ASX-listed Megaport (ASX:MP1) has appointed Tim Hoffman in a newly created role as its chief technology officer (CTO).
October 1 is his first day in office where he will be responsible for managing product, procurement, network operations and architecture, and software development. He will report to CEO, Vincent English.
Hoffman has spent nearly a decade in building telecommunications networks in New Zealand and in the past three years, he worked at Twitter, where he was leading teams to scale large content distribution networks and backbones as well as global data centres.
“His tenure with Twitter enabled him to design a network that could deliver exponential growth,” English said. “In the last year, Megaport has experienced record revenue growth of 298 per cent, strong product and service uptake, and has expanded its global footprint. Tim’s experience within the industry aligns with Megaport’s trajectory, and will be invaluable to future growth initiatives.”
Despite its revenue growth, Megaport also reported a net loss after tax of $29.9 million for the 2017 financial year.
Some of the loss was a result of the company’s direct network costs for the year, which came in at $11.25 million. It also expanded its software-defined network to key locations, and executed partnerships with Oracle Cloud and Alibaba Cloud.
In June, Megaport raised $27.8 million in new capital that will be used to fund the company’s North American and European network-related capital expenditures, ongoing operating costs and new product initiatives.