SAN FRANCISCO--(BUSINESS WIRE)--PicsArt, the world’s largest creative platform, today announced that industry veteran Craig Foster has joined the company as its first Chief Financial Officer. As CFO, Foster will lead all aspects of finance for the organization. The move comes as PicsArt continues its pace of high growth and international expansion. Profitable for multiple quarters, the company expects to close its current fiscal year with more than $100M in ARR and millions of subscribers.
“Craig brings a strong track record of scaling tech businesses and getting them public-market ready,” said PicsArt founder and CEO Hovhannes Avoyan. “Working closely with me and our stellar executive team, Craig will help us drive growth and ensure that we’re making smart, data-driven decisions to maximize our potential as we move into the next phase.”
Foster has 25 years of management experience in finance, operations and capital markets, having served as CFO of several public and private technology companies. Most recently he was CFO of cloud services company Inseego (INSG), and at robotics company Bright Machines. He was also CFO of Financial Engines, a publicly traded software company where he led the company’s $3 billion sale to Hellman & Friedman. Prior to his executive roles, Foster held various management positions at RBC Capital Markets, Deloitte Consulting and PricewaterhouseCoopers, where he helped software companies raise capital through IPOs and pursue strategic combinations.
"I've long admired PicsArt's impact on the creator economy, and I'm committed to helping the company build on its momentum, allocate resources for its greatest priorities, and support its march towards being a critical centerpiece of the growing community," said Mr. Foster. "PicsArt has a talented management team, a unique purpose and tremendous potential. I look forward to putting my background and skills to work to help the company achieve greater results for our employees and shareholders."
PicsArt is the world’s #1 creative platform and one of the top 20 most downloaded apps of 2020. Every month, the PicsArt community creates, remixes and shares billions of visual stories using the company’s powerful and easy-to-use editing tools, content and more. PicsArt has amassed one of the largest open-source content collections in the world, including free-to-edit photos, stickers, backgrounds, templates and more. PicsArt is available in 30 languages for free and as a subscription on iOS, Android and Windows devices. PicsArt is backed by Sequoia Capital, DCM Ventures, Insight Partners, and Siguler Guff & Company. Download the app or visit picsart.com or picsart.com/brands for more information.