Walnut Creek , CA – EVault, Inc. announced today that its chairman, Alston M. Noah, has resigned and that the board of directors has elected current board member Linwood A. “Chip” Lacy to succeed Noah as chairman, effective July 1, 2004. Noah, a co-founder of EVault, will remain a director of the company. Lacy has previously served as co-chairman and CEO of Ingram Micro, president and CEO of Ingram Industries and president and CEO of Micro Warehouse. Lacy has been an investor in EVault and member or EVault’s Board since the first venture financing in 2001.
In the fall of 2000, Noah was a catalyst in creating EVault. Noah served as its first CEO until July 2003 and has continued this last year as its executive chairman. During this time, EVault established itself as the leading provider of online backup, recovery and data protection solutions. In this period, EVault raised more than $20 million of venture capital and grew revenues from $1 million to an annualized run rate of nearly $20 million. For the quarter ended June 30, 2004, EVault achieved three key milestones: (i) another new record in quarterly revenues, (ii) a full quarter of positive net income, and (iii) its first quarter of generating positive free cash flow.
EVault marks Noah’s second successful start-up. His earlier venture, The Pinnacle Group, made Inc. magazine’s 500 fastest growing companies in the mid-1990s before he sold it to Computer Sciences Corporation in 1996. Noah resides in Athens, AL and intends to take some time off to spend with his family and then seek another venture.
“These last four years – helping EVault grow to the leadership position in the online backup and recovery space – has been another great experience for me. The 120 people working at EVault are terrific and its Board has been extremely supportive. With EVault doing so well it is a good time for me to step down and spend some time with my family and identify my next career challenge,” Noah said about his resignation. Noah emphasized, “There is still a lot of work to do in order for EVault to reach its full potential and I have total confidence in EVault’s management and the incoming chairman, Chip Lacy, to complete the job.”
Lacy’s experience includes an 11-year term as co-chairman and CEO of Ingram Micro and its predecessor company from 1985 to 1996. Ingram Micro grew from $100 million to $12 billion in revenues during this period and today is the largest technology distributor in the world. Lacy also served as president and then CEO of Ingram Industries, Ingram Micro’s parent company at the time, from December, 1993 to May 1996. Lacy also served as president and CEO of Micro Warehouse from October 1996 to November 1997. Today, Lacy is a private investor and serves on several boards of directors, including EarthLink, Inc., NETGEAR, Modus Media, SemEquip, Inc, and Ingram Industries.
Lacy commented, “Noah has been a selfless leader and really has made the right moves to launch EVault and move it forward. The entire board of directors owes him a tremendous vote of appreciation. EVault is a great company with a very bright future. I look forward to working with EVault’s management and our President and CEO, Phil Gilmour, to continue to build on the exceptionally strong base that was created on Noah’s watch.”
Gilmour stated, “Noah had the vision to put this all together and has provided us the environment in which to grow, including securing us the necessary financial resources in a very difficult capital market. On top of that, he is just a very good person – one of the best that I have had the pleasure of working with. Going forward should be interesting too – Chip is a real force. It is going to be fun. We have a great group of employees and business partners in the U.S., Canada and Europe. Most of all we have a fantastic and growing base of customers that now number in the thousands.”
For more information on EVault please go to www.evault.com.