LOWELL, MA - CSP Inc. (NASDAQ:CSPI), a provider of security and packet capture products, along with managed IT and professional services, has announced the expansion of its Board of Directors from five to seven members. The company, which has seen its stock surge over 80% year-to-date and maintains a market capitalization of approximately $166 million, has appointed Steven Webber and Anthony Folger as new directors, with their tenure set to begin immediately after the company files its Form 10-K. According to InvestingPro analysis, CSPI currently appears to be trading above its Fair Value.
Steven Webber brings over three decades of financial management expertise to CSP Inc. As the COO and CFO at Quickbase, he oversees operations, systems, and finances. His previous roles include CFO positions at Carbon Black, Syniti, and Cynosure, as well as a Senior Vice President and CFO role for Virtustream, a SaaS subsidiary of EMC Corporation (NYSE:EMC_old).
Anthony Folger, with similar breadth in financial and operational experience, currently serves as the CFO of Progress. His responsibilities span across finance, accounting, budgeting, and more. Folger's background includes CFO roles at Carbonite, and senior finance positions at Acronis and Starent Networks, along with experience at PricewaterhouseCoopers and Deloitte.
The introduction of Webber and Folger comes as board members Charles Blackmon and C. Shelton James are set to depart, with their resignation effective February 3, 2025. CEO Victor Dellovo welcomed the new directors, anticipating their contributions to the company's growth strategies, including the AZT PROTECT offering. Dellovo also expressed gratitude to Blackmon and James for their service and guidance.
CSPi operates two divisions, the High Performance Product division, which includes ARIA Cybersecurity Solutions, and the Technology Solutions division, offering a variety of IT solutions and services. The company is known for its cybersecurity solutions, such as the AZT solution for application protection, ARIA ADR for threat detection, and AZT Gateway Software (ETR:SOWGn) for network packet interrogation. InvestingPro data reveals the company's strong financial position, with a current ratio of 3.53 and more cash than debt on its balance sheet, indicating robust operational stability. The company has also demonstrated commitment to shareholder returns, having raised its dividend for three consecutive years with a 50% growth in the last twelve months.
This expansion of the board is seen as a strategic move to strengthen CSP Inc.'s leadership as it continues to navigate the technology solutions landscape. The information for this article is based on a press release statement from CSP Inc. For a comprehensive analysis of CSPI's financial health, which currently rates as "GREAT" according to InvestingPro, including detailed metrics and 12 additional ProTips, investors can access the full Pro Research Report, part of InvestingPro's coverage of over 1,400 US equities.
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