Tuesday, December 17, 2013

Evernote CEO not excited to go public

Evernote's Phil Libin more excited about selling branded stuff, reviving wooly mammoths than going public



David Paul Morris/ Bloomberg
Evernote CEO Phil Libin said at the Le Web conference in Paris on Tuesday that the company's new merchandise market hit $1 million in revenue in just a month, much faster than either its premium or business note storage businesses did.
Senior Technology Reporter- Silicon Valley Business Journal
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Evernote CEO Phil Libin has never hidden his reluctance to go public and it appears selling scanners and backpacks may help him delay an IPO a while longer.
Libin on Tuesday told a crowd at the Le Web tech conference in Paris that the new Evernote Market introduced in the fall hit $1 million in sales in its first month by selling co-branded products like Post-It Note holders and striped "business socks."
That compares with the 16 months it took the company to bring in its first million in sales on premium versions of its core business of storing notes online where they can be accessed across different devices.
It took five months to hit $1 million in sales on the Business version of that core product after it launched last year.
Evernote Market accounted for nearly a third of the company's revenue last month, Libin said, compared to 61 percent from premium subscriptions and 9 percent from business subscriptions.
The top three Evernote Market sellers are Fujitsu Scansnap scanners, Jot Script Stylus tablets and Triangle commuter bags.
Libin told the crowd that this has given him a new way to make money from all of the free users of Evernote.
That may buy him some time to put off the IPO that Libin says he feels a moral obligation to do, maybe two or three years from now.
Meanwhile Libin can sell stuff that may wear out before be rings an opening stock exchange bell.
It's just another stop on the way to building that 100-year company he talks a lot about creating.
"I want the universe to notice I lived in it, and this is a cool way to do it," CNET quoted Libin as saying.
He also talked a little about supporting the Long Now Foundation, which wants to bring wooly mammoths back from extinction by rebuilding them from their DNA.
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Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.


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