Ooma Announces Upcoming Departure of CFO Ravi Narula
Ooma, Inc. (NYSE: OOMA) announced that CFO Ravi Narula will resign in the second half of Q2 fiscal 2022, ending July 31, to pursue other opportunities. Namrata Sabharwal, current VP and Corporate Controller, will assume the role on an interim basis. Narula joined Ooma in 2014 and contributed to significant revenue growth and the transition to a public company. Ooma reaffirmed its fiscal 2022 guidance and plans to report Q1 results on May 27, 2021. Ooma focuses on smart communications for businesses and consumers through its cloud-based platform.
- Ravi Narula contributed to significant revenue growth since 2014.
- The company has a smooth transition plan in place with Namrata Sabharwal stepping in as interim CFO.
- Ooma reaffirmed its previously issued fiscal 2022 guidance.
- Ravi Narula's departure may create uncertainty during the transition period.
Ooma, Inc. (NYSE: OOMA), a smart communications platform for businesses and consumers, today announced that Ravi Narula intends to step down from his position as chief financial officer and treasurer in the second half of the Company’s second fiscal quarter, ending July 31, to pursue other opportunities. Ms. Namrata Sabharwal, vice president and corporate controller, will assume Mr. Narula’s responsibilities on an interim basis upon his departure.
“We have made tremendous progress in developing and expanding Ooma since Ravi joined the Company in 2014,” said Eric Stang, chief executive officer of Ooma. “We thank Ravi for his many contributions, especially in shepherding our efforts to become a public company and in helping to drive revenue growth. The management team and board of directors of Ooma join me in wishing him well in his future business pursuits. We anticipate effecting a smooth transition over the next few months.”
“It has been a privilege to work with Eric and the entire Ooma team,” said Narula. “While stepping down was a tough decision, and one based solely on personal reasons, I believe in the strength of Ooma’s business and am confident the company is well positioned for future growth under Eric’s leadership.”
Sabharwal joined Ooma in March 2015 as director of SEC reporting and SOX, has served as Ooma’s corporate controller since April 2016 and was promoted to vice president in September 2016. Prior to Ooma, she served as assistant controller and senior director of finance at Gigamon.
Narula and Ooma intend to enter into a consulting agreement that would become effective upon his departure to assist in the transition of his successor.
Fiscal 2022 Outlook:
The Company is reconfirming its previously issued guidance for the first quarter of fiscal 2022 as well as for the full 2022 fiscal year. The Company plans to report results for the first quarter of fiscal 2022, ending April 30, on May 27, 2021.
About Ooma, Inc.
Ooma (NYSE: OOMA) creates powerful connected experiences for businesses and consumers, delivered from its smart cloud-based SaaS platform. For businesses of all sizes, Ooma provides advanced voice and collaboration features that are flexible and scalable. For consumers, Ooma’s residential phone service provides PureVoice HD voice quality, advanced functionality and integration with mobile devices. Ooma’s innovative smart security solution delivers a range of wireless security sensors that make it easy for anyone to protect their home. Learn more at www.ooma.com or www.ooma.ca in Canada.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. In particular, the Fiscal 2022 outlook and the statements regarding future performance, expectations and objectives of management constitute forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical facts and generally contain words such as "believes”, "expects”, "may”, "will”, "should”, "seeks”, "approximately”, "intends”, "plans”, "estimates”, "anticipates”, and other expressions that are predictions of or indicate future events. Although the forward-looking statements contained in this press release are based upon information available at the time the statements are made and reflect management's good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from anticipated future results. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.
The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the SEC, including the risk factors contained in our quarterly report on Form 10-K for the year ended January 31, 2021, filed with the SEC on March 7, 2021. The forward-looking statements in this press release are based on information available to Ooma as of the date hereof, and Ooma disclaims any obligation to update any forward-looking statements, except as required by law.
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