Fast-growing chronic disease management startup Livongo Health has named veteran healthcare executive and longtime boardmember Lee Shapiro as the company’s new chief financial officer.
Shapiro joins newly named Livongo CEO Zane Burke, the former president of health IT giant Cerner and recently promoted president, Jennifer Schneider, in the C-Suite. He officially starts at he Mountain View, California-based company in February.
“I have been impressed with what the Livongo team has accomplished in such a short time,” Shapiro said in a statement. “As the company continues its rapid acceleration, my hope is to contribute in both financial and strategic ways to serve Livongo’s mission of empowering more people with chronic conditions to live better and healthier lives.”
Livongo founder Glen Tullman, who serves as the company’s executive chairman, has had a two decade long relationship with Shapiro and called him “one of my closest business partners” in a phone interview.
The duo worked together at Allscripts and later left the company and co-founded a venture investing firm called 7wire Ventures, a $100 million investment fund, where they both serve as an managing partners.
Livongo is one of 7Wire’s most important portfolio companies, according to Tullman and bringing in Shaprio to help scale up the business supports Livongo’s future as both a company and an investment prospect.
“He’s coming on to Livongo as a full-time CFO but it’s also a very important investment for the fund,” Tullman said.
“The nice thing is that Lee has already been very involved as the board member and the chairman of our audit committee. He’s worked very closely with our president Jennifer Schneider and has known Zane from back in our AllScripts days. These are three really amazing individuals but who have all known and admired each other from afar for years.”
Tullman touted Shapiro’s broad range of skills as an accountant, an attorney and a business leader who’s served in a variety of executive roles as key in helping to steer the direction of the company as it continues its rocketship growth.
Livongo is emerging from a year of record sales and Tullman said over the last month the company has helped implement more than 240 new customers on the platform.
As the company continues to grow its customer base, Tullman said Livongo will use its applied signals technology to branch out into other chronic diseases like behavioral health issues which are necessary to “treat the whole person.”
Of course, the hiring of a new CFO also brings up the possibility of another long rumored business development for Livongo: taking the company public. On this count, at least, Tullman is still mum.
“I think the best companies always develop optionality. Nobody can ever tell you exactly when a company is going public that depends on the markets and a whole host of other things,” Tullman said.
“We have optionality, we have plenty of cash in the bank and when both the management team and our board feel like its better for our customers to go public we’ll do so. It’s about being ready for the opportunity.”
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