Pulling back on innovation and growth doesn't fit the DNA of Ross Video. Private equity allows us to accelerate our investments while staying true to our mission, said CEO David Ross
By Matthew Corrigan
Published: November 26, 2024 Updated: November 28, 2024
Pulling back on innovation and growth doesn't fit the DNA of Ross Video. Private equity allows us to accelerate our investments while staying true to our mission, said CEO David Ross
target=_blank title=Share on LinkedIn class=share-linkedin> Pulling back on innovation and growth doesn't fit the DNA of Ross Video. Private equity allows us to accelerate our investments while staying true to our mission, said CEO David Ross
https://www.tvbeurope.com/business/ross-video-hope-to-bhag-private-equity-with-a-shift-in-strategy-and-ambitious-growth-plans title=Share via Email class=share-email>
Ross Video has outlined a shift in its strategic approach and announced a significant financial target for 2030.
The live production technology provider had previously announced plans to take the company into public ownership, with an IPO slated for 2025. However, CEO and majority shareholder David Ross has revealed a change in direction, signalling that the company will instead seek private equity investment to better align with the its long-term growth and innovation objectives.
The decision to switch strategy was driven by a belief that the short-term focus of public markets was potentially detrimental to the company's ambitions for sustainable expansion, said the company.
Commenting on the decision, Ross told TVBEurope, public markets reward mediocrity, explaining that the short-term public market ethos often impacted investments in innovation. We're about building extraordinary solutions and redefining industries-not fitting into a cookie-cutter mould, he added.
In seeking to boost EBITDA margins to enhance its public market valuations, Ross Video had deliberately slowed the pace of its R&D and sales investments. Frankly, that's just not me, Ross reflected. Pulling back on innovation and growth doesn't fit the DNA of Ross Video. Private equity allows us to accelerate our investments while staying true to our mission.
Ross Video also unveiled an ambitious plan to reach $1 billion in revenue by 2030. Named as the Big Hairy Audacious Goal (BHAG), the plan aims to double Ross Video's revenue over the next five years, in what the company said is a continuation of its well-established trajectory. According to the company, Ross has achieved 33 consecutive years of profitable growth, at an average of 17 per cent per annum.
A series of measures aimed at meeting this target includes expanding the workforce to between 2,000 and 2,500, with more than 1,000 employees focusing on R&D, a round of technology and talent-based acquisitions, with companies integrated into the Ross Video ecosystem and a market leadership drive, increasing its presence across the globe and raising market share of its product lines.
It's not just about hitting numbers. This is about creating better products, improving market position, and delivering exceptional value to our customers. It's a natural extension of what we've been doing for decades, said Ross.
The company is already looking for its next acquisition number 22 which, said the CEO, aims to bolster Ross Video's legacy. We've spent decades building trust, innovation, and value. The $1 billion BHAG is about taking Ross Video to the next level-not just in revenue, but in impact, he concluded.
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Pulling back on innovation and growth doesn't fit the DNA of Ross Video. Private equity allows us to accelerate our investments while staying true to our mission, said CEO David Ross
