Recently, reports came out showing the European tech giant Prosus NV (OTCMKTS: PROSF) as having channeled $1.8 billion into its new acquisition named Stack Overflow. This coverage tells quite a lot about the recent acquisition, which happens to be an online community for software developers.
Ushering in a new leader and expectations
Stack Overflow seeks to thrive in a somewhat competitive business environment, and it believes the newly appointed Matt Gallatin will help it reach its set goals. So it takes up the leader to based on his impressive track record.
Stack Exchange Inc happens to be a well-performing company based in New York, and Mr. Gallatin has worked here for several years. The leader also worked for a Calif.-based data management company called Reltio, where he served as its finance chief for about a year.
Such experience makes him an ideal candidate for the new position, in which case he succeeds Jerry Raphael. However, reports show that Raphael sent his resignation letter back in March, outlining he went for other pursuits. For instance, he planned to move out to take up the finance chief of Axonius, which happens to be a cybersecurity startup.
Steps made this far
Several venture firms are responsible for helping Stack Overflow scale higher to the heights it stands today, and some of the big names include Andreessen Horowitz and Union Square Ventures. In addition, it functions as a free question-and-answer site. It is solving the needs of a vast array of developers.
The site has made tremendous steps forward, considering that it currently manages to draw almost 100 million monthly visitors. It generates its revenues in many ways, one of those being through advertising undertakings. Reports show that it generated over $153 million before Prosus NV acquired it.