Management, Granite Ventures, Meritech Capital, Premji Invest and Shasta Ventures.
The San Francisco-based company had 1,102 employees as of July 31. Adobe, Del Monte, Dish, Sonos and United Airlines are all customers.