LAS VEGAS--KIT digital spent more than $250 million acquiring a portfolio of 14 companies in 2010 and 2011 as it built its presence in the video solutions space under the leadership of Kaleil Isaza Tuzman, who stepped down earlier this month as CEO and Monday resigned his role as chairman.
"As Kaleil's relationship with the company as an officer and director comes to an end, we want to once again express appreciation for his contributions over the years," lead independent director Wayne Walker said in a statement. "We believe in and support our management team which continues to focus on operations, cash flow growth and overall execution in what we consider to be a post-consolidation phase of KIT digital's lifecycle."
The move, KIT digital COO Alex Blum told FierceOnlineVideo, was a necessary one as the company moves forward and integrates all of its acquisitions.
"Kaleil was a visionary," Blum said. "It took vision and chutzpah to put all of this together. But now, we're in a different mode, one that's not his forte. We're moving forward and executing the next phase for KIT."
That phase, he said, doesn't likely include any more immediate acquisitions.
"Right now we believe that all of the roll up and acquisition is done," Blum said. "We'll focus more now on tucking in the corners and consolidating our road map.
That road map, he said, will include an internal and international search for a new CEO. It also should result, he said, in some major new business, including the announcement later this year of a major win in Indonesia as KIT focuses more on the "productization" of its offerings, Blum said.
But, he added, should the right opportunity present, KIT is unlikely to pass a good acquisition by.
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