Amino becomes Aferian, chair steps down

Amino Technologies has changed its name to Aferian and non-executive chair Karen Bach is to step down.

The listed company said that the name change reflected the new strategy announced in February to become “a software-driven growth business” focused on viewing TV and video via any device.

Karen Bach

It said that the board had taken the view that “a new name would better reflect the true scale, breadth and potential of the Group’s operations and market positioning”.

Market-facing brands 24i and Amino Communications will continue to be used however.

Aferian has set a goal of tripling group revenues by 2025, with recurring software revenues increasing to 70% of the company’s total take.

It said that it had already succeeded in achieving double-digit growth in annual recurring revenue in the first half of the current financial year.

Bach, who is stepping down after five years, will continue to serve until a successor has been named, with a search process to fill the role to begin soon.

The other members of Aferian’s board are CEO Donald McGarva, CFO and COO Mark Carlisle, 24i co-CEO Joachim Bergman and non-exec directors Erika Schraner, Stephen Vaughan and Steve Oetegenn, the former president of Verimatrix.

“On behalf of the Board I would like to thank Karen for her service and support. We have all benefitted from her energy and perspective and will continue to do so, whilst the process to appoint her successor takes place,” said CEO Donald McGarva.

“Our 2025 strategy is already opening up an exciting future for our business – one that builds on our Amino heritage to take us into many new additional areas for growth. As our opportunity and business both evolve, it is right that our name changes to reflect who we are and where we are headed. Aferian provides us with a new name that gives us the chance to more clearly articulate the stronger position we are in today – and the much larger opportunity on which our great team is now capitalising.”