INDIGOVISION has appointed technology expert George Elliott as its new chairman.
Mr Elliott is currently chairman of growing healthcare technology group Craneware and formerly served as chief financial officer of Wolfson Microelectronics.
He will join the board on June 1 and will replace Hamish Grossart as chairman from July 1.
Mr Grossart announced in April that he would step down as chairman after 20 years. He said: “[Mr Elliott’s] extensive experience and track record of delivery for shareholders within the technology sector mark him out as having ideal credentials to guide the executive management team in growing the business further, and in unlocking the value potential built within IndigoVision over the last twenty years.”
Since posting a positive trading update on May 18, IndigoVision’s share price has climbed 44 per cent to 255p, but is still far shy of previous highs.
Under the leadership of its founder Oliver Vellacott, the company’s share price peaked at 1007.5p in February 2007. In 2011, Mr Vellacott, backed by Scottish Equity Partners, lost a battle with Mr Grossart to take the company back into private ownership, leading to his departure.
Mr Vellacott was replaced by then finance chief Marcus Kneen, who remains chief executive.
He said Mr Elliott’s experience and skillset meant he was always the frontrunner to replace Mr Grossart.
“He’s got a fantastic track record, he’s very capable and if you look at his career he’s had such a variety of positions, he’s run sales teams, he’s run operations, he’s been CFO, a CEO, he’s got good pedigree,” said Mr Kneen.
Mr Elliott was appointed chairman of Craneware in 2007. The group provides billing software solutions for US healthcare institutions. In its last financial year it made a pre-tax profit of $13.9m on revenue of $50m.
He also chairs the board of equipment testing firm Calnex, Cooper Software, an enterprise and business intelligence consultancy and Optoscribe, a developer of 3D waveguide solutions for the data and telecommunications industries.
And he is a non-executive director at venture capitalist Par Equity, which focuses on start-ups with high-growth potential.
He was previously chairman of Cupid, the online dating group which was listed on the alternative investment market, before the company succumbed to the pace of change in the industry, leading it to sell off its dating assets in 2014 and become an investment vehicle.
From 2000 until 2007 he served as chief financial officer of Edinburgh-based Wolfson Microelectronics, then a UK-listed global provider of semiconductors to the consumer electronics market.
Mr Kneen said Mr Elliott’s experience with US-focused Craneware is of specific interest to IndigoVision, which last month identified the US has a key area for its growth.
“That’s where we’re making a big push on technology, understanding the US market, and it’s all part of the same theme,” said Mr Kneen.
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