McDonald: ClearObject Can Now Be ‘Bolder’ and ‘Grander’
McDonald will remain ClearObject's CEO.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe founder and chief executive officer of Fishers-based ClearObject says the majority interest investment from Egis Capital Partners and ABS Capital Partners puts the Internet of Things company "more in control of our own destiny." John McDonald, who will remain the company’s CEO, says working with one equity partnership rather than several investors means ideas can become reality more quickly. It also doesn’t hurt, McDonald says, for that partnership to have "very deep pockets."
In an interview with Inside INdiana Business Reporter Mary-Rachel Redman, McDonald says the deal lets ClearObject pursue ideas that are "much bolder and much grander." He says that could include pursuing acquisitions or investing in other startups.
ClearObject was founded in 2010 as CloudOne and designs, develops and manages Internet of Things-driven products and platforms. McDonald says it was important to find an investment partner that understood that IoT is "the biggest thing since anything." He says all industries will have to embrace the technology to thrive in a data-driven economy.
The deal also involves Mike Reffeitt, previously chief business officer, taking over as president. McDonald says Reffeitt overseeing day-to-day operations will allow him to concentrate on what he considers to be his three main jobs: raising money, "hiring people that are better than me at everything," and keeping them.
ClearObject will remain based in Fishers. The companies are not releasing financial details of the transaction.