Michael Keogh, who started Monday, most recently served as president of the innovation business for tool maker Stanley Black & Decker, one of Bright Machines’ customers
, in a deal that values the business at $1.6 billion. The company plans to generate roughly $435 million in cash from the SPAC merger.The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.Bright Machines said it intends to use most of the net proceeds from the merger to achieve positive cash flow in late 2024.
The company plans to spend some of the IPO funds on software development, both for new and existing products, to help strengthen its customers’ supply chains, said Chief Executive Amar Hanspal.Mr. Keogh said he plans to ramp up the company’s investment in software services and customer service, in an effort to boost revenue and its customer base.
Mr. Keogh succeeded Pat O’Malley, who served as interim CFO for about 13 months. Mr. O’Malley is staying on in a consulting role, the company said.
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