Don’t let the title on Richard Anderson’s business card fool you. The CFO of iDevices is more than just a numbers guy.
“A lot of my customers and clients have said to me, ‘You don’t seem like an accountant,’” Anderson said, adding he considers that a point of pride.
At iDevices, an Avon-based company that develops wireless-enabled products, Anderson is a financial guru, executive advisor and mentor to the company’s (mostly) younger staff. In the year since he was hired, his work has strengthened the company’s accounting policies and aided in raising millions of dollars in venture capital funding, said Jack Krichavsky, president of Almada Corp. and an iDevices investor.
He has also inspired confidence among the company’s board members and investors, by instituting new procedures and policies to ensure accurate financial reporting to investors, lenders and outside government agencies, he said.
“Richard exceeded expectations,” Krichavsky said. “He’s made a very large and significant contribution to the company, making it a better company.”
IDevices was founded in late 2009 by CEO Chris Allen, who created the world’s first app-enabled grilling thermometer. Since then, the company has expanded along with interest in the Internet of Things, referring to the growing number of objects connected to the Internet. The iGrill led to the iShower, a water-resistant Bluetooth speaker, the iGrillmini, Kitchen Thermometer and other products developed for the app-enabled market. From 2012 to 2014, the company more than quadrupled its employee count. In March 2014, it opened an office in Cupertino, Calif.
Anderson said he is used to shepherding startup companies through growth periods. For 28 years, he has worked with entrepreneurial businesses primarily in the Farmington Valley area. In that time, Anderson said he has learned that financial practices often take a back seat in the rush to get a product to market.
“Finance is always the red-headed stepchild, if you will,” he said.
Anderson brought stability to the financial department, which had experienced significant turnover since 2012. He instituted fundamental accounting processes and disciplines across the company, from reconciling inventory to making available real-time information to investors.
Anderson provides investors with accurate financial information from a formalized finance department, lending greater credibility to investors, Krichavsky said. His support helped the company raise $4.3 million in venture funding in December 2013. Investors included Connecticut Innovations, the state’s quasi public venture capital arm, Stamford-based specialty finance company Stonehenge Capital, and angel investors. The funds provided iDevices with the capital to scale the business, increase inventory, introduce new products and explore new sales channels.
Anderson also supported negotiations that secured $5 million in funding in August from a strategic business partner, Krichavsky said. The partnership will allow iDevices to expand distribution of its products across the U.S. and Canada.
The funding also gave the company the financial footing to pique the interest of tech giant Apple, which selected iDevices as one of its trusted companies to become an Apple Homekit product developer. As a result, iDevices will bring an undisclosed Apple HomeKit product to market later this year. Apple HomeKit is an iOS 8 framework that will streamline the connection of smart appliances and accessories.
The once-small company funded by friends and family is now on a trajectory of rapid growth, Anderson said.
“The snapshot from a year ago to now is apples and oranges,” Krichavsky said.
Anderson, 50, imbues the company with a certain gravitas. He serves as a mentor to his younger colleagues, helping them understand how their actions play into financial statements and the company’s relationship with investors.
“I’m amazed at how intelligent, bright and creative many people at the company are,” he said. “I just have the benefit of having done this for a long time.”
Anderson said he enjoys working with entrepreneurial companies because they allow him to be involved in various aspects of the business. He can ask “what if?” on topics as diverse as marketing, industrial design or human resources.
“That, to me, is the exciting piece,” he said. “I’ve always prided myself for being able to see beyond the numbers. I can certainly add, subtract, multiply and divide, but to me a good CFO is much more than the numbers. I feel like I have a sufficient understanding of sales, marketing, HR, manufacturing and production so that I can act as a sounding board not only to the founder, but also the board and potential investors.”
Prior to joining iDevices, Anderson was the CFO of TransCard LLC, a development-stage prepaid payment card processor in Chattanooga, Tenn. He earned a bachelor’s degree in accounting from Nichols College in Dudley, Mass.
Outside of the office, Anderson supports various nonprofits. He and his wife Michelle and their two daughters regularly volunteer with area homeless shelters, Best Buddies International and the YMCA. Anderson is an ardent supporter of Nichols College and is a member of the President’s Circle in recognition of his financial support.
