Shortly after Avail-TVN renamed itself Vubiquity, the digital media services firm has announced that founder and CEO Ramu Potarazu will be stepping aside as chief executive to join investor Columbia Capital as a venture partner.
Potarazu will become vice chairman of Vubiquity’s board, and will assume his new roles on April 1. Vubiquity said it has initiated a search for a replacement.
In the interim, Potarazu’s duties will be handled by a group comprising Vubiquity president Doug Sylvester; CFO Bill Arendt; and chairman Phil Herget, who also is a partner with Columbia Capital.
“I’m extremely proud of the work the Vubiquity team has done over the past seven years. We’ve created not just a company, but a global market leader,” Potarazu said in a prepared statement. “This company’s best resources have been its employees and our strong relationships with a stellar roster of customers. Now is the proper time for me to take on a steward role on the board as Vubiquity moves to the next level.”
Potarazu had previously been CEO of Broadstream Communications, which merged with Syndetik and Auroras Entertainment to become Avail Media. Privately held Avail-TVN was formed in 2009 when IPTV content aggregator Avail Media acquired video-on-demand distributor TVN Entertainment. Last year, Avail-TVN acquired U.K.-based On Demand Group from SeaChange International for $27 million, after raising $100 million in new funding led by The Carlyle Group.
“Under Ramu Potarazu’s leadership, Vubiquity has grown into the global leader in the multiplatform video services space,” Herget said in a statement. “Through his hard work and tremendous energy, Ramu has led the company to a very good position in a growing and dynamic industry. He has demonstrated that he is a true entrepreneur… On a personal note, I’m also happy he will be joining Columbia Capital as a venture partner, bringing his expertise in managing and mentoring companies to our portfolio.”
Prior to Avail Media, Potarazu was president and COO of satellite services provider Intelsat. He currently serves on the Children's National Hospital Board.
Vubiquity, based in Reston, Va., manages more than 28,000 hours of video content each month, working with more than 340 content providers and 270-plus service providers. The company delivers content to providers representing more than 77 million households in 28 countries.