Incoming Huddle CEO Morten Brøgger has revealed that he’s putting any plans of a possible IPO on hold.
Huddle, which sells its enterprise collaboration software to the likes of Nasa and Unilever, has been tipped to be the next UK tech company to go public, after raising £32 million in December and tripling its sales in 2014.
But on the topic of a possible IPO, the new CEO told Techworld: “I don’t know yet. Everyone is asking that question. I had that discussion with investors at the beginning and we have mutually agreed we’re going to put all these discussions on hold.
“It’s a tough thing to do if you’re a venture capital firm but right now it’s about taking Huddle into its next growth phase."
The Danish CEO said he wants to concentrate on growing Huddle’s sales internationally with the help of the funding it received before Christmas.
“We’re going to spend the money on accelerating our growth,” he said. “Taking the verticals, having good people develop and continue to make sure our solution remains a leading solution in the industry.
“We will use some of that money to expand into additional verticals and additional geographic markets."
Box, one of Huddle's main rivals, IPO'd on the New York Stock Exchange last Friday, raising $2.7 billion (£1.8 billion) in the process.