Revel Systems which raised more than $130 million in venture capital to develop and deploy iPad based point-of-sale (POS) systems has dismissed its two founders and been take over by one of its major investors.
Revel's founders, CEO Lisa Falzone and CTO Chris Ciabarra were ousted by New York based private equity firm, Welsh, Carson, Anderson and Stowe this past Monday. Revel has apparently hired Scott Betts as CEO.
Various statements made to the media tend to indicate that investors were unhappy with the lack of profitability and earnings, despite some major deals (as we reported last year) like the one with Shell Corp. to install terminals in gas stations.
Other issues seemed to focus on a lack of, or improper new customer on-boarding, as well as on-going customer support complaints.
William English, a QuickBooks ProAdvisor who specializes in point-of-sale systems, including Revel POS, told Insightful Accountant that as a Certified Revel Partner, he had not been contacted by the company as to the corporate shake-up or the future of the company's product line.
In fairness to Revel, English told us that his most recent dealings with Revel's customer support team had been both excellent in terms of timeliness and content.
When contacted for remarks regard this weeks events at Revel, a spokesperson for Intuit told Insightful Accountant they had "no statement" to make.