October 10th, 2019 – NexTech AR Solutions has today announced the appointment of Kashif Malik as Chief Financial Officer of the Company, following the resignation of former CFO, Dave Miles. Reuben Tozman has also resigned as COO and director. The company did not mention any reasons for the resignations however.
Kashif will now be leading the financial and operational functions of NexTech, and will help drive the company’s growth strategy, as well as support all strategic and operational initiatives across the business. A qualified Chartered Accountant, Kashif brings over a decade of experience leading and scaling the financial, commercial and business operations of growth-oriented, global SaaS businesses, according to NexTech.
According to NexTech, Kashif began his professional career working at Deloitte in Ottawa, Canada specializing in technology and public entities. After leaving Deloitte, Kashif went to work for Merck in Bermuda leading the transition of their operations to different international locations. Kashif then joined Real Matters in Toronto, Canada where he was involved in three major financings to fund four acquisitions and completed an IPO on the TSX with a valuation in excess of CAD $1 Billion. Prior to joining NexTech, he worked consulting various SaaS organizations which led him to joining Leonardo as Vice President Finance and Board Member through a restructuring. Kashif reported to the Executive Chair and assumed leadership of the organization. He was instrumental in the sale of Leonardo to a public company for over 10X EBITDA.
Evan Gappelberg, CEO of NexTech, commented: “Kashif brings to NexTech a portfolio of global and strategic experience that’s especially relevant to our business today and into the future. Our first year as a public company is coming to a close and we are now entering our rapid growth stage so the timing is perfect to be bringing in an experienced young, dynamic and hands on operational CFO with the heart of an entrepreneur. I believe that having Kashif onboard will prove instrumental as we enter our second year as a public company as he helps to navigate our exciting path forward in the rapidly growing AR industry.”
Kashif said of his appointment: “I am really excited to be joining the NexTech management team as the Company prepares to scale for exponential growth.” He added, “I am proud to be joining a company that is pushing the envelope on the boundaries of technology in augmented reality.”
As part of his compensation Kashif will receive 600,000 options priced at CAD $0.84 for three year period. He will also receive 50,000 CAD $0.84 options which are fully vested. The company also noted that its Director of Operations, Amanda Arseneau will receive 250,000 options priced at CAD $0.84 for three year period, and that Feras Abutaha will receive 150,000 options priced at CAD $0.84 for three year period.
Image credit: NexTech AR Solutions
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.