Intransa Lands a Third CEO

As Intransa Inc. gears up to start shipping its first product this summer, the IP storage startup has finally settled on who it wants at the helm of the company -- announcing its third CEO in the course of six months -- and has also received an additional $7 million funding (see Intransa Names CEO, Gets $7M Funding).

The San Jose, Calif.-based company said yesterday that it has appointed Avi Katz as its new president and CEO. Most recently, Katz was president and CEO of fabless semiconductor company Equator Technologies Inc. Katz replaces Paul Matteucci, who came onboard in February to replace Alan Kessler as the company's CEO (see Intransa Cranks Up IP SAN). Matteucci, who worked for Adaptec until 1995, is employed by one of Intransa's investors, US Venture Partners, to, when needed, act as interim CEO of some of the companies it funds.

The quick turnover at the top is not a sign of indecision, Katz insists, but rather a part of a very deliberate plan. "This was a very well-planned transition," he says, claiming that Matteucci came on as an interim CEO while Intransa searched for the right person to lead it to the next level. "I have the intention of being a permanent CEO."

While Katz appears to have the experience needed to help take Intransa from an initial development stage to a revenue-generating business, merger and acquisition experience also appear on his resum. Could the startup be gearing up for a takeover? Katz says that’s not on the immediate agenda. "We’re building a company to last and deliver a real legacy to the marketplace," he says, but adds, "We’ll see where it goes."

In addition to the management shakeup, the company also has lined its pockets with $7 million in funding, the final part of its Series B, following the $6 million it raised in January. That brings its total funding to date to $40 million. Participating in the latest round were existing investors Advanced Technology Ventures (ATV), Sofinnova Ventures Inc., Sofinnova Partners, and US Venture Partners, along with a large pension plan that the company wouldn't name (see Intransa Quiet on Plansa).