CEO Joe Payne On Code42’s March To The Public Markets

Joe-Payne-HeadshotCode42 has reset the bar in Minnesota between their massive $52.5m first round in 2012 and a fresh series B of $85m announced yesterday.

Both are local tech records in their own right and the latter a huge vote of confidence for a CEO who’s officially been at the job less than three months.

Not long ago, amid these two milestones, curiosity was piqued as Code42’s internal growing pains led to some external triage.

A decision to pullout of planned relocation, the quiet resignation of cofounder + CEO Matthew Dornquast and then a President/COO departure left many questioning whether something was fundamentally off with this north star of Minnesota tech.

Then came Joe Payne — an east coast tech executive who previously sold software Eloqua for almost a billion to Oracle in 2012, merely six months after taking it public.

“On an annual return basis, ELOQ was the most successful technology IPO in history,” Payne proudly proclaimes.   The CEO who “likes doing deals and is playing for the championship,” was blessed by the board in July to best serve the interests of Code42 during this middle mile of liquidy, the explicit end game for investors and controlling owners.

Here’s what Payne had to say about the $85m of capitalization and the future of Code42: