-Louis Summe to Transition to Vice Chairman on LiveVox Board
-Provides Preliminary Third Quarter 2022 Financial Results and Updated Full Year 2022 Guidance
LiveVox Holdings, Inc., a leading cloud-based provider of customer service and digital engagement tools, announced that John DiLullo, a 30-year technology industry veteran, has been named Chief Executive Officer of the Company, effective immediately. Louis Summe, the Company’s co-founder and CEO from 2000 to 2022, will continue to serve on the Board of Directors and become Vice Chairman, and will lead a newly-formed Product and Technology Committee.
Mr. DiLullo brings three decades of experience in networking, telecommunications, application delivery and security, including more than ten years in the contact center, telephony and workflow automation space. He most recently served as the Chief Revenue Officer of Forcepoint, where he led the Company’s worldwide sales, revenue operations, marketing and business development organizations. During his tenure, Mr. DiLullo facilitated the successful launch of Forcepoint’s cloud-native security platform and oversaw investments in the Company’s Global Partner Program. Prior to Forcepoint, Mr. DiLullo served as CEO of Lastline Security, a fast-growing AI-based Network Threat Detection company that was acquired by VMware in 2020.
“John brings a compelling mix of relevant technology and commercial industry experience, a proven track record of successfully scaling go-to-market operations and a customer-first orientation, making him the ideal leader for LiveVox as it enters its next phase of growth,” said Stewart Bloom, Executive Chairman of LiveVox. “The Board is confident that John has the right vision and expertise to support the Company’s existing customer base, expand LiveVox’s product suite to new markets and customers and maintain the Company’s commitment to consistent innovation and customer service.”
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“I am incredibly impressed by the Company’s solid foundation, the talented workforce they have assembled and the unique culture that Louis and the team have built. I am eager to help the team continue its great work and to help strengthen and expand LiveVox’s market position.”
Mr. Bloom continued, “Under Louis’ leadership, LiveVox evolved from a single point solution into a next-generation contact center platform with best-in-class product architecture; expanded its customer base into the enterprise market; and grew its product suite to include omnichannel communications and practical AI capabilities. On behalf of the Board, I want to thank Louis for his service over the past two decades, including steering the organization through the COVID-19 pandemic and spearheading its successful public listing last year. We are pleased the Company will continue to benefit from his expertise and insights as an ongoing member of our Board.”
“I co-founded LiveVox with a vision centered on creating a comprehensive, easy-to-use contact center platform designed to improve customer outcomes,” said Mr. Summe. “I am proud of the role LiveVox has played in advancing the digital transformation of contact center solutions, and am grateful to my incredible team, who helped turn this vision into a reality. We believe the Contact Center market is still in the early innings of a secular shift from on-premise call centers run by agents to cloud architecture supported by automation and digital solutions. LiveVox is well-positioned for its next chapter, with strong market leadership, industry-leading customer retention and consistent annual growth. I am confident that LiveVox is in great hands with John, and I am excited to return to my entrepreneurial roots while continuing to support the Company, particularly on products and technology, through my Board position.”
“I’m excited to be joining LiveVox at such a pivotal time. Businesses, both small and large, are rethinking how they serve their customers in these unprecedented times. Cloud-based, omnichannel and AI solutions are quickly becoming requirements as customers demand more capabilities, flexibility and improved experiences,” commented Mr. DiLullo. “I am incredibly impressed by the Company’s solid foundation, the talented workforce they have assembled and the unique culture that Louis and the team have built. I am eager to help the team continue its great work and to help strengthen and expand LiveVox’s market position.”
Prior to Lastline Security, Mr. DiLullo worked for a number of market leaders domestically and abroad, including Cisco Systems, Avaya and Aruba Networks/Hewlett-Packard Enterprise, where he served customers of varying sizes through traditional and emerging channels.
Previously, Mr. DiLullo was an Operating Partner at Francisco Partners Consulting, a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Mr. DiLullo holds two U.S. patents and is a former Stanford University Fellow. He holds a B.S. in Electrical Engineering from Villanova University.
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Preliminary Third Quarter 2022 Financial Results and Updated Full Year 2022 Guidance
LiveVox also today announced preliminary estimated financial results for the third quarter ended September 30, 2022:
- Total revenue is expected to be a record of approximately $35.3 million,
- Contract revenue is expected to be approximately $28.0 million,
- Excess usage revenue is expected to be approximately $7.3 million,
- Net loss is expected to be approximately $7.8 million, and
- Adjusted EBITDA loss is expected to be approximately $1.5 million
LiveVox also updated its previous guidance for the full year ending December 31, 2022 by:
- Reducing total revenue to $134.0 to $135.5 million,
- Reaffirming contract revenue of $108 to $109 million,
- Reducing excess usage revenue to $26.0 to $26.5 million, and
- Reaffirming Adjusted EBITDA loss of $17 to $15 million
