Challenges: By late 2002, more than 90 percent of WebSideStory’s revenues came from its new subscription model, but board members felt the company still was not fully capitalizing on opportunities. They began looking for a CEO who could take WebSideStory to the next level, broadening its product line from web-based analytics to a comprehensive suite of digital marketing tools—including search, web content, and keyword management modules.
Solutions: With Summit’s guidance, the board recruited industry veteran Jeff Lunsford as CEO in 2003. Under his leadership, WebSideStory continued to grow, generating $16.4 million in revenues in 2003, and $22.6 million the following year. Lunsford began preparing the company for an initial public offering (IPO)..